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ICICI Securities Report
Metro Brands Ltd., one of the largest Indian footwear speciality retailers present in India, has a right mix of brands (three umbrella brands plus two exclusive brand outlet tie-ups) providing growth runway (of store addition).
Metro Brands' focus on financial discipline along with balance sheet strength provides confidence on the execution. It has an optimised mix of in-house brands and third-party brands in multi brand outlets (Metro, Mochi and Walkway) to drive customer footfalls, improve sales density and gross margins.
Besides, a platform of choice for international brands aids confidence on new avenues (of growth). We model revenue / Ebitda /profit after tax compound annual growth rate of 30% / 28% / 31% over FY22-24E.
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