Expect Revenue/PAT to grow at 33%/43% CAGR over FY21-24E. We value DMart on DCF basis implying P/E of 85x on FY24 EPS. Outlook improves on reopening of markets The revenue growth was impacted by resurgence in covid cases in recent quarters, but is expected to improve in future due to subside in Covid cases and re-opening of markets coupled with strong store additions in recent quarters. The recovery momentum which was witnessed from Q4FY21 had slowed subsequently due to Covid 2nd & 3rd wave. The current high inflation trend also has an impact on demand in the...