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.
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