20 th May, 2019 The Manager, BSE Limited Listing Department, 25 th Floor, New Trading Ring, Rotunda National Stock Exchange of India Ltd. Building, Phiroze Jeejeebhoy Towers, “Exchange Plaza”, C -1, Block G, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Symbol: HPL Scrip Code: 540136 Subject: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Earnings Presentation Dear Sir Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a copy of the Earnings Presentation that we propose to make during the conference call for investors scheduled to be held on Tuesday, 21 st May, 2019 at 5:00 PM IST is enclosed herewith. The said Earnings Presentation has also been uploaded on the Company’s website i.e. www.hplindia.com. We request you to kindly take the same on record. Thanking You Yours Faithfully, For HPL Electric & Power Limited Digitally signed by VIVEK KUMAR VIVEK DN: c=IN, o=Personal, postalCode=110095, st=Delhi, 2.5.4.20=3eb36823c8b414e7e934f2e0af3da01064 1437e49524495d66b6b358709bf23f, 2.5.4.45=032100E234C1A60CCB36368F0C1FF320 31C16B9EC4C0C83F861248F1AB5F64A048C162, KUMAR serialNumber=052767230d5f1c44b1c2164eefdb8 4f2c760ac7359949d646e7ce9b91f23d372, cn=VIVEK KUMAR Date: 2019.05.20 18:51:17 +05'30' Vivek Kumar Company Secretary Encl: As above
THE POWER OF TECHNOLOGY MCCB HPL ELECTRIC & POWER LIMITED Q4 & FY19 RESULTS UPDATE MAY 2019 HPL ELECTRIC & POWER LIMITED Q1 FY19 RESULTS UPDATE AUGUST 2018 LED BULB 1
DISCLAIMER This presentation and the following discussion may contain “forward looking statements” by HPL Electric & Power Limited (“HPL” or the Company) that are not historical in nature. These forward looking statements, which may include statements relating to future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of HPL about the business, industry and markets in which HPL operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond HPL’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of HPL. In particular, such statements should not be regarded as a projection of future performance of HPL. It should be noted that the actual performance or achievements of HPL may vary significantly from such statements. 2 2
Quarterly Update Company Overview Shareholding Structure
FY19: KEY HIGHLIGHTS ▪ Revenues +12% YoY, EBITDA +22% YoY, PAT +19% YoY Robust Growth in Major ▪ Strong execution in metering, continued traction in switchgear & Business Segments lighting business ▪ EBITDA margin improved to 11.6% in FY19 compared to 10.6% in Improved Operating Margins FY18, backed by higher margins in metering & switchgear business ▪ Advertising & Promotion expense as % of B2C revenues increased to 5.1% in FY19 compared to 2.7% in FY18 Increased Thrust on Advertising & ▪ Marketing Initiatives HPL was the ‘Official LED and Switchgear Partner’ of Delhi Capitals IPL team ▪ Lower Receivables days of 148 days (vs. 165 days in Mar-18) Improvement in Working ▪ Capital Cycle Lower Inventory days of 130 days (vs. 149 days in Mar-18) ▪ Rs 62.5 cr orders for meters with smart communication technologies New Meter Orders ▪ Rs 156.8 cr orders for meters with RF and IRDA communication 5 5
FY19: ALL MAJOR BUSINESSES DISPLAYING POSITIVE GROWTH TRAJECTORY Revenues In Rs Crore Metering Business 191.5 160.3 153.6 Positive Trend In Metering 139.8 134.7 123.1 119.6 Business Over Last 8 Quarters 112.2 Switchgear Business 67.8 59.3 57.3 Continued Traction In Switchgear 56.3 54.1 51.3 Business Over Last 8 Quarters Backed 38.5 36.8 By Renewed Management Focus Lighting Business 72.1 Robust Growth In LED Business Has 55.5 52.1 52.1 48.7 45.9 41.7 More Than Offset The Phase Out Of 27.0 CFL Business Over Last 8 Quarters Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 6
Q4 & FY19: YoY HIGHLIGHTS In Rs Crore NET REVENUES & GROSS MARGIN EBITDA & EBITDA MARGIN PAT & PAT MARGIN 29.8% 34.8% 9.6% 11.6% 3.6% 2.3% 352.5 40.7 12.6 314.6 30.3 7.2 12 % 35 % 73 % Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 NET REVENUES* & GROSS MARGIN EBITDA & EBITDA MARGIN PAT & PAT MARGIN 34.1% 34.4% 10.6% 11.5% 2.7% 2.8% 1,158.5 133.5 1,036.3 32.7 109.9 27.6 12 % 22 % 19 % FY18 FY19 FY18 FY19 FY18 FY19 7 * Net revenues from operations (net of excise duty) 7
Q4 FY19: YoY SEGMENT ANALYSIS In Rs Crore SEGMENT REVENUE AND EBIT MARGIN 352.5 % EBIT Margin Q4 FY18 Q4 FY19 314.6 • Metering revenues grew by 37% YoY 29.6 Wires & Cables 4.2% 5.0% 51.5 72.1 • Strong execution 55.5 • Margins increased due to higher revenue 59.3 Lighting 12.5% 10.3% base coupled with lower plastics prices 67.8 Switchgear 18.5% 18.7% 191.5 • 139.8 Switchgear revenues declined by 12% YoY on a Metering 13.5% 16.2% higher base of Q4 FY18 • Margins remained stable Q4 FY18 Q4 FY19 SEGMENT REVENUE SHARE % • Lighting revenues grew by 30% YoY • Robust LED trade sales Q4 FY18 Q4 FY19 8.4% • Wires & Cables revenues declined by 42% YoY 16.4% on a higher base of Q4 FY18 which included 20.5% 44.4% 54.3% specialty cable project orders 17.6% 16.8% 21.6% Metering Switchgear Lighting & Electronics Wires & Cables 8 8
FY19: YoY SEGMENT ANALYSIS In Rs Crore SEGMENT REVENUE AND EBIT MARGIN 1,158.5 % EBIT Margin FY18 FY19 1,036.3 109.8 FY19: Wires & Cables 6.0% 4.4% 132.6 211.7 • Metering revenues grew by 16% YoY 183.8 Lighting 11.6% 11.4% 227.0 194.5 • Switchgear revenues grew by 17% YoY Switchgear 18.1% 18.9% • Lighting revenues grew by 15% YoY 609.6 524.5 Metering • 15.6% 15.1% Wires & Cables revenues declined by 17% YoY FY18 FY19 • Metering business witnessed highest annual revenues SEGMENT REVENUE SHARE % • Strong momentum sustained in the switchgear FY18 FY19 and lighting business 9.5% • 12.8% Wiring & Cables business declined on a higher base of FY18 which included specialty cable 18.3% 52.6% 17.7% 50.6% project orders 19.6% 18.8% Metering Switchgear Lighting & Electronics Wires & Cables 9 9
FY19: REVENUE BREAKUP – B2C vs. B2B FY19 Revenues – Rs 1,158.5 crore B2B, 48% B2C, 52% B2C includes Non-utility Metering, Switchgear, Lighting and Wires & Cables Segment Revenues B2B includes Metering Revenues from Utilities and EESL 10 10
Q4 FY19: QoQ SEGMENT ANALYSIS In Rs Crore SEGMENT REVENUE AND EBIT MARGIN 352.5 % EBIT Margin Q3 FY19 Q4 FY19 29.6 259.4 Wires & Cables 4.0% 5.0% 72.1 15.3 59.3 52.1 Lighting 11.4% 10.3% 57.3 Switchgear 19.3% 18.7% 191.5 134.7 Metering 16.0% 16.2% Q3 FY19 Q4 FY19 SEGMENT REVENUE SHARE % Q3 FY19 Q4 FY19 8.4% 5.9% 20.1% 20.5% 54.3% 51.9% 16.8% 22.1% Metering Switchgear Lighting & Electronics Wires & Cables 11 11
ROBUST ORDER BOOK & OUTLOOK ORDER BOOK (RS CR) – NET OF TAXES New Metering Orders: 575.4 1.4 9.5 519.1 9.9 507.5 502.7 • Rs 62.5cr orders for meters with smart 4.5 4.8 4.2 17.5 450.5 communication technologies – 12.3 26.9 30.3 13.4 11.6 6.4 • 1P Static Energy Meters with 6-LowPan 20.0 19.9 Technology for effective two-way communication • 3P Trivector Meter with in-built 554.6 communication technology and Modem 484.7 462.4 456.6 404.2 • Rs 156.8cr orders for meters with RF and IRDA communication • Enquiry base for Metering tenders are at a healthy level, which provides good visibility May-18 Jul-18 Oct-18 Feb-19 May-19 and positive outlook for the coming quarters Metering Switchgear Lighting Wires & Cables 12 12
CONSOLIDATED PROFIT & LOSS STATEMENT Particulars (In Rs. Cr.) Q4 FY19 Q4 FY18 YoY% Q3 FY19 QoQ% FY19 FY18 YoY% 352.5 314.6 12.1% 259.4 35.9% 1,158.5 1,036.3 11.8% Net Revenue from Operations (Net of Excise) COGS 229.8 220.7 4.1% 167.7 37.0% 759.7 682.7 11.3% Gross Profit 122.7 93.8 30.8% 91.7 33.8% 398.8 353.7 12.8% Gross Margin (%) 34.8% 29.8% 499 bps 35.4% -54 bps 34.4% 34.1% 30 bps Employee Expenses 32.9 34.6 -4.7% 34.4 -4.2% 137.8 131.3 5.0% 49.1 29.0 69.2% 25.3 94.2% 127.5 112.5 13.3% Other Expenses 40.7 30.3 34.5% 32.1 26.9% 133.5 109.9 21.5% EBITDA EBITDA Margin (%) 11.6% 9.6% 193 bps 12.4% -82 bps 11.5% 10.6% 92 bps Other Income 1.2 1.1 9.9% 0.9 41.5% 4.7 4.4 6.2% Finance Costs 13.2 13.0 1.2% 15.7 -15.8% 58.1 51.0 14.0% Depreciation 8.6 5.7 51.7% 8.4 2.3% 32.0 22.8 40.6% PBT 20.2 12.7 58.9% 8.9 127.4% 48.0 40.5 18.7% 7.6 5.4 39.8% 2.2 245.7% 15.3 12.9 18.7% Taxes 12.6 7.2 73.3% 6.7 88.4% 32.7 27.6 18.6% Reported PAT PAT Margin (%) 3.6% 2.3% 126 bps 2.6% 99 bps 2.8% 2.7% 16 bps Earnings Per Share (EPS) 1.95 1.12 74.1% 1.03 89.3% 5.06 4.27 18.5% 13 13
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