Avenue Supermarts (DMART) reported better than expected result. Strong performance in the month of Jan'20 and Feb'20 was offset by moderate performance in Mar'20. Operating profit margins contracted due to higher discounting and revenue loss in high-margin-accretive GM and apparel business during lock-down in Mar'20. Absenteeism of staff due to COVID19 fear is a major cause of concern. DMART rolled out incentive (hardship allowance) and safety driven measure to win-back employees. Recovery in revenue during first 2 weeks of May'20 at +17% over Apr'20 (-45% YoY) is encouraging but significantly below normal levels. We believe, FY21E will be very...