Ann: Change in substantial holding, page-4

The COVID-19 panic buying and hygienic product market has started unwinding now, we will see impact on all these stocks earnings in 2^nd half. The Covid impact on increased work from home is here to stay (25-40% WFH) that will dampen demand in the business hygiene product (like offices, commercial complexes) going forward from what it was pre-Covid level. This business is highly leveraged with debt maturing in 3 year quite high.

This may continue its multiyear downtrend for quite some time from here.