Corporate presentation 2017
Symphony Limited Corporate presentation 2017 Air cooling simplified WATER DISTRIBUTOR COOL FILTERED AIR HOT DRY AIR FAN EVAPORATIVE MEDIA WATER RESERVOIR 2
Symphony Limited Corporate presentation 2017 Widest product range Cloud – World’s First Wall Mounted Air Cooler Touch Range of Air Coolers 3
Symphony Limited Corporate presentation 2017 Widest product range Window Air Cooler Range Portable Air Cooler Range 4
Symphony Limited Corporate presentation 2017 Widest product range Central Air Cooling Solution Range of Packaged Air Coolers Range of Mobile Commercial Air Coolers 5
Symphony Limited Corporate presentation 2017 Multi-stage Air Purification i-Pure Range 6
Symphony Limited Corporate presentation 2017 Air cooling edge Runs at the operating Works on Use it outside, Delivers fresh, cost of a fan inverter power use it inside. filtered cool air. 7
Symphony Limited Corporate presentation 2017 Symphony - milestones Established in 1988 Pre-2000s, Ventured into the Suffered financial with a portfolio positioning: ‘Many manufacture of ACs, stress and comprising one air products – One washing machines restructured cooler model market’ and other durables Started offering Post-2005 Scaled up Acquired IMPCO positioning is: ‘One central air cooling international (North America) in solutions in India in product – Many presence in 2009 2009-11 2011 markets ’ Established foothold Unveiled the Launched world’s 1 st Acquired Munters in all formats of world ’ s first wall mounted air Keruilai (China) in modern retail in packaged air cooler cooler in 2016 2015 2013 in 2015 8
Symphony Limited Corporate presentation 2017 Business model Positioning Design-driven Brand-focused Focused on offering cutting- Best-in-class design, a World and India ’ s leading edge cooling technology significant advantage over air-cooler brand competitors Progressively product- 15 robust sub-brands agnostic approach Next generation coolers with high end features and aesthetics. An industry pioneer Asset and capital-light De-risked Cash-and-carry Rs.811 Crs in revenues(FY17) Well-diversified market presence and customer base Sales-to-subsidiary and Rs.77 Crs in net fixed assets modern retail format on (March 31, 2017) Widespread supplier base credit 9
Symphony Limited Corporate presentation 2017 Innovations 1988 1994 2000 2004 2007 2009 Marketed the first Introduced an air Unveiled e-flow Equipped air Launched air Marketed Diet branded plastic cooler with technology for coolers with four- coolers with coolers with air cooler in India remote control enhanced cooling side cooling for Power Saver ergonomic design that resembled an better Technology (PST) air-conditioner performance 2012 2012 2014 2015 2016 2017 Unveiled the Received Introduced the Introduced, the Marketed India ’ s Introduced Touch world’s 1 st wall world ’ s largest recognition from first branded world’s first Range with portable tower the Government window coolers packaged air mounted cooler – cutting-edge cooler – Storm of India for the with all-weather cooler range ‘ Cloud’ and air features like R&D centre composite plastic cooler range with air Touchscreen, Voice body purification – ‘ i- Assist, Mosquito Pure’ Repellent, etc. 10
Symphony Limited Corporate presentation 2017 Sectoral entry barriers Leader in terms Leader in brand Leader in Leader in of innovation and category management customer-centric status • Technology, design, • Focused approach • Entrenched experience • Expanding portfolio quality, features and (what to do and what • New models performance not to do) • Innovative features • Ahead of the curve (new products, new designs) 11
Symphony Limited Corporate presentation 2017 Revenue break-up 2016-17 (Consolidated) Revenue break up Aircooler revenue break up Gross Revenue Air Cooler Revenue Rs.811 cr Rs.768 cr India: 78% Rest of World: 22% Residential Air Cooler 88% Industrial & Ducted 12% Rs.634 cr Rs. 177 cr Rs.678 cr Rs.90 cr Air cooler: 94% Others: 6% Rs.597 cr Rs.37 cr Capital Employed ( Rs. in Cr ) EBIT ( Rs. in Cr ) ROCE ( % ) Air Coolers Corporate Funds Air Coolers Corporate Funds Air Coolers Corporate Funds 209.9 174.2 FY17 205.4 FY17 FY17 9.9 284.8 28.4 FY16* FY16* 165.3 FY16* 221.34 138.2 8.64 23.2 180.4 FY15 138.8 139.5 60.2 FY15 FY15 11.4 22.3 246.1 0 50 100 150 200 250 0.0 50.0 100.0 150.0 200.0 250.0 0.0 100.0 200.0 300.0 *FY16 was of 9 months. For better comparison, FY16 of 12 months (unaudited) are given. 12
Symphony Limited Corporate presentation 2017 Accelerates performance Profit and Loss Statement Segmental Segmental Consolidated Standalone Consolidated Standalone Particulars (Rs. Cr.) Revenue (Rs. Cr.) FY14 FY15 FY16 FY17 FY16* FY17 FY14 FY15 FY16 FY17 FY16* FY17 349.8 411.4 471.1 596.9 468.9 595.1 India Revenue from 487.8 525.9 594.0 768.0 525.6 667.2 operations 138.0 114.5 122.9 171.1 56.7 72.1 Rest of the world % growth 40.5 7.8 13.0 29.3 13.6 26.9 Revenue from 667.2 487.8 525.9 594.0 768.0 525.6 Operation Other Income 15.6 33.7 30.7 43.2 28.6 36.6 Total Income 503.4 559.6 624.8 811.2 554.2 703.8 EBIT (%) EBITDA 139.2 166.0 193.9 240.8 201.4 243.6 32.8 34.9 37.5 36.9 37.5 36.2 India 40.3 34.1 % growth Rest of the world 15.0 15.8 9.6 8.0 45.8 19.2 16.8 24.2 22.5 21.0 36.0 27.8 30.8 31.7 30.4 37.8 Total Depreciation 3.9 4.1 5.4 7.1 2.9 3.7 PBT 135.3 161.3 200.7 233.7 198.4 239.9 Y-0-Y Analysis Tax 29.6 45.4 53.2 68.1 53.1 66.7 Revenue Growth (%) PAT 105.7 115.9 147.5 165.6 145.3 173.2 14.7 26.9 44.2 17.6 14.5 26.7 India % growth 75.8 9.6 27.3 12.2 24.8 19.2 31.8 (17.0) 7.3 39.3 5.2 27.1 Rest of the world 40.5 7.8 12.9 29.3 13.6 26.9 PAT Margin (%) 21.0 20.7 Total 23.6 20.4 26.2 24.6 Segmental Standalone Break-up of Revenue from operations Revenue (Rs. Cr.) FY14 FY15 FY16* FY17 India 349.8 408.8 468.9 595.1 (%) Rest of the world 56.8 53.9 56.7 72.1 89.2 89.2 71.7 78.2 79.3 77.7 India Revenue from 406.6 462.7 525.6 667.2 10.8 10.8 28.3 21.8 20.7 22.3 Rest of the world Operation *FY16 was of 9 months. For better comparison, FY16 of 12 months (unaudited) are given. 13
Symphony Limited Corporate presentation 2017 Accelerates performance Financials - Statement of Profit & Loss Profit after tax PBT % Gross Revenue (Rs. crore) (of gross revenue) (Rs. crore) 21.69% CAGR 19.72% CAGR 166 31.5 811 148 28.8 28.8 27.5 26.9 25.1 24.7 625 116 560 106 503 364 60 296 276 53 51 2011 2012 2013 2014 2015 2016* 2017 2011 2012 2013 2014 2015 2016* 2017 2011 2012 2013 2014 2015 2016* 2017 *FY16 was of 9 months. For better comparison, FY16 of 12 months (unaudited) are given. 14
Symphony Limited Corporate presentation 2017 Accelerates performance Financials - Balance Sheet Shareholders Fund Capital employed Capital employed Debt (Rs. crore) Air coolers (Rs. crore) Corporate funds (Rs. crore) (Rs. crore) 284.8 174.2 459.0 246.1 141.0 138.3 194.7 306.2318.6 180.4 112.7 275.8 139.1 83.1 81.0 222.2 189.1 60.2 152.5 83.9 19.3 11.7 0.0 0.0 0.0 0.0 0.0 0.0 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 15
Symphony Limited Corporate presentation 2017 Accelerates performance Financials - Shareholder value creation EBITDA margin % Dividend payout Dividend payout % Book value@ (Rs. crore) (Rs.) 65.6 31.0 88.9# 105.3# 29.7 29.7 43.8 45.5 27.9 39.4 27.7 50.3 50.8 58.9 42.1 44.3 31.8 53.2 26.6 27.1 26.2 21.8 31.6 26.6 19.1 22.4 15.9 8.1 2011 2012 2013 2014 2015 2016* 2017 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 *FY16 was of 9 months. For better comparison, FY16 of 12 months (unaudited) are given. #Includes special dividend payout of Rs. 42.1 crore (35.6%) @Book value of all years are calculated on increased no. of shares after 1:1 equity bonus issued on 14 th September 2016 16
Symphony Limited Corporate presentation 2017 Comparison between air-cooling appliances Parameters Fans Air coolers Air-conditioners Capital cost Low Low High Recurring cost Low 90% lower than ACs Very high Indoor air quality Circulates same air 100%-fresh filtered cool air Recirculates stale dry air Ozone layer-depleting Refrigerants No Water CFCs Maintenance Simple and cost-effective Simple and cost-effective Complex and expensive Portability No Yes No Usage Indoors Outdoors and indoors Indoors Environmentally harmful Emission No Eco-friendly CFCs Effectiveness in Not applicable Less effective Effective humid climates 17
Symphony Limited Corporate presentation 2017 Residential air coolers Symphony - the hallmark of trust Using all forms of advertisement modes Below-the-line Internet marketing Radio Electronic Print (since 2010) activities The result: Symphony has cemented its identity as a generic name for air coolers Central Air i-Pure range Portable cooler TV campaign in Garmi ko karo Cooler campaign Mexico Symphony campaign campaign 18
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