HMN's 2QFY22 sales were in line with our expectations. Domestic sales/ volumes grew 9%/6.2% YoY. With a pickup in the pace of vaccination and diminishing fears of a severe third COVID wave, Healthcare grew only 5% YoY. Nevertheless, the segment was still up 26% on a two-year CAGR basis. On a positive note, revival in mobility led to double-digit growth in discretionary categories BoroPlus, Kesh King, and Male Grooming. While there has been some recent moderation in rural demand, its fundamentals are intact. The outlook for winter demand is positive....