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LittleBlackDressM y Wa y o r T h e H i g h w a yBlack Cotton and silkdress, Malo / SawgrassMills; Chanel Kneelength Black leatherboots, Saks Fifth Avenue/ Bal Harbor; GlovePurse, K’Mell Designs.ART DIRECTION: ONE SMALL STUDIO / ONESMALLSTUDIO.COMPHOTOGRAPHER: LAURA LOHASTYLING / MAKE UP: EMANUEL G / EMAGIOINC.NETHAIR: MARILYN V RIVERA / EMAGIOINC.NETMODEL: KATIE / CAROLINE GLEASON MANAGEMENT,HANNAH / BETTY'S MODEL GROUPJEWELRY: OPERA JEWELS / NEIMAN MARKUS BAL HARBORPUBLICIST: NICK BETANCOURT

Income statement (Standalone)Year to 31 Mar (Rs m) FY11 FY12* FY13^ FY14E FY15ENet sales 56,184 61,756 37,591 48,804 53,720% growth 2.3 9.9 (39.1) 29.8 10.1Operating expenses 51,369 56,768 34,873 45,317 49,630EBITDA 4,815 4,988 2,718 3,487 4,090% change (9.4) 3.6 (45.5) 28.3 17.3Other income 450 1,328 548 200 223Net interest (2,182) (4,664) (3,317) (4,745) (4,822)Depreciation 758 1,189 640 884 936Pre-tax profit 2,326 462 (692) (1,942) (1,445)Deferred tax (38) (475) 0 (19) (14)Current tax 785 757 325 (194) (289)Profit after tax 1,579 181 (1,017) (1,728) (1,142)Net profit after|non-recurring items 1,579 181 (1,017) (1,728) (1,142)% change (25.2) (88.5) (662.6) 69.9 (34.0)*-15 months ^ -9 mthsBalance sheetAs on 31 Mar (Rs m) FY11 FY12 FY13 FY14E FY15EPaid-up capital 534 614 614 614 614Reserves & surplus 19,340 22,091 21,078 19,350 18,208Total shareholders' equity 19,874 22,705 21,692 19,964 18,822Total current liabilities 27,130 29,885 34,602 34,304 37,568Total debt 20,958 26,379 28,409 28,889 33,119Deferred tax liabilities 87 -389 -307 -326 -340Total liabilities 48,175 55,876 62,705 62,867 70,347Total equity & liabilities 68,048 78,581 84,397 82,831 89,169Net fixed assets 7,178 7,051 6,511 6,427 6,291Investments 6,347 15,843 16,933 14,433 16,933Total current assets 54,523 55,687 60,953 61,971 65,945Working capital 27,393 25,802 26,351 27,667 28,377Total assets 68,048 78,581 84,397 82,831 89,169Key ratiosYear to 31 Mar FY11 FY12 FY13 FY14E FY15EEBITDA margin (%) 8.6 8.1 7.2 7.1 7.6EBIT margin (%) 7.2 6.2 5.5 5.3 5.9PAT margin (%) 2.8 0.3 (2.7) (3.5) (2.1)RoE (%) 8.2 0.8 (4.6) (8.3) (5.9)RoCE (%) 10.7 8.5 4.2 5.3 6.3Gearing (x) 1.1 1.2 1.3 1.4 1.8ValuationsYear to 31 Mar FY11 FY12 FY13 FY14E FY15EReported EPS (Rs) 5.9 0.7 (3.3) (5.6) (3.7)Adj. EPS (Rs) 5.9 0.7 (3.3) (5.6) (3.7)PE (x) 1.9 16.8 n/a n/a n/aPrice/ Book (x) 0.2 0.1 0.2 0.2 0.2EV/ Net sales (x) 0.4 0.5 0.8 0.6 0.7EV/ EBITDA (x) 4.7 5.7 11.4 8.9 8.9EV/ CE (x) 0.6 0.6 0.6 0.6 0.7Rise in debt levels (Rsm)Debt35,00030,00025,00020,00015,00010,0005,0000Mar'07 Mar'08 Mar'09 Mar'10 Mar'11 June'12 Mar'13 June'13Cash flow statementYear to 31 Mar (Rs m) FY11 FY12 FY13 FY14E FY15EPre-tax profit 2,326 462 (692) (1,942) (1,445)Depreciation 758 1,189 640 884 936chg in Working capital (4,917) 1,205 (509) (923) (1,628)Total tax paid (785) (757) (325) 194 289Operating cash inflow (2,618) 2,100 (887) (1,786) (1,848)Capital expenditure (1,919) (1,062) (100) (800) (800)Free cash flow (a+b) (4,537) 1,038 (987) (2,586) (2,648)Chg in investments (209) (9,496) (1,090) 2,500 (2,500)Debt raised/ (repaid) 4,825 5,421 2,030 480 4,230Capital raised/ (repaid) (56) 80 0 0 0Dividend (incl. tax) (240) (160) 0 0 0Misc 5 2,571 86 0 0Net chg in cash (212) (547) 40 394 (918)Shareholding patternPublic &others40.1%Promoters13.7%Source: BSE; As of June 2013Foreign19.5%Institutions3.2%Nonpromotercorporateholding23.4%3 | AUGUST 2013 IDFC SECURITIES