Saraswati Saree Depot Limited has informed the Exchange about Investor Presentation
SARASWATI SAREE DEPOT LTD. S. No. 144/1, Manade Mala, Gandhinagar Road, P.O. Uchgaon, Dist. Kolhapur, Maharashtra, 416005 Ph: 0231-2683333, 0231-2532020, 0231-2610284 Email: cs@saraswatisareedepotlimited.com Website:www.saraswatisareedepot.com CIN: L14101PN2021PLC199578
Date: May 30, 2025
To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East) Mumbai- 400051
To, BSE Ltd Phirozee Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001
BSE Scrip Code: 544230
NSE Scrip Code: SSDL
Subject: Investors Presentation on the Audited Financial Results for the quarter and year ended on March 31, 2025
Dear Sir/ Madam,
Pursuant to regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Investor Presentation on the Audited Financial Results for the quarter and year ended on March 31, 2025.
You are requested to take the same on your records.
Thanking You,
Yours Sincerely,
For SARASWATI SAREE DEPOT LIMITED
__________________ Sangeeta Shambhu Mahato Company Secretary & Compliance Officer Membership no.: A73654
Place: Kolhapur Date: May 30, 2025 Encl. As Above
Q4 & FY25 Result Update Presentation May 2025
Safe Harbor
This presentation has been prepared by Saraswati Saree Depot Ltd. (SSDL) solely to provide information about the Company to its stakeholders. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
The information contained in this presentation is only current as of its date. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements", including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal and social conditions in India.
Please note that this presentation is based on the publicly available information including but not limited to Company’s website and Annual Reports. This communication is for general information purposes only, without regard to specific objectives, financial situations and needs of any particular person. Please note that investments in securities are subject to risks including loss of principal amount.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
Chairman Message
“We are pleased to report a strong quarter marked by steady financial performance, supported by consistent revenue growth and enhanced operational efficiency. This quarter’s performance was further strengthened by Mini Utsav, a scaled edition of our signature promotional event Utsav, which contributed significantly to both our revenue and profitability. Importantly, we have also achieved positive cash flow during the period—an outcome we have consistently emphasized in our earlier commentaries as a key financial priority.
With a proud legacy of over 50 years in the B2B and wholesale segment of traditional women’s apparel, Saraswati Saree Depot Limited has built a reputation grounded in trust, quality, and long-standing customer relationships. Leveraging this foundation, we are now entering an exciting new phase of growth.
In a carefully considered strategic step towards forward integration, we are entering the retail segment with the launch of our first exclusive outlet in Kolhapur—our long-standing base of operations. This move is being approached as a pilot initiative, allowing us to test the waters of direct consumer engagement while building on our deep understanding of the traditional apparel market. By venturing into the retail space, we aim to explore new margin opportunities and strengthen brand presence across the value chain—from sourcing to the end customer.
This development marks an important but measured milestone in our long-term vision of becoming more consumer-centric. While the initial focus is on learning and adaptation, any decision to scale further will be based on the performance and insights gathered from this initial rollout. It reflects the Board’s cautious optimism, grounded in confidence in our industry experience and a pragmatic approach to new market opportunities. Through this, SSDL continues to evolve while remaining committed to sustainable and thoughtful growth, while remaining committed to better capital allocation and improved cash flows”
Shankar Dulhani
Chairman & Executive Director, Saraswati Saree Depot Limited
MD & CEO’s Message
“We are pleased to report a strong financial performance for FY25, marked by consistent growth in profitability and a solid improvement in our financial position. Our Revenue from Operations grew by 11.1% YoY in Q4, supported by healthy customer demand and sustained operational efficiency. Importantly, our PAT rose by 65.3% YoY in Q4, with a corresponding PAT margin improvement of 169 bps, underscoring our focus on margin accretive execution.
On an annual basis, our profitability remained stable with FY25 PAT growing by 3.5% and EBITDA margin expanding by 25 bps, despite a marginal revenue increase of 0.44%. This performance reflects robust cost management, a leaner operating model, and a prudent product mix.
From a balance sheet perspective, Net Worth surged 174% YoY to Rs. 177.91 Crore, driven by improved retained earnings and increased capital base. Our Net Working Capital more than doubled, improving liquidity buffers and operational flexibility.
However, we acknowledge that one of our branches in Ulhasnagar has been consistently underperforming and incurring losses. We are currently evaluating the situation closely and will take a strong and strategic decision in the coming months to address this issue decisively and protect overall business health. We remain optimistic about the future and committed to enhancing stakeholder value through disciplined execution, strategic expansion, and strong governance”
Vinod Dulhani
Managing Director & CEO, Saraswati Sarees Depot Ltd
Table of Contents
Q4FY25 & FY25 Performance
Company Overview
Business Process
Product Profile & Facilities
Annual Financials
Way Forward
Quarterly
and Full Year
Performance
Q4 & FY25 Financial Highlights
Revenue from Operations (Rs. Cr.)
EBITDA(Rs. Cr.) & EBITDA Margins
136.35
610.9
613.61
122.73
9.16
6.72%
6.18
5.03%
Q4FY24
Q4FY25
FY24
FY25
Q4 FY24
Q4 FY25
40.43
6.62%
FY24
42.15
6.87%
FY25
PAT(Rs. Cr.) & PAT Margins
EBITDA(Rs. Cr.)
EBITDA Margin%
EBITDA(Rs. Cr.)
EBITDA Margin%
EPS (Rs.)
1.77
8.92
7.72
7.02
5.15%
4.25
3.46%
29.53
30.57
1.28
4.83%
4.98%
Q4 FY24
Q4 FY25
PAT(Rs. Cr.)
PAT Margin%
FY24
FY25
PAT(Rs. Cr.)
PAT Margin%
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Key Ratios
ROE%
197%
ROCE%
169%
ROA%
14.3%
12.2%
10.5%
Debt/ Equity
5.37
96%
59%
25%
98%
64%
28%
7.2%
1.17
0.67
0
FY22
FY23
FY24
FY25
*
FY22
FY23
FY24
FY25
*
FY22
FY23
FY24
FY25
*
FY22
FY23
FY24
FY25
*
* Annualized
*RoE: PAT/Avg. Total Equity; RoCE: EBIT/(Avg. Capital Employed); ROA: PAT/ Total Assets; Net Debt/ Equity: (LTDebt + STDebt)/Total Equity
Product Mix
Number of Units Sold (in millions)
Total Number of Customers
16.51
16.1
15.71
13,601
13,263
13,000
14.78
12,372
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Sales Mix
90.9%
91.9%
91.0%
90.8%
Item Wise Revenue (in %)
5.3%
4.0%
4.8%
5.8%
1.5%
1.4%
1.3%
1.5%
1.1%
1.1%
1.1%
1.0%
1.2%
1.6%
1.8%
1.0%
Sarees
Kurtis & Dress Materials
Blouse Pieces
Shirt & Pant Pieces
Others (Includes lehengas, bottoms, chunaris, etc)
81.4%
82.7%
80.9%
84.6%
Zone Wise Revenue (in %)
FY22
FY23
FY24
FY25
Store Wise Revenue (in %)
88.3%
87.3%
86.3%
88.2%
18.0%
17.1%
18.8%
15.4%
0.2%
0.6%
0.3%
0.0%
0.1%
0.0%
0.0%
0.0%
11.7%
12.7%
13.7%
11.8%
West
South
North
East
Kolhapur
Ulhasnagar
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Quarterly Income Statement
Particulars (Rs. Crore)
Revenue from Operations Other Income Total Operational Revenue Raw Materials Employee Cost Other Cost Total Expenditure EBITDA (excl. Other Income) EBITDA Margin (%) Depreciation Interest Income from Associates PBT Tax PAT PAT Margin (%) Basic EPS
Q4 FY25
Q4 FY24
136.35 0.96 137.31 112.43 5.80 8.97 127.19 9.16 6.72% 1.33 -0.95 0.09 9.84 2.82 7.02 5.15% 1.77
122.73 0.44 123.17 105.55 2.60 8.41 116.55 6.18 5.03% 0.28 0.64 0.10 5.80 1.56 4.25 3.46% 1.28
YoY
11.10%
11.48%
48.22%
69.66%
65.18%
Q3 FY25
182.14 1.13 183.27 163.30 2.35 3.67 169.32 12.82 7.04% 2.93 0.95 0.34 10.41 2.53 7.88 4.33% 1.99
Company
Overview
Key Facts and Figures
01
02
03
04
One of India’s leading organized saree wholesalers, growing strong over three decades
1.65 Crore units (FY25) Total number of clothing pieces sold
05
Recipient of awards such as "Star of the Industry" "Iconic Brand" at various events and the "Achievers of South Maharashtra" award from the Times of India.
Rs. 613.61 Crores FY25 Operational Revenue
Rs. 42.15 Crores FY25 EBITDA
06
Strategically located in Kolhapur, Ulhasnagar & Ahmednagar spread across 235,000+ sq ft of total area
Diverse Product Portfolio includes sarees, kurtis, dress materials, blouse pieces, lehengas, bottoms, other women’s apparel accessories
Strong product catalogue of more then 300,000 SKUs
25 % (FY25) ROE 28 % (FY25) ROCE
07
08
Timeline
1993
2015
After three decades in the saree industry, promoters formally launched a partnership firm under the name “M/s. Saraswati Sarees Depot”
Achieved a turnover exceeding Rs. 300 Crore; Inaugurated a new store in Kolhapur, covering 169,120 sq. ft.
2018
2022
Surpassed a turnover of Rs. 400 Crore
Surpassed a turnover of Rs. 500 Crore
2024
Opened a new purchase office in Surat spanning 25,000 sq. ft., located in close proximity to our suppliers
2002
The firm hosted its inaugural annual promotional event, "Utsav.“
2017
Expanded the product range to include ready-made garments, specifically “Kurtis.”
2021
Established as a Private Limited Company ; Launched a new store in Ulhasnagar
2023
Transitioned to a public company; Achieved a turnover exceeding Rs. 600 Crore
Company Overview
Saraswati Saree Depot Limited (SSDL), a major sarees wholesaler, BEGAN IN 1966 AND IS ONE OF INDIA’S LEADING PLAYER IN THE B2B SEGMENT of this Industry
THEIR ANNUAL FLAGSHIP EVENT "UTSAV", STARTED IN 2002, is a major sales driver, contributing 13-15% to annual revenues with special offers and exclusive collections.
The company’s REVENUE GREW FROM Rs. 222.9 CRORE IN FY2014 to SALES EXCEEDING Rs. 600 CRORE IN FY2024, GENERATING A CAGR OF 10.4% OVER THIS PERIOD .
01
03
05
02
04
06
The company’s main revenue comes from sarees (over 90%), but they also wholesale OTHER WOMEN’S APPAREL LIKE KURTIS, LEHENGAS, AND OTHER WOMEN DRESS MATERIALS AS WELL AS ACCESSORIES.
IN 2015, SSDL MOVED TO A NEW 169,120 SQ. FT. FACILITY IN UCHGAON, KOLHAPUR, enhancing its shopping experience with dedicated sections for various apparel with expansion into ready made garments for women in 2017
SSDL SOURCES SAREES FROM OVER 900 WEAVERS ACROSS MAJOR INDIAN HUBS like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru
Experienced Management
Shankar Dulhani Chairman & Executive Director
Vinod Dulhani Managing Director & CEO
With 38 years in the apparel industry, he has extensive expertise in saree manufacturing, marketing, and business development. His leadership has driven the company’s growth and guided the board in critical decisions and strategy.
With over 27 years in the apparel industry and being a second-generation member of the
company,
he oversees product development, business development, operations, and administration.
He has played a key role in establishing connections with weaving houses across India and has consistently enhanced efficiency throughout various departments.
Mahesh Dulhani Executive Director
With over 30 years in the apparel industry, he specializes in brand creation and management. He oversees sales operations, customer relations, and marketing functions for the company.
Rajesh Dulhani Executive Director With over 29 years in the apparel industry, he manages the company’s product and procurement functions, including supply chain management, supplier relations, and product quality control.
Business
Process
Business Process
Identification of weavers /suppliers by Procurement Team
Placing order with the identified weavers/- suppliers for approved products
Goods are checked on arrival for any quality defects
Placing order with the identified weavers/suppliers for preparing of samples as per the specification
Photoshoots of the products, on a case to case basis
Sales activity takes place at our stores
Inspection and examination of quality of the sample product by Procurement Team
Packaging and dispatch of the products from weavers/suppliers unit to Stores
Products are subsequently dispatched to customers
Our Customers (retailers) subsequently sell the products to the end users.
Product Profile
& Facilities
Diverse Product Profile
Sarees
Kurtis
Dress Materials
Blouse Pieces
Shirt & Pant Pieces
Lehnga s
Bottoms
Chunari s
Store Insights
• Saraswati Saree Depot Ltd. manages two stores in Maharashtra: the first store is located in Kolhapur and the second one in Ulhasnagar
• The Kolhapur store, being the company’s
inaugural and flagship location, accounts for nearly 88% of the total combined sales
• The two stores collectively cover an area of
185,000+ square feet and offer the full range of the company's products
•
In October 2024, the company acquired a new space in Surat, measuring close to 25,000 square feet. This facility is strategically located close to suppliers designated as a purchase office and will play a crucial role in reducing COGS
Key Strengths
Reputation &
Strong Brand
Customer Base &
Product portfolio
Saraswati Saree Depot is an established brand name and has built strong reputations over time for reliability and quality, fostering trust among their customer base.
Experienced Management: SSDL’s promoters and management team consists of professionals with several years of experience and knowledge in the industry and their respective fields such as sales, marketing, technical support, R&D, supply chain, production and finance.
SSDL primarily sells in southern and western regions, including Maharashtra, Goa, Karnataka, and Tamil Nadu, serving over 13,000 unique customers in fiscal 2024. The top 10 customers contribute to less than 8% of total sales.
Extensive Product Portfolio: SSDL’s Product portfolio is vast and versatile in women’s apparel segment and includes sarees, kurtis, dress lehengas, bottoms, other women’s apparel materials, blouse pieces, accessories and their product catalogue lists more than 300,000 different SKUs.
SSDL has established strong relationships with manufacturers in key hubs like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru.They source sarees and women's apparel from over 900 weavers and suppliers across India. The top 10 suppliers account for less than 26% of total purchases.
SSDL operates at a large scale in it’s industry and procures products from its suppliers in large quantities which leads to achieve economies of scale and mitigate additional costs associated with smaller order size
Major Organized Player: Saraswati Sarees is one of the major organized players of the country’s saree and stands firm to capitalize on this market’s growth
Bulk Buying Abilities
Annual Financials
Annual Performance
Revenues (Rs. Crore)
EBITDA* (Rs. Crore)
PAT (Rs. Crore)
612.58
613.61
603.52
42.10
42.15
35.68
29.53
30.57
550.31
21.58
22.97
12.31
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Avg Net Sales per customer (in Rs.)
Net Sales per sq.ft. area in use (in Rs.)
4,51,153
4,12,578
3,96,033
3,79,856
32,535
33,000
33,147
29,834
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
*EBITDA is excluding Other Income
Annual Income Statement
Particulars (Rs. Crore)
Revenue from Operations Other Income Total Income Purchase of Stock In Trade Cost of Materials Consumed Changes in Inventories Employee Benefit Expenses Other Expenses EBITDA (excl. Other Income) EBITDA Margin (%) Depreciation Interest Income from Associates PBT Tax PAT PAT Margin (%) EPS
FY25
613.61 3.56 617.17 548.55 1.43 (15.30) 13.48 23.29 42.15 6.87% 4.69 1.04 0.84 40.82 10.24 30.57 4.98% 7.72
FY24
610.90 1.68 612.58 548.99 0.00 (14.89) 9.77 26.61 40.43 6.62% 0.98 2.47 0.72 39.37 9.84 29.53 4.83% 8.92
YoY
0.44%
0.75%
4.25%
3.68%
3.52%
Cash Flow Statement
Particulars (Rs. Crore)
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
FY25
2.46
(8.08)
42.27
Net Cash Flow
36.65
FY24
(8.54)
(0.23)
0.41
(9.18)
Way Forward
Industry Opportunity
Market Decline and Recovery The saree industry, worth Rs. 558 billion in fiscal 2020, fell by ~43% in fiscal 2021 due to pandemic- related store closures. It rebounded by ~44% in fiscal 2022 as the economy reopened and postponed weddings boosted demand.
Current Growth By fiscal 2024, the industry is valued at Rs. 515 billion, reflecting ~5% growth from the previous year as retail stores attracted more customers.
Consumer Trends There is a growing preference for higher-quality, premium sarees, leading to increased average prices.
Organized Segment Growth The organized saree sector, known for better customer experience, reliable fabrics, and standardized pricing, is growing at a 9-10% CAGR. It is expected to constitute 32-37% of the market by fiscal 2029, up from 25-30% currently.
Long-Term Outlook The industry is projected to grow at a 5-6% CAGR from fiscal 2024 to 2029, reaching Rs. 650-675 billion by fiscal 2029.
Rs.515 Bn
Rs. 650-675 Bn
20-25%
CAGR 9-10%
32-37%
CAGR 3-4%
70-75%
63-68%
FY24
FY29
Unorganized
Organized
Future Growth Drivers Growth is expected to continue due to changing consumer preferences and the rise of organized, branded players in the market.
Source: Crisil Assessment of apparel industry in India
Way Forward
Expanding into MEN’S ETHNIC WEAR
Strengthening E-COMMERCE
Enhancing Efficiency with TECHNOLOGY
the men’s ethnic wear market, Plans to enter capitalizing on the rise of multi-day weddings and growing interest in traditional festival outfits. This
market is expected to reach Rs. 3.8-3.9 trillion by FY29, growing at a 10-11% CAGR from fiscal 2024 to 2029*.
The company to invest in digital channels and establish a dedicated e-commerce team to enhance sales and provide a seamless shopping experience for B2B and B2C customers. By fiscal 2029, e-commerce is projected to make up 9-11% of the saree industry in India.
Aims to improve operational efficiency and supply chain management by upgrading IT infrastructure and adopting best practices. This investment in technology will lower costs, boos productivity, and enhance customer satisfaction. Enhanced data analytics will also provide valuable insights into customer preferences, driving sales and supporting growth.
Source: Crisil Assessment of apparel industry in India
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