S P Apparels Ltd. share price target

Although SP Apparels (SPAL) has had strong revenue growth for seven quarters now, EBITDA has once again come below our already-muted estimates.

Although SP Apparels (SPAL) continued with its strong revenue growth traction for 6 quarters now, EBITDA was impacted by one-offs and an inferior product mix.

S P Apparels (SPAL) continued with its strong revenue growth traction as sales at INR 222 cr grew by 22% YoY and were above our estimates of ~18% growth.

SP Apparels (SPAL) had been reporting inline numbers from the last 4 quarters but has surprised positively by reporting a big beat in numbers for Q3FY19.

Sales at INR 191cr in Q2FY19 grew 15% from INR 166 Cr in Q1FY18 and this was exactly in line with our estimates.

SP Apparels Ltd (SPAL) had faced multiple headwinds over the last few quarters which has led to a subdued performance.

SP Apparels Ltd (SPAL) had braved multiple headwinds such as Brexit, currency volatility, adverse raw material prices, GST and downward revision of duty drawback rates and outperformed peers in...

We recently met the management of SP Apparels (SPAL) to understand the opportunities in the Indian garmenting sector and how SPAL is poised to capture the same. Established in 1989, SPAL is a leading manufacturer and exporter of knitted garments for infants and children in India. It mainly operates in two business verticals, including manufacturing, export of knitted garments for infants, children wear, which contributes ~90% and retailing, which contributes 10% of its overall revenues (as on H1FY18). SPAL has established expertise in 0-8 year kidswear segment...

Inspite of multiple headwinds such as Brexit, currency volatility, adverse raw material prices, GST and downward revision of duty drawback rates, S.P.Apparels Ltd. (SPAL) still reported...

S.P.Apparels Ltd. (SPAL) reported a 5% revenue de-growth (adjusted for forex gains of INR 5.6 Cr) which was slightly below our expectations of a 2-3% growth, mainly due to currency...

S.P.Apparels Ltd. (SPAL) reported a 8% revenue growth (adjusted for forex gains of INR 5.5 Cr) which was slightly below our expectations of a 13% growth mainly due to currency volatility.

S.P.Apparels Ltd. (SPAL) reported a 13.5% revenue growth (adjusted for forex gains) inspite of operating at 78% utilization versus an average run rate of 86-88% utilization. The revenue...

S.P. Apparels (SPAL) is India?s leading manufacturer and exporter of infants & children?s garments (knitwear segment) in the 0-8 years category to UK?s marquee retailers.

S P Apparels Ltd (SPAL) is a leading manufacturer and exporter of knitted garments for infants and children in India manufacturing at its integrated facilities that allow it to provide end-to end garment manufacturing services from greige fabric to finished products. It also manufactures and retail menswear garments in India under the brand Crocodile'. Longstanding relationship with major customers has been one of the most significant factors contributing to SPAL's growth. SPAL exports business for knitted garments for infants and children constitutes a significant portion of its business. 86.13%, 84.62% and 79.84% of its total revenues for the Fiscal Years 2016, 2015 and 2014, respectively, were generated by its business of export of knitted garments products for infants and children (including duty drawback and other export incentives). Its product range for knitted garments for infants and...

SPAL manufactures and exports knitted garments for infants and children. Exports constitute ~86%, 84% and 79% of SPAL's total revenues over FY16, FY15 and FY14, respectively. In addition to the same, top five customers comprise ~95% of total revenues. In the absence of long-term supply agreements, we believe this client concentration is a major risk. Furthermore, with the new textile policy promoting smaller manufacturing units, there would be increased competition, which may lead to tepid volume growth and competitive pricing....

The objects of the Net Proceeds of the Issue are: Repayment or prepayment of debt incurred by the Company; Expansion and modernization of their manufacturing facility at Valapady, Salem, Tamil Nadu; Addition of balancing machineries for their existing dyeing unit at SIPCOT, Perundurai;...

S P Apparels Ltd (SPAL) is a leading manufacturer and exporter of knitted garments for infants and children in India, Issue Open: August 02 - August 04 2016, Price Band: Rs. 258 ? 268