IPM is gradually gaining ground around core products, as non-COVID portfolio led the Aug-21 growth. We expect encouraging trend to continue as COVID cases remains low with more than 50% of total adult population vaccinated (at least one dose of vaccine). Low spread of Covid wave-3 will augur well for IPM to maintain healthy growth of its core portfolio in 2HFY22E. The growth trend of parameters like volume, value and new products of IPM were highly balanced in Aug-21, which again indicates normalization in the industry. Similarly, falling trend of COVID-portfolio sales in past three month...