TCNS Clothing Q4 Review - In-Line; Cut Estimates To Factor Impact Of Second, Third Wave: IDBI Capital
A customer browses women’s clothing at a store in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

TCNS Clothing Q4 Review - In-Line; Cut Estimates To Factor Impact Of Second, Third Wave: IDBI Capital

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IDBI Capital Report

TCNS Clothing Co. reported in-line result for Q4 FY21.

Recovery in topline was driven by better than expected growth from Aurelia and continued growth momentum in the online channel.

Revenue from tier II/III cities grew at higher rate compared to metro and tier I.

However, recovery in W and Wishful has been slower impacted by lockdown. Positively, as on today; ~60% stores are operational.

Management expects revenue from exclusive business outlets to grow at higher rate compared to large format stores and multi-brand outlets.

Strong cash reserve at Rs 1.8 billion is positive. We incorporate impact of second and third Covid-19 wave in our estimates.

Click on the attachment to read the full report:

IDBI Capital TCNS Clothing Q4FY21 Result Update.pdf

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