Given near-term challenges amidst COVID-19 situation, we cut our estimates and downgrade our rating on the stock to a ACCUMULATE, with a revised target price of Rs. 1,903 based on 55x FY22E adj. EPS. Nation-wide lockdown impacts operations JFL reported muted growth in revenue of 3.8% YoY to Rs. 898cr for Q4FY20, mainly impacted by nation-wide lockdown since March amidst COVID-19 pandemic. Company witnessed strong revenue growth during the first two months with LFL/SSG growth at 8.4%/7.2% in Jan and 14.9%/13.1% in Feb. However, LFL/SSG growth fell sharply in...