V-Guard's Q1FY21 performance was severely impacted by the lockdown, wherein topline, bottomline fell 42%, 93%, respectively. While EBITDA fell 87% YoY, the company took significant cost saving measures (in employee, advertisement & other costs) to cushion operating profit in Q1FY21. Going forward, the company expects a sharp margin recovery with improvement in sales. V-Guard saw a sharp recovery in sales on a month on month basis with 90% business recovery in June 2020 compared to almost zero sales in April 2020. While the business recovery was faster in south region (~59%...