While revenue and volume growth in 4QFY21 were ahead of our estimates, lower than expected EBITDA margin resulted in EBITDA and PBT that were in line with our estimates. PAG has taken a 4-5% price increase in 4QFY21 to account for higher yarn prices. The ongoing lockdown in most parts of India has led to store closures. Key factories of PAG in Bengaluru have been shut for nearly a month. While the management is confident of a rebound in demand after a gradual return to normalcy once the lockdowns are lifted, the ongoing lockdowns have...