Absolute Income Statement

Particulars 2019 2020 2021 2022 2023

INCOME
Revenue from operations 3384.01 3352.63 3530.15 4822.48 6185.88
Other income 0.00 0.00 0.00 0.00 0.00
Total Income 3384.01 3352.63 3530.15 4822.48 6185.88

COGS
Cost of materials consumed 2065.20 1876.44 1732.10 2940.65 3896.56
Purchase of stock-in-trade 59.20 236.56 29.60 41.17 220.60
Changes in inventories -96.81 -125.81 201.23 -296.08 -364.28
Total COGS 2027.59 1987.19 1962.93 2685.74 3752.88
Gross Profit 1356.42 1365.44 1567.22 2136.74 2433.00

Employee Cost
Employee benefits expense 380.73 394.40 393.68 445.45 548.64
Other expenses 363.94 349.09 343.98 472.58 609.97

EBITDA 611.75 621.95 829.56 1218.71 1274.39

Dep & amort expense 131.13 137.09 146.70 141.12 173.69
EBIT 480.62 484.86 682.86 1077.59 1100.70
Finance costs 48.94 49.65 32.84 23.29 78.86
Other income 36.90 36.46 38.84 87.22 62.32
PBT 468.58 471.67 688.86 1141.52 1084.16
Tax Expenses 133.71 94.99 173.60 299.68 270.06
PAT 334.87 376.68 515.26 841.84 814.10
Minority Interest 0.00 0.00 0.00 0.00 0.00
Profit/(Loss) from Associates 0.00 0.00 0.00 0.00 0.00
Recurring PAT 334.87 376.68 515.26 841.84 814.10
Exceptional Items 0.00 0.00 0.00 0.00 0.00
Reported PAT 334.87 376.68 515.26 841.84 814.10
Other comprehensive income. 0.00 0.00 0.00 0.00 0.00
PAT after comp. income. 334.87 376.68 515.26 841.84 814.10
 Common Size Income Statement

Particulars 2019 2020 2021 2022

INCOME
Revenue from operations 100.00% 100.00% 100.00% 100.00%
Other income 0.00% 0.00% 0.00% 0.00%
Total Income 100.00% 100.00% 100.00% 100.00%

COGS
Cost of materials consumed 61.03% 55.97% 49.07% 60.98%
Purchase of stock-in-trade 1.75% 7.06% 0.84% 0.85%
Changes in inventories -2.86% -3.75% 5.70% -6.14%
Total COGS 59.92% 59.27% 55.60% 55.69%
Gross Profit 40.08% 40.73% 44.40% 44.31%

Employee Cost
Employee benefits expense 11.25% 11.76% 11.15% 9.24%
Other expenses 10.75% 10.41% 9.74% 9.80%

EBITDA 18.08% 18.55% 23.50% 25.27%

Dep & amort expense 3.87% 4.09% 4.16% 2.93%
EBIT 14.20% 14.46% 19.34% 22.35%
Finance costs 1.45% 1.48% 0.93% 0.48%
Other income 1.09% 1.09% 1.10% 1.81%
PBT 13.85% 14.07% 19.51% 23.67%
Tax Expenses 3.95% 2.83% 4.92% 6.21%
PAT 9.90% 11.24% 14.60% 17.46%
Minority Interest 0.00% 0.00% 0.00% 0.00%
Profit/(Loss) from Associates 0.00% 0.00% 0.00% 0.00%
Recurring PAT 9.90% 11.24% 14.60% 17.46%
Exceptional Items 0.00% 0.00% 0.00% 0.00%
Reported PAT 9.90% 11.24% 14.60% 17.46%
Other comprehensive income. 0.00% 0.00% 0.00% 0.00%
PAT after comp. income. 9.90% 11.24% 14.60% 17.46%
 Indexed Income Statement

2023 Particulars 2019 2020 2021 2022

INCOME
100.00% Revenue from operations 100.00% 99.07% 104.32% 142.51%
0.00% Other income
100.00% Total Income 100.00% 99.07% 104.32% 142.51%

COGS
62.99% Cost of materials consumed 100.00% 90.86% 83.87% 142.39%
3.57% Purchase of stock-in-trade 100.00% 399.59% 50.00% 69.54%
-5.89% Changes in inventories 100.00% 129.96% -207.86% 305.84%
60.67% Total COGS 100.00% 98.01% 96.81% 132.46%
39.33% Gross Profit 100.00% 100.66% 115.54% 157.53%

Employee Cost
8.87% Employee benefits expense 100.00% 103.59% 103.40% 117.00%
9.86% Other expenses 100.00% 95.92% 94.52% 129.85%

20.60% EBITDA 100.00% 101.67% 135.60% 199.22%

2.81% Dep & amort expense 100.00% 104.55% 111.87% 107.62%
17.79% EBIT 100.00% 100.88% 142.08% 224.21%
1.27% Finance costs 100.00% 101.45% 67.10% 47.59%
1.01% Other income 100.00% 98.81% 105.26% 236.37%
17.53% PBT 100.00% 100.66% 147.01% 243.61%
4.37% Tax Expenses 100.00% 71.04% 129.83% 224.13%
13.16% PAT 100.00% 112.49% 153.87% 251.39%
0.00% Minority Interest
0.00% Profit/(Loss) from Associates
13.16% Recurring PAT 100.00% 112.49% 153.87% 251.39%
0.00% Exceptional Items
13.16% Reported PAT 100.00% 112.49% 153.87% 251.39%
0.00% Other comprehensive income.
13.16% PAT after comp. income. 100.00% 112.49% 153.87% 251.39%
 2023

182.80%

182.80%

188.68%
372.64%
376.28%
185.09%
179.37%

144.10%
167.60%

208.32%
132.46%
229.02%
161.14%
168.89%
231.37%
201.97%
243.11%

243.11%

243.11%

243.11%
 Absolute Balance Sheet

Particulars 2019 2020 2021 2022 2023

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Total Share Capital 36.28 34.41 34.41 34.41 34.18
Total Reserves and Surplus 1,753.89 1,831.46 2,315.76 3,152.44 3,672.51
Total Shareholders Equity 1,790.17 1,865.87 2,350.17 3,186.85 3,706.69

NON-CURRENT LIABILITIES
Long Term Borrowings 130.49 206.75 179.08 626.07 448.45
Deferred Tax Liabilities [Net] 46.83 47.36 43.03 43.77 96.96
Other Long Term Liabilities 2.85 6.87 4.66 31.88 20.37
Long Term Provisions 0 0 0 0 0
Total Non-Current Liabilities 180.17 260.98 226.77 701.72 565.78
CURRENT LIABILITIES
Short Term Borrowings 690.79 533.82 431.03 559.14 899.64
Trade Payables 233.7 131.95 122.16 282.07 336.05
Other Current Liabilities 78.91 104.56 134.93 138.24 89.47
Short Term Provisions 0 0 0 0 0
Total Current Liabilities 1,003.40 770.33 688.12 979.45 1,325.16
Total Capital And Liabilities 2,973.74 2,897.18 3,265.06 4,868.02 5,597.63

ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,135.82 1,319.57 1,253.91 1,938.84 2,304.75
Intangible Assets 0.2 1.05 0.95 0.8 0.96
Capital Work-In-Progress 12.43 6.44 28.62 115.32 86.65
Fixed Assets 1,148.45 1,327.06 1,283.48 2,054.96 2,392.36
Non-Current Investments 2.1 2.1 1.5 1.5 1.5
Deferred Tax Assets [Net] 0 14.76 13.68 10.07 0
Long Term Loans And Advances 0 0 0 0 0
Other Non-Current Assets 57.05 42.39 211.27 326.9 224.93
Total Non-Current Assets 1,208.30 1,387.01 1,510.63 2,394.13 2,619.49
CURRENT ASSETS
Current Investments 0 7.01 233.44 309.21 127.16
Inventories 1,006.41 715.73 913.26 1,288.80 1,898.46
Trade Receivables 528 409.24 320.98 480.24 625.44
Cash And Cash Equivalents 74.84 154.22 77.26 127.89 112.66
Short Term Loans And Advances 0 0 0 0 0
OtherCurrentAssets 156.19 223.97 209.49 267.75 214.42
Total Current Assets 1,765.44 1,510.17 1,754.43 2,473.89 2,978.14
Total Assets 2,973.74 2,897.18 3,265.06 4,868.02 5,597.63
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 326.22 221.21 760.77 532.43 622.44
BONUS DETAILS
Bonus Equity Share Capital 15.6 14.79 14.79 14.79 14.69
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value 0 0 0 0 0
Non-Current Investments Unquoted Book Value 2.1 2.1 1.5 1.5 1.5
CURRENT INVESTMENTS
Current Investments Quoted Market Value 0 0 0 309.21 127.16
Current Investments Unquoted Book Value 0 0 0 0 0
 Common Size Balance Sheet

Particulars 2019 2020 2021 2022

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Total Share Capital 1.2% 1.2% 1.1% 0.7%
Total Reserves and Surplus 59.0% 63.2% 70.9% 64.8%
Total Shareholders Funds 60.2% 64.4% 72.0% 65.5%

NON-CURRENT LIABILITIES
Long Term Borrowings 4.4% 7.1% 5.5% 12.9%
Deferred Tax Liabilities [Net] 1.6% 1.6% 1.3% 0.9%
Other Long Term Liabilities 0.1% 0.2% 0.1% 0.7%
Long Term Provisions 0.0% 0.0% 0.0% 0.0%
Total Non-Current Liabilities 6.1% 9.0% 6.9% 14.4%
CURRENT LIABILITIES
Short Term Borrowings 23.2% 18.4% 13.2% 11.5%
Trade Payables 7.9% 4.6% 3.7% 5.8%
Other Current Liabilities 2.7% 3.6% 4.1% 2.8%
Short Term Provisions
Total Current Liabilities 33.7% 26.6% 21.1% 20.1%
Total Capital And Liabilities 100.0% 100.0% 100.0% 100.0%

ASSETS
NON-CURRENT ASSETS
Tangible Assets 38.2% 45.5% 38.4% 39.8%
Intangible Assets 0.0% 0.0% 0.0% 0.0%
Capital Work-In-Progress 0.4% 0.2% 0.9% 2.4%
Fixed Assets 38.6% 45.8% 39.3% 42.2%
Non-Current Investments 0.1% 0.1% 0.0% 0.0%
Deferred Tax Assets [Net] 0.0% 0.5% 0.4% 0.2%
Long Term Loans And Advances 0.0% 0.0% 0.0% 0.0%
Other Non-Current Assets 1.9% 1.5% 6.5% 6.7%
Total Non-Current Assets 40.6% 47.9% 46.3% 49.2%
CURRENT ASSETS
Current Investments 0.0% 0.2% 7.1% 6.4%
Inventories 33.8% 24.7% 28.0% 26.5%
Trade Receivables 17.8% 14.1% 9.8% 9.9%
Cash And Cash Equivalents 2.5% 5.3% 2.4% 2.6%
Short Term Loans And Advances 0.0% 0.0% 0.0% 0.0%
OtherCurrentAssets 5.3% 7.7% 6.4% 5.5%
Total Current Assets 59.4% 52.1% 53.7% 50.8%
Total Assets 100.0% 100.0% 100.0% 100.0%
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 11.0% 7.6% 23.3% 10.9%
BONUS DETAILS
Bonus Equity Share Capital 0.5% 0.5% 0.5% 0.3%
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value 0.0% 0.0% 0.0% 0.0%
Non-Current Investments Unquoted Book Value 0.1% 0.1% 0.0% 0.0%
CURRENT INVESTMENTS
Current Investments Quoted Market Value 0.0% 0.0% 0.0% 6.4%
Current Investments Unquoted Book Value
 Indexed Balance Sheet

2023 Particulars 2019 2020 2021

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
0.6% Total Share Capital 100.00% 94.85% 94.85%
65.6% Total Reserves and Surplus 100.00% 104.42% 132.04%
66.2% Total Shareholders Funds 100.00% 104.23% 131.28%

NON-CURRENT LIABILITIES
8.0% Long Term Borrowings 100.00% 158.44% 137.24%
1.7% Deferred Tax Liabilities [Net] 100.00% 101.13% 91.89%
0.4% Other Long Term Liabilities 100.00% 241.05% 163.51%
0.0% Long Term Provisions
10.1% Total Non-Current Liabilities 100.00% 144.85% 125.86%
CURRENT LIABILITIES
16.1% Short Term Borrowings 100.00% 77.28% 62.40%
6.0% Trade Payables 100.00% 56.46% 52.27%
1.6% Other Current Liabilities 100.00% 132.51% 170.99%
Short Term Provisions
23.7% Total Current Liabilities 100.00% 76.77% 68.58%
100.0% Total Capital And Liabilities 100.00% 97.43% 109.80%

ASSETS
NON-CURRENT ASSETS
41.2% Tangible Assets 100.00% 116.18% 110.40%
0.0% Intangible Assets 100.00% 525.00% 475.00%
1.5% Capital Work-In-Progress 100.00% 51.81% 230.25%
42.7% Fixed Assets 100.00% 115.55% 111.76%
0.0% Non-Current Investments 100.00% 100.00% 71.43%
0.0% Deferred Tax Assets [Net]
0.0% Long Term Loans And Advances
4.0% Other Non-Current Assets 100.00% 74.30% 370.32%
46.8% Total Non-Current Assets 100.00% 114.79% 125.02%
CURRENT ASSETS
2.3% Current Investments
33.9% Inventories 100.00% 71.12% 90.74%
11.2% Trade Receivables 100.00% 77.51% 60.79%
2.0% Cash And Cash Equivalents 100.00% 206.07% 103.23%
0.0% Short Term Loans And Advances
3.8% OtherCurrentAssets 100.00% 143.40% 134.13%
53.2% Total Current Assets 100.00% 85.54% 99.38%
100.0% Total Assets 100.00% 97.43% 109.80%
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
11.1% Contingent Liabilities 100.00% 67.81% 233.21%
 BONUS DETAILS
0.3% Bonus Equity Share Capital 100.00% 94.81% 94.81%
NON-CURRENT INVESTMENTS
0.0% Non-Current Investments Quoted Market Value
0.0% Non-Current Investments Unquoted Book Value 100.00% 100.00% 71.43%
CURRENT INVESTMENTS
2.3% Current Investments Quoted Market Value
Current Investments Unquoted Book Value
 2022 2023

94.85% 94.21%
179.74% 209.39%
178.02% 207.06%

479.78% 343.67%
93.47% 207.05%
1118.60% 714.74%

389.48% 314.03%

80.94% 130.23%
120.70% 143.80%
175.19% 113.38%

97.61% 132.07%
163.70% 188.24%

170.70% 202.92%
400.00% 480.00%
927.76% 697.10%
178.93% 208.31%
71.43% 71.43%

573.01% 394.27%
198.14% 216.79%

128.06% 188.64%
90.95% 118.45%
170.88% 150.53%

171.43% 137.28%
140.13% 168.69%
163.70% 188.24%

163.21% 190.80%
94.81% 94.17%

71.43% 71.43%
 Snippets from the Balance Sheet and Income

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Total Current Assets 1,765.44 1,510.17 1,754.43 2,473.89 2,978.14

Total Non Current Asset 1,208.30 1,387.01 1,510.63 2,394.13 2,619.49

Total Assets 2,973.74 2,897.18 3,265.06 4,868.02 5,597.63

Total Current Liabilities 1,003.40 770.33 688.12 979.45 1,325.16

Total Non-Current Liabilities 180.17 260.98 226.77 701.72 565.78

Total Liabilities 2,973.74 2,897.18 3,265.06 4,868.02 5,597.63

Total Reserves and Surplus 1,753.89 1,831.46 2,315.76 3,152.44 3,672.51

Total Shareholders Equity 1,790.17 1,865.87 2,350.17 3,186.85 3,706.69

Total Revenue 3384.01 3352.63 3530.15 4822.48 6185.88

Net Income (PAT) 334.87 376.68 515.26 841.84 814.10

COGS 2027.6 1987.2 1962.9 2685.7 3752.9

Asset Trend
5500

4500

3500

2500

1500

500
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
Total Current Assets 1765.44 1510.17 1754.43 2473.89 2978.14
Total Non Current Asset 1208.3 1387.01 1510.63 2394.13 2619.49
Total Assets 2973.74 2897.18 3265.06 4868.02 5597.63

Revenue vs Net Income vs COGS

6500
 Revenue vs Net Income vs COGS
6500

5500

4500

3500

2500

1500

500
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
Total Revenue 3384.01 3352.63 3530.15 4822.48 6185.88
Net Income (PAT) 334.87 376.68 515.26 841.84 814.1
COGS 2027.59 1987.19 1962.93 2685.74 3752.88
 Snippets from the Balance Sheet and Income Statement

Brief Commentary on the Financial Insights

Increased from 1,765.44 in FY 2019 to 2,978.14 in FY 2023. This indicates improved short-term liquidity, potentially due to bett
inventory or receivables management. This suggests that the company is becoming more liquid, which could be a sign of
financial health.
Increased steadily from 1,208.30 in FY 2019 to 2,619.49 in FY 2023. This suggests investments in property, plant, and equipme
or intangible assets. This suggests that the company is investing in its future growth.
Increased significantly from 2,973.74 in FY 2019 to 5,597.63 in FY 2023, reflecting growth in both current and non-current asse
This suggests that the company is growing overall.

Increased from 1,003.40 in FY 2019 to 1,325.16 in FY 2023, but remained relatively stable as a percentage of total assets. This
suggests that the company is taking on more short-term debt, which could be risky if it is not managed carefully.

Increased from 180.17 in FY 2019 to 565.78 in FY 2023. This suggests that the company is taking on more long-term debt, whic
could also be risky if it is not managed carefully.

Increased from 1,183.57 in FY 2019 to 1,890.94 in FY 2023, mirroring the growth in total current and non-current liabilities.

Increased steadily from 1,790.17 in FY 2019 to 3,706.69 in FY 2023, indicating retained earnings growth. This suggests that the
company is profitable and reinvesting its profits back into the business.
Increased steadily from 1,753.89 in FY 2019 to 3,706.69 in FY 2023.This suggests that the company's shareholders are seeing a
increase in their investment value.
Increased significantly from 3,384.01 in FY 2019 to 6,185.88 in FY 2023, indicating strong revenue growth.
Increased steadily from 334.87 in FY 2019 to 814.10 in FY 2023, demonstrating improved profitability. This suggests that the
company is managing its expenses effectively and is generating a healthy profit.
Increased proportionally to revenue, remaining around 45-50% of total revenue. This could be due to a number of factors, suc
as inflation or an increase in the cost of raw materials.

Liability Trend

5500
4500
3500
2500
1500
500
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
FY 2022 FY 2023
Total Current Liabilities 1003.4 770.33 688.12 979.45 1325.16
2473.89 2978.14
Total Non-Current Liabili- 180.17 260.98 226.77 701.72 565.78
2394.13 2619.49 ties
4868.02 5597.63 Total Liabilities 2973.74 2897.18 3265.06 4868.02 5597.63

OGS Total Reserves and Surplus

3750
OGS Total Reserves and Surplus
3750

3250

2750

2250

1750

1250

750

FY 2022 FY 2023 250

4822.48 6185.88 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
841.84 814.1 Total Reserves and Surplus 1753.89 1831.46 2315.76 3152.44 3672.51
2685.74 3752.88
 Ratios Analysis
Particulars 2019 2020 2021 2022 2023

Profitability Ratios
Margins:
Gross Profit Margin 40.08% 40.73% 44.40% 44.31% 39.33%
EBITDA Margin 18.08% 18.55% 23.50% 25.27% 20.60%
EBIT Margin 14.20% 14.46% 19.34% 22.35% 17.79%
EBT Margin 13.85% 14.07% 19.51% 23.67% 17.53%
(Net) Profit Margin 9.90% 11.24% 14.60% 17.46% 13.16%
Returns:
Return on Assets (ROA) 11.26% 13.00% 15.78% 17.29% 14.54%
Return on Equity (ROE) 18.71% 20.19% 21.92% 26.42% 21.96%

Liquidity Ratios
Current Ratio 1.76 1.96 2.55 2.53 2.25
Quick Ratio 0.76 1.03 1.22 1.21 0.81
Cash Ratio 0.11 0.29 0.18 0.23 0.13

Solvency Ratios
Leverage Ratios
Total Debt Ratio 0.28 0.26 0.19 0.24 0.24
Long Term Debt Ratio 0.04 0.07 0.05 0.13 0.08
Short Term Debt Ratio 0.23 0.18 0.13 0.11 0.16
Debt-Equity Ratio 0.46 0.40 0.26 0.37 0.36
Equity Multiplier 1.66 1.55 1.39 1.53 1.51

Coverage Ratios
Interest Coverage Ratio 9.8 9.8 20.8 46.3 14.0
Debt Service Coverage Ratio 10.5 11.3 21.2 43.2 13.5

Working Capital Management Ratios

Inventory Turnover 2.01 2.78 2.15 2.08 1.98
Days of Inventory 181.17 131.46 169.82 175.15 184.64

Receivables Turnover 6.41 8.19 11.00 10.04 9.89

Days of Receivables 56.95 44.55 33.19 36.35 36.90

Payable Turnover 9.13 15.20 18.25 9.86 11.06

Days of Payable 40.00 24.00 20.00 37.00 33.00

Working Capital Management Ratios

Working Capital Cycle 238.12 176.02 203.01 211.50 221.55
Cash Conversion Cycle 198.12 152.02 183.01 174.50 188.55
Asset Management Ratios Turnover
Total Asset Turnover 1.14 1.16 1.08 0.99 1.11
Fixed Asset Turnover 1.19 1.21 1.13 1.02 1.14
sis
Formula

= Gross Profit / Sales

= EBITDA / Sales
= EBIT / Sales
= EBT / Sales
= Net Income / Sales

Net Income / Total Assets

Net Income / Total Equity

CA / CL
(CA – Inventory) / CL
Cash / CL

= TD/ TA
= LTD/TA
= STD/TA
= TD / TE
= TA / TE = 1 + D/E

= EBIT / Interest
= (PAT + Interest + Dep) / (Interest + Repayment)

= Cost of Goods Sold / Inventory

= 365 / Inventory Turnover

= Sales / Accounts Receivable

= 365 / Receivable Turnover

= Purchases / Accounts Payable

= 365 / Payable Turnover

= Inventory Days + Receivable Days

= Inventory Days + Receivable Days – Payable Days
= Sales / Total Assets
= Sales / Net Fixed Assets
 Financial Analysis
Revenue and Profitability: KPR Mill's revenue is lower than Trident's but higher than Page Industries. However, its net profit m
Page Industries, indicating efficient cost management.
Efficiency and Returns: KPR Mill's Return on Assets (ROA), Return on Equity (ROE), and Return on Capital Employed (ROCE) are
higher than Trident, suggesting moderate efficiency and profitability.
Liquidity and Solvency: KPR Mill has a higher current ratio compared to its peers, indicating better liquidity. Its debt-to-equity
reflecting lower financial risk.
Interest Coverage: KPR Mill's interest coverage ratio is lower than Page Industries but higher than Trident, implying its ability t
earnings.

Industry Analysis
Market Capitalization: Page Industries has the highest market capitalization, indicating strong investor confidence and marke
Profitability: Page Industries has the highest net profit margin and ROE, indicating superior profitability compared to its peers

Liquidity and Solvency: KPR Mill has a better current ratio and lower debt-to-equity ratio compared to Trident, indicating stro

SWOT Analysis
Strengths

Strong brand presence: KPR Mills is a well-established brand in South India with a strong presence in the shirting and suiting s
Vertically integrated: The company has a vertically integrated business model, which gives it control over the entire productio
Focus on innovation: KPR Mills is known for its innovative products and processes. For example, the company has developed a
designed to keep the wearer cool and comfortable.

Weaknesses

Limited market share: KPR Mills has a limited market share compared to Trident and Page Industries.
Dependence on domestic market: The company is heavily dependent on the domestic market, which makes it vulnerable to e
Lower brand awareness in North India: KPR Mills brand awareness is lower in North India compared to South India.

Opportunities
Growing demand for branded apparel: The demand for branded apparel is growing in India, which is a positive sign for KPR M
Rising exports: The Indian government is promoting textile exports, which could create new opportunities for KPR Mills.
Expansion into new segments: KPR Mills could expand into new segments such as home textiles and technical textiles.
Threats
Competition from international players: KPR Mills faces competition from international players such as Raymond and Parklan
Rising cotton prices: Cotton is the main raw material for KPR Mills, and rising cotton prices could put pressure on the company
Changes in fashion trends: Changes in fashion trends could lead to a decline in demand for KPR Mills' products.

Porter's Five Forces Analysis

Threat of New Entrants
Moderate: Entry barriers due to established brands and economies of scale.
 Bargaining Power of Suppliers
Low to Moderate: Raw material suppliers may have some power due to the specialized nature of inputs.
Bargaining Power of Buyers
Moderate: Buyers may have some power due to the availability of substitutes and competitive pricing.
Threat of Substitutes
Moderate: Substitutes such as alternative clothing brands or materials pose a moderate threat.
Competitive Rivalry
High: Intense competition among existing players, especially between Page Industries, KPR Mill, and Trident.

Conclusion

KPR Mill Limited exhibits moderate financial performance compared to Page Industries and Trident. While it has strengths in l
challenges in profitability and market capitalization. The industry is characterized by intense competition and moderate to hig
expanding into new markets or enhancing operational efficiency could improve KPR Mill's competitive position within the indu
 Page
METRICS KPR Trident
Industries

Revenue 6185.88 4803.37 6291.27

Net Profit 814.1 571.25 421.9

Net Profit Margin 13.16% 11.92% 6.73%

Market capitalization 25670.23 40432.79 22564.89

ROA 14.54% 21.21% 6.28%

ROE 21.96% 41.70% 10.50%
ROCE 28.05% 53.32% 12%
Current ratio 2.25 1.65 1.35
Quick ratio 0.81 0.31 0.64

Debt-to-Equity Ratio 0.17 0.18 0.33

Interest Coverage Ratio 14 18.8 8.3

 KPR Mills ( ₹ Cr ) ( ₹ Cr ) ( ₹ Cr ) ( ₹ Cr ) ( ₹ Cr )
Particulars 2019 2020 2021 2022 2023

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Total Share Capital 36.28 34.41 34.41 34.41 34.18
Total Reserves and Surplus 1,753.89 1,831.46 2,315.76 3,152.44 3,672.51
Total Shareholders Equity 1,790.17 1,865.87 2,350.17 3,186.85 3,706.69

NON-CURRENT LIABILITIES
Long Term Borrowings 130.49 206.75 179.08 626.07 448.45
Deferred Tax Liabilities [Net] 46.83 47.36 43.03 43.77 96.96
Other Long Term Liabilities 2.85 6.87 4.66 31.88 20.37
Long Term Provisions 0 0 0 0 0
Total Non-Current Liabilities 180.17 260.98 226.77 701.72 565.78
CURRENT LIABILITIES
Short Term Borrowings 690.79 533.82 431.03 559.14 899.64
Trade Payables 233.7 131.95 122.16 282.07 336.05
Other Current Liabilities 78.91 104.56 134.93 138.24 89.47
Short Term Provisions 0 0 0 0 0
Total Current Liabilities 1,183.57 1031.31 914.89 1681.17 1890.94
Total Capital And Liabilities 2,973.74 2,897.18 3,265.06 4,868.02 5,597.63

ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,135.82 1,319.57 1,253.91 1,938.84 2,304.75
Intangible Assets 0.2 1.05 0.95 0.8 0.96
Capital Work-In-Progress 12.43 6.44 28.62 115.32 86.65
Fixed Assets 1,148.45 1,327.06 1,283.48 2,054.96 2,392.36
Non-Current Investments 2.1 2.1 1.5 1.5 1.5
Deferred Tax Assets [Net] 0 14.76 13.68 10.07 0
Long Term Loans And Advances 0 0 0 0 0
Other Non-Current Assets 57.05 42.39 211.27 326.9 224.93
Total Non-Current Assets 1,207.60 1,386.31 1,509.93 2,393.43 2,618.79
CURRENT ASSETS
Current Investments 0 7.01 233.44 309.21 127.16
Inventories 1,006.41 715.73 913.26 1,288.80 1,898.46
Trade Receivables 528 409.24 320.98 480.24 625.44
Cash And Cash Equivalents 74.84 154.22 77.26 127.89 112.66

Short Term Loans And Advances 0 0 0 0 0

OtherCurrentAssets 156.19 223.97 209.49 267.75 214.42

Total Current Assets 1,765.44 1,510.17 1,754.43 2,473.89 2,978.14
Total Assets 2,973.04 2,896.48 3,264.36 4,867.32 5,596.93
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
BONUS DETAILS
Bonus Equity Share Capital 15.6 14.79 14.79 14.79 14.69
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value 0 0 0 0 0
Non-Current Investments Unquoted Book Value 2.1 2.1 1.5 1.5 1.5
CURRENT INVESTMENTS
Current Investments Quoted Market Value 0 0 0 309.21 127.16
Current Investments Unquoted Book Value 0 0 0 0 0
 From Balance Sheet
Assets 2019 2020 2021

Net Fixed Assets(PPE+WIP Capex) 1148.25 1326.01 1282.53

Investments 0.00 7.01 233.44
Intangibles 0.20 1.05 0.95
Other Long Term Assets(+onca) 59.15 44.49 212.77
Cash and Cash Equivalents(only) 74.84 154.22 77.26
Receivables(only) 528.00 409.24 320.98
Inventory 1006.41 715.73 913.26
Other Current Assets(loans+OCA) 156.19 238.73 223.17
Total Assets 2973.04 2896.48 3264.36

Liabilities and Equity

Total Debt 821.28 740.57 610.11

Other Long Term Liabilities 49.68 54.23 47.69
Payables 233.70 131.95 122.16
Other Current Liabilities 78.91 104.56 134.93
Total Liabilities 1183.57 1031.31 914.89
Total Equity 1790.17 1865.87 2350.17
Total Equity Plus Liabillities 2973.74 2897.18 3265.06

From Income Statement

Revenue 3384.01 3352.63 3530.15
COGS 2027.59 1987.19 1962.93
SG&A 744.67 743.49 737.66
EBITDA 611.75 621.95 829.56
Depreciation 131.13 137.09 146.70
EBIT 480.62 484.86 682.86
0.00 0.00 0.00
Other Finance Expenses 48.94 49.65 32.84
PBT 468.58 471.67 688.86
Taxes 133.71 94.99 173.60
PAT 334.87 376.68 515.26

Making Assumptions for future projection

Revenue Growth Rate -1% 5%

COGS as % of sales 59.3% 55.6%
SG&A as % of sales 22.2% 20.9%
Total Asset Turnover 115.7% 108.1%
Net Fixed Assets / Total Assets 45.8% 39.3%
D&A as % of previous years (NFA+INTGBL) 11.9% 11.1%
Debt to Total Assets 25.6% 18.7%
Tax Rate 20% 25%
Receivable Turnover 8.19 11.00
Inventory Turnover 2.78 2.15
Payable Turnover 15.06 16.07
Other CL as % of sales 3.1% 3.8%
Other CA as % of sales 7.1% 6.3%
Investments as % of total assets 0.2% 7.2%
Intangible Assets as % of total assets 0.0363% 0.0291%
OLTA as % total assets 1.54% 6.52%
OLTL as % total assets 1.87% 1.46%
Other Finance Expense as % (Debt + Equity) 1.90% 1.26%

Projections

2023 2024 2025

Income statement

Sales 6185.88 7256.78 8513.06

Cost of goods Sold 3752.88 4195.1035629 4921.3574306
SGA Expenses 1158.61 1466.5708643 1720.462752
EBITDA 1274.39 1595.10 1871.24
Depreciation 173.69 173.69 173.69
EBIT 1100.70 1421.41 1697.55
Interest Expense 78.86 111.16 156.69491783
PBT 1084.16 1310.25 1540.86
Taxes 270.06 335.21363602 335.21363602
Net Income 814.10 975.04 1205.65

Assets

Net Fixed Assets(PPE+WIP Capex) 2391.40 2845.8298616 3338.4982577

Investments 127.16 127.16 127.16
Intangibles 0.96 0.96 0.96
Other Long Term Assets(+onca) 226.43 226.43 226.43
Cash and Cash Equivalents(only) 112.66 475.22 618.87
Receivables(only) 625.44 741.95180474 870.39806589
Inventory 1898.46 1867.2856366 2190.5490306
Other Current Assets(loans+OCA) 214.42 411.27276121 482.47206035
Total Assets 5596.93 6696.1091809 7855.3356739

Liabilities and Equity

Total Debt 1348.09 1551.73234 1820.3673323

Other Long Term Liabilities 117.33 117.33 117.33
Payables 336.05 323.83461641 379.89667522
 Other Current Liabilities 89.47 204.16750589 239.51286473
Total Liabilities 1890.94 2197.0644623 2557.1068723
Total Equity 3706.69 4499.0447186 5298.2288016
Total Equity Plus Liabillities 5597.63 6696.1091809 7855.3356739
 2022 2023

2054.16 2391.40
309.21 127.16
0.80 0.96
328.40 226.43
127.89 112.66
480.24 625.44
1288.80 1898.46
277.82 214.42
4867.32 5596.93

1185.21 1348.09
75.65 117.33 0.09158615136876 0.5862864332 0.5509583609
282.07 336.05 165.389578276773 233.13 328.63
138.24 89.47 111.161869452879 156.69491783 220.87877251
1681.17 1890.94
3186.85 3706.69
4868.02 5597.63

4822.48 6185.88
2685.74 3752.88
918.03 1158.61
1218.71 1274.39
141.12 173.69
1077.59 1100.70
0.00 0.00
23.29 78.86
1141.52 1084.16
299.68 270.06
841.84 814.10

Values for Projection ( Avg of

on
last 5 years )
37% 28% 17%
55.7% 60.7% 58%
19.0% 18.7% 20%
99.1% 110.5% 108%
42.2% 42.7% 42%
11.0% 8.5% 11%
 24.4% 24.1% 23%
26% 25% 24%
10.04 9.89 9.78065673562147
2.08 1.98 2.24663194565626
9.52 11.17 12.9544630201083
2.9% 1.4% 2.81%
5.8% 3.5% 6%
6.4% 2.3% 4%
0.0164% 0.0172% 0.0247%
6.75% 4.05% 4.7117%
1.55% 2.10% 1.7459%
0.79% 1.80% 1.4379%

2026 2027

9986.84 11715.76
5773.3399417 6772.8171654
2018.3082542 2367.7165951
2195.19 2575.22
173.69 173.69
2021.50 2401.53
220.87877251 311.35299613 0.672121367084292
1800.62 2090.18
335.21363602 335.21363602
1465.41 1754.97

3916.4571174 4594.4718759
127.16 127.16
0.96 0.96
226.43 226.43
787.39 985.08
1021.0808684 1197.8497893
2569.7755936 3014.6536367
565.99734038 663.98246789
9215.2467773 10810.584893

2135.508257 2505.2061936
117.33 117.33
445.66416476 522.8172835
280.97719135 329.61979788
2979.4796131 3474.9732749
6235.7671642 7335.6116181
9215.2467773 10810.584893
0.4096103152