Meeting Overview
• Date: June 5, 2024
• Focus: Outcome of investor meeting on May 29, 2024
• Participants: Whole-Time Director Rittick Roy Burman, CFO Indrajit Chaudhuri
Financial Performance
• Q4 Results:
• Revenue decline: 9.8% YoY to ₹143.6 crores
• Gross margins improved to 46.2%
• FY 2024 Results:
• Total revenue decrease: 6.9% to ₹614.9 crores
• Profit after tax: ₹6.3 crores, down 63.9% YoY
Business Developments
• Store Expansion:
• 94 new stores added, total now 868
• Future Growth Outlook:
• Anticipated improved margins as raw material prices soften
• Demand expected to rebound post-elections
Segment Performance
• Sports and Athleisure:
• Contributes 18-20% to sales
• Strong growth in ladies' and boys' sports shoes
• Launch of athleisure garments under sub-brand Pro in July
• Premium Products:
• Share of sub-brands increased from 57% to 59%
• Growth in premium brands: 5%-7%
• High-end product turnover nearly doubled
Pricing Strategy
• Discussion on potential price reductions for lower-priced segments to regain volume
• Average Selling Price (ASP) increased from ₹528 in FY '23 to ₹539 in FY '24
• Market research ongoing to inform pricing decisions
Capital Deployment
• Plans to refurbish 22 stores this year out of 60-70 needing renovations
• Expected results from refurbishments within three months
Conclusion
• Management optimistic about future growth and demand recovery
• Targeting retail sales of ₹650-700 crores with EBITDA margins of 17%-18% over the next few years.

Khadim India Limited Investor Meeting Summary (February 23, 2024)
Financial Performance
• Q3 Revenue: ₹156.2 crores, 5% year-on-year growth.
• Net Profit: ₹1.8 crores, down 62% from the previous year.
• EBITDA Growth: 9% year-on-year, attributed to operational efficiency.
• Retail Growth: 8% overall; 21% growth in COCO stores due to Puja festival.
Retail Expansion
• New Stores: 15 new retail stores opened, total now 864.
• Future Plans: 25 new COCO stores and 65-70 franchisees planned for the upcoming year.
• Funding: Issued equity share warrants for retail expansion.
Demerger Process
• Timeline: Expected completion by August 2024.
• Management Discussion: Addressed EBITDA margin guidance and distribution business challenges.
Market Insights
• Consumer Demand: Signs of improvement noted in Bihar and UP.
• Product Performance: Sports shoe segment contributed 17%-20% of sales; successful launches in women's sports shoes.
Financial Challenges
• Other Income Decline: Attributed to lack of property sales boosting last year's figures.
• Debt: Current debt at ₹122 crores, with expectations of ₹100 crores post-demerger.
Operational Strategies
• Cost Management: Focus on reducing debtors and controlling costs in the distribution business.
• Capacity Utilization: Future fixed cost reductions depend on capacity and outsourcing options.
E-commerce and Advertising
• E-commerce Growth: Projected to contribute 4-5% of total business.
• Advertising Expenses: ₹6 crores for the first nine months.
Capital Expenditure
• Planned Capex: ₹12 crores for new stores and refurbishments, financed through a ₹15 crores equity allotment.
Conclusion
• Management's Closing Remarks: Thanks to participants and investor relations team.

Financial Performance
• Q2 Revenue Decline: 16% year-on-year decrease, totaling ₹157 crores.
• Gross Margins: Improved to 44.7% due to lower raw material costs and increased retail sales (70% of Q2 revenues).
• Net Profit: ₹1.8 crores for Q2, down 64% year-on-year.
• Half-Year Revenue: ₹315 crores, a decrease of 10.5% from the previous year.
Operational Developments
• Store Expansion: Opened 51 new stores, totaling 861.
• Distributor Network: Expanded to 741 distributors, with plans to open 70-75 more in the East.
• Demerger Plans: Distribution business to be spun off into KSR Footwear Limited by mid-2024.
Management Insights
• Sales Impact: Decline in retail and distribution topline due to timing of Durga Puja festival.
• COCO Business Growth: 7-8% growth during the festive season.
• Average Selling Prices: Increased by 4-5%.
• Debt Status: Current debts at ₹116 crores with a finance cost of 10-10.5%.
Leadership Transition
• CEO Transition: Rittick, the Whole Time Director, to assume CEO role following previous CEO's resignation.
Margin and Growth Projections
• EBITDA Margins: Retail margins around 20%, with potential for improvement.
• Growth Rate Projection: Expected growth of 7% to 8% for FY24, slightly below earlier guidance of 10% to 12%.
Receivables Update
• Government Receivables: ₹28 crores received from UP government, with an additional ₹9 crores expected soon; ₹32 crores pending from Punjab.
Conclusion
• Management expressed optimism for improved demand in the second half of FY24 and concluded the call with thanks.

Khadim India Limited Investor Meeting Summary (August 23, 2023)
Financial Performance
• Q1 FY24 Results:
• Revenue declined by 5% year-on-year to ₹158 crores.
• Gross margin increased by 360 basis points to 45%.
• EBITDA rose by 7% to ₹18 crores.
• Profit After Tax (PAT) fell by 51% to ₹1.6 crores.
Future Plans
• Store Expansion:
• Plans to open 70-80 new stores in FY24.
• Corporate Restructuring:
• Demerger of distribution business into a wholly-owned subsidiary.
• Retail business to retain debt; distribution company to have minimal debt.
Growth Projections
• Sales Growth:
• Projected 10-12% growth in retail and 12-15% in distribution.
• Anticipated 12% growth for the current fiscal year due to raw material price reductions.
• Average Selling Price (ASP):
• Current ASP in retail is ₹627, with a forecasted margin improvement of 100 basis points.
Strategic Focus
• Product and Market Strategy:
• Focus on product redesigns and premiumization.
• Expansion of store openings, particularly in the Eastern region.
• Enhancing same-store sales growth (SSG) through renovations.
• Debt Management:
• Significant receivables from the UP government to help reduce debt.
Competitive Positioning
• Market Presence:
• Established market presence as a competitive advantage.
• Sales Realization:
• Optimism for a 4-5% increase in ASP driven by higher-end sub-brands.
• Shift from purchasing to renting warehouses.
Management Insights
• Leadership and Structure:
• Plans to operate retail and distribution businesses separately with distinct leadership.
• Commitment to Growth:
• Emphasis on making Khadim a growth-oriented company through strategic restructuring and improved product mix.

Meeting Overview
• Date: June 6, 2023
• Focus: Outcome of investor meeting on May 30, 2023
• Key Executives: Chairman Siddhartha Roy Burman, CFO Indrajit Chaudhuri
Financial Performance
• Q4 Revenue: ₹159 crores (2% YoY increase)
• FY23 Revenue: ₹660 crores (11.7% growth)
• Gross Margins:
• Q4: 44.4%
• FY23: 41.9%
• Profit After Tax: Doubled to ₹17.5 crores
Growth Strategy
• New Store Openings: 91 in FY23; 100 planned for FY24
• Target Revenue for FY24: ₹750 crores (10%-12% growth in retail, 15% in distribution)
• Same-Store Growth (SSG): Expected 4%-5% with new stores contributing 6%-7%
Product Strategy
• Premiumization: Focus on premium products while addressing lower-priced offerings
• Athleisure Segment: Contributes 16%-20% to retail turnover, with growth expected
• New Product Introductions: In retail and distribution, especially in sports and athleisure
Market Challenges
• Inflationary Pressures: Affecting lower-priced products, particularly in Tier III and IV cities
• Gross Margins in Distribution: Under pressure due to competitive pricing
Compliance and Financial Planning
• BIS Standards Compliance: Prepared with in-house labs
• Capital Expenditure: Estimated at ₹12-13 crores over the next 1-2 years
• Debt Reduction Target: From ₹116 crores to ₹80-90 crores
EBITDA and Growth Projections
• EBITDA Margin Goals:
• FY23: 11%
• FY24: 12.5%
• Target for FY25: 15%
• Store-Level EBITDA: Approximately 25%
Investor Concerns
• Volume Growth: Below pre-COVID levels; aim to reach those levels
• Capex Guidance: Conservative due to profitability constraints
• Cash Flow Issues: High working capital needs impacting cash flow from operations
Closing Remarks
• Management expressed gratitude to investors and commitment to future discussions.

Meeting Overview
• Date: February 23, 2023
• Focus: Outcome of investor meeting on February 16, 2023
• Key Management Present:
• Chairman: Siddhartha Roy Burman
• CFO: Indrajit Chaudhuri
• CEO: Namrata (resigned)
Financial Results
• Q3 Revenue:
• Declined 19% year-on-year to ₹149 crores
• Reasons: Strong prior year due to COVID-related sales; festive season sales shifted to Q2
• Nine-Month Revenue:
• Grew 15% to ₹501 crores
• Distribution Segment:
• 36% decline in Q3
• Retail Segment:
• 31% growth
• Margins:
• Gross margins improved
• EBITDA margins stable
Sales Targets and Projections
• Sales Target:
• Management aims for ₹750 crores gross turnover
• Expected net turnover: ₹670 crores after GST
• Growth Projections:
• Retail: 10-12%
• Distribution: 15%
Competitive Pricing and Market Challenges
• Pricing Strategy:
• Acknowledged 5-6% price cut in distribution
• Positioned products ₹10 lower than a major competitor
• Challenges:
• Volume growth hindered by decreased foot traffic and inflation
• Focus on maintaining high average selling prices (ASPs) for premium sub-brands
Financial Aspects
• Increased Finance Costs:
• Due to changes in accounting standards and warehouse relocation
• Future EBITDA Margin Improvement:
• Expected to reach around 15% in two years through economies of scale and premiumization strategies
Conclusion of Call
• Participants thanked for their engagement
• Rittick Roy Burman expressed optimism for recovery and commitment to investors
• Call concluded with gratitude from the moderator