Aditya Birla Fashion’s Strong Bounce-Back In Q3; Debt Reduction In Focus: Anand Rathi
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Anand Rathi Report
Backed by a higher gross margin and cost-controls, Aditya Birla Fashion and Retail Ltd.’s Q3 Ebitda margin expanded 193 basis points despite a ~20% drop in sales.
Cash of ~Rs 6 billion was generated in Q3 with a strong performance bounce back. The company is on course to end the year with Rs 2.5 billion debt, per management.
With debt being brought down and expansion plans accelerating, we believe the company is on track to resume its growth trajectory.
We raise our FY22e/FY23e revenue 3.5%/3.8%.
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