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ICICI Securities Report
Kewal Kiran Clothing Ltd.s Q1 FY21 Ebitda loss stood at Rs 162 million on sharp 94% YoY decline in revenues to Rs 70 million owing to Covid-19 lockdown.
Gross margin fell 1,400 basis points YoY to 42% owing to higher share of low-margin trading business (accessories, etc.).
Employee costs declined 30% YoY to Rs 107 million. Administrative expenses increased 11% YoY to Rs 73 million as it includes an additional provision of Rs 43 million towards recoveries.
Other income increased 3.2 times YoY to Rs 57 million. Net loss stood at Rs 88 million versus profit after tax of Rs 141 million in Q1 FY20.
Net cash declined by Rs 104 million QoQ to Rs 1.77 billion (21% of market capitalization) as of June 2020-end mainly on dividend payment as weak operating cash flow and capex of Rs 20 million was funded through working capital release in Q1 FY21.
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