BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Buoyed by strong wedding/festive season and a normalised quarter after a gap of two years, lifestyle retailers displayed a strong show with robust topline growth.
Revenue recovery rate for most apparel players was the highest in Q1 FY23 (115- 140%). On a favorable base, our retail coverage universe reported revenue growth of 146% YoY with impressive three-year compound annual growth rate of 17% in Q1 FY23.
Most companies undertook a price hike in the range of 12-15% (YoY) to offset a spike in raw material inflation. While price hikes did have an impact on price sensitive audience (average selling price less than Rs 400, V-Mart Retail Ltd. and Relaxo Footwears Ltd. witnessed volume de-growth), mid-premium to premium segments (Aditya Birla Fashion and Retail Ltd., Shoppers Stop Ltd.) were more or less insulated.
Despite inflationary pressures, our retail coverage universe maintained Ebitda margins at pre-Covid levels of 14%.
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