Repro India Q2 FY19 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
Yes
Order
Yes
Capex
Yes
3 of 5 growth signals are positive.
Full analysisRevenue guidance
Category 3- The company expects good growth in coming quarters, supported by positive trends in customer acquisition (Page 17).
- Focus is on acquiring more relevant content and expanding presence in more locations such as Delhi and Bengaluru to grow sales (Page 19).
- The online books market, currently around 4% of the overall book market in India, is expected to reach at least 10% in the next two years, indicating strong growth potential in e-commerce sales (Page 15).
- Export business is picking up and broadening, with multiple countries in Africa becoming markets, with exports reaching Rs.48 Crores for the half-year (Page 16).
- The Books on Demand business is growing rapidly, contributing significantly to topline growth but adding less to bottom line currently (Page 9).
- The company aims to grow market share first, prioritizing topline growth over margins in the near term (Page 9, 19).
See what Repro India management said on margin guidance — free account, 30 seconds.
Fundraise plans
Yes- The company is investing in new facilities with an expected investment of Rs. 25 Crores to Rs. 30 Crores.
- They are expecting an infusion of funds from warrants issued in the last year of an equal amount, which will reduce the requirement for additional funding.
- Working capital for the new business is negative, and the old printing business does not require much working capital.
- If the company plans further expansion beyond the current stage, there may be additional capital requirements.
- At that time, the company will evaluate whether to raise more debt or not.
- Currently, the debt level is expected to be maintained and not go down significantly as of now.
- Warrants issued will convert after 12 to 18 months, which will help fund expansion.
See what Repro India management said on order book — free account, 30 seconds.
Capex plans
Yes- Repro India Limited plans a capital investment of Rs. 25 to Rs. 30 Crores for new facilities in Delhi and Bengaluru.
- The investment is aimed at expanding capacity and enhancing market presence in these locations.
- They expect infusion of funds from warrants issued last year, which will partially fund this expansion.
- The print business will not require much additional working capital as it is not growing significantly.
- The company is considering maintaining or possibly raising debt depending on the growth and capital needs.
- Investment is linked with scaling up operations to capture larger market share and support the growth of their Books On Demand segment.
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What Repro India's management said in earlier quarters
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