78 bps improvement in gross margin
73cr EBITDA, 113% improvement, 102 bps improvement
ESOP charge 7 cr vs 2 cr y-o-y
12 crore investment in new business – expensed from P&L
Sourcing clocked 42% growth, 60cr EBIT, RoCE 42%
Manufacturing continues to be profitable (1.6% PAT margin)
Net Debt 77 crore, NWC increased from 2 days to 3 days
Will continue to focus on monetising non-core assets
Continue to focus on increasing US focus
China + 1 helping as people looking beyond China/Vietnam-Hong Kong relationship. Movement to sourcing from Bangladesh/Sri Lanka is helping PDS (one of the biggest reason is governance standard trust in PDS) fill up this vacuum. Vietnam also we are trying, we are late to the party, but doing not bad.
Whenever recession happens, we double in size as we help both retailers (one stop shop design free delivery) and factories (working capital + orders).
We have business, now with softening cotton and freight as well as currency depreciation, will see margin improvement.
80-90% budget is booked – strong orderbook – confident to meet guidance – cautious because of geopolitical issues
Seasonality of Q4 strongest – so QoQ not relevant
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