Ranvir’s Portfolio

**Focus Lighting – **

Q4 and FY 24 concall highlights –

Q4 outcomes –

Sales – 60 vs 41 cr
EBITDA – 14 vs 8 cr ( margins @ 23 vs 20 pc – very healthy margins for a manufacturing company )
PAT – 11 vs 6 cr

FY 24 outcomes –

Sales – 224 vs 168 cr
EBITDA – 46 vs 33 cr ( margins @ 21 vs 20 pc )
PAT – 39 vs 23 cr

Breakdown of Q4 revenues –

Retail Lighting ( high end / specialised lighting solutions for brick and mortar retail outlets ) – 31 vs 32 cr

Home lighting ( company is into high end home lighting unlike most other players like – Havells, CG Consumer, Surya etc ) – 26 vs 8 cr

Infra Lighting ( basically – projects / orders based business ) – 2 vs 10 cr

Railways – 0.1 vs 0.4 cr

Company’s retail lighting is primarily sold under PLUS – brand name

Company’s MD gave out a presentation on the kind of cutting edge / unique lighting solutions that the company has developed / is developing. Its a must watch for anyone trying to understand the moats that the company is building

Company’s retail clients include – Mercedes, Volvo, Porsche, Citroen, BMW, Tata Retail, Reliance Retail, Ikea, Lenskart etc

Some marquee projects where company has done the lighting work include – Central Vista – Parliament, Surat Fort, Guwahati Airport, ITC – Shanghai, Mumbai Airport etc

Reliance is the biggest retailer in India. Company expects Reliance retail to be back to aggressive expansion mode wef Q3 this year. That’s when they see a lot of domestic retail business to come to them

Retail segment in ME markets is doing well

Overall, guiding for > 15 pc growth in retail segment for FY 25

Expect to see high growth coming from Home and Infra segments for FY 25

All verticals combined, company is guiding for 30 pc kind of topline growth with margins at current levels

Avg ticket size per retail store ( except very large format stores like IKEA ) @ Rs 20 lakh to Rs 1 cr. For Infra, its Rs 5 to Rs 40 cr depending on project to project. For Homes, its between Rs 5 lakh – Rs 3 cr per house

Company is going to enter the trade segment in 6-8 months. Initially, the company will get into contract manufacturing for the bigger brands. But the company will only make the differentiated products. In medium term, company also intends to develop its own brand

Disc : holding, biased, not SEBI registered