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We expect the full impact of the second Covid-19 phase to be reflected in Q1 FY22 results.
The impact of lockdown like restrictions in the second phase is expected to be less compared to the first phase in Q1 FY21 and therefore we expect YoY growth in revenue and profit.
We also note that average room rates are also expected to be higher YoY, primarily driven by change in the mix of guests from primarily quarantine/medical staff to guests for staycations, weddings, workations etc.
In Logistics, we expect strong earnings growth (3.9 times YoY; 10.2 times QoQ) in Container Corporation of India Ltd.
The YoY growth will primarily be driven by weak earnings in Q1 FY21 due to the national lockdown.
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