Buy Kewal Kiran Clothing; target of Rs 600: Hem Securities

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Hem Securities report on Kewal Kiran Clothing

Kewal Kiran Clothing Q2FY23 consolidated revenues came in at ₹ 226 Cr, up 29.3% YoY and 45.8% QoQ. PBIDT for Q2FY23 stood at 50 Cr, up 55% YoY and 72% QoQ. PBIDTM for Q2FY23 came at 22%, 400 bps YoY and 300 bps QoQ. PAT for Q2FY23 stood at ₹39 Cr, up 44% YoY and up 77% QoQ. The clothing brand expanded its own retail network and added 38 stores in Q2FY23 (H1FY23: 63 stores added).

Outlook

With a strong growth outlook, we initiate a “BUY” rating on the stock and value the stock at 24.9xFY24 EPS to arrive at the target of 600.

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Kewal Kiran Clothing - 12 -12-2022 - hem