Shoppers Stop's 3QFY22 revenue recovered to 96% of 3QFY20 (pre-COVID) level, with LTL sales estimated to be positive. However, the INR400m opex towards omni-channel has curtailed EBITDA margin to 19.2% 70bp below the pre-COVID level. Yet, the company achieved profitability in over two years and ended the quarter with a net cash position. We have raised our FY24E EBITDA by 9% building 20% growth over FY20 pre-COVID base on recent healthy recovery. Management has an ambitious target of doubling sales by FY25 from the FY20 level, which requires strong...