600mn savings from cost rationalization measures in FY21. Emami 1Q results were better due to 29% growth in Zandu and Boroplus even as rest of the portfolio was under pressure and declined 44%. Sales are bouncing back with double digit growth in July and outlook is improving led by strong demand for Immunity boosters, revival in Kesh king and Pain Mgt. Emami will also gain from low base in 2H21 and benign input costs. Although we would watch out for success of planned launches, we model 8.8% growth in sales and 11% in EBIDTA and 17.2% in PAT over FY20-23. We value the...