Stringent cost control remains key for survival With re-opening of state borders, the company saw a recovery in demand. Operating inventory also increased from 71.5% in Q1 to 86.8% in Q2. This led to 17.1% QoQ growth in revenues for the quarter. Although some improvement would be visible, going forward, with gradual unlocking of economy meaningful recoveries will take at least 12-15 months. We model occupancy of 43%, 60% and ARR of | 3580, | 4210 in FY21E, FY22E, respectively. LTH has taken measures to curtail costs, by taking salary cuts,...