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Q2FY22 Result Preview - Retail - ICICI Direct

Posted On: 2021-10-10 15:31:02 (Time Zone: IST)


Covid induced lockdowns due to the second wave put the brakes on growth momentum as store operational days dropped to <50% in Q1FY22. However, post relaxations in lockdowns, companies are witnessing a swift recovery in footfalls. Revenue recovery rate in Q2FY22 is hovering in the range of 75-90%, post relaxation from June. The current recovery appears to be faster in comparison to the previous year as companies had taken several months after reopening (post the first wave) to reach 75-80% of pre-Covid levels. Most of the store network across our coverage companies is now operational (90%+). We expect Q2FY22 to be substantially better and early indicators are signalling a return to near normalcy by the festive season. Positive impact of operating leverage is expected to majorly negate inflationary pressure on margins on a YoY basis.

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