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BSL Ltd. — Investor Presentation 2024
Aug 5, 2024
61765_rns_2024-08-05_c1d38eb9-d960-43b5-a405-18b08ba64e10.pdf
Investor Presentation
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Shubham Jain
Digitally signed by Shubham Jain Date: 2024.08.05 18:26:32 +05'30'
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BSL Limited Q1 FY25 Investor Presentation
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BSL 514045
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Safe Harbor
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This presentation has been prepared by BSL Limited (“Company") solely for information purposes without any regard to any specific objectives, financial situation, or informational need of any particular person. This presentation may not be copied, distributed, or disseminated, directly or indirectly, in any manner. Failure to comply with this directive may result in a violation of the applicable laws in certain jurisdictions. By reviewing this presentation, you agree to be bound by the restrictions contained herein and to maintain absolute confidentiality, regarding the information disclosed in these materials.
This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company by any person in any jurisdiction, including in India, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment, therefore.
This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief, or current expectations of the Company or its directors and officers concerning the results of operations and the company's financial condition. These statements can be recognized by the use of words such as ''expects", "plans", 'will", "estimates", "projects", or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions that the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, and competition, our ability to manage our international operations, government policies, regulations, etc. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company to reflect actual results, assumptions, or changes in factors affecting these statements. Given these risks, uncertainties, and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. This presentation may contain certain currency exchange rates and the same has been provided only for the convenience of readers.
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Safe Harbor
2
Q1 FY25
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Presentation Content
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01. Financial Performance 02. Growth Drivers 03. Company Profile
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04. ESG Initiatives
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05. Management Team
06. Annexure
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06. Annexure
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Thank You
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Content
Q1 FY25
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Chairman Message
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Commenting on the results, Mr. Arun Churiwal, Chairman of BSL Limited said,
“Amid the evolving global landscape and various cost challenges, our unwavering commitment to innovation and quality remains our driving force. The recent normalization of sales and inventory levels has strengthened the industry. By enhancing our supply chain to meet the highest ESG standards and expanding our capabilities at the new cotton spinning unit, we view the higher raw material and labor costs as strategic investments in our bright future. These efforts empower us to consistently meet and exceed quality expectations and ensure seamless transitions in our operations.
Geopolitical tension in regions such as Bangladesh, Ukraine, Russia, and Israel has created some disruption in the export market for the short term. These changes are poised to redirect exports towards countries like India, creating new pathways for expansion. The long-term outlook for our industry is exceptionally promising, driven by the global transition away from China, supplier consolidation, and supportive policies such as the Production Linked Incentive (PLI) scheme and Free Trade Agreements (FTAs) with key markets. As brands seek alternative suppliers to optimize procurement costs and mitigate risks, our strategic initiatives and steadfast dedication to excellence ensure we are ideally positioned for sustainable growth and success in the years ahead."
Shri Arun Churiwal Chairman, BSL Limited
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Q1 FY25 Message
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Managing Director Message
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Commenting on the results, Mr. Nivedan Churiwal, MD of BSL Limited said,
"BSL Limited has shown resilience amid global economic challenges. Despite uncertainties such as escalating conflicts, rising labor costs, Red Sea issues resulting in increasing logistics costs, and fluctuating cotton prices, we are pleased to report growth in Q1FY25. Our sales increased by 2.1% YoY, reaching ₹163.7 Cr. EBITDA for Q1FY25 grew to ₹15.2 Cr, up 1.1% YoY. PAT rose 1.8% YoY to ₹2.3 Cr.
Looking ahead, we see significant opportunities as the US, EU, and China are set to drive textile consumption in the coming decade. With China losing market share due to rising labor costs, geopolitical tensions, and US-China trade issues, buyers are seeking alternative production bases, creating opportunities for major Asian suppliers like India. Bangladesh is facing a foreign exchange crisis, and Vietnam is grappling with high factor costs, positioning India to capitalize on these opportunities. Stabilized raw material prices, a stable policy regime, government incentives, and support for low-cost locations further strengthen our position. The PLI scheme is set to boost investments in the MMF and technical textile ecosystem, while FTAs with the UK and EU hold enormous potential for increased textile trade.
In the near term, we are navigating these challenges and we remain committed to delivering exceptional service to our customers and creating value for our shareholders. We deeply appreciate the support of our shareholders and promise to continue working hard to enhance our company's performance and service quality."
Shri Nivedan Churiwal MD, BSL Limited
5
Q1 FY25 Message
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01.
Financial Performance
Q1 FY25 Financial Performance Historical Financial Performance
BSL 514045
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Q1 FY25 Financial Performance
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₹ in Cr
Gross Profit & Margin(%)
EBITDA & Margin(%)
PAT & Margin(%)
Revenue
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160 164
156
74 74
71
44.0% 47.2% 45.2%
Q1 FY24 Q4 FY24 Q1 FY25 Q1 FY24 Q4 FY24 Q1 FY25
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16
15 15
2.5
2.3 2.3
44.0% 47.2% 45.2% 9.4% 10.5% 9.3% 1.4% 1.6% 1.4%
Q1 FY24 Q4 FY24 Q1 FY25 Q1 FY24 Q4 FY24 Q1 FY25 Q1 FY24 Q4 FY24 Q1 FY25 Q1 FY24 Q4 FY24 Q1 FY25
YoY: 2.1% YoY: 4.6% YoY: 1.1% YoY: 1.8%
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Financials
7
Q1 FY25
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Q1 FY25 Persistence Resilience
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₹ in Cr
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Financial Highlights
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Total income in Q1FY25 stands at ₹164.2 Cr grew by 2.1% Y-o-Y with higher contribution from furnishing segment.
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EBIDTA in Q1FY25 is ₹15.2 Cr remained flattish. EBIDTA Margin stood at 9.3%, a decline (10 bps) mainly on account of higher raw material cost.
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PAT continued to deliver ₹2.3 Cr in Q1FY25 up 1.8% Y-o-Y
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New cotton spinning unit continue to improve the capacity utilization, as the cotton prices stabilized.
Financials
8
Q1 FY25
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Q1 FY25 Segment Wise Revenue
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Fabric Furnishing Yarn Others
100% 4% 6% 4%
90%
80% 40%
48%
48%
70%
60%
12%
50%
12% 14%
40%
30%
43%
20% 34% 34%
10%
0%
Q1 FY24 Q4 FY24 Q1 FY25
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Q1 FY25 Financials
9
₹ in Cr
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Historical Financial Performance
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Revenue
Gross Profit & Margin(%)
EBITDA & Margin(%)
PAT & Margin(%)
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667
65
472
436 51 17
390
40
321 294
224 250 31 30 11 11
199
166
51.0% 51.6% 51.4% 52.9% 44.1% 7.9% 9.4% 9.2% 10.9% 9.8% 2.6% 3.6% 1.7%
2
1
4.0%
4.0%
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24
CAGR 11% CAGR 8% CAGR 16% CAGR 41%
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Financials
10
Q1 FY25
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Historical Financial Segmental Performance
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Fabric Furnishing Yarn Others
₹18 Cr (3.8%)
₹21 Cr (3.1%)
₹98 Cr (20.8%)
₹303 Cr (45.5%)
₹98 Cr (20.8%)
₹77 Cr (11.6%)
₹258 Cr (54.6%)
₹265 Cr (37.8%)
FY23 FY24
Financials
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Q1 FY25 Financials
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Historical Financial Performance
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₹ in Cr
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ROCE RONW
10.9%
9.7% 16.3%
8.7%
7.4% 7.3% 12.9%
10.0%
2.2% 1.7%
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24
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FACR(x)
3.1
1.8
1.4 1.3 1.3
FY20 FY21 FY22 FY23 FY24
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Net Working Capital
45.7
37.2 37.8 39.2
14.1
FY20 FY21 FY22 FY23 FY24
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Net Debt
437
346
186
161 161
FY20 FY21 FY22 FY23 FY24
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Net Debt to Equity(x)
3.9
3.3
2.2 2.1 2.1
FY20 FY21 FY22 FY23 FY24
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Financials
12
Q1 FY25
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02.
Growth Drivers
Growth Driving Factors
BSL 514045
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Growth Driving Factors
▪ In 2021, the Indian textile & apparel industry is pegged at $105 bn, with ~71% by domestic consumption and 29% by exports. By 2026, the industry is likely to expand to $250 bn at 17-19% CAGR.
▪ The growth would be driven by the swelling domestic appetite for garments and demands for apparel in western countries resulting in higher sourcing from India by international brands to meet the demand.
▪ Apparel (garmenting), the fastest growing segment accounts for 63% of the $892 bn global textile industry. By 2026, India hopes to garner 10% of the apparel export market from 4% currently. Robust Demand 1
▪ The Indian Government has come up with several export promotion policies for the textiles sector. It has also allowed 100% FDI in the sector under the automatic route.
▪ Establishment of 7 PM Mega Integrated Textile Region and Apparel Parks with a total investment of ₹4,445 Cr for the years up to 2027–28 was approved by the government.
▪ Under the National Technical Textile Mission (NTTM), 74 research projects for speciality fibre and technical textiles valued at ₹232 Cr. were approved. 31 new HSN codes have been developed in this space.
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Government
2 Support
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▪ Owing to China Plus One sentiment globally, India’s textile exports are expected to grow by 81% to $65 billion by 2026 from the pre-Covid level of around $36 billion in 2019 ▪ Adoption by global brands, due to India’s relatively large strategic depth compared with Vietnam or Bangladesh
▪ Covid-19 has triggered the redistribution of global trade shares and a recalibration of sourcing patterns, providing a golden opportunity for Indian textiles to stage a turnaround and regain a leadership position as a top exporting economy.
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China +1
3 Strategy
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Q1 FY25 Growth Drivers
14
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Growth Driving Factors
▪ BSL Limited has commenced commercial operations in its Cotton Spinning Project from March 2023 at full capacity.
▪ BSL Limited has installed a capacity of 29,184 spindles which will give a production of ~700 tons per month starting from FY24. ▪ This is expected to generate Additional Revenue of ~₹250 Cr. per annum from FY24.
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Investment
Return
4
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▪ The Textile Industry is an ever-growing market, with key Competitors being China, the European Union, the United States, and India.
▪ India is among the Top Five Textile Manufacturing Countries and is responsible for more than 6% of the total textile production, Globally.
▪ The Sustainable Textiles for Sustainable Development (SusTex) project by the United Nations Climate Change entity enhances the Employment and working circumstances of textile artisans while promoting the Sustainable Production and use of Environmentally Friendly Textiles.
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Sustainability
5
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▪ BSL Limited’s Marketing Strategy is uniquely designed for the company and helps gather Strong Brand Recognition for its quality in domestic and international market.
▪ Focus on exports helping us to gain major market share in both Suitings & Furnishing with presence in over 60+ countries.
▪ Specific & Different Strategies for different price segments to enable maximum outreach for both, its mass and premium brands in the domestic market.
▪ Export account for ~57% in FY24 out of total turnover
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Aggressive
6 Marketing
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Q1 FY25 Growth Drivers
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03.
Company Profile About Us Milestone Business Verticals Strong Parentage
BSL 514045
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About Us
Diverse Range of Products
BSL Limited, established in 1971, is a renowned manufacturer of a diverse range of textile products, including synthetic, worsted, and cotton yarn, as well as synthetic and Worsted Suitings, and various furnishing fabrics. With each passing year, we have witnessed remarkable growth and expansion, solidifying our position in the industry.
Global Supplier
As the leading supplier of furnishing fabrics to Global Retail Giant IKEA and 25 other nations in South Asia, we take immense pride in our accomplishments. Having received over 30 awards recognizing our excellence in production, performance, and export, we are committed to maintaining the highest standards.
Expert Team
Our team comprises 2,500 skilled professionals specializing in financial, marketing, and technical fields, all dedicated to contributing to our success story. Together, we operate across a sprawling campus spanning ~45 acres.
Quality Production
BSL Limited is synonymous with quality, producing fabric under renowned brand names such as BSL Suitings and Geoffrey Hammonds. Annually, we produce over 20 million meters of fabric, distributed both nationally and across 60+ countries worldwide, all manufactured under the stringent IS/ISO 9001-2008 standards.
Innovative Technology
As pioneers in the textile industry, our vertically integrated unit encompasses spinning, weaving, processing, and manufacturing capabilities, all equipped with state-of-the-art technologies sourced globally. We remain committed to innovation and excellence, ensuring that our customers receive nothing but the finest products.
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| Particulars | Production Capacity |
|
|---|---|---|
| Fabrics | 178Looms | |
| Worsted Yarn | 8,768Spindles | |
| Synthetic Yarn | 20,544Spindles | |
| Vortex Yarn | 400Positions | |
| Fabric Processing | 288Lac Mtrs. | |
| Top, Fiber & Yarn Dying | 2,352MT | |
| Cotton Yarn | 29,184Spindles |
Company Profile
17
Q1 FY25
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Milestone
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The company took decisive step to venture into Converted into a furnishing fabrics and over Incorporated under Public Limited the last decade or more , this the name of Company under the has been the biggest growth “Raj General Udyog name of “Bhilwara engine for success story for Private Limited”. Synthetics Limited”. the company. 1971 Mid 80’s 2023 1970 1976 Mid 2000’s The company started First in India to BSL has started its manufacturing Grey venture into Suiting Cotton Spinning Cloth on just 8 Export and today is Project with 29,184 Looms. the Leading Exporter spindles , capable of of suiting fabric from producing ~ 700 India. tons per month.
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Q1 FY25 Company Profile
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Business Vertical - Suiting
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BSL Limited Provides Finest Premium Suiting Fabrics For Both Domestic &
Export Markets
TR FABRICS
PW FABRICS
PV FABRICS
19 Q1 FY25 Company Profile
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Business Vertical - Furnishing
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The New Benchmark From Soft Furnishing Fabrics To Upholstery Fabrics &
Exquisite Silk Fabrics Offers A Wide Range Of Premium Furnishing
FURNITURE
CURTAINS
Furnishing Fabrics
SILK FABRIC
20 Q1 FY25 Company Profile
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Business Vertical - Yarn
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The Highest Quality Fabrics Begin with Yarn that comes from a State-of-the-art Manufacturing Facility. Made of different materials, colour patterns, gauges, and weights, our yarns are a Testament to World-class Quality and . Craftsmanship
POLY WOOL YARN
COTTON YARN
The finest cotton, spun on the latest technology to create the best cotton yarn exquisite fabrics.
Poly Wool and Pure Wool yarns create the most exclusive & elegant fabrics.
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VORTEX YARN
POLY VISCOSE YARN
Spun with unique technology, its structure optimizes the characteristics of fibers.
A perfect blend of dyed polyester and viscose in different blends & counts.
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of fibers.
March 2024
Annexure
Yarns
Business Verticals
21 Q1 FY25 Company Profile
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Parentage
ELECTRODES
POWER CONSULTANCY
- Indo Canadian Consultancy Services Limited
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▪ HEG Limited
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TEXTILES
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BSL Limited
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Maral Overseas Limited
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RSWM Limited
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Bhilwara Technical Textiles Limited
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BMD Private Limited
HIGHLIGHTS
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5 Group companies listed on the Stock Exchanges.
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Production units & Corporate office spread across the country at 38 locations
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Over 1,000,000 stakeholders in the Group.
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All key companies ISO certified
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Over 28,000 strong workforce.
IT SERVICES March 2024 Annexure ▪ Bhilwara Infotechnology Limited
POWER
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Balephi Jal-Vidyut Co. P. Limited - Nepal
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NJC Hydro Power Limited
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AD Hydro Power Limited
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Bhilwara Energy Limited
Company Profile
22
Q1 FY25
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04.
ESG Initiative
Environment Social Governance
BSL 514045
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Environment
OEKO-TEX The Company has received OEKO-TEX Certifications which ensure that our Products have been Tested Against a list of up to 350 Toxic Chemicals.
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Agro-Fuel
From July 2022 onwards, In-Line with Global Sustainability Initiatives, an Agro-Fuel system For Boiler & Thermopack is being used instead of Fossil Fuels.
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Vegan Certificate
Recycled Raw Materials As a part of the Global Sustainability movement, in FY24 , the Company’s 62% of Fiber Consumption was of Recycled Fibers .
M.E.E. Multiple Effect Evaporator
One of the Few Textile Companies in the World with having Vegan Certificate from Switzerland .
R.O. Reverse Osmosis Plant
Z.L.D. Zero Liquid Discharge
Solar Power
E.T.P. Effluent Treatment Plant
The March 2024 Company has Installed a CapacityAnnexure of 6.5 MW of Roof Top Solar Plant.
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ESG Initiative
24
Q1 FY25
Social
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CSR
Overview
Corporate social responsibility is also known as corporate conscience, corporate citizenship, social performance, or sustainable business. It's a way for companies to regulate themselves within their business model.
Regulatory Mechanism
A CSR policy acts as a self-regulating system where a business keeps track of and ensures it follows the spirit of the law, ethical standards, and international norms.
Integration with Corporate Objectives
The company sees CSR activities as a crucial part of its corporate objectives, fully in line with its overall business goals.
Active Engagement in Value Creation
The company actively participates in creating value for its various stakeholders through different social, cultural, and economic development projects in the region. March 2024
Commitment to Societal Impact
BSL Limited plans to maintain and strengthen its position in society by placing more emphasis on socially and environmentally responsible practices, both internally and in the communities where it operates.
Beyond Compliance
CSR activities enhance the Company's brand image and help to establish trust and relationships with various stakeholders. This contributes to improving the Company's financial performance and increasing its business growth.
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ESG Initiative
25
Q1 FY25
Governance
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Internal Control Systems
Whistle Blower Policy
Corporate Governance
The Company has adequate Internal Control Systems, commensurate with the size, scale and complexity of its operations.
The Audit committee quarterly reviews the Executive summary on the internal audit findings along with the recommendations and management comments.
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The Internal Auditors also ensure proper compliance of all policies and Standard Operating Procedures (SOPs) adopted by the Company.
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The Company has a vigil Mechanism named Whistle Blower policy to deal with any instance of fraud and mismanagement.
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The Details of the Whistle Blower Policy is explained in the Corporate Governance Report and also posted on the Company’s website at the web link as:
https://www.bslltd.com/images/fin ancials/1487923284_WhistleBlower-Policy.pdf
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The Company is committed to maintaining the highest standards of corporate governance and adhering to the corporate governance requirements set out by the SEBI.
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The Company recognizes Corporate Governance not as a set of rules but as a framework supporting the core values.
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Good Governance helps us to maintain trust with the shareholders, employees, & society at large. We believe that good governance is the key to sustainably doing business and which creates value for society.
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ESG Initiative
26
Q1 FY25
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05.
Management Team
Management Team Board Members Achievements
BSL 514045
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Management Team
Shri Arun Churiwal Chairman
Shri Nivedan Churiwal Managing Director
Shri Praveen Jain CFO & Director (Operations)
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Management Team
Q1 FY25
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Board Members
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Shri Arun Churiwal
Chairman, B.A. (Hons.), 50+ years of experience
Shri Nivedan Churiwal
Managing Director, B.Com, 23+ years of experience
Shri Ravi Jhunjhunwala
Non-Executive Non Independent Director, MBA, 42+ years of experience
Shri Shekhar Agarwal
Non-Executive Non Independent Director, B.Tech, M.Sc, 40+ years of experience
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Smt. Aarti B Aggarwal Independent Director, B.A. (Hons.), 33+ years of experience
Shri Praveen Jain CFO & Director (Operations), F.C.A., F.C.S., F.C.M.A., 33+ years of experience
Shri Jagdish Chandra Laddha Independent Director, F.C.A. (Hons.), 45+ years of experience Shri Kunal Jhunjhunwala Independent Director, B.Com, 25+ years of experience
Shri Avinash Todi Independent Director, B.E.(CS), 15+ years of experience
Shri Hemant Kamala Jain Independent Director, MBA, MS(Chem. Eng.), 44+ years of experience
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Management Team
Q1 FY25
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Achievements
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2018 - 19
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Best Overall Export Performance - Export of fabrics to Focus Lac Countries
Golden Trophy
Best Overall Export Performance - Export of Natural Silk Goods
2017 - 18
Silver Trophy
Best Overall Export Performance - Export of fabrics to Focus Lac Countries
2017 - 18
Golden Trophy
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Best Overall Export Performance - Export of fabrics to Focus Lac Countries
2016 - 17
Golden Trophy
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2016 - 17
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March 2024
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Annexure
2015 - 16
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Overall Export Performance in the export of Natural Silk Goods
Best Overall Export Performance - Export of fabrics to Focus Lac Countries
Golden Trophy
30
Management Team
Q1 FY25
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06.
Annexure
Profit & Loss Statement
BSL 514045
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Profit & Loss Statement
| Parameter (₹ in Cr) |
Quarterly | Quarterly | Quarterly | Yearly | ||||
|---|---|---|---|---|---|---|---|---|
| Q1 FY25 | Q4 FY24 | QoQ | Q1 FY24 | YoY | FY24 | |||
| Total Income | 164.2 | 156.4 | 5.0% | 160.8 | 2.1% | 667.2 | ||
| Raw Material Cost | 95.7 | 90.1 | 84.7 | 370.2 | ||||
| Employee Cost | 23.8 | 22.6 | 22.6 | 91.0 | ||||
| Power, Fuel & Water Cost | 14.3 | 14.8 | 14.3 | 57.5 | ||||
| Other Expenses | 20.6 | 20.0 | 18.7 | 80.4 | ||||
| Inc./Dec. in Inventory | (5.9) | (7.5) | 5.1 | 2.1 | ||||
| EBIDTA | 15.2 | 16.4 | (7.2)% | 15.1 | 1.1% | 65.2 | ||
| EBIDTA Margin (%) | 9.3% | 10.5% | (120) bps | 9.4% | (10) bps | 9.8% | ||
| Depreciation | 4.4 | 4.4 | 4.7 | 18.2 | ||||
| Finance Cost | 8.1 | 9.1 | 7.5 | 32.8 | ||||
| PBT | 3.2 | 3.0 | 7.5% | 3.3 | (0.6)% | 14.9 | ||
| Tax | 0.9 | 0.5 | 1.0 | 3.7 | ||||
| ~~March 2024~~ PAT |
2.3 | 2.5 | (8.4)% | 2.3 | 1.8% | 11.2 | ||
| Annexure PAT Margin (%) |
1.4% | 1.6% | (20) bps | 1.4% | - | 1.7% | ||
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32
Annexure
Q1 FY25
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