28 May 2020 Revenue decline of 5% was in-line, while EBITDA loss of INR569m was a big miss v/s the expectation of INR736m in profit. This was due to a lower-than- expected reduction in fixed cost during the COVID-19 lockdown in Mar20. We cut our revenue by 9%/11% in FY21E/FY22E, building the impact of the extended lockdown and its repercussion on the slow-moving Apparel industry. Expect revival in FY22E, with EBITDA of INR6.3b, 35% growth over FY20. Revenue was down 5.1% YoY to INR18.2b (in-line) as operations were impacted due to COVID-19. Management indicated that normalized growth without the COVID-19 impact would be 13% YoY. The gross margin shrank 180bp YoY to 51.3% (220bp miss); EBITDA (pre-Ind- AS 116) turned to loss of INR569m (v/s expectation of INR736m and INR1.3b in 4QFY19). Normalized EBITDA without the COVID-19 impact should increase 1% YoY. PBT too turned to loss of INR1.