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ICICI Securities Report
Key takeaways from TCNS Clothing Company Ltd.'s Q4 FY21 earnings:
1. revenue was up 1% YoY (in-line with expectations) and was impacted from mid-March 2021 due to lockdowns owing to resurgence in Covid-19 cases;
2. large format stores revenue remained flat YoY, while exclusive brand outlet and multi brand outlet revenue declined 23% YoY and 60% YoY respectively owing to channel rationalisation; online revenue grew 2.5 times YoY on a low base in Q4 FY21;
3. company is targeting net addition of 60 plus EBOs in FY22; 30 EBOs already signed up and likely to open in H1 FY22; and
4. cost rationalisation and working capital release led to Rs 110 million cash accretion to Rs 1.82 billion during FY21.
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