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Motilal Oswal Report
Shoppers Stop Ltd.’s revenues were down 65% YoY, impacted by Covid-19, as operational days were down 20% and footfall was down approximately 60% YoY.
Despite this, better-than-expected cost-control measures — with an approximate 75% reduction in operating expense and rental exemptions — restricted Ebitda loss to Rs 347 million (versus Rs 679 million expected operating loss).
The pre-festive season saw healthy demand and an increase in footfall, albeit lower than last year.
We cut our revenue/Ebitda estimate for FY21 by 10%/10% due to the prolonged impact of Covid-19.
However, we raise our FY22 revenue/Ebitda by 5-6%, factoring FY21/FY22E Ebitda of Rs 1.4 billion /Rs 4.7 billion.
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