With one of the biggest challenges faced by the economy in the last decade, income levels of bottom of the pyramid are likely to be adversely impacted. In turn, this is expected to result in cutting down of discretionary spends. However, consumer focus would clearly shift towards food, health & hygiene. An indication of that has been seen in strong Q4 Saffola sales. During the lockdown period, the robust growth in Saffola can be attributed to (1) heightened media spend & in-store promotion by the company in January-February, (2) stocking up by consumers & retailers in last two weeks...