Corporate presentation 2016
Symphony Limited Corporate presentation 2016 Air cooling simplified WATER DISTRIBUTOR COOL FILTERED AIR HOT DRY AIR FAN EVAPORATIVE MEDIA WATER RESERVOIR 2
Symphony Limited Corporate presentation 2016 Widest product range Cloud – World’s First Wall Mounted Air Cooler Window Air Cooler Range Portable Air Cooler Range 3
Symphony Limited Corporate presentation 2016 Widest product range Central Air Cooling Solution Range of Packaged Air Coolers 4
Symphony Limited Corporate presentation 2016 Multi-stage Air Purification i-Pure Range 5
Symphony Limited Corporate presentation 2016 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. 6
Symphony Limited Corporate presentation 2016 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 7
Symphony Limited Corporate presentation 2016 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 An industry pioneer Asset and capital-light De-risked Cash-and-carry Rs. 466 crore in revenues Well-diversified market (9MFY2016) presence and customer base Sales-to-subsidiary and modern retail format on Rs. 77 crore in net fixed Widespread supplier base credit assets (March 31, 2016) 8
Symphony Limited Corporate presentation 2016 Innovations 1988 1994 2000 2004 2005 2007 Marketed the first Introduced an air Unveiled e-flow Equipped air Introduced Launched air coolers branded plastic cooler with technology for coolers with four- humidity control with Power Saver air cooler in India remote control enhanced cooling side cooling for Technology (PST) that resembled an better air-conditioner performance 2009 2012 2012 2014 2015 2016 Marketed Diet Unveiled the Received Introduced the Introduced the world’s Marketed India ’ s 1 st wall mounted cooler coolers with world ’ s largest recognition from first branded world’s first ergonomic design portable tower the Government window coolers packaged air – ‘ Cloud ’ and introduced air cooler cooler – Storm of India for the with all-weather cooler range R&D centre composite plastic range with air body purification – ‘ i-Pure ’. 9
Symphony Limited Corporate presentation 2016 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) 10
Symphony Limited Corporate presentation 2016 Revenue break-up 2015-16 (9M) (Consolidated) Revenue break up Aircooler revenue break up Gross Revenue Air Cooler Sales Rs.466 cr Rs.444 cr India: 84% Rest of World: 16% Residential Air Cooler 93% Industrial & Ducted 7 % Rs.389 cr Rs. 77 cr Rs.413 cr Rs.31 cr Air cooler: 95% Others: 5% Rs.368 cr Rs.21 cr Capital Employed ( Rs. in Cr ) EBIT ( Rs. in Cr ) ROCE ( % ) Air Coolers Corporate Funds Air Coolers Corporate Funds Air Coolers Corporate Funds 9MFY16 9MFY16 9MFY16 152.9 138.3 138.5 5.4 180.4 14.1 139.5 138.8 FY15 FY15 60.2 FY15 11.4 22.3 246.1 FY14 106.02 126.2 81.0 FY14 FY14 6.4 9.1 194.7 0 50 100 150 200 0 50 100 150 0.0 100.0 200.0 300.0 11
Symphony Limited Corporate presentation 2016 Accelerates performance Profit and Loss Statement Segmental Segmental Consolidated Standalone Consolidated Standalone Particulars ((Rs. Cr.) Revenue (Rs. Cr.) FY14 FY15 9MFY15* 9MFY16 9MFY15* 9MFY16 FY14 FY15 9MFY15* 9MFY16 9MFY15* 9MFY16 349.7 411.2 310.0 368.4 307.7 367.9 India Net Sales 487.5 525.5 375.0 444.4 351.8 413.7 137.8 114.3 64.9 76.0 44.2 45.8 Rest of the world % growth 40.6 7.8 18.5 14.1 17.6 Net Sales from 413.7 487.5 525.5 374.9 444.4 351.8 Operation Other Income 15.9 34.1 22.9 22.0 20.6 20.6 Total Income 503.4 559.6 397.9 466.4 372.4 434.3 EBIT (%) EBITDA 139.2 166.0 126.0 156.9 134.8 171.8 32.8 34.9 38.1 41.0 38.3 40.9 India % growth 45.8 19.2 24.6 27.4 35.5 41.5 Rest of the world 15.0 15.8 7.6 2.1 Depreciation 41.0 3.9 4.1 3.0 4.3 1.4 2.2 27.8 30.8 32.8 34.3 37.9 Total PBT 135.3 161.3 122.4 164.9 132.8 169.5 Y-0-Y Analysis Tax 29.6 45.4 38.7 46.5 38.7 46.5 Revenue Growth (%) PAT 105.7 115.9 83.7 118.4 94.2 123.0 31.5 19.6 44.4 17.6 18.8 India % growth 75.8 9.6 41.4 30.6 31.7 (17.1) 17.0 19.2 3.7 Rest of the world PAT Margin (%) 21.0 20.7 21.0 24.7 25.3 28.3 40.6 7.8 18.5 29.9 17.6 Total Segmental Standalone Break-up of sales Revenue (Rs. Cr.) FY14 FY15 9MFY15* 9MFY16 India 439.5 408.6 307.7 367.9 (%) Rest of the world 56.6 53.7 44.1 45.8 87.5 88.9 71.7 78.2 82.7 82.9 Domestic Net Sales from 496.1 462.3 351.8 413.7 12.5 11.1 28.3 21.8 17.3 17.1 Export Operation *Unaudited Financials 12
Symphony Limited Corporate presentation 2016 Accelerates performance Return on capital employed EBIT Capital Employed ROCE (Rs. Cr) (Rs. Cr) (%) 188.5 180.4 152.9 138.5 138.3 108.5 132.1 108.9 14.5 14.1 7.7 5.4 Air Coolers Corporate Funds Air Coolers Corporate Funds Air Coolers Corporate Funds 9MFY2015 9MFY2016 9MFY2015 9MFY2016 9MFY2015 9MFY2016 13
Symphony Limited Corporate presentation 2016 Accelerates performance Financial Performance for 9M FY2015 V/s 9M FY2016 (Rs. Cr) Margins Dividend Payout (%) (Rs. Cr) 105.3 * 466.4 33.6 31.7 397.9 58.9 318.6 320.6 24.7 21.0 FY2015 9MFY2016 Dividend Payout (%) 156.9 88.9# 126.0 118.4 91.1 91.6 83.7 50.8 EBIDTA % PAT% Gross EBIDTA PAT Shareholders Book Value Revenue Fund 9MFY2015 9MFY2016 9MFY2015 9MFY2016 FY2015 9MFY2016 *Includes special dividend payout of Rs. 42.1 crore. #Includes special dividend payout percent of 35.6 14
Symphony Limited Corporate presentation 2016 Accelerates performance Financials - Statement of Profit & Loss Profit after tax PBT % Gross Revenue# (Rs. crore) (of gross revenue) (Rs. crore) 25.01% CAGR* 23.47% CAGR* 32.7 560 31.4 118 116 28.8 503 27.5 106 26.9 466 25.1 24.7 364 9 months 9 months 9 months 296 276 60 53 51 175 37 2010 2011 2012 2013 2014 2015 9M2016 2010 2011 2012 2013 2014 2015 9M2016 2010 2011 2012 2013 2014 2015 9M2016 *To calculate CAGR, 9M2016 figure is annualised #Gross revenue figures are net off VAT and CST amount. In past annual reports till FY2015, gross revenue figures includes VAT and CST amount 15
Symphony Limited Corporate presentation 2016 Accelerates performance Financials - Balance Sheet Shareholders Fund Capital employed Debt Capital employed (Rs. crore) Air coolers (Rs. crore) (Rs. crore) Corporate funds (Rs. crore) 141.0 138.3 318.6 306.2 246.1 275.8 112.7 194.7 180.4 222.2 86.4 9 months 9 months 83.1 81.0 189.1 139.1 152.5 9 months 60.2 83.9 86.4 53.5 11.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2010 2011 2012 2013 2014 2015 9M2016 2010 2011 2012 2013 2014 2015 9M2016 2010 2011 2012 2013 2014 2015 9M2016 2010 2011 2012 2013 2014 2015 9M2016 16
Symphony Limited Corporate presentation 2016 Accelerates performance Financials - Shareholder value creation EBIDTA margin % Dividend payout Dividend payout % Book value (Rs. crore) (Rs.) 88.9# 91.1 33.6 105.3* 87.5 32.4 78.8 29.7 27.9 27.7 26.6 26.2 63.5 9 months 9 months 9 months 9 months 54.1 50.3 50.8 58.9 42.1 44.3 53.2 43.6 24.8 26.6 22.4 15.9 8.1 4.7 1.8 2010 2011 2012 2013 2014 2015 9M2016 2010 2011 2012 2013 2014 2015 9M2016 2010 2011 2012 2013 2014 2015 9M2016 2010 2011 2012 2013 2014 2015 9M2016 *Includes special dividend payout of Rs. 42.1 crore. #Includes special dividend payout percent of 35.6 17
Symphony Limited Corporate presentation 2016 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 18
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