S P Apparels Ltd

- Current gross debt is INR 189 crores with net debt of INR 162 crores due to Young Brand acquisition. - For FY25, planned capex is around INR 40 crores, including investments in Sivakasi. - No explicit mention of new fundraising through debt or equity in the current call. - Debt has increased recently because of the Young Brand acquisition. - The company appears focused on managing growth through internal accruals and strategic expansions (Sivakasi, Sri Lanka, Young Brand). - No direct reference to impending equity issuance or debt raising plans was made in the transcript on page 17 or nearby pages.

- Capex planned for FY25 is around INR 40 crores, including investments in the Sivakasi factory. - Sivakasi greenfield expansion phase 1 will have 400 machines by December 2025; phase 2 will add another 400 machines later. - Young Brand acquisition (completed on June 21) is a strategic investment, contributing INR 300 crores revenue and INR 32-35 crores EBITDA in FY25. - Expansion plans include increasing capacity in existing setups, acquiring new factories (like Young Brand), and offshore production in Sri Lanka on a contract basis. - Cross-selling opportunities between S.P. Apparels and Young Brand customers to leverage existing capacities. - Efforts to enhance utilization by mobilizing and training workforce aiming for 90%+ capacity utilization in next 4-5 months. - No immediate plans for new factories in Eastern India; growth will come from existing and acquired facilities.

- Growth driven by increased utilization of existing garment capacity and new production capacity additions, including the Sivakasi greenfield project and Sri Lanka operations. - Young Brand acquisition expected to contribute around INR 300 crores revenue in FY25 with potential EBITDA margin of 15%-18%. - Cross-selling opportunities with Young Brand and existing customers to boost sales, especially in U.S. and European markets. - Capacity utilization targeted to reach 90%+ over next 4-6 months with consistent labor inflow and training. - Sri Lanka operations running on contract model, expected to ramp up to 1,000 machines gradually. - S.P. U.K. division aiming to double revenues in coming years with order book of GBP 4.4 million and positive EBITDA expected from Q3 FY25. - Overall organic growth guidance remains around 10%, supported by new factory additions and market expansion. - Increasing adult garment category share expected to improve average realizations over time.

- Company expects growth driven by increased capacity utilization and new production capacity in the garment division, including the new Sivakasi facility adding 400 machines starting H2 FY25. - Young Brand acquisition projected to contribute around INR 300 crores revenue and INR 32-35 crores EBITDA in FY25. - Sri Lanka operations targeted to reach 1,000 machines by FY25-end, contributing positive returns. - Garment division EBITDA margin for Q1FY25 stood at 17%; scope to improve margins via cost control, material sourcing, and operational efficiencies. - Retail division aims to break even by end of FY25, focusing on Crocodile and Angel & Rocket brands. - S.P. UK segment expected to show positive EBITDA from Q3FY25 with order book visibility at GBP 4.4 million. - EBIT margin improvements expected through cross-selling and organic growth. - Management confident of achieving 10% organic growth and overall earnings growth despite short-term challenges.

- Current order book for S.P. UK is GBP 4.4 million, with orders executable over the next few months (Q4 shipment expected in October-November). - Young Brand's order book is around INR 75 crores, with Q1FY25 revenue of INR 59 crores. - Orders for new Sri Lanka operations are pending customer audits; orders expected to start at month-end or early next month. - Customer inquiries are high due to China Plus One strategy, but conversion takes time (1-2 years). - Existing order book for expansion projects is ready; customers are underwriting factories. - Capacity utilization expected to reach 90%+ within 6 months, aided by increasing labor availability. - Cross-selling opportunities expected to bring additional orders from both existing and new customers over 6 months. - Order inflow expected to match or exceed outflow ensuring steady growth.