Ethos Ltd

Ethos Ltd

₹ 2,741 2.24%
23 Feb - close price
About

Ethos Limited (“Ethos”) was incorporated on November 5, 2007 and promoted by KDDL Limited. Ethos is India’s largest luxury and premium watch retail player

Key Points

Largest Luxury watch company[1] Ethos is India’s largest luxury and premium watch retail player having 13% share of the total retail sales in premium and luxury segment and 20% share when seen in the exclusive luxury segment in FY20.

  • Market Cap 6,401 Cr.
  • Current Price 2,741
  • High / Low 2,770 / 915
  • Stock P/E 85.0
  • Book Value 286
  • Dividend Yield 0.00 %
  • ROCE 17.4 %
  • ROE 13.8 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 71.7% CAGR over last 5 years

Cons

  • Stock is trading at 9.59 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -5.93%
  • Company has a low return on equity of 11.2% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Retail Industry: Trading

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
123 89 134 195 159 174 178 230 208 230 234 281
107 82 121 169 139 147 152 195 182 196 197 237
Operating Profit 16 7 13 26 20 27 26 35 25 34 37 44
OPM % 13% 8% 10% 13% 13% 16% 14% 15% 12% 15% 16% 16%
2 5 3 3 3 2 4 4 5 5 4 7
Interest 4 4 4 4 5 4 3 3 3 4 4 4
Depreciation 8 7 8 9 8 8 8 9 10 11 12 12
Profit before tax 6 1 4 16 10 17 18 27 17 24 25 34
Tax % 28% 34% 28% 26% 22% 25% 25% 25% 25% 25% 25% 25%
4 1 3 12 8 13 14 21 13 18 18 26
EPS in Rs 2.39 0.50 1.45 6.40 4.08 5.41 5.79 8.81 5.60 7.70 7.90 11.07
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
325 356 442 456 387 577 789 953
320 342 413 402 345 507 669 813
Operating Profit 5 14 29 53 42 71 119 140
OPM % 2% 4% 7% 12% 11% 12% 15% 15%
1 2 2 6 17 13 15 21
Interest 11 7 8 24 20 21 20 15
Depreciation 4 4 5 35 32 31 35 45
Profit before tax -8 5 18 1 6 31 80 101
Tax % 28% 23% 39% 98% 26% 25% 25%
-6 4 11 0 5 23 60 75
EPS in Rs -4.61 2.51 6.63 0.02 2.55 12.24 25.61 32.27
Dividend Payout % 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 17%
3 Years: 20%
TTM: 29%
Compounded Profit Growth
10 Years: %
5 Years: 72%
3 Years: 962%
TTM: 38%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 176%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 11%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 13 16 17 18 18 19 23 23
Reserves 32 76 115 134 139 213 608 644
Preference Capital 20 0 0 0 0 0 0
69 63 77 175 140 161 121 141
101 95 91 100 98 114 128 126
Total Liabilities 215 250 300 427 396 507 880 935
10 17 22 128 112 129 197 227
CWIP 0 0 5 1 4 0 4 1
Investments 0 0 0 4 4 6 7 27
205 232 273 294 275 373 672 679
Total Assets 215 250 300 427 396 507 880 935

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
4 -1 35 62 17 -5
-2 -12 -13 -10 -23 -254
2 11 -20 -45 27 249
Net Cash Flow 4 -2 2 7 20 -10

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 2 7 6 8 12 3 3
Inventory Days 244 230 214 242 256 222 228
Days Payable 93 104 73 83 97 77 66
Cash Conversion Cycle 152 133 148 167 171 148 165
Working Capital Days 107 112 120 128 132 117 131
ROCE % 8% 14% 9% 8% 15% 17%

Shareholding Pattern

Numbers in percentages

14 Recently
Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
65.16% 65.16% 64.67% 64.67% 63.82% 63.82% 57.88%
7.47% 7.61% 7.49% 7.34% 6.49% 6.69% 10.41%
6.95% 7.44% 9.32% 9.75% 10.51% 9.66% 12.17%
20.42% 19.78% 18.52% 18.22% 19.17% 19.84% 19.54%
No. of Shareholders 12,70913,25613,86214,68515,95521,65727,067

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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