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Podcast: Let the Money Talk
Episode: India: Retail Sector Update | PhillipCapital India
Description: Our analysis of the top-14 retail companies across apparel, footwear, innerwear, and grocery, suggests that revenue was up 21% yoy led by +55%/+53% growth in Manyavar/Trent whereas Relaxo was down 7%. On an LTL basis (for 9 companies excl. Metro Brands, Go Colors, Nykaa, Campus, and Manyavar), aggregate topline growth vs. Q4FY20 was +8% led by 105%/64% growth in Page Industries/Trent whereas Shoppers Stop was flat as the third covid wave impacted sales during Jan and the first half of Feb. However, consumption picked up swiftly for retailers thereafter, and led to a strong March performance; STOP saw -15%/+7%/+40% yoy sales movement...