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ICICI Securities Report
Kewal Kiran Clothing Ltd. reported Ebitda of Rs 112 million (down 70% YoY) with margin strong at 16.6% owing to strict control across all cost fronts.
Revenues declined 60% YoY to Rs 675 million.
Gross margin contracted 330 basis points YoY to approximately 48% owing to change in product mix (higher contribution from shirts/t-shirts) and channel mix (increasing contribution from online and large format store channels).
Company generated marginal free cash flow of Rs 7 million in H1 FY21 as operating loss and capex funding through working capital release.
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