Improved consumer sentiments and festive boost enabled retail players to witness ~70-80% revenue recovery rate in Q3FY21. While January continued to witness decent demand offtake, rise in number of Covid cases and several restrictions in March, hampered growth aspirations of retail companies. On an adjusted base of Q4FY20 (normalised), average recovery rate for apparel retailers is expected to be in the range of 80-85%. We expect categories like jewellery, open footwear, athleisure wear, kitchen appliances to sustain healthy growth trajectory compared to apparels and other...