Arvind Limited's (Arvind's) Q4FY2020 performance was affected by stoppage of production and supply chain disruptions during the lockdown in the last 10 days of March 2020, as revenue declined by 11.7% y-o-y. However, revenue grew by 6.7% for January-February 2020 driven by 10.5% growth in the textiles business and 7.4% growth in the advanced materials (AMD) business. Though gross margins fell sharply, the fall in OPM was limited to just 27 bps to 9.6%. The company is operating at a 50-55% capacity utilisation currently which is expected to scale up in the coming months. The export market is recovering faster than the domestic...