Slide 1: Rushil Decor Limited filing cover letter
••• ••• ••• RUSHIL DECOR LIMITED WE'LL MAKE IT RDL/076/2023-24 Date: 06.11.2023 To, To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra - Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 051 Mumbai- 400 001 NSE EQUITY SYMBOL: RUSHIL BSE SCRIPT
Slide 2: Rushil Décor Limited Investor Presentation November 2023
Rushil Décor Limited Investor Presentation | November 2023
Slide 3: Disclaimer and contents
This presentation has been prepared by are individually and collectively forward- Rushil Décor Limited (the “Company”) looking statements. Such forward-looking solely for information purposes and does statements are not guarantees of future not constitute any offer, recommendation performance and ar
Slide 4: Chairman's Message
• Rushil Décor has successfully positioned itself as one of the leading supplier of high-quality MDF and laminates, delivering high quality products and fostering a strong base of repeat business. • Our commitment to green ecology is evident in our meticulous sourcing of raw materials ensuring respo
Slide 5: Chairman's message: five-year turnover goal
Navigating the first half of the year, we encountered numerous challenges and hereby Mr. Krupeshbhai G. Thakkar managed to achieve a year-on-year volume growth in MDF and Laminates segment We have observed robust enthusiasm and a notable surge in demand for our value-added and sustainable products,
Slide 6: Use of additional resources
Amount Upto Tentative Time Frame for Sr. No Particulars (Rs. In Cr) Utilisation Decorative laminates including bigger size Upto 2 years from the 1. (Jumbo size) laminates manufacturing 90 date of receipt of fund Project at Mansa Upto 2 years from the 2. Working Capital Margin Requirement 10 date of
Slide 7: Net debt and debt-to-equity ratio
450 1.8 413.52 391.35 400.26 400 1.6 1.71 367.04 350 1.4 1.44 311.59 1.39 302.28 300 1.2 250 1.1 1 While we aim to capitalize on emerging opportunities, 200 0.8 we aspire to uphold our 150 0.6 debt-to-equity ratio within 1, 0.65 0.61 ensuring a balanced and 100 0.4 responsible financial structure 50
Slide 8: Company overview at a glance
100+ Year lineage of wood engineering. SKUs / Designs Distinct Brands 25+ Years in Decorative Laminates & MDF Boards 2nd Largest Direct Distributors Retailers Dealers manufacturer of MDF boards and one the largest player in organized laminates. 5 State-of-the-art manufacturing facilities across Indi
Slide 9: Laminates capacity and applications
3 3.49 Million 82% Sheets Per Annum Average Capacity Units Installed Capacity Utilization for Q2FY24 APPLICATION Commercial Home Furniture Cabinet Doors Desktops Wardrobes Wall Paneling Furniture Rushil Décor Limited | Investor Presentation 8
Slide 10: Laminates manufacturing units
UNIT 1 Production sheets per annum RDL, 608, GIDC Mansa, Dist. Gandhi Nagar, Gujarat UNIT 2 MRPL, Dholakuva Patia, Gandhinagar-Mansa Road, Mansa, Dist. Gandhinagar UNIT 3 RHPL, Survey No. 125, Nr. Kalyanpura Patia, Gandhinagar- Mansa Road, Village Itla, Tal. Kalol Rushil Décor Limited | Investor Pre
Slide 11: Jumbo laminates expansion benefits
Benefits Production RDL, 608, GIDC Mansa, Dist. Gandhi Nagar, Gujarat Increased Capacity sheets per annum Improved quality with jumbo size Expected Revenue Potential in FY25 Catering to developed markets – Europe, USA, Australia and New Zealand Improved top and bottom line Growth trajectory - last y
Slide 12: MDF capacity and applications
2 3,30,000 75% CBM Per Annum Average Capacity Units Installed Capacity Utilization for Q2FY24 APPLICATION Residential & Doors & Architectural Industrial Display Commercial Wall Paneling Sports Goods CNC Routing Flooring Partition Moldings Products Cabinets furniture Cornices Rushil Décor Limited | I
Slide 13: MDF manufacturing units
Production UNIT 1 Installed Capacity CBM per annum 90,000 CBM per Annum Chikmagalur, Utilization (Q2 FY24) Karnataka 83% UNIT 2 Installed Capacity 2,40,000 CBM per Annum Vishakhapatnam, Andhra Pradesh Utilization (Q2 FY24) 72% Rushil Décor Limited | Investor Presentation 12
Slide 14: Ensuring sustainable supply of wood
27,000 ~6.4 Lakh ~135 mn ~8 mn ENSURING SUSTAINABLE SUPPLY OF WOOD Trees planted in Karnataka Hectares of land cultivated Farmers provided with Saplings Saplings to be planted by FY24 and Andhra Pradesh Benefits to Benefits to Benefits to Farmers Community Rushil Décor Limited Famers can now use the
Slide 15: Agroforestry networking and partnerships
• Networking with Indian Paper Manufacturers Association (IPMA) for encouraging plantation in commanding areas of Rushil Décor Ltd.’s units. • Learning and practicing with Wood is Good magazine and development of National working plant code for forest management standards (IWST/ IPIRTI, Autonomous b
Slide 16: Expansion into newer regions
Europe Gulf & Middle East North America India Indonesia Australia Latin America Rest of Asia Pacific As we embark on our expansion into newer regions, we see significant opportunities for our value-added products. We continue to prioritize product development and innovation and ensure that our produ
Slide 17: Plants, innovation, network and exports
Strategically Located Manufacturing Plants Product Innovation & Value Engineering Strategically situating our manufacturing facilities near raw We persistently prioritize design material sources guarantees a and quality in our product steady, cost-effective supply innovation, aiming to make our chai
Slide 18: SAP implementation
SAP Implementation Scope Comprehensive implementation of SAP across entire organization including 5 state-of-the-art manufacturing plants, warehouses, CNF Agents, head office and branches Migration Historical reliance on Tally for over 30 years Successful migration to SAP, representing a significant
Slide 19: SAP Analytical Cloud and phase 2
SAC – SAP Analytical Cloud Transportation Module RFID Implementation at Warehouse Implementation of SAP phase 2 supports business transformation and innovation, ultimately contributing to organization's long-term success Rushil Décor Limited | Investor Presentation 18
Slide 20: Management team
Mr. Krupeshbhai G. Thakkar Mr. Rushill Thakkar Mr. Keyur M. Gajjar Mr. Hiren Padhya Mr. Hasmukh K. Modi Chairman Director Chief Executive Officer Chief Financial Officer Company Secretary Bachelor‘s degree in Graduate with over 9 years of Bachelor's degree in Qualified Chartered Associated with Comp
Slide 21: Industry overview
Rushil Décor Limited | Investor Presentation 20
Slide 22: Indian furniture industry and wood panel market
Indian Furniture Industry ($ bn) 6% CAGR 9% 8% Plywood 32.8 23.3 Domestic Laminates Wood Panel 15% MDF Industry 68% Particle Board FY21 FY27 Wood panel industry at 7.2% CAGR over FY23-26E 900 800 700 600 530 Indian Furniture 500 400 430 industry expected Real estate market in The Market is mainly 40
Slide 23: MDF segment market
MDF Segment MDF Share to Reach 50% by 2030 Growth Drivers 70 60 60 Growth in the Real 50 50 Estate Sector 40 50% 40 70% 30 80% 30 90% 20 Modernization of 13 10 50% Furniture Industry 10 30% 20% 0 10% FY2011 FY2016 FY2021 FY2022 FY2023P FY2025E Rest Of the World India - 2019 India-2022 India- 2030 Ra
Slide 24: Laminates market
100 90 90 80 Laminates business at 65 70 60 11.5% CAGR over FY23-26E 60 50 50 50 40 The laminates market is growing due to 30 30 higher living standards, a preference for 20 modern home furnishings, and increased 10 urbanization 0 FY11 FY14 FY21 FY22 FY23 FY26E Laminates Market Share Laminates Marke
Slide 25: Middle-class growth and demand drivers
Increasing share of middle-class households (Est 2030) (29 M) 7% The surge in demand stems from both High the residential and commercial real estate segments. Middle-class earnings have tripled from FY 13 to FY 22, Upper Mid (168 M) 44% growing from 4.4 lakhs to 13 lakhs. Rising accessibility throug
Slide 26: Q2 FY24 financial highlights
Revenues (Rs. Crore) EBITDA (Rs. Crore) / Margin (%) 23.17% 14.14% 204.6 47.1 203.4 28.9 Q2FY23 Q2FY24 Q2FY23 Q2FY24 Gross Profit (Rs. Crore) PAT (Rs. Crore) / Margin % 13.09% 5.14% 111.3 26.7 98.0 10.6 Q2FY23 Q2FY24 Q2FY23 Q2FY24 Gross Profit –Revenue from operations –Total raw material cost Rushil
Slide 27: Laminates segment results
Particulars (Rs. Crore) Q2 FY244 Q1 FY24 Q2 FY23 Y-o-Y (%) Particulars (Rs. Crore) H1 FY244 H1 FY23 Y-o-Y (%) Revenue from Laminates 49.08 41.51 52.12 -5.83 Revenue from Laminates 90.60 99.55 -8.99 Domestic 17.03 15.24 18.71 Domestic 32.27 35.57 Export 32.05 26.27 33.41 Export 58.32 63.98 EBITDA Mar
Slide 28: MDF segment results
Particulars (Rs. Crore) Q2 FY244 Q1 FY24 Q2 FY23 Y-o-Y (%) Particulars (Rs. Crore) H1 FY244 H1 FY23 Y-o-Y (%) Revenue from MDF 149.65 147.64 148.92 0.48 Revenue from MDF 296.38 309.65 -4.29 Domestic 120.00 117.82 127.74 Domestic 237.82 261.96 Export 29.64 28.92 21.18 Export 58.56 47.69 EBITDA Margin
Slide 29: Profit and loss statement
Particulars (Rs. Crore) Q2 FY244 Q1 FY24 Q2 FY23 Y-o-Y (%) H1 FY24 H1 FY23 Y-o-Y (%) Revenue 204.61 192.82 203.39 0.60% 397.43 414.17 -4.04% Cost of Materials Consumed 109.72 104.75 103.02 214.48 208.41 Changes in Inventories -3.10 -6.24 -10.97 -9.34 -21.40 Employee Cost 14.07 12.78 11.79 26.88 22.7
Slide 30: Balance sheet as on 30 Sept 2023
As on As on As on As on Rs. Crore 30th Sept 2023 30th Sept 2022 Rs. Crore 30th Sept 2023 30th Sept 2022 Equity 492.00 339.63 Non-current Assets 657.65 653.55 Equity Share Capital 26.54 19.91 Property, Plant and Equipment 626.50 628.85 Other Equity 465.46 319.72 Capital WIP 3.88 0.14 Non-Current Liab
Slide 31: Annual financial highlights FY22-FY23
Revenues (Rs. Crore) EBITDA (Rs. Crore) / Margin (%) 17.8% 838.4 149.4 624.2 11.8% 73.9 FY22 FY23 FY22 FY23 Gross Profit (Rs. Crore) PAT (Rs. Crore) / Margin (%) 422.9 9.3% 77.7 307.7 3.6% 22.8 FY22 FY23 FY22 FY23 Gross Profit – Revenue from operations – TAotal raw material cost Rushil Décor Limited
Slide 32: Laminates historical performance
Sales Volumes (Sheets) Realization (Rs. per sheet) 28,69,155 28,82,816 691 714 27,78,474 586 601 26,82,847 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 EBITDA (Rs. Crore) / Margins (%) Export Realization (Rs. per sheet) 9.9% 10.7% 6.5% 7.4% 18.8 16.3 788 807 15.3 698 657 12.3 FY20 FY21 FY22 FY23 FY20 FY2
Slide 33: MDF historical performance
Sales Volumes Realization EBITDA (Rs. Crore) / (Sheets) (Rs. per sheet) Margins (%) 2,36,579 13.6% 11.6% 14.8% 21.6% 1,76,545 26,234 134.3 24,416 19,733 83,592 77,520 64.4 10,041 22.7 18.1 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 Export Realization (Rs. per CBM) Export Volumes (CB
Slide 34: Return on equity and capital employed
Return on Equity (%) Return on Capital Employed (%) 25.0% 18.0% 16.2% 21.4% 16.0% 20.0% 14.0% 12.0% 15.0% 10.0% 10.1% 8.0% 7.2% 10.0% 7.9% 5.1% 6.0% 4.6% 5.2% 4.0% 5.0% 2.0% 0.0% 0.0% FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 ROE – PAT/Shareholders Fund; ROCE – EBIT/(Shareholders Fund+Total Debt – Inv
Slide 35: Thank You
Rushil Décor Limited Het Choksey Advisors Mr. Hiren Padhya, Chief Financial Officer Mr. Nikunj Seth THANK YOU Email: hiren.padhya@rushil.com | Website: www.rushil.com Phone: +91 79 6140 0400 Email: ir-advisors@hetchoksey.com Phone: +91 9773397958