from Hypermarts to Kirana and Ecom 2) slow pick-up in apparel and general merchandise 3) setback to Premiumisation as upper middle class cuts store visits 4) volatility due to localized lockdowns from time to time and 5) lower store openings in current year as Covid 19 has hit construction for 4 months. We assume addition of 20/40 stores in FY21/FY22 and decline of 6% in Bills/store/day and 4% in average bill value. D'Mart trades at 62xFY23 EPS. D'Mart is also experiencing with a convenience store in D'Mart Ready,...