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<strong>ICRA</strong> Equity Research Service<br />
<strong>Kewal</strong> <strong>Kiran</strong> <strong>Clothing</strong> <strong>Limited</strong><br />
<strong>Kewal</strong> <strong>Kiran</strong> <strong>Clothing</strong> <strong>Limited</strong> – P&L Estimates (Consolidated)<br />
Rs. Crore FY10a FY11a FY12e FY13e FY14e<br />
Net sales 175.3 235.3 313.9 397.6 483.6<br />
Other related income 0.6 1.2 1.5 1.9 2.4<br />
Operating Income (OI) 175.9 236.5 315.5 399.5 485.9<br />
Growth Rate (%) 21.0% 34.4% 33.4% 26.7% 21.6%<br />
EBITDA 48.1 68.9 80.8 100.4 119.7<br />
Depreciation 5.8 5.9 7.0 8.6 10.6<br />
EBIT 42.2 63.0 73.9 91.8 109.1<br />
Interest expenses 2.3 2.1 1.2 1.4 1.4<br />
Other income/expense 8.9 8.3 8.9 9.6 10.2<br />
PBT (before extraordinary) 48.7 69.3 81.5 99.9 117.8<br />
Extraordinary Gain/Loss 0.0 0.0 0.0 0.0 0.0<br />
PAT 32.5 46.2 54.4 66.7 78.6<br />
PAT (concern share) 32.5 46.2 54.4 66.7 78.6<br />
No of shares 12,325,037 12,325,037 12,325,037 12,325,037 12,325,037<br />
DPS 85.5 40.8 17.0 20.8 24.5<br />
EPS 26.4 37.5 44.2 54.1 63.8<br />
CEPS 31.1 42.3 49.8 61.1 72.4<br />
<strong>Kewal</strong> <strong>Kiran</strong> <strong>Clothing</strong> <strong>Limited</strong> – Balance Sheet Estimates (Consolidated)<br />
Rs. Crore FY10a FY11a FY12e FY13e FY14e<br />
Net worth 175.2 197.8 227.7 264.4 307.6<br />
Minority interest 0.0 - - - 0.0<br />
Total Debt 15.8 5.6 8.0 8.0 8.0<br />
Non-Operating Non Current Liability 0.0 0.0 0.0 0.0 0.0<br />
Deferred Tax Liability (1.7) (1.6) (1.6) (1.6) (1.6)<br />
Trade Creditors 16.0 18.2 23.0 29.4 36.0<br />
Other Current Liabilities and Prov. 13.8 30.3 45.8 57.0 68.3<br />
Total liabilities 219.2 250.2 302.9 357.2 418.2<br />
Net Fixed Assets 40.0 40.6 48.6 60.0 74.4<br />
Capital Work in Progress 2.7 2.1 2.1 2.1 2.1<br />
Total Net Fixed Assets 42.7 42.7 50.8 62.2 76.6<br />
Total Long-Term Investments 32.9 26.8 26.8 26.8 26.8<br />
Cash and Bank Balances 80.2 95.3 107.1 115.3 125.2<br />
Receivables (incl. bills discounted) 24.1 29.8 44.9 62.5 82.9<br />
Inventories 21.8 36.8 48.4 58.8 68.3<br />
Loans & Advances 1.4 2.0 2.7 3.4 4.1<br />
Other Current Assets 16.0 16.7 22.3 28.2 34.3<br />
Total Current Assets 143.5 180.7 225.3 268.1 314.8<br />
Total Assets 219.2 250.2 302.9 357.2 418.2<br />
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