Past 10 year's financial track record analysis by Moneyworks4me indicates that Credo Brands Marketing Ltd is a good quality company.
The key valuation ratios of Credo Brands Marketing Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Credo Brands Marketing Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 40.6% | 36.5% | 20.8% | 13.3% | 13.1% | 14.5% | 7.9% | 26.3% | 44.9% | 30.7% | - |
| Value Creation Index ⓘ | 1.9 | 1.6 | 0.5 | -0.1 | -0.1 | 0.0 | -0.4 | 0.9 | 2.2 | 1.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 329 | 370 | 370 | 358 | 395 | 450 | 293 | 341 | 498 | 567 | 593 |
| Sales YoY Gr. | - | 12.3% | 0.2% | -3.4% | 10.4% | 14% | -34.8% | 16.3% | 46% | 13.9% | - |
| Adj EPS ⓘ | 5.8 | 6.2 | 3.8 | 2.1 | 2.7 | 2.6 | 1.4 | 5.2 | 12.3 | 9.2 | 9 |
| YoY Gr. | - | 6.2% | -37.7% | -44.9% | 28.4% | -4.8% | -45.4% | 265.3% | 139.2% | -25% | - |
| BVPS (₹) ⓘ | 24.2 | 26.6 | 28.6 | 28.9 | 29.8 | 29.5 | 30.9 | 36.7 | 43.6 | 52.8 | 57.8 |
| Adj Net Profit ⓘ | 36.9 | 39.3 | 24.5 | 13.5 | 17.3 | 16.5 | 9 | 32.9 | 79.2 | 59.6 | 59 |
| Cash Flow from Ops. ⓘ | 21.2 | 11.1 | 19.3 | 29.4 | 7 | 24 | 61.2 | 78.4 | 74.5 | 56.3 | - |
| Debt/CF from Ops. ⓘ | 0.1 | 0.8 | 0.7 | 0.3 | 4.7 | 1.8 | 0.3 | 0.2 | 0.1 | 0.7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 6.2% | 7.5% | 24.6% | 13.9% | ||||
| Adj EPS ⓘ | 5.3% | 27.8% | 87.1% | -25% | ||||
| BVPSⓘ | 9% | 12.1% | 19.5% | 21% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 26.2 | 24.2 | 13.9 | 7.3 | 9.2 | 8.7 | 4.7 | 15.2 | 30.6 | 19.1 | 16.3 |
| Op. Profit Mgn % ⓘ | 17.5 | 18.5 | 13 | 9.6 | 9.4 | 10 | 9.9 | 27.3 | 33 | 28.4 | 27.8 |
| Net Profit Mgn % ⓘ | 11.2 | 10.6 | 6.6 | 3.8 | 4.4 | 3.7 | 3.1 | 9.6 | 15.9 | 10.5 | 9.9 |
| Debt to Equity ⓘ | 0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 | 0 | 0.1 | 0 |
| Working Cap Days ⓘ | 148 | 160 | 186 | 198 | 188 | 184 | 282 | 219 | 183 | 205 | 111 |
| Cash Conv. Cycle ⓘ | 113 | 126 | 150 | 156 | 142 | 134 | 193 | 135 | 114 | 141 | 70 |
Sales growth is growing at healthy rate in last 3 years 24.58%
Net Profit is growing at healthy rate in last 3 years 87.13%
Return on Equity has declined versus last 3 years average to 16.30%
Sales growth is not so good in last 4 quarters at 7.97%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 9 | 9 |
| TTM Sales (₹ Cr.) | 593 | 593 |
| BVPS (₹.) ⓘ | 57.8 | 57.8 |
| Reserves (₹ Cr.) ⓘ | 365 | 364 |
| P/BV ⓘ | 3.09 | 3.09 |
| PE ⓘ | 19.76 | 19.75 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 136.40 / 324.55 |
| All Time Low / High (₹) | 136.40 / 324.55 |
| Market Cap (₹ Cr.) | 1,163 |
| Equity (₹ Cr.) | 13 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 62.3 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 329 | 370 | 370 | 358 | 395 | 450 | 293 | 341 | 498 | 567 |
| Operating Expenses ⓘ | 272 | 301 | 323 | 323 | 358 | 406 | 265 | 248 | 336 | 407 |
| Manufacturing Costs | 7 | 7 | 7 | 10 | 14 | 11 | 8 | 24 | 34 | 47 |
| Material Costs | 139 | 158 | 165 | 161 | 171 | 192 | 123 | 147 | 212 | 241 |
| Employee Cost | 19 | 24 | 28 | 32 | 40 | 37 | 21 | 29 | 27 | 32 |
| Other Costs ⓘ | 106 | 112 | 123 | 121 | 133 | 166 | 113 | 48 | 64 | 87 |
| Operating Profit ⓘ | 58 | 68 | 48 | 34 | 37 | 44 | 28 | 93 | 162 | 161 |
| Operating Profit Margin (%) | 17.5% | 18.5% | 12.9% | 9.6% | 9.3% | 9.7% | 9.7% | 27.3% | 32.5% | 28.3% |
| Other Income ⓘ | 4 | 1 | 1 | 1 | 1 | 2 | 2 | 14 | 13 | 5 |
| Interest ⓘ | 1 | 1 | 1 | 2 | 2 | 7 | 5 | 15 | 18 | 24 |
| Depreciation ⓘ | 4 | 9 | 9 | 9 | 11 | 13 | 13 | 46 | 53 | 62 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 57 | 60 | 38 | 24 | 25 | 26 | 12 | 46 | 104 | 79 |
| Tax ⓘ | 20 | 21 | 14 | 10 | 8 | 11 | 3 | 12 | 26 | 20 |
| Profit After Tax | 37 | 39 | 24 | 13 | 17 | 16 | 9 | 34 | 77 | 59 |
| PAT Margin (%) | 11.2% | 10.6% | 6.5% | 3.8% | 4.3% | 3.5% | 2.9% | 9.9% | 15.5% | 10.4% |
| Adjusted EPS (₹) | 5.8 | 6.1 | 3.8 | 2.1 | 2.7 | 2.5 | 1.4 | 5.3 | 12.1 | 9.2 |
| Dividend Payout Ratio (%) | 26% | 51% | 40% | 71% | 56% | 92% | 0% | 0% | 42% | 5% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 155 | 170 | 182 | 184 | 190 | 188 | 197 | 234 | 280 | 340 |
| Share Capital ⓘ | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 13 |
| Reserves ⓘ | 152 | 167 | 179 | 181 | 187 | 185 | 194 | 231 | 277 | 327 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 1 | 9 | 13 | 8 | 32 | 41 | 15 | 10 | 7 | 34 |
| Long Term Debt | 0 | 0 | 1 | 1 | 0 | 15 | 13 | 10 | 7 | 5 |
| Short Term Debt | 1 | 9 | 11 | 7 | 32 | 26 | 2 | 0 | 0 | 29 |
| Trade Payables | 13 | 12 | 13 | 15 | 19 | 23 | 35 | 37 | 42 | 30 |
| Others Liabilities ⓘ | 25 | 29 | 26 | 26 | 25 | 36 | 35 | 180 | 225 | 280 |
| Total Liabilities ⓘ | 193 | 220 | 235 | 234 | 266 | 289 | 282 | 460 | 554 | 683 |
Fixed Assets | ||||||||||
| Gross Block | 41 | 52 | 60 | 72 | 85 | 104 | 105 | 223 | 333 | 408 |
| Accumulated Depreciation | 13 | 20 | 27 | 36 | 45 | 56 | 65 | 46 | 98 | 129 |
| Net Fixed Assetsⓘ | 28 | 32 | 33 | 36 | 40 | 47 | 41 | 178 | 235 | 279 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 5 | 1 | 0 | 1 | 0 | 1 |
| Investmentsⓘ | 0 | 4 | 4 | 4 | 4 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 32 | 36 | 33 | 42 | 67 | 60 | 59 | 66 | 113 | 125 |
| Trade Receivables | 94 | 129 | 142 | 124 | 115 | 143 | 122 | 124 | 137 | 212 |
| Cash Equivalents | 24 | 1 | 2 | 2 | 1 | 2 | 26 | 51 | 9 | 2 |
| Others Assetsⓘ | 15 | 17 | 20 | 26 | 34 | 36 | 34 | 41 | 59 | 64 |
| Total Assets ⓘ | 193 | 220 | 235 | 234 | 266 | 289 | 282 | 460 | 554 | 683 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 21 | 11 | 19 | 29 | 7 | 24 | 61 | 78 | 75 | 56 |
| PBT ⓘ | 57 | 60 | 40 | 25 | 25 | 26 | 12 | 46 | 104 | 79 |
| Adjustment ⓘ | 4 | 9 | 11 | 12 | 12 | 16 | 16 | 63 | 64 | 83 |
| Changes in Working Capital ⓘ | -39 | -37 | -8 | -3 | -17 | -14 | 36 | -11 | -63 | -81 |
| Tax Paid ⓘ | 0 | -22 | -23 | -5 | -13 | -4 | -3 | -20 | -31 | -25 |
| Cash Flow From Investing Activity ⓘ | -11 | -17 | -10 | -13 | -19 | -14 | -7 | -28 | -21 | -35 |
| Capex | -15 | -18 | -11 | -13 | -19 | -14 | -7 | -15 | -34 | -35 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14 | 14 | 0 |
| Others ⓘ | 4 | 1 | 0 | 0 | 1 | 0 | 0 | 1 | -1 | 0 |
| Cash Flow From Financing Activityⓘ | -10 | -17 | -8 | -17 | 12 | -9 | -31 | -39 | -82 | -28 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | -2 |
| Interest Paid ⓘ | -1 | 0 | -1 | -1 | 1 | -3 | -3 | -3 | -3 | -5 |
| Dividend Paid ⓘ | -10 | -20 | -12 | -12 | 12 | -17 | 0 | 0 | -32 | 0 |
| Others ⓘ | 0 | 4 | 4 | -5 | -1 | 11 | -28 | -36 | -43 | -22 |
| Net Cash Flow ⓘ | 1 | -22 | 1 | -1 | 0 | 1 | 24 | 11 | -28 | -6 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 26.18 | 24.09 | 13.66 | 7.34 | 9.17 | 8.26 | 4.48 | 15.65 | 30.11 | 19.06 |
| ROCE (%) | 40.61 | 36.5 | 20.81 | 13.29 | 13.11 | 14.45 | 7.9 | 26.33 | 44.94 | 30.69 |
| Asset Turnover Ratio | 1.82 | 1.79 | 1.63 | 1.53 | 1.58 | 1.62 | 1.03 | 1 | 1.06 | 1.02 |
| PAT to CFO Conversion(x) | 0.57 | 0.28 | 0.79 | 2.23 | 0.41 | 1.5 | 6.78 | 2.29 | 0.97 | 0.95 | Working Capital Days |
| Receivable Days | 99 | 110 | 134 | 136 | 110 | 104 | 165 | 121 | 89 | 101 |
| Inventory Days | 34 | 33 | 34 | 38 | 50 | 51 | 74 | 61 | 61 | 69 |
| Payable Days | 32 | 29 | 29 | 33 | 37 | 40 | 86 | 89 | 68 | 54 |
The company was incorporated as a private limited company in the name of ‘Credo Brands Marketing Private Limited’ in Mumbai, Maharashtra, India under the Companies Act, 1956 pursuant to a certificate of incorporation dated April 29, 1999 issued by the Registrar of Companies, Maharashtra at Mumbai (the RoC). Subsequently, the company was converted from a private limited company to a public limited company and the name of the company was changed to ‘Credo Brands Marketing Limited’, pursuant to a board resolution dated April 7, 2023, and a special resolution passed by its shareholders on April 18, 2023, consequent to which a fresh certificate of incorporation dated May 11, 2023, was issued by the RoC to the company.
The company provides a meaningful wardrobe solution to multiple occasions in a customer’s life, with its product offerings ranging from shirts to t-shirts to jeans to chinos, which caters to all year-round clothing. The company’s products are designed to provide a youthful appearance while keeping up with the ongoing fashion trends. The company is engaged in the retail sale of garments and accessories, and it does not manufacture any apparel. The company’s brand “Mufti” was launched by its Promoter, Kamal Khushlani, with a vision to redefine menswear. The brand was created as an alternative dressing solution and was designed to deliver a casual alternative with a focus on creative, bold, and expressive clothing for the contemporary Indian man who wanted something more stylish than what was commonly available.
In order to keep pace with these evolving fashion trends, the company’s product mix has evolved significantly over the past several years from consisting of only shirts, t-shirts and trousers in the year 1998 to a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters in relaxed holiday casuals, authentic daily casuals to urban casuals, party wear and also athleisure categories as on date. The company’s design team is constantly focusing on expanding its product range to meet a varied range of consumer needs. The company’s products are available through a Pan-India multichannel distribution network that it has built over the years comprising of its exclusive brand outlets (EBOs), large format stores (LFSs) and multi-brand outlets (MBOs), as well as online channels comprising of its website and other e-commerce marketplaces. The company’s multi-channel presence is planned strategically in a manner that its products across categories are available at consumers’ preferred shopping channels. The company’s well-established EBO network offers a holistic shopping experience for its customers. The company’s EBOs are located nationwide across high streets, malls, airports and residential market areas. It also has an online presence which is rapidly growing wherein its customers can shop through its website, www.muftijeans.in, as well as through various e-commerce marketplaces.
Business area of the company
The company offers casual clothing for men with its flagship brand ‘Mufti’. The company's product range consisted only of shirts, T-shirts and trousers. Today, however, the company offers a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters. These products are available in different categories, e.g. relaxed casual wear for vacations, authentic everyday wear, urban casual wear, party wear and athleisure.
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