BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
SP Apparels Ltd.'s Q4 FY21 results were below our estimates with revenue/Ebitda/adjusted profit after tax growth of up 14%/up 39%/up 303% YoY and down 9%/down 36%/down 46% QoQ.
The sequential decline in revenue reflects garment export volume/NSR of down 5%/down 3% QoQ.
Ebitda margin contracted 540 basis points to 13.1% due to retail division loss of Rs 46 million because of inventory liquidation and ~4.5% reduction in the export incentives due to non-accounting of Remission of Duties and Taxes on Exported Products Scheme as the rate of incentives is not yet announced.
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