CMP: 852.

70 DEC 20th, 2018

RAYMOND LTD ISIN:
Result Update (CONSOLIDATED BASIS): Q2 FY19 Overweight
INE301A01014
Index Details SYNOPSIS
Stock Data Raymond Limited is an Indian lifestyle, textile and
branded apparel company. The Company is engaged
Sector Textiles in Wool and Wool Blended Fabric, and Shirting
BSE Code 500330 Fabric.
Face Value 10.00 Consolidated revenue for the quarter increased by
52wk. High / Low (Rs.) 1151.70/593.55 15.81% at Rs. 18477.50 mn as compared to Rs.
15954.50 mn, when compared with the prior year
Volume (2wk. Avg.) 56000 period.
Market Cap (Rs. in mn.) 52338.73 During Q2 FY19, consolidated EBIDTA is Rs.
2143.90 mn as against Rs. 1582.30 mn in Q2 FY18,
Annual Estimated Results(A*: Actual / E*: Estimated) grew by 35.49%.
Years (Rs. in mn) FY18A FY19E FY20E During Q2 FY19, consolidated PBT increased by
Net Sales 8.88% to Rs. 1033.20 mn from Rs. 948.90 mn in Q2
59064.10 66151.79 73428.49 FY18.
EBITDA 5464.00 6943.49 7973.03
During Q2 FY19, consolidated net profit stood at
Net Profit 1415.50 1642.22 1877.72 Rs. 652.00 mn from Rs. 622.40 mn in Q2 FY18, an
EPS 23.06 26.75 30.59 increase of 4.76%.
P/E 36.98 31.87 27.87 EPS of the company stood at Rs. 10.62 a share
during the quarter, as against Rs. 10.14 per share
Shareholding Pattern (%) over previous year period.
Revenue of the company rose by 10.96% at Rs.
As on Sep 2018 As on Dec 2018 30984.10 mn in H1 FY19 as against Rs. 27923.30
mn in H1 FY18.
Promoter 43.92 43.68 During H1 FY19, PAT of the company stood at Rs.
671.20 mn as compared to Rs. 511.10 mn in H1
Public 56.08 56.32 FY18, up by 31.32%.
Others -- -- Net Worth of the company increased to Rs. 19120
mn in Q2 FY19 as against Rs. 17990 mn in Q2
FY18.
1 Year Comparative Graph
Net Debt of the company stood at Rs. 22800 mn in
Q2 FY19 as compared to Rs. 20180 mn in Q2 FY18.
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.
Net Sales and PAT of the company are expected to
grow at a CAGR of 9% and 27% over 2017 to
RAYMOND LTD S&P BSE SENSEX 2020E, respectively.

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

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

Value in Rs. Million

Break up of
Expenditure %
Q2 FY19 Q2 FY18
Change
Cost of Materials
3359.00 3321.00 1%
Consumed
Purchases of Stock-in-
5338.90 4516.80 18%
Trade

Employee Benefits 2430.60 2088.60 16%

Depreciation and
502.00 385.90 30%
Amortization
Manufacturing and
2171.70 1837.70 18%
Operating
Costs towards
Development of 76.50 0.00 --
Property
Others 3658.40 3235.60 13%

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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.

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

Document code: FOTL_201220184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
FINANCIAL HIGHLIGHT (CONSOLIDATED 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 11553.10 16772.40 18785.09 20663.60
b) Capital Work in Progress 4121.50 2702.10 614.45 442.40
c) Goodwill 115.00 115.00 120.75 124.37
d) Other Intangible Assets 18.70 519.80 545.79 567.62
e) Intangible Assets under Development 0.00 10.90 11.45 11.90
f) Investment Accounted for using Equity Method 1323.10 1251.70 1189.12 1153.44
g) Financial Assets
i) Investments 1200.30 1374.70 1209.74 1137.15
ii) Loans 681.60 756.90 825.02 882.77
iii) Other Financial Assets 1118.20 731.80 768.39 799.13
h) Deferred Tax Assets 805.90 723.70 665.80 632.51
i) Non-Current Tax Assets (Net) 978.60 741.20 652.26 600.08
j) Other Non -Current Assets 990.70 1068.60 1154.09 1223.33
Sub - Total Non- Current Assets 22906.70 26768.80 26541.93 28238.31
2) Current Assets
a) Inventories 12886.70 16113.10 18046.67 19851.34
b) Financial Assets
i) Investments 3881.60 3728.90 2983.12 2535.65
ii) Trade Receivables 10506.70 10859.10 14334.01 17917.52
iii) Cash and Cash Equivalents 376.50 455.00 614.25 786.24
iv) Other Bank Balances 320.50 412.90 433.55 459.56
v) Loans 51.60 47.60 94.25 120.64
vi) Other Financial Assets 260.40 285.10 421.95 569.63
c) Other Current Assets 1247.30 2418.60 3676.27 4962.97
d) Assets Classified as Held for Sale 85.00 0.70 0.53 0.42
Sub - Total Current Assets 29616.30 34321.00 40604.59 47203.96
Total Assets (1+2) 52523.00 61089.80 67146.53 75442.27
EQUITY AND LIABILITIES
1) EQUITY
a) Equity Share Capital 613.80 613.80 613.80 613.80
b) Other Equity 16117.40 17506.50 19148.72 21026.44
Total Equity 16731.20 18120.30 19762.52 21640.24
2) Non-Controlling Interest 693.10 762.50 808.25 856.75
3) Non Current Liabilities
a) Financial Liabilities
i) Borrowings 6349.10 6639.90 5311.92 4515.13
ii) Other Financial Liabilities 25.50 454.10 476.81 505.41
b) Deferred Tax Liabilities (Net) 147.30 186.70 196.04 203.88
c) Other Non-Current Liabilities 519.90 482.00 443.44 425.70
Sub - Total Non Current Liabilities 7041.80 7762.70 6428.21 5650.13
3) Current Liabilities
a)Financial Liabilities
i) Borrowings 11324.60 11501.30 16118.81 21664.16
ii) Trade Payables 7734.30 11258.80 13304.95 15300.69
iii) Other Financial Liabilities 7040.30 9607.90 8647.11 8214.75
b) Provisions 589.90 594.60 713.52 820.55
c) Current Tax Liabilities 32.50 0.00 0.00 0.00
d) Other Current Liabilities 1335.30 1481.70 1363.16 1295.01
Sub - 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
Document code: FOTL_201220184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
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 53913.20 59064.10 66151.79 73428.49
Other Income 1179.40 1185.00 1327.20 1459.92
Total Income 55092.60 60249.10 67478.99 74888.41
Expenditure -50865.20 -54785.10 -60535.50 -66915.38
Operating Profit 4227.40 5464.00 6943.49 7973.03
Interest -1780.30 -1838.00 -2297.50 -2711.05
Gross profit 2447.10 3626.00 4645.99 5261.98
Depreciation -1568.80 -1703.40 -2044.08 -2350.69
Exceptional Items -100.50 209.50 -52.38 -37.71
Profit Before Tax 777.80 2132.10 2549.53 2873.57
Tax -218.40 -666.30 -846.95 -926.44
Profit After Tax 559.40 1465.80 1702.58 1947.13
Share of Profit & Loss Assoc. -259.20 -50.30 -60.36 -69.41
Net Profit 300.20 1415.50 1642.22 1877.72
Equity capital 613.80 613.80 613.80 613.80
Reserves 16117.40 17506.50 19148.72 21026.44
Face value 10.00 10.00 10.00 10.00
EPS 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-18E

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

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

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 4.89 23.06 26.75 30.59
EBITDA 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 27.87
ROE (%) 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 1.21
EV/EBITDA (x) 15.48 12.06 10.04 9.37
Book Value (Rs.) 272.58 295.22 321.97 352.56
P/BV 3.13 2.89 2.65 2.42

Charts

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

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

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

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

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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
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M.B.A, Diversified
Ph.D (Finance)
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Goods
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FMCG
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 Analyst Stock Weights

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