th raymond ltd… · 2018. 12. 21. · raymond ltd consolidated net profit jumps to rs. 652.00...

Document code: FOTL_201220184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved

RAYMOND LTDResult Update (CONSOLIDATED BASIS): Q2 FY19

CMP: 852.70 DEC 20th, 2018

Overweight ISIN:INE301A01014

Index Details SYNOPSISRaymond Limited is an Indian lifestyle, textile andbranded apparel company. The Company is engagedin Wool and Wool Blended Fabric, and ShirtingFabric.Consolidated revenue for the quarter increased by15.81% at Rs. 18477.50 mn as compared to Rs.15954.50 mn, when compared with the prior yearperiod.During Q2 FY19, consolidated EBIDTA is Rs.2143.90 mn as against Rs. 1582.30 mn in Q2 FY18,grew by 35.49%.During Q2 FY19, consolidated PBT increased by8.88% to Rs. 1033.20 mn from Rs. 948.90 mn in Q2FY18.During Q2 FY19, consolidated net profit stood atRs. 652.00 mn from Rs. 622.40 mn in Q2 FY18, anincrease of 4.76%.EPS of the company stood at Rs. 10.62 a shareduring the quarter, as against Rs. 10.14 per shareover previous year period.Revenue of the company rose by 10.96% at Rs.30984.10 mn in H1 FY19 as against Rs. 27923.30mn in H1 FY18.During H1 FY19, PAT of the company stood at Rs.671.20 mn as compared to Rs. 511.10 mn in H1FY18, up by 31.32%.Net Worth of the company increased to Rs. 19120mn in Q2 FY19 as against Rs. 17990 mn in Q2FY18.Net Debt of the company stood at Rs. 22800 mn inQ2 FY19 as compared to Rs. 20180 mn in Q2 FY18.The company has totaling to 139 Mini TRS stores asat Sep’18.5 Stores opened in Q2FY19; totaling to 11 stores asat Sep’18 under Style Play.3 tailoring hubs added in Q2, totaling to 33 hubs ason Sep’18.Net Sales and PAT of the company are expected togrow at a CAGR of 9% and 27% over 2017 to2020E, respectively.

Stock DataSector TextilesBSE Code 500330Face Value 10.0052wk. High / Low (Rs.) 1151.70/593.55Volume (2wk. Avg.) 56000Market Cap (Rs. in mn.) 52338.73

Annual Estimated Results(A*: Actual / E*: Estimated)Years (Rs. in mn) FY18A FY19E FY20ENet Sales 59064.10 66151.79 73428.49EBITDA 5464.00 6943.49 7973.03Net Profit 1415.50 1642.22 1877.72EPS 23.06 26.75 30.59P/E 36.98 31.87 27.87

Shareholding Pattern (%)

As on Sep 2018 As on Dec 2018

Promoter 43.92 43.68

Public 56.08 56.32

Others -- --

1 Year Comparative Graph

RAYMOND LTD S&P BSE SENSEX

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E (X)(TTM) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Raymond Ltd 852.70 52338.73 24.81 34.36 2.89 30.00Ambika Cotton Mills Ltd 1172.10 6710.30 114.57 10.23 1.56 350.00Arvind Ltd 100.90 26094.50 12.45 7.98 0.64 24.00RSWM Ltd 258.55 6089.10 14.15 18.27 0.68 20.00


QUARTERLY HIGHLIGHTS (CONSOLIDATED BASIS)

Results updates- Q2 FY19,

(Rs. in millions) Sep-18 Sep-17 % Change

Revenue 18477.50 15954.50 15.81%

Net Profit 652.00 622.40 4.76%

EPS 10.62 10.14 4.76%

EBIDTA 2143.90 1582.30 35.49%

Raymond Ltd consolidated net profit jumps to Rs. 652.00 million from Rs. 622.40 million in the corresponding quarter

ending of previous year, an increase of 4.76%. Revenue for the quarter up by 15.81% and stood at Rs. 18477.50 million as

against Rs. 15954.50 million, increased by 15.81% when compared with the prior year period. Reported earnings per

share of the company stood at Rs. 10.62 a share during the quarter, as against Rs. 10.14 per share over previous year

period. Profit before interest, depreciation and tax is Rs. 2143.90 million as against Rs. 1582.30 million in the

corresponding period of the previous year.

Break up of Expenditure

Break up ofExpenditure

Value in Rs. Million

Q2 FY19 Q2 FY18 %Change

Cost of MaterialsConsumed 3359.00 3321.00 1%

Purchases of Stock-in-Trade 5338.90 4516.80 18%

Employee Benefits 2430.60 2088.60 16%

Depreciation andAmortization 502.00 385.90 30%

Manufacturing andOperating 2171.70 1837.70 18%

Costs towardsDevelopment ofProperty

76.50 0.00 --

Others 3658.40 3235.60 13%


Segment Revenue

Result Highlights:

Revenue of the company rose by 10.96% at Rs. 30984.10 mn in H1 FY19 as against Rs. 27923.30 mn in H1 FY18.

During H1 FY19, PAT of the company stood at Rs. 671.20 mn as compared to Rs. 511.10 mn in H1 FY18, up by

31.32%.

Initiatives:

The company has totaling to 139 Mini TRS stores as at Sep’18.

5 Stores opened in Q2FY19; totaling to 11 stores as at Sep’18 under Style Play.

3 tailoring hubs added in Q2, totaling to 33 hubs as on Sep’18.

Balance Sheet & Cash Flow Performance Indicators:

Net Worth of the company increased to Rs. 19120 mn in Q2 FY19 as against Rs. 17990 mn in Q2 FY18.

Net Debet of the company stood at Rs. 22800 mn in Q2 FY19 as compared to Rs. 20180 mn in Q2 FY18.

Segment Revenue:

Branded Textile Segment sales at Rs. 8844.7 mn, higher by 15% over previous year led by 14% growth in the suiting

business and 17% in the shirting business. Revenue driven by volume growth in domestic business mainly due to

distribution expansion & growth in trade channels.

Like to Like EBITDA margins at 15.9% as compared to 16.4% in the previous year impacted largely on account of

increase in raw-material cost and higher A&SP spends.


Branded Apparel Segment sales at Rs. 4835.0 mn, up by 15% over previous year. The growth was driven by strong

performance in MBO channel along with growth in Raymond (RPA) and Parx brands supported by new customer

segments.

Retail Stores count as on Sep 30, 2018 stood at 1,282 across all formats covering about 2.2 million square feet of retail

space. In-line with stated asset light network expansion strategy, the company opened 38 mini TRS stores in Q2 taking

total count of mini TRS to 139 stores.

Garmenting Segment sales at Rs. 2185.7 mn, higher by 19% over previous year led by exports growth in US. LTL

EBITDA margins improved to 7.8% vs. 3.6% in previous year mainly due to operational efficiencies.

Luxury Cotton Shirting Fabric Segment sales at Rs. 1755.7 mn, grew by 17% on account of better offtake by the

customers and yarn sales from Amravati plant.

Tools and Hardware Segment sales at Rs. 1039.6 mn, up by 15% over previous year, mainly driven by better

performance in domestic markets. The turnaround strategy of building operational efficiency and product rationalization

helped in improving EBITDA margin to 14.4% as compared to 9.0% in the previous year.

Auto Components Segment sales at Rs. 640 mn, higher by 21 % over previous year, driven by strong demand from both

domestic and international customers. EBITDA margins at 22.6%, impacted mainly due to higher raw material prices.

Overall, the business is maintaining its profitable sales growth momentum.

Real Estate Segment is are currently in the process of seeking requisite approvals from the authorities pertaining to

commencement of the project.

COMPANY PROFILE

Raymond offers end-to-end solutions for fabrics and garmenting. It has some of the leading brands in its portfolio

including Raymond, Park Avenue, Raymond Premium Apparel, Parx, and Color Plus amongst others. Raymond has one

of the largest exclusive retail network ks in the textile and fashion space in India. As a part of the diversified Group, it also

has business interests in men's accessories, personal grooming & toiletries, prophylactics, files & tools and auto

components.


FINANCIAL HIGHLIGHT (CONSOLIDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20EASSETS1) Non-Current Assets

a) Property, plant and equipment 11553.10 16772.40 18785.09 20663.60b) Capital Work in Progress 4121.50 2702.10 614.45 442.40c) Goodwill 115.00 115.00 120.75 124.37d) Other Intangible Assets 18.70 519.80 545.79 567.62e) Intangible Assets under Development 0.00 10.90 11.45 11.90f) Investment Accounted for using Equity Method 1323.10 1251.70 1189.12 1153.44g) Financial Assets

i) Investments 1200.30 1374.70 1209.74 1137.15ii) Loans 681.60 756.90 825.02 882.77iii) Other Financial Assets 1118.20 731.80 768.39 799.13

h) Deferred Tax Assets 805.90 723.70 665.80 632.51i) Non-Current Tax Assets (Net) 978.60 741.20 652.26 600.08j) Other Non -Current Assets 990.70 1068.60 1154.09 1223.33Sub - Total Non- Current Assets 22906.70 26768.80 26541.93 28238.31

2) Current Assetsa) Inventories 12886.70 16113.10 18046.67 19851.34b) Financial Assets

i) Investments 3881.60 3728.90 2983.12 2535.65ii) Trade Receivables 10506.70 10859.10 14334.01 17917.52iii) Cash and Cash Equivalents 376.50 455.00 614.25 786.24iv) Other Bank Balances 320.50 412.90 433.55 459.56v) Loans 51.60 47.60 94.25 120.64vi) Other Financial Assets 260.40 285.10 421.95 569.63

c) Other Current Assets 1247.30 2418.60 3676.27 4962.97d) Assets Classified as Held for Sale 85.00 0.70 0.53 0.42Sub - Total Current Assets 29616.30 34321.00 40604.59 47203.96

Total Assets (1+2) 52523.00 61089.80 67146.53 75442.27EQUITY AND LIABILITIES1) EQUITY

a) Equity Share Capital 613.80 613.80 613.80 613.80b) Other Equity 16117.40 17506.50 19148.72 21026.44

Total Equity 16731.20 18120.30 19762.52 21640.242) Non-Controlling Interest 693.10 762.50 808.25 856.753) Non Current Liabilities

a) Financial Liabilitiesi) Borrowings 6349.10 6639.90 5311.92 4515.13

ii) Other Financial Liabilities 25.50 454.10 476.81 505.41b) Deferred Tax Liabilities (Net) 147.30 186.70 196.04 203.88c) Other Non-Current Liabilities 519.90 482.00 443.44 425.70Sub - Total Non Current Liabilities 7041.80 7762.70 6428.21 5650.13

3) Current Liabilitiesa)Financial Liabilities

i) Borrowings 11324.60 11501.30 16118.81 21664.16ii) Trade Payables 7734.30 11258.80 13304.95 15300.69iii) Other Financial Liabilities 7040.30 9607.90 8647.11 8214.75

b) Provisions 589.90 594.60 713.52 820.55c) Current Tax Liabilities 32.50 0.00 0.00 0.00d) Other Current Liabilities 1335.30 1481.70 1363.16 1295.01Sub - Total Current Liabilities 28056.90 34444.30 40147.55 47295.16

Total Equity and Liabilities (1+2+3) 52523.00 61089.80 67146.53 75442.27


Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12mNet Sales 53913.20 59064.10 66151.79 73428.49Other Income 1179.40 1185.00 1327.20 1459.92Total Income 55092.60 60249.10 67478.99 74888.41Expenditure -50865.20 -54785.10 -60535.50 -66915.38Operating Profit 4227.40 5464.00 6943.49 7973.03Interest -1780.30 -1838.00 -2297.50 -2711.05Gross profit 2447.10 3626.00 4645.99 5261.98Depreciation -1568.80 -1703.40 -2044.08 -2350.69Exceptional Items -100.50 209.50 -52.38 -37.71Profit Before Tax 777.80 2132.10 2549.53 2873.57Tax -218.40 -666.30 -846.95 -926.44Profit After Tax 559.40 1465.80 1702.58 1947.13Share of Profit & Loss Assoc. -259.20 -50.30 -60.36 -69.41Net Profit 300.20 1415.50 1642.22 1877.72Equity capital 613.80 613.80 613.80 613.80Reserves 16117.40 17506.50 19148.72 21026.44Face value 10.00 10.00 10.00 10.00EPS 4.89 23.06 26.75 30.59

Quarterly Profit & Loss Statement for the period of 31st Mar, 2017 to 31st Dec, 2018E

Value(Rs.in.mn) 31- Mar-18 30- June-18 30- Sep-18 31-Dec-18EDescription 3m 3m 3m 3mNet sales 16298.40 12506.60 18477.50 17184.08Other income 252.80 385.00 279.50 329.81Total Income 16551.20 12891.60 18757.00 17513.89Expenditure -14791.70 -11818.30 -16613.10 -15589.39Operating profit 1759.50 1073.30 2143.90 1924.49Interest -489.40 -525.60 -602.60 -638.76Gross profit 1270.10 547.70 1541.30 1285.74Depreciation -508.50 -466.20 -502.00 -557.22Exceptional Items 0.00 -19.30 -6.10 -4.58Profit Before Tax 761.60 62.20 1033.20 723.94Tax -241.00 -33.10 -367.40 -234.99Profit After Tax 520.60 29.10 665.80 488.95Share of Profit & Loss of Assoc. 24.20 -9.90 -13.80 -17.66Net Profit 544.80 19.20 652.00 471.29Equity capital 613.80 613.80 613.80 613.80Face value 10.00 10.00 10.00 10.00EPS 8.88 0.31 10.62 7.68


Ratio Analysis

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 4.89 23.06 26.75 30.59EBITDA Margin (%) 7.84% 9.25% 10.50% 10.86%PBT Margin (%) 1.44% 3.61% 3.85% 3.91%PAT Margin (%) 1.04% 2.48% 2.57% 2.65%P/E Ratio (x) 174.35 36.98 31.87 27.87ROE (%) 3.34% 8.09% 8.62% 9.00%ROCE (%) 7.73% 10.37% 11.89% 11.76%Debt Equity Ratio 1.06 1.00 1.08 1.21EV/EBITDA (x) 15.48 12.06 10.04 9.37Book Value (Rs.) 272.58 295.22 321.97 352.56P/BV 3.13 2.89 2.65 2.42

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 852.70, the stock P/E ratio is at 31.87 x FY19E and 27.87 x FY20E respectively.

Earnings per share (EPS) of the company for the earnings for FY19E and FY20E are seen at Rs. 26.75 and Rs. 30.59

respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 27% over 2017 to 2020E,

respectively.

On the basis of EV/EBITDA, the stock trades at 10.04 x for FY19E and 9.37 x for FY20E.

Price to Book Value of the stock is expected to be at 2.65 x and 2.42 x for FY19E and FY20E respectively.

Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEW

Textile Industry:

The Indian textiles industry is one of the oldest industries of the country. The textile industry has two broad segments.

First, the unorganized sector consisting of handloom, handicrafts and sericulture and the second is the organized sector

consisting of spinning, weaving, knitting, garments and home textiles segment. The industry has a major contribution to

the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. The

sector contributes 14% to industrial production, 4% to India’s Gross Domestic Product (GDP) and 15% to the country’s

export earnings. It is the second largest employment provider in the country employing nearly 51 million people directly

and 68 million people indirectly in 2015-16.

Exports have been a core feature of India’s textile sector. The Indian textiles export market estimated at $18 billion is

expected to grow at a CAGR of 4% as compared to the global CAGR of 3% over 2016-26.


The company holds a dominant position in the Indian textiles market as a B2C branded player for suiting and shirting

fabrics. In the Suiting, category, the company has been a prominent player since nine decades whereas in the Shirting

business, it has become the largest OTC player in the organized shirting segment within two years of its launch.

Apparel Industry:

The domestic apparel market which is estimated at $46 billion is expected to grow at a CAGR of 9.7% over 2016-26

driven by increase in both the per capita consumption and the average spends on apparel. Currently, at 41% Men’s wear is

the biggest category in the Indian apparel market; however the rate of growth in women’s wear and kid’s wear has been

rapid. It is estimated that, within another decade, the Women’s wear category will rival the Men’s wear.

On the exports front, the apparel exports estimated at $17 billion is expected to grow at 10% (2x the global CAGR of 5%)

over 2016-26.

The company is among the top three branded players in the menswear apparel industry in India with portfolio of four

power brands namely Raymond Ready to Wear, Park Avenue, Color Plus and Parx. These four power brands cater to the

entire spectrum of men’s wardrobe across various price points.

The up-gradation of technology in the industry has led to emergence of new trend of “Smart Garments”. Currently, the

wearable technology market mainly consists of wearable devices such as fitness bands, smart watches. But, recently there

has been a shift towards smart garments among premium and luxury customers.

The company is focusing on product innovations to make its products more relevant to today’s consumer market. In last

couple of years, it has launched many new and innovative products such as Techno-smart, Techno-stretch, light weight

jackets, auto fit shirts and others.

Overall, the government has been supportive in encouraging textile industry in India. Many incentives and schemes have

been announced in the Union Budget to promote the sector. Further, introduction of GST is seen as positive step as it will

result in ‘Fibre-neutrality effect’ on the sector. With the right government policies, we believe that the Indian Textile

Industry is well poised to benefit from the large opportunity offered in the domestic and export market.

Retail, e-commerce and Omni channel:

India’s retail market, estimated at $63 billion, is dominated by traditional retail. The retail market is expected to grow at

CAGR of 11.1% over 2016-20 aided by growth in organized retail and e-commerce.

India’s organized retail segment is expected to continue to grow mainly due to the following factors:

Rapidly changing fashion industry which is driving the shift from un-organized to organized retail

Increased fashion awareness along with rising disposable incomes

Organised retail is no longer just limited to only metro and Tier-1 cities and is rapidly growing in suburban areas

India’s online retail market which is estimated at ~2% of retail is expected to grow to 4-6% of retail by 2020 and to 8-9%

of retail by 2025. Rise in smart-phone use due to higher affordability will be an integral driver of e-commerce. From the


current 35%, smart-phone penetration is expected to be 80% by 2020. At present, apparel and lifestyle segments (lifestyle

includes footwear, bags, belts, wallets, watches, jewellery among others) form ~ 25% of the e-retailing market. The

leading contributor is the electronics category with a share of ~50%.

Retail industry is gradually shifting towards Omni channel retailing, which is an integrated multi-channel approach that

seeks to provide the customer with a seamless shopping experience, whether via online or brick-and-mortar stores.

With launch of “Store of Future”, opening up of converged stores and renovation of old stores the company endeavours to

provide the consumers with best in class shopping experience. Further, keeping in view with the changing trends in

consumer buying behaviour and to gain from the rapid growth of e-commerce as a sales channel, it revamped and

launched www.raymondnext.com as a one-stop fashion solution for all brands under the Raymond umbrella. The

company is setting up processes to being an Omni-channel player that will provide the customer with a seamless shopping

experience both offline as well as online.


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Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

Dr.C.V.S.L. Kameswari M.Sc, PGDCA,M.B.A,Ph.D (Finance)

Pharma &Diversified

No Interest/ Exposure

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th raymond ltd… · 2018. 12. 21. · raymond ltd consolidated net profit jumps to rs. 652.00...

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