Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or future new fundraising through debt or equity in the provided transcript. The company has successfully reduced its debt over the years and plans to continue this trend through better debtor recovery and reduced working capital needs. Focus is on reducing the number of days outstanding and benefiting from the shift to books on demand, which will lower working capital requirements. There were no indications of new investments in products like Rapples, suggesting restrained capital expenditure. The strategy emphasizes internal cash flows and financia

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

The company is augmenting its print-on-demand (POD) capacities in Mumbai to 12,000 books per day. Following stabilization of the expanded Bhiwandi facility, two new facilities are planned in Bangalore and Delhi, expected to be operational within the current financial year. No significant further investment is currently planned in Rapples; existing schools are serviced with potential bundling once K12 book distribution scales. The school sales model is being actively developed with investments in sales and manpower to build a strong funnel for the next academic year. Future investments are expe

Future growth expectations in sales/revenue/volumes?

Books on demand business is expected to continue consistent month-on-month and quarter-on-quarter growth, aiming to expand market share by adding more titles. The run rate for books on demand has reached approximately 9,000 books per day, translating to an annualized revenue of around ₹108-120 crores. Strong growth is anticipated in online book sales, supported by e-commerce expansion and increasing demand from the school segment (K-12), with efforts underway to scale the school project. Capacity expansion in Bhiwandi to 12,000 books per day, with plans for additional facilities in Bangalore a

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

Books on Demand (BOD) business is showing consistent month-on-month and quarter-on-quarter growth with positive EBITDA achieved; expected to continue growing and contribute to overall profits. Expansion plans include increasing print-on-demand capacity to 12,000 books per day in Mumbai and setting up new facilities in Bangalore and Delhi within the financial year. Strong pipeline expected from the school segment (K12), gearing up with sales and manpower investments to build a robust funnel starting from next academic year. Operating margins expected to improve as scale increases due to fixed o

Current/ Expected Orderbook/ Pending Orders?

Repro India Limited closed the quarter with a closing order book of ₹47 crores, providing a strong start into Quarter 2. Of this order book, around ₹30 crores constitute export orders. The company expects consistent order inflow, especially with the scale-up of Books on Demand (BoD) and school projects. Growth momentum is supported by ongoing tie-ups with large publishers and an expanding catalog of over 4 million titles. Capacity expansions in Mumbai (up to 12,000 books per day) and plans for new facilities in Bangalore and Delhi aim to support increasing orders. The pipeline for the K12 scho

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Repro India LtdQ2 FY18Printing & Publication

Repro India Ltd Q2 FY18 Earnings Call Analysis

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

Price: ₹372Market Cap: ₹523 CrSector: Printing & Publication

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Books on demand business is expected to continue consistent month-on-month and quarter-on-quarter growth, aiming to expand market share by adding more titles.
→The run rate for books on demand has reached approximately 9,000 books per day, translating to an annualized revenue of around ₹108-120 crores.
→Strong growth is anticipated in online book sales, supported by e-commerce expansion and increasing demand from the school segment (K-12), with efforts underway to scale the school project.
→Capacity expansion in Bhiwandi to 12,000 books per day, with plans for additional facilities in Bangalore and Delhi within the financial year to support volume growth.
→Expectation of improved EBITDA margins as scale is achieved, due to overheads growing at a slower rate than contribution.
→Print business focus is on maintaining revenues and healthy cash flows rather than growth.
→Continued market growth at 19%-20% in online book sales driven by increased penetration and partnerships with key players like Amazon and Flipkart.

Margin guidance

Category 3

→Books on Demand (BOD) business is showing consistent month-on-month and quarter-on-quarter growth with positive EBITDA achieved; expected to continue growing and contribute to overall profits.
→Expansion plans include increasing print-on-demand capacity to 12,000 books per day in Mumbai and setting up new facilities in Bangalore and Delhi within the financial year.
→Strong pipeline expected from the school segment (K12), gearing up with sales and manpower investments to build a robust funnel starting from next academic year.
→Operating margins expected to improve as scale increases due to fixed overheads not growing at the same rate as revenue.
→Debt reduction trend to continue with improved debtor recovery and better working capital management.
→EBITDA margins expected to increase with growth and improved contribution margins from a broader title catalog.
→No specific financial projections provided by the company, but the outlook is positive based on growth trends and operational improvements.

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Fundraise plans

→There is no explicit mention of any current or future new fundraising through debt or equity in the provided transcript.
→The company has successfully reduced its debt over the years and plans to continue this trend through better debtor recovery and reduced working capital needs.
→Focus is on reducing the number of days outstanding and benefiting from the shift to books on demand, which will lower working capital requirements.
→There were no indications of new investments in products like Rapples, suggesting restrained capital expenditure.
→The strategy emphasizes internal cash flows and financial consolidation rather than raising new funds.
→In summary, the company aims to manage growth primarily through operational cash flows and improving efficiencies without resorting to new debt or equity funding in the near term.

Order book

Yes

→Repro India Limited closed the quarter with a closing order book of ₹47 crores, providing a strong start into Quarter 2.
→Of this order book, around ₹30 crores constitute export orders.
→The company expects consistent order inflow, especially with the scale-up of Books on Demand (BoD) and school projects.
→Growth momentum is supported by ongoing tie-ups with large publishers and an expanding catalog of over 4 million titles.
→Capacity expansions in Mumbai (up to 12,000 books per day) and plans for new facilities in Bangalore and Delhi aim to support increasing orders.
→The pipeline for the K12 school segment is strengthening, with investments in manpower and sales to tap into over 3.5 lakh private schools.
→The Books on Demand business is growing steadily with a run rate of approximately 9,000 books sold per day.

Capex plans

Yes

→The company is augmenting its print-on-demand (POD) capacities in Mumbai to 12,000 books per day.
→Following stabilization of the expanded Bhiwandi facility, two new facilities are planned in Bangalore and Delhi, expected to be operational within the current financial year.
→No significant further investment is currently planned in Rapples; existing schools are serviced with potential bundling once K12 book distribution scales.
→The school sales model is being actively developed with investments in sales and manpower to build a strong funnel for the next academic year.
→Future investments are expected to be light, with working capital projected to become negative as scale increases, aimed at improving returns on capital.
→The company is focusing strategically on growing its e-retail business and strengthening relationships with key customers, including multinational clients in print and export segments.

How does Repro India Ltd rank vs peers in Printing & Publication?

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1Repro India Ltd

Rev 3Mar 3

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