Ethos Ltd

- Ethos Limited currently does **not have any plans** for raising additional capital through debt or equity. - The company has a **decent cash position** with cash and cash equivalents around Rs. 265 Crores as of H1 FY2023. - Capital expenditure and expansion plans are expected to be funded through **operating surpluses** and existing resources. - The company emphasized the ability to fund their growth initiatives, including new stores and brand expansions, without the need for additional capital raising in the near term.

- Capex for new stores: Approximately Rs.1.2 Crores per store (for ~1000 sq. ft. store). - Inventory per store: About Rs.5 Crores. - 40 new stores planned in the next 24 months across metro and tier 2/3 cities. - Total capex provisioned in IPO prospectus: Rs.33 Crores; possible slight increase funded from operating surpluses. - Store payback period: Around 3 years, including inventory. - CPO (Certified Pre-Owned) business requires fewer stores; growth will be mainly online with lounges in Delhi, Mumbai, and select metros. - No current plans to raise additional capital; existing cash balance is sufficient. - Strategic expansion also includes new exclusive brands (e.g., Messika jewellery, Rimowa luxury luggage) to extend beyond watches. - Discussions ongoing with several additional exclusive brands for India rights. - Emphasis on physical stores due to luxury market's need for "touch and feel," limiting possible reduction in inventory days.

- Expectation of steady double-digit same store growth (SSG), around 10% after initial years of store operation. - Market growth projected to increase to about 11-12% from historical 8-9%. - Overall growth (including market growth and share gains) expected to exceed 18%. - Incremental investments including 40 new stores planned over 24 months, expanding into tier 2 and tier 3 cities (e.g., Surat, Raipur, Bhubaneswar, Ranchi, Siliguri). - Sales growth driven by higher average selling price (ASP) and increasing share of luxury and exclusive brands. - Expect a steady increase in ASP over the next 6-8 quarters due to focus on luxury/high-luxury segments. - Volumes are increasing quarter-on-quarter with market share gains and growing refurbishing capacity supporting growth. - CPO (Certified Pre-Owned) business expected to grow at high double-digit rates steadily over the next 4-5 years.

- Ethos expects a steady increase in average selling prices (ASPs) over the next 6-8 quarters driven by their focus on luxury and high-luxury segments, contributing to improved profitability. - EBITDA margins are expanding due to cost optimization and operating leverage, with a 117% YoY increase in H1 FY2023 EBITDA. - Operating leverage is anticipated to drive sustainable profit growth, although gross margin expansion is near optimal. - Same Store Growth (SSG) is targeted to remain strong, with a long-term steady SSG around 10% after initial years of higher growth. - The company is accelerating store expansion plans with 40 new stores expected in the next 24 months, supporting top-line growth. - Exclusive brand portfolio growth and new category extensions (e.g., Messika Jewellery, Rimowa luggage) will contribute additional revenue streams. - Medium to long-term optimization in inventory days is expected to improve capital efficiency without compromising luxury customer experience. - No plans to raise additional capital currently; cash reserves are strong for funding growth. Overall, Ethos anticipates robust earnings growth driven by market share gains, operating leverage, and portfolio expansion.

The transcript provided from Ethos Limited's Q2 & H1 FY2023 Earnings Call (Page 2-21) does not contain any explicit information or mention about the company's current or expected order book or pending orders. The discussion focuses primarily on: - Store expansion plans (targeting 40 new stores in next 24 months) - Inventory days management (around 160-168 days) - Same Store Sales Growth (SSG) and gross margin trends - Overview of business segments including new ventures like CPO (Certified Pre-Owned) - Financial highlights including revenue, EBITDA, PAT, and margin outlook - Working capital and capital expenditure details per store As such, there is no direct data on orderbook or pending orders available in the transcript.