Beruflich Dokumente
Kultur Dokumente
IIndia
ndia is
is favourably
favourably positioned
positioned to
to become
become a global
global
denim
d
enim fabric
fabric and
and apparel
apparel production
production h
hub
ub d
driven
riven b
byy
- Abundant
Abundant availability
availability o
off ccotton,
otton, llow
ow cost
cost o
off
production
production and
and ccompetitive
ompetitive ccurrency.
urrency.
- Favourable
Favourable ccentral
entral aand
nd state
state ggovernment
overnment textile
textile
policies.
policies.
- Chinas
Chinas decreasing
decreasing competitiveness
competitiveness due
due to
to high
high
domestic
d
omestic d
demand,
emand, rrising
ising llabour
abour ccost
ost aand
nd
aappreciating
ppreciating ccurrency.
urrency.
q Growth Outlook
q Company Overview
DISCUSSION SUMMARY
15
164
406
698
880
1,082
1,200
MMPA
Source: Company
MMPA: Million Metres Per Annum
Set to cross
2,000 MMPA by 2018
3,497
INDIA IS NOW
THE LARGEST COTTON PRODUCER IN THE WORLD
AHEAD OF CHINA
Australia
Africa
North America
Europe
Others
Latin America
India
China
2013
1,800
2017
2,200
2011
1,200
Exports
Domestic Sales
2017
2012
Unbranded
58%
48%
Mass Market
12%
Premium
21%
Mid Premium
19%
HOWEVER
2013
200
2009
180
300
700
India Denim
Apparel Sales
(MMPA)
Source: Company
0.3
Denim Jeans
7 Pairs per person
India
China
Japan
Thailand
Brazil
UK
US
Nandan
Denim
108
110 *
Tavex Corporation
(Spain)
Nandan Denim
(India)
110 *
40
40
40
42
47
50
Jindal
Worldwide
50
Etco
Denim
70
Raymond
Uco Denim
Source: Company
30
Arvind Ltd
(India)
108
Bhaskar
Industries
ISKO
(Turkey)
160
Oswal
Denims
85
Aarvee
Denim
200
Sangam
Vicunha Textil
(Brazil)
Sudarshan
Jeans
Suryalakshmi
230
Arvind
Source: CRISIL
KG Denim
Built capacities over the last one decade (Started from 6 MMPA in FY 05)
The higher the product in the value chain, the higher is the insulation.
Change in the subsidy system, with China halting its previous policy of buying from producers, now
instead paying subsidy directly to the farmers.
In the main growing region of Xinjiang, home to about 50 percent of the domestic crop, farmers
receive a subsidy equivalent to the difference between the market price and the target price of 19,400
yuan a tonne.
Meanwhile, producers in nine other regions get 2,000 yuan a tonne, placing them at a disadvantage to
Xinjiang farmers, who currently are getting subsidy payments almost three times as large.
Chinese cotton consumption is up after 4 years slide whereas crop is declining beyond Xinjiang due to
differential subsidy, However the stock levels in China will continue to remain high
Import quota restriction expected to 5 Mio bales only in CY 2015. ( China will not issue cotton import quota
at lower tariffs beyond the WTO mandated quota of ~5.2 million bales in Calendar Year 2015 as against
imports of ~9.3 million bales in 2014 )
Dont release : Imports increase, impetus to exporters making Chinese textile uncompetitive.
Release inventory : Global trade declines, building pressure on international cotton prices
Catch 22 situation
The cotton production is expected to decline due to decline in acreage as farmers shift to
alternate crops.
Global cotton consumption to exceed production this year for the first time in last five
consecutive years, however overhang of high stock levels carried from past years will
continue
The global cotton production is expected to decline by ~5.2% while the cotton
consumption is expected to increase by ~4.5% in CY 2015, driven by low cotton prices.
Movement in crude prices impacts prices of MMF ---> prices of cotton to compete in the
market.
Crop size may not be impacted significantly in next crop season with timely spread of
monsoon. In the worst case scenario, stocks would be depleted without impacting carry over
stock.
If higher price then exports of yarn to decline ----> reduce demand for cotton ----> bring
down prices.
Market prices remained below MSP. Cotton prices have stabilised with CCI intervention.
Expect Consumption to increase due to restricted spread between cotton and polyester.
12
q Growth Outlook
q Company Overview
DISCUSSION SUMMARY
13
Shanti Developers
Dholi Integrated Spinning Park
Vraj Integrated Textile Park
Packaging
Infrastructure
Education
* FY14
Chemicals
Petrochemicals
Textiles
GROUP COMPANIES
Nandan Denim Ltd.
Chiripal Industries Ltd.
(Processing Division)
Vishal Fabrics Pvt. Ltd.
Chiripal Industries Ltd.
(Petrochemicals Division)
CIL Nova Petrochemicals Ltd.
Chiripal Industries Ltd.
(Chemicals Division)
Runs 6 schools under the brand Shanti Asiatic located in Ahmedabad, Surat and Jaipur with over 2,700
students.
Present in the management education space having student strength of 450 students.
Successfully running over 130 pre-K franchise Shanti Juniors with over 6,000 students.
Operates a fully equipped industrial park for SME enterprises in the textile sector
Has made a successful foray in the area of residential infrastructure as well.
Offers integrated range of products ranging from POY 50-250 denier and FDY 50-150 denier.
Employs latest and fully automated machinery operated with Japanese and German technology.
Employee Strength
5,000
Fully integrated facilities for manufacturing range of products viz. woven fabrics, circular knitted fabrics, polar
fleece fabrics, cotton hosiery, denim, etc.
DETAILS
Group PAT *
Rs 825 mn
Group EBITDA *
Rs 3,207 mn
BUSINESS DIVISION
Group Turnover *
Rs 28,955 mn
14
Consolidated revenues, EBITDA and PAT were Rs 10,965 mn, Rs 1,654 mn and Rs 514 mn in FY15 having grown at
CAGR of 21%, 25% and 31% over last five years.
Stable EBITDA margins of around 14% - 15% over last five years.
Return ratios have improved over last five years driven by improving asset turnover.
ROCE 10.6% in FY11 to 15.8% in FY15.
ROE 12.7% in FY11 to 21.6% in FY15.
FY15 Debt : Equity was 1.8:1.
The company plans to backward integrate by expanding its spinning capacity from 64 TPD (tonnes per day) to 124
TPD in FY15-16 resulting into higher operating margins and improved return ratios.
The company expanded its denim fabric capacity from 71 MMPA to 110 * MMPA in FY15.
Nandan Denim has one of the largest denim fabric manufacturing capacities in the world.
The company is run by a professional management team with an average experience of more than two decades..
Nandan Denim commenced its operations in 1994 with textile trading business and forayed into textile
manufacturing in 2004. The company currently engages in manufacturing of denims, cotton fabrics and khakis.
STRONG
FINANCIAL
PERFORMANCE
LEADING
INTEGRATED
DENIM
MANUFACTURER
STRONG
PEDIGREE
Nandan Denim Limited is a part of a leading conglomerate, Chiripal Group, which was established in 1972 and is
currently diversified across several businesses like Textiles, Petrochemicals, Chemicals, Packaging, Infrastructure
and Education.
15
FY00
FY01
70
FY02
85
FY03
66
FY04
69
FY05
517
FY06
1,287
FY07
2,174
FY08
2,830
FY09
3,179
FY10
3,758
INSTALLED CAPACITY:
Spinning 40 TPD
CPP 15 MW
Rs 39 crore
Rights Issue at 1:2
Bonus Issue at 1:1
INSTALLED CAPACITY:
Denim 32 MMPA
Spinning 20 TPD
INSTALLED CAPACITY:
Denim 20 MMPA
FY99
40
Commencement of
textile trading
business
Revenues In Rs Mn
FY11
5,074
FY12
5,738
FY13
7,031
INSTALLED CAPACITY:
Denim 57 MMPA
INSTALLED CAPACITY:
Denim 71 MMPA
Spinning 54 TPD
FY14
8,938
INSTALLED CAPACITY:
Denim 110 * MMPA
Spinning 64 TPD
Shirting 10 MMPA
Yarn Dyeing 10 MMPA
16
LATEST
MANUFACTURING
TECHNOLOGY
DESIGN &
INNOVATION
QUALITY
SYSTEMS
17
FY12
5,738
FY13
7,031
FY14
8,938
FY12
FY11
FY15
4.7%
15.1%
PAT Margin
FY14
4.4%
4.4%
FY13
14.8%
15.2%
EBITDA Margin
3.3%
3.4%
14.4%
FY15
10,965
13.4%
FY11
5,074
CAGR 21.2%
FY12
826
FY13
FY14
1,327
FY15
1,654
1,589
FY12
1,454
FY11
Equity
2,864
1.8
2,604
1.8
Debt
FY13
1,836
4,015
2.2
FY14
2,165
4,307
2.0
D/E
FY15
2,588
4,709
1.8
FY11
679
1,069
FY11
10.6%
12.7%
FY12
FY11
FY13
311
FY14
393
ROCE
FY12
11.7%
12.3%
FY13
13.1%
18.1%
FY15
514
FY15
15.8%
21.6%
ROE
FY14
14.1%
19.6%
188
173
CAGR 31.3%
18
FY12
Capacity
FY11
40.9
53.5
111.7
70.8
132.7
FY14
FY15
Realisations
56.3
120.2
FY11
FY12
FY13
Denim Sales (Metres)
39.9
101.1
120.5
99
82.1%
10.3%
89.7%
9.1%
90.9%
FY11
FY12
FY13
Manufactured Goods
14.9%
85.1%
FY14
FY15
Capacity Utilisation
76
71
FY13
79.2%
77.9%
57
71.9%
50
79.8%
1.4%
98.6%
FY14
FY15
Traded Goods
19.5%
80.5%
FY12
Capacity
FY11
FY11
11.5%
88.5%
11.3%
88.7%
FY12
FY13
Domestic Sales
9.8%
64
93.8%
64
94.6%
FY14
9.2%
90.8%
FY15
Exports
12.7%
87.3%
FY14
FY15
Capacity Utilisation
90.2%
FY13
54
94.4%
SALES BREAKUP
40
92.5%
40
92.5%
19
The Managing Director of the Company and younger brother of Mr. Vedprakash Chiripal.
He is a Chemical Engineer and has more than 20 years of business experience in Textile Processing as well as export
and domestic trading.
A MBA and Master of Science in Nuclear Physics.
A retired MD of SBI with over 35 years of experience in the Banking industry.
He is also the Director in other major companies such as Jindal Stainless Limited, IDFC Securities Limited, IDFC AMC
Trustee Company Limited, etc.
A Bachelor of Engineering in Metallurgy and Bachelor of Science in Chemistry. Retired from Gujarat Industrial &
Investment Corporation Limited (GIIC) with an industry experience of around 40 years.
He is also the Director in other major companies such as Jindal Hotels Limited, Sumeru Industries Limited.
A Mathematics graduate from the University of Delhi. He followed his passion for marketing and branding, has
strong experience of nearly 3 decades in the field.
He is the Founder-Director of BehindTheMoon Consultants a Brand & Strategic Consulting boutique, which boasts
of an esteemed clientele having worked with companies such as L&T (IDPL), Star TV, Mother Dairy, LG Electronics,
Miele of Germany, Vodafone and Panasonic among others.
Prior to founding BehindTheMoon, he worked with Onida and the Indian Express in the marketing division at senior
positions.
Brijmohan D. Chiripal
MANAGING DIRECTOR
T. S. Bhattacharya
INDEPENDENT DIRECTOR
Ambalal C. Patel
INDEPENDENT DIRECTOR
Giraj Mohan
INDEPENDENT DIRECTOR
High Corporate Governance Standards - 60% of the Board consists of Independent Directors
A Commerce Graduate and has almost three decades of experience in the field of manufacturing, trading and
export of various textiles products.
Started his textile business with 72 power looms in 1974. Subsequently, he set up various processing units and
other manufacturing units of textile
20
Dr. Verma is an Engineering graduate, with Post Graduation in Business Administration and Ph.D. in area of
Organizational Behavior from Indian Institute of Technology, Kharagpur. He is a well acclaimed Thought Leader,
Mentor, Business Advisor, Speaker and Author.
He currently serves as Director on boards of Dena Bank, Nandan Denim Limited and Rinac India Limited. He is also
an advisor to Videocon Group of Industries. He takes keen interest in the education sphere and is an member of
Executive Board of FORE School of Management, Delhi and also is a visiting faculty to premium management
schools in the area of HR & OB and Strategy.
Prior to this he served as the Chief Executive Officer of MIRC Electronics and Director(Home Appliances) of LG
Electronics India. In 2008 he was the first non-Korean to be elevated as Executive in LG Global hierarchy.
A MBA and Bachelor of Commerce with an industry experience of nearly a decade.
He heads the executive team of the company and has regular vigil upon the operations and growth plan. The team
operates within the defined roles to achieve and exceed the business goals defined by the board
He has been instrumental in developing the export market and expanding the domestic market for the Company.
He has significantly contributed to the progress of the Company by assisting the promoters in handling the
production, marketing and administrative departments.
Pratima Ram
INDEPENDENT DIRECTOR
Deepak Chiripal
CHIEF EXECUTIVE OFFICER
High Corporate Governance Standards - 60% of the Board consists of Independent Directors
She has graduated from University of Virginia, USA and has three decades of experience in Corporate, International
and Investment Banking. She has experience of working across diverse geographies of India, USA and South Africa.
She was the country head of US operations of SBI, prior to that she was the CEO of the South African operations of
the Bank. In addition to this, while at SBI, she also headed the Diamond Financing business of the Bank.
Post SBI, she has worked as Group President (Finance) with Punj Lloyd Group having diversified operations in more
than 15 countries. After Punj Lloyd, she served as the CEO of India Infoline Finance Ltd.
21
q Growth Outlook
q Company Overview
DISCUSSION SUMMARY
22
Spinning
Ring Spinning 44 TPD
Open End Spinning 80 TPD
KEY HIGHLIGHTS
One of the largest denim fabric facility in the world and second largest in India.
Machinery with latest technology from Germany and Japan, capable of producing wide range of denim fabrics. Sufficient
power through 15 MW captive power plant.
Ginned Cotton
70% of cotton requirement
is met from Gujarat
Spinning
Ring Spinning 20 TPD
Open End Spinning 44 TPD
Ginned Cotton
70% of cotton requirement
is met from Gujarat
FABRIC
YARN
FIBRE
23
6
4
19
10
38
16
71
-
Pre - Expansion
90
10
44
20
40
20
LATEST UPDATE:
Capex incurred as on Mar-15: Rs 3,049 mn (D:E 1.3:1).
PHASE I EXPANSION:
Expansion of denim fabric capacity will help the company to
increase its domestic market share as well as diversify its
operations on a global scale through increasing share of
exports.
Addition of new shirting capacity to further diversify its
operations.
84
40
PHASE II EXPANSION:
Expansion of spinning capacity to support the increased
denim fabric capacity of 110 * MMPA.
Backward integration through spinning capacity expansion
will help the company to improve its operating flexibility and
margins.
110
10
CAPACITY EXPANSION:
Capacity expansion plan to increase the denim fabric manufacturing capacity, spinning capacity and shirting capacity.
Total capital requirement of Rs 6,120 mn to be funded with a D:E ratio of 2.4 : 1.
Capacity
Spinning (TPD)
Open End Spinning
Ring Spinning
Fabric (MMPA)
Denim
Shirting
24
q Growth Outlook
q Company Overview
DISCUSSION SUMMARY
100% reimbursement
For 8 years
Stamp Duty
Reimbursement
VAT/Entry Tax
Reimbursement
Common Infra/
Textile Park/
Cluster Devp
Power
Subsidy
25
Yes
Capital
Subsidy
100% reimbursement
Interest
Subsidy
Maharashtra
Karnataka
Gujarat
Textile Policy
60% reimbursement.
50% exemption.
5% with an additional 1%
on investment > Rs 250
mn.
7% for technical textiles
Rajasthan
Madhya Pradesh
26
Location Benefits
PROXIMITY TO MARKET
Largest producer of denim fabric (6570%) in India and third largest in the
world.
Largest producer of cotton in India
with 31% share.
Textile hub of India housing the entire
textile value chain.
SUPERIOR CONNECTIVITY
27
q Growth Outlook
q Company Overview
DISCUSSION SUMMARY
28
Located in Gujarat Textile hub of India, largest exporter of denim fabric, largest producer of cotton etc.
Easy availability of cotton (Gujarat meets 70% requirement) and skilled & unskilled labour.
Close proximity to machinery vendors, fabric dealers and leading garment manufacturers resulting in
faster delivery and service and lower overheads.
Gujarat textile policy: 5% (7% - spinning facility) interest subsidy and power subsidy @ Rs1/unit for 5
years, VAT/Entry Tax reimbursement for 8 years, 100% stamp duty reimbursement.
TUFS (Central textile policy): 5% interest subsidy and capital subsidy of 10% for processing capacity and
15% for looms for period of 7 years.
STRONG
DOMESTIC
AND
GLOBAL DEMAND
LOCATION
ADVANTAGE
BENEFITS UNDER
CENTRAL AND STATE
GOVERNMENT POLICY
Strong domestic demand backed by majority young population (78% < 45 years), rising disposable
incomes and fashion consciousness and increasing organised retail industry penetration in Tier II and III
cities.
Strong global demand and potential for being a global production hub driven by easy availability of cotton,
competitive currency and low cost labour.
Set to benefit from Chinas decreasing competitiveness . As per CITI estimates, if China loses 10% market
share in global textiles, Indias market share will increase by 80%.
29
In-house production of cotton yarn would result in ~10% - 15% savings compared to purchase of yarn from
the market.
Integrated facility to help in better management of the working capital and improve the operational
efficiencies.
Better market response, efficient capacity utilisation and cost savings on captive yarn would result in
EBITDA margin improvement from current 14% - 15% to around 19% - 20%.
Upfront expansion capex of Rs 6,120 mn at financing cost of only 1% - 3% (post state and central interest
subsidies).
Higher asset turnover along with improved operating margins will result in positive operating leverage
and better return ratios.
IMPROVED
OPERATIONAL
FLEXIBILITY
IMPROVED
MARGINS
THROUGH
BACKWARD
INTEGRATION
FUTURE
IMPROVEMENT
IN ASSET TURNOVER
AND
RETURN RATIOS
Integrated facility will improve the overall operational flexibility, helping the company to absorb the
increasing market demand.
Faster delivery and timely execution due to limited dependency on external factors along the value chain.
Achieve optimum capacity utilisation.
Maintain consistency and high quality standards.
30
In-house production of coarse count yarn can result in 10% 15% cost savings.
# Denim fabric primarily requires the coarse count yarn with certain proportion of fine count yarn for specific quality and style requirements. The company majorly produces the
coarse count yarn in-house and procures the fine count yarn from market.
SPINNING ECONOMICS
COST PER KG OF CAPTIVE YARN - Coarse Count #
Cotton (kg/per kg of Yarn)
1.14
Cotton Blended Price (Rs/kg of cotton)
112.0
Transport Cost (Rs/kg of cotton)
1.0
Commission (Rs/kg of cotton) @0.5%
0.6
VAT on Cotton @ 5% (Rs/kg of cotton)
5.6
Electricity Cost (Rs/Kg)
11.0
Electricity required (Kwh/kg)
1.7
Electricity Cost (Rs/Kwh)
6.4
Labour and other Costs (Rs/kg)
2.7
Total Cost of Captive Yarn (Rs/kg)
150.2
31
q Growth Outlook
q Company Overview
DISCUSSION SUMMARY
32
HIGHER ROE
NET INTEREST COST OF 1% (SPINNING CAPACITY) AND 2%-3% (DENIM CAPACITY) ON EXPANSION CAPEX
HIGHER ROCE
SUMMARY OUTLOOK
33
performance of Nandan Denim. It should be noted that the actual performance or achievements of the company
achievements of Nandan Denim. In particular, such statements should not be regarded as a projection of future
statements. Such statements are not, and should not be construed, as a representation as to future performance or
could cause actual results, performance or achievements to differ materially from those in the forward looking
uncertainties, and other factors, some of which are beyond Nandan Denims control and difficult to predict, that
These statements are not guarantees of future performance, and are subject to known and unknown risks,
based on the current beliefs, assumptions, expectations, estimates, and projections of the management of Nandan
statements relating to future results of operations, financial condition, business prospects, plans and objectives, are
Limited (Nandan Denim) that are not historical in nature. These forward looking statements, which may include
This presentation and the following discussion may contain forward looking statements by Nandan Denim
Q&A SESSION
THANK YOU
ANNEXURE
36
205
2,470
Q4 FY15
Domestic
89.5%
10.5%
289
22%
41%
% Growth
Q4 FY15
93.5%
6.5%
Q4 FY14
Exports
90.8% 2,033
9.2%
17%
2,783
REVENUES MIX
Q4 FY14
2,388
REVENUES
90.6%
9.4%
Shirting
Q4 FY14
2,092
146
48%
Q4 FY15
2,498
261
Denim
19%
79%
% Growth
Q4 FY15
375
REVENUE MIX
Q4 FY14
253
10.6%
13.5%
24%
Q4 FY15
153
5.5%
Shirting Realisations
2.9
90.6
Denim Realisations
18.7
Q4 FY15
Shirting
1.5
97.1
133.9
Q4 FY14
Denim
16.8
124.5
Q4 FY14
124
5.2%
777
FY15
9,325
1,363
FY15
Domestic
87.3%
12.7%
21%
75%
% Growth
37
1.7%
98.3%
FY14
Exports
90.8% 7,695
9.2%
23%
10,965
REVENUES MIX
FY14
8,938
REVENUES
FY14
8,327
146
25%
Shirting
89.1%
10.9%
FY15
9,528
1,160
14%
696%
% Growth
Denim
FY15
1,654
15.1%
REVENUE MIX
FY14
1,327
14.8%
31%
FY15
514
4.7%
1.5
11.6
99.9
FY15
Shirting
Shirting Realisations
71.8
132.7
FY14
Denim
Denim Realisations
120.2
97.1
69.3 *
FY14
393
4.4%
38
375
EBITDA
153
5.5%
3.36
PAT Margin %
EPS (Rs)
5.1%
161
81
Tax rate
Taxes
Interest Expense
242
Other Income
137
Depreciation
13.5%
333
Other Expenses
EBITDA Margin %
115
29.6%
Employee Expenses
Gross Margin %
824
1,959
Gross Profit
2,783
2,783
Q4 FY15
Total Sales
Particulars in Rs Mn
2.72
5.2%
124
-31.9%
-30
94
44
137
14
130
10.6%
253
225
49
22.1%
528
1,861
2,388
2,388
Q4 FY14
23.5%
32 bps
23.6%
3697 bps
-127.2%
71.7%
85.8%
76.2%
-70.9%
5.9%
288 bps
48.2%
47.9%
134.6%
751 bps
56.1%
5.3%
16.5%
16.5%
YoY %
2.77
4.6%
126
37.7%
76
203
93
296
13
153
15.7%
436
320
128
31.8%
884
1,892
2,776
2,776
Q3 FY15
21.3%
95 bps
21.2%
-3264 bps
-89.3%
-20.5%
-13.2%
-18.2%
-68.7%
-10.3%
-223 bps
-14.0%
4.1%
-9.6%
-224 bps
-6.8%
3.6%
0.3%
0.3%
QoQ %
11.28
4.7%
514
27.9%
198
712
377
1089
30
596
15.1%
1654
1295
438
30.9%
3,388
7,578
10,965
10,965
FY15
8.63
4.4%
393
28.4%
156
549
320
869
40
497
14.8%
1327
1052
310
30.1%
2,689
6,249
8,938
8,938
FY14
30.7%
29 bps
30.7%
-54 bps
27.2%
29.7%
17.7%
25.3%
-23.7%
19.8%
24 bps
24.7%
23.1%
41.1%
81 bps
26.0%
21.3%
22.7%
22.7%
YoY %
39
Particulars in Rs Mn
Sales from Operations
Export Incentive
Other Operating Income
Total Sales
Growth (%)
Cost of Goods Sold
Gross Profit
Gross Margin %
Employee Expenses
Other Expenses
EBITDA
EBITDA Margin %
Depreciation
Other Income
Interest Expense
Prior Period/Exceptional Items
PBT
Taxes
Tax rate
PAT
PAT Margin %
Number of Shares (mn)
Basic EPS (Rs)
FY11
4,941
43
90
5,074
35.0%
3,775
1,299
25.6%
147
473
679
13.4%
254
3
168
259
86
33.1%
173
3.4%
455.50
0.38
FY13
6,819
59
153
7,031
22.5%
4,879
2,152
30.6%
254
829
1,069
15.2%
409
15
318
358
47
13.2%
311
4.4%
45.55
6.82
FY14
8,703
63
171
8,938
27.1%
6,249
2,689
30.1%
310
1,052
1,327
14.8%
497
40
320
549
156
28.4%
393
4.4%
45.55
8.63
FY15
10,600
117
248
10,965
22.7%
7,578
3,388
30.9%
438
1,295
1,654
15.1%
596
30
377
712
198
27.9%
514
4.7%
45.55
11.28
40
1,004
2,810
Net Block
4,247
233
Application of Funds
457
Trade Payables
1,356
258
25
550
1,213
Trade Receivables
Inventory
81
3,813
Gross Block
4,247
189
2,604
Sources of Funds
Total Debt
784
1,820
1,454
FY11
Shareholders Funds
Particulars in Rs Mn
4,656
1,398
259
345
196
126
695
984
198
3,060
1,332
4,393
4,656
203
2,864
673
2,192
1,589
FY12
FY13
6,027
1,896
290
458
516
19
912
1,198
178
3,953
1,740
5,693
6,027
175
4,015
1,004
3,012
1,836
6,688
2,000
653
576
369
261
1,214
1,385
165
4,523
2,237
6,760
6,688
216
4,307
1,078
3,229
2,165
FY14
7,546
2,823
370
683
393
601
1,472
1,409
249
4,474
2,780
7,254
7,546
249
4,709
1,451
3,257
2,588
FY15
41
2009
70
2010
78
2011
Accounts for nearly 11% of total exports and 27% of foreign exchange inflows.
89
2016E
143
2021E
223
Second largest employment generator in India after agriculture, employing over 45 mn people.
India has the highest loom capacity (including hand looms) with
63% of the worlds market share.
KEY FACTS
42
FABRIC
FINISHING
(PROCESSING)
FABRIC
MANUFACTURING
(WEAVING)
YARN
MANUFACTURING
(SPINNING)
WEAVING PREPARATORY
DENIM WARPING, DYEING, SIZING, BEAMING
RING SPINNING
RAW FIBRE