We expect apparel sector to be most significantly impacted by COVID followed by QSRs and grocery retailers. Weak demand will bring down overall volumes of the business in FY21E. Companies will prioritize stabilizing existing business over installing new ones. Hence, we expect drastic decline in store addition rates and SSSG in FY21E. We expect DMART to face significant challenge to re-gain normalcy in business as the company will have to ensure minimum customer per store to address social-distancing. In 4QFY20, except DMART, all other retailers will face contraction in PAT due to high fixed cost. At current prices, our top picks are JUBI and Trent....