AgenciesHDFC Securities has sell call on TCNS Clothing Co. with a target price of Rs 510. The current market price of TCNS Clothing Co. is Rs 560.3.
TCNS Clothing Co. Ltd., incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 3457.42 Crore) operating in Apparels sector.
TCNS Clothing Co. Ltd. key Products/Revenue Segments include Apparel and Other Operating Revenue for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company reported a Standalone Total Income of Rs 352.29 Crore, up 24.48 % from last quarter Total Income of Rs 283.02 Crore and up 38.61 % from last year same quarter Total Income of Rs 254.15 Crore. Company reported net profit after tax of Rs 7.64 Crore in latest quarter.
Investment Rationale
Capital (especially WC) efficiency and increasing competitive intensity from well-capitalised peers remain key concerns for the category. The brokerage largely maintains FY24/25 EBITDA estimates and SELL recommendation with a DCF-based TP of INR510/sh, implying 19x Sep-24 EV/EBITDA.
Promoter/FII Holdings
Promoters held 32.25 per cent stake in the company as of 30-Jun-2022, while FIIs owned 16.7 per cent, DIIs 7.15 per cent.
TCNS Clothing Co. Ltd., incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 3457.42 Crore) operating in Apparels sector.
TCNS Clothing Co. Ltd. key Products/Revenue Segments include Apparel and Other Operating Revenue for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company reported a Standalone Total Income of Rs 352.29 Crore, up 24.48 % from last quarter Total Income of Rs 283.02 Crore and up 38.61 % from last year same quarter Total Income of Rs 254.15 Crore. Company reported net profit after tax of Rs 7.64 Crore in latest quarter.
Investment Rationale
Capital (especially WC) efficiency and increasing competitive intensity from well-capitalised peers remain key concerns for the category. The brokerage largely maintains FY24/25 EBITDA estimates and SELL recommendation with a DCF-based TP of INR510/sh, implying 19x Sep-24 EV/EBITDA.
Promoter/FII Holdings
Promoters held 32.25 per cent stake in the company as of 30-Jun-2022, while FIIs owned 16.7 per cent, DIIs 7.15 per cent.
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