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Q4 FY21 had exhibited a sense of normalcy with revenue recovery across retailers hovering at ~80% of pre-Covid-19 levels.
However, lockdowns due to second wave in April, May derailed the recovery process and Q1 FY22E performance is expected to be negatively impacted.
With a significant surge in Covid-19 cases across some states in India, footfalls dropped to 35% of pre-Covid levels in April 2021 with 45-50% of stores being operational.
The situation deteriorated further in May as most states across India announced lockdowns to control the spread of the second Covid wave.
Some larger states like Maharashtra are still operating with restrictions, which is expected to curtail the pace of revenue recovery.
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