In a research report dated September 20, 2023, Profitmart has displayed a positive outlook on Iris Clothings Ltd (ICL) and recommended a “buy” rating on the stock, setting a target price of Rs 105.
Iris Clothings Ltd, established in 2004, is a rapidly growing company specializing in ready-made garments. Their primary focus is on designing, manufacturing, branding, and selling children’s wear under the brand name “DOREME” in India. The company’s product range encompasses affordable and high-quality clothing for infants, toddlers, and children up to their pre-teen years, catering to both their indoor and outdoor apparel needs.
ICL operates from nine manufacturing facilities located in Howrah, West Bengal, boasting a manufacturing capacity of 9 million units annually. Importantly, the company has built a comprehensive in-house integrated infrastructure that spans from the conceptualization of designs to manufacturing, branding, and ultimately selling the finished goods to wholesalers.
Looking ahead, Profitmart’s research analysis indicates a positive outlook for Iris Clothings Ltd. They assert that the current stock price presents a buying opportunity, with a target price of approximately Rs 105 expected to be achieved over the next 18 months.
Investors seeking potential opportunities in the clothing sector may find Profitmart’s recommendation on ICL worth considering as they make their investment decisions.