Can you give us some insights on consumer sentiment?
Ajoy Chawla: Consumer sentiment is far better for this category. In bigger cities— Mumbai, Delhi, Chennai and Kolkata — the sentiments are mostly impacted. But in the rest of the country, particularly in the smaller towns, the mood is better because the impact is less. We are seeing a good recovery rate since we started reopening our stores in May. As of early June, we opened 295 (of 330) Tanishq stores in 194 towns (of 207 towns) because of improved recover rate. At same stores comparing the average daily sales (last year around the same period) — the dispersion is between 60-70 per cent. On a weighted average basis, it is 67-70 per cent (Q12020-Q12019) between the same stores. The recovery ‘We Are Seeing Upward Trend Each Week’ rate of stores that were opened for four weeks have climbed from 60 per cent to 70-75 per cent.
Those that opened for three weeks saw the recovery rate climb from 70 per cent to 90 per cent. We are seeing an upward trend each week. We are not seeing ‘doom and gloom’ from the look of it.
What is driving demand?
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