SP Apparels Q4 Review - Lockdown To Impact H1 FY22; Long-Term Outlook Positive: Systematix
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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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