External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

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<p>We expect gross debt to reduce from Rs 903 crore in FY21 to Rs 500 crore by FY23E. The management's focus on prudent capital allocation, stringent working capital policy is expected to translate to positive FCF by FY23E, with pre Ind-AS 116 EBITDA margin of ~7%. We change our stance from REDUCE to HOLD owing to strengthened b/s. Better capital allocation towards profitable brands with improvement in margin profile, debt reduction would be key monitorables. We value...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We expect gross debt to reduce from Rs 903 crore in FY21 to Rs 500 crore by FY23E. The management's focus on prudent capital allocation, stringent working capital policy is expected to translate to positive FCF by FY23E, with pre Ind-AS 116 EBITDA margin of ~7%. We change our stance from REDUCE to HOLD owing to strengthened b/s. Better capital allocation towards profitable brands with improvement in margin profile, debt reduction would be key monitorables. We value...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Arvind Fashions: Capital Restructuring to Aid in Navigating Uncertainties

India

Arvind Fashions Limited designs and produces apparels. The Company offers jeans, shirts, trousers, jackets, and suits. Arvind Fashions serves customers in India.

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Arvind Fashions (ARVINDFA IN)

Arvind Fashions: Capital Restructuring to Aid in Navigating Uncertainties

We expect gross debt to reduce from Rs 903 crore in FY21 to Rs 500 crore by FY23E. The management's focus on prudent capital allocation, stringent...

ICICI Securities Limited

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