Consumer sentiment continues to improve month on month. After 49% YoY volume decline in 1QFY21, volumes had already recovered to flattish levels YoY by 3QFY21. Thus, further sequential improvement is encouraging. Innovation and renovation activity is also likely to pick up further. Mr Kripalu believes the ongoing Prestige and Above (P&A;) trend would only accelerate as high involvement categories such as alcohol would move toward premium products as they get more affordable for the population. An ongoing strategic review of the Popular segment (to be completed by Dec'21)...