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Analyst Meet / AGM
08-Nov-11
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Conference Call
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Raymond
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Expects H2FY12 to be significantly better than H1FY12
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Raymond came out with financial results for the quarter ended September 11 and conducted concall to discuss financial performance and prospects of the company. Sunder, President Finance; and Tarun Aiyar, Director Finance addressed the call
Highlights of the call are:
- Raymond – largest integrated manufacturer of worsted fabric in the world has reported healthy 24% increase in the consolidated Net Profit at Rs 80.96 crore over 25% increase in the total income from operations at Rs 986.38 crore in the quarter ended September 11.
- OPM has improved 40 bps to 17.5% in the quarter under review. Strong growth in the branded apparel business, sharp focus on frontline brands (Color plus, Park Avenue, Parx and Raymond), and healthy growth in garmenting business coupled with 6% like to like sales growth has helped improved margins in the quarter under review.
- Branded apparel business has reported 29% increase in sales at Rs 220 crore and whopping 112% increase in the EBITDA at Rs 41 crore. On the other hand, garmenting business has reported 37% increase in the sales at Rs 50 crore and 20% increase in the EBITDA at Rs 6 crore. Denim business has reported 31% increase in revenues at Rs 191 crore, backed by 33% increase in the realization of fabrics. However, margins were impacted on the back of increase in input cost leading EBITDA marginally up 5% to Rs 20 crore.
- On the standalone front, the company has reported 8% dip in the Net profit at Rs 36.22 crore over healthy 26% increase in the total income from operations at Rs 503.78 crore. Higher wool prices have impacted the profitability despite 4% increase in volumes and 17% increase in realizations. Textile segment has grown by 26% to Rs 497 crore, backed by both realization and volume growth. Segment EBIT has inched up 8% to 97 crore.
- Raymond Zambaiti, has witnessed 60% top-line growth, but margins have been impacted on the back of increase in the raw material cost in this B2B business. On the other hand, general environment was cautious; brands have been extremely cautious in making commitments for fabric purchases for their brands.
- The Management expects second half year performance significantly better than the first half year performance.
- Engineering business, files and tools recorded strong 37% sales growth and 47% EBITDA growth, which has been driven by exports, mainly growth in Latin America, in Europe and in Africa.
- The auto component businesses also showed 32% growth and EBITDA growth of 36%. The company has been able to get orders from European car companies.
- On the retail front, the company has added 23 stores at gross level. However, it has closed 11 stores, especially for branches, so net addition is 12. The 11 stores, which were closed, relate to the Manzoni which the company has closed off and one of the other brand stores which were decided not to continue. Retail expansion and lower tier market penetration has been the strategy of the company. The retail space of the company has inched up 4% to 1.54 million sq ft in the quarter under review. The store count has increased from 704 in quarter ended September 10 to 762 stores at end of September 11.
- Thane plant relocation is on schedule and is expected to commence production by Q4FY12.
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