Greenply Industries Ltd · NSE:GREENPLY
Greenply Industries — Q2 & H1 FY2023 Earnings Presentation
39 slides from Greenply Industries's earnings presentation, Nov 7, 2022
Slide 1: Cover letter to stock exchanges
Greenply/2022-23 November 7, 2022 The Manager The Manager BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Bandra Kurla Complex Floor 25, P. J. Towers, Dalal Street Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 526797 Symbol - GREENPLY
Slide 2: Analyst Presentation Q2 & H1 FY 2023
Greenply Industries Limited ANALYST PRESENTATION Q2 & H1 FY 2023 7th November 2022 1
Slide 3: Disclaimer
Disclaimer Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those s
Slide 4: Contents
Contents ❖ Key Highlights ❖ Financial & Operating Performance ❖ Industry Overview ❖ Corporate Overview ❖ Outlook ❖ Chairman Message 3
Slide 5: Key results highlights - Consolidated
Key results highlights- Consolidated % Change % Change % Change Rs/Crores Q2 FY23 H1 FY23 Y-o-Y Q-o-Q Y-o-Y Revenue 494.7 14.4% 9.1% 948.3 36.8% Adj. Core EBITDA* 52.9 0.3% 20.1% 96.9 40.6% Adj. Core EBITDA % 10.7% -150 BPS 98 BPS 10.2% 28 BPS PAT 23.6 -26.1% 13.8% 44.3 23.4% PAT % 4.8% -261 BPS 20
Slide 6: Financial & Operating Performance
FINANCIAL & OPERATING PERFORMANCE 5
Slide 7: Consolidated P&L - Q2 FY23
Consolidated P&L-Q2 FY23 Revenue-Rs. Crores Gross Profit- Rs. Crores, Margin % 14.4% 13.6% 11.5% 9.1% 250.0 50.0% 600.0 172.2 175.5 195.7 494.7 200.0 40.0% 500.0 432.4 453.5 39.8% 39.6% 38.7% 400.0 150.0 30.0% 300.0 100.0 20.0% 200.0 50.0 10.0% 100.0 0.0 0.0 0.0% Q2 FY22 Q1 FY23 Q2 FY23 Q2 FY22 Q1 F
Slide 8: Consolidated P&L - H1 FY23
Consolidated P&L-H1 FY23 Revenue-Rs. Crores Gross Profit- Rs. Crores, Margin % 30.1% 36.8% 400.0 50.0% 1500.0 371.2 285.2 39.1% 40.0% 948.3 41.1% 1000.0 30.0% 693.2 200.0 20.0% 500.0 10.0% 0.0 0.0 0.0% H1 FY22 H1 FY23 H1 FY22 H1 FY23 Adj. Core EBITDA*- Rs. Crores, Margin % PAT- Rs. Crores, Margin %
Slide 9: Consolidated Ratios
Consolidated Ratios Working Capital- Rs. Crores, days* Inventories- Rs. Crores, days* Receivables- Rs. Crores, days* 250.0 236.7 237.1 60 300.0 269.9 100 250.0 231.9 100 242.3 197.9 200.0 50 250.0 80 200.0 181.4 80 146.4 48 46 40 200.0 186.3 150.0 39 52 60 150.0 60 30 49 49 45 150.0 48 40 100.0 40 1
Slide 10: Consolidated Financial Metrics
Consolidated Financial Metrics Major expenses as % of sales Sales breakup- Rs. Crores 15.0% 12.9% 500.0 431.8 11.7% 12.4% 394.6 400.0 376.2 10.0% 300.0 4.8% 4.5% 4.5% 5.0% 3.1% 3.0% 200.0 2.2% 100.0 56.2 58.8 58.9 0.0% 0.0 Q2 FY22 Q1 FY23 Q2 FY23 Q2 FY22 Q1 FY23 Q2 FY23 Ad & Promotion Staff Cost Log
Slide 11: Standalone P&L - Q2 FY23
Standalone P&L-Q2 FY23 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 14.8% 9.4% 5.8% 500.0 431.8 200.0 7.2% 50.0% 376.2 394.6 145.1 153.5 400.0 143.1 40.0% 150.0 300.0 38.6% 100.0 36.3% 35.6% 30.0% 200.0 20.0% 100.0 50.0 10.0% 0.0 0.0 0.0% Q2 FY22 Q1 FY23 Q2 FY23 Q2 FY22 Q1 FY23 Q2 FY23 Adj
Slide 12: Standalone P&L - H1 FY23
Standalone P&L-H1 FY23 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 40.2% 25.1% 1000.0 400.0 50.0% 826.4 296.6 800.0 300.0 40.0% 589.6 237.1 40.2% 35.9% 600.0 30.0% 200.0 400.0 20.0% 200.0 100.0 10.0% 0.0 0.0 0.0% H1 FY22 H1 FY23 H1 FY22 H1 FY23 Adj. Core EBITDA*- Rs. Crores, Margin % PAT-
Slide 13: Standalone Ratios
Standalone Ratios Working Capital- Rs. Crores, days* Inventories- Rs. Crores, days* Receivables- Rs. Crores, days* 140.0 130.1 129.2 35 250.0 50 200.0 190.0 46 175.2 120.0 30 191.2 44 161.5 28 200.0 44 40 44 29 42 150.0 143.3 100.0 25 143.3 40 42 42 73.9 22 150.0 30 40 80.0 20 100.0 60.0 15 37 38 10
Slide 14: Standalone Financial & Operating Metrics Q2 FY23
Standalone Financial & Operating Metrics Q2 FY23 Sales breakup- Volume-wise Sales breakup- Value-wise 120% 120% 100% 100% 35% 80% 26% 32% 33% 80% 42% 42% 8% 9% 7% 60% 10% 60% 11% 8% 40% 40% 56% 65% 59% 60% 20% 47% 50% 20% 0% 0% Q2 FY22 Q1 FY23 Q2 FY23 Q2 FY22 Q1 FY23 Q2 FY23 Manufacturing (Own) Manu
Slide 15: Standalone Financial & Operating Metrics H1 FY23
Standalone Financial & Operating Metrics H1 FY23 Sales breakup- Volume-wise Sales breakup- Value-wise 120% 120% 100% 100% 33% 80% 25% 33% 80% 42% 7% 60% 9% 60% 8% 9% 40% 40% 67% 58% 59% 20% 48% 20% 0% 0% H1 FY22 H1 FY23 H1 FY22 H1 FY23 Manufacturing (Own) Manufacturing Partners Trading Manufacturing
Slide 16: GMEL P&L - Q2 FY23
GMEL P&L-Q2 FY23 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 4.9% 15.4% 0.2% -2.0% 58.8 58.9 35.0 31.9 31.3 60.0% 60.0 56.2 27.1 30.0 50.0 25.0 54.2% 53.1% 50.0% 48.3% 40.0% 40.0 20.0 30.0% 30.0 15.0 20.0 10.0 20.0% 10.0 5.0 10.0% 0.0 0.0 0.0% Q2 FY22 Q1 FY23 Q2 FY23 Q2 FY22 Q1 FY23 Q2 FY
Slide 17: GMEL P&L - H1 FY23
GMEL P&L-H1 FY23 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 31.3% 13.6% 70.0 63.2 60.0% 140.0 117.7 60.0 48.1 53.7% 50.0% 120.0 103.6 50.0 100.0 46.4% 40.0% 40.0 80.0 30.0% 30.0 60.0 20.0 20.0% 40.0 10.0 10.0% 20.0 0.0 0.0% 0.0 H1 FY22 H1 FY23 H1 FY22 H1 FY23 Operating Metrics EBITDA- Rs
Slide 18: Historical Financials - Consolidated
Historical Financials-Consolidated Revenue-Rs Crores Adj. Core EBITDA*-Rs Crores, Margin % PAT-Rs Crores, Margin % 180.0 155.6 16.0% 100.0 94.7 7.0% 1,562.8 162.3 1,412.2 1,420.4 160.0 144.0 79.7 6.0% 140.0 80.0 5.6% 60.9 6.1% 1,165.3 117.2 12.0% 5.0% 120.0 12.4% 13.4% 5.2% 60.0 47.3 4.0% 100.0 10.1
Slide 19: Historical Financials - Consolidated
Historical Financials-Consolidated Net Working Capital (Days) Inventory (Days) 56 78 53 44 46 63 53 46 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 Receivables (Days) Payables (Days) 92 64 60 60 79 51 61 44 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 18 Prudent Working Capital Management, at 46 days
Slide 20: Consolidated Profit & Loss Statement Q2 & H1 FY23
Consolidated Profit & Loss Statement Q2 & H1 FY23 (₹ in Lakhs) Statement of Unaudited Consolidated Financial Results for the quarter and six months ended 30 September 2022 Corresponding Year to date Year to date Three months Previous Three Three months ended figures for the figures for the Previous
Slide 21: Consolidated Balance Sheet 30th September 2022
Consolidated Balance Sheet 30th September 2022 (₹ in Lakhs) Statement of Assets and Liabilities Consolidated Sr. Particulars 30.09.2022 31.03.2022 (Unaudited) (Audited) A. ASSETS 1. Non-current assets (a) Property, plant and equipment 39,097.03 30,855.64 (b) Capital work-in-progress 25,681.06 10,962
Slide 22: Standalone Profit & Loss Statement Q2 & H1 FY23
Standalone Profit & Loss Statement Q2 & H1 FY23 (₹ in Lakhs) Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2022 Year to date Corresponding Year to date figures Three months Previous Three figures for the Three months for the previous Previous y
Slide 23: Standalone Balance Sheet 30th September 2022
Standalone Balance Sheet 30th September 2022 (₹ in Lakhs) Statement of Assets and Liabilities Standalone Sr. Particulars 30.09.2022 31.03.2022 (Unaudited) (Audited) A. ASSETS 1. Non-current assets (a) Property, plant and equipment 16,322.38 16,564.25 (b) Capital work-in-progress 83.20 140.11 (c) Rig
Slide 24: Industry Overview
INDUSTRY OVERVIEW 23
Slide 25: Indian wood panel industry
Indian wood panel industry Overview Indian Plywood Industry Market Size ~ Rs. 39,000 Crores Commodity to brand Local & Product Centric Pan India Organised Experience Organised Players ~ Rs. 9,000 Service Players Crores 23% Brand Laminates 1)-Better Price Commodity 2)-Customer 25% 58% Plywood 1)-High
Slide 26: Indian MDF industry overview
Indian MDF industry overview Indian MDF Industry Size (in CBM mn p.a.) Products Categories 5.0 3.7 3.9 ❖ High Density Fibreboard (HDF) ❖ Fire resistance (FR) Grade 4.0 ❖ High Density High Moisture Resistance (HDHMR) ❖ Interior 3.0 2.3 2.5 ❖ Exterior ❖ Boiled Water Resistant (BWR) 2.0 1.3 1.3 1.3 0.9
Slide 27: Corporate Overview
CORPORATE OVERVIEW 26
Slide 28: Greenply at a glance
Greenply at a glance Listed in NSE & Wood based products - One of the largest 35+ E-0 BSE-Rs. 2100+ Plywood and allied, Interior Years of experience India’s first Zero crores Face Veneer, MDF infrastructure in delivering quality Emission plywood Market Cap (upcoming) brands in India plywood products
Slide 29: Manufacturing Excellence
Manufacturing Excellence Plywood & allied (Own Capacity Plywood & allied (Domestic Capacity Kriparampur, West Bengal Manufacturing ) Location (Mn SqM pa) Partner) Location (Mn SqM pa) Bareilly, Uttar Pradesh ~10.00 Kriparampur, West Bengal 11.00 Hapur, Uttar Pradesh (Upcoming)* 7.50 Tizit, Nagaland
Slide 30: Distribution network
Distribution network Presence in Cities 1147 913 241 536 196 559 184 198 906 · Our Pan India Presence · ···· ·· · 715 340 375 ··· · ··· · · FY19 FY20 FY21 FY22 Rural & Semi Urban Urban ·· ·· · ·· · · ·· · ······ No. of Dealers ··· 2300 2357 1811 1884 1269 1429 ··· · · 1293 1329 ··· 55 Branch Offices
Slide 31: Upcoming project
Upcoming project MDF Project Details Product Medium Density Fiber Board (MDF)- Exterior, Interior, HDHMR, BWR Sub- categories of Thin & thick, pre-lam and other value- Products added Location Vadodara Distt., Gujarat, India Capacity 800 CBM / day Capex Rs 555 Crore Revenue Potential Rs 600 - 650 Cro
Slide 32: Ownership & Stakeholder Value Creation
Ownership & Stakeholder Value Creation Top 10 Non-Promoter holding-30th Sept 2022 Shareholding Pattern- 30th Sept 2022 Shareholding Top 10 Non- Promoters % Mirae Asset Mutual Fund 8.9 10.91% Promoter & Promoter Group HDFC Mutual Fund 7.7 FIIs Tata Mutual Fund 5.1 L&T Mutual Fund 4.5 32.67% Insurance
Slide 33: Branding & Marketing Initiatives
Branding & Marketing Initiatives Creating a buzz with Green Platinum Amongst the many first, introduced 10ft * 4ft Plywood Radio Campaign Amplification ❖ Top 3 radio channels across 30 cities ❖ 270 spots per day ❖ POSM visibility at 1000 counters All New Green Club 700 ❖ Demo kit visibility Generati
Slide 34: Branding & Marketing Initiatives - Various Events
Branding & Marketing Initiatives-Various Events Product Showcase and Visibility Strengthening Relationships Participated in MATECIA- A building material exhibition Ecotec branding activity ❖ 800+ enquiries generated ❖ 200+ retailers contacted Participated in Agri World Expo Architects Meet Green Sam
Slide 35: Branding & Marketing Initiatives - Campaigns & Initiatives
Branding & Marketing Initiatives- Campaigns & Initiatives TV Campaigns Amplifying Sustainability Efforts #PlasticFreeTiranga Greenply Zero Emission & Campaign Sustainability Initiative ❖ Reached 9.7 Mn ❖ 2000+ kids engaged consumers ❖ 1400 + households ❖ Reached out to 16 Mn people contacted ❖ 2.7 M
Slide 36: Awards & Recognition - 2022
Awards & Recognition- 2022 Best Green Manufacturing Great Place to Work- 2022 India’s Most trusted Brand- 2022 Company- 2022 35
Slide 37: Strategic Outlook
Strategic Outlook Introducing Employee innovative & futuristic engagement products Automation Focus on ESG & digitization Expanding Rural manufacturing penetration base at diversified locations Strategic Outlook 36 Adopting a multi-pronged approach to leverage the emerging opportunity in the new nor
Slide 38: Chairman Message
Chairman Message Commenting on the performance for Q2 FY 23, Mr. Rajesh Mittal, Chairman & Managing Director, Greenply Industries Ltd. said, “The quarter witnessed decent demand scenario with good uptick in volume supported by improved consumer sentiments and our recent commissioning of Sandila unit
Slide 39: Thank You!
For further information, please contact: Gautam Jain – AVP, Strategy & Investor Relations D-1401 & 1402, Lotus Corporate Park, Jai Coach Signal, Ram Mandir Road, Goregaon (East), Mumbai- 400063 Tel: +91 33 3051 5000 / +91 9987899747 Email : gautam.jain@greenply.com Registered Office: Makum Road, P.O
Greenply Industries — Q2 & H1 FY2023 Earnings Presentation on 6ix