Past 10 year’s financial track record analysis by Moneyworks4me indicates that Ethos Ltd is a below average quality company.
The key valuation ratios of Ethos 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 Weak which suggest that the price of Ethos Ltd is likely to Fall 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'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 8.5% | 8.8% | 1.7% | 0.7% | 8.3% | 10.9% | 6.9% | 8.4% | 15.5% | 16.2% | - |
| Value Creation Index ⓘ | -0.4 | -0.4 | -0.9 | -1.0 | -0.4 | -0.2 | -0.5 | -0.4 | 0.1 | 0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 220 | 281 | 329 | 325 | 356 | 442 | 458 | 387 | 577 | 789 | 953 |
| Sales YoY Gr. | - | 27.8% | 17% | -1.2% | 9.6% | 24.1% | 3.6% | -15.6% | 49.3% | 36.6% | - |
| Adj EPS ⓘ | 1.9 | 1.7 | -4.6 | -5.2 | 3.4 | 7.2 | -0.8 | 2.4 | 12.4 | 26.2 | 30.8 |
| YoY Gr. | - | -11.1% | -374.6% | NA | NA | 111.5% | -111.3% | NA | 413.6% | 110.8% | - |
| BVPS (₹) ⓘ | 25.6 | 27.7 | 30.4 | 33.7 | 52.4 | 73 | 83.5 | 86 | 121.5 | 270.3 | 354.8 |
| Adj Net Profit ⓘ | 2.2 | 2 | -5.7 | -6.8 | 5.4 | 12.1 | -1.5 | 4.4 | 23.7 | 61.2 | 75 |
| Cash Flow from Ops. ⓘ | 9.1 | -6.1 | -13 | 4.1 | -1.1 | -22.3 | 34.8 | 62.4 | 16.9 | -4.8 | - |
| Debt/CF from Ops. ⓘ | 5.1 | -9.3 | -5.4 | 16.9 | -57.1 | -3.5 | 2.2 | 0.8 | 3.5 | -1.7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 15.3% | 17.2% | 19.9% | 36.6% | ||||
| Adj EPS ⓘ | 33.9% | 50.6% | NA | 110.8% | ||||
| BVPSⓘ | 29.9% | 38.9% | 47.9% | 122.4% | ||||
| Share Price | - | - | - | 97.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 5.3 | 4.2 | -10.6 | -11.2 | 6.9 | 10.8 | -1 | 2.9 | 12.2 | 14.2 | 9.9 |
| Op. Profit Mgn % ⓘ | 4.7 | 5.8 | 3.2 | 1.4 | 5.3 | 7.7 | 12 | 10.9 | 12.4 | 15.4 | 14.7 |
| Net Profit Mgn % ⓘ | 1 | 0.7 | -1.8 | -2.1 | 1.5 | 2.7 | -0.3 | 1.1 | 4.1 | 7.8 | 7.9 |
| Debt to Equity ⓘ | 1.1 | 1.1 | 1.2 | 1.1 | 0.7 | 0.6 | 0.5 | 0.3 | 0.3 | 0 | - |
| Working Cap Days ⓘ | 200 | 196 | 199 | 214 | 213 | 199 | 214 | 248 | 181 | 177 | 131 |
| Cash Conv. Cycle ⓘ | 94 | 88 | 94 | 107 | 95 | 95 | 114 | 127 | 95 | 94 | 100 |
Return on Equity has increased versus last 3 years average to 9.80%
Sales growth is growing at healthy rate in last 3 years 19.87%
Sales growth is good in last 4 quarters at 29.38%
Net Profit has been subdued in last 3 years 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 30.8 | 30.9 |
| TTM Sales (₹ Cr.) | 953 | 954 |
| BVPS (₹.) ⓘ | 354.8 | 354.8 |
| Reserves (₹ Cr.) ⓘ | 844 | 844 |
| P/BV ⓘ | 6.67 | 6.67 |
| PE ⓘ | 76.86 | 76.66 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1030.80 / 3040.30 |
| All Time Low / High (₹) | 711.60 / 3040.30 |
| Market Cap (₹ Cr.) | 5,791 |
| Equity (₹ Cr.) | 24.5 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 109.8 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 220 | 281 | 329 | 325 | 356 | 442 | 458 | 387 | 577 | 789 |
| Operating Expenses ⓘ | 209 | 265 | 319 | 320 | 339 | 409 | 405 | 345 | 507 | 670 |
| Manufacturing Costs | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Material Costs | 161 | 209 | 251 | 253 | 271 | 315 | 329 | 282 | 411 | 544 |
| Employee Cost | 14 | 17 | 20 | 20 | 23 | 32 | 32 | 27 | 41 | 51 |
| Other Costs ⓘ | 33 | 38 | 47 | 46 | 44 | 60 | 43 | 35 | 54 | 72 |
| Operating Profit ⓘ | 10 | 16 | 10 | 4 | 17 | 33 | 53 | 42 | 71 | 119 |
| Operating Profit Margin (%) | 4.7% | 5.8% | 3.1% | 1.4% | 4.8% | 7.4% | 11.6% | 10.8% | 12.2% | 15.1% |
| Other Income ⓘ | 0 | 1 | 0 | 2 | 2 | 2 | 6 | 17 | 13 | 15 |
| Interest ⓘ | 7 | 10 | 11 | 11 | 10 | 11 | 24 | 20 | 21 | 20 |
| Depreciation ⓘ | 2 | 4 | 4 | 4 | 4 | 5 | 35 | 32 | 31 | 35 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 2 | 4 | -5 | -8 | 5 | 18 | 1 | 6 | 31 | 80 |
| Tax ⓘ | -1 | 1 | 1 | -2 | 1 | 7 | 1 | 2 | 8 | 20 |
| Profit After Tax | 2 | 2 | -6 | -6 | 4 | 11 | 0 | 5 | 23 | 60 |
| PAT Margin (%) | 1.0% | 0.8% | -1.8% | -1.9% | 1.1% | 2.5% | 0.0% | 1.2% | 4.0% | 7.6% |
| Adjusted EPS (₹) | 1.9 | 2.1 | -4.8 | -4.6 | 2.5 | 6.6 | 0.0 | 2.6 | 12.3 | 25.6 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 42 | 52 | 57 | 64 | 91 | 131 | 152 | 157 | 232 | 631 |
| Share Capital ⓘ | 24 | 31 | 32 | 33 | 23 | 24 | 18 | 18 | 19 | 23 |
| Reserves ⓘ | 18 | 20 | 25 | 31 | 67 | 106 | 134 | 138 | 213 | 608 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 42 | 55 | 64 | 64 | 52 | 69 | 69 | 44 | 50 | 8 |
| Long Term Debt | 10 | 8 | 10 | 11 | 11 | 16 | 16 | 17 | 28 | 7 |
| Short Term Debt | 32 | 46 | 54 | 54 | 41 | 53 | 54 | 27 | 23 | 0 |
| Trade Payables | 55 | 70 | 69 | 65 | 77 | 70 | 75 | 74 | 87 | 98 |
| Others Liabilities ⓘ | 13 | 11 | 18 | 19 | 27 | 24 | 123 | 112 | 129 | 135 |
| Total Liabilities ⓘ | 152 | 188 | 208 | 212 | 247 | 294 | 420 | 387 | 498 | 872 |
Fixed Assets | ||||||||||
| Gross Block | 21 | 25 | 27 | 14 | 24 | 34 | 174 | 157 | 203 | 251 |
| Accumulated Depreciation | 8 | 12 | 15 | 4 | 7 | 12 | 45 | 45 | 74 | 54 |
| Net Fixed Assetsⓘ | 13 | 13 | 12 | 10 | 17 | 22 | 128 | 112 | 129 | 197 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 5 | 1 | 4 | 0 | 4 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 6 | 7 |
| Inventories | 114 | 147 | 164 | 169 | 171 | 206 | 219 | 198 | 250 | 340 |
| Trade Receivables | 1 | 3 | 6 | 2 | 6 | 8 | 9 | 12 | 5 | 6 |
| Cash Equivalents | 5 | 5 | 6 | 9 | 7 | 8 | 10 | 19 | 39 | 225 |
| Others Assetsⓘ | 18 | 18 | 20 | 22 | 45 | 46 | 49 | 38 | 69 | 93 |
| Total Assets ⓘ | 152 | 188 | 208 | 212 | 247 | 294 | 420 | 387 | 498 | 872 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 9 | -6 | -13 | 4 | -1 | -22 | 35 | 62 | 17 | -5 |
| PBT ⓘ | 2 | 4 | -5 | -8 | 5 | 18 | 1 | 6 | 31 | 80 |
| Adjustment ⓘ | 8 | 10 | 12 | 12 | 11 | 11 | 51 | 33 | 37 | 34 |
| Changes in Working Capital ⓘ | -0 | -19 | -18 | 0 | -18 | -45 | -12 | 25 | -42 | -99 |
| Tax Paid ⓘ | 0 | -1 | -2 | 0 | 1 | -7 | -5 | -2 | -9 | -20 |
| Cash Flow From Investing Activity ⓘ | -7 | -5 | -4 | -2 | -12 | -13 | -13 | -10 | -23 | -254 |
| Capex | -6 | -4 | -3 | -3 | -11 | -13 | -13 | -9 | -23 | -56 |
| Net Investments | -1 | 0 | -1 | 0 | 0 | 0 | 1 | -1 | -1 | -206 |
| Others ⓘ | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 8 |
| Cash Flow From Financing Activityⓘ | -1 | 11 | 17 | 2 | 11 | 35 | -20 | -45 | 27 | 249 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 12 | 12 | 22 | 29 | 21 | 0 | 51 | 375 |
| Net Proceeds from Borrowing ⓘ | 0 | -3 | 2 | -2 | -13 | 2 | -2 | 3 | 11 | -29 |
| Interest Paid ⓘ | -6 | -7 | -8 | -8 | -6 | -7 | -19 | -16 | -16 | -16 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 5 | 20 | 11 | 0 | 7 | 12 | -20 | -31 | -20 | -82 |
| Net Cash Flow ⓘ | 1 | 0 | 0 | 4 | -2 | 0 | 3 | 7 | 20 | -10 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 7.68 | 7.69 | -17.13 | -14.84 | 6.25 | 10.83 | 0.03 | 3 | 12.03 | 13.86 |
| ROCE (%) | 10.39 | 13.28 | 5.49 | 2.06 | 10.21 | 16.2 | 11.36 | 11.96 | 21.05 | 21.48 |
| Asset Turnover Ratio | 1.61 | 1.65 | 1.66 | 1.55 | 1.55 | 1.63 | 1.28 | 0.96 | 1.3 | 1.15 |
| PAT to CFO Conversion(x) | 4.5 | -3 | N/A | N/A | -0.25 | -2 | N/A | 12.4 | 0.74 | -0.08 | Working Capital Days |
| Receivable Days | 2 | 3 | 5 | 4 | 4 | 6 | 7 | 10 | 5 | 3 |
| Inventory Days | 171 | 170 | 172 | 187 | 174 | 156 | 169 | 197 | 142 | 137 |
| Payable Days | 100 | 109 | 101 | 96 | 96 | 85 | 80 | 97 | 72 | 62 |
The company was originally incorporated as ‘Kamla Retail Limited’ under the provisions of Companies Act, 1956, at Parwanoo, Himachal Pradesh, pursuant to the certificate of incorporation dated November 5, 2007, issued by the Assistant Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. Subsequently, the name of the Company was changed to ‘Ethos Limited’ pursuant to a special resolution passed by the Shareholders of the Company on March 2, 2012, and a revised certificate of incorporation was issued by Registrar of Companies, Himachal Pradesh on March 5, 2012.
Ethos is India’s one of the largest luxury and premium watch retail player, delivering a content-led luxury retail experience to its customers through its online and physical presence. In addition to its chain of physical retail stores in several cities in India in a multi store format, it offer an Omnichannel experience to its customers through its website and social media platforms. It has the sizeable portfolio of premium and luxury watches in India enabling it to retail premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain.
The company’s Omnichannel approach is premised on its endeavour to provide experience, content, customisation, reach and convenience to its customers. In addition to its premium and luxury watch retail, it also undertake retail of certified pre-owned luxury watches under ‘Certified Pre-Owned’ (CPO) luxury watch lounge located at National Capital Territory of New Delhi. It started its pre-owned luxury watch retail business in Fiscal 2019. Its physical presence is leveraged by its strong digital platform with a frequently visited website, effective social media communication, a large database of HNI customers and an active program of home and office delivery of luxury products.
Business area of the company
Ethos is the largest luxury and premium watch retailer in India, operating on an omnichannel model and allows customers to order products either offline or online.
Major Achievements
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