Arvind Limited's (Arvind) Q1FY2021 performance was impacted by the lockdown in April. The company's revenue declined by 68.4% y-o-y to Rs. 599.3 crore, lower than our expectation of Rs. 728 crore, largely impacted by almost negligible sales in April. Gross margin expanded by 244 bps to 52.1% owing to improving mix. The company reported an operating loss of Rs. 28.9 crore (better than our expectation of loss of Rs. 72.6 crore) as against profit of Rs. 154.4 crore affected by significant reduction in fixed costs. Advanced material monthly revenue has fully recovered to preCOVID levels. The denim segment has good recovery in performance with...