Branded Apparels - Demand Recovery Getting Delayed; Structural Growth Story Intact: ICICI Securities

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ICICI Securities Report

Apparel brands, retail companies under our coverage are likely to report low single digit revenue growth YoY in Q4 FY21 despite low base implying ~80-85% pre-Covid-19 recovery.

While January-February 2021 likely witnessed improved footfalls owing to end of season sales and declining Covid cases, the same may be impacted again from the second half of March 2021 owing to rising Covid cases.

Coupled with temporary shutdown of malls, stores in Maharashtra and various restrictions imposed by different state governments to combat the spread of Covid, near-term growth, profitability of companies may be impacted.

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