Just got nimbler
Recovery was all-round at 80% (HSIE: 73%) as all verticals beat expectations. Madura/Pantaloons recovered 81/75% resp. (HSIE: 72/71%). Gross margin re..
Continues to lead apparel universe in recovery
V-MART recovered ~84% (LTL growth at 81%; HSIE: 80%) of base quarter sales (most within our apparel universe along with ..
Increased guidance reflects higher visibility
Vaibhav Global Ltd (VGL) reported robust sales growth of 28.7% at Rs 725 cr registering one of the highest ever EBITDA ma..
Significant beat on profitability front
Trent’s Q3FY21 results reflects the inherent strength of the brands and its robust business model made to combat challeng..
Trent’s 3Q performance surprised positively. Revenue recovery at 83% of base quarter was commendable (HSIE: 81% recovery). Westside recovere..
The company reported standalone net loss during the quarter stood at Rs 156.87 crore compared to net profit of Rs 56.81 crore in the previous year quarter. Net reve..
Better placed among peers
Key takeaways from V-MART’s Q3FY21 earnings: 1) bundling of festive and early winter seasons restricted revenue decline to 16% YoY; ma..
Healthy margin recovery drives earnings
* While revenue fell 17% YoY (in line), EBITDA saw a massive 26% beat on gross margin (GM) improvement of 570bp, benefiting fro..
Steering ahead in a weak market
* Weakness in revenue continued – down 16% YoY (6% below est) thus far – while EBITDA/PAT decline was cushioned (down 11%/1..
3Q investor call takeaways
Underlying demand still weak, good work on cash flows and margins; expect some correction post recent run‐up
* Our view – After ..
Festive season expected to revitalise recovery rates
We expect revenue recovery rates of fashion and lifestyle retailers to perk up in Q3FY21E to 65-75% from 45-55% i..
Earnings recover almost to pre-COVID levels
* Revenue recovery in DMART has been healthy (+11% YoY, in-line), with a 20bp EBITDA margin improvement, possibly due to e..
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