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Lux Industries Ltd Initiating Coverage |Textile 01 Nov 2018 Radhika Modi - Assistant Research Analyst ([email protected]); 0261-6725518 Investors are advised to refer through important disclosures made at the last page of the Research Report. Jainam Share Consultant research is available on www.jainam.in 1 Jainam share Consultant Pvt Ltd. Sector : Textile Index A. Company Overview 1. About…………………………………………………………………………..4 2. Investment Rationale………………………………………………………….5 3. Risk……………………………………………………………………………..7 4. Brief Conclusion………………………………………………………………..7 B. Industry Overview 1. Indian Innerwear Industry……………….……………………………………8 2. Men innerwear Market………………………………………………………..9 3. Women innerwear Market…………………………………………………..10 4. Growth Drivers……………………………………………………………….11 C. Business of the Company 1. Presence of the Company………………………………………………………………………….12 2. Milestones………………………………………………………………………………………………..13 3. Business Process……………………………………………………………………………………….14 4. Product and Segment………………………………………………………………………..………15 5. Brand………………………………………………………………………………………………………..16 6. Brand Ambassador…………………………………………………………………………………….17 7. Merger………………………………………………………………………………………………………18 8. Top Shareholders……………………………………………………………………………………...20 9. Management…………………………………………………………………………………………….21 D. Financial Outlook 1. Profit & Loss……………………………………………………….…………………………………….22 2. Ratio…………………………………………………………………………………………………………23 3. Balance Sheet……………………………………………………………………………………………24 4. Cash Flow Statement…………………………………………………………………………………24 5. Half-Yearly Update……………………………………………………………25 E. Analysis 1. Peer Analysis………………………………………………………………….28 2. Valuation…………………………………………………………………...…29 2 Jainam share Consultant Pvt Ltd. Sector : Textile F. Conclusion 1. Recommendation……………………………………………………………..31 2. Sources………………………………………………………………………..32 3. Full Form & Glossary………………………………………………………….33 4. Report Gallery………………………………………………………………...34 5. Disclaimer……………………………………………………………………..35 3 Jainam share Consultant Pvt Ltd. Sector : Textile Company Overview About Lux Industries Ltd. Rating: BUY Target: 1755 Lux Industries Limited, incorporated in 1995 is Horizon: 12 months Potential upside: 14% one of the largest players in the hosiery business having a market share of ”20% of the organized industry. It is into the Latest Date 1st November manufacturing and marketing of Men’s, Current Market Price(Rs) 1557.00 Women’s & Kids lnnerwear, Winter wear, 52 week high (Rs) 2089.95 Socks & Slacks for Women in varied colors 52 week low (Rs) 1194.65 and designs. It has more than 100 products across 12 brands and with focus on growing TTM EPS(Rs) 31.38 exclusive retail outlets, the company’s TTM P/E(x) 50.33 products are available in 450000 retail points Price/BV(x) 12.45 spread across India. It has 6 manufacturing EV/TTM EBITDA 27.39 facilities and has a presence across the globe with exports to 47 countries largely Dividend Yield(%) 0.13 comprising Middle East, Africa, Australia and Current Book Value(Rs.) 126.67 Europe. Market Cap (Rs in Crs) 3828.73 In 2017-18, Artimas Fashion Private Limited RoE (%) 24.73 became the wholly owned subsidiary of Lux Industries and has acquired manufacturing RoCE (%) 22.75 and marketing rights of Virat Kohli's brand DEBT/EQUITY (x) 1.03 One8 No. of shares (in cr.) 2.53 MERGER The Board of Directors have approved the scheme of merger of J.M. Hosiery & Co. Limited (JMHL) and Ebell Fashions Private Limited (EFPL) with Lux Industries Limited(LIL).They are both private limited company owned by the promoters of the company. J.M. Hosiery owns the men’s brand GenX and Ebell Fashions owns the women’s brand Lyra. Exchange: BSE BSE Code: 539542 Current Market Price: 1557.00 Date: 01-Nov-18 4 Jainam share Consultant Pvt Ltd. Sector : Textile Investment Rationale Strong Distribution Network : The distribution of Lux is very strong and the company is expanding it. Company has 950+ distributors, 160 large format stores and 9 Exclusive Brand Outlets. It is one of the few companies to have Exclusive Brand Outlets (EBO). Company has strong presence in Northern, Eastern and Western region which contributes to 65% of revenue. To provide customers with a seamless buying experience, the company’s products are available in 450000 retail points spread across India. Since the company has weak presence in southern region, it is focusing on expanding in the specified region by introducing 30-40 distributors on YoY basis for coming two years. Number FY00 FY05 FY10 FY15 FY18 Distributors 300 400 650 900 950+ Retailers 75000 120000 260000 450000 450000 Implementation of GST: The inner wear industry is largely dominated by unorganized players.The market share of organized sector is 50% and that of unorganized sector is 50 %. Post GST, the cost differential between the organized and unorganized sector declined from 12% to 5%. Therefore, Implementation of GST will be beneficial for the organized player in the inner wear industry. To cater the share of unorganized sector in mass segment, Lux has endorsed Mr. Amitabh Bachchan as Brand Ambassador of Lux Venus (mass segment brand) Premiumization : There is an increase in premium brand contribution to revenue and margins are also expanding. The ONN brand which caters to premium segment is growing revenue at 30%. Source : Investor Presentation MERGER : The merger of J.M. Hosiery and Ebell Fashions ltd. with Lux industries will increase the bottom line figure by 47% and debt-equity ratio will come down from 1x to 0.9. Lyra brand (owned by Ebell Fashion ltd.) has a market share of 38% in mid to premium segment which will be beneficial for Lux Industries. 5 Jainam share Consultant Pvt Ltd. Sector : Textile Collaboration with International Brand - Lux Industries has entered into an agreement with ONE 8, Virat Kohli’s brand management company. Company will be manufacturing and marketing a unique collection of socks, innerwear and sleepwear globally. With One8 Lux gained to disrupt premium inner wear segment. One 8 production process is going on and selling will start in Q4FY19. Brand earning : Lux has invested Rs. 386 Cr in brands across the 6-years ending FY18 but Lux profit from every rupee invested in brand spending increased from 5.74% in FY13 to 9.55% in FY18. It has Sustained brand investments at 8% of turnover. Source : Investor Presentation Export - The company is increasing its global presence by increasing the exports. Primarily Lux has always been exporting to the gulf countries and the African nations which forms the bulk of exports but now they are also looking into developed market such as France. Export forms 10% of the top line of Lux. Countries Exported FY13 FY14 FY15 FY16 FY17 22 32 46 47 47 . 6 Jainam share Consultant Pvt Ltd. Sector : Textile Risks Cash Conversion Cycle: The cash conversion cycle of the company is 149 days for FY18 but as per the management they are trying to reduce the working capital days by 20-30 days and its effect should be seen in Q3FY19 or Q4FY19. Volatility in Raw Material prices: The prices of the raw material like yarn, cotton and chemicals could impact the gross margins of the company but the company is backwardly integrated which help them in cost-saving. Fashion Trend: The industry and the trend are rapidly changing and the company needs to adapt those changes so that they don’t lose the customers. Competition : The company has a major competition form the unorganized sector as it forms 50% of the total inner wear industry. Also, the company face huge competition from its peers. Brief Conclusion At the CMP of Rs.1557, stock is trading TTM P/E of 47.27x and TTM EPS of Rs.32.59. Company is having more than 100 products across 12 brands with strong distribution network and has been benefited with GST. Also, LYRA brand is going to merge with Lux Industries, speeding higher on brand building. We recommend our Investors to “BUY on DIPs" the stock with potential upside of 14% with Horizon of 1 year. 7 Jainam share Consultant Pvt Ltd. Sector : Textile Industry Overview Indian Innerwear Industry The Indian inner wear market is estimated at Rs. 24,000 crore in 2015. The segment has grown at 15% during the period from 2010 to 2015. The inner wear market is estimated to continue at the same growth rate over the next five years and expected to become a Rs. 47,000 crore market which is nearly 8% of the total estimated apparel market, by the year 2020. Source : Lux Annual report Indian intimate wear market is dominated by women’s segment which currently forms over 60% of the overall market and is valued at Rs. 14,500 crores. This segment has outperformed the overall market as well as men’s segment, which currently holds ~ 35% of the total market. Kid’s intimate wear market merely has a 4% share in total market. Figure 5: Chart showing Category wise Market Size (Values - `/Crore) Source : Lux Annual report 8 Jainam share Consultant Pvt Ltd. Sector : Textile Source : Lux Annual report Men Inner wear Market The men’s inner wear market is valued at around Rs. 8,500 crore in 2015. It has grown at a CAGR of 14% since 2010. With increasing disposable income and changing consumer’s attitude towards the category, the segment is expected to maintain the growth to reach Rs 16,500 crore by 2020. Source : Lux Annual report 9 Jainam share Consultant Pvt Ltd. Sector : Textile The men’s inner wear market is characterized by the presence of numerous Indian and international brands catering to different segments of the market. The different sub-categories of men’s inner wear include vests, briefs / boxers, basic T-shirts, shorts / pyjamas, sleepwear and active wear. Consumers mostly purchase branded products for vests and brief / boxers, which are the largest category offerings from leading inner wear brands. Source : Lux Annual report Women Inner wear Market The women’s inner wear market worth 14500 crore is one of the fastest growing categories within the women’s apparel segment. This category is growing at a CAGR of 14% and is expected to reach 28000 crore by 2020. The women’s inner wear market is considered to be more dynamic, with many design variations and the regular introduction of innovative products.
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