Kewal Kiran Clothing Ltd (KEWKIR) - ICICI Direct

Result Update 

Rating matrix 

Rating : Buy 

Target : | 611 

Target Period : 12 months 

Potential Upside : 21% 

Key Financials 

(| Crore) FY11 FY12 FY13E FY14E 

Net Sales 236.6 301.9 364.9 436.6 

EBITDA 68.7 73.4 88.7 104.6 

Net Profit 46.2 52.1 63.9 75.3 

Valuation summary 

FY11 FY12 FY13E FY14E 

PE (x) 13.3 11.8 9.6 8.2 

Target PE (x) 16.3 14.4 11.8 10.0 

EV to EBITDA(x) 8.4 7.2 5.7 4.6 

Price to book (x) 3.4 2.7 2.3 2.0 

RoNW (%) 23.4 23.1 24.3 24.2 

RoCE (%) 31.0 27.9 29.9 30.2 

Stock data 

Market Capitalisation 

| 616 crore 

Debt (Mar-12) 

| 15 crore 

Cash (Mar-12) 

| 102 crore 

EV 

| 530 crore 

52 week H/L (|) 875 / 485 

Equity capital 

| 12.3 crore 

Face value | 10 

MF Holding (%) 4.9 

FII Holding (%) 12.2 

Price movement 

5,800 

5,600 

5,400 

5,200 

5,000 

4,800 

4,600 

4,400 

4,200 

4,000 

Aug-11 

Analyst’s name 

Nov-11 

Price (R.H.S) 

Feb-12 

Bharat Chhoda 

bharat.chhoda@icicisecurities.com 

Dhvani Modi 

dhvani.bavishi@icicisecurities.com 

Apr-12 

Nifty (L.H.S) 

Jul-12 

900 

800 

700 

600 

500 

400 

300 

WHAT’S CHANGED… 

July 25, 2012 

Kewal Kiran Clothing Ltd (KEWKIR) 

| 505 

PRICE TARGET....................................................................................................Unchanged 

EPS (FY13E)........................................................................................................Unchanged 

EPS (FY14E)........................................................................................................Unchanged 

RATING....................................................................................... Changed from Hold to Buy 

Just an aberration… 

Kewal Kiran Clothing (KKCL) reported a weak set of numbers in Q1FY13. 

A weaker demand scenario and higher employee & selling expenses were 

responsible for the dismal performance. While volumes de-grew 16.9% 

YoY, realisation improved by 2.3% to | 774 per piece. This has been the 

first quarter in over 12 quarters that KKCL has reported de-growth and we 

believe that this is a one off. With the onset of the festive season in 

Q2FY13 and Q3FY13 we expect demand to revive. We expect KKCL to 

post 20% CAGR in both topline and bottomline during FY12-14E. The 

stock has corrected by ~20% over the last six months and we are 

comfortable with recommending a BUY at these levels. We believe 

concerns have been priced in and, therefore upgrade KKCL to BUY from 

HOLD on the back of demand revival in the next six months. 

Weak performance on the back of multiple factors 

KKCL reported sales, EBITDA and PAT of | 56.4 crore (down 18.1% YoY), 

| 9.5 crore (down 44.9% YoY) and | 7.3 crore (down 42.3% YoY), 

respectively. The dismal performance was due to lower volumes (down 

16.9% YoY), a higher base of Q1FY12 (as spillover sales of March came in 

April due to strike on account of excise duty levied) and higher expenses. 

Operating margin slipped 820 bps YoY to 16.7% (I-direct estimate 20.5%). 

Hopes of demand revival on the back of festive season 

We expect demand to revive on the back of the festive season beginning 

Q2FY13 with Dussehra and Durga Pooja and Diwali occurring in Q3FY13. 

Though the company may be unable to post high double digit sales 

growth in Q2FY13 (as Q2FY12 witnessed strong growth due to an early 

Diwali last year) we expect cumulative numbers at the end of December 

2012 (nine months) to put up a good performance. 

Concerns priced in; current valuations look attractive 

We believe the current valuations price in the concerns of slow demand 

and one can look at re-entering the stock at these levels. Barring Q1FY13, 

the company has reported consistent topline and profitability growth. We 

believe this quarter was an aberration. Considering an asset light business 

with strong return ratios and virtually no debt we have upgraded Kewal 

Kiran Clothing to BUY (HOLD earlier) with a target price of | 611 (based 

on 10.0x FY14E EPS). 

Exhibit 1: Financial Performance 

(| Crore) Q1FY13 Q1FY13E Q1FY12 Q4FY12 QoQ(Ch %) YoY(Ch%) 

Net Sales 56.4 57.7 68.9 66.7 -15.4 -18.1 

EBITDA Margin (%) 16.7 20.5 24.9 26.3 -960 bps -820 bps 

Depreciation 1.5 1.8 1.4 1.7 -12.6 3.5 

Interest 0.7 0.4 0.6 0.6 10.2 18.2 

Other Income 3.2 2.9 3.1 2.7 19.4 4.9 

Reported PAT 7.3 8.5 12.6 12.4 -41.4 -42.3 

EPS (|) 5.9 6.9 10.2 10.1 -41.4 -42.3 

Source: Company, ICICIdirect.com Research 

ICICI Securities Ltd | Retail Equity Research

Exhibit 2: Assumption Sheet 

Particulars FY11 FY12 FY13E FY14E 

Volumes (Lakh pieces) 33.6 37.6 45.2 51.5 

Average realisation per piece (|) 685 750 770 800 

Average cost of woven fabric (|/metre) 125 170 175 180 

Average cost of knitted fabric (|/kg) 349 493 508 522 

Selling expenses as a % of sales (%) 11.1 11.0 12.0 11.5 


Q1FY13 Result Highlights 

• KKCL’s Q1FY13 sales de-grew 18.1% to | 56.4 crore. This degrowth 

was led by a dampened demand situation, which led to 

volume de-growth of 16.9% YoY to 6.85 lakh pieces (I-direct 

estimate: 7 lakh pieces). Realisation improved 2.3% YoY to | 774 

per piece 

• Operationally also, the performance was disappointing. The 

company reported an operating margin of 16.7% (down 820 bps 

YoY), lower than our estimate of 20.5%. Operating margins were 

dented due to higher employee costs and also higher promotional 

expenses incurred by the company 

• Consequently, PAT de-grew 42.3% YoY to | 7.3 crore, lower than 

our estimate of | 8.5 crore 

KKCL reported de-growth (18.1% YoY) in sales for the first 

time in over 12 quarters 

Exhibit 3: Topline growth trajectory 

| crore 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

- 

45.1 

72.5 63.0 54.7 68.9 

100.4 

64.2 66.7 56.4 

363.9 

435.3 

Q1FY11 

Q2FY11 

Q3FY11 

Q4FY11 

Q1FY12 

Q2FY12 

Q3FY12 

Q4FY12 

Q1FY13 

FY13E 

FY14E 


ICICI Securities Ltd | Retail Equity Research Page 2

Garment volumes dipped 16.9% YoY and 23.5% QoQ on the 

Exhibit 4: Apparel volumes trend 

back of weaker demand.... 

51.5 

49 

45.2 

Pieces (lakhs) 

38 

27 

16 

5 

. 

12.4 

8.2 

7.8 9.0 6.9 

Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 FY13E FY14E 


…and realisations increased 2.3% YoY to | 774 per piece 

Exhibit 5: Apparel realisations trend 

820 

800 

780 

760 

| 

740 

720 

700 

680 

760 

744 

801 800 

774 770 

720 

660 

Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 FY13E FY14E 


Exhibit 6: EBITDA margin trend 

35.0 

30.0 

25.0 

20.0 

28.5 

30.6 

27.1 

29.2 

24.9 26.1 

18.6 

26.3 

16.7 

24.4 24.0 

% 

15.0 

10.0 

5.0 

0.0 

Q1FY11 

Q2FY11 

Q3FY11 

Q4FY11 

Q1FY12 

Q2FY12 

Q3FY12 

Q4FY12 

Q1FY13 

FY13E 

FY14E 

EBITDA Margin (%) 



Sales de-growth and a strong dip in operating margins 

dented the bottomline performance 

Exhibit 7: Bottomline trend 

80.0 

75.3 

70.0 

63.9 

60.0 

50.0 

|crore 

40.0 

30.0 

20.0 

10.0 

8.8 

15.0 

11.3 11.1 12.6 

18.4 

8.8 

12.4 

7.3 

0.0 

Q1FY11 

Q2FY11 

Q3FY11 

Q4FY11 

Q1FY12 

Q2FY12 

Q3FY12 

Q4FY12 

Q1FY13 

FY13E 

FY14E 


Increased overall expenditure led to a weak operational 

performance. Sponsoring the Pune Warriors IPL team (for 

the second year) and a new ad film for Killer water saver 

jeans cost the company a sum of | 3.28 crore 

Exhibit 8: Cost analysis as percentage of sales 

Particulars Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 

Raw Materal Cost 37.2 35.9 34.3 30.9 39.5 43.1 42.4 34.5 

Purchase of traded goods 0.7 2.1 4.7 9.0 3.9 3.0 3.0 4.6 

Manufacturing Expenses 7.1 7.8 7.1 7.4 8.5 8.2 7.1 9.1 

Administrative Expenses 3.7 4.1 4.2 4.1 3.1 4.1 5.1 5.1 

Employee Expenses 9.8 9.5 11.6 10.8 8.4 10.6 9.9 14.3 

Selling Expenses 11.2 13.8 9.3 13.3 10.9 12.9 6.7 16.3 


Exhibit 9: Store mix 

Particulars COCO # COMFO @ FOFO ^ Total 

K-Lounge 1 11 123 135 

K-Lounge for her 2 2 

Killer EBO 1 56 57 

LawmanPg3-EBO 2 10 12 

Integriti-EBO 43 43 

LawmanPg3 cum integriti-EBO 1 1 

Easies-EBO 1 1 

Addiction-EBO 2 2 

Factory outlet 5 5 

Total 1 19 238 258 

# COCO - Company owned Company operated 

@ COMFO - Company owned Management Franchisee operated 

^ FOFO- Franchisee owned Franchisee operated 


During the quarter, the company made a net addition of six retail stores 

including three Killer Exclusive Brand Outlets (EBO), two Lawman Pg3 

EBOs and one Easies EBOs. 


Valuation 

We believe current valuations price in the concerns of slow demand and 

one can look at re-entering the stock at these levels. Barring Q1FY13, the 

company has reported consistent topline and profitability growth and we 

believe this quarter was an aberration. Considering an asset light business 

with strong return ratios and virtually no debt we have upgraded Kewal 

Kiran Clothing to BUY (HOLD earlier) with a target price of | 611 (based 

on 10.0x FY14E EPS). 

Exhibit 10: P/E band (One year forward) 

900 

750 

600 

450 

300 

150 

15x 

12x 

9x 

6x 

3x 

- 

Apr-05 

Oct-05 

Apr-06 

Oct-06 

Apr-07 

Oct-07 

Apr-08 

Oct-08 

Apr-09 

Oct-09 

Apr-10 

Oct-10 

Apr-11 

Oct-11 

Apr-12 

Avg. Price 3x 6x 9x 12x 15x 



Financial summary 

Profit and loss statement 

(| Crore) 

(Year-end March) FY11 FY12 FY13E FY14E 

Total operating Income 236.6 301.9 364.9 436.6 

Growth (%) 34.3 27.6 21.2 19.6 

Raw Material Expenses 89.8 130.9 148.6 180.3 

Employee Expenses 25.8 29.2 42.0 50.2 

Manufacturing Expenses 17.2 23.6 27.3 32.6 

Selling Expenses 26.2 32.9 43.8 50.2 

Other expenses 8.9 11.9 14.6 18.6 

Total Operating Expenditure 167.9 228.5 276.3 331.9 

EBITDA 68.7 73.4 88.7 104.6 

Growth (%) 47.2 6.8 20.9 18.0 

Depreciation 5.7 6.2 7.0 8.1 

Interest 2.1 2.6 1.7 1.7 

Other Income 8.3 11.8 15.5 17.5 

PBT 69.3 76.3 95.4 112.3 

Others - - - - 

Total Tax 23.0 24.2 31.5 37.0 

PAT 46.2 52.1 64.0 75.3 

Growth (%) 42.2 12.8 22.7 17.7 

EPS (|) 37.5 42.3 51.9 61.1 


Cash flow statement 

(| Crore) 


Profit before Tax 69.3 76.3 95.4 112.3 

Add: Depreciation 5.7 6.2 7.0 8.1 

(Inc)/dec in Current Assets -21.2 -18.0 -22.2 -24.9 

Inc/(dec) in CL and Provisions 12.8 4.6 15.1 7.2 

Taxes paid -21.5 -24.4 -31.5 -37.0 

Others -6.2 -7.8 -1.3 1.1 

CF from operating activities 38.9 36.9 62.6 66.9 

(Inc)/dec in Investments -12.7 -10.4 -4.2 -4.8 

(Inc)/dec in Fixed Assets -5.1 -7.7 -7.7 -11.7 

Others 5.5 4.6 0.0 0.0 

CF from investing activities -12.3 -13.5 -11.9 -16.5 

Inc/(dec) in loan funds -10.2 9.2 -5.8 -1.3 

Dividend paid & dividend tax -18.0 -32.9 -26.0 -27.4 

Others -2.1 -2.1 -1.7 -1.7 

CF from financing activities -30.3 -25.8 -33.5 -30.4 

Net Cash flow -3.7 -2.4 17.2 20.0 

Investment in liquid funds 27.4 0.0 0.0 0.0 

Opening Cash 80.2 103.9 101.6 118.7 

Closing Cash 103.9 101.5 118.7 138.7 


Balance sheet 

(| Crore) 


Liabilities 

Equity Capital 12.3 12.3 12.3 12.3 

Reserve and Surplus 185.4 213.2 251.2 299.2 

Total Shareholders funds 197.8 225.5 263.6 311.5 

Total Debt 5.6 14.9 9.1 7.9 

Deferred Tax Liability -1.6 -1.7 -1.8 -1.8 

Other long term liabilities 3.26 3.87 3.94 4.02 

Total Liabilities 204.9 242.6 274.9 321.5 

Assets 

Gross Block 67.3 74.5 79.8 91.7 

Less: Acc Depreciation 26.7 31.0 38.1 46.1 

Net Block 40.6 43.4 44.8 48.6 

Capital WIP 2.1 0.9 3.3 3.0 

Total Fixed Assets 42.7 44.3 48.0 51.6 

Investments 18.3 31.6 35.8 40.6 

Inventory 36.8 32.1 48.0 59.8 

Debtors 29.9 50.5 52.0 59.8 

Loans and Advances 14.7 15.2 20.0 25.2 

Other Current Assets 2.1 7.4 7.8 8.4 

Cash 103.9 101.5 118.7 138.7 

Total Current Assets 187.5 206.8 246.5 292.0 

Creditors 15.3 15.8 20.0 24.7 

Other current liabililites 7.5 10.1 10.2 11.2 

Provisions 22.4 15.1 26.0 27.4 

Total Current Liabilities 45.3 41.0 56.1 63.3 

Net Current Assets 142.2 165.8 190.4 228.6 

Others Non-current Assets 1.71 0.87 0.62 0.66 

Application of Funds 204.9 242.6 274.9 321.5 


Key ratios 


Per share data (|) 

EPS 37.5 42.3 51.9 61.1 

Cash EPS 42.2 47.4 57.6 67.7 

BV 160.5 183.0 213.8 252.7 

DPS 16.5 17.0 18.0 19.0 

Cash Per Share 84.3 82.4 96.3 112.6 

Operating Ratios 

EBITDA Margin (%) 29.2 24.4 24.4 24.0 

PBT Margin (%) 29.4 25.4 26.2 25.8 

PAT Margin (%) 19.6 17.4 17.6 17.3 

Inventory days 56.9 36.1 48.0 50.0 

Debtor days 46.4 61.4 52.0 50.0 

Creditor days 62.3 44.0 49.0 50.0 

Return Ratios (%) 

RoE 23.4 23.1 24.3 24.2 

RoCE 31.0 27.9 29.9 30.2 

RoIC 53.3 42.7 50.2 51.0 

Valuation Ratios (x) 

P/E 13.3 11.8 9.6 8.2 

EV / EBITDA 8.4 7.2 5.7 4.6 

EV / Net Sales 2.4 1.8 1.4 1.1 

Market Cap / Sales 2.9 2.1 1.7 1.4 

Price to Book Value 3.4 2.7 2.3 2.0 

Solvency Ratios 

Debt/EBITDA 0.2 0.4 0.2 0.2 

Debt / Equity 0.0 0.1 0.0 0.0 

Current Ratio 8.2 8.0 8.2 8.1 

Quick Ratio 6.6 6.8 6.6 6.5 



ICICIdirect.com coverage universe (Textiles) 

CMP 

M Cap EPS (|) P/E (x) EV/EBITDA (x) 

RoCE (%) RoE (%) 

Sector / Company 

(|) TP(|) Rating (| Cr) FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E 

Alok Industries (ALOTEX) 17 21 Buy 1,350 4.6 6.1 8.2 3.6 2.8 2.1 4.5 4.5 3.9 12.6 12.0 12.9 10.4 12.7 15.5 

JBF Industries (JBFIND) 140 120 Sell 1,010 31.0 38.3 46.6 4.5 3.7 3.0 4.6 5.1 5.1 17.0 12.5 11.5 14.7 16.2 17.3 

Kewal Kiran Clothing (KEWKIR) 500 611 Buy 616 42.3 51.9 61.1 11.8 9.6 8.2 7.2 5.7 4.6 27.9 29.9 30.2 23.1 24.3 24.2 

Lovable Lingerie (LOVLIN) 320 350 Hold 538 10.5 13.9 17.9 30.5 23.0 17.9 23.5 18.3 14.2 14.4 16.5 18.4 11.4 13.5 15.4 

Page Industries (PAGIND) 2,851 3,115 Hold 3,180 80.7 104.7 135.4 35.3 27.2 21.1 24.4 18.7 14.7 53.2 52.3 53.0 54.3 52.8 51.6 

Rupa & Company (RUPACO) 140 - Unrated 1,113 5.5 6.2 7.8 25.6 22.6 18.0 14.6 13.5 11.2 22.9 21.4 23.7 21.9 21.1 22.4 

Vardhman Texriles (MAHSPI) 240 229 Hold 1,527 22.6 29.3 38.2 10.6 8.2 6.3 6.4 4.4 4.1 7.7 8.9 9.8 7.2 8.8 10.7 

Exhibit 11: Recommendation History 

900 

800 

700 

600 

500 

400 

300 

Aug-11 

Sep-11 

Nov-11 

Dec-11 

Feb-12 

Mar-12 

May-12 

Jun-12 

Jul-12 

Price 

Target Price 


Exhibit 12: Recent Releases 

Date Event CMP Target Price Rating 

5-Oct-11 Q2FY12 Preview 776 531 SELL 

24-Oct-11 Q2FY12 Result Update 786 716 HOLD 

6-Jan-12 Q3FY12 Preview 710 716 HOLD 

23-Jan-12 Q3FY12 Result Update 637 588 HOLD 

4-Apr-12 Q4FY12 Preview 649 588 HOLD 

15-May-12 Q4FY12 Result Update 597 611 HOLD 

5-Jul-12 Q1FY13 Preview 563 611 HOLD 


Shareholding Pattern 

80 

(%) 

60 

40 

20 

0 

74.1 

74.1 

74.1 

74.1 

12.4 

4.1 

9.5 

12.1 

5.0 

8.8 

12.1 

5.0 

8.9 

12.2 

4.9 

Q2FY12 Q3FY12 Q4FY12 Q1FY13 

Promoters FIIs DIIs Public 


8.8 

Exhibit 13: The road ahead 

500 

450 

51.9 

400 

350 

42.3 

37.5 

300 

| crore 

250 

437 

200 

365 

150 

302 

237 69 73 

89 

105 

100 

46 52 64 75 

50 

- 

FY11 FY12 FY13E FY14E 

Net Sales EBITDA Net Profit EPS (RHS) 

61.1 

70 

60 

50 

40 

30 

20 

10 

0 

| 



RATING RATIONALE 

ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns 

ratings to its stocks according to their notional target price vs. current market price and then categorises them 

as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional 

target price is defined as the analysts' valuation for a stock. 

Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; 

Buy: > 10%/ 15% for large caps/midcaps, respectively; 

Hold: Up to +/-10%; 

Sell: -10% or more; 

Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com 

ICICIdirect.com Research Desk, 

ICICI Securities Limited, 

1 st Floor, Akruti Trade Centre, 

Road No. 7, MIDC, 

Andheri (East) 

Mumbai – 400 093 

research@icicidirect.com 

ANALYST CERTIFICATION 

We /I, Bharat Chhoda MBA Dhvani Modi MBA research analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our 

personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or 

view(s) in this report. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc. 

Disclosures: 

ICICI Securities Limited (ICICI Securities) and its affiliates are a full-service, integrated investment banking, investment management and brokerage and financing group. We along with affiliates are leading 

underwriter of securities and participate in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationship with a significant percentage of 

companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. ICICI Securities 

generally prohibits its analysts, persons reporting to analysts and their dependent family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts 

cover. 

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and 

meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without 

prior written consent of ICICI Securities. While we would endeavour to update the information herein on reasonable basis, ICICI Securities, its subsidiaries and associated companies, their directors and 

employees (“ICICI Securities and affiliates”) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities 

from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities 

policies, in circumstances where ICICI Securities is acting in an advisory capacity to this company, or in certain other circumstances. 

This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This 

report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial 

instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their 

receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific 

circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment 

objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate 

the investment risks. The value and return of investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities and affiliates accept no liabilities for any 

loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the 

risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to 

change without notice. 

ICICI Securities and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. ICICI Securities and affiliates might have received 

compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of public offerings, corporate finance, investment 

banking or other advisory services in a merger or specific transaction. It is confirmed that Bharat Chhoda MBA Dhvani Modi MBA research analysts and the authors of this report have not received any 

compensation from the companies mentioned in the report in the preceding twelve months. Our research professionals are paid in part based on the profitability of ICICI Securities, which include earnings 

from Investment Banking and other business. 

ICICI Securities or its subsidiaries collectively do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the 

research report. 

It is confirmed that Bharat Chhoda MBA Dhvani Modi MBA research analysts and the authors of this report or any of their family members does not serve as an officer, director or advisory board member 

of the companies mentioned in the report. 

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. ICICI Securities and affiliates may act upon or make use 

of information contained in the report prior to the publication thereof. 

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, 

publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities 

described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and 

to observe such restriction.

Kewal Kiran Clothing Ltd (KEWKIR) - ICICI Direct

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?