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Anand Rathi Report
Arvind Fashions Ltd. ended FY22 ahead of our estimates and on track to its target of profitable growth, working capital optimisation, de-levered balance sheet and rising cash-flows.
Ahead, Arvind Fashions expects revenue to grow 12-15% (net of the Covid-19 impact), driven by 200 stores added and healthy comparable growth.
With better full-price sales and operating leverage, it expects margins to increase. It will continue to focus on further debt reduction and better inventory turns, leading to more cash-flows.
Our revenue estimates are unchanged. We have lowered our FY23E/FY24E Ebitda ~4%/2% from earlier.
With FY22 targets achieved, consistence performance with profitable revenue growth and increasing return ratios are key monitorables.
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