The Sep-quarter corporate earnings was better-than-expected. Adjusted net profit growth turned positive in July-September after a year-long slump as consumers shrugged off the pandemic to deliver a surprise rebound in consumption.Besides costs declining dramatically, operating margins expanded and there was also an improvement in cash flows and a near collapse in capex. There were broadly three trends in second quarter of FY21: spillover of demand from Q1 to Q2 as well as restocking the pipeline in anticipation of festive sales; massive share gains by the unorganized sector; and, lastly, significant cost control. As  trends from the festive season suggest continued demand recovery. The question is will earnings revival sustain. To discuss that I am in conversation with Deepak Jasani, Retail Research head, HDFC Securities.