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Systematix Research Report
Aditya Birla Fashion and Retail Ltd. has bolstered its presence in the ethnic wear space with the launch of Tasva and Marigold Lane, which provides better visibility on its ethnic wear revenue target of Rs 20 billion by FY26 (Rs 680 million in FY21).
We expect Sabyasachi, Tasva and Marigold Lane to dominate its ethnic wear revenues, followed by niche brands like Shantanu and Nikhil and Jaypore.
The ramp-up in new businesses and healthy growth in core businesses (Lifestyle and Pantaloons) should propel revenue growth. However, factoring in the effect of Covid-19 in Q4 FY22 and tweaking sales per square feet and margins for FY23E, we cut our FY22E/FY23E revenue/Ebitda by 4%/10% and 3%/3%, respectively, and introduce FY24E.
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