Q1FY21 Revenue & PAT declined by 42%YoY & 93% YoY, on account of lockdown. Gross margins fell by 330bps YoY due to weak product mix. While EBITDA fell by 87% YoY and margins by 790bps YoY to 2.2%, on account of weak operating environment. Focus on Non-South market, new product launches and expanding retail chains will drive growth going forward. We expect localized lockdown to impact near term earnings. However, we can expect gradual improvement in earnings from H2FY21E as economy fully opens-up....