TCNS Clothing reported decent Q4FY21 results with marginal revenue growth of 1% YoY to | 221 crore. On adjusted base, recovery was ~76% of pre-Covid levels (vs. 72% in Q3FY21). The revenue recovery rate would have been better but the pace of recovery was hampered by partial lockdowns in various states from mid-March onwards. Non-metro cities continued to recover at a swift pace with Tier II, III cites recovering at ~95% of pre-Covid levels. Stores in metro cites are lagging behind with 75% recovery rate. Gross margins remained flattish YoY at 57.4% but continue to remain below...