Mirza International – consistent performer but undervalues at present?

Good results (if not great), Q3, 2023 from Mirza International

• Sales flat YoY (Was expecting better sales considering Dec being their best quarter)

• Branded Footwear (Redtape and Bondstreet) sales grown YoY.

• Other Footwear – Exports and other sales down YoY

• Garment & Accessories (Under Brand Redtape) flat sales YoY.

• Better margins (Brand Redtape contributing most of it, the survivor )

  1. While the Branded Footwear sales grew around 20% YoY, EBITA has grown closer to 90% YoY
  2. Similar is the case for Garment & Accessories (Under Brand Redtape), though the sales has been flat but the margins have improved significantly. EBITA almost double YoY with flat sales.

I will continue to watch it closely from sidelines ( as I have doing since last once year) and wait for my price levels to make an entry,

Overall results are good(Might be great for someone , might be below par for some others) . Lets see if it breaks the technical mark of 255.