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ICICI Direct Report
TCNS Clothing Ltd. reported decent Q4 FY21 results with marginal revenue growth of 1% YoY to Rs 221 crore.
On adjusted base, recovery was ~76% of pre-Covid-19 levels (versus 72% in Q3 FY21).
The revenue recovery rate would have been better but the pace of recovery was hampered by partial lockdowns in various states from mid-March onwards.
Non-metro cities continued to recover at a swift pace with Tier II, III cites recovering at ~95% of pre-Covid levels.
Stores in metro cites are lagging behind with 75% recovery rate.
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