Aditya Birla Fashion & Retail Ltd

- Post demerger, Aditya Birla Fashion and Retail Limited has an equity raise plan underway to fund growth, particularly to support incubation phases like Tasva and TMRW. - The company is working on managing net debt levels; current net debt is approximately INR 3,500 crores as of Q1. - No specific definitive numbers or timelines for debt repayment or equity raise were provided during the call. - Management indicated that capital raising is intended to fund growth plans and improve profitability trajectories in certain divisions.

- The management did not specify any immediate or upcoming large-scale capital expenditure (capex) plans during the call. - Store expansion continues to be a focus with targeted store additions: Pantaloons plans for 20-25 new stores this year, especially in Metro Tier 1 and Tier 2 towns. - Reebok plans significant retail expansion beyond the current 170 stores, driven by both own retail and multi-brand outlets (MBOs). - Franchise-driven expansion remains central, with about 800 franchise partners joint-planning store openings. - There is a backend-weighted store expansion approach for the year, implying some capex concentrated in later quarters. - No explicit new strategic investments are mentioned; however, the emerging business portfolio including American Eagle, Reebok, and TMRW brands shows growth and investment in product creation and distribution capabilities. - Acquisition activity on new brands has paused for now to focus on building existing portfolio revenue and profitability.

- **Lifestyle Brands**: Expected to continue double-digit CAGR for at least another 5 years, driven by market opportunities and expansion across brands like Louis Philippe, Van Heusen, Allen Solly, Peter England, Reebok, American Eagle, and Forever 21. - **Reebok**: Significant growth potential from increasing retail stores (currently ~170), multi-brand outlets, and e-commerce channels, aiming to catch up with INR1,500 crore+ brands in the segment. - **Pantaloons**: Store additions planned at 20-25 per year, focusing on Metro Tier 1, Tier 2 towns with two formats (Pantaloons and Style Up) addressing distinct consumer segments; store expansion is back-ended with expected acceleration in H2. - **American Eagle**: Noted 35% growth in recent quarter, signaling strong momentum. - **TMRW Portfolio**: Rapid growth with a 100% increase, targeting INR1,000 crore revenue, focusing on improving revenue and profitability without further acquisitions for now. - **Overall**: Emphasis on profitable growth, private label expansion, improved productivity, and leveraging festive/wedding seasons for demand uptick.

- Lifestyle brands expected to maintain double-digit CAGR for at least 5 more years, driven by brand expansions (Louis Philippe, Van Heusen, Allen Solly, Peter England, Reebok, American Eagle, Forever 21) (Page 17) - Reebok has significant growth headroom from current ~170 stores and partner multi-brand expansions, with retail and e-commerce growth opportunities (Page 19) - Pantaloons store additions targeted at 20-25 stores annually, focused on Metro Tier 1 & Tier 2 towns, with store expansion backended in the year (Page 18-19) - TCNS to improve margins to high teens EBITDA within 12-18 months, gross margins normalizing by FY26, driven by retail productivity improvements (Page 16,13) - Emerging businesses (Youth Western wear, Innerwear, Athleisure) showing strong margin expansion; American Eagle grew 35% YoY (Page 4) - Overall company expects H2 FY25 to see significant improvement over H1, driven by seasonal uptick and better demand (Page 7,8) - Consolidated EBITDA grew 15% YoY with margin expansions, though PAT is negative due to investments in newer/emerging businesses (Page 3)

- The transcript does not provide any specific information regarding the current or expected order book or pending orders for Aditya Birla Fashion and Retail Limited. - The discussion primarily focuses on store productivity, expansion plans, inventory management, margin trajectories of various brands, supply chain impact, and financial performance. - No mention of order book status or pending orders was made during the Q1 FY 25 earnings call transcript provided.