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Khadim India Ltd: 1 director bought
A director at Khadim India Ltd bought 12,997 shares at 114.626INR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Mehul Desai
Khadim India's Q3FY20 results (Neutral) - Weak performance...
Q3FY20 result highlights Net sales decreased by 1% yoy to Rs1.75bn (est: Rs1.9bn), EBITDA decreased by 72% yoy to Rs35m, reported loss came in at Rs132m vs PAT of Rs39.7m in base quarter. The IND AS has positive impact of ~Rs90.5m on EBITDA. Adjusting for the same, quarter had EBITDA loss of Rs55.6m. Gross margins declined by 140bps yoy but were up 210bps qoq to 40%. Lower discounting/better mix in retail and input cost benefit in distribution business supported gross margins. Staff cost inc...
- Mehul Desai
Khadim India's Q2FY20 results (Neutral) - Weak performance, recovery t...
Q2FY20 result highlights Net sales decreased by 2% yoy to Rs2.2bn (Rs2.3bn), EBITDA decreased by 18% yoy to Rs154.5m, reported loss came in at Rs15m vs PAT of Rs86.9m in base quarter. The IND AS has positive impact of ~Rs75m on EBITDA. Adjusting for the same, comparable EBITDA declined by 58% yoy to Rs79m. Gross margins declined by 10bps yoy to 37.9%. Retail gross margins were down 160bps yoy to 44.3% (one month of EOSS in 2QFY20). Distribution gross margins were up 250bps yoy to 27%. Staf...
- Mehul Desai
Khadim India's Q4FY19 results (Neutral) - Weak FY19, execution in FY20...
Q4FY19 result highlights Reported net sales increased by 5% yoy to Rs 2.1bn (est:Rs1.97bn). EBITDA decreased by 48% yoy to Rs 93m (est:Rs155m), PAT declined by 88% yoy to Rs12m (est: Rs72m). Retail business revenues decreased by ~4% yoy to Rs1.2bn while distribution business sales increased by 21% yoy to Rs556m. The quarter also had institutional order of ~Rs300m. Retail gross margins increased by 170bps yoy to 42.8% while Distribution business gross margins dipped by 150bps yoy to 29.9%. ...
Khadim India's Q3FY19 results (Neutral) - Weak performance across segm...
Q3FY19 result highlights Net sales decreased by 14% yoy to Rs 1.76bn (est:Rs2.26bn). EBITDA decreased by 38% yoy to Rs 123m (est:Rs193m), PAT declined by 55% yoy to Rs40m (est: Rs98m). Retail business revenues increased by 1.5% yoy to Rs1.3bn while distribution business sales increased by 2.5% yoy to Rs490m. Retail gross margins increased by 50bps yoy to 48% while Distribution business gross margins dipped by 630bps yoy to 33%. Gross margins increased by 360bps yoy on account of improved mi...
Khadim India's Q1FY19 results (Outperformer) - Weak start…revenue tr...
Q1FY19 result highlights Net sales increased by 8.7% yoy to Rs 1.9bn (est:Rs1.9bn). EBITDA decreased by 1% yoy to Rs 166m (est:Rs180m), PBT increased by 1.5% yoy to Rs115m. PAT was flat yoy at Rs74m (est: Rs89m) Retail business net revenue growth was flattish largely impacted by higher base (1QFY18 had higher growth due to pre-GST sales) while distribution business sales increased by 24% yoy. Gross margins improved by 120bps yoy Retail gross margins increased by 80bps yoy while distribution...
Khadim India's Q4FY18 results (Outperformer) - In line results... reve...
Q4FY18 result highlights Khadim 4QFY18 results were largely in line with expectations. Net sales increased by 31% yoy to Rs 1.96bn. EBITDA increased by 20% yoy to Rs 178m, PBT increased by 48.6% yoy to Rs141m. PAT declined by 1.5% yoy to Rs102m. Retail business revenues increased by 19% yoy while distribution business sales increased by 44% yoy. The quarter also had institutional sales of Rs 219m versus Rs75m in the base quarter. Gross margins declined by 220bps yoy due to inferior mix and ...
Initiating coverage: Khadim India (Outperformer) - On the right foot
We see Khadim India Ltd (KIL) as a key beneficiary of the untapped potential (58% unbranded market) of India’s US$7.2bn footwear industry. Our estimate of 16% revenue and 21% EBITDA CAGR over FY18-20E is driven by the company’s two-pronged strategy of 1) expanding exclusive retail network (13.4% revenue and 9% store addition CAGR), and 2) ramping up distribution-led (27% revenue CAGR) business. Over last 5 years, the company has successfully diversified its footwear business through varied regi...
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