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ICICI Securities Report
Key takeaways from Arvind Fashions Ltd.'s Q3 FY21 result -
1. Overall sales recovery at 86% in Q3 FY21 with online sales growing 130% YoY owing to stronger festive season, winter shopping and increased footfalls;
2. power brands achieved sales recovery of 97%; however pre-Indian Accounting Standard 116 Ebitda margin was low at 5.6% owing to higher discounting;
3. company plans to further raise Rs 2 billion equity via rights issue to fund future growth/working capital needs; and
4. net debt though declined by Rs 1.4 billion to Rs 9.2 billion as of December 2020-end is likely to increase in Q4 FY21 owing to working capital requirement.
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