Buy Kewal Kiran Clothing; target of Rs 303: Anand Rathi

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Anand Rathi's research report on Kewal Kiran Clothing

Kewal Kiran ended FY22 with 15%/12% higher revenue/PAT than pre-Covid’19 (FY20). Revenue growth was driven by ~28% volume growth over FY20. Q4 FY22 revenue/EBITDA grew ~53%/~3x y/y, ahead of our estimates. With recovery setting in and revenue crossing pre-Covid levels, liquidity (cash & investments) is a comfortable Rs3,154m. We raise our FY23e/FY24e revenue ~2% each.

Outlook

We expect revenue/EBITDA/EPS CAGRs of 14%/16%/11% over FY22-24. We maintain our Buy rating, with a TP of Rs303 at 12x FY24e EV/EBITDA.

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