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Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
Indian Eyewear Retail Industry report
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Indian Eyewear Retail Industry report

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  • 1. ` May 2013 For any queries or detailed information contact us on+91 – 22 – 2436 3161 / +91 22- 60022001 or email at research@reevolv.in Reevolv Advisory Services Private Limited Indian Eyewear Retail Industry Report Report
  • 2. Indian Eyewear Retail Industry Report 2 Table of Contents Particulars Page Nos. 1. Executive Summary 5 2. Eyewear Industry Overview 2.1. Industry Overview 6 2.2. Market Opportunity 7 2.3. Growth Drivers 8 3. Business Dynamics 3.1. Eyewear Products Category 11 3.2. Key Characteristics of Eyewear products 12 3.3. Business Model 14 3.4. Typical Unit Economics for Eyewear Retail 21 3.5. Consumer Insights 22 3.6. Buying Criteria 24 3.7. Porters Five Forces Model 27 3.8. Key Success Factors of Eyewear Retail Industry 30 3.9. Key Challenges of Eyewear Retail industry 31 4. Primary Surveys / Interviews 4.1. Interviews 33 4.2. Consumer surveys 38 5. City wise – Key players and Number of outlets 5.1. Tier 1 Cities 42 5.2. Tier 2 Cities 43 5.3. Tier 3 Cities 45 5.4. Other Cities 47
  • 3. Indian Eyewear Retail Industry Report 3 6. Quantitative Information of players 6.1. Retail Shop 49 6.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses 52 6.3. Manufacturers – Contact Lenses 55 7. Financial Benchmarking of players 7.1. Retail Shop 56 7.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses 58 7.3. Manufacturer – Contact Lenses 59 8. Player Profiles – Eyewear Retail 8.1. Bon Ton Opticals 60 8.2. Foresight Vision Care 61 8.3. Gangar EyeNation 64 8.4. GKB Opticals 67 8.5. Himalaya Opticals 71 8.6. Lawrence & Mayo 81 8.7. Lens & Frames 87 8.8. Optical Palace 88 8.9. Shiva Vision Care 89 8.10. Sunaina 92 8.11. Sunglass Hut 93 8.12. Titan Eye+ 97 8.13. V. A. Mayekar 100 8.14. Vision 360o and GKB Optolabs 101 8.15. Vision Express 105 8.16. World Optix 109
  • 4. Indian Eyewear Retail Industry Report 4 9. Player Profiles – Manufacturer of Spectacle Lenses & Frames and Sunglasses 9.1. Carl Zeiss 110 9.2. Essilor 112 9.3. Hoya 139 9.4. Luxottica 142 9.5. Safilo 148 10. Contact Lenses – Competitive Pricing 151 11. Player Profiles – Contact Lenses 11.1. Acuvue 152 11.2. Bausch + Lomb 153 11.3. Ciba Vision 157 12. Annexure: Ratios 158
  • 5. Indian Eyewear Retail Industry Report 5 1. Executive Summary The growth of eyewear retail industry is result of increase in population, rising income levels, penetration of the retail distribution network etc. The eyewear industry is following similar trends as observed in the retail makeover in India. Over the years eyewear has changed from being a utility product for vision correction to key fashion accessory. Increasingly eyewear is being perceived as reflective of one’s personality. The fast paced transition is witnessed by the eyewear industry in terms of changing customer choices, preferences, shift of localized opticians to organized chain of retail outlets and influx of foreign eyewear brands. The size of the eyewear market in India was Rs. XX billion in 2011 of which spectacle frames and prescription lenses constituted the largest percentage of XX% of the market followed by sunglasses (XX%) and contact lens (XX%). The key success factors of this industry are  Quality of product and product portfolio  Delivery time  After sales service However, as with any other industry, it is not without challenges. The scarcity of trained professionals is the biggest challenge in the industry. This supply-demand gap is leading to an upward salary cost for trained professionals coupled with higher attrition. The higher rentals in cities are acting as an impediment to growth. The findings of the survey conducted across cities and customer groups are as under:  Consumers prefer using spectacles rather than contact lens  People typically change their eyewear in around 2 years  Price, geographical distance and brand are the top parameters for consumers to select a eyewear retail outlet  Comfort, Price and Style / Fashion / Design are the top parameters while buying eyewear products As per our estimates the market is expected to increase to Rs. XX billion in 2015 growing at a CAGR of XX% per annum. Out of all the product categories, sunglass is the highest growing segment in India. As per our estimates the share of organised market stood at XX% of the total eyewear retail market at Rs. XX billion in 2011 which is expected to grow at XX% per annum and will reach to XX billion (XX% of the overall market) in 2015E.
  • 6. Indian Eyewear Retail Industry Report 2. Eyewear Industry Overview 2.1. Industry Overview
  • 7. Indian Eyewear Retail Industry Report 7 2.2. Market Opportunity The growth in eyewear retail in India is the result of increase in population, rising income levels, penetration of the retail distribution network etc. Total Market The size of the eyewear market in India was Rs. XX billion in 2011 which is expected to increase to Rs. XX billion in 2015 growing at a CAGR of XX % per annum. Eyewear Retail Industry Size (2011–2015E) Rs. In million 2011 % of total market 2015E % of total market CAGR% (2010–15E) Spectacle Frames and Prescription Lenses Contact Lenses Sunglasses Total Eyewear retail market Spectacle frames and Prescription lenses Contact Lens . Sunglasses
  • 8. Indian Eyewear Retail Industry Report 2.3. Growth Drivers
  • 9. Indian Eyewear Retail Industry Report 9 3. Business Dynamics 3.1. Eyewear Products Category Spectacle Frames Spectacle Lenses Contact Lenses Sunglasses
  • 10. Indian Eyewear Retail Industry Report 3.2. Key Characteristics of Eyewear Products
  • 11. Indian Eyewear Retail Industry Report 11 3.3. Business Model Fig : Eyewear Industry Structure 3.3.1. Key functions of an Eyewear manufacturer are Design, Manufacturing and Distribution 3.3.2. Brief Overview of Eyewear retail in India 3.3.3. Key Functions in an Eyewear Retail Business Fig : Eyewear Retail Business Structure 3.3.4. Nature of Retail Eyewear industry
  • 12. Indian Eyewear Retail Industry Report 12 3.4. Typical Unit Economics for Eyewear Retail Standalone Stores: Description Estimates Average Area Average Revenue per Month Raw Material (as a % of sales) Salary cost per month (all employees) (INR) Salary cost as a % of Sales (incl. commission) Rent Rent (as a % of sales) Marketing (as a % of sales) Other Administrative Cost (as a % of sales) Operating Margin (as a % of sales) Capex – Furniture and Fixtures Capex – Equipments Inventory Rental Deposit Capital employed ROCE % Source: Reevolv Research
  • 13. Indian Eyewear Industry Report 3.5. Consumer Insights 3.6. Buying Criteria
  • 14. Indian Eyewear Industry Report 14 3.7. Porters Five Forces Model Diagram No Five Forces Remarks Market Trends 1a. Power of Supplier 1b. Power of Supplier 2a. Availability of Substitutes 2b. Availability of Substitutes 3. Entry Barriers 4. Power of Customers 5. Competitive Rivalry
  • 15. Indian Eyewear Industry Report 15 3.8. Key Success Factors for Eyewear Retail Industry . 3.9. Key Challenges of Eyewear Retail Industry
  • 16. Indian Eyewear Industry Report 16 4. Primary Surveys / Interviews 4.1. Interviews Interviewer 1: Owner of retail shop Questions Answers Which is the fast moving item across all eyewear product categories? What is the preferred price point of your customer? What is the Turnaround time for product delivery? What is the basic requirement of customer? Do you return outdated products to the company/ distributor? Do you have any warehouse? To whom you contact for the products? Do you charge for after sales services? Do you have skilled staff? If goods are damaged in transport then who bares the losses? What is the competitive outlook? What is the basis of choosing the shop location? What techniques you use to increase your sales? Which is the peak season of sale? How do you recruit your staff? Do you have experienced staff or fresher? How do you train your staff? Interviewer 2 : Store Manager (Standalone Retail Outlet) Questions Answers Do you have any warehouse for quick service? From where do you source products? What is the Turnaround time for product delivery? Do you charge for after sales services? What do you do with outdated products? How do you retain your customers? Do you get credit from your supplier? If yes then for what period? What is the criterion for recruiting your staff? How do you train employees? Do companies approach you for brand specific displays? Which media do you prefer for advertisements?
  • 17. Indian Eyewear Industry Report 17 Interviewer 3 : Store Manager (Standalone Retail Outlet) Questions Answers In how much time you deliver the product? What are credit policies of suppliers? Do you charge for after sales services? What are the prevalent operating margins? How do you select location for the outlet? Do you have regular and repeat customers? What is the price range of eyewear preferred by customers? Are premium brands acceptable by customers? Is it necessary to have an optometrist in a shop? Interviewer 4 : Store Manager (Organized Eyewear Retail) Questions Answers Which is the fast moving item across all eyewear product categories? What you do with outdated products? Which is the highest contributing brand in terms of revenue? Do you offer any discounts? In how much time you deliver the product? Do you charge for after sales services? Do you have skilled man power to give after sales services? Is there any market research done by your company while selecting the location of your store? Do you have repeat customers? Is there any seasonality in this business? What promotional activities do you do to increase sales? How you recruit your staff? How do you train your staff? Which media you prefer for your advertisement? What is the revenue break of eyewear products?
  • 18. Indian Eyewear Industry Report 18 Interviewer 5 : Store Manager (Organized Eyewear Retail) Questions Answers What is the preferred price range of customer? What do you do with outdated products? In how much time you deliver the product? What is conversion ratio from footfalls to customer? What if customer demands brand other than your stock? Do you suggest any brands to customers? Do you have skilled man power to give after sales services? What is the nature of competition? Which is peak season of sale? Is your staff experienced or fresher’s? How do you train your staff? Which media do you prefer for your advertisement? What is the incentive for employees? What is the salary range of staff? Interviewer 6 : Distributor – Sunglasses, Spectacle Frames and Contact lenses Questions Answers What are your thoughts on eyewear retail industry? Why are branded products important? Who are the market leaders in various product categories of eyewear industry? What is the investment required to start an eyewear retail store? What is the payback period for the eyewear retailer? What are the margins across eyewear products for a retailer? Who provides training on eyewear? Is there any minimum order quantity the retailer has to order? What is the delivery period once the order is placed by the retailer? What is the credit period you offer? What is the stock return policy? How does the pricing work in eyewear industry? How does the prescription lens market work? What is the margin for retailer? What is the delivery time for prescription lens? What type of prescription lenses are preferred by the customer? Within how much time frame do customers change their eyewear? Is there any need to change frames after every two years? Does the retailer need to maintain stock of contact lenses? Do contact lens manufacturer take stock returns? What is the typical margin for the retailer in contact lenses? What is the benefit of selling of contact lenses?
  • 19. Indian Eyewear Industry Report 19 4.2. Consumer Surveys Preamble 1. Percentage of respondents requiring vision correction 2. Eyewear preferences for vision correction Pie Diagram Pie Diagram 3. Preferences for eye check up Pie Diagram 4. Eyewear usage pattern (Spectacles & Contact lenses) 5. Eyewear usage pattern (Sun Glasses) Bar Chart Pie Diagram 6. Preferred price range for eyewear (per annum) Bar Chart 7. Retail outlet preferences 8. Preferences for type of eyewear products Bar Chart Bar Chart 9. Replacement frequency of eyewear (Contact lenses) 10. Replacement frequency of eyewear (Spectacles and Sun Glasses) Pie Diagram Bar Chart 11. Reasons to select retail outlets for purchase of eyewear Pie Diagram 12. Parameters while buying eyewear products Pie Diagram
  • 20. Indian Eyewear Industry Report 20 5. City-Wise Number of Outlets of Key Players 5.1. Tier 1 Cities Bo Hima Lawr- Opti- Shiva Suna- Sungl V.A. Vision Worl Cities State Regio n NCR NCR North Ban- galore KAR South Chennai TN South Hyd- erabad AP South Kolkata WB East Mumbai MAH West Pune MAH West Ahm- adabad GUJ West n Ton Fore- sight Gan- gar Vision GKB 360o -laya Opti- cals ence & Mayo cal Palace Vision Care ina Optic- ans -ass Hut Titan Eye + May- ekar Expr- ess d Optix KSR Total Total
  • 21. Indian Eyewear Industry Report 21 5.2. Tier 2 Cities Cities State Region GKB Vision 360o Himalaya Opticals Lawrence & Mayo Lens & Frames Sunglass Hut Titan Eye + Vision Express Total Agra UP North Allahabad UP North Kanpur UP North Lucknow UP North Varanasi UP North Amritsar PUN North Ludhiana PUN North Chandigarh CHD North Coimbatore TN South Madurai TN South Kochi KER South Kollam KER South Kozhikode KER South Thiruvananthapuram KER South Thrissur KER South Vijayawada AP South Visakhapatnam AP South Asansol WB East Dhanbad JHK East Jamshedpur JHK East Ranchi JHK East Patna BHR East Raipur CHH East Bhopal MP West Gwalior MP West Indore MP West
  • 22. Indian Eyewear Industry Report 22 Cities State Region GKB Jabalpur MP West Jaipur RAJ West Nagpur MAH West Nashik MAH West Aurangabad MAH West Rajkot GUJ West Surat GUJ West Vadodara GUJ West Total Vision 360o Himalaya Opticals Lawrence & Mayo Lens & Frames Sunglass Hut Titan Eye + Vision Express Total
  • 23. Indian Eyewear Industry Report 23 5.3. Tier 3 Cities Cities State Region Foresight GKB Dehradun UKH North Moradabad UP North Saharanpur UP North Gorakhpur UP North Jalandhar PUN North Jammu J&K North Belgaum KAR South Gulbarga KAR South Hubli KAR South Mangalore KAR South Mysore KAR South Erode TN South Puducherry PUD South Tiruppur TN South Guntur AP South Bhubaneswar ODS East Cuttack ODS East Raurkela ODS East Bokaro JHK East Siliguri WB East Durgapur WB East Guwahati ASM East Ujjain MP West Vision 360o Himalaya Opticals Lawr- ence & Mayo Lens & Frames Optical Palace Sunaina Opticia- ns Titan Eye + Vision Express Total
  • 24. Indian Eyewear Industry Report 24 Cities State Region Foresight GKB Kolhapur MAH West Bhavnagar GUJ West Jamnagar GUJ West Total Vision 360o Himalaya Opticals Lawr- ence & Mayo Lens & Frames Optical Palace Sunaina Opticia- ns Titan Eye + Vision Express Total
  • 25. Indian Eyewear Industry Report 25 5.4. Other Cities Cities State Region Ambala HAR North Rohtak HAR North Patiala PUN North Bhatinda PUN North Kurnool AP South Chikmagalur KAR South Davanagere KAR South Shimoga KAR South Tumkur KAR South Udupi KAR South Hosur TN South Tirunelveli TN South Alappuzha KER South Aluza KER South Kolenchery KER South Kottayam KER South Thiruvalla KER South Palakkad KER South Bhagalpur BHR East Agartala TPR East Balasore ODS East Barrackpore WB East Burdwan WB East Serampore WB East Vision 360o GKB Optolabs Himalaya Opticals L & M Lens & Frames Sunaina Opticians Titan Eye + Vision Express
  • 26. Indian Eyewear Industry Report 26 Cities State Region Chinsurah WB East Bhilai CHH East Bilaspur CHH East Dimapur NAG East Shillong MEG East Calangute GOA West Cavelossim GOA West Verca GOA West Mapusa GOA West Margao GOA West Nuvem GOA West Panaji GOA West Porvorim GOA West Ponda GOA West Porvorim GOA West Betalbatim GOA West Valsad GUJ West Vapi GUJ West Gandhidham GUJ West Anand GUJ West Total Vision 360o GKB Optolabs Himalaya Opticals L & M Lens & Frames Sunaina Opticians Titan Eye + Vision Express Total Source : Company Website and Reevolv Research Abbreviations AP Andhra Pradesh GOA Goa KAR Karnataka NAG Nagaland ASM Assam GUJ Gujarat KER Kerala NCR National Capital Region BHR Bihar HAR Haryana MAH Maharashtra ODS Odisha CHD Chandigarh J & K Jammu & Kashmir MEG Meghalaya PUD Puducherry CHH Chhattisgarh JHK Jharkhand MP Madhya Pradesh PUN Punjab
  • 27. Indian Eyewear Industry Report 27 6. Quantitative information of players Company 6.1. Retail Shop Category Products Units 2010 2011 2012 Name Value Volumes (Rs ‘000) Value Rs/unit Volumes (Rs ‘000) Value Rs/unit Volumes (Rs ‘000) Rs/unit 6.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses Company Installed Category Products Units 2010 2011 2012 Name Capacity Volumes Value (Rs ‘000) Rs/unit Volumes Value (Rs ‘000) Rs/unit Volumes Value (Rs ‘000) Rs/unit 6.3. Manufacturers – Contact Lenses 2010 2011 2012 Company Name Installed Capacity Category Products Units Value Volumes (Rs ‘000) Value Rs/unit Volumes (Rs ‘000) Value Rs/unit Volumes (Rs ‘000) Rs/unit Source - Company Filings and Reevolv Research
  • 28. Indian Eyewear Industry Report 28 7. Financial Benchmarking of players 7.1. Retail Shop 2011 2012 Eyewear No Retail Total Revenues EBITDA % PAT % ROCE % ROE % Working capital Turnover Ratio Asset Turnover Total Revenues EBITDA % PAT % ROCE % ROE % Working capital Turnover Ratio Asset Turnover 7.2. Manufacturer - Spectacle Lenses & Frames and Sunglasses 2011 2012 Manufacturer of Spectacle No Lenses & Frames and Sunglasses Total Revenues EBITDA PAT % % ROCE ROE % % Working capital Turnover Ratio Asset Turnover Total Revenues EBITDA PAT % % ROCE ROE % % Working capital Turnover Ratio Asset Turnover 7.3. Manufacturer - Contact Lenses 2011 2012 No Contact Lenses Total Revenues EBITDA % PAT % ROCE % ROE % Working capital Turnover Ratio Asset Turnover Total Revenues EBITDA % PAT % ROCE % ROE % Working capital Turnover Ratio Asset Turnover Source – Company Filings and Reevolv Research
  • 29. Indian Eyewear Industry Report 29 8. Player Profiles – Retail Shop 8.1. 8.1.1. Overview Description Company Name Profile Promoters Name Year of Inception Total No. of outlets Future Plans Source – Company Website and Reevolv Research 8.1.2. Locations Northern Region Exclusive Stores Main Cities Source – Company Website and Reevolv Research
  • 30. Indian Eyewear Industry Report 30 8.1.3. Financials - wherever company filings are available Balance Sheet as at 31st March (Rs. Mn) Share Capital Reserves & Surplus Shareholders’ funds Secured Loan Unsecured Loan Loan Funds Deferred Tax Liability Total Liabilities Gross Block Net Block Capital Work in Progress Investments Inventories Debtors Other Current Assets Total Current Assets & Advances Current Liabilities Provisions Total Current Liabilities & Provisions Net Working Capital excl. Cash & Bank Cash & Bank Net Working Capital incl. Cash & Bank Total Assets Source : Company Filings FY2008 FY2009 FY2010 FY2011 FY2012
  • 31. Indian Eyewear Industry Report 31 Key Ratios FY2008 FY2009 FY2010 FY2011 FY2012 Expenditure Ratios Cost of Material Consumed as a % of Total Revenues Personnel Expenses as a % of Total Revenues Administrative Expenses as a % of Total Revenues Selling & Distribution as a % of Total Revenues Profitability Ratios EBITDA % EBIT % PBT % PAT % Return Ratios ROCE % ROE % Financial Ratios Capital Employed Total Debt/ Net Worth Secured Debt/ Net Worth Total Debt to EBITDA Turnover Ratios Working Capital Turnover Ratio Net Fixed Assets Turnover Ratio Inventory Days Debtors Days DuPont Analysis EBIT/ Total Income PAT/EBIT PAT/ Total Income Total Assets/ Net Worth Total Income/ Total Assets Source: Company Filings and Reevolv Research
  • 32. Indian Eyewear Industry Report 32 9. Player Profiles – Manufacturer of Spectacle Lenses & Frames and Sunglasses 9.1. 9.1.1. Overview Description Company Name Profile Promoters Name Year of Inception Future Plans Source – Company Website and Reevolv Research
  • 33. Indian Eyewear Industry Report 33 9.1.2. Financials - wherever company filings are available Balance Sheet as at 31st March (Rs. Mn) Share Capital Reserves & Surplus Shareholders’ funds Secured Loan Unsecured Loan Loan Funds Deferred Tax Liability Total Liabilities Gross Block Net Block Capital Work in Progress Investments Inventories Debtors Other Current Assets Total Current Assets & Advances Current Liabilities Provisions Total Current Liabilities & Provisions Net Working Capital excl. Cash & Bank Cash & Bank Net Working Capital incl. Cash & Bank Total Assets Source : Company Filings FY2008 FY2009 FY2010 FY2011 FY2012
  • 34. Indian Eyewear Industry Report 34 Key Ratios FY2008 FY2009 FY2010 FY2011 FY2012 Expenditure Ratios Cost of Material Consumed as a % of Total Revenues Personnel Expenses as a % of Total Revenues Administrative Expenses as a % of Total Revenues Selling & Distribution as a % of Total Revenues Profitability Ratios EBITDA % EBIT % PBT % PAT % Return Ratios ROCE % ROE % Financial Ratios Capital Employed Total Debt/ Net Worth Secured Debt/ Net Worth Total Debt to EBITDA Turnover Ratios Working Capital Turnover Ratio Net Fixed Assets Turnover Ratio Inventory Days Debtors Days DuPont Analysis EBIT/ Total Income PAT/EBIT PAT/ Total Income Total Assets/ Net Worth Total Income/ Total Assets Source: Company Filings and Reevolv Research
  • 35. Indian Eyewear Industry Report 35 10. Contact Lenses – Competitive Pricing Acuvue – Johnson & Johnson Bausch + Lomb Ciba Vision – Novartis Daily Disposable Price per box No of lens per box Monthly expenditure Fortnightly Price per box No of lens per box Monthly expenditure Monthly Price per box No of lens per box Monthly expenditure Annual Price per box No of lens per box Monthly expenditure Astigmatism Replacement schedule Price per box No of lens per box Monthly expenditure Source – Company Website and Reevolv Research
  • 36. Indian Eyewear Industry Report 36 11. Player Profiles - Contact Lenses 11.1. 11.1.1. Overview Description Company Name Profile Promoters Name Year of Inception Future Plans Source – Company Website and Reevolv Research 11.1.2. Product Segments – Brands wise Product Brands Source – Company Website and Reevolv Research
  • 37. Indian Eyewear Industry Report 37 11.1.3. Financials – wherever company filings are available Balance Sheet as at 31st March (Rs. Mn) Share Capital Reserves & Surplus Shareholders’ funds Secured Loan Unsecured Loan Loan Funds Deferred Tax Liability Total Liabilities Gross Block Net Block Capital Work in Progress Investments Inventories Debtors Other Current Assets Total Current Assets & Advances Current Liabilities Provisions Total Current Liabilities & Provisions Net Working Capital excl. Cash & Bank Cash & Bank Net Working Capital incl. Cash & Bank Total Assets Source : Company Filings FY2008 FY2009 FY2010 FY2011 FY2012
  • 38. Indian Eyewear Industry Report 38 Key Ratios FY2008 FY2009 FY2010 FY2011 FY2012 Expenditure Ratios Cost of Material Consumed as a % of Total Revenues Personnel Expenses as a % of Total Revenues Administrative Expenses as a % of Total Revenues Selling & Distribution as a % of Total Revenues Profitability Ratios EBITDA % EBIT % PBT % PAT % Return Ratios ROCE % ROE % Financial Ratios Capital Employed Total Debt/ Net Worth Secured Debt/ Net Worth Total Debt to EBITDA Turnover Ratios Working Capital Turnover Ratio Net Fixed Assets Turnover Ratio Inventory Days Debtors Days DuPont Analysis EBIT/ Total Income PAT/EBIT PAT/ Total Income Total Assets/ Net Worth Total Income/ Total Assets Source: Company Filings and Reevolv Research
  • 39. Indian Eyewear Industry Report 39 12. Annexure: Ratios Key Ratios Cost of Material Consumed % Cost of Material Consumed Total Revenues X 100 Personnel Expenses % Personnel Expenses Total Revenues X 100 Selling & Distribution Expenses % Administrative Expenses % EBITDA % EBIT % PBT % PAT % ROCE % ROE % Capital Employed Working Capital Turnover Ratio Net Fixed Assets Turnover Ratio Selling & Distribution Expenses Total Revenues Administrative Expenses Total Revenues EBITDA Total Revenues EBIT Total Revenues PBT Total Revenues PAT Total Revenues EBIT Capital Employed PAT Net Worth Total of Asset / Liabilities (Liabilities=Shareholders funds + Loan Funds + Deferred Tax + Minority Interest) Total Revenues Net Current Assets excl Cash Bank Total Revenues (Net Fixed Assets excl Capital Work in Progress) X 100 X 100 X 100 X 100 X 100 X 100 X 100 X 100 Inventory Days Debtors Days Inventory (Cost of Material Consumed or Cost of material + Manufacturing Cost wherever available) Debtors Total Revenues X 365 X 365
  • 40. Indian Eyewear Industry Report 40 About Reevolv Reevolv is a boutique consulting and investment banking company offering a "One Stop Shop" in the areas of business strategy, financial advisory and operations consulting to corporates and private equity funds. We service our clients in their constant re-evolution process through our in-depth industry research, domain understanding, our timely and superior execution capabilities and strong network to provide customized solutions to our clients. With a host of implementation focused services spanning across functions, we ensure that our clients reach the desired goals and objectives in most efficient manner. We achieve sustainability of our initiatives by an all round involvement of the client resources. This approach of an integrated improvement helps build a strong foundation for the forward leap of our clients. Reevolv understands and acts upon the Strategic, Financial and Operational needs of the clients on a regular basis to ensure adaptability and flexibility to suit the market and industry dynamics. Founded in 2008, Reevolv is a team of CAs, MBAs and Engineers with functional and industry expertise and diverse background of investment banking and management consulting. Disclaimer This report is published for information only. Reevolv Advisory Services Pvt. Ltd. or any of its affiliates, group companies, directors, employees, agents or representatives shall not be liable for any loss or damages whether direct or indirectthat may arise from or in connection with the use of the information in this document. This document is the sole property of Reevolv Advisory Services Pvt. Ltd.and prior permission is required for full or part reproduction.This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. Contact Details For any queries or detailed information contact us on +91 – 22 – 2436 3161 / +91 22- 6002 2001 or email at research@reevolv.in Address: No. B/002,Vision Court Staney Fernandes Wadi CHS Ltd., Plot no. 746, MTNL Exchange Lane, Dadar (West), Mumbai 400 028 You can also email the research analyst at Shilpa Bhattar shilpa@reevolv.in Kaustubh Kulkarni kaustubh@reevolv.in

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