PML rental income in Q4FY21 at | 216.6 crore was at ~97% of Q4FY20 and up 23% QoQ. FY21 rentals at | 563 crore was ~55% of FY20. Additionally, retail collections witnessed sharp improvement (up 42% QoQ) at | 370 crore during Q4FY21. Currently, consumption, footfall remained impacted by lockdowns led closure and PML expects to resume discussions with retailers close to reopening. However, it remains confident that recovery could be much quicker post reopening. We conservatively bake in rentals at | 868 crore (~15% lower than FY20 levels on a like-to-like basis), given the likely...