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Systematix Research Report
SP Apparels Ltd.'s Q1 FY22 results were above our estimates with a revenue/Ebitda decline of 31%/19% QoQ and adjusted profit after tax growth of 10% QoQ.
Lockdowns and shutdown of ~60% production capacity from May, 08 to June 30 led to a 29% QoQ decline in garment sales volumes to nine million pieces.
SP Apparels' gross margins improved to 67.6% versus 54.7% QoQ due to accounting of Rs 80 million Rebate of State and Central Taxes and Levies (of this, Rs 45 million were Q4 FY21 arrears).
Operating profit margin improved to 21.4% versus 13.1% QoQ as garment Ebitda margin improved to 26.1% versus 17.8% QoQ and retail Ebitda loss narrowed to Rs 24 million versus Rs 46 million QoQ.
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