TCNS Clothing Co. Ltd. share price target and research reports

Name: Latest research reports of TCNS Clothing Co. Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: TCNS Clothing Co. Ltd.
Rating: 4
Author: ICICI Securities Limited

Latest analyst research reports with target prices and PDF download for TCNSBRANDS, BSE:541700 TCNS Clothing Co. Ltd.

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TCNS Clothing Co. Ltd.

15 Feb 2023, 12:00AM

Tackling multiple headwinds

Accumulate: TCNS Clothing Co. Ltd.

Target

ICICI Securities Limited

Unimpressive revenue print led by; (1) ~7% revenue-impact (related to primary billing) of change in revenue/inventory accounting for B2B business from outright-sale model to SOR (sale or return) model; where-in revenue is booked only after actual sales happen. In SOR; inventory is on the books of TCNS.

TCNS Clothing Co. Ltd.

14 Nov 2022

Gaining pace...

Accumulate: TCNS Clothing Co. Ltd.

Recommendation Target

ICICI Securities Limited

(TCNSBR) Q2FY23 EBITDA at Rs461mn (up 53% YoY) was below consensus estimates. Company achieved its highest-ever quarterly sales at Rs3.5bn (up 46% YoY) attributable to: a) low base due to covid-induced restrictions.

TCNS Clothing Co. Ltd.

19 Sep 2022

TCNS Clothing

Buy: TCNS Clothing Co. Ltd.

ICICI Direct

TCNS Clothing Co. Ltd.

14 Feb 2022

TCNS Clothing

Buy: TCNS Clothing Co. Ltd.

Target

ICICI Securities Limited

EBITDA grew 64% YoY to | 63.0 crore (93% of pre-Covid levels) with EBITDA margins expanding 300 bps YoY to 19.2% (Q3FY20: 20.6%) What should investors do? Since our initiation report, the stock has appreciated ~71% (from | 400 in April 2020 to | 685 in February 2022). We believe the recent...

TCNS Clothing Co. Ltd.

24 Nov 2021

TCNS Clothing

Buy: TCNS Clothing Co. Ltd.

Target

ICICI Securities Limited

Revenue recovery rate improved gradually to ~75% of pre-Covid levels in Q2FY22. Festive season witnessed healthy 100% revenue recovery rate On the new product launches, the footwear range has seen strong traction and is already contributing ~10% in selected W' stores. TCNS is planning a full-scale rollout of footwear in SS22 with presence in more than 150 EBOs Undertaking category expansion (beyond its core ethnic wear) in a bid to tap opportunities across non-apparel categories. Foraying into make-up, colour cosmetics under brand Aurelia'. Over longer term, the management...

TCNS Clothing Co. Ltd.

25 Oct 2021

TCNS Clothing

Buy: TCNS Clothing Co. Ltd.

Target

ICICI Securities Limited

Indication of strong festive season augurs well chain infrastructure, TCNS has emerged as the market leader in women's ethnic space through its three popular home grown brands. TCNS follows an asset light business model, with production outsourced on...

TCNS Clothing Co. Ltd.

16 Aug 2021, 12:00AM

TCNS Clothing

Buy: TCNS Clothing Co. Ltd.

ICICI Securities Limited

Healthy store addition pipeline for FY22 with opening of 60+ new stores on a net basis (40+ stores already signed) Continues to scale up its omni distribution channel with new business...

TCNS Clothing Co. Ltd.

22 Jun 2021

TCNS Clothing

Buy: TCNS Clothing Co. Ltd.

Target

ICICI Securities Limited

TCNS Clothing reported decent Q4FY21 results with marginal revenue growth of 1% YoY to | 221 crore. On adjusted base, recovery was ~76% of pre-Covid levels (vs. 72% in Q3FY21). The revenue recovery rate would have been better but the pace of recovery was hampered by partial lockdowns in various states from mid-March onwards. Non-metro cities continued to recover at a swift pace with Tier II, III cites recovering at ~95% of pre-Covid levels. Stores in metro cites are lagging behind with 75% recovery rate. Gross margins remained flattish YoY at 57.4% but continue to remain below...

TCNS Clothing Co. Ltd.

08 Feb 2021

TCNS Clothing

Buy: TCNS Clothing Co. Ltd.

Target

ICICI Securities Limited

Driven by festive season demand, TCNS Clothing reported strong QoQ growth with revenue recovery rate reaching 72% in Q3FY21 vs. 45% in Q2FY21. The recovery rate is broadly in line with industry revenue recovery rate (fashion retailers). Revenue for Q3FY21 fell 28% YoY to | 237.9 crore (up 65% QoQ). Non-metro cities continue to recover at a swift pace with Tier I cities reaching 70% and Tier II, III cites recovering at ~80% of pre-Covid levels. Stores in metro cites are lagging behind with 55% recovery rate. Gross margins continued to stay under pressure (down 670 bps YoY to 61%)...

Is TCNS Clothing Co. Ltd. worth buying?

76 Votes:

Buy 76.32%

Sell 9.21%

Hold 14.47%