NILKAMAL LTD Detail Report

CMP: 1410.
05 JAN 16th, 2019

NILKAMAL LTD ISIN:
Result Update (PARENT BASIS): Q2 FY19 Overweight
INE310A01015
Index Details
SYNOPSIS
Stock Data Nilkamal Limited is an industry pioneer in the
Sector Plastic Products manufactu.ring business of moulded furniture and
BSE Code 523385 material handling products with diversified product
profile.
Face Value 10.00
52wk. High / Low (Rs.) 2133.30/1390.35 Revenue for the quarter stood at Rs. 6136.69 mn
from Rs. 4646.93 mn, when compared with the prior
Volume (2wk. Avg.) 2098
year period, up by 32.06%.
Market Cap (Rs. in mn.) 21041.47
During the quarter, EBIDTA is Rs. 536.34 mn as
Annual Estimated Results(A*: Actual / E*: Estimated) against Rs. 582.84 mn in the corresponding period of
the previous year.
Years(Rs. In mn) FY18A FY19E FY20E
During Q2 FY19, Profit before tax stood at Rs.
Net Sales 21079.56 24241.50 26665.65 369.83 mn as compared to Rs. 425.28 mn in Q2
EBITDA 2397.18 2534.26 2753.80 FY18.
Net Profit 1171.06 1210.22 1323.11 During Q2 FY19, net profit registered at Rs. 248.88
EPS 78.48 81.10 88.67 mn from Rs. 278.26 mn in the corresponding quarter
P/E 17.97 17.39 15.90 of previous year.
EPS of the company stood at Rs. 16.68 during the
Shareholding Pattern (%) quarter, as against Rs. 18.65 per share over previous
year period.
As on Sep 2018 As on June 2018
The Revenue of the company rose by 19.85% at Rs.
Promoter 63.97 64.09 11854.55 mn in H1 FY19 as against Rs. 9890.80 mn
in H1 FY18.
Public 36.03 35.91
During H1 FY19 PAT of the company rose by
Others -- -- 10.75% at Rs. 555.96 mn as compared to Rs. 501.99
mn in H1 FY18.
1 Year Comparative Graph
The plastics division of the Company achieved
volume and value growth of 21% and 29%
respectively for H1 FY19.
The Net sales volume and value growth of 30% and
35.56% respectively in its plastic business.
The company has approved a payment of an interim
dividend of 40% i.e. Rs. 4.00 per equity share of Rs.
10 each.
Net Sales and PAT of the company are expected to
grow at a CAGR of 8% and 6% over 2017 to 2020E,
respectively.
NILKAMAL 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 (%)
Nilkamal Ltd 1410.05 21041.47 82.09 17.18 2.64 130.00
Finolex Industries Ltd 532.15 66037.40 29.83 17.84 2.39 100.00
Shaily Engg Plastics Ltd 930.00 7736.10 29.55 31.47 6.22 75.00
Supreme Industries Ltd 1109.20 140898.20 41.42 26.78 7.44 600.00
Document code: FOTL_160120193_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results updates- Q2 FY19,
(Rs. In millions) Sep-18 Sep-17 % Change
Revenue 6136.69 4646.93 32.06%
Net Profit 248.88 278.26 (10.56%)
EPS 16.68 18.65 (10.56%)
EBIDTA 536.34 582.84 (7.98%)
Revenue for the 2nd quarter registered at Rs. 6136.69 million as compared to Rs. 4646.93 million over the prior year
period, up by 32.06%. During the Q2 FY19, EBIDTA is Rs. 536.34 million as against Rs. 582.84 million in the
corresponding period of the previous year. The company’s net profit stood at Rs. 248.88 million as against Rs. 278.26
million in the corresponding quarter ending of previous year. Reported earnings per share of the company stood at Rs.
16.68 as compared to Rs. 18.65 per share over previous year period.
Break up of Expenditure
Value in Rs. Million

Break up of
Expenditure
%
Q2 FY19 Q2 FY18
Change
Cost of Materials
2516.23 1457.22 73%
consumed
Purchase of Stock in
1415.59 1211.78 17%
Trade
Employee Benefit
450.94 404.55 11%
Expenses
Depreciation and
121.45 130.01 -7%
Amortization Expenses
Other expenses 1513.18 1111.06 36%
Performance for H1 FY19:
 With its broad-based business across all the geographies, during H1 FY19, the company posted net sales of Rs.
11854.55 mn vis-a-vis Rs. 9890.80 mn in H1 FY18, an increase of 19.85%.
 EBIDT for the period stood at Rs. 1103.60 mn as against Rs. 1058.90 mn on a y-o-y basis.
 The Company posted PAT of Rs. 555.96 mn as against Rs. 501.99 mn for H1 FY18, up by 10.75%.
 The plastics division of the Company achieved volume and value growth of 21% and 29% respectively for H1 FY19.
 The Net sales volume and value growth of 30% and 35.56% respectively in its plastic business.
Performance of The Retail Business:
'@home' - the retail business of the company recorded turnover of Rs. 555.10 mn for Q2 FY19, as compared to Rs.
529.60 mn of the corresponding quarter of the previous year.
The business posted EBIDTA of Rs. 18.90 mn for Q2 FY19 vis-à-vis Rs. 24.80 mn of Q2 FY18, whereas the profits
for H1 FY19 stood at Rs. 10.70 mn as compared to Rs. 860 mn of H1 FY18.
All the @home stores has achieved profits at store level. Further expanding ahead under its new franchise
arrangement, the retail business "@home" has opened one more store under the said arrangement at Rajkot.
Performance Mattress Business:
 The mattress business of the company displayed a sales growth of Rs. 172.00 mn for the quarter under review from
Rs. 151.90 mn on y-o-y basis, up by 13.23
 The sales for H1 FY19 stood Rs. 336.70 mn crores as compared to Rs. 269.10 mn of H1 FY18.
 While the bubble guard business of the company achieved sales of Rs. 26.00 mn as against Rs. 8.4 mn on y-o-y basis.
Other Highlights:
 The Company has incurred a capital expenditure of Rs. 351.80 mn during Q2 FY19, totaling to Rs. 586.90 mn for H1
FY19.
 The Company envisages incurring additional capex of approximately Rs. 800 mn for the second half of FY19.
 The company has approved a payment of an interim dividend of 40% i.e. Rs. 4.00 per equity share of Rs. 10 each.
 The Company has been awarded the ISO 8611-1:2011 certification for its Pallets AP & SP series from TUV NORD
for its Sinnar Unit in recognition of the constant efforts of the Company towards quality improvement.
Joint Venture and subsidiaries
 Nilkamal Bito Storage Systems Private Limited - the company's Indo-German Joint Venture recorded turnover of Rs.
596.50 mn for Q2 FY19 vis-à-vis Rs. 298.50 mn for Q2 FY18
 Indo- US Joint Venture viz. Cambro Nilkamal Private Limited has maintained its growth trajectory and posted
turnover of Rs. 135.5 mn up from Rs. 91.6 mn on y-o-y basis.
 The Company' s subsidiary company at Ajman, UA.E showed satisfactory erformance as anticipated by the Company
whereas the other subsidiary at Sri Lanka displayed a subdued performance.
COMPANY PROFILE
Nilkamal Limited is an industry pioneer in the manufactu.ring business of moulded furniture and material handling
products with diversified product profile across various segments along vvith a diversified customer base including
household customers, industrial customers and retail buyers. It is also having its presence in the retail business of lifestyle
furniture, furnishings and accessories under its brand '@home' & Nilkamal Mattresses.
FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as of March 31, 2017 -2020E
FY17A FY18A FY19E FY20E
ASSETS
1) Non-Current Assets
a) Property, plant and equipment 2562.35 3260.61 3423.64 3629.06
b) Capital Work in Progress 319.86 87.84 184.45 236.10
c) Other Intangible Assets 1.89 6.22 9.65 12.06
d) Financial Assets
i) Investments in Subsidiaries and Joint Ventures 252.93 252.93 265.57 281.51
ii) Other Investments 3.83 3.83 4.41 4.85
iii) Loans 225.22 231.43 240.69 252.72
iv) Other Financial Assets 28.24 11.68 29.79 46.18
e) Other Non Current Assets (net) 246.60 220.39 416.54 533.18
Sub - Total Non- Current Assets 3640.93 4074.94 4574.74 4995.65
2) Current Assets
a) Inventories 3262.73 3686.03 4423.24 5130.96
b) Financial Assets
i) Trade Receivables 2900.22 3314.89 3646.38 3938.09
ii) Cash and Cash equivalents 52.28 92.12 115.14 135.87
iii) Bank Balances other than Cash 8.15 21.97 28.12 33.18
iv) Loans 56.53 73.67 88.41 101.67
v) Other Financial Assets 6.42 3.17 13.45 17.22
c) Other Current Assets 401.39 527.42 448.31 403.48
Sub - Total Current Assets 6687.71 7719.27 8763.04 9760.46
Total Assets (1+2) 10328.64 11794.21 13337.79 14756.10
EQUITY AND LIABILITIES
1) EQUITY
a) Equity Share Capital 149.23 149.23 149.23 149.23
b) Other Equity 6822.11 7822.53 9032.75 10355.86
Total Equity 6971.33 7971.76 9181.98 10505.09
2) Non Current Liabilities
a) Financial Liabilities
i) Borrowings 0.00 0.00 339.97 356.97
ii) Other Financial Liabilities 462.05 498.90 528.83 555.27
b) Provisions 57.16 53.67 56.35 58.60
c) Deferred Tax Liabilities 52.16 107.24 123.32 138.12
d) Other Non-Current Liabilities (net) 28.01 34.84 37.62 39.88
Sub - Total Non Current Liabilities 599.38 694.64 1086.10 1148.85
3) Current Liabilities
a) Financial Liabilities
i) Borrowings 828.06 929.08 905.17 868.96
ii) Trade Payables 1092.86 1688.30 1527.61 1482.16
iii) Other financial liabilities 232.96 142.92 174.36 205.74
b) Provisions 360.93 225.01 270.01 310.51
c) Current tax Liabilities 209.92 106.66 125.85 144.73
d) Other Current Liabilities 33.21 35.87 66.71 90.06
Sub - Total Current Liabilities 2757.94 3127.82 3069.71 3102.17
Total Equity and Liabilities (1+2+3) 10328.64 11794.21 13337.79 14756.10
Annual Profit & Loss Statement for the period of 2017 to 2020E
Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12m
Net Sales 20948.47 21079.56 24241.50 26665.65
Other Income 120.12 77.36 122.23 140.57
Total Income 21068.59 21156.92 24363.73 26806.21
Expenditure -18775.38 -18759.75 -21829.47 -24052.41
Operating Profit 2293.22 2397.18 2534.26 2753.80
Interest -115.88 -124.93 -181.15 -213.76
Gross profit 2177.34 2272.25 2353.11 2540.04
Depreciation -488.17 -484.69 -494.38 -514.15
Profit Before Tax 1689.17 1787.56 1858.73 2025.89
Tax -504.63 -616.51 -648.51 -702.78
Net Profit 1184.54 1171.06 1210.22 1323.11
Equity capital 149.23 149.23 149.23 149.23
Reserves 6822.11 7822.53 9032.75 10355.86
Face value 10.00 10.00 10.00 10.00
EPS 79.38 78.48 81.10 88.67
Quarterly Profit & Loss Statement for the period of 31st Mar, 2018 to 31st Dec, 2018E
Value(Rs.in.mn) 31-Mar-18 30-June-18 30-Sep-18 31-Dec-18E

Description 3m 3m 3m 3m
Net sales 5960.62 5717.86 6136.69 6750.35
Other income 19.36 18.40 46.26 30.07
Total Income 5979.98 5736.26 6182.95 6780.42
Expenditure -5307.46 -5169.05 -5646.61 -6175.90
Operating profit 672.53 567.21 536.34 604.52
Interest -34.23 -32.38 -45.05 -51.81
Gross profit 638.30 534.83 491.29 552.71
Depreciation -112.32 -120.83 -121.45 -127.53
Profit Before Tax 525.98 414.00 369.83 425.19
Tax -187.77 -106.93 -120.95 -136.66
Net Profit 338.20 307.07 248.88 288.53
Equity capital 149.23 149.23 149.23 149.23
Face value 10.00 10.00 10.00 10.00
EPS 22.66 20.58 16.68 19.34
Ratio Analysis
Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 79.38 78.48 81.10 88.67
EBITDA Margin (%) 10.95% 11.37% 10.45% 10.33%
PBT Margin (%) 8.06% 8.48% 7.67% 7.60%
PAT Margin (%) 5.65% 5.56% 4.99% 4.96%
P/E Ratio (x) 17.76 17.97 17.39 15.90
ROE (%) 16.99% 14.69% 13.18% 12.59%
ROCE (%) 23.14% 21.49% 19.56% 19.09%
Debt Equity Ratio 0.12 0.12 0.14 0.12
EV/EBITDA (x) 9.51 9.12 8.74 8.02
Book Value (Rs.) 467.17 534.21 615.31 703.98
P/BV 3.02 2.64 2.29 2.00
Charts
OUTLOOK AND CONCLUSION
 At the current market price of Rs. 1410.05, the stock P/E ratio is at 17.39 x FY19E and 15.90 x FY20E respectively.
 Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 81.10 and Rs. 88.67
respectively.
 Net Sales and PAT of the company are expected to grow at a CAGR of 8% and 6% over 2017 to 2020E, respectively.
 On the basis of EV/EBITDA, the stock trades at 8.74 x for FY19E and 8.02 x for FY20E.
 Price to Book Value of the stock is expected to be at 2.29 x and 2.00 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
2017-2018 has been an eventful year overall for the Indian Economy with long awaited nationwide rollout of GST.
Disruptions and anxiety due to perceptions, certain lack of clarity and overall adaptation of HSN based tax rates, though
affected the Business in 2nd/ 3rd quarter, have now been overcome and settled.
While other measures of the Government, namely, the enactment of the Real Estate (Regulation and Development) Act,
2016 (RERA) and implementation of the Insolvency and Bankruptcy Code, 2016 (IBC) shall play a positive role for the
economy over a period of time.
The improvement seen in the Indian Industrial Production (IIP) numbers since last couple of months suggest that the
Indian economy has now moved on a recovery path which is a good indicator. The Indian economy is poised to grow at a
rate of 7% in 2018-2019, after an estimated 6.6% growth in 2017-2018.
Plastic Division:
The Plastic Business has achieved a volume growth of 2% and value growth of 8%. During the financial year 2017-2018
it has achieved total turnover of ` 185,638 lacs as compared to Rs. 172,370 lacs in the previous year.
During the financial year 2017-2018, the Furniture Business recorded a growth of nearly 6% in value terms. The furniture
division sales include the Moulded Furniture business, the Ready Furniture business - which offers a range of over 450
products with a combination of metal chairs/ office chairs manufactured in-house and traded products across all segments
of home and office categories like bedroom, dinning, desking and storage, living and the Mattress business.
In the year gone by, Company has introduced several new products to stay ahead of the curve in the highly competitive
furniture domain, the objective clearly being to provide innovative products which will enhance the offerings and also
improve the top and bottom line of both the Channel Partners and the Company. These innovations were basically
centered around better aesthetics, innovative designs and space-saving attributes.
The new introductions by the Company are well accepted by trade partners and post October, 2017 the Company could
register a volume growth of around 8% over the previous financial year. To keep up the momentum, Company is planning
to invest in the range of differentiated products in all the verticals in the financial year 2018-2019 to fill in product gaps
and bring freshness in the product offerings. The distribution base spread across every district of Country will increase the
visibility quotient to the remotest rural market and this coupled with ability to manage complex supply chain equations at
a lower cost as compared to the industry norms would be its clear “right to win” and will help the division to grow
consistently over double digits in the coming years. The strong network of 40 plus depots and nearly 300 plus sales staff
assisted by a robust SCM system which links the multi locational production facilities to deliver products efficiently
helped to the company in not only enhancing the market penetration further but also improved its timely fill rate to the
general trade, modern trade and E-commerce portals across the country. This would continue to be its focus area in the
coming period.
In the coming year the Company is geared up to improve the indigenization initiative through local sourcing and selective
backward integration especially in the metal, sofa and MDF category of products. The core focus of leveraging visibility
continues through focus on commissioning franchise stores across geographies.
These stores would be showcasing all the 3 verticals and the plan would be to add on 10 FOFOs in addition to the already
existing 44 Nilkamal Home Ideas and Furniture Ideas Stores.
Nilkamal’s focus on 3 verticals i.e. Moulded Furniture, Ready Furniture and Mattress has helped it to develop a unique
business model in the country as it essentially serves the same network of distributors and retailers thus making it easier
for them to source all types of furniture requirements of their customer in the Furniture domain through one major
principal. This in a way is a winning solution for the Channel Partners as this takes care of their aspiration of both top line
growth and profitability. With the visibility equation established, the Company proposes to continue investing in ATL
initiatives like TV advertisement on national channels to increase the brand awareness for all the 3 verticals. Company
believes that this will augment the already strong recall of Nilkamal brand accrued from over 6 Crores household of
Moulded Furniture base build over nearly 3 decades.
Stability in crude prices, strengthening of the currency will help in development of the market for the Company’s products
in short and medium term. However, any adverse fluctuations or uncertainties can be a cause for concern.
Revenues of Material Handling Business for FY 2017-2018 grew by 7% y-o-y, which for joint ventures Nilkamal Bito
Storage Systems Private Limited grew by 22% and for Cambro Nilkamal Private Limited grew by 20%.
In order to improve service delivery times and reduce logistic cost, the Company has enhanced storage capacities at its
Sinnar and Silvassa plants and also setup Mega Warehouses near Auto Hubs in North (Malpura), South (Bangalore) and
West (Vithalapur).
Nilkamal Ltd also investing in machineries to increase its production capacities in Roto and Injection moulding and
moulds of growth segments for wider range of pallets and waste management products based on a focused market
research and product development program to add value to its product offerings, strengthening brand positioning as a
“One Stop Shop for Material Handling Solutions”. Nilkamal was accorded “CLEAN AWARD” by The Economic Times
for Company’s waste management products. The offering of complete intra-logistics solutions would grant a strong
growth in business based on buoyant growth in sectors such as automotive, engineering, fisheries and food processing.
Company’s ‘Go to Market’ through direct sales model, with 400 plus Pan India sales force has been further strengthened
by increased usage of technological customer relationship solutions (CRM Software) integrated with SAP ERP to drive
sales force productivity. The company implemented key account management to deepen customer penetration and capture
a larger share of their purchases in product segments and also started use of data analytics to identify and tap into
expanded markets to broaden customer base. The company had expanded use of BI (Business Intelligence), machine
learning tools to help increase efficiency in warehouse stocking, logistics and accounts receivables management.
Efficiencies in these will directly lead to better cash flows and reduction in related costs.
Lifestyle Furniture, Furnishing and Accessories Division:
Nilkamal constantly live by its values of relentlessly serving the customers by bringing to them, the latest and the best.
With 17 large format retail stores and 11 Shop-in-Shop stores in 14 cities, the brand has a retail space spread of nearly
2.76 lakh square feet. A fully functional website (www.at-home.co.in) and presence across leading online market places
helps fulfill the needs of the digital customer.
During FY18, @home’s year-on-year growth was at 2% (same store sales). The steep GST rate implementation and
changes had an impact on the consumer sentiment at large, but Nilkamal stores still delivered an overall growth compared
to previous year. The business achieved Rs. 21,478 lacs of revenue compared to previous year Rs. 23,294 lacs. Negative
difference in revenue is due to attribution of sales from the Institutional business and Nilkamal E-commerce vertical to
other divisions within the Nilkamal business. In spite of this lower turnover, @home business continued to remain
profitable at corporate level.
The offline furniture market is dominated by the organised players with only a few national organised retail chains. This
structure of the market could see some changes in the medium to long term on account of compliances required under the
GST regime for the un-organised players.
For this financial year, there is a keen focus on store expansion by the ‘franchise’ route. Nilkamal has signed two
franchise stores in Tier 2 cities and a few others are in pipeline. Omni-channel customer experience also occupies an
important space in the brand’s strategy for this financial year. A focus on driving digital engagement and digital influence
shall help drive business, both online and offline. This would also include enhancing the web experience for a customer
and building an assortment specifically for the @home digital customer.
A watch-out for the business in FY19 could be the play by the online marketplaces in the ‘home’ segment. An investment
in the ‘home’ segment is likely to create a conducive market for the online transactions in Tier 2 and Tier 3 cities.
However, this could also help the company gain more e-commerce sale on account of presence across leading market
places.
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analyst qualifications, sectors covered and their exposure if any are tabulated hereunder:
Exposure/Interest to
Sectorscompany/sector Under
Name of the Analyst Qualifications
CoveredCoverage in the Current
Report
Dr.C.V.S.L. Kameswari M.Sc, PGDCA, Pharma & No Interest/ Exposure
M.B.A, Diversified
Ph.D (Finance)
U. Janaki Rao M.B.A Capital No Interest/ Exposure
Goods
B. Anil Kumar M.B.A Auto, IT & No Interest/ Exposure
FMCG
V. Harini Priya M.B.A Diversified No Interest/ Exposure
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CMP: 1410.

05 JAN 16th, 2019

Results updates- Q2 FY19,

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

Revenue 6136.69 4646.93 32.06%

Net Profit 248.88 278.26 (10.56%)

EPS 16.68 18.65 (10.56%)

EBIDTA 536.34 582.84 (7.98%)

Value in Rs. Million

Other expenses 1513.18 1111.06 36%

Performance of The Retail Business:

Performance Mattress Business:

Joint Venture and subsidiaries

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

Value(Rs.in.mn) 31-Mar-18 30-June-18 30-Sep-18 31-Dec-18E

Particulars FY17A FY18A FY19E FY20E

Lifestyle Furniture, Furnishing and Accessories Division:

Important Disclosures on Subject Companies

Firstcall Research - Overall Statement

Firstcall Research Provides

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