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Page Industries Limited: Ratings Reaffirmed; Rated Amount Enhanced

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Page Industries Limited: Ratings Reaffirmed; Rated Amount Enhanced December 20, 2019 Page Industries Limited: Ratings reaffirmed; rated amount enhanced Summary of Rating Action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Long-term fund-based facilities 240.00 369.83 [ICRA]AA(Stable); reaffirmed Short-term non-fund based facilities 80.00 80.00 [ICRA]A1+; reaffirmed Long-term/ Short-term unallocated [ICRA]AA(Stable)/[ICRA]A1+; 0.00 11.40 bank facilities reaffirmed Total Bank Facilities 320.00 461.23 *Instrument details are provided in Annexure-1 Rationale The ratings continue to derive strength from Page Industries Limited’s (PIL’s) strong operational profile with a leading share in the domestic innerwear market, underpinned by its access to an established and well-known brand (Jockey) and pan-India multi-channel distribution network. This, coupled with the company’s hold over design and manufacturing, continues to support healthy revenue growth while maintaining a strong profitability. PIL’s financial profile also remains robust, characterised by its industry-leading profitability, conservative capital structure and comfortable debt-coverage indicators. ICRA notes that PIL witnessed slower revenue growth across product categories in FY2019 and H1 FY2020 amid sluggish growth in retail consumption in the domestic market and increasing competition in the branded innerwear segment. Besides an increased focus of established domestic innerwear manufacturers on the premium segment and foray of large domestic branded garment manufacturers into the innerwear segment, several foreign brands have now entered the market through the franchisee route. Nevertheless, PIL has an established track record of having fended off competition in the past, which together with its demonstrated ability to sustain its profitability in high-double digits, provides comfort. Although the dividend payouts have been large, particularly in FY2019, and operations remain working capital intensive, the healthy cash accruals generated by the company have remained sufficient to fund the growth over the years, thereby keeping its dependence on debt quite low. The long-term rating, however, continues to be constrained by the product and brand concentration risks resulting from PIL’s presence in a small segment of the overall branded apparel industry, with a single brand accounting for majority of its revenues. While the company has taken steps to diversify its product and brand profile by its foray into the swimwear segment through a tie-up with the Speedo brand since FY2012, its scale of operations in this segment remains modest. Besides, the company remains exposed to the geographical concentration risk arising from the location of all its labor- intensive manufacturing units in the state of Karnataka. While ICRA notes that the company is planning to set up greenfield capacities at other locations to geographically diversify its manufacturing base, the capex is at a nascent stage at present. In this context, the company’s extensive focus on labour management provides comfort. The Stable outlook on PIL’s rating reflects ICRA’s belief that its continued access to the Jockey brand on stable royalty terms, widespread multi-channel distribution network as well its demonstrated ability to pass on price hikes will continue to support its revenue growth as well as healthy operating margins, despite intensifying competition. The resultant minimal reliance on debt for funding expansion as well as working capital requirements is expected to keep the company’s capitalisation and coverage indicators robust. 1 Key rating drivers and their description Credit strengths Leadership position in the premium innerwear segment, aided by strong and established brand and pan-India distribution network: PIL is the exclusive licensee of the US-based Jockey International Inc. (JII) for manufacture and distribution of the Jockey brand of innerwear and leisurewear in India, the United Arab Emirates (UAE), Sri Lanka, Republic of Maldives, Bangladesh, and Nepal. The company has a long-standing association with JII since the commencement of its operations in 1994, with the current licence agreement being valid up to December 31, 2040. In India, which accounts for almost the entire portion (99%) of the company’s revenues, Jockey is distributed through an established pan-India multi-channel distribution network, encompassing over 55,000 points of sale in about 1,900 cities. Supported by the strong distribution network and aspirational brand recall, Jockey has achieved a leadership position in the premium innerwear segment in the domestic market. It is the largest-selling innerwear brand in the country in value terms, with a track record of industry-leading revenue growth and profitability. Robust financial profile characterised by industry-leading profitability, conservative capital structure and strong liquidity and debt-coverage indicators: Supported by its established market position, PIL has consistently delivered strong revenue growth, while maintaining industry-leading profitability (Return on Capital Employed or RoCE of over 60% in FY2012-2019). ICRA notes that PIL witnessed slower revenue growth across product categories in FY2019 and H1 FY2020 amid sluggish growth in retail consumption in the domestic market and increasing competition in the branded innerwear segment. Nevertheless, the company continues to report healthy profit figures. The resultant healthy cash flows, despite large dividend payouts (particularly in FY2019) and working-capital intensive nature of operations, have remained sufficient to fund the growth, thereby minimising dependence upon debt. This has helped PIL consistently maintain a conservative capital structure (TOL/TNW of 0.77 times as on September 30, 2019). This is further corroborated from its track record of maintaining a peak debt/OPBDITA of less than 0.5 times during the last five years (FY2015-2019) and less than 1.5 times during the last decade (FY2010-2019). Even though PIL has planned debt-funded capital expenditure to set up the greenfield capacities in the near term, its cash flows are expected to remain robust and repayment obligations minimal. Low leverage with limited debt repayments, coupled with strong profitability are expected to continue to result in strong cash flows and debt-coverage indicators. ICRA also notes that PIL’s liquidity position remains strong with adequate undrawn working capital limits and unencumbered cash balances. Favourable growth prospects for the branded innerwear industry: Like the broader branded-apparel industry, growth prospects for the branded innerwear segment remain healthy in the medium term, given India’s favourable demographic profile. This augurs well for Jockey due to its strong and established aspirational brand recall. Credit challenges High dependence on a single product segment and brand, besides geographical concentration of manufacturing facilities - While PIL has expanded its product portfolio over the years to offer a complete range of innerwear and leisurewear, it continues to be present in a small segment of the overall branded apparel industry, with a single brand accounting for most of its revenues. ICRA notes that the competition is also intensifying in this target segment due to increased focus of domestic innerwear manufacturers on the premium segment, corroborated from their increased spending on brand-building, entry of foreign brands through the franchisee route and foray of large domestic branded garment manufacturers into the innerwear segment. The concerns are heightened by the company’s dependence on a single brand – Jockey, which accounts for more than ~98% of its revenues. While the company has taken steps to diversify its product as well as brand presence by venturing into the swimwear segment through a tie-up with Speedo brand, its scale remains modest. Further, while PIL has manufacturing capacities spread across multiple manufacturing 2 units, these remain concentrated in Karnataka. The resulting geographical concentration of its manufacturing base is a concern given the highly labour-intensive nature of the industry with instances of labour-related troubles affecting operations of established players in the past. While ICRA notes that the company is planning to set up greenfield capacities at other locations to geographically diversify its manufacturing base, the capex is at a nascent stage at present, with new capacities likely to commission by end of FY2021. In this context, the company’s extensive focus on labour management provides comfort. High working-capital intensity: PIL’s operations are characterised by high working-capital intensity (Net Working Capital/ Operating Income or NWC/OI of ~18 to 20%) due to the high inventory-holding requirements of the business (135 days as of September 2019 and 148 days as of March 2019). The high inventory level is because of the nature of the business, wherein the manufacturing cycle is long and the number of stock-keeping units (SKUs) is large. As a result, enough raw material and finished goods inventory need to be maintained to meet the pan-India requirements in a reasonable time frame. Nevertheless, ICRA draws comfort from the outright sale model followed by the company for most of its sales, which mitigates the risk of obsolete inventory due to unsold stock or sale returns. Further, ICRA notes that PIL’s working- capital intensity is lower compared to other large domestic players in the innerwear segment. Also, the risk of obsolete inventory/design
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