Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned fundraising through new debt or equity in the transcript. The company has a current debt of around ₹116 crores with an average cost of 10% to 10.5%. Receivables from Punjab (₹32 crores) and Uttar Pradesh are expected to be collected within the current financial year, which will primarily be used for debt repayment. The management seems focused on consolidating distribution and retail operations and improving margins rather than raising new capital. There is no discussion on issuing new equity or raising additional borrowing during the call

Future growth expectations in sales/revenue/volumes?

FY24 sales growth expected to be in the range of 7% to 8%, slightly below the earlier 10%-12% guidance due to festive season shift. Second half of FY24 anticipated to perform better, with at least high single-digit growth possible. Focus on expanding retail presence, especially in eastern India with 9-10 new stores opened there this year. Expect gradual improvement in footfalls and volumes in Q3 due to festive season. Sports shoe segment ("Pro" sub brand) targeted for growth by launching new designs and increasing premium offerings. Long-term plans include increasing premium product contributi

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

Growth guidance for FY24 revised slightly down from 10-12% to around 7-8%, with expectation of high single-digit growth in retail business during festive season (Q3/Q4). EBITDA margin for retail expected to improve to around 20% post-demerger, up from earlier guidance of 16%. This margin expansion driven by raw material cost softening and premiumization of sub-brands. PAT margins for retail business tentatively estimated at 7-8% once distribution and retail businesses are fully separated. Distribution business is being consolidated; distributor network to focus on quality over quantity.

Current/ Expected Orderbook/ Pending Orders?

Receivables from Punjab government are around ₹ 32 crores, expected to be received within this financial year. UP government payments: ₹ 28 crores received in Q2 FY24; ₹ 9 crores pending from one district, expected in current quarter. No explicit mention of current or expected order book or pending orders in the transcript. Focus appears more on receivables from government entities rather than new order book. Management is emphasizing debt repayment using these receivables. Growth guidance revised: expecting 7-8% growth for FY24, slightly lower than previous 10-12% due to festive season shift.

Khadim India LtdQ2 FY24Consumer Durables

Khadim India Ltd Q2 FY24 Earnings Call Analysis

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

Price: ₹113P/E: 48.1Market Cap: ₹217 CrSector: Consumer Durables

Management growth scorecard

Revenue

N/A

Margin

N/A

Fundraise

N/A

Order

N/A

Capex

N/A

0 of 0 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

FY24 sales growth expected to be in the range of 7% to 8%, slightly below the earlier 10%-12% guidance due to festive season shift.
Second half of FY24 anticipated to perform better, with at least high single-digit growth possible.
Focus on expanding retail presence, especially in eastern India with 9-10 new stores opened there this year.
Expect gradual improvement in footfalls and volumes in Q3 due to festive season.
Sports shoe segment ("Pro" sub brand) targeted for growth by launching new designs and increasing premium offerings.
Long-term plans include increasing premium product contribution to raise EBITDA margins to around 20%.
Distribution business will consolidate distributors for better price control and demand stability.
Post-demerger (expected around May-June FY25), the retail business expects focused growth and operational clarity.

Margin guidance

Growth guidance for FY24 revised slightly down from 10-12% to around 7-8%, with expectation of high single-digit growth in retail business during festive season (Q3/Q4).
EBITDA margin for retail expected to improve to around 20% post-demerger, up from earlier guidance of 16%. This margin expansion driven by raw material cost softening and premiumization of sub-brands.
PAT margins for retail business tentatively estimated at 7-8% once distribution and retail businesses are fully separated.
Distribution business is being consolidated; distributor network to focus on quality over quantity. New entity for distribution (KSR Footwear Limited) expected operational mid-2024.
Sports shoe segment contributing ~20% volume with higher ASPs (₹2000-3000) and better margins by 2-3% than company average, indicating margin expansion potential over next 2-3 years.
No definitive guidance on EPS but improved EBITDA margins and operational focus expected to support earnings growth post-demerger.

See what Khadim India Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no explicit mention of any current or planned fundraising through new debt or equity in the transcript.
The company has a current debt of around ₹116 crores with an average cost of 10% to 10.5%.
Receivables from Punjab (₹32 crores) and Uttar Pradesh are expected to be collected within the current financial year, which will primarily be used for debt repayment.
The management seems focused on consolidating distribution and retail operations and improving margins rather than raising new capital.
There is no discussion on issuing new equity or raising additional borrowing during the call.

Order book

Receivables from Punjab government are around ₹ 32 crores, expected to be received within this financial year.
UP government payments: ₹ 28 crores received in Q2 FY24; ₹ 9 crores pending from one district, expected in current quarter.
No explicit mention of current or expected order book or pending orders in the transcript.
Focus appears more on receivables from government entities rather than new order book.
Management is emphasizing debt repayment using these receivables.
Growth guidance revised: expecting 7-8% growth for FY24, slightly lower than previous 10-12% due to festive season shift.
Company pursuing expansion via retail stores and distributors, especially in the eastern part of India, but no specific order book numbers provided.

See what Khadim India Ltd management said on order book — free account, 30 seconds.

Capex plans

- Khadim India Limited is focusing on opening new retail stores primarily in the eastern part of India, with about 12 stores opened this year and plans for similar expansion next year mainly in the East and select strategic locations elsewhere. - They plan to open smaller COCO stores of around 1000 to 1200 square feet, avoiding big stores. - No specific mention of other capital expenditure or strategic investments beyond retail expansion and the ongoing demerger process. - The company is investing in premium product development, especially in the sports shoe segment, including developing Indian-manufactured products to comply with upcoming BIS regulations. - They are also consolidating distributors in the distribution business to optimize resource allocation ahead of the demerger expected by mid-2024. No explicit capex figures or major strategic investments were disclosed beyond these operational expansions.

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