Aditya Birla Fashion and Retail Ltd., incorporated in 2007, is a large cap company (with a market capitalization of Rs 24376.74 Crore) operating in the retail sector.
For the quarter ended 30-09-2021, the company reported consolidated total income of Rs 2,079.53 crore, up 148.66% from last quarter total income of Rs 836.29 crore and up by 77.54% compared to the total income for the same quarter of last year of Rs 1,171.32 crore. The company reported net profit after tax of Rs 5.89 Crore in the last quarter.
Justification of the investment
Strong demand trends, aggressive portfolio / store expansion and improved efficiency keep us positive. After the recent 10% correction, valuations at ~ 25x pre-IndAS Dec23E EBITDA are down relative to their peers. In addition, expanding into 2/3/4 tier cities with Pantaloons / PE-Red / AS-Prime and pulling into the ethnic category should help maintain high teen income growth well beyond l Exercise 24. Repeat the purchase with a TP of Rs340 (30x Dec23E EBITDA pre-IndAS). The emergence of a third wave of Covid remains a key risk for the estimates.
Promoter / FII Holdings
Promoters held 56.13 percent of the company’s capital as of September 30, 2021, while FIIs held 13.84 percent and DII 17.78 percent.
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