For YTDFY20, negative FCF stood at | 305 crore. In a bid to strengthen the b/s, the company had proposed right issues worth | 300 crore which was fully subscribed. Subsequently, company retired debt worth | 125 crore and is net cash positive of | 46.0 crore as on December 2020. Management expects to open 10-11 stores in FY22E, with addition of ~ 2.5 lakh sq. ft. It is also looking to shut 5-7 unviable stores in FY22E. Of the targeted | 450 crore cost savings in FY21E, company has already achieved ~ | 390 crore in YTDFY21. We believe certain cost rationalisation measures to be structural...