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Dolat Capital Report
Aditya Birla Fashion and Retail Ltd.'s Q2 FY23 revenue and gross profit were in-line and significantly healthy. Revenue grew by a robust 48% YoY and 29% versus pre-Covid.
Gross profit was up 52/38%. Ebitda grew by 41/28% and was marginally tepid driven by significantly higher advertising and promotion spend and higher other operating costs.
Aditya Birla Fashion is a healthy and diversified portfolio mix of leading brands in Lifestyle, fashion retailing (Pantaloons and Style-Up), innerwear (Van Heusen), youth western wear, super-premium brands and ethnic luxury fashion.
Madura Fashion and Lifestyle is a steady growth and free cash flow engine, while others can provide strong growth and margin kicker. Recent acquisition of Reebok, House of Masaba and entry into direct-to-customer platforms business shall further augment the growth momentum.
Management highlighted that it may overshoot its growth aspirations outlined in ‘Vision 2026' and may come up with revised guidance in Q4 FY23.
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