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Motilal Oswal Report
Campus Activewear Ltd. posted soft revenue growth at 5% YoY (inline) as volume growth remained flat in Q1 FY24. However, premiumisation led to an improvement in average selling price and moderating raw material prices resulted in healthy gross margin improvement of 370 basis points.
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The improvement in gross margin cushioned the adverse impact on profit after tax, which was flat QoQ (10% beat).
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While demand is likely to remain weak in the near term, moderating raw material prices may help in reviving demand and also improve margin.
We model 31% profit after tax compound annual growth rate over FY23-25E led by gradual revenue recovery and margin improvement.
Campus' strong market position and a long runway for growth should result in a recovery by H2 FY24E once market recovers.
Reiterate 'Buy' with a target price of Rs 335 (premised on 51 times price/earning on FY25E EPS).
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