Jan-Feb20 revenues grew ~33% YoY, highlighting strong performance in the pre COVID-19 period. We have cut our standalone FY21E/FY22E revenue estimates by 10%/9% due to the prolonged lockdown. 4QFY20 standalone revenue grew 8% YoY to INR7.2b (4% above est.), despite the lockdown in Mar20. Revenues in Jan- Feb20 grew 33%, which implies ~42% decline in the Mar20 (according to our calculations). Revenues were driven by Westside, which saw flattish sales at INR6b whereas Zudio revenues grew ~110% YoY to INR1.1b (according to our working), reflecting strong revenue growth in the pre COVID-19 era. Standalone EBITDA was at INR929 (up 175% YoY) due to Ind-AS 116 impact. Ind-AS 116, EBITDA declined ~90% YoY to INR29m, due to higher rent expense. Standalone PBT declined to INR67m (64% YoY). Pre-Ind-AS 116, PBT stood at INR104m (down 43% YoY), which was supported by higher other income.