Company Update

INDIA l Institutional Research l Houseware l 15th November 2023

La Opala RGl Buy l TP: 560|CMP:448

Weak quarter but long-term narrative remains intact
We maintain our BUY rating on La Opala, revising the target to Rs. 560 (Rs. 580) as we adjust Target Price 560 Key Data
earnings estimates and roll over to Q2FY26E. It's crucial to interpret La Opala's numbers against Bloomberg Code LOG IN
an exceptionally high base in Q2FY23, including a one-time institutional order (~Rs. 400mn), with CMP 448 Curr Shares O/S (mn) 111.0

the adjusted decline being around 6% YoY. Considering the post-pandemic period of robust Diluted Shares O/S(mn) 111.0
Upside 25% Mkt Cap (Rsbn/USDmn) 49.6/274
growth (7 quarters with an average of ~50% 2-year CAGR growth) and the impact of a delayed Price Performance (%) 52 Wk H / L (Rs) 480/326
festive season, the cooling off demand is expected, though somewhat higher than expected. 1M 6M 1Yr 5 Year H / L (Rs) 487/130
Despite current sentiments, we maintain confidence in the long-term narrative for the opalware LOG IN 2.4 7.8 4.6 Daily Vol. (3M Avg.) 13735.8

segment. The company's efforts to enhance its e-commerce presence and regional outreach NIFTY -0.5 6.7 6.7
Source: ACE Equity, Bloomberg, MNCL Research
through advertising and social media should yield results. Our conviction is strengthened by the
robust balance sheet, impressive cash flow, a remarkable 40% OPM, and strong brand recall
Shareholding pattern (%)
distinguishing it within the consumer sector.
Sept -23 June -23 Mar-23 Dec-22

▪ High base impacts revenue- La Opala reported a revenue decline of 33.9% YoY to Rs.892.4mn, Promoter 65.64 65.64 65.64 65.64

while adjusting for the one-time institutional order in the base, the decline was around 6% YoY. DIIs 19.44 18.90 15.88 15.26

While the company does acknowledge muted consumer sentiment, they remain hopeful that FIIs 1.68 1.75 3.96 4.31

growth should recover in H2, as we head into an extremely strong wedding season. Others 13.22 13.7 14.5 14.46
Source: BSE
▪ Lack of operational efficiency impact margins – The company reported an EBITDA of Rs.345mn
a decline of 35% YoY (-2.3% QoQ), while margins declined by 80bps YoY (-230bps QoQ) to
38.6%. margin decline was largely on account of lower sales, additionally, the company during OPM Trajectory
the quarter had shut down one of its furnaces, which further impacted led to lower operating 50.0% 40.4%
38.7% 37.9% 38.1% 39.1% 39.9 40.2%
efficiencies. PAT for the quarter declined by 20% YoY to Rs.312mn (+9% QoQ). 40.0% 32.4%

▪ Plant update - The company is expected to reach 70% utilization by FY24E. Plans are in place 30.0%

to enhance the capacity of the new plant by around 15% once it reaches peak utilization, with 20.0%

minimal additional capital expenditure. 10.0%

0.0%
▪ Valuation and rating: While the company is currently experiencing a slowdown after a FY19 FY20 FY21 FY22 FY23A FY24E FY25E FY26E
remarkably strong previous year, we expect this phase to potentially play out over the next few
Source: MNCL Research Estimates
quarters. Additionally, the festive season being delayed by a month further dented overall
Link to last update- https://bit.ly/LaOpalaQ1FY24-MNCL
growth. However, with the upcoming wedding season we believe H2 would be much stronger
than H1. La Opala's strategy of addressing product gaps through initiatives like launching the
new Pearl collection and enhancing its e-commerce presence, including a collaboration with
Amazon, is expected to yield benefits once demand rebounds. La Opala has become
synonymous with opalware, and as this segment further evolves, we anticipate it will strongly
capitalize on the market's growing preference for such products.
We expect the company to post revenue growth of 8% over FY23-26E, while EBITDA will likely
grow at a CAGR of 10% over the same period. Margins are likely to expand 212bps over the
same period to 40.2%. While we expect a PAT growth of 15% over the same period. At CMP of
Rs.448, the stock is trading at 31x FY25E and 27x FY26E our estimates. We value the stock at
35x Q2FY26 earnings of Rs.16, post which we arrive at our target price of Rs.560. Rahul Dani
Rahul.dani@mnclgroup.com
NISM-201500034725

Consolidated (Rs mn) Q2FY24 Q2FY23 YoY (%) Q1FY24 QoQ (%)
Vaidik Bafna
Net Sales 892 1,349 -33.9% 862 3% vaidik.bafna@mnclgroup.com
EBITDA 345 532 -35.2% 353 -2% NISM-202100035711
EBITDA margin 38.6% 39.4% -80bps 40.9% -230bps
PBT 375 516 -27.3% 387 -3%
Adj. PAT 312 391 -20.2% 287 9%
Source: MNCL Research

Y/E Mar (Rsmn) Revenue YoY (%) EBITDA EBITDA (%) Adj PAT YoY (%) Adj EPS RoE (%) RoCE (%) P/E (x) EV/EBITDA (x)
FY22 3,227 52.7% 1,223 37.9% 874 76.2% 7.9 12.4% 15.4% 34.1 21.6
FY23A 4,523 40.2% 1,722 38.1% 1,230 40.8% 11.1 16.2% 19.7% 34.8 22.5
FY24E 4,182 -7.6% 1,656 39.6% 1,347 9.5% 12.1 16.6% 17.2% 36.9 27.1
FY25E 5,018 20.0% 2,009 40.0% 1,601 18.9% 14.4 18.0% 19.3% 31.1 22.0
FY26E 5,771 15.0% 2,319 40.2% 1,852 15.7% 16.7 18.7% 20.2% 26.8 18.6
Source: MNCL Research Estimates

In the interest of timeliness, this document is not edited

Company Update MNCL Research is also available on Bloomberg and Thomson Reuters
 Further insights from recent interaction

▪ The company acknowledges muted consumer sentiments following nearly two years of robust
growth. Sales were impacted by the shift in the festive season, but the company remains
hopeful that H2 will outperform H1.

▪ The company maintains that Opalware, as a category, has not lost any market share. Despite
opening of markets, there hasn't been a significant improvement in melamine or Bone-China
categories. The current slowdown is attributed to sentiment cooling, but the overall narrative
for Opalware remains on track.

▪ The company acknowledges the impact on all trade channels during the quarter. Despite this, it
remains focused on E-commerce and enhancing regional presence, anticipating long-term growth
opportunities.

▪ Starting from August 1, 2023, one of the furnaces has been temporarily shut down for maintenance.
However, the company has maintained a significant inventory to manage any demand fluctuations
in the upcoming quarters. For FY24, La Opala aims to achieve capacity utilization levels of 70-75%.
Furthermore, the company is contemplating a capacity increase of 10-15% in FY25, with a focus on
minimal capital expenditure.

▪ The company has temporarily shelved its plan for borosilicate glass, opting to better understand the
market opportunity and ensuring the right product category alignment.

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 Quarterly Financials and Key Performance Indicators
Quarterly Financials

Y/E March (Rs mn) Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
Particulars
Net sales 923 1,086 896 821 1,349 1,264 1,089 862 892
Cost of Raw materials 240 263 150 70 289 282 149 36 121
consumed
Staff cost 128 142 147 151 178 185 181 181 169
Other operational 200 233 276 274 350 336 357 292 258
expenses
EBITDA) 355 448 324 327 532 461 402 353 345
Depreciation 32 36 39 45 58 56 58 59 58

EBIT 324 413 285 282 474 405 344 294 287

Interest 12 17 11 14 14 23 24 16 15
Other Revenue/Income 52 41 46 8 57 84 69 109 102
Exceptional Item (72) - - - - - -
Profit Before Tax 364 437 249 276 516 466 389 387 375
Tax 91 112 62 75 126 119 97 99 63
Profit After Tax 273 325 187 201 391 346 292 287 312

Growth (%)
Revenue 118% 39% 12% 155% 46% 16% 21% 5% -34%
EBITDA 184.4% 43.5% 18.1% 243.3% 49.8% 2.7% 24.2% 8.0% -35.2%
PAT 270% 28% -6% 127% 43% 7% 56% 43% -20%

Margin (%)
EBITDA 38% 41% 36% 40% 39% 36% 37% 41% 39%
EBIT 35% 38% 32% 34% 35% 32% 32% 34% 32%
PAT 30% 30% 21% 24% 29% 27% 27% 33% 35%
Source: Company, MNCL Research

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Financials (Consolidated)
Income Statement
Y/E March (Rs mn) FY19 FY20 FY21 FY22 FY23 FY24E FY25E FY26E

Revenues 2,781 2,700 2,113 3,227 4,523 4,182 5,018 5,771

Materials cost 390 427 570 632 790 509 828 952

% of revenues 14% 16% 27% 20% 17% 12% 17% 17%

Employee cost 445 486 401 531 695 727 829 945

% of revenues 16% 18% 19% 16% 15% 17% 17% 16%

Others 823 743 458 841 1,317 1,289 1,352 1,555

% of revenues 30% 28% 22% 26% 29% 31% 27% 27%

EBITDA 1,122.9 1,045.0 683.9 1,222.5 1,721.7 1,656.4 2,009.1 2,318.8

EBITDA margin (%) 40.38% 38.70% 32.37% 37.89% 38.06% 39.61% 40.04% 40.18%

Depreciation & Amortisation 164.6 159.7 122.3 136.6 217.6 248.5 272.5 297.1

EBIT 958 885 562 1,086 1,504 1,408 1,737 2,022

Interest expenses 6.1 5.7 2.5 40.7 74.9 60.7 52.0 52.0

PBT from operations 952 880 559 1,045 1,429 1,347 1,685 1,970

Other income 174.0 166.9 80.8 191.5 217.8 411.5 450.0 500.0

Exceptional items - - - -71.616 - - - -

PBT 1,126 1,046 640 1,165 1,647 1,759 2,135 2,470

Taxes 386 204 144 291 417 412 534 617

Effective tax rate (%) 34% 19% 23% 25% 25% 23% 25% 25%

Reported PAT 740 843 496 874 1,230 1,347 1,601 1,852

Adjusted PAT 740 843 496 874 1,230 1,347 1,601 1,852

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 Key Ratios
Y/E March FY19 FY20 FY21 FY22E FY23 FY24E FY25E FY26E

Growth Ratio (%)

Revenue 7.3% -2.9% -21.8% 52.7% 40.2% -7.6% 20.0% 15.0%

EBITDA 5.1% -6.9% -34.6% 78.8% 40.8% -3.8% 21.3% 15.4%

Adjusted PAT 0.8% 13.8% -41.2% 76.2% 40.8% 9.5% 18.9% 15.7%

Margin Ratios (%)

EBITDA 40.4% 38.7% 32.4% 37.9% 38.1% 39.6% 40.0% 40.2%

PBT from operations 40.5% 38.8% 30.3% 38.3% 36.4% 42.1% 42.5% 42.8%

Adjusted PAT 26.6% 31.2% 23.5% 27.1% 27.2% 32.2% 31.9% 32.1%

Return Ratios (%)

ROE 14.3% 15.7% 8.2% 12.4% 16.2% 16.6% 18.0% 18.7%

ROCE 18.4% 16.3% 9.2% 15.4% 19.7% 17.2% 19.3% 20.2%

ROIC 13.9% 15.3% 7.4% 11.7% 15.7% 15.8% 16.9% 17.6%

Turnover Ratios (days)

Gross block turnover ratio (x) 1.3 1.2 0.9 1.3 1.2 1.0 1.1 1.2

Debtors 63 59 65 37 29 33 33 33

Inventory 63 74 51 41 53 38 38 38

Creditors 121 104 83 111 121 100 100 100

Cash conversion cycle 6 30 33 (32) (39) (29) (29) (29)

Solvency Ratio (x)

Net debt-equity 0.0 0.0 0.0 0.0 0.0 (0.1) (0.1) (0.2)

Debt-equity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Interest coverage ratio 185.6 183.2 253.2 31.4 23.0 30.0 42.1 48.5

Gross debt/EBITDA 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1

Current Ratio 9.0 9.2 8.3 7.1 8.5 8.1 7.7 8.0

Per share Ratios (Rs)

Adjusted EPS 6.7 7.6 4.5 7.9 11.1 12.1 14.4 16.7

BVPS 47.7 49.1 60.0 66.7 69.8 75.9 84.4 94.1

CEPS 8.2 9.0 5.6 9.1 13.0 14.4 16.9 19.4

DPS 1.2 1.2 0.7 1.2 5.0 6.0 6.0 7.0

Valuation (x)*

P/E (adjusted) 33.7 39.0 66.3 34.1 34.8 36.9 31.1 26.8

4.2 4.1 3.3 3.0 1.9 2.6 1.6 1.1

P/BV

EV/EBITDA 20.1 21.4 38.4 21.6 22.5 27.1 22.0 18.6

Source: Company, MNCL Research estimates

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 Balance Sheet
Y/E March (Rs mn) FY19 FY20 FY21 FY22E FY23A FY24E FY25E FY26E

SOURCES OF FUNDS

Equity Share Capital 222 222 222 222 222 222 222 222

Reserves & surplus 5,069 5,229 6,436 7,183 7,527 8,208 9,143 10,219

Shareholders' fund 5,291 5,451 6,658 7,405 7,749 8,430 9,365 10,441

Total Debt 24 82 46 167 156 239 239 229

Def tax liab. (net) 332 233 271 308 472 472 472 472

Total Liabilities 5,648 5,766 6,975 7,880 8,378 9,142 10,077 11,142

Gross Block 2,185 2,208 2,255 2,442 3,642 4,142 4,542 4,952

Less: Acc. Depreciation 971 1,101 1,223 1,360 1,577 1,826 2,098 2,395

Net Block 1,214 1,107 1,032 1,082 2,064 2,316 2,443 2,556

Right to use 113 112 110 109 109 109 109

Capital WIP 20 248 797 1,084 3 51 51 51

Net Fixed Assets 1,233 1,468 1,940 2,277 2,176 2,476 2,603 2,716

Investments 2,337 2,588 2,998 3,506 4,178 4,178 4,178 4,178

Inventories 484 550 297 366 757 435 522 601

Sundry debtors 482 438 378 324 362 378 454 522

Cash 38 38 43 44 45 833 1,638 2,544

Loans & Advances 46 46 47 52 48 63 75 87

Other assets 1,392 983 1,714 1,896 1,403 1,422 1,430 1,436

Total Current Asset 4,779 4,643 5,477 6,188 6,793 7,309 8,297 9,367

Trade payables 129 121 130 191 262 139 227 261

Other current Liab. 215 210 299 381 316 483 572 652
Provisions 21 15 13 13 14 21 25 29

Net Current Assets 4,414 4,298 5,035 5,603 6,202 6,666 7,473 8,426

Total Assets 5,648 5,766 6,975 7,880 8,378 9,142 10,077 11,142

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 Cash Flow
Y/E March (Rs mn) FY19 FY20 FY21 FY22E FY23E FY24E FY25E FY26E

Operating profit bef working capital 778 775 503 962 1,402 1,656 1,925 2,201
changes
Trade and other receivables (158) 44 58 (23) (37) (16) (76) (68)

Inventories (168) (67) 253 (68) (383) 322 (87) (78)

Trade payables 55 (21) 19 123 111 (122) 87 34

Changes in working capital (272) (44) 330 32 (309) 340 10 (36)

Direct taxes (352) (276) (191) (276) (328) (412) (534) (617)

Cash flow from operations 506 732 833 994 1,093 1,996 1,935 2,166

Net Capex (164) (359) (463) (431) (221) (548) (400) (410)

Others (158) (92) (330) (319) (468) (15) (13) (11)

Cash flow from investments (321) (451) (792) (750) (689) (564) (413) (421)

FCF 185 281 41 244 404 1,432 1,523 1,744

Issue of share capital (30) 40 (38) 129 - - - -

Increase/(decrease) in debt - (0) - (0) (0) 42 10 10

dividend (147) (321) (0) (333) (311) (666) (666) (777)

Cash flow from financing (183) (287) (41) (245) (404) (644) (718) (839)

Net change in cash 2 (6) (0) (1) 0.02 789 805 905

Source: MNCL Research Estimates

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