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Fiscal 2018
12 Lux Industries 76.4 125.9 7.1% 10.5%
13 Page Industries (Jockey) 325.5 318.6 12.8% 10.8%
14 Rupa and Company 94.62 80.6 8.7% 8.5%

 

 

 

 

 

 

 

 

Source: Annual Reports, Secondary Research, Technopak Analysis, Revenue for standalone businesses from MCA reports
Note ~ Fiscal 2018 and Fiscal 2020 margins not strictly comparable due to implementation of IND-AS 116 from Fiscal 2020 onwards. Data
as of 6" July 2021; Fiscal 2021 not considered as it as will not depict the correct picture due to COVID-19 impact; NA-Not Available

A number of key players in the Indian apparel market witnessed large declines in their ROE (Return on Equity).
Go Colors has the highest ROE in Fiscal 2020 compared to all major retail led competitors which shows that its
profitability to stockholder’s equity is good as per the women apparel industry.

ROE (Return on Equity)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Led Brands

4 Go Colors 18.4%
5 aan (Aditya Birla Fashion Retail | (5 so,
3 Biba 0.9%
4 Fabindia 7%
5 Global Desi & AND (HOAD) (15.8)%
6 Levi's NA
7 Marks and Spencer NA
8 Soch (158.0)%
9 Trent 6.2%
10 W, Aurelia, Wishful, Eleven (TCNS) | 10.5%
i Zara India NA

Distribution Led Brands
12 Lux Industries, 25.3%
13 Page Industries (Jockey) —
14 Rupa and Company sea

 

 

 

 

Source: Annual Reports, Secondary Research, Technopak Analysis, Revenue for standalone businesses from MCA reports
Data as of 6" July 2021; Fiscal 2021 not considered as abnormal year due to COVID-19; NA-Not Available; Formula - Net Income (PAT) /

Equity

ROCE (Return on capital employed) indicates the company’s efficiency because it measures the company’s
profitability after factoring in the capital that has been used to achieve that profitability. Go Colors has the highest
ROCE amongst all major retail led women’s apparel brands.

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