Trent reported below than expected result after several quarters of positive surprise. Revenue decline is higher than expected due to regulatory restrictions on store openings. As per our channel check stores which were located inside malls (c. 70% of Trent store portfolio) were allowed to be operational from Aug'20. Negative operating leverage (40-44% of gross profit is consumed by employee and rental cost) severely impacted EBITDA and PAT. Positively, 90% of stores (both standalone and inside-malls) are now operational. As per management, overall business witnessed decent recovery during current month of end of season sale. We expect business recovery in 2HFY21E to...