Overall sales growth was in line with our expectation. While sales in Soaps and the Africa business was healthy, the same in Household Insecticides (HI) disappointed for the second consecutive quarter. Macroeconomic worries are affecting performance in Indonesia. While FY21 initially promised to be stellar due to favorable outlook for Soaps, Hygiene products and HI, it now seems barely likely to cross double-digit growth despite a weak base in FY20. In its analyst meet in Dec'20, the company indicated that more work needs to be undertaken for all-round growth....