Among discretionary categories, Titan's jewellery division saw fastest recovery with the division reporting ~15% YoY sales growth in the quarter. The quality of growth is superior given it is driven by a revival in studded jewellery (though lower than previous year levels) and healthy traction in wedding jewellery. Recovery rate for watches & wearable division reached 88% in Q3FY21E (up from 55% in Q2FY21). We expect Titan to report overall sales growth of 15% YoY in Q3FY21E (including gold bullion sale worth | 334 crore). For Avenue Supermarts, its core food & FMCG' segment...