Corporate earnings were resilient in April-June 2021 (Q1FY22) amid Covid resurgence pan-India. It was primarily driven by limited impact on economic activity wherein Corporate India largely operated unabated during the second Covid wave. This is in comparison to the central government led pan-India total lockdowns in April-June 2020 (Q1FY21). At the Nifty index level, excluding financials, net sales decline was limited to 7.5% on a sequential basis (QoQ) with Covid impacted low base in Q1FY21 making YoY comparison rather redundant. On the...