Salzer Electronics Limited Result Update Presentation Q2 & H1 FY19
Disclaimer This presentation has been prepared by Salzer Electronics Limited (the “Company”) solely for information purposes and does 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
Table of Contents Financial Highlights 01 Company Overview 02 Business Overview 03 Way Ahead 04 3
Financial Highlights Salzer Electronics Limited Investor Presentation FY17
Joint Managing Director’s Message Commenting on the results, Mr. Rajesh Doraiswamy, Joint Managing Director, said : “I am happy to share that this quarter once again, we have demonstrated good growth in our revenues, despite a challenging industry scenario domestically especially in the industrial switchgear market. This growth has been predominantly driven by increase in demand of our products under building and industrial switchgear segments. Our building segment has grown more than 190% YoY, as we have added new products in this segment and increased our retail presence in India. Our legacy products under industrial switchgear segments like rotary switches and toroidal transformers have continued to show robust growth. We have seen good demand and uptick in our other two new products namely three phased try type transformers and wire harness. Our focus always remains on adding new high margin products, reach out newer geographies and offer customized solutions to our clients. We are constantly looking for new opportunities for technical associations/acquisition to strengthen our base of product offering. ” 5
Q2 FY19 Financial Highlights* Rs. in Crore Q2 FY19 Q2 FY18 Y-o-Y % Q1 FY19 • Revenue 134.7 100.7 126.5 Total Income from Operations predominantly Excise Duty 0.0 0.0 0.0 driven by Net Revenue 134.7 100.7 33.7% 126.5 organic growth 98.5 72.8 96.1 in Industrial Raw Materials Switchgear and 6.7 5.1 5.9 Employee Cost building Other Expenses 12.8 9.9 10.5 segments, despite a Total Expenditure 118.0 87.8 112.5 challenging 16.7 12.9 29.5% 14.0 EBITDA industry scenario 12.40% 12.81% 11.05% EBIDTA Margin (%) • Growth across 0.1 1.3 0.2 Other Income all business Depreciation 3.3 2.3 3.1 segments Interest / Finance Cost 4.8 3.5 4.7 leading to increase in 8.8 8.5 6.3 Profit Before Tax EBITDA 3.2 2.7 1.8 Tax Profit After Tax 5.6 5.8 (3.3%) 4.5 * Numbers as per Ind AS guidelines 6
Q2 FY19 Revenue Breakup – Business Verticals* Q2 FY19 Q2 FY18 Energy Building Management , Segment, 4.6% 4.1% Building Segment, 9.1% Industrial Wire & Industrial Wire & Switchgear, Cable, 46.2% Switchgear, Cable, 49.7% 43.6% 42.7% * Numbers as per Ind AS guidelines 7
Q2 FY19 Revenue Breakup – Geographical* Q2 FY19 Q2 FY18 Middle Middle Asia (Exclu. Asia (Exclu. East, 1.9% East, 1.9% India), 7.6% India), 9.7% U.S, 2.1% Europe, U.S, 4.6% 4.7% Europe, 6.5% India, India, 77.4% 83.9% * Numbers as per Ind AS guidelines 8
Key Financial Highlights – H1 FY19 27% 31% 35bps 3% Revenue Rs 261.2 crore EBITDA Rs 30.7 crore EBITDA Margin 11.8 % PAT Rs 10.2 crore • Increase in Revenue driven across all business segments • Better product mix and increase in product offerings leading to increase in EBITDA margin YoY * Numbers as per Ind AS guidelines 9
H1 FY19 Financial Highlights* Rs. in Crore H1 FY19 H1 FY18 Y-o-Y % Total Income from Operations 261.2 215.9 Excise Duty 0.0 10.6 Net Revenue 261.2 205.3 27.2% Raw Material Expenses 194.6 150.9 Employee Expenses 12.6 9.8 Other Expenses 23.3 21.2 Total Expenditure 230.5 181.9 EBITDA 30.7 23.4 31.1% EBITDA Margin 11.75% 11.40% 35 bps Other Income 0.3 3.4 Depreciation 6.4 5.0 Interest / Finance Cost 9.4 7.5 PBT 15.2 14.3 Tax 5.0 4.5 PAT 10.2 9.9 2.9% * Numbers as per Ind AS guidelines 10
H1 FY19 Revenue Breakup – Business Verticals* H1 FY19 H1 FY18 Building Building Energy Energy Mgmt , 1.2% Segment, Segment, Managem 8.4% 4.6% ent , 1.5% Industrial Industrial Wire & Wire & Switchgear Switchgear Cable, Cable, , 43.7% , 40.5% 50.3% 48.7% * Numbers as per Ind AS guidelines 11
H1 FY19 Revenue Breakup – Geographical* H1 FY19 H1 FY18 Asia (Exclu. Middle Middle Asia (Exclu. India), East, 1.8% East, 1.5% India), 7.7% U.S, 2.7% 6.7% U.S, 3.7% Europe, Europe, 4.4% 5.4% India, India, 81.7% 84.5% * Numbers as per Ind AS guidelines 12
Balance Sheet as on 30 th Sept’18 As on 30 th As on 30 th As on 30 th As on 30 th Rs. Crs Rs. Crs Sept’18 Sept’17 Sept’18 Sept’17 213.4 187.8 Non-current assets Equity 275.6 243.6 Property, Plant and Equipment 169.3 140.6 15.9 14.5 Equity Share Capital Capital work in progress 1.7 8.5 259.7 229.1 Other Equity Investment Property 0.0 0.0 27.2 29.0 Non-current liabilities Intangible Assets 4.5 1.7 Financial Assets Financial Liabilities Investments 0.7 1.4 (a) Borrowing 4.0 9.4 Trade Receivables 18.6 31.3 Provisions 0.4 0.3 Others 15.5 1.4 22.8 19.3 Deferred Tax Liabilities (Net) Other non Current Assets 3.1 2.9 256.5 203.2 346.0 288.0 Current liabilities Current assets Inventories 139.7 94.8 Financial Liabilities Financial Assets (a) Borrowing 117.7 102.4 Investments 2.5 2.0 (b) Trade Payables 64.0 29.3 Trade Receivables 122.3 114.5 (c) Other Financial Liabilities 11.8 11.1 Cash & Cash Equivalent 9.1 10.5 Bank Balance other than above 9.4 5.2 58.5 57.0 Other Current Liabilities Loans 38.9 40.3 0.6 0.3 Provisions Other Financial Assets 2.9 2.9 Current Tax Liabilities (Net) 3.9 3.0 Other Current Assets 21.1 17.7 Total Equities & Liabilities 559.3 475.8 559.3 475.8 Total Assets 13 * Numbers as per Ind AS guidelines
Company Overview Salzer Electronics Limited Investor Presentation FY17
Company Overview Leading player offering total and customized electrical solutions ▪ Presence in Industrial Switchgears, Wires & Cables and Energy management business ▪ Largest manufacturer of Cam Operated Rotary Switches – Market leader with 25% share Extensive Product portfolio across verticals Strong focus on product development with In-house manufacturing facilities and innovation ▪ 4 manufacturing units located in ▪ Registered Patent for Rotary Switches, Tamil Nadu 5 product patents in process ▪ More than 15 products catering to Industrial / Building / Automobile verticals Wide Distribution network – Consistent Dividend Payout Track local and global Record for past 18 years ▪ Own distribution network – local and global – export to 50 countries ▪ Access to L&T’s local network through more than 350 distributors 15
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