Repro India Q4 FY18 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Management growth scorecard
Revenue
Category 2
Margin
Category 3
Fundraise
Yes
Order
N/A
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 2- Repro India aims to sell at least 24,000 books per day post capacity expansion (Page 15).
- Expansion underway in Mumbai (completing by end of July 2018), with Delhi and Bangalore facilities to follow within financial year, increasing capacity (Page 15).
- Books on Demand business volume grown from 5,500 to 7,500 books per day, with consistent quarter-on-quarter growth of 25%-35% (Pages 4-7).
- Indian online books market expected to grow from $6.5 billion to $12 billion in coming years, with online sales projected to increase from 3%-3.5% to 10% (Page 5).
- Digital print capacity expansion (Mumbai, Delhi, Bangalore) planned with CAPEX of Rs. 15-35 crores (Pages 7, 15).
- Publishing services focusing on MNC and integrated publishers to capture market opportunities (Page 15).
- Overall revenue growth driven by e-retail and books on demand segments, with confidence in continued quarterly growth (Pages 6, 7).
See what Repro India management said on margin guidance — free account, 30 seconds.
Fundraise plans
Yes- The company plans to fund CAPEX expansion through a mix of long-term debt, past equity raised, and internal accruals (EBITDA generation).
- There is no current plan to raise additional working capital since the print-on-demand business does not require it.
- Debt is expected to be under control and reduce over the next 2-3 years given the nature of the business.
- No mention of any planned new equity dilution in the near future.
- The company prefers secure payment methods for exports and cautious financial management.
- Overall, fundraising will focus on manageable long-term debt and internal resources without aggressive equity or short-term debt issuance.
See what Repro India management said on order book — free account, 30 seconds.
Capex plans
Yes- Current CAPEX underway: Expansion of digital printing capacity in Mumbai, expected completion by end of July 2018.
- Future CAPEX planned for setting up additional digital printing facilities in Delhi and Bangalore, expected within 3 to 6 months after Mumbai expansion.
- Total CAPEX in FY18 was around ₹13 crores; planned CAPEX for FY19 ranges between ₹15 to ₹35 crores primarily for digital printing capacity expansion.
- Expansion aims to increase capacity from 6,000 to 20,000 books per day.
- Strategic focus on enhancing digital print capabilities to support the growing books on demand business and cater to integrated education publishers.
- Incremental capacity is expected to help capture larger share of the online book market and expand presence in North and South India with new facilities.
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