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Dolat Capital Report
Aditya Birla Fashion and Retail Ltd.’s Q2 FY22 was a healthy beat significantly ahead of our and consensus estimates. These was led by strong recovery in Lifestyle brands, healthy gross margin aided by rental waivers and lower opex.
Aditya Birla Fashion is a healthy and diversified portfolio mix of four leading brands in Madura Fashion Lifestyle primarily in menswear, fashion retailing (Pantaloons), innerwear (Van Heusen) and ethnic luxury fashion.
Madura Fashion is a steady growth and free cash flow generating business, while Pantaloons can provide strong growth and margin kicker.
The company has placed its bet on innerwear and recently on luxury ethnic for growth acceleration.
We remain watchful of the execution in these new segments and how it scales up on its ‘Vision 2026’.
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