We largely maintain our FY21/22 EPS estimates and our SELL recommendation with a DCF-based TP of Rs. 1,800/sh (earlier Rs 1,750), implying ~36x FY22 EV/EBITDA. Note: TP change is a function of roll-over to Jun-21. D-MARTs high exposure to some of the most impacted districts of India is likely to keep both throughput and GMs/EBITDAM under pressure as essentials remain high in revenue mix until Sept-end. To add to the woes, DMART may also have to continue contending with rising cost of retailing, led by higher (1) hardship allowance to front line staff and (2) store sanitation costs.