1QFY21 performance is likely to impacted due to lockdown, disruption in supply chain and lower demand. Sales and PBT is expected to decline by 26.9% and 39.2% respectively (-3.8% and -14.9% in 4QFY20). EBITDA margins to contract 350bps on account of negative operating leverage. Adj PAT to decline 32.7%. Britannia and Nestle will be only players showing double digit sales growth and profits, most other companies will report decline in profits. Due to high overhead and loss of business, we estimate JUBI will report a loss of Rs510mn during 1QFY21. We expect sharp decline in profits of companies with discretionary spends...