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The competition in the Indian innerwear industry is intense and most innerwear players (excluding new entrant Aditya Birla Fashion) have registered a flattish revenue growth. Rupa in-spite of spending ~ 7% of revenues on branding and investment and using celebrity endorsement has not been able to achieve acceleration in revenue growth for the past two years. In a bid to enhance the share in growing premium menswear segment, the company undertook various licencing of international brands. However due to intense competitive scenario (Van Heusen from ABFRL and...
Poor operational performance impacts b/s in FY19 Rupa reported yet another tepid performance with revenue growth of mere 3.1% YoY to | 1154.7 crore in FY19. In a bid to enhance the share in growing premium menswear segment, the company undertook various licencing of international brands. However due to intense competitive scenario (Van Heusen from ABFRL and CK in Arvind), the management has been unable to scale up its business as per expectations. Higher incentives offered by competitors have negatively impacted the offtake from dealers. Oban...
ICICI Securities Ltd | Retail Equity Research Rupa reported a subdued set of Q3FY19 numbers wherein numbers were below our estimates across all our parameters Revenues for the quarter grew marginally by 2.1% YoY to | 283.0 crore (I-direct estimate: | 302.3 crore). Oban Fashion's [which licensees Fruit of the Loom (FOL) and FCUK brands] reported revenues worth ~| 14 crore in Q3FY19 Gross margins improved 108 bps YoY to 33.3%. However, owing to...
On a standalone basis, Rupa reported flattish revenue growth at | 247.6 crore (I-direct estimate: | 276 crore) despite Q2FY18 being a low base quarter. Oban Fashion's [which licensees Fruit of the Loom...
On a standalone basis, Rupa reported soft revenue growth of 12.2% YoY to | 183.5 crore (I-direct estimate: | 192.4 crore) despite Q1FY18 being a low base quarter. However, its wholly-owned subsidiary, Oban Fashion's [which licensees Fruit of the Loom (FOL) and FCUK brands] reported revenues worth | 16 crore in Q1FY19 vs. | 3 crore in Q1FY18. Hence, at a consolidated level, Rupa reported 20% revenue growth of | 198.1 crore Despite gross margins expanding 280 bps YoY to 40.2%, higher...
Rupa reported strong revenue growth of 10% YoY to | 420.3 crore (Idirect estimate: | 393 crore) despite Q4FY17 being a high base quarter (24% revenue growth in Q4FY17) Gross margins expanded 423 bps YoY to 36% on the back of a decline in yarn prices and a favourable product mix. Furthermore, with operating leverage kicking in (employee & others expenses as a percentage to sales down 14 bps, 113 bps YoY, respectively), EBITDA margins improved significantly by 550 bps YoY to 16.1% (Idirect estimate of 11.2%). Absolute EBITDA increased 67% YoY to | 67.5 crore (I-direct estimate: | 44.0 crore)...
Rupa, well-known for its brands (Rupa, Frontline, Jon, Air, Macroman), manufactures knitted innerwear, casual wear and thermal wear. The company is likely to be one of the beneficiaries of GST given high market share...
Increase in raw material expense (including sub-contractor charges) led to a decline in gross margins by 381 bps YoY to 32.4%. However, with operating leveraging kicking in, employee and others expenses as a percentage of sales declined 66 bps and 193 bps YoY, respectively. Resultant EBITDA margins contracted 128 bps YoY to 14.9% (I-direct estimate of 15.7%). Absolute EBITDA increased 24% YoY to | 41.3 crore (I-direct estimate: | 39.1 crore) Decline in depreciation cost (down 8.7% YoY) and interest expense...
Rupa reported a mixed set of Q2FY18 numbers wherein revenues were below our estimates while PAT was in line with our estimates Revenues for the quarter fell 7.3% YoY to | 248.2 (I-direct estimate: | 278.4 crore). Various traders and multi brand outlets (MBOs) were impacted in July, August as dealers were still familiarising themselves with the compliance needed to switch to the GST regime Despite a decline in revenue, operating margins for the quarter expanded 130 bps YoY to 15.4% (I-direct estimate: 12.0%). The beat...
ICICI Securities Ltd | Retail Equity Research Revenues for the quarter were mainly impacted by de-stocking of inventory at the dealer's level prior to GST. Revenues de-grew 24.6% YoY to | 163.5 crore vs. our estimate of | 228.7 crore Though gross margins improved 377 bps YoY on the back of favourable product mix, EBITDA margins for the quarter declined 210 bps YoY to 11.5% mainly on account of negative operating leverage (employee and other expenses up 235 bps and 371 bps,...
Rupa & Company's Q4FY17 results were above our estimates on revenue, net profit front though EBITDA margins were below our estimate. Decline in depreciation, interest cost boosted PAT growth Rupa reported a healthy topline growth of 23.9% YoY to | 381.8 crore vs. estimated | 330.4 crore Reported EBITDA came in at | 40.3 crore (I-direct estimate: | 38.8 crore), up 13.7% YoY. EBITDA margins contracted 90 bps YoY to 10.6% (I-direct estimate of 11.7%) on account of an increase in...
ICICI Securities Ltd | Retail Equity Research Rupa & Company's Q3FY17 results were above our estimates on the EBITDA and net profit front though revenues were below our estimate. An improvement in EBITDA margin and lower interest expense boosted net profit growth...
ICICI Securities Ltd | Retail Equity Research Rupa & Company's (Rupa) Q2FY17 numbers were above our estimates on the EBITDA and net profit front but revenues were below estimates. Improvement in EBITDA margin and lower interest expense aided the growth in net profit Q2FY17 net income from operations came in at | 272.4 crore against our estimate of | 286.8 crore and marginally up by 1% YoY Reported EBITDA came in at | 37.88 crore (I-direct estimate: | 33...
ICICI Securities Ltd | Retail Equity Research Rupa & Company's (Rupa) Q1FY17 numbers were marginally above our estimates on the revenue front with EBITDA and EBITDA margin lower than our estimates. However, PAT was higher than our estimates on account of lower interest expense Rupa's Q1FY17 net income from operations came in at | 220.3 crore against our estimate of | 219.1 crore, up 5.8% YoY EBITDA came in at | 28.4 crore (I-direct estimate: | 30.1 crore)...
