The poultry vaccine business faced significant headwinds in FY20 as a sharp spike in maize prices (accounting for ~50% of feed cost) hampered the vaccination drive among poultry farmers. Just when things were returning to normalcy, came the Covid disturbance. Uncertainty remains upon normalisation of chicken, egg consumption pattern to pre-Covid level. The animal health segment, on the other hand, is expected to remain strong due to tenders and strong export potential. However, fortunes in the poultry segment would continue to weigh on sentiments. We arrive at a...