Arvind Fashions stock rises 3%, scales 52-week high on solid Q2 results
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The company’s revenues rose 7 percent year-on-year (YoY) to Rs 1,267 crore in Q2FY24 led by retail and multi-brand outlet (MBO)
In the past three months, the stock of this fashion retailer has soared 14 percent as against 1 percent decline in the benchmark Sensex
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Shares of Arvind Fashions gained 3.5 percent to hit a 52-week high of Rs 383 per share on November 8 after the company delivered strong July-September quarter (Q2FY24) performance. The S&P BSE Sensex was flat at 64,029 levels, as of 10:05am.
In the past three months, the stock of this fashion retailer has soared 14 percent against a 1 percent decline in the benchmark Sensex.
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The company’s revenues rose 7 percent year-on-year (YoY) to Rs 1,267 crore in Q2FY24 led by retail and multi-brand outlet (MBO). It also delivered the highest-ever profit performance of Rs 22 crore in Q2FY24, up 19 percent YoY.
The management said that sharp execution in the retail channel, along with premiumisation offerings across marquee brands and a decisive focus strategy, helped yield good results.
Arvind Fashions also registered the highest-ever quarterly earnings before interest, tax, depreciation, and amortisation (Ebitda) performance, growing 11 percent YoY. As a result, EBITDA margin expanded 50 basis points (bps) YoY in Q2FY24.
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In an earlier note, analysts at Systematix Institutional Equities initiated coverage on the counter, sharing a ‘buy’ call for Arvind Fashions, with a target price of Rs 515 per share.
“A combination of capital raises, portfolio rationalization, and margin improvement have helped the company in recovering from its painful past. The company’s cash flows could improve on better inventory turns and render it debt free by FY26, further enhancing the company’s return ratios that are already in the top-tier in the apparel space. We have built-in revenue/EBITDA/PAT compounded annual growth rate of 12 percent/24 percent /96 percent over FY23-25E, respectively, with 21.6 percent RoCE for FY25E,” the brokerage firm added.
Arvind Fashions is a leading player in the lifestyle space, with a strong portfolio of fashion brands across categories and price points like US Polo Association (USPA), Arrow, Tommy Hilfiger (Tommy), Calvin Klein (CK), Flying Machine and Sephora.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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