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Analyst Meet / AGM
18-Jul-11
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Conference Call
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Repro India
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Expects an organic growth of 25% to 30% for FY12
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Repro India held a conference call to discuss quarter ended June 2011 results and future growth plans. Mr. Mukesh Dhruve, Director of the company addressed the concall.
Financial Highlights
- The net sales has gone up by 20% to Rs 71.43 crore while net profit has went up by 197% to Rs 8.7 crore for Q1 FY12. 60% of overall business is from Export.
- Domestic total sales was up by just 2% to Rs 29.18 crore while Export sales was up by 38% to Rs 43.58 crore. Print on demand was at Rs 6 crore
- Surat sales was up by 34% to Rs 30.16 crore while Navi Mumbai was up by 13% to Rs 42.6 crore.
- The expansion plan for the current quarter is almost in place. The capacities are going to increase in both of its plants, Navi Mumbai as well as SEZ in Surat. The current capacity of the company is Rs 300 crore and this expansion will increase capacity to Rs 500 to Rs 550 crore, at a capex of Rs 80 crore. Current year will see 50% of this new capacity utilized.
- The company has acquired the India printing operations of Macmillan Publishers India Ltd. (MPIL), the subsidiary of renowned UK-based publisher for Rs 4.25 crore. The deal to be inked by two entities also entails servicing the print requirements of MPIL in India. Under the arrangement, MPIL will outsource the printing of their education books to Repro, translating into a business of over Rs 250 crore over the next 5 years for Repro, which means publishing 75 million books over that period.
- This should also throw–up opportunities for Repro to partner with Macmillan globally.
- The acquisition of this printing operation in Chennai would strengthen the company's foothold into the South Indian market, bringing it closer to its clientele.
- MPIL has over 3,000 titles and relationships with over 20,000 schools all over India.
- MPIL's printing press in Chennai has deliverable capacity of about 6 million books annually and revenue of Rs 30 crore. It has EBIDTA margin of 8% to 10%
- Repro's debtors reduced from 118 days to 98 days
- and has target of taking it below 90 days for FY12.
- The current order book stands at Rs 60 crore.
- The management expect an organic growth of 25% to 30% for FY12.
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