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Garment Mantra Lifestyle Limited rating upgraded to 'CRISIL BB+/Positive'
Posted On : 2021-09-08 14:59:15( TIMEZONE : IST )
CRISIL Ratings has upgraded the rating on the long term bank facilities of Garment Mantra Lifestyle Limited (GMLL; part of Garment Mantra group) to 'CRISIL BB+/Positive' from 'CRISIL BB/Stable'.
The upgrade factors in expectation of steady improvement in operating performance over the medium term. The group's revenues has been increasing in the past four fiscals, ending fiscal 2021, on account of their value offerings across their retail channels and steady demand from its domestic customers. Even in fiscal 2021, the group was supported by strong growth in sales post relaxation in national wide lockdown. The revenues rebounded since September 2021 and this is likely to continue even in this fiscal, resulting in revenue growth of 10-15 percent. Further the group benefits from the synergies derived from its acquisition of Jannat Fabrics and Apparels Pvt Ltd and Twenty Twenty Trading LLp in fiscal 2021. This is likely to provide greater integration across the apparel value chain and should result in improved efficiencies over the medium term. The profitability has improved to 9.1% in fiscal 2021 (from 5.7% in previous fiscal) and this is likely to remain at similar levels over the medium term. As a result, cash accruals will remain strong and support incremental working capital requirement.
The rating reflects the extensive experience of GMLL's promoters in the domestic ready-made garments (RMG) segment and the group's comfortable financial risk profile. These strengths are partially offset by the moderate scale of operations amidst intense competition, and the high working capital requirement.
Shares of GARMENT MANTRA LIFESTYLE LIMITED was last trading in BSE at Rs. 159.15 as compared to the previous close of Rs. 175.7. The total number of shares traded during the day was 16885 in over 389 trades.
The stock hit an intraday high of Rs. 175.65 and intraday low of 158.5. The net turnover during the day was Rs. 2785692.
