Despite a complete washout in Q1FY21 (84% revenue decline) V-Mart displayed a healthy recovery in H2FY21 (FY21 revenue de-growth of 35% YoY) owing to its strong business model and dominant presence in non-tier I cities (77% of total stores). The management indicated that it was witnessing close to normal demand but a resurgence of Covid cases significantly derailed revenue recovery (currently mere 20-30 stores are operational). The company expects a gradual opening of markets from midJune onwards, with green shoots from Q2FY21 onwards. Inventory on a sequential basis spiked up sharply (up 44%) in anticipation of strong pentup demand for the summer season before the Covid disruptions. On a full...