Any current/future new fundraising through debt or equity?

No explicit mention of any current or planned new fundraising through debt or equity in the transcript. Discussion on liquidity indicates a strong position with cash and cash equivalents of INR 121 crores and net debt of INR 40 crores as of March 31. Retail business cash loss of INR 6-7 crores in the current year may require Board decision on further support, but no clear indication of fresh capital allocation or fundraising. Board is to decide on capital allocation, especially concerning retail segment funding. No direct mention of seeking external investors or equity infusion at present; pre

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

New factory construction at Sivakasi is planned, with construction starting in July 2023 and expected to be operational in 12 months. Plans to increase capacity by about 20% from the Sivakasi unit. Considering a second shift to utilize existing capacity without additional capital expenditure. Continuing installation of rooftop solar energy plants in new and existing factories, targeting 1-2 megawatts capacity addition every year. Factory consolidation completed by closing smaller factories and transferring employees to bigger units for better efficiency. No further factory closures p

Future growth expectations in sales/revenue/volumes?

Garment division growth is expected to be around 14% to 15% for FY '24 (Page 9, 10, 11). Volume growth in garments is anticipated to be about 20% to 22% (Page 10). Capacity utilization currently at 70%, with potential to increase by 10%-15% and additional 20% capacity from Sivakasi factory (Page 4, 11). Expansion via second shift to increase capacity without capital expenditure is being considered (Page 11). Order book size is INR 365 crores, with expectations for quarter-on-quarter increase (Page 6, 14). Emerging inquiries from new customers in U.S. and EU expected to drive growth (Page 4). R

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

The company targets **14%-15% growth in the Garment division for FY '24**, considered achievable. PAT (Profit After Tax) growth is expected to be substantially higher due to normalization in spinning and retail segments. EBITDA margins for the Garment division are guided to be sustained around **18%**, with management confident this level is achievable regardless of cotton price fluctuations. The retail business is expected to reach **EBITDA breakeven next year** on a consolidated basis, led by improved performance of the Crocodile brand offsetting losses in the newer brands. Capacity

Current/ Expected Orderbook/ Pending Orders?

Current order book size: INR 365 crores (as of the latest quarter). The order book is solid and booked till August. Order book includes both long-term orders (for up to 1 year) and short-term urgent deliveries; hence, it doesn't directly correlate with quarterly revenue. Management expects a quarter-on-quarter increase in the order book. Despite a reduction in average price per piece (from INR 140-150 to INR 120-130), order volumes and orders continue to increase, especially in baby garments. The company benefits from customer consolidation, leading to increasing orders from existing

S P ApparelsQ4 FY23Textiles & Apparels

S P Apparels Q4 FY23 Earnings Call Analysis

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

Price: ₹846.7P/E: 20.3Market Cap: ₹2.1K CrSector: Textiles & Apparels

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

Garment division growth is expected to be around 14% to 15% for FY '24 (Page 9, 10, 11).
Volume growth in garments is anticipated to be about 20% to 22% (Page 10).
Capacity utilization currently at 70%, with potential to increase by 10%-15% and additional 20% capacity from Sivakasi factory (Page 4, 11).
Expansion via second shift to increase capacity without capital expenditure is being considered (Page 11).
Order book size is INR 365 crores, with expectations for quarter-on-quarter increase (Page 6, 14).
Emerging inquiries from new customers in U.S. and EU expected to drive growth (Page 4).
Retail division (Crocodile and new brands) aims to break even EBITDA next year, with Crocodile expected to contribute more positively (Page 8, 9).
Spinning is captive; growth impact mainly on EBITDA margin, not revenue (Page 14).

Margin guidance

Category 3

The company targets 14%-15% growth in the Garment division for FY '24, considered achievable.
PAT (Profit After Tax) growth is expected to be substantially higher due to normalization in spinning and retail segments.
EBITDA margins for the Garment division are guided to be sustained around 18%, with management confident this level is achievable regardless of cotton price fluctuations.
The retail business is expected to reach EBITDA breakeven next year on a consolidated basis, led by improved performance of the Crocodile brand offsetting losses in the newer brands.
Capacity utilization is around 70%, expected to increase by 10-15%, which should support volume and profitability growth.
New factory in Sivakasi expected to be operational within 12 months, enhancing capacity and future growth.
Overall, management expresses confidence in year-on-year better results and ambitious plans over the next 5 years.

See what S P Apparels management said on margin guidance — free account, 30 seconds.

Fundraise plans

No explicit mention of any current or planned new fundraising through debt or equity in the transcript.
Discussion on liquidity indicates a strong position with cash and cash equivalents of INR 121 crores and net debt of INR 40 crores as of March 31.
Retail business cash loss of INR 6-7 crores in the current year may require Board decision on further support, but no clear indication of fresh capital allocation or fundraising.
Board is to decide on capital allocation, especially concerning retail segment funding.
No direct mention of seeking external investors or equity infusion at present; preference seems to be internal capital management and selective investments.

Order book

Yes

Current order book size: INR 365 crores (as of the latest quarter).
The order book is solid and booked till August.
Order book includes both long-term orders (for up to 1 year) and short-term urgent deliveries; hence, it doesn't directly correlate with quarterly revenue.
Management expects a quarter-on-quarter increase in the order book.
Despite a reduction in average price per piece (from INR 140-150 to INR 120-130), order volumes and orders continue to increase, especially in baby garments.
The company benefits from customer consolidation, leading to increasing orders from existing customers and potential new customers in the pipeline.
Lead time for orders generally ranges from 90 to 120 days.

See what S P Apparels management said on order book — free account, 30 seconds.

Capex plans

Yes

New factory construction at Sivakasi is planned, with construction starting in July 2023 and expected to be operational in 12 months.
Plans to increase capacity by about 20% from the Sivakasi unit.
Considering a second shift to utilize existing capacity without additional capital expenditure.
Continuing installation of rooftop solar energy plants in new and existing factories, targeting 1-2 megawatts capacity addition every year.
Factory consolidation completed by closing smaller factories and transferring employees to bigger units for better efficiency.
No further factory closures planned; focus is on capacity expansion within existing factories.
Capital allocation for FY '24 focuses on core garmenting area capex, though specific guidance is awaited from management/board decisions.

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S P Apparels Q4 FY23 Earnings Call Analysis

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Fundraise plans

Capex plans

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What S P Apparels's management said in earlier quarters

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