Any current/future new fundraising through debt or equity?

As per the October 3, 2024 conference call, Baazar Style Retail Limited raised INR146 crores through its IPO proceeds, with a primary intent to repay debt and support working capital and growth strategies. As of Q1 FY25, total bank borrowings stood at INR153 crores, and the company intends to reduce this further using IPO proceeds. No explicit mention was made of any planned new fundraising through additional debt or equity in the near future. Focus appears to be on organic growth funded by existing resources, including IPO funds and cash flows post-IPO.

Any current/future capex/capital investment/strategic investment?

The company is investing heavily in technology, including an ultra-modern 1.8 lakh sq. ft. warehouse facility to improve inventory management and reduce supply timelines to stores (Page 14). Typical store capex is around INR 1 crore per store, with inventory investment around INR 1 crore, totaling approximately INR 2 crores per store (Page 6). The payback period for a store capex is about 16 to 18 months, and including inventory 31 to 36 months (Page 6). The company plans to continue expanding store count by 40-50 stores per year over the next 2-3 years, suggesting ongoing capital investment i

Future growth expectations in sales/revenue/volumes?

Baazar Style Retail targets a 25% growth in revenue for FY'25, driven by strong festival seasons in Q2 and Q3. They have increased the same-store sales growth guidance from 8% to 9-10% for FY'25, with current H1 SSG at 41%. The company plans to add 35-40 new stores in FY'25, growing store count from 184 to approximately 220-225 stores. Over the next three years, they aim to double the store count. Sales per square feet stands at INR 7,500 annually, with gross margins expected to slightly increase above the current 33-34%. Private label sales, which grew to 52% in Q1 FY'25, are expect

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue growth guidance for FY'25 is around 25%, targeting INR1,216 crores from INR973 crores in FY'24. Same-store sales growth (SSG) guidance for FY'25 has been revised upwards to 9%-10% from earlier 8%. PAT guidance for FY'25: - Pre-Ind AS: 3.5% to 4% (excluding exceptional losses), translating to approximately INR47-50 crores. - Post-Ind AS: 2.5% to 3%. Target PAT margin of 4%-5% post-Ind AS within the next two years. Store expansion plans aim to double store count over three years, supporting growth. EBITDA margin for FY'25 expected to improve with gross margin guidance a

Baazar Style Retail LtdQ2 FY25Retailing

Baazar Style Retail Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹365.3P/E: 101.7Market Cap: ₹2.8K CrSector: Retailing

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Baazar Style Retail targets a 25% growth in revenue for FY'25, driven by strong festival seasons in Q2 and Q3.
They have increased the same-store sales growth guidance from 8% to 9-10% for FY'25, with current H1 SSG at 41%.
The company plans to add 35-40 new stores in FY'25, growing store count from 184 to approximately 220-225 stores.
Over the next three years, they aim to double the store count.
Sales per square feet stands at INR 7,500 annually, with gross margins expected to slightly increase above the current 33-34%.
Private label sales, which grew to 52% in Q1 FY'25, are expected to contribute 45-50% of sales in FY'25, supporting margin improvement.
Expansion focuses on core states (70% of new stores) and growing focus states like UP and Jharkhand (30% of new stores).
Overall industry growth is projected at a 15% CAGR in North and East India through FY'27, offering significant potential.

Margin guidance

Category 2

Revenue growth guidance for FY'25 is around 25%, targeting INR1,216 crores from INR973 crores in FY'24.
Same-store sales growth (SSG) guidance for FY'25 has been revised upwards to 9%-10% from earlier 8%.
PAT guidance for FY'25:
- Pre-Ind AS: 3.5% to 4% (excluding exceptional losses), translating to approximately INR47-50 crores.
- Post-Ind AS: 2.5% to 3%.
Target PAT margin of 4%-5% post-Ind AS within the next two years.
Store expansion plans aim to double store count over three years, supporting growth.
EBITDA margin for FY'25 expected to improve with gross margin guidance around 33%-34%.
Operating costs (pre-Ind AS) expected between 20%-23%.
Prudence approach in guidance despite strong Q2 FY'25 growth; management prefers conservative estimates.

See what Baazar Style Retail Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

As per the October 3, 2024 conference call, Baazar Style Retail Limited raised INR146 crores through its IPO proceeds, with a primary intent to repay debt and support working capital and growth strategies.
As of Q1 FY25, total bank borrowings stood at INR153 crores, and the company intends to reduce this further using IPO proceeds.
No explicit mention was made of any planned new fundraising through additional debt or equity in the near future.
Focus appears to be on organic growth funded by existing resources, including IPO funds and cash flows post-IPO.

Order book

The transcript does not specifically mention current or expected orderbook or pending orders for Baazar Style Retail Limited. The discussion mainly focuses on: - Store expansion plans: Opening 40-50 new stores annually. - Focus on growing store counts in core and focus states (70% in core, 30% in focus). - Strong store-level growth with same-store sales growth (SSG) at 41% in H1 FY'25. - Investment in technology, supply chain, and inventory management to support growth. - Financial highlights including revenue growth and profitability guidance. There is no direct reference to any orderbook or pending order details in the provided transcript.

See what Baazar Style Retail Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The company is investing heavily in technology, including an ultra-modern 1.8 lakh sq. ft. warehouse facility to improve inventory management and reduce supply timelines to stores (Page 14).
Typical store capex is around INR 1 crore per store, with inventory investment around INR 1 crore, totaling approximately INR 2 crores per store (Page 6).
The payback period for a store capex is about 16 to 18 months, and including inventory 31 to 36 months (Page 6).
The company plans to continue expanding store count by 40-50 stores per year over the next 2-3 years, suggesting ongoing capital investment in new stores (Pages 6, 13).
IPO proceeds of INR146 crores were partly used for debt reduction and balance for working capital and growth, implying capital allocation towards expansion (Page 12).
The strategy includes investments in supply chain, human capital, technology, and private label to enhance operating efficiency and control product quality (Page 5).

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Baazar Style Retail Ltd Q2 FY25 Earnings Call Analysis

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