Q1FY20 appears to be a mixed performance for retail and we expect our coverage universe t...

Emkay

Click here to: Asiamoney Brokers Poll 2019 Q1FY20 appears to be a mixed performance for retail and we expect our coverage universe to post revenue/EBITDA/PAT growth of 13%/12%/17% (vs. 14%/10%/5% in Q4FY19). However, EBITDA will not be comparable due to accounting changes (IND AS). Titan's jewellery growth is likely to be slower due to high gold prices and subdued demand however stable jewellery margins should drive 18% earnings growth. JUBI's SSSG is expected to be weak due to high discounting by food aggregators and high comparables. Within the apparel space, we expect FLFL and ABFRL to outperform with healthy sales...