- Net revenues stood at Rs. 1330.1 crores, up by 36% compared to Rs.978.2 crores in Q4FY16.
- EBITDA improved by 27.3% to Rs. 262.1 crores translating to EBITDA margin of 19.7%.
- PAT grew by 63.6% to Rs. 99.7 crores against Rs. 60.9crores in Q4FY16.
- PAT, including comprehensive income, up by 50.8% to Rs. 91.7 crores.
- Outstanding loans of Rs. 132 crores repaid including high cost debt of Rs.68 crores.
- Segment-wise Performance
- Textiles Segment
- Revenues up by 40.1% at Rs. 1055.8 from Rs. 753.5crores in Q4FY16, YoY.
- EBITDA was up by26.9% to Rs. 180.1 crores; EBITDA margins stood at 17.1%.
- Paper Segment
- Revenues up by 3.5% to Rs. 225.4 croresfrom to Rs. 217.8 crores in Q4FY16.
- EBITDA sharply up by 28.1% to Rs. 82 crores;EBITDA margins of 36.4%, up by 699 basis points YoY.
- Net revenues increased by 29.3% to Rs. 4839.3 crores.
- EBITDA Improved by 29.9% to Rs. 991.9 crores translating to EBITDA margin of 20.5%
- PAT stood at Rs. 337 crores, up by 39.1% compared to Rs. 242.3 crores in FY16
- PAT stood at Rs. 337 crores, up by 39.1% compared to Rs. 242.3 crores in FY16.
- PAT including comprehensive income, improved by 33.6% to Rs. 331.7 crore.
- Net Debt stood at Rs. 2714.5 crores as on 31st March 2017, down from Rs. 3420.8 crores as on March 31, 2016.
- Net Debt to Equity Ratio stood at 1.0 against 1.4 as on 31st March 2016.
- Free Cash Flow stood at Rs. 749.4 crores for FY17.
- Repaid a total of Rs. 576 crores in FY17 including Rs. 227crores of high-cost debt.
- Long-term debt as on 31st March 2017 stood at Rs. 2048 crores, of which 75% (Rs. 1552 crores) is covered under the TUF scheme.
- Segment-wise Performance
- Textile Segment
- Revenues stood at Rs. 3864.1 crores, up by 34.2% YoY.
- EBITDA increased by 31.9% to Rs. 690 crore s; EBITDA margins stood at 17.9%.
- Paper Segment
- Revenues up by 5 % to Rs. 872.4 crores.
- EBITDA u p by 25.7% to Rs. 301.9 crores; EBITDA margins at 34.6%, up by 569 basis points YoY.
- For Q4, Yarn operated at 96% utilization; Bath Linen at 54% utilization; Bed Linen at29% utilization; and Paper at 88% utilization.
- Full-year rates are 93% for Yarn; 50% for Bath Linen; 29%for Bed Linen; 89% for Paper.
- In FY 2018,expected Bath Linen utilization is 55%-60%; Bed Linen utilization is40%-50%.
- FOREX realization was Rs 40 crores for Q4, highest ever in any quarter.
- Hedging is done with 4-5 months of hedge position;30%-40%, and open at 50%-60%.
- India's export share to U.S. is right now around 40% in Towel and 50% in Bed Sheet.
- Company market share of towel in U.S. for the calendar year 2016 is around 13%.
- Other income of Rs. 49 crores in Q4.
- FOREX gain is Rs. 40 crores.
- Interest income is about Rs. 5 crores from the customers and vendors
- Other small amounts are insurance claims and others.
- EBITDA Margin guidance for FY18 is 18%-22%.
- Total gross borrowings are Rs. 2,852 crores; net borrowings are at Rs. 2,714 crores
- Out of the total borrowings, TUF based loan is Rs. 1,552 crores and short-term borrowing is Rs.804 crores.
- Scheduled repayment for FY18 is about Rs. 300 crores.However, expected repayment is about Rs. 400-450 crores.
- Average cost of debt is around 4%, but Rs. about 500 crores still cost 10%-10.5%.
Home Textile Segment
- Cotton inventory dipped by Rs. 100 crores as compared to last year.
- Internal consumption for Yarn is 35% for FY17, and 37% for Q4, expected to be 40%-45% in FY18 due to utilization improvement.
- Breakeven at EBITDA level for Bed Linen expected in Q2FY18 when capacity utilization is 40%.
- For Bed and Bath Linen, CAGRwas 3% to 4% in the Europe.
- CAGR in US for last 4-5 years was 4% to 5%.
- In FY 2018 expected CAGR is 3% to 4% in U.S. market.
- Paper price increase in Q4FY17 is 4%.
- Upgradation of Paper machines can be expected in the coming quarters with CAPEX of about Rs. 100-200 crores spread over 2-3 years.
- Effective tax will be around 27% - 28% in FY 2018 also.
- Ratio of branded vs Copier segment in Paper business is around 50%-55%.
- No expansion is expected for any of the businesses
- The focus would be on debottlenecking of Bath and Bed Linen, costing about Rs. 50-100 crores for FY18.
- From FY16 and FY17, the Yarn realizations has improved by double-digit.
- Bath Linen is more or less flat in FY 2016 and FY 2017.
- For Bed Linen, this is the first year of operations, with an improving quarter-on-quarter.
- In a 5-years period, the Towel realization has been improved significantly, currently at 70% - 80%.
- 2 years back market share in U.S. Towel exports was around10% - 11%, now up to 13% for the calendar year 2016.
- For India, market share in U.S. market is around 40% to 42% in Bath Linen and 50% to 52%in Bed Linen