Despite sales being significantly affected in May'21 due to the nationwide lockdown, sales were able to rebound sharply in Jun'21, abetted by significant benefits on account of pent up demand. This led to a significant beat on sales, EBITDA, and PAT v/s our expectations, despite materially higher than expected gross and EBITDA margin pressure. While YoY growth numbers can be misleading due to the sharp sales/EBITDA/PAT decline of 43%/58%/67% witnessed in the base quarter, a 9.4% sales growth over 1QFY20 was impressive given the lockdown...