Management Interviews - Arvind, JSPL, MAS Financial, Welspun Enterprises

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Will put up Garment capacities, Today we covert 10% of our fabrics to garments, will take it to 30%
Investing in technical textiles
Investing in new line such as 'Performance' and 'Smart'
Investing in branding business of Arvind

With ₹ depreciation happening , exports will see benefit in 2 nd half of this fiscal
We are present in 250 towns and have 20 different brand and retail formats, usually end up adding 150 new stores every year to our network
One would see demerger in quarter 2 and actual listing process sometime in October

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Oman business - Ebitda in this quarter is close to 71 mn $, 120% more YoY
Increased production in Oman, Rolling mill is producing more than 100,000 per month, costs have come down substantially
Improved product mix, selling more value added rounds and less of normal square billets
Not only working in Oman and UAE but also export to Saudi and Europe
Angul ramp up doing well - targeting more than 200,000 tonnes of steel to come
Power business is struggling as coal is not available at pricing which are manageable
PLF for plants is just at 42-43%.
Situation can only improve if coal is made available at viable prices and PPA's go up
Expecting production nos. of 9 mn plus in next year between Oman (2mn) and India (7mn)
Capex requirement in next year should be around 400-500 crores max
Current net debt is at 42000 crores, expecting to come down by 4000 crores in this FY purely by Ebitda generation
Spread between RM basket and finished products have gone up by 42-43% in last FY, resulting in ebitda per tonne in this quarter at 12800 rs vs 9800 rs
Not expecting 12800 rs margin to grow substantially higher, but we can maintain such margins next year

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We target to have 5200-5300 crores of AUM by FY19 including housing porfolio
80-85% will come from MSME and SME and Rest from 2 wheeler, commercial and housing.
As long as we maintain the AUM quality we expect to grow in range of 25-30%
GNPA going forward will stay in range of 1-1.3% and NNPA will hover around 1%
NIM will be 7.7-7.% vs 8% last year as there is some pressure in interest rates
Grew housing business at 15-16% last year , looking forward to grow more 1000 crores from current levels in 3 years
Rural housing NPA is around 0.27% vs 0.36% last year

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Results are good because Delhi Meerut project which was scheduled for 30 months is getting completed in 16 months which led to faster turnover recognition
Order book stands at 5500 crores including L1 of 2000 crores; current backlog at 3000 odd crores
We expect to book 7000 crores in this year, last year we booked 4000 crores
Order backlog at the end of the year to be around 8000-8500 crores
Revenue growth should double up every year for next 2 years, profit growth should also continue
Ebitda margins are at 15%, expect similar numbers in next year
In infra projects, profit margins are at 11-12%, expect to continue in same range going forward
Debt is majority at SPV level in Delhi Meerut project, parent company is debt free
As the order book will grow, 50% of order will be through debt in various SPV's which we operate

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Management Interviews – Arvind, JSPL, MAS Financial, Welspun Enterprises