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Retailers witness steady growth in November

News: As per Retailers association of India (RAI), retail sales in November grew 9% over pre-Covid levels. In October, the sector had witnessed 14% sales growth mainly owing to pre-festive buying. Apparel category witnessed consistent growth of ~6% compared to November 2019.

Views: Revenue trajectory continued to sustain above pre-Covid levels post the fetsive season as well. We believe companies with healthy balance sheet are well placed to accelerate store addition pace in H2FY22.

Impact: Positive.