BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Marred by store closures and several lockdown restrictions, the retail sector was among the worst hit in CY20.
After a washout in Q1 FY21, gradual opening of stores and surge in pent up demand translated into a sustained improvement in recovery rates.
The revenue recovery trajectory improved from a mere 25% in July to approximately 70% in October.
Online/e-commerce sales were the key catalyst in revenue recovery (~1.5 times of pre-Covid-19 sales) wherein share to overall sales has more than doubled (earlier ~5%).
As per our channel checks, festive season demand has been healthy and the momentum continued to sustain for entire Q3 FY21.
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