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ICICI Securities Report
There are three key positives in Metro Brands Ltd.'s result-
highest retail expansion rate (at 27% YoY) compared to results declared by other retail companies so far (22-23% by Go Fashion India Ltd. and Vedant Fashions Ltd.),
Cravatex Brands Ltd.'s integration going on well (3% negative impact on net profit margin, inventory issue likely to be solved by March 2024, closed two stores),
premium price point (more than Rs 3,000) outperforms (31% YoY) value range.
However, Metro Brands' same-store sales growth and revenue PSF performance has been weak – likely impact of general slowdown in discretionary consumption. Albeit accelerated retail expansion impacted operating profit margins (YoY), it remained at healthy levels.
We like the continued outperformance in women and kids wear segment. Maintain 'Buy'.
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