EBITDA had increased for the major national players like TCNS, HOAD, Go Colors which indicates growth with
continued strict control over operations, leading to benefits of operating leverage. Go Colors achieved 32%
EBITDA margin in Fiscal 2020, which is among the highest in key women wear apparel players.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (% of Revenue)
Sent)
Retail Led Brands
A Go Colors 19.1% 33.4%
2 Aditya Birla Fashion Retail Limited 7.0% 14.8%
3 Biba 14.1% 17.9%
4 Fabindia 12.1% 22.1%
5 Global Desi & AND (HOAD) 16.1 NA
6 Levi's 7.1% NA
7 Marks and Spencer 12.3% NA
8 Soch 9.6% -7.3%
9 Trent 11.8% 22.5%
10 W, Aurelia, Wishful, Elleven (TCNS) 16.2% 18.1%
li Zara India 14.0% NA
Distribution Led Brands
12 Lux Industries 14.3% 16.0%
13 Page Industries (Jockey) 21.2% 18.1%
14 Rupa and Company 15.5% 14.1%

 

 

 

 

 

 

Source: Annual Reports, Secondary Research, Technopak Analysis, Revenue for standalone businesses from MCA reports
Note — Fiscal 2018 and Fiscal 2020 margins not strictly comparable due to implementation of IND-AS 116 from Fiscal 2020
onwards

Data as of 6 July 2021; Fiscal 2021 not considered as will not depict the correct picture due to COVID-19 impact;; NA-Not
Available; Formula - % of Revenue

National Players like Go Colors, Fabindia, TCNS, have better PAT then other national as well as international
players. Which indicates that these players are running efficiently and provide more value to the shareholders,
while low PAT does not necessarily tell that the company is not operating efficiently.

Profit After Tax (In 2 crores) and PAT Margin %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Led Brands

1 Go Colors 20.6 52.7 10.9% 13.4%
5 an (Aditya Birla Fashion Retail | 117g (145.2) ie 7%
3 Biba 46.7 2.52 6.5% 0.3%
4 Fabindia 59.3 53.6 5.2% 4.6%
5 Global Desi & AND (HOAD) NA (16.2) NA (4.0)%
6 Levi's 518 NA 5.8% NA

7 Marks and Spencer 25.6 NA 7.9% NA

8 Soch 12.9 -28.6 7.9% 7.5%
9 Trent 116.7 154.6 5.6% 4.9%
10 W, Aurelia, Wishful, Elleven (TCNS) 98.1 69.3 9.8% 6.0%
itt Zara India 82.6 NA 6.8% NA

Distribution Led Brands

 

 

 

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