Marred by store closures and several lockdown restrictions, the retail sector was among the worst hit in CY20. After a washout in Q1FY21, gradual opening of stores and surge in pent up demand translated into a sustained improvement in recovery rates. The revenue recovery trajectory improved from a mere 25% in July to ~70% in October. Online/e-commerce sales were the key catalyst in revenue recovery (~1.5x of pre-Covid sales) wherein share to overall sales has more than doubled (earlier ~5%). As per our channel checks, festive season demand has been healthy and the...