Arvind’s Q1FY17 consolidated revenue grew 18% YoY (down 9% QoQ) to | 2104 crore (I-direct estimate: | 2100 crore). Due to implementation of IND-AS, it reclassified its segments, following which fabric retail (The Arvind store) would now be a part of standalone business. However, earnings from brands like Tommy Hilfiger, premium wholesale garments (Calvin Kline), etc, where Arvind does not have controlling interest, would now directly form part of PAT • Revenue from brand & retail grew 26% YoY to | 553 crore. Revenues from ‘Power’ brands (excluding Tommy Hilfiger) grew 27% YoY to | 300 crore. EBITDA margins for the same were at 10% compared to 9.6% in Q1FY16. Following the effect of store closures, “Unlimited” revenues de-grew by 7% YoY. ICICI Securities Limited continue to maintain BUY recommendation with a target price of | 370.Trendlyne has 7 reports on ARVIND updated in the last year from 2 brokers with an average target of Rs 367.5. Brokers have a rating for ARVIND with 1 price upgrade in past 6 months.