IDBI Capital: TCNS Clothing Posts Below Than Expected Q2 Results
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IDBI Capital Report
TCNS Clothing Company Ltd. reported below than expected result for Q2 FY21.
Except online, all other channel reported significant decline in revenue growth.
Sequentially, recovery in large format store has been better compared to exclusive business outlet.
Revenue decline in multi-brand outlets channel remain higher than Q1 FY21. Overall business recovery in October 2020 stands at 70%.
Management expects to turn cash-positive from Q2 FY21 onwards, currently cash reserves in balance sheet stands at comfortable Rs 1.1 billion.
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