BUY CMP 404.00 Target Price 465.00 GITANJALI GEMS LIMITED Result Update: Q2 FY13 Nov 12 th, 2012 ISIN: INE346H01014 Stock Data Sector Gems & Jewellery BSE Code 532715 Face Value 10.00 52wk. High / Low (Rs.) 443.40/286.20 Volume (2wk. Avg ) 23500.00 Market Cap ( Rs in mn ) 36813.30 Annual Estimated Results (A*: Actual / E*: Estimated) Years FY12A FY13E FY14E Net Sales 124982.77 159977.95 190373.76 EBITDA 9556.84 12356.45 15216.33 Net Profit 4872.51 6376.62 8080.37 EPS 53.47 69.98 88.68 P/E 7.56 5.77 4.56 Shareholding Pattern (%) 1 Year Comparative Graph SYNOPSIS Gitanjali Gems is one of the largest integrated diamond and jewellery manufacturers and retailers in India. Gitanjali Gems Ltd has informed that Aston Luxury Group Ltd., has acquired 15.3% stake in Verite Co. Ltd. in Japan. Gitanjali Launches India s First unique and innovative Gold and Diamond ATM machine, which is a one stop shop for buying medallions, coins, jewellery etc. Gitanjali Gems Ltd has demonstrated the results during the quarter; its boisterous growth of Net Profit is steers by 14.68% to Rs. 1516.59 million. Gitanjali Gems Ltd allotted 943,396 equity shares of Rs. 10/- each to Bennett Coleman and Company Limited (BCCL), held by BCCL in the ratio of 1:1 as agreed upon. Net Sales and PAT of the company are expected to grow at a CAGR of 26% and 32% over 2011 to 2014E respectively. BSE SENSEX Gitanjali Gems Ltd Source: Company Data, Firstcall Research The company has recommended a dividend of Rs 3/- per equity share for the year ended March 31, 2012. Peer Groups CMP Market Cap EPS P/E (x) P/BV(x) Dividend Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Gitanjali Gems Ltd 404.00 36813.30 53.47 7.56 1.19 30.00 Thangamayil Jewellery Ltd 289.00 3882.60 39.28 7.20 2.66 70.00 Rajesh Exports Ltd 125.40 36774.60 13.90 8.96 1.85 60.00 Titan Industries Ltd 295.00 259677.50 7.26 40.29 17.91 175.00
Investment Highlights Results updates- Q2 FY13, Gitanjali Group's operates from sourcing of rough diamond, cutting, polishing and distributing, to jewellery manufacturing, which includes designing, mould making, wading, casting, spruce grinding, filing, polishing and setting, reported its financial results for the quarter ended 30 Sep, 2012. The Second quarter witnesses a healthy increase in overall sales as well as profitability on account of launch of a unique and innovative Gold & Diamond ATM machine, which is a one stop shop for buying medallions, coins, jewellery etc. Months Sep-12 Sep-11 % Change Net Sales 39282.51 31676.41 24.01 PAT 1516.59 1322.46 14.68 EPS 16.47 15.32 7.52 EBITDA 2712.56 2213.64 22.54 The company s net profit jumps to Rs.1516.59 million against Rs.1322.46 million in the corresponding quarter ending of previous year, an increase of 14.68%. Revenue for the quarter rose by 24.01% to Rs.39282.51 million from Rs.31676.41 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.16.47 a share during the quarter, registering at 7.52% increase over previous year period. Profit before interest, depreciation and tax is Rs.2712.56 millions as against Rs.2213.64 millions in the corresponding period of the previous year. Expenditure : During the quarter the total expenditure cost rose by 25 per cent mainly on account of increase in Cost of material consumed & stock in trade along with consideration of depreciation in the rupee impact and witnessed. Total expenditure in Q2 FY13 was at Rs.36941.78 million as against Rs.29568.50 million in Q2 FY 12. Employee expenses Rs.739.24 against Rs.685.32 millions in the corresponding period of the previous year. Other Expenditure was at Rs. 1926.71 million and Consumption of Raw Materials is Rs. 37495.49 million in Q2 FY13 are the primarily attributable to growth of expenditure.
Segment Revenue Latest Updates Gitanjali Gems Ltd deposited net GDR proceeds of USD 0.072 million was kept with overseas banks pending utilization as on Sep 30, 2012. Gitanjali Gems Ltd has informed that Aston Luxury Group Ltd., a Hong Kong based wholly owned subsidiary of the Company has acquired 15.3% stake in Verite Co. Ltd. in Japan. This acquisition will provide supply chain synergies to the Group. Verite Co. Ltd. is a listed entity on the Tokyo Stock Exchange and operates a network of 101 jewellery retail stores in Japan. This stake will also increase the presence of the Gitanjali group in one of the leading diamond jewellery markets of the world. Gitanjali Gems Ltd allotted 943,396 equity shares of Rs. 10/- each to Bennett Coleman and Company Limited (BCCL), pursuant to conversion of 943,396 warrants held by BCCL in the ratio of 1:1 as agreed upon. Consequent to the aforesaid allotment, the paid up capital of the Company has increased from 91,122,095 equity shares of Rs. 10/- each to 92,065,491 equity shares of Rs. 10/- each. Gitanjali group opens the largest B2B Trade showroom in the Middle East Region at Alms Tower, Dubai-UAE. Gitanjali Launches India s First Gold and Diamond ATM at Mumbai: Launch of a unique and innovative Gold and Diamond ATM machine, which is a one stop shop for buying medallions, coins, jewellery etc. The company has recommended a dividend of Rs 3/- per equity share for the year ended March 31, 2012.
Company Profile Gitanjali Group is world s largest branded jewellery retailer. The company s head quarter is in Mumbai. Gitanjali Gems, incorporated in 1986, is one of leading players in jewellery segment. Founded in 1966, it was the first group company to engage in cutting and polishing of diamonds in Surat, Gujarat. Today this $900 million multinational group is one of largest manufacturer, retailers and exporters of diamonds. The company is the first to produce the world s smallest heart shaped diamond (0.03 carat) and developing some 25 patented facet patterns. Gitanjali Group's operates from sourcing of rough diamond, cutting, polishing and distributing, to jewellery manufacturing, which includes designing, mould making, wading, casting, spruce grinding, filing, polishing and setting. The company uses latest CAD and CAM processes and equipment for creating designs for jewellery. The company was first to offer diamond studded jewellery at reasonable prices. The company has won over 50 awards from the Ministry of Commerce, India for outstanding exports of diamond and jewellery, is today over $1000 million multinational group, and a publicly listed entity. Gitanjali Gems and Gitanjali Exports are primarily engaged in the traditional diamond trading business of the group. Both the entities enjoy competitive sourcing of rough diamonds from DTC, ALROSA, RIOTINTO d BHP. Polished diamonds are supplied to group entities for captive consumption as well to other local players. Polished diamonds are also exported to Antwerp, USA, Hong Kong, Middle East etc. The company s 70% stores are concentrated in the north & West of India. Global presence Gitanjali Gems Ltd. has its operations throughout the globe, all the way from USA, UK, Belgium, Italy and the Middle East to Thailand, South East Asia China, & Japan. Business Divisions Diamonds-The Company is engaged in every part of diamond sourcing & processing. Diamonds are processed at the Group s units at Surat and Borivli in India, Bangkok in Thailand, and Qingdao in China. Recently its unit at Hyderabad SEZ it has gone also on stream. For its diamond export the company has received various awards from international organization as well as from Government of India. Jewellery- The Company offers a diverse range of jewellery under gold, diamond and platinum segment. Company s designs include Indian traditional, ethnic, classic, contemporary and casual. The company uses the latest CAD/CAM processes and EDP for optimal efficiency in production and deliveries to its diverse markets.
Retailing- The Company is also engaged in retailing its diamonds and jewellery. Currently the company markets over 40 brands that are owned and franchised under its retail chain Gitanjali Lifestyle. Infrastructure- Gitanjali plans to develop seven SEZs to be operationalised in 7-8 years and the company has already bought land in Panvel, outside Mumbai, and has approvals for five more SEZs. Brands Currently, it has brands that includes loose diamonds, diamond and other stone-studded jewellery (natural and synthetic), in gold, silver, steel and combinations, high-end watches, jewellery-watches, luxury artifacts and accessories. The company markets its products through store chain namely Bezel, Giantti, World of Solitaire and Gitanjali Lifestyle. Under jewellery, the company has a portfolio of brands namely Nakshatra, Lucera, D Damas, Calgaro, Sangini, Rivaaz, Desire, Kashvi, Asmi, Maya, Diya, Ezee Diamonds and Stephan Hafner. Under watches, it retails brands like Philip, Sector, Marvin, Umbro, Miss Sixty, Roberto Cavalli, Iris, Morelaato and Just Cavalli. Under Home accessories, the company retails brand - Greggio Argento. Gitanjali Gems has a distribution network of 112 distributors and 1250 outlets in India. The group is also in the process of consolidating all its international operations under the holding company Aston Luxury in Hong Kong. Gitanjali opened its first flagship store Stefan Hafner in China. The bouquet of Italian brands is now available in other emerging markets like Russia, Saudi Arabia, the Far East and India. The company has Retail presence with over 1100 retail points across India through Own, Franchisee and Shop in Shop routes. 110 retail stores in USA and 4 retail stores in Dubai to maintain brand experience for consumers. Gems TV in Japan offers online shopping platform for TV Channels in Japan. Gitanjali has taken strategic stake of 30% in the entity to supply all of its diamond jewellery requirements in Japan. Subsidiaries Gitanjali Lifestyle Ltd Gitanjali Jewellery Retail Ltd MMTC Gitanjali Pvt Ltd Gitanjali Limited Gitanjali Exports Corporation Limited Gitanjali Brands Limited Gitanjali Infratech Limited Hyderabad Gems SEZ Limited Nashik Multi Services SEZ Limited Samuels Jewelers Inc. Gitanjali USA, Inc. Gitanjali Ventures DMCC Decent Securities & Finance Private Limited Eureka Finstocks Private Limited Gitanjali Capital Pvt Ltd. Aston Luxury Group Limited N&J Finstocks Private Limited
Financial Highlight Balance sheet as at March31st, 2012 (A*- Actual, E* -Estimations & Rs. In Millions) Particulars March (Rs.in.mn) FY12A FY13E FY14E 1.Shareholder s Funds a) Capital 911.22 911.22 911.22 b) ESOP 140.00 144.20 147.08 c) Reserves & Surplus 30085.66 36089.49 44542.65 Total Net worth 31136.88 37144.91 45600.96 2.Loan Fund a) Secured loans 39613.84 47140.47 52325.92 b) Minority Interest 546.60 617.66 710.31 c) Differed Tax liability 12.12 12.73 13.11 Total Liabilities (1+2) 71309.44 84915.77 98650.29 1.Fixed Assets a) Gross block 2848.60 3446.81 3894.89 b) Net Block 2848.60 3446.81 3894.89 Total Fixed Assets 2848.60 3446.81 3894.89 2. Investments 581.19 860.16 1384.86 3.Current Assets, Loans & Advances a) Inventories 36937.29 44324.75 50530.21 b) Sundry Debtor 53849.39 68927.22 84780.48 c) Cash & Bank Balance 6524.48 7841.50 8773.93 d) Loans & Advances 5455.42 3764.24 4441.80 Total Current Assets 102766.58 124857.71 148526.43 Less: Current Liabilities & Provisions a) Liabilities 34951.35 47184.32 54733.81 b) Provisions 649.51 928.80 1095.98 Net Current Assets 67165.72 76744.59 92696.63 4. Deferred Tax Assets 169.67 183.24 203.40 5. Goodwill on Consolidation 544.26 495.28 470.51 Total 713.93 678.52 673.91 Total Assets( 1+2+3+4+5) 71309.44 81730.07 98650.29
Annual Profit & Loss Statement for the period of 2011 to 2014E Value(Rs.in.mn) FY11 FY12 FY13E FY14E Description 12m 12m 12m 12m Net Sales 94564.02 124982.77 159977.95 190373.76 Other Income 159.94 1481.06 2517.80 3222.79 Total Income 94723.96 126463.83 162495.75 193596.54 Expenditure -88420.94-116906.99-150139.30-178380.21 Operating Profit 6303.02 9556.84 12356.45 15216.33 Interest -2087.21-4077.24-5096.55-6064.89 Gross profit 4215.81 5479.60 7259.90 9151.44 Depreciation -563.72-294.70-338.91-376.18 Exceptional Items 180.67 50.55-2.18-2.68 Profit Before Tax 3832.76 5235.45 6918.81 8772.57 Tax -267.12-340.44-484.32-614.08 Profit After Tax 3565.64 4895.01 6434.49 8158.49 Minority Interest -17.54-22.50-57.87-78.12 Net Profit 3548.10 4872.51 6376.62 8080.37 Equity capital 848.72 911.22 911.22 911.22 Reserves 24324.98 30085.66 36462.28 44542.65 Face value 10.00 10.00 10.00 10.00 EPS 41.81 53.47 69.98 88.68 Quarterly Profit & Loss Statement for the period of 31 st Mar, 2012 to 31 st Dec, 12E Value(Rs.in.mn) 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12E Description 3m 3m 3m 3m Net sales 35320.46 33847.34 39282.51 44153.54 Other income 285.31 1355.73 289.69 457.71 Total Income 35605.77 35203.07 39572.20 44611.25 Expenditure -33287.12-31646.35-36859.64-41680.94 Operating profit 2318.65 3556.72 2712.56 2930.31 Interest -1121.93-1883.31-1017.88-1078.95 Gross profit 1196.72 1673.41 1694.68 1851.36 Depreciation -76.78-71.16-82.14-79.68 Exceptional Items -2.13 0.00 0.00 0.00 Profit Before Tax 1117.81 1602.25 1612.54 1771.68 Tax -92.57-93.32-77.27-128.45 Profit After Tax 1025.24 1508.93 1535.27 1643.23 Minority Interest 3.89-19.17-18.68-17.75 Net Profit 1029.13 1489.76 1516.59 1625.49 Equity capital 911.22 911.22 920.66 920.66 Face value 10.00 10.00 10.00 10.00 EPS 11.29 16.35 16.47 17.66
Ratio Analysis Particulars FY11 FY12 FY13E FY14E EPS (Rs.) 41.81 53.47 69.98 88.68 EBITDA Margin (%) 6.67% 7.65% 7.72% 7.99% PBT Margin (%) 4.05% 4.19% 4.32% 4.61% PAT Margin (%) 3.77% 3.92% 4.02% 4.29% P/E Ratio (x) 9.66 7.56 5.77 4.56 ROE (%) 14.16% 15.79% 17.22% 17.95% ROCE (%) 12.34% 13.95% 16.08% 17.49% Debt Equity Ratio 1.21 1.28 1.11 0.96 EV/EBITDA (x) 5.44 3.85 2.98 2.42 Book Value (Rs.) 296.61 340.17 410.15 498.82 P/BV 1.36 1.19 0.99 0.81 Charts
Outlook and Conclusion At the current market price of Rs.404.00, the stock P/E ratio is at 5.77 x FY13E and 4.56 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.69.98 and Rs.88.68 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 26% and 32% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 2.98 x for FY13E and 2.42 x for FY14E. Price to Book Value of the stock is expected to be at 0.99 x and 0.88 x respectively for FY13E and FY14E. The second quarter witnesses a healthy increase in overall sales as well as profitability on account of powerful combination of exciting products, an enhanced store network and robust infrastructural Support system. We expect that the company surplus scenario is likely to continue for the next three years, will keep its growth story in the coming quarters also. We recommend BUY in this particular scrip with a target price of Rs.465.00 for Medium to Long term investment. Industry Overview The gems and jewellery industry has an important role in the Indian economy. India is the largest market for gold jewellery in the world. Gold dominates the Indian jewellery market and formulates almost 80 per cent of the market share, which is followed by fabricated studded jewellery including diamond and gemstone studded jewellery. Further, India has emerged as the largest cutting and polishing industry for diamonds in the world.
In fact, the two major segments of the gems and jewellery business in India are gold and diamond jewellery, as per an Exim Bank report. Moreover, Southern India is poised to be the biggest and the fastest growing jewellery market in the whole country. While Tamil Nadu and Kerala are known for plain gold jewellery, Andhra Pradesh and Karnataka have emerged as good markets for studded jewellery. Industry Structure Indian gems and jewellery sector is expected to grow at a compound annual growth rate (CAGR) of around 13 per cent during 2011-2013, as per a RNCOS report titled 'Indian Gems and Jewellery Market Forecast to 2013'. At present, Indian gems and jewellery market is highly fragmented, and is rapidly transforming into an organized sector due to the growing acceptance of branded jewellery market. Gold Gold with its intrinsic luster and ease of fabrication has always been the jewellers' favorite metal and forms the backbone of the precious jewellery industry. India's culture and mythology embrace gold. India's traditions of unparalleled craftsmanship and skill are exemplified by its gold jewellery manufacturing, with the majority of pieces still made meticulously by hand. India is one of the largest consumers of gold in the world. Tribhovandas Bhimji Zaveri Ltd (TBZ) has marked its foray into Kolkata and East India by inaugurating two showrooms. In addition, TBZ further made its presence in Vapi, the biggest city in Valsad district of Gujarat, surrounded by Daman, Dadra and Nagar Haveli, by inaugurating its exclusive brand outlet P Mangatram Jewellers showcased the world's lightest necklace, designed in 18k gold and embellished with precious stones, weighing just 3.5 grams at The India International Jewellery Show (IIJS) 2012 Diamonds Diamonds have always enjoyed a special place among precious gemstones. India has the distinction of being one of the first countries to introduce diamonds to the world. Earlier, diamond jewellery was limited to a very small elite segment of the population but now it has found way in various segments of consumers. Besides, India has emerged as one of the world's leading diamond cutting and polishing centres. The Gems and Jewellery Export Promotion Council (GJEPC) in collaboration with Moscow Diamond Bourse (MDB) organised the second edition of Indo-Russia Jewellery Summit in Mumbai. The Summit has been able to present tremendous opportunity for many visitors who came looking at India as a sourcing hub for the first time
GJEPC strives to focus on penetrating new emerging markets in the world, with special attention on India and China, to promote diamonds and boost consumer confidence, said Mr Vipul Shah, Chairman, GJEPC Gujarat is one of the major states in India promoting gems and jewellery sector as one of the thrust areas for development. Gujarat, having the largest human resource pool in the country in diamond cutting and polishing, accounts for 80 per cent of the total diamonds processed in India Colored Gemstones The colored gemstones segment includes remaining forms of jewellery which includes precious gemstones like emeralds, sapphires, rubies and tanzanite; and semi-precious gemstones like silver, pearls, etc. Traditional Indian gemologists identified around 84 precious and semi-precious stones, amongst them nine stones form the 'Navratnas or the nine gems'. Renaissance Jewellery, manufacturers and exporters of studded precious metal jewellery, were felicitated by GJEPC, at its 39th annual awards presentation at New Delhi. Renaissance won the award for outstanding export performance under the category 'Studded Precious Metal Jewellery Exports' Exports The total gems and jewellery exports from India during April 2012 to September 2012 stood at US$ 19,902.47 million, including that of cut and polished diamonds at US$ 7,824.75 million, gold at US$ 10,717.71 million and coloured gemstones at US$ 167.13 million, besides others, according to the provisional data by Gem & Jewellery Export Promotion Council of India (GJEPC). The domestic jewellery market is pegged at about US$ 16 billion-us$ 18 billion. The industry is also a leading foreign exchange earner accounting for more than 12 per cent of India's total exports, as per an industry body report. The gems and jewellery industry in India registered considerable growth in its volume of exports from US$ 25.4 billion in the 2009 to US$ 46.36 billion in 2011, a net growth of 82.5 per cent. Government Initiatives India appears as a very attractive opportunity for major brands to establish their presence. The growing domestic market in India along with export advantage of the industry and the Government's decision to allow foreign direct investment (FDI) up to 51 per cent in single brand retail stores have attracted various foreign players to the Indian market.
The Government of India has cleared three FDI proposals including that of Italian jeweller brand Damiani, to set up stores in India under the single brand retail policy. The firm will set up a 51:49 joint venture (JV) with Mehta's Pvt Ltd, as per a Ministry of Finance official. Foreign Direct Investment Policy The Government of India allows 100 per cent FDI in gems and jewellery sector through the automatic route For exploration and mining of diamonds and precious stones, FDI is allowed up to 74 per cent under the automatic route For exploration and mining of gold and silver and minerals other than diamonds and precious stones, metallurgy and processing, FDI is allowed up to 100 per cent under the automatic route Foreign Trade Policy (2009-2014) Initiatives Import of gold of 8 karat (k) and above is allowed under replenishment scheme subject to import being accompanied by an Assay Certificate specifying purity, weight and alloy content. Duty Free Import Entitlement (based on Free on Board (FOB) value of exports during previous financial year) of consumables and tools, for: Jewellery made out of: o Precious metals (other than gold & platinum) - 2 per cent o Gold and platinum - 1 per cent o Rhodium finished silver - 3 per cent o Cut and polished diamonds - 1 per cent Duty free import entitlement of commercial samples shall be US$ 6187.9 Duty free re-import entitlement for rejected jewellery shall be 2 per cent of FoB value of exports Import of diamonds on consignment basis for certification/ grading & re- export by the authorized offices/agencies of Gemological Institute of America (GIA) in India or other approved agencies will be permitted Personal carriage of gems and jewellery products in case of holding/participating in overseas exhibitions increased to US$ 5 million and to US$ 1 million in case of export promotion tours Extension in number of days for re-import of unsold items in case of participation in an exhibition in USA increased to 90 days In an endeavour to make India an international trading hub for diamond, it is planned to establish "Diamond Bourse (s)"
Road Ahead India possesses world's most competitive gems and jewellery market due to its low cost of production, highly skilled, low-cost and best artisan force for designing and crafting jewellery, along with strong government support in the form of incentives and establishment of Special Economic Zones (SEZs). India is emerging as a huge consumer market for jewellery and other luxury products and thereby appears as a very attractive opportunity for major brands to establish their presence in the Indian market. In fact, the five-day long 29th edition of the Indian International Jewellery Show (IIJS) event organized by GJEPC, witnessed the participation of over 800 companies from India and overseas and received 20,000 pre-registration from national visitors and over 3,000 from international visitors. The event had a congregation of delegations from trade associations across India and from a host of international destinations like Bangladesh, China, Dubai, Hungary, Iran, Japan, Malaysia, Nepal, Poland, Russia, Saudi Arabia, Singapore etc. IIJS displayed the widest range of gems and jewels under the categories of couture, loose diamond, plain gold jewellery, mass produced, allied, machinery and international jewellery and loose diamonds. Disclaimer: This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but do not represent that it is accurate or complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it s affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provide for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision.
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