Gross margin contracted 680 bps YoY to 41% but positive operating leverage led KKCL to report an EBITDA margin of 18.4% (up 170 bps YoY) EBITDA grew 2.9x YoY on a favourable base to | 32.3 crore. Consequently, PAT also grew 2.9x YoY to | 27 crore What should investors do? KKCL's stock price has appreciated by 60% in the last one year (three year CAGR of -7%). It has one of the best margin profiles among branded apparel players with a healthy b/s. We believe KKCL is well placed to benefit...