25 May 2020 10.9% SSSG and a strong 18 store additions drove 24% YoY revenue growth (in- line) in FY20. However, the company reported a big 22% miss on EBITDA with 4% YoY growth. We have cut our EBITDA estimate by 16.8% for FY21E due to 50% of stores being closed over AprMay20, lower gross margins from increased non- discretionary revenue, and higher opex. However, we maintained our FY22E EBITDA estimates given the sharp recovery expectation as it pertains to non- discretionary. DMARTs consolidated revenue grew 24% YoY to INR63b (down 8% QoQ, 4% above est.) on account of sales of only essential products at DMART stores. In Mar20, revenues grew only 11% YoY (v/s Mar19) due to the lockdown effect witnessed in the nine days of Mar20. Hence, implied revenue growth over JanFeb20 is ~30%. For FY20, revenue/EBITDA grew 24%/8.1% to INR249b/INR20.2b with flat EBITDA margin at 8.1%.