India Textiles Post Conference Report| July 2014
Featuring Company Connect
Takeaways from company interactions
Textiles
Largest employment generating industry in India, contributing over 14% to total industrial
production and 12% to India’s export earnings.
Industry is expected to double to USD141b in the next seven years.
Currency advantage, cotton availability, skilled and cheap labor, subsidized capital from government
and growing capacities provide huge potential.
Impediments such as capital availability and labor reforms are likely to be addressed soon by the
government.
Niket Shah
(Niket.Shah@MotilalOswal.com); +91 22 3982 5426
Atul Mehra
(Atul.Mehra@MotilalOswal.com); +91 22 3982 5417

Contents
Page No.
1. Alok Industries
.....................................................................................................................................
3
2. Mandhana Industries
.............................................................................................................................
5
3. Raymond
...............................................................................................................................................
7
4. Siyaram Silk Mills
...................................................................................................................................
9
5. Sutlej Textile Industries
.......................................................................................................................
11
6. Vardhaman Textiles
.............................................................................................................................
13
7. Welspun India
......................................................................................................................................
15
Investors are advised to refer through disclosures made at the end of the Research Report.
8 July 2014
2

Alok Industries
Overview
Integrated textile manufacturer in both cotton and polyester. With revenue of
USD1.7b, it has 2.2% market share of Indian textile trade.
Exports increased from INR1b in 2004 to INR30b in 2012 at a CAGR of 53%.
Established relationship and preferred vendor status with leading retailers in the
world.
Sustained margins due to forward and backward integration.
Large capex has increased debt on balance sheet. Company actively plans to
pare debt through its recent rights issue, sale of non-core assets and full benefit
of expanded capacities implemented in FY14.
Focus on value-added products and sweating of assets are expected to improve
asset turnover.
Peak capex is over. Alok is working towards achieving free cash flow from
business.
Conscious decision to exit from all non-core businesses such as realty and
overseas retail business.
Business mix
Segment
Apparel Fabrics
Polyester Yarn
Cotton Yarn
Home Textiles
Garments
Business Share
46%
33%
4%%
14%
2%
Key highlights from the meeting
Alok plans to consolidate operations at the current scale and does not envisage
any capacity expansion over the next four to five years.
Looking to increase export revenue contribution from 25% currently to 50% over
the next two to three years. This will result in better working capital cycle as
receivable days in exports are at 60 days, against ~150 days for domestic sales.
Will be capitalizing on the Reserve Bank of India’s (RBI) recent notification
allowing exporters to raise funds for a period of 10 years under the Export
Performance Bank Guarantee (EPBG) facility. Alok plans to dollarize its debt
amounting to USD2b under this facility. Hence, company will be able to cut the
cost of debt on ~INR120b to 6%, against the current cost of debt of 12%,
thereby resulting in absolute saving of ~INR7.2b per annum which will be
utilized for repaying other high cost debt.
Repayments under the EPBG facility will be staggered over a period of 10 years,
which will be paid out of export receivables.
Alok expects to conclude the dollarization of debt by December 2014 and is in
advanced stages of closing the deal with its bankers.
8 July 2014
3

Key Financials
Profit & Loss Statement (INR b)
Alok Industries
Total Income
Raw Material Consumed
Stock Adjustment
Purchase of Finished Goods
Employee Expenses
Other Expenses
Total expenditure
PBIDT
Interest
PBDT
Depreciation
PBT
Tax
Reported Profit After Tax
Face Value
EPS (Unit Curr.)
PBIDTM (%)
PBDTM (%)
PATM (%)
201203
90
57
-15
1.61
2.67
17
65
25
12
14
7.13
6.41
2.6
3.81
10.0
4.7
28.1
15.2
4.3
201303
131
85
-10
0.55
2.9
18
96
35
14
21
8.8
12
4.17
7.9
10.0
9.6
26.7
15.8
6.0
201306
162
104
-13
0.6
3.67
25
120
42
18
24
11
13
4.34
8.23
10.0
9.2
26.1
14.7
5.1
201309
200
138
-25
0.66
4.37
31
150
50
23
28
14
14
4.8
9.2
10.0
9.4
25.2
13.9
4.6
8 July 2014
4

Mandhana Industries
Overview
Mandhana Industries is India’s leading textile and garment manufacturer.
Operations include designing, yarn dyeing, weaving, processing, printing and
garment manufacturing. It exports fabrics and 95% of its garments are exported
to over 25 countries.
Company has also entered the retail segment with the brand –
Being Human.
It
has exclusive global licence agreement with Salman Khan Foundation. Products
are being sold through exclusive outlets, franchisees and online through a tie-up
with Myntra.
Two-thirds of revenue comes from textiles and a third from garments
Textiles include cotton textiles, yard dyed fabrics, embroidered and embellished.
Blended fabrics include cotton blends with nylon, lycra, viscose, mélange and
others.
Readymade garments include shirts, ladies tops, dresses, skirts, kids wear and
sportswear, both for third party and own brand –
Being Human.
Key highlights from the meeting
Management has set a clear focus to move away from the commoditized fabric
business, which forms 80% of revenue currently, to garments, which forms 20%
of revenue currently. Thus, incremental capacity additions will be minimal in the
textile business.
In the garments business, Mandhana caters to global brands which form 60% of
current garment sales, while balance 40% of revenue comes from
Being Human,
which is in-house manufactured. Key global clients include Mango, US Polo, U-
club, Lee Cooper etc. Management focuses on premium products, with its
selling price to clients being ~USD10.
Mandhana has a licence of the
Being Human
brand till 2028 on a royalty
arrangement of 3% payable to cine star Salman Khan’s Being Human
Foundation.
Being Human
brand clocked revenue of INR1.3b in FY14, registering a growth of
191% in FY14. Management expects revenue for
Being Human
to grow 5x in the
next five years to INR6b. In FY15, management expects the brand to clock
revenue of INR2.1b, a growth of 60% over FY14.
Being Human
derives 50% of its revenue through exports which are largely to
the Middle East currently, while the balance 50% revenue comes from India.
In India,
Being Human
has 23 stores, of which 17 were COCO and 6 were FOCO.
Also, it has 100 Shop in Shops (SISs) coupled with a strong MBO network.
Being Human
clocks EBITDA margin of 27%. While export margins stand at
~40%, domestic margins stand at ~20%. Discounted sales form 30% of total sales
for the brand.
Management plans to reach 100 stores under the
Being Human
brand over the
next two years. Typical
Being Human
store size is 1,000sqft, with capex per store
standing at INR12.5m. Company had a debt of INR8b as in FY14, of which 80%
are TUFF loans. Debt-equity as at FY14-end stood at 1.6x.
5
8 July 2014

Key Financials
Profit & Loss Statement (INR b)
Mandhana Industries
Net Sales
Raw Material Consumed
Stock Adjustment
Purchase of Finished Goods
Employee Expenses
Power, Oil & Fuel
Selling & Administrative Expenses
Total Expenditure
PBIDT
Interest
PBDT
Depreciation
PBT
Tax
Reported Profit After Tax
Face Value
EPS (Unit Curr.)
PBIDTM (%)
PBDTM (%)
PATM (%)
201203
9.8
4.9
(0.2)
1.5
0.5
-
-
8.0
1.9
0.6
1.3
0.2
1.0
0.2
0.7
10.0
22.1
18.9
12.9
7.5
201303
13.6
7.7
(1.6)
3.0
0.7
-
-
11.7
1.9
0.7
1.2
0.3
1.0
0.2
0.7
10.0
19.7
14.2
9.0
4.8
201403
15.2
5.6
(0.1)
4.3
0.8
-
-
12.8
2.4
1.0
1.4
0.3
1.1
0.4
0.6
10.0
17.9
15.6
9.3
3.9
8 July 2014
6

Raymond Ltd
Overview
Raymond is among India's largest branded fabric and fashion retailer, with key
brands like
Raymond, Park Avenue, Color Plus
and
Parx
in its portfolio.
Has a strong retail presence spanning 956 stores with 1.8msqft.
Financial snapshot
Source: Company, MOSL
Financial snapshot (%)
Segments
Textile
Denim
Apparel
Garments
Tools & Hardware
Auto Components
Sales Mix
42
17
18
9
8
6
EBIT Margin
15.2
4.4
(2.3)
13.8
7.1
3.4
Key highlights from the meeting
Focus is to scale up shirting business in a major manner. Current mix between
shirting and suiting’s fabrics stands at 5:95, against the industry mix of 5:1 in
favor of shirting fabrics. Management believes there is huge scope to leverage
the
Raymond
brand and distribution network to expand presence in shirtings.
Management has restructured its brands business over the past two to three
years, thus reducing the number of brands to just four now. Management
believes this will enable it focus on individual brands rightly.
Company aims to open 150 new stores annually over the next two years, while
50-60 stores will be renovated annually.
Net debt to equity as of FY14 stood at 0.97x.
Management is targeting to monetize some of its non-core assets and land over
the next two years.
8 July 2014
7

Key Financials
Profit & Loss Statement (INR b)
Raymond -Consolidated
Net Sales
Other Income
Total Income
Raw Material Consumed
Purchase of Finished Goods
Employee Expenses
Total Expenditure
PBIDT
Interest
Depreciation
Tax
Reported Profit After Tax
Face Value
EPS (Unit Curr.)
PBIDTM(%)
PBDTM(%)
PATM(%)
201203
36
1
37
12
3
5
32
5
2
2
0
1
10.0
25.4
14.7
10.2
3.9
201303
41
1
41
13
4
5
37
4
2
2
0
0
10.0
4.7
10.2
5.6
0.3
201403
45
1
46
13
6
6
41
5
2
2
0
1
10.0
17.5
11.4
7.0
2.1
8 July 2014
8

Siyaram Silk Mills
Overview
Siyaram is one of the largest manufacturers of blended high fashion suitings,
shirtings and apparels.
The company, promoted by the Poddar group (comprising companies like
Balkrishna Tyres and Siyaram Silk Mills), started off as a fabric manufacturer and
later forward integrated into readymade garment manufacturing.
The fabric segment (primarily polyester blended fabrics) comprises ~80% of
revenue.
Siyaram has strong brands like
Siyaram, MiStair, J Hampstead, MSD, Oxemberg,
Featherz
and
Little Champ
in its portfolio.
Financial Snapshot
Segment
Cloth (lac mt)
Realization (INR)
Readymade Garments (lac Pcs)
Realization (INR)
FY13
724
115
27
474
FY14
763
131
33
639
FY15
890
133
45
646
Key highlights from the meeting
The share of readymade garments has been steadily increasing from 7% in FY07
to 16% in FY14. Going forward, it is estimated to contribute 20% by FY16.
Launch of premium products like linen have helped in margin improvement.
Company is likely to pass on higher input costs in future. Overall margin is
expected to improve to 11.1% in FY15, from 10.8% in FY14.
Siyaram entered the ladies
salwar kameez
and ethnic wear segment with the
brand
Siya
in FY14. Management is focused on making it an INR5b brand in the
next few years.
Present retail network of 160 stores. Plans to increase the same to 200-300
stores over the next three years, though it will be through a franchisee model.
No major capex planned. Higher cash accruals shall lead to debt reduction.
8 July 2014
9

Key Financials
Profit & Loss Statement (INR b)
Siyaram Silk Mills
Net Sales
Other Income
Total Income
Raw Material Consumed
Stock Adjustment
Purchase of Finished Goods
Employee Expenses
Other Expenses
Total Expenditure
PBIDT
Interest
PBDT
Depreciation
Tax
Reported Profit After Tax
Face Value
EPS (Unit Curr.)
PBIDTM (%)
PBDTM (%)
PATM (%)
201203
9
0
9
4
0
1
1
3
8
1
0
1
0
0
1
10.0
59.1
14.0
11.4
6.2
201303
10
0
11
4
0
1
1
3
9
1
0
1
0
0
1
10.0
58.9
12.4
10.0
5.3
201403
13
0
13
5
0
2
1
4
12
2
0
1
0
0
1
10.0
68.6
12.0
9.8
4.9
8 July 2014
10

Sutlej Textiles
Overview
Sutlej Textiles is India’s largest spun dyed yarn manufacturer and leading player
in value-added/specialty yarns, with a spinning capacity of 261,736 spindles and
336 rotors.
Diversified portfolio in home textiles and fabrics. Home textiles have a capacity
of 2.5m meters p.a.
Sutlej enjoys better than average sector realization through value-added yarns.
EBITDA margin is expanding due to improved spindle efficiency, cost
optimization and healthier realization.
Significant expansion in profitability is expected post commissioning of
capacities under value-added cotton mélange segment.
Revenue mix
Home
Furnishing, 6%
Yarns, 94%
Source: Company, MOSL
Key highlights from the meeting
Sutlej is currently working on 95% capacity utilization.
Domestic business comprises 75% of revenue, while export business comprises
balance 25% of revenue.
Spinning capacity will be expanded by 30,672 spindles, resulting in higher
production of Cotton Mélange yarn, a value-added product.
Project budget: INR1.75b which includes INR100m for working capital.
Commercial production is likely to commence by October 2014. At peak
capacity, new facility to deliver INR2b of revenue. Management expects to
achieve full capacity over the next two years.
In addition, company intends to further invest on technology upgradation and
debottlenecking etc amounting to ~INR0.8b in FY15, leading to an increase in
efficiency and cost reduction.
Debt outstanding currently amounts to INR3.5b, which is largely TUFF debt with
an interest cost of 6-7%.
Management has been able to reduce debt to equity from 4.5x to 0.6x over the
last five years from internal accruals on the back of higher capacity utilization
and minimal capacity additions.
Management has guided for INR0.4b increase in debt in FY15 and stable debt to
equity ratio at 0.6x.
11
8 July 2014

Key Financials
Profit & Loss Statement (INR b)
Sutlej Textiles and Industries
Net Sales
Other Income
Total Income
Raw Material Consumed
Stock Adjustment
Purchase of Finished Goods
Employee Expenses
Total Expenditure
PBIDT
Interest
PBDT
Depreciation
Tax
Reported Profit After Tax
Equity
Face Value
EPS (Unit Curr.)
PBIDTM (%)
PBDTM (%)
PATM (%)
201203
15
0
16
9
0
1
1
14
2
1
1
1
0
0
10.9
10.0
29.1
11.8
7.2
2.1
201303
17
0
17
9
0
1
1
15
2
1
2
1
0
1
10.9
10.0
70.5
13.7
9.8
4.6
201403
18
0
19
10
0
2
2
16
3
1
2
1
0
1
16.4
10.0
80.2
16.5
13.4
7.1
8 July 2014
12

Vardhaman Industries
Overview
Vardhaman Industries (VTL) is one of the largest listed, integrated textile
manufacturing companies in the country.
It has a strong position in the Indian textile sector in the manufacturing of fiber,
yarn, sewing thread and fabrics.
Company over last 3 years forayed into garment manufacturing through a
collaboration with Nisshinbo, Japan, with production starting in March 2011.
VTL and its subsidiaries have 20 manufacturing facilities across India and employ
~25,000 people.
It is a market leader in various product offerings.
Company and its subsidiaries is one of the largest listed yarn manufacturers in
India with a capacity of 0.96m spindles, including 4,488 rotors.
It is one of the leading manufacturer and exporter of cotton yarn in India.
One of the leading producers of sewing threads and hand knitting yarn in India.
VTL has forged global alliances with leading textile companies such as American
& Efird (A&E) Inc USA, Marubeni & Toho Rayon, Japan and Nisshinbo, Japan.
Key business segments
Segments
Yarn
Fabric
Sewing Thread
Acrylic Fibre
Sales Mix FY13
58
22
9
7
FY14
57
25
9
7
YoY Growth %
20%
38%
20%
7.5%
EBIT Margin
16.5%
14.8%
15.7%
10.8%
Key highlights from the meeting
Decline in global cotton prices and moderation in Chinese procurement of
Indian yarn will lead to lower margins in yarn business in FY15.
Gain on inventory valuation due to higher cotton prices and forward currency
contracts led to extra-ordinary margins in FY14.
Expect overall EBITDA margin to moderate to 18-22%, against 26% margin in
FY14. Moderation is likely on the back of inventory losses in cotton in FY15,
against inventory gains in FY14. Fabric margins are likely to be sustained.
Currently working on 95% capacity utilization. Planned capex for FY15 is INR3b.
Debt on books stands at INR23b, of which 95% are TUFF loans.
Plans to retire INR4.5b of debt in FY15 and INR7.5b of debt in FY16.
Gestation period to put up a spinning capacity is a year.
Cost of debt stands at 8.5%.
8 July 2014
13

Key Financials
Profit & Loss Statement (INR b)
Vardhaman Textiles -Consolidated
Net Sales
Total Income
Raw Material Consumed
Stock Adjustment
Purchase of Finished Goods
Employee Expenses
Power, Oil & Fuel
Other Expenses
Total Expenditure
PBIDT
Interest
PBDT
Depreciation
PBT
Tax
Reported Profit After Tax
Face Value
EPS (Unit Curr.)
PBIDTM(%)
PBDTM(%)
PATM(%)
201203
46
47
24
1
1
3
5
6
40
7
2
5
3
2
1
2
10.0
22.6
14.5
10.8
3.5
201303
50
50
24
(1)
0
3
6
8
40
10
2
8
3
6
2
4
10.0
57.0
20.6
17.0
7.7
201403
62
62
29
(2)
0
4
-
16
47
15
2
14
3
11
3
8
10.0
114.9
24.9
22.5
12.5
8 July 2014
14

Welspun India
Overview
Welspun India is among the top three home textile manufacturers in the world
and the largest home textile company in Asia.
With a distribution network in 32 countries and manufacturing facilities in India,
it is the largest exporter of home textiles from India and has marquee clients
such as J C Penny, Walmart, Target and Macy.
Recently, Welspun forayed into advanced textiles market with niche products
such as wipes, filtration cloth and automotive non-wovens, representing a vast
field of opportunity.
Apart from the US, Welspun is penetrating markets in Latin America, Asia-Pacific
and Europe.
FTAs with major textile importers, such as EU, are expected to provide a boost
on this front by leveling the field for Indian players v/s competition.
Key highlights from the meeting
Welspun is among the few players offering a full range of home textiles. This
places the company at an advantageous position compared to competition.
80% of the business is replenishment one with very high revenue visibility. This
business is based on two to three year long programs signed up with customers.
Company limits products to those with a maximum replenishment cycle of one
month. With 80% revenue through replenishment and low replenishment
cycles, Welspun is well guarded on revenue visibility, which reduces volatility.
Company has corrected the mistakes done in the past. It had ventured into
home textile retailing in India, with 250 stores across, which was a loss making
endeavor. Annual losses amounted to INR0.5b, and to correct this, management
decided to shut down all stores. Similarly, it had acquired a fashion business in
Mexico that was losing INR0.5b annually, which it divested.
Management believes the textile sector players are more rational in their capex
plan in this cycle, compared to the previous one. All players are focused on
following a calibrated approach to capacity expansion, with a keen focus on
return on capital metrics.
Total capex plan of INR24b. Phase 1 capex of INR11b, completed in FY14. Phase
2 maximum capex of INR13b over FY15 and FY16.
Capacity expansion plan
Capacities
Yarn (MT)
Towels (MT)
Sheets (‘000 metres)
Rugs incl Carpets(MT)
FY14
38,500
45,000
55,000
12,000
FY15
50,000
50,000
60,000
15,000
FY16
60,000
60,000
72,000
20,000
Source: Company, MOSL
8 July 2014
15

Key Financials
Profit & Loss Statement (INR b)
Welspun India -Consolidated
Gross Sales
Other Income
Total Income
Raw Material Consumed
Employee Expenses
Power, Oil & Fuel
Total Expenditure
PBIDT
Interest
Depreciation
PBT
Tax
Reported Profit After Tax
Face Value
EPS (Unit Curr.)
PBIDTM (%)
PBDTM (%)
PATM (%)
201203
29
0
33
16
3
2
29
3
2
1
0
0
(0)
10.0
-1.3
11.4
4.8
-0.6
201303
33
0
37
18
3
3
31
6
2
1
3
0
2
10.0
22.6
19.6
13.6
6.9
201403
40
1
46
23
3
1
36
10
2
7
1
2
1
10.0
9.2
25.7
19.8
2.1
8 July 2014
16

NOTES
8 July 2014
17

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