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Financial Analysis

Studds Accessories Annual Report 2019-20 Analysis

Business Highlights

1. Despite challenges in the market Studds have performed well and the top line grew by 10.85%. Besides, growth in the top line, the operating EBIDTA grew at 41.16% and the PAT grew by 81.05% from the preceding year.
2. This year Studds has made significant investments to develop a world-class R&D facility, backward integration by manufacturing EPSL in the plant, with an endeavor to improve the quality of the products and meet stringent safety standards.
3. During the year, the company has stepped up efforts to improve relations with its dealers and distributors and it helped to significantly increase its market share. As of 31st March 2020, the network of 385 dealers is spread across the globe and 7 EBO’s in India.
4. This year the company has launched new products i.e. Titan Fiber, Titan Carbon, Sub Urban. They are planning to further bolster the segment with the launch of riding gear, jackets, armours, elbow guards, knee guards, and shoes.
5. This year company has sold 66.5 Lakhs (Domestic + Global) and globally has a Domestic market share in Two Wheelers helmets as 25.66%.

Financial Highlights:

1. Studds has clocked the revenue of 431 Crores in FY19-20 up by 10.8% as compared to last year.
2. Studds has clocked an EBITDA of 103 Crores in FY19-20 up by 41% as compared to last year.
3. Studds has clocked the PAT of 74 Crores in FY19-20 up by 84% as compared to last year.
4. EPS for the year 2019-20 stands at 37.
5. The total debt on books is 27 Crores and Net-worth of 216 Crores. So, D/E is 0.12.
6. RONW of FY19-20 is 34%.


Currently, it is available at Rs. 950 per share in the unlisted market. Total equity in the market is 1.9676 Crores.
Mcap = 1870 Crores.
P/E = 25x

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