Arvind Fashions Q4 Results Review - Walking The Talk; Delivering On Core Promises: ICICI Securities

ICICI Securities Report

The strategy of delivering profitable revenue growth stood the test of time for Arvind Fashions Ltd.

Having said that, the like-to-like for the quarter at 4% is tad better versus other brands/retailers (Shoppers Stop Ltd., GoFashion Ltd. etc.) in the current (tough) market condition. Improvement in operating profit margins by 150 bps YoY despite higher re-investments in the brands (Ad-Spends: +100 bps YoY) is encouraging.

We believe, having completed the last leg of portfolio reorientation in Q3 FY24, Arvind Fashions now has a clear mandate to drive retail expansion (~50% contribution from exclusive brand outlets) led by healthy same-store sales growth (7%+) and operating cash flow. Its continued aspiration to add 200 (largely franchise owned-franchise operated) EBOs p.a. is prudent. Add

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