Emkay Securities has maintained a Buy rating on Future Lifestyle Fashion in the long term with a target price of Rs 560. Shares of Future Lifestyle Fashion closed at Rs 405 apiece, up by 2.5% on Tuesday while BSE Sensex closed 185.51 points up at 40,469.70.
For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 1571.81 crore, up 2.05% from last quarter sales of Rs 1540.30 crore. The company has reported net profit after tax of Rs 11.67 crore in the latest quarter.
Growth outlook continues to be strong, however balance sheet improvement with working capital/debt reduction will be the key triggers, the brokerage said. The company also plans to drive further improvement in net working capital, capex and reduction in rental expenditure going forward.