Emami (HMN)'s 1QFY22 sales were in line with expectations. Domestic sales grew 5% v/s 1QFY20 levels. While Healthcare and Pain Management have nearly doubled over 1QFY20 levels, the impact of the second COVID wave led lockdown resulted in sharp decline over 1QFY20 in Navratna (in the crucial summer season) and Male Grooming. The outlook for the domestic business gradually improved in Jun'21 and Jul'21, after modest growth over a two-year period in 1QFY22. This was partly offset by slower growth in the International business (~12% of sales)...