External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brands</li><li>TCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoIC</li><li>EBITDA grew 64% YoY to Rs 63.0 crore (93% of pre-Covid levels) with EBITDA margins expanding 300 bps YoY to 19.2% (Q3FY20: 20.6%) </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brandsTCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoICEBITDA grew 64% YoY to Rs 63.0 crore (93% of pre-Covid levels) with EBITDA margins expanding 300 bps YoY to 19.2% (Q3FY20: 20.6%) Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TCNS Clothing: Revenue Recovery Reaches 100% of Pre-Covid Levels

<ul>
<li>Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space</li>
<li>Revenue recovery rate improved gradually to ~75% of pre-Covid levels in Q2FY22. Festive season witnessed healthy 100% revenue recovery rate</li>
<li>We maintain BUY recommendation on the stock. We value TCNS at Rs 1120 i.e. 4x FY24E EV/Sales</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space
Revenue recovery rate improved gradually to ~75% of pre-Covid levels in Q2FY22. Festive season witnessed healthy 100% revenue recovery rate
We maintain BUY recommendation on the stock. We value TCNS at Rs 1120 i.e. 4x FY24E EV/Sales

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TCNS Clothing: Building Levers for Sustainable Growth

<ul><li>TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brands</li><li>TCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoIC</li><li>We maintain BUY recommendation on the stock. We value TCNS at Rs 1120 i.e. 4x FY24E EV/Sales</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brandsTCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoICWe maintain BUY recommendation on the stock. We value TCNS at Rs 1120 i.e. 4x FY24E EV/SalesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<h2>Muhurat Pick – 2021</h2><p>Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Muhurat Pick – 2021Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

<p>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...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

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...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TCNS Clothing: Store Addition, Online Thrust to Aid Faster Recovery

India

TCNS Clothing Co. Limited retails women's apparels. The Company offers kurtas, tops, dress, gilet, pants, palazzo, culottes, trousers, skirts, churidars, stole, drapes, scarf, neckpiece, brooch, and tights. TCNS Clothing serves customers in India.

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TCNS Clothing (TCNSBR IN)

TCNS Clothing: Revenue Recovery Reaches 100% of Pre-Covid Levels

EBITDA grew 64% YoY to Rs 63.0 crore (93% of pre-Covid levels) with EBITDA margins expanding 300 bps YoY to 19.2% (Q3FY20: 20.6%)

ICICI Securities Limited

TCNS Clothing: Building Levers for Sustainable Growth

Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space

ICICI Securities Limited

TCNS Clothing: Building Levers for Sustainable Growth

Revenue recovery rate improved gradually to ~75% of pre-Covid levels in Q2FY22. Festive season witnessed healthy 100% revenue recovery rate On the...

ICICI Securities Limited

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry...

ICICI Securities Limited

TCNS Clothing: Store Addition, Online Thrust to Aid Faster Recovery

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...

ICICI Securities Limited

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