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ICICI Securities Report
Key takeaways from TCNS Clothing Company Ltd.'s Q1 FY21 earnings:
- Secured 20% plus reduction in fixed cost per annum through waiver/concession in rental cost, rationalising unsustainable stores, curtailing discretionary/marketing/employee spends
- Preserving cash through rationalising capex and reducing working capital
- Approximately 475 exclusive brand outlets, approximately 1,500 large format stores and two-third multi-brand outlet counters operational with intermittent lockdown
- Sales tracking approximately 40% of pre-Covid-19 levels with online sales growing 1.25 times of pre-Covid levels
- Net cash stood strong at Rs 1.25 billion as of June 2020-end.
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