Lovable Lingerie Ltd (LOVLIN) - ICICI Direct

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Financial summaryProfit and loss statement(| Crore)(Year-end March) FY11 FY12E FY13E FY14ETotal operating Income 104.0 133.0 165.7 198.4Growth (%) 19.6 27.8 24.6 19.7Raw Material Expenses 49.2 52.8 80.1 94.0Employee Expenses 11.6 15.5 17.9 22.2Manufacturing Expenses 3.3 4.3 5.4 7.5Selling Expenses 20.4 27.7 34.0 40.2Total Operating Expenditure 84.6 100.2 137.4 163.9EBITDA 19.5 32.8 28.3 34.5Growth (%) 20.6 18.5 22.8 21.7Depreciation 1.4 1.5 1.7 1.8EBIT 18.1 31.3 26.7 32.7Growth (%) 22.0 19.2 23.7 22.5Interest 0.5 0.6 0.5 0.5Other Income 0.9 6.7 2.8 3.9PBT 18.5 37.4 28.9 36.2Total Tax 4.4 6.1 6.9 8.6PAT 14.1 31.3 22.0 27.5Growth (%) 40.3 53.7 1.7 24.9EPS (|) 8.4 12.9 13.1 16.4Source: Company, ICICIdirect.com ResearchCash flow statement(| Crore)(Year-end March) FY11 FY12E FY13E FY14EProfit before Tax 18.5 27.7 28.9 36.2Add: Depreciation 1.4 1.5 1.7 1.8(Inc)/dec in Current Assets (7.5) (22.2) (4.5) (14.4)Inc/(dec) in CL and Provisions (7.1) 7.2 (0.1) 4.0Taxes Paid (5.6) (6.1) (6.9) (8.6)Others (0.4) 0.6 0.5 0.5CF from operating activities (0.7) 8.7 19.5 19.4(Inc)/dec in Investments (91.1) (3.1) (0.1) (1.3)(Inc)/dec in Fixed Assets (1.5) (15.7) 2.0 2.6Others 0.9 - - -CF from investing activities (91.7) (18.7) 1.9 1.3Issue/(Buy back) of Equity 105.7 - - -Inc/(dec) in loan funds (0.3) - - -Dividend paid & dividend tax (0.9) (0.5) (8.6) (6.4)Others (0.5) (0.6) (0.5) (0.5)CF from financing activities 104.0 (1.1) (9.1) (6.9)Net Cash flow 11.6 (11.1) 12.4 13.8Opening Cash 2.7 14.3 3.3 15.6Closing Cash 14.3 3.3 15.6 29.5Source: Company, ICICIdirect.com ResearchBalance sheet(| Crore)(Year-end March) FY11 FY12E FY13E FY14ELiabilitiesEquity Capital 16.8 16.8 16.8 16.8Reserve and Surplus 124.4 142.2 159.0 180.1Total Shareholders funds 141.2 159.0 175.8 196.9Total Debt - 3.4 - -Deferred Tax Liability 1.3 1.0 1.2 1.4Minority Interest / Others - - - -Total Liabilities 142.6 163.5 177.1 198.4AssetsGross Block 19.1 20.1 21.2 22.4Less: Acc Depreciation 6.1 7.7 9.4 11.2Net Block 12.9 12.4 11.9 11.3Capital WIP - 14.9 11.9 8.3Total Fixed Assets 12.9 27.2 23.7 19.6Investments 93.1 96.1 96.2 97.5Inventory 22.4 33.6 31.8 37.5Debtors 10.6 15.5 20.9 24.5Loans and Advances 3.7 9.8 10.8 15.9Other Current Assets - - - -Cash 14.3 3.3 15.6 29.5Total Current Assets 51.0 62.2 79.1 107.3Current Liabilities 11.9 15.6 16.8 19.6Provisions 2.9 6.5 5.2 6.4Total Current Liabilities 14.8 22.0 22.0 26.0Net Current Assets 36.2 40.1 57.1 81.3Others Assets 0.4 - - -Application of Funds 142.6 163.5 177.1 198.4Source: Company, ICICIdirect.com ResearchKey ratios(Year-end March) FY11 FY12E FY13E FY14EPer share data (|)EPS 8.4 12.9 13.1 16.4Cash EPS 9.2 13.8 14.1 17.4BV 84.1 94.6 104.7 117.2DPS 1.5 2.0 2.6 3.3Cash Per Share 8.5 1.9 9.3 17.5Operating RatiosEBITDA Margin (%) 18.7 17.4 17.1 17.4PBT Margin (%) 17.8 20.8 17.5 18.2PAT Margin (%) 13.5 16.3 13.3 13.9Inventory days 62.1 76.8 70.0 69.0Debtor days 42.5 35.7 46.0 45.0Creditor days 36.0 35.1 37.0 36.0Return Ratios (%)RoE 10.0 13.6 12.5 14.0RoCE 12.8 13.3 15.2 16.6RoIC 41.6 34.4 34.4 39.3Valuation Ratios (x)P/E 40.8 26.6 26.1 20.9EV / EBITDA 20.7 24.9 19.7 15.8EV / Net Sales 3.9 4.3 3.4 2.8Market Cap / Sales 4.0 4.3 3.5 2.9Price to Book Value 4.1 3.6 3.3 2.9Solvency RatiosDebt/EBITDA - 0.1 - -Debt / Equity - 0.0 - -Current Ratio 3.4 2.8 3.6 4.1Quick Ratio 1.9 1.3 2.2 2.7Source: Company, ICICIdirect.com ResearchICICI Securities Ltd | Retail Equity Research Page 4
ICICIdirect.com coverage universeSector / CompanyCMPM Cap EPS (|) P/E (x) EV/EBITDA (x)RoCE (%) RoE (%)(|) TP(|) Rating (| Cr) FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14ETextilesAlok Industries (ALOTEX) 16 21 Buy 1,326 4.6 6.1 8.2 3.5 2.6 2.0 4.5 4.5 3.9 12.6 12.0 12.9 10.4 12.7 15.5JBF Industries (JBFIND) 132 120 Hold 957 31.0 34.0 46.6 4.3 3.9 2.8 4.8 5.4 5.3 17.0 12.6 11.6 14.7 14.5 17.5Kewal Kiran Clothing (KEWKIR) 577 611 Hold 711 42.3 51.9 61.1 13.6 11.1 9.4 7.2 5.7 4.6 27.9 29.9 30.2 23.1 24.3 24.2Lovable Lingerie (LOVLIN) 342 320 Hold 575 12.9 13.1 16.4 26.6 26.1 20.9 24.9 19.7 15.8 13.3 15.2 16.6 13.6 12.5 14.0Page Industries (PAGIND) 3,126 3,115 Hold 3,487 80.7 104.7 135.4 38.7 29.9 23.1 24.4 18.7 14.7 53.2 52.3 53.0 54.3 52.8 51.6Rupa & Company (RUPACO) 140 - Unrated 1,115 5.5 6.2 7.8 25.6 22.7 18.0 14.2 13.1 10.9 22.9 21.4 23.7 21.9 21.1 22.4Vardhman Texriles (MAHSPI) 234 229 Hold 1,486 22.6 29.3 38.2 10.3 8.0 6.1 6.6 4.4 4.1 7.7 8.9 9.8 7.2 8.8 10.7Exhibit 7: Recommendation History625550475400325250Nov-11Jan-12Feb-12Apr-12May-12Jul-12Aug-12PriceTarget PriceSource: Company, ICICIdirect.com ResearchExhibit 8: Recent ReleasesDate Event CMP Target Price Rating29-Mar-12 Initiating Coverage 351 350 HOLD4-Apr-12 Q4FY12 Preview 372 350 HOLD15-May-12 Q4FY12 Result Update 315 350 BUY5-Jul-12 Q1FY13 Preview 342 350 HOLDSource: Company, ICICIdirect.com ResearchShareholding Pattern(%)70605040302010067.011.33.018.867.010.33.918.867.011.82.319.067.010.53.419.1Q2FY12 Q3FY12 Q4FY12 Q1FY13Promoters FIIs DIIs PublicSource: Company, ICICIdirect.com ResearchExhibit 9: The road ahead200150| crore8.410050-12.9 13.11331661041914232228223428FY11 FY12E FY13E FY14ENet Sales EBITDA Net Profit EPS (RHS)Source: Company, ICICIdirect.com Research19816.4181260|ICICI Securities Ltd | Retail Equity Research Page 5
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Lovable Lingerie Ltd (LOVLIN) - ICICI Direct

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