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Apparel retailer Kewal Kiran posts notable Q2 sales growth
Dec '13
Despite a weak consumer environment, apparel retailer Kewal Kiran Ltd registered a impressive topline growth of 28.54% to touch Rs. 112.99 Cr on YoY basis during the second quarter of FY 14. 
This impressive performance was supported by both, growth in volumes and realizations. Sales volumes have grown by 16.37% (from 1.11 million units to 1.29 million units) whereas realizations have improved 11.26% to Rs. 874 as compared to Rs. 786 a year ago. 
The flagship clothing brand of Kewal Kiran ‘Killer’ continues to dominate the revenue profile with 51% share. However, Lawman brand witnessed revenue growth of 53% to reach Rs. 23.50 Cr from Rs 15.33 Cr   
Subsequently, operating profit has increased from Rs. 25.38 Cr (Q2 FY 13) to Rs. 35.82 Cr (Q2 FY 14), a steep hike of about 41%. 
The company has successfully controlled its personnel and SGA expense that has resulted in the improvement of 300 basis points in operating profit margin from 27.9% to 30.9%.  
Net profit has also increased to Rs. 23.53 Cr on account of decline in depreciation costs. Net profit margin has improved 20.19% vis-à-vis 19.26% owing to decline of interest as a percentage of sales.  
This exceptional performance on the operational and financial front has reflected in the share price of Kewal Kiran touching a near all time high of Rs.1158. In addition, it enjoys rich valuations in terms of P/B (5.5 times) and P/E (21.77 times) compared to its peers. 

Fibre2fashion News Desk - India

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Courtesy: Commonwealth Bank of Australia

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