Arvind Limited's (Arvind's) Q2FY2021 revenues recovered to ~66%, better than ~32% recovery in Q1FY2021. Revenues declined by 33.5% y-o-y to Rs. 1,305.2 crore, lower than our expectation of Rs. 1,472 crore, largely impacted by slower recovery in the domestic market. Gross margins declined by 118 bps to 48.4%. However, a ~25% reduction in fixed costs stemmed the decline in OPM to 63 bps to 9.3%. A ~78% recovery was witnessed in September. Denim, woven and garment volumes have recovered to 80%, 60% and 66%, respectively of the corresponding quarter, driven by healthy export demand. Advanced material division (AMD) revenue has...