Aditya Birla Fashion & Retail Ltd

About

Aditya Birla Fashion and Retail Ltd. (ABFRL) emerged after the consolidation of the branded apparel businesses of Aditya Birla Group comprising ABNL's Madura Fashion division and ABNL's subsidiaries Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL) in 2015.
ABFRL is a part of the Aditya Birla Group, a US$ 48.3 billion Indian multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 34 countries across the globe. [1]

Key Points

Business Divisions
The company is divided into two different divisions:-

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  • Market Cap 20,982 Cr.
  • Current Price 224
  • High / Low 234 / 126
  • Stock P/E
  • Book Value 29.3
  • Dividend Yield 0.00 %
  • ROCE -4.84 %
  • ROE -34.4 %
  • Face Value 10.0

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 7.63 times its book value
  • Company has low interest coverage ratio.
  • Earnings include an other income of Rs.242.14 Cr.
  • Debtor days have increased from 40.27 to 50.80 days.
  • Promoter holding has decreased over last 3 years: -3.11%

Peer comparison

Sector: Retail Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,007 2,282 1,915 2,065 2,308 2,583 1,832 323 1,028 2,076 1,822 812
1,865 2,109 1,791 1,751 1,969 2,174 1,682 655 1,036 1,712 1,587 981
Operating Profit 143 173 124 314 339 408 150 -332 -8 365 235 -169
OPM % 7% 8% 6% 15% 15% 16% 8% -103% -1% 18% 13% -21%
Other Income 19 13 24 18 17 15 17 150 143 57 18 24
Interest 50 48 45 94 106 105 119 126 145 111 121 85
Depreciation 69 68 73 202 225 225 233 237 242 231 253 238
Profit before tax 43 70 31 35 25 92 -186 -545 -251 80 -122 -468
Tax % 0% 0% -564% 39% 109% 141% 21% 25% 25% 27% -61% 25%
Net Profit 43 70 203 22 -1 -38 -146 -408 -186 59 -138 -347
EPS in Rs 0.50 0.81 2.35 0.25 -0.01 -0.44 -1.69 -4.72 -2.41 0.77 -1.62 -4.10

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 TTM
8,118 8,788 5,249 5,738
7,525 7,528 4,666 5,315
Operating Profit 593 1,259 583 423
OPM % 7% 14% 11% 7%
Other Income 63 63 73 242
Interest 225 469 530 462
Depreciation 282 885 963 964
Profit before tax 149 -33 -838 -761
Tax % -115% -402% 12%
Net Profit 321 -163 -673 -612
EPS in Rs 3.72 -1.89 -7.93 -7.36
Dividend Payout % 0% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-19%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-3%
Stock Price CAGR
10 Years:%
5 Years:10%
3 Years:7%
1 Year:75%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:-34%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021
774 774 916
Reserves 655 394 1,833
Borrowings 1,702 5,284 3,599
3,490 3,306 3,824
Total Liabilities 6,621 9,758 10,171
2,555 4,940 5,415
CWIP 22 48 38
Investments 4 14 418
4,039 4,756 4,301
Total Assets 6,621 9,758 10,171

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021
528 644 1,104
-277 -551 -855
-266 116 -269
Net Cash Flow -15 210 -21

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021
Debtor Days 35 35 51
Inventory Days 179 205 263
Days Payable 223 198 338
Cash Conversion Cycle -9 42 -24
Working Capital Days 10 33 7
ROCE % 9% -5%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
59.24 59.24 59.10 59.10 59.09 59.09 59.07 59.07 59.79 59.76 56.10 56.12
9.50 9.53 9.84 9.80 9.70 9.36 8.43 6.39 6.09 6.28 13.95 13.91
19.03 18.81 18.14 18.44 20.28 20.52 21.35 22.10 21.70 21.73 17.53 16.63
0.00 0.08 0.16 0.31 0.51 0.59 0.59 0.59 0.59 0.59 0.55 0.39
12.23 12.34 12.76 12.34 10.41 10.06 9.99 11.28 11.31 11.12 11.37 12.45
0.00 0.00 0.00 0.00 0.00 0.38 0.58 0.58 0.52 0.52 0.50 0.50

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