With the current unprecedented scenario various retailers have significantly curtailed their store expansion guidance for FY21E. However, Trent is among the few retailers who has reiterated their stance of aggressively adding stores. In H1FY21, it added 11 additional stores (eight Zudio, two Westside, one Landmark). We expect store addition momentum to accelerate in H2FY21E. On b/s front, better inventory management has led to working capital release of | 165 crore in H1FY21. Also, capex requirements were lower in H1FY21 (| 21.1 crore vs. | 81.0 crore). Negative...