Low base, inventory push drives domestic performance Despite revenue loss in March 2020, standalone revenue grew 12% YoY to | 154 crore due to low base and dealer stocking before the summer. While the management reiterated a strong summer demand for air coolers in May 2020 (post relaxation from lockdown), dealers managed to liquidate their inventory holding by ~40%. The company also launched a digital campaign to help liquidate channel inventory as well as company level inventory before the end of summer. We believe the H1FY21 would be very...