Any current/future new fundraising through debt or equity?

No specific mention of any current or future new fundraising through debt or equity in the call. Right issue money raised earlier has been utilized for: - Repayment of long-term borrowings, reducing term loan interest. - Long-term working capital. - Margin money for some expansions (not fully for all expansions). Capital work in progress of ₹183 Cr. is ongoing with planned capitalization around September-October FY24. No fresh fundraising plans disclosed for FY24 or beyond during the call.

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

Expansion underway at Lodha plant for 51,000 spindles with a planned completion around September/October FY24. Recent addition of 30,000 spindles at Kharigram plant is fully operational. Expansion in denim and knit businesses also underway; knitting plant expected to reach full capacity in H1 FY24. Capital work in progress of ₹183 Cr. for FY23 aiming at capacity addition; expected incremental turnover details not specified. No new property acquisitions; ₹30 Cr. investment in property is a reclassification of existing Mumbai office as investment property, not new purchase. Acquired BG Power (10

Future growth expectations in sales/revenue/volumes?

RSWM anticipates continuous improvement in demand and positive growth throughout FY24, following the encouraging recovery signs in Q4FY23. The company completed capacity expansions, such as 30,000 spindles running at full capacity and denim business expansion operational in FY23. A major spinning plant expansion with 51,000 spindles is expected to be completed around September-October FY24, which will add to production capacity. The knitting plant, facing initial issues, is targeted to run at full capacity (400 metric tons) by H1FY24. The company’s strategic plans discussed in the Ignite 2026

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

Q4FY23 showed encouraging signs of recovery with a 15.3% QoQ growth in total income and a threefold increase in EBITDA compared to Q3FY23, indicating positive momentum. Management is optimistic that the positive trend in demand and operational performance will continue throughout FY24. Expansion projects are underway, including a 51,000 spindle plant expected to be operational by September/October 2023, likely contributing to capacity and turnover growth. The knit business aims to stabilize and produce at full capacity (400 MT) in FY24, which should bolster revenue. Sustainability initiatives

Current/ Expected Orderbook/ Pending Orders?

For March FY23, order position for the next financial year looks positive as per the discussion with AM Lodha. The company operates approximately on a 60:40 ratio between order-based and commodity-based production. Q4 FY23 saw a 15.3% growth in total income QoQ, indicating improving demand. Marketing efforts in Q4 helped reduce stock levels and increase sales compared to Q3. Knit business is yet to stabilize but targets 400 metric tons production in FY24. Demand is expected to continue improving throughout FY24. No explicit numeric order book or pending order figures were provided in the call.

RSWM LtdQ4 FY23Textiles & Apparels

RSWM Ltd Q4 FY23 Earnings Call Analysis

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

Price: ₹196.73P/E: 12.9Market Cap: ₹927 CrSector: Textiles & Apparels

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

RSWM anticipates continuous improvement in demand and positive growth throughout FY24, following the encouraging recovery signs in Q4FY23.
The company completed capacity expansions, such as 30,000 spindles running at full capacity and denim business expansion operational in FY23.
A major spinning plant expansion with 51,000 spindles is expected to be completed around September-October FY24, which will add to production capacity.
The knitting plant, facing initial issues, is targeted to run at full capacity (400 metric tons) by H1FY24.
The company’s strategic plans discussed in the Ignite 2026 leadership program focus on growth and operational excellence.
Efforts to capitalize on sustainable fashion and zero discharge plants are expected to create new opportunities.
Improved operational efficiencies and cost management aim to support revenue growth despite market challenges.

Margin guidance

Category 3

Q4FY23 showed encouraging signs of recovery with a 15.3% QoQ growth in total income and a threefold increase in EBITDA compared to Q3FY23, indicating positive momentum.
Management is optimistic that the positive trend in demand and operational performance will continue throughout FY24.
Expansion projects are underway, including a 51,000 spindle plant expected to be operational by September/October 2023, likely contributing to capacity and turnover growth.
The knit business aims to stabilize and produce at full capacity (400 MT) in FY24, which should bolster revenue.
Sustainability initiatives and the focus on sustainable fashion signal potential new market opportunities.
While FY23 EBITDA margins were lower at 9% vs. 12.2% in FY22, diligent cost controls and pricing strategies aim to sustain profitability.
No explicit EPS guidance was provided, but overall tone suggests steady improvement in earnings and operating performance in FY24.

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

Fundraise plans

No specific mention of any current or future new fundraising through debt or equity in the call.
Right issue money raised earlier has been utilized for:
- Repayment of long-term borrowings, reducing term loan interest.
- Long-term working capital.
- Margin money for some expansions (not fully for all expansions).
Capital work in progress of ₹183 Cr. is ongoing with planned capitalization around September-October FY24.
No fresh fundraising plans disclosed for FY24 or beyond during the call.

Order book

For March FY23, order position for the next financial year looks positive as per the discussion with AM Lodha.
The company operates approximately on a 60:40 ratio between order-based and commodity-based production.
Q4 FY23 saw a 15.3% growth in total income QoQ, indicating improving demand.
Marketing efforts in Q4 helped reduce stock levels and increase sales compared to Q3.
Knit business is yet to stabilize but targets 400 metric tons production in FY24.
Demand is expected to continue improving throughout FY24.
No explicit numeric order book or pending order figures were provided in the call.

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

Capex plans

Yes

Expansion underway at Lodha plant for 51,000 spindles with a planned completion around September/October FY24.
Recent addition of 30,000 spindles at Kharigram plant is fully operational.
Expansion in denim and knit businesses also underway; knitting plant expected to reach full capacity in H1 FY24.
Capital work in progress of ₹183 Cr. for FY23 aiming at capacity addition; expected incremental turnover details not specified.
No new property acquisitions; ₹30 Cr. investment in property is a reclassification of existing Mumbai office as investment property, not new purchase.
Acquired BG Power (100% subsidiary) to leverage incentives for captive power plant; acquisition amount ₹5 Cr.
Right issue funds used for repaying long-term borrowings, long-term working capital, and margin money for expansions, not fully covering all expansions.

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What RSWM Ltd's management said in earlier quarters

Earlier calls (7)

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