Avenue Supermarts (DMART) 4QFY21 results was better than expectations. Business recovery during Jan-Feb'21 remained strong driven by 6% SSSG. However, the month of Mar'21 witnessed subdued demand due to local level restrictions on store operation. Positively, DMART added 13 stores (of size c. 50k square feet) during the quarter (22 stores in FY21). Operating profit margin expanded due to better revenue mix and cost control. However, management guides that currently more than 80% stores are operating for significantly lower number of hours due to lockdown/restriction imposed by state governments. For example, in Maharashtra (c.30% revenue contribution),...