Date: 15!-h -November. 2019 400001(MH) BSE Scrip ID: COMSYN BSE Scrip Code: 539986 Subject: Submission of 'Hl/Q2-F.Y. 20 Earnings Presentation pursuant to Regulation 30(4) read with Part A of Schedule III of the SEBI (LODR) Regulations, 2015 as amended from time to time. Dear Sir/Madam, Pursuant to Regulation 30(4) read with Part A of Schedule III of the SEBI (LODR) Regulations, 2015 as amended from time to time, please find enclosed herewith 'Commercial Syn Bags Limited- H1/Q2-F.Y.20 Earnings Presentation. A copy of aforesaid Investor Presentation is also hosted on the website of company www.comsyn.com. You are requested to please take on record the above said document for your reference and further needful. Thanking You, Yours Faithfullv. COMPAI\-Y SECRET COMPLIANCE OFFICER Encl. As above Eommerdal Sgn Bags Umifsd Cll{ : t25202MPl S84PL@0288S Registercd 0ffice: cormcrcidHouse 34, Jaon Compoun4 M.y.H. Road, ND0RE.4E2 ml, it.p. ltrlDlA Ph. +91'731'27|d4im7,4219525 Frx: +91-731-27U130 E-mail : maik@comryn.clo Vlsit rt: wun.Gonstn.com
COMMERCIAL SYN BAGS LIMITED H1 1 / / Q2 2 - FY FY20 20 Ear arnin ings Presentation 1
EXECUTIVE SUMMARY Manufacturing Company Overview Revenue Mix Financia Fin ial l Hig Highlights and Distribution Network (FY (FY19) • • • Commercial Syn Bags Limited FIBC (Flexible Intermediate Bulk The company’s manufacturing units (COMSYN), one of the oldest players Container) constitutes 70% of the are located at Pithampur near in the packaging industry, revenue and is mainly used for bulk Indore, India. INR 2,067 Mn manufactures bulk flexible packaging in chemicals, agriculture, OP. • The company produces 5 – 6 Mn Big YoY 28.4% packaging products and industrial food, cement, construction REVENUE Bags annually. 5 Year CAGR traps and covers. industries, etc. 16.6% • The company have a strong clientele • • It mainly caters to the B2B segment Other products include Tarpaulin, across all the 6 continents. and its products cater to various BOPP Bags, Woven Sacks/Bags, PP industries like bulk packaging, Fabric, Garden Bags, Waste Bags, INR 253 Mn agriculture, chemical, cement, food, Box Bag, Ground covers, Pond Liners, construction, etc. Mulch Films, Spiral Tubing and Vermi YoY 68.7% ₹ EBITDA Beds. 5 Year CAGR • The company offers a huge product 16.6% portfolio and a wide range within each product category to best suit their client needs. INR 110 Mn MTPA YoY 77.4% EXPORTS TO EMPLOYEES ₹ PAT 5 Year CAGR 22.8% TARPAULIN Over 25 countries 17,000 Over 1,900 2
H1/Q2 - FY20 HIGHLIGHTS 3
Key Financial Q2 Q2-FY FY20 Fi Fina nancia ial Per erfor ormance: H1-FY H1 FY20 Fi Fina nancia ial l Per erfor ormance • • Ope Operatio ional l Inc ncome: INR 54 2 Mn Operatio Ope ional l Inc ncome: INR 951 Mn • • EBITDA: INR 61 Mn EBIT EBIT EBITDA: INR 115 Mn • • EBITDA Mar EBIT Margin in: : 11.25% EBITDA Mar EBIT Margin in: : 12.09% • • Net Profi Ne ofit: INR 29 Mn Net Profi Ne ofit: INR 52 Mn • • PAT Mar Margi gin: 5.35% PAT Mar Margi gin: 5.47% • • Dilu Di luted EP EPS : INR 2.47 Di Dilu luted EP EPS : INR 4.41 4
Operational Highlights Q2 Q2-FY FY20 Ope Operatio ional l Per erformance: • Production during the quarter was ~ 4,117 MT and for the half ended as on 30 th September, 2019 the same was ~ 8,082 MT, translating into a capacity utilisation ~ 95%. • While there has been an overall slowdown in the economy, the company’s growth prospects, continue to remain stable. • While revenues increased on a sequential basis due to higher volumes, realisations on a per unit basis fell as polymer prices declined by ~ 5% in Q2-FY20 as compared to Q1-FY20. • EBITDA margins have declined by 218 Bps, primarily due to increase in employee costs because of annual increments. Further, other expenses have increased due to higher insurance expenses, outside jobwork charges and increase in power costs. Going forward, with increased utilization levels at the SEZ unit, such expenses will get absorbed and hence margins are expected normalise. • Since the company’s incremental production are from its SEZ facility, the same has resulted in lower tax rate. It also claims deduction for wages paid to new employees under the section 80JJAA. 5
Q2-FY20 INCOME STATEMENT PAR ARTICULARS (I (INR R Mn) n) Q2 Q2-FY20 Q2 Q2-FY19 Y-o-Y Q1 Q1-FY20 Q-o-Q Ope perational Revenue 542 542 581 581 (6 (6.7)% .7)% 408 408 32.8% .8% Total Expenses 481 503 (4.4)% 353 36.3% EBITDA EBI 61 61 78 78 (21 (21.8 .8)% )% 55 55 10 10.9% .9% EBI EBITDA Mar argi gins s (% (%) 11 11.25 .25% 13 13.43 .43% (21 (218) 8) Bps 13 13.48 .48% (22 (223) 3) Bps Other Income 3 (1) NA 5 (40.0)% Depreciation 17 16 6.3% 17 NA Finance Cost 12 17 (29.4)% 11 9.1% PBT 35 35 44 44 (20 (20.5 .5)% )% 32 32 9.4% 9.4% Tax 6 12 (50.0)% 9 (33.3)% PAT 29 29 32 32 (9.4)% (9.4)% 23 23 26 26.1% .1% PAT Margins (% (%) 5.35 5.35% 5.51 5.51% (16 (16) ) Bps 5.64 5.64% (29 (29) ) Bps Diluted EPS (INR) 2.47 2.73 (9.5)% 1.94 27.3% 6
H1-FY20 INCOME STATEMENT PAR ARTICULARS (I (INR R Mn) n) H1-FY FY20 H1 H1-FY FY19 Y-o-Y Ope perational Revenue 951 951 978 (2.8)% (2.8)% Total Expenses 859 836 (2.7)% EBI EBITDA 115 115 119 (3.4)% (3.4)% EBITDA Mar EBI argi gins s (% (%) 12 12.09 .09% 12.17% (8) (8) Bps Other Income 2 8 NA Depreciation 34 29 17.2% Finance Cost 22 24 (8.3)% PBT 68 67 67 (1.5)% (1.5)% Tax 15 21 (28.6)% PAT 47 52 52 10 10.6% .6% PAT Marg argins s (% (%) 5.47 5.47% 4.81% 66 66 Bps Diluted EPS (INR) 4.41 4.00 10.3% 7
INCOME STATEMENT PAR ARTICULARS (I (INR R Mn) n) FY17 FY17 FY18 FY18 FY19 FY19 H1 H1-FY FY20 Ope perational Revenue 1,19 1,190 1,61 1,610 2,06 2,067 951 951 Total Expenses 1,073 1,460 1,814 836 EBITDA EBI 117 117 150 150 253 253 115 115 EBI EBITDA Margins (% (%) 9.83 9.83% 9.32 9.32% 12 12.24 .24% 12 12.09 .09% Other Income 20 6 11 8 Depreciation 36 40 62 34 Finance Cost 25 26 56 22 PBT 76 76 90 90 146 146 67 67 Tax 23 28 36 15 PAT 53 53 62 62 110 110 52 52 PAT Marg argins s (% (%) 4.45 4.45% 3.84 3.84% 5.32 5.32% 5.47 5.47% Other Comprehensive Income - - 2 - Tot otal Comprehensi sive Inc ncome 53 53 62 62 112 112 52 52 Diluted EPS (INR) 4.87 5.21 9.30 4.41 8
BALANCE SHEET PAR ARTICULARS (I (INR R Mn) n) FY18 FY18 FY19 FY19 H1 H1-FY FY20 PAR ARTICULARS (I (INR R Mn) n) FY18 FY18 FY19 FY19 H1 H1-FY FY20 EQU QUITIES & LI LIABILITIES ASSE ASSETS Shareholder Funds Non on-current Ass Assets (A) Share Capital 118 118 118 (A) Fixed Assets (B) Reserves & Surplus 361 468 509 (i) Tangible assets 315 595 602 (C) Share application money pending - - - (ii) Capital work-in-progress 157 17 44 allotment Non on-current Lia Liabilities (B) Long-term loans and advances 12 32 32 (A) Long-term Borrowings 148 205 241 (C) Other Non-Current Assets - 4 44 (B) Other Financial Liabilities - 11 10 (C) Deferred Tax Liabilities (Net) 29 31 31 (D) Long-term provisions - - - Current Ass Cu Assets Current Liab Liabilities (A) Inventories 205 192 323 (A) Short term Borrowings 222 287 321 (B) Trade Receivables 231 360 294 (B) Trade Payables 98 147 136 (C) Cash & Cash Equivalents 54 34 58 (C) Other Financial Liabilities - 75 102 (D) Other Current Liabilities 130 11 36 (D) Short-term loans & advances 142 72 76 (E) Short-term provisions 13 14 8 (E) Other Current Assets 3 61 39 GRAN RAND TOTAL - EQUI QUITIES & LI LIAB ABILITES 1,11 1,119 1,36 1,367 1,51 1,512 GRAN RAND TOTAL – ASSE ASSETS 1,11 1,119 1,36 1,367 1,51 1,512 9
GROWTH IN NUMBERS PAT (INR MN) & PAT MARGIN (%) DEBT TO EQUITY (x) REVENUE (INR MN) & EBITDA MARGIN (%) 0.9 12.24% 5.32% 2500 14.00% 120 6.00% 0.8 4.45% 9.83% 12.00% 100 0.7 9.32% 5.00% 2000 3.84% 2,067 0.6 10.00% 80 4.00% 1500 0.5 1,610 8.00% 60 3.00% 0.4 6.00% 1000 1,190 0.3 40 2.00% 4.00% 0.2 500 20 1.00% 0.6 0.8 0.8 0.1 53 62 110 2.00% 0.0 - 0.00% 0 0.00% FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 Debt to Equity Revenue EBITDA Margin PAT (INR Mn) PAT Margin (%) WORKING CAPITAL CYCLE BOOK VALUE PER SHARE (INR) NET WORTH (INR Mn) AND EPS (INR) 120 104 60.0 9.3 700 10 87 9 100 50.0 600 76 5.21 8 103 500 4.87 80 7 40.0 6 400 77 60 30.0 5 300 60 4 40 20.0 3 200 2 20 10.0 100 414 479 586 35.0 40.5 49.6 1 - 0 - 0.0 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 Working Capital Days Inventory Days Net Worth (INR Mn) EPS Book Value per Share 10
CAPITAL MARKET INFORMATION Share Price Data as on 30th September, 2019 80% 60% 40% 20% 0% -20% Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Comsyn Sensex Share Holding Pattern as on 30th September, 2019 Pric ice Da Data as as on on 30 30th th Sep September, 2019 2019 INR Fac ace Vau aue 10.00 Promoters CMP 44.6 53.47% 52 52 Week H/L 67.1/ 30.2 Mar arket Cap ap (I (INR Mn Mn) 527.1 Public No. of No of Shar Share ou outstanding (Mn Mn) 11.8 46.53% 1 Year ear Avg. Trading Vol olume (' ('000 000) 7.2 11
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