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Adil Shaikh

Roll no-40

Eight decades old group, in


operation since 1925

One of India's largest branded


fabric and fashion retailer

Market leader in the worsted


fabrics business with over
60% market share

Second largest branded


apparel business in India

Owns prestigious award


winning brands like Raymond,
Park Avenue, Colorplus , Parx

One Page Profile


Key indicators (BSE)

26-Dec-14

Closing price (Rs.)


EPS (Rs.)
P/E (times)
BV per share (Rs.)
PB (times)
Mkt. cap (Rs. Crore)
Beta
Returns 1 mth (%)
Returns 12 mth (%)
Excess returns over Nifty (12 mths)(%)
Yield (%)
Avg. daily vol. (30 days)
(Rs. Crore)
Shares outstanding (nos)
6,13,80,854

501.2
8.75
57.31
181.41
2.76
3,076.41
1.58
1.26
70.78
40.18
0.4
6.11

Shareholding (%)

Sep-14

Promoters
Public
FIIs
Others

40.2
27.77
8.91
23.12

Ownership of Equity Shares


& Number of Owners
Shares Held

30-Sep-14
(Nos.)

Total
Promoters
Indian
Individuals & HUF
Central & State Govt.
Corporate Bodies
FIs & Banks
Others
Foreign
Individuals(NRIs)
Corporate Bodies
Institutions
Others
Persons acting in concert

(% of Total)

6,13,80,854
2,46,75,453
2,46,75,453
2,78,710

100
40.2
40.2
0.45

2,43,96,743

39.75

Ownership of Equity Shares


& Number of Owners
Non-promoters
Institutions
Mutual Funds/UTI
Banks, FIs,Insurance Cos.
Insurance Companies
Financial Institutions & Banks
Central & State Government
FIIs
Venture Capital Funds
Foreign Venture Capital
Others
Non-institutions
Corporate Bodies
Individuals
Nominal invest. upto Rs. 1 lakh
Nominal invest. over Rs. 1 lakh
Others
Shares held by Custodians

3,58,94,389
1,36,40,672
18,23,450
63,46,463
63,30,376
16,087
54,70,759

2,22,53,717
51,54,030
1,70,43,890
1,06,52,666
63,91,224
55,797
8,11,012

Executive Summary
Raymond Ltd.
Rs. (Crore)

Mar-09
12 mths

Mar-10
12 mths

Mar-11
12 mths

Mar-12
12 mths

Mar-13
12 mths

Mar-14
12 mths

Total income
Sales
Income from financial
services
Total expenses
Raw materials, stores &
spares
Power, fuel & water
charges
Compensation to
employees
Indirect taxes
Selling & distribution
expenses
Interest paid
Depreciation

1,543.65 1,534.48 1,631.10 1,995.68 2,181.05 2,415.80


1,433.57 1,390.99 1,530.94 1,910.88 2,068.95 2,220.10
78.07
56.88
56.2
57.31
67.87
111.82
1,841.30 1,463.20 1,819.84 1,991.58 2,263.94 2,386.72
443.92

397.03

478.95

619.89

731.85

761.39

89.83

89.66

83.05

106.16

138.25

140.54

264.02
14.88

285.67
5.65

481.89
8.22

244.37
7.26

334.31
5.01

276.46
3.12

146.14
99.24
88.79

134.59
119.63
111.3

159.48
125.48
103.72

185.22
151.54
109.86

186.6
172.93
116.02

163.95
161.95
114.5

Profits

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

PBDITA
PBDITA net of
P&E&OI&FI

231

269.66

113.93

349.85

257.07

449.5

123.02

129.18

14.43

265.33

145.45

274.85

Profit after tax (PAT)

-271.55

25.06

-100.19

56.35

-47.84

88.12

PAT net of P&E

-277.48

-41.34

-131.09

45.97

-73.08

44.68

0.92
22.1

-0.59
-20.53

6.3
24.37

22.35
9.44

9.29
13.68

10.76
5.42

32.12

5.01

-88.83 1,738.74 -45.18

88.97

-19.12
9.76

2.18
-3.99

-9.15
0.73

6.77
-0.17

Growth (%)
Total income
Total expenses
PBDITA net of
P&E&OI&FI
PAT net of P&E
Net worth
Total assets

3.63
13.22

-6.64
1.99

Assets & Liabilities


Raymond Ltd.

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13

Mar-14

Rs (Crore)
Total liabilities
Net worth
Paid up equity capital
Reserves and funds
Tangible net worth
Borrowings

3,006.62
1,147.85
61.38
1,065.60
1,142.84
1,358.71

2,886.74
1,172.91
61.38
1,111.53
1,172.91
1,259.12

2,907.87
1,065.58
61.38
1,004.20
1,065.58
1,263.82

3,292.37
1,104.30
61.38
1,042.92
1,103.15
1,304.92

3,358.03
1,030.95
61.38
969.57
1,029.50
1,350.54

3,352.39
1,100.77
61.38
1,039.39
1,099.37
1,415.79

Current liabilities &


provisions

400.08

355.34

484.59

791.2

887.3

773.71

Total assets
Net fixed assets
Investments
Current assets
Loans & advances
Gross fixed assets

3,006.62
999.04
888.61
739.53
245.72
1,700.64

2,886.74
940.42
891.78
646.88
287.7
1,713.40

2,907.87
857.74
740.13
798.32
312.57
1,726.61

3,292.37
867.21
777.3
898.99
533.19
1,825.30

3,358.03
834.26
744.85
984.96
559.84
1,866.62

3,352.39
673.78
770.2
1,110.97
577.61
1,806.16

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

Profitability &
Liquidity Ratio
Raymond Ltd.

Rs (Crore)
Profitability ratios
PBDITA net of
P&E&OI&FI as % of sales
PAT net of P&E as % of
total income net of P&E
PAT net of P&E as % of net
worth
PAT net of P&E as % of
total assets excl reval

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13

Mar-14

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

8.58

9.29

0.94

13.89

7.03

12.38

-18.07

-2.82

-8.2

2.32

-3.39

1.9

-21.62

-3.56

-11.71

4.24

-6.85

4.19

-9.66

-1.4

-4.52

1.48

-2.2

1.33

0.823
1.374
1.184
-1.883
77.58
80.64

0.918
1.461
1.074
0.602
81.03
92.85

0.698
1.369
1.186
-0.434
75.7
81.55

0.508
0.976
1.182
1.435
69.71
95.99

0.462
0.924
1.31
0.619
72.26
97.6

0.598
1.161
1.286
1.272
74.06
94.7

Liquidity ratios (times)


Quick ratio
Current ratio
Debt to equity ratio
Interest cover
Debtors (days)
Creditors (days)

Distribution of Expenses
Raymond Ltd.
Mar-10
Currency: Rs. Crore (NonAnnualised)
12 mths
Distribution of total
expenses
100
Operating expenses
83.08
Financial charges
8.2
Provisions
0.83
Non-cash charges
8.12
Prior period and extraordinary expenses
0.21
Provision for direct tax
-0.43
Distribution of operating
expenses
100
Raw materials, stores &
spares
32.66
Raw material expenses
25.83
Stores, spares, tools
consumed
6.83
Purchase of finished goods
6.14

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15


12 mths 12 mths 12 mths 12 mths 12 mths

100
88.21
7.03
0.82
6.59

100
85.26
7.84
0.34
5.51

100
86.51
7.84
0.01
5.3

100
83.98
7.42
0.19
7.53

100
89.95
6.24
0.03
3.43

0.04
-2.69

0.01
1.04

0.02
0.32

0.88
0

0
0.35

100

100

100

100

100

29.84
24.54

36.51
30.6

37.37
31.41

37.99
31.39

29.74
24.39

5.3
5.96

5.9
8.58

5.95
7.54

6.6
11.38

5.35
23.31

Distribution of Expenses
Packaging and packing expenses

Power, fuel & water charges

7.38

5.17

6.25

7.06

7.01

5.62

Compensation to employees

23.5

30.02

14.39

17.07

13.79

12.78

Indirect taxes

0.46

0.51

0.43

0.26

0.16

0.13

Excise duty

0.34

0.06

0.15

0.07

0.02

0.01

Rent & lease rent

3.5

2.76

2.77

2.66

3.19

2.7

Repairs & maintenance

2.32

2.04

3.17

2.9

2.39

Insurance premium paid

0.1

0.06

0.06

0.06

0.11

0.12

Outsourced manufacturing jobs

4.39

6.47

8.03

6.35

5.79

4.31

Outsourced professional jobs

2.38

2.34

2.16

2.06

2.25

2.09

Non-executive directors' fees

0.01

0.01

0.01

0.01

0.02

0.04

Selling & distribution expenses

11.07

9.93

10.91

9.53

8.18

9.86

Advertising expenses

5.33

5.39

5.82

4.81

3.42

4.53

Marketing expenses

5.04

3.79

4.28

3.83

3.93

4.49

Distribution expenses

0.71

0.75

0.81

0.88

0.83

0.83

Travel expenses

0.9

2.06

1.46

1.49

1.41

Miscellaneous expenditure

5.68

3.11

3.63

4.57

4.66

4.52

Other operational exp of industrial


ent

0.4

0.88

1.03

1.02

1.08

0.99

Operating Expense as % of
Sales
Raymond Ltd.
Currency: Rs. Crore (NonAnnualised)
-

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15


12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

Operating expenses as % of
Sales

Total operating expenses


Raw materials, stores &
spares
Raw material expenses
Stores, spares, tools
consumed
Purchase of finished goods
Power, fuel & water charges
Compensation to employees
Indirect taxes
Excise duty
Rent & lease rent
Repairs & maintenance
Insurance premium paid
Outsourced manufacturing
jobs

90.39

99.12

86.5

93.09

87.94

90.65

29.52
23.35

29.57
24.32

31.58
26.47

34.78
29.24

33.41
27.6

26.96
22.11

6.17
5.55
6.67
21.24
0.42
0.31
3.17
2.1
0.09

5.25
5.91
5.13
29.76
0.51
0.06
2.74
2.03
0.06

5.11
7.42
5.41
12.45
0.37
0.13
2.4
2.74
0.05

5.54
7.02
6.57
15.89
0.24
0.07
2.47
2.79
0.06

5.8
10.01
6.17
12.13
0.14
0.01
2.81
2.55
0.09

4.85
21.13
5.09
11.59
0.11
0.01
2.45
2.16
0.11

3.97

6.42

6.95

5.91

5.09

3.91

Operating Expense as % of
Sales
Outsourced professional jobs

2.15

2.32

1.87

1.92

1.98

1.89

Non-executive directors' fees


Selling & distribution
expenses

0.01

0.01

0.01

0.01

0.01

0.03

10.01

9.85

9.43

8.87

7.19

8.93

Advertising expenses

4.82

5.34

5.04

4.48

3.01

4.1

Marketing expenses

4.55

3.76

3.7

3.57

3.46

4.07

Distribution expenses

0.64

0.74

0.7

0.82

0.73

0.76

Travel expenses

0.89

1.78

1.36

1.31

1.28

Communications expenses

Printing & stationery expenses

Miscellaneous expenditure
Other operational exp of
industrial ent
Other operational exp of nonfin services ent

5.13

3.09

3.14

4.25

4.1

4.1

0.36

0.87

0.89

0.95

0.95

0.9

Peer Group Comparison


Currency: Rs. Million (Non-Annualised)

Rank PAT as % of PAT net of P&E


Year
by total income as % of net sales
Size
& other income

Operating
expenses

Aditya Birla Nuvo Ltd.

Jun-15

4.247099162

4.247099162

92.40777756

Welspun India Ltd.

Jun-15

15.0616746

15.0616746

81.61849124

S R F Ltd.

Jun-15

10.82650308

10.82650308

84.68332013

Trident Ltd.

Jun-15

6.92203767

6.92203767

83.83118339

Raymond Ltd.

Jun-15

5 -1.428745666

-1.708744649

91.46664117

S E L Manufacturing Co. Ltd.

Jun-15

6 -7.438934786

-11.01605466

75.28855721

Banswara Syntex Ltd.

Jun-15

0.580369264

0.580369264

87.60494843

Flexituff International Ltd.

Jun-15

0.508941825

0.0639023

86.16160182

Himatsingka Seide Ltd.

Jun-15

16.80304687

16.80304687

89.02803997

Garware-Wall Ropes Ltd.

Jun-15

10

6.090651558

6.090651558

94.63832063

SWOT Analysis

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