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ICICI Securities Report
Arvind Fashions Ltd.'s Q3 FY22 revenues grew 30% YoY and were 20% ahead of pre-Covid-19 levels, led by strong retail channel sales due to festive / wedding season.
Exclusive brand outlets witnessed healthy recovery, while department store sales remained muted.
Arvind Fashions' online sales more than doubled versus pre-Covid and are now stabilising at 25-30% of sales.
Though gross and Ebitda (including other income) margins expanded 330 basis points and 200 bps YoY to 45.6% and 10.5% respectively – the same are still lower than most peers.
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