Genus Power Infrastructures Limited January Corporate 2020 Presentation 1
Safe Harbour This presentation and the accompanying slides (the “Presentation”), by Genus Power Infrastructures Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. 2
Q3 FY20: Performance Highlights EBITDA (Rs. Crores) Revenue (Rs. Crores) Key Highlights +27% -8% Q3FY20 Performance aided by 292.1 48.6 268.0 38.3 • Higher share of Export Orders • Better Product Mix Q3FY19 Q3FY20 Q3FY19 Q3FY20 In FY20 so far, our team has won 17 awards at the “Quality Circle EBITDA Margin (%) PAT (Rs. Crores) Forum of India” Haridwar Chapter and Lucknow Chapter +502 bps +17% 1) 11 Gold 18.1% 26.9 23.0 2) 4 Silver 13.1% 3) 2 Bronze Q3FY19 Q3FY20 Q3FY19 Q3FY20 3 Standalone Results As per IND-AS
9M FY20: Performance Highlights EBITDA (Rs. Crores) Revenue (Rs. Crores) Key Highlights +8% +45% Healthy Performance driven by 812.1 131.6 754.0 90.7 • Better Product Mix • Better Order Execution • Higher share of Export Orders 9MFY19 9MFY20 9MFY19 9MFY20 EBITDA Margin (%) PAT (Rs. Crores) +43% +418 bps 71.3 16.2% 12.0% 49.8 9MFY19 9MFY20 9MFY19 9MFY20 4 Standalone Results As per IND-AS
Performance Highlights For Last Few Quarters Our Robust Performance 301.5 292.1 285.8 275.4 268.6 268.0 238.6 223.4 200.2 182.8 166.2 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2 FY20 Q3 FY20 Revenue (Rs. Crores) 5 Standalone Results As per IND-AS
Strong Order Book We upgrade our technology and product Order Book (Rs. Crores) offering at regular interval backed by continuous R&D +30% 1,498 1,276 Strong Demand for various types of Meter 1,118 across State Electricity Boards & Private Players 685 386 Mar-16 Mar-17 Mar-18 Mar-19 Dec-19 Genus uniquely positioned to suffice needs of the rising demand of Meters 6
Management Commentary “Order Book, Order Enquiries and Outlook for our business continues to remain very robust. Order inflow has remained subdued in 9MFY20, as we have been very conservative in selecting our clientele, with security of payment becoming a key focal point. We are witnessing a gradual shift from conventional meters to smart meters. A lot of thrust is coming from the central government for deployment of smart meters across India in order to lower the AT&C losses, improve billing efficiencies, reduce DISCOMs’ financial woes, enhance consumer convenience and rationalize power consumption. State Electricity Boards are also propelled to take action in this direction, as improving billing efficiencies has become a necessary condition for receiving funding. The Ministry of Power has given an outlay of Rs. 1.75 lakh crore for installation of 25 crore smart meters by March 2023, thus for the next 3-4 years, we foresee a lot of traction in our business. Going forward, we envisage the share of smart meters in total revenue to improve significantly, which shall also reflect in better margins. Government is in the process of drafting Standard Bidding Document (SBD) and outlining the terms and conditions for deployment of smart meters across India. Pre-qualification criteria is likely to become very stringent to facilitate the entry of only quality companies having robust execution track-record. We provide end-to-end metering solutions to clients with metering communication, services and solutions. We plan to create inroads, in areas where we have robust avenues of earning recurring revenue in form of facility management system (FMS), providing our domain-related software to clients etc. ” Mr. Jitendra Kumar Agarwal, Joint Managing Director 7
3 Standalone Profit & Loss Statement Particulars (Rs. Crores) Q3FY20 Q3FY19 YoY 9MFY20 9MFY19 YoY Total Revenue 268.0 292.1 -8% 812.1 754.0 8% Cost of Material Consumed 164.4 203.3 512.3 522.8 Employee Expenses 26.1 25.4 80.6 71.3 Other Expenses 28.9 25.1 87.6 69.2 EBITDA 48.6 38.3 27% 131.6 90.7 45% EBITDA (%) 18.1% 13.1% 16.2% 12.03% Other Income 6.1 5.5 15.7 11.6 Depreciation 5.5 5.1 16.5 14.4 EBIT 49.2 38.7 27% 130.8 87.9 49% EBIT (%) 18.4% 13.2% 16.1% 11.7% Finance Cost 8.3 10.0 26.7 24.2 Profit before Tax 41.0 28.7 43% 104.1 63.7 63% Tax 14.1 5.7 32.8 13.9 Profit after Tax 26.9 23.0 17% 71.3 49.8 43% PAT % 10.0% 7.9% 8.8% 6.6% EPS 1.03 0.90 2.76 1.94 8 As per IND-AS
3 Standalone Balance Sheet ASSETS (Rs. Crores) Sep-19 Mar-19 EQUITY AND LIABILITIES(Rs. Crores) Sep-19 Mar-19 Non-current assets 176.9 25.7 Property, plant and equipment 158.5 Equity Share capital 25.7 Capital work-in-progress 2.0 1.6 Share Application Money Pending Allotment 0.0 0.0 Right of Use Assets 16.0 0.0 Other equity 813.0 784.8 1.1 838.7 810.5 Other intangible assets 1.1 Sub-total - Shareholders' funds Investment in Associates 15.9 15.9 Financial assets Non-current liabilities 68.4 Investments 70.0 Financial liabilities Loans 36.0 30.3 Borrowings 22.1 25.1 Other financial assets 17.0 18.4 Other financial liabilities 11.6 9.1 13.4 Other non-current assets 12.2 Lease Liability 0.4 0.0 Deferred tax assets (net) 29.2 37.2 Long Term Provisions 26.5 22.5 Government Grants 1.5 1.7 357.8 363.3 0.0 2.0 Sub-total - Non-Current Assets Net employee defined benefit liabilities Sub-total - Non-current liabilities 62.1 60.3 Current assets Current liabilities 206.7 Inventories 172.4 Financial liabilities Financial assets Borrowings 224.5 242.3 Investments 95.7 124.1 Trade payables 227.8 235.2 60 12.5 Investment in trust 60.0 Other liabilities 11.4 Trade receivables 658.5 573.1 Lease Liability 0.7 0.0 14.8 0.3 Cash and cash equivalents 10.4 Government Grants 0.3 24.2 2.2 Other Bank balances 22.4 Net employee defined benefit liabilities 2.2 Loans 2.4 4.2 Current tax liabilities (net) 3.4 0.0 3.3 11.8 Other financial assets 4.7 Provisions 11.8 Non Financial assets 26.2 28.9 Non-financial liabilities 27.8 27.4 Sub-total - Current Assets 1,052.8 1,039.3 Sub-total - Current liabilities 509.9 531.8 1,410.6 1,402.6 1,410.6 1,402.6 TOTAL - ASSETS TOTAL - EQUITY AND LIABILITIES 9 As per IND-AS
Business Overview
Power Sector Leadership Largest player in India’s electricity meter industry Incorporated in 1992, Part of $400 mn Kailash Group ~27% market share in Meter Industry ~70% market share in Smart Meters Over 2 decades of experience in electricity metering solutions industry Share of Metering Projects increasing Top-notch In-house R&D recognized by Govt of India Empanelled with 40+ different utilities across the country 25,000 Sq. Mtrs of Integrated Manufacturing 60 mn+ Meters installed Annual Production capacity of 10 mn+ meters Capability to undertake turnkey power projects up to 400 KV 11
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