Uno Minda Limited · NSE:UNOMINDA
Uno Minda — Minda Industries — Q3 FY20 Earnings Presentation
43 slides from Uno Minda's earnings presentation, Feb 6, 2020
Slide 1: Minda Industries Ltd Investor Presentation – February 2020
Minda Industries Ltd Investor Presentation – February 2020
Slide 2: Safe Harbor
Safe Harbor 2 / 43 2/6 2/43 This presentation and the accompanying slides (the “Presentation”), has been prepared by Minda Industries Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, an
Slide 3: Quarterly Update Presentation
3 / 43 3/6 3/43 Quarterly Update Presentation
Slide 4: Performance Highlights for the Quarter
Performance Highlights for the Quarter 4 / 43 4/6 4/43 Favourable Factors Un-Favourable Factors • Improved performance from leading 4W OEM’s . • Successful closure of Delvis Acquisition Lower capacity utilization due to lower demand from select OEMs Entered into LPDC Technology for manufacturing of
Slide 5: Business Review
Business Review 5 / 43 5/6 5/43 Secured additional Business from MSIL new Model Switches 01 2W : New product :- Side Stand Switch for Yamaha & RE New customer 2W lamps – Yamaha & Lamps for Chetak EV Lighting 02 2W plant commissioned in Hosur to cater to customers in South. Domestic business maintain
Slide 6: Consolidated Financial Highlights
Consolidated Financial Highlights 6 / 43 6/6 6/43 Revenue (Rs. Cr) EBITDA (Rs. Cr) -10% -9% 1,470 180 1,327 Adjusted growth 163 (7.5%) 61 *(33) Cr HBA 75 restructuring 15 21 105 67 Q3 FY19 Q3 FY20 Q3 FY19 Q3 FY20 PBT Interest Depreciation PAT* (Rs. Cr) Margin (%) 12.27% 12.31% -26% 69 49 4.71% 3.64%
Slide 7: Revenue Bridge – Q3 FY & 9MFY20
Revenue Bridge – Q3 FY & 9MFY20 7 / 43 7/6 7/43 1,470 48 21 (53) (37) (12) (23) (93) Quarter 3 1,327 Q3 FY19 Lighting Others Acoustics Light Metal Switches Q3 FY20 Technology (39) (107) 4,421 118 (13) (254) 4,127 9 Months (93) 9M FY19 Lighting Others Acoustics Light Metal Switches 9M FY20 Technology
Slide 8: Business wise Revenue Mix
Business wise Revenue Mix 8 / 43 8/6 8/43 Revenue – Q3FY19 Revenue – Q3FY20 Others 18% Switches Others 36% Switches 29% 34% LMT 14% Acoustics Acoustics 12% 12% Lighting Lighting 23% 23%
Slide 9: Revenue Mix – Q3 FY20
Revenue Mix – Q3 FY20 9 / 43 9/6 9/43 Geography-wise Breakup Channel-wise Breakup Segment -wise Breakup India International OEM Replacement 2Wheeler 4Wheeler 16% 14% 49% 51% 84% 86% Diversification across Categories and Geographies
Slide 10: Mergers & Acquisitions: Status Update
Mergers & Acquisitions: Status Update 10 /10/6 43 10/43 Acquisition completed on December 12, 2019. It has been consolidated for 19 DELVIS Acquisition days in Q3 2020 Harita Seating Sytems Merger NCLT final hearing is scheduled on February 25, 2020. Shareholder and Creditor approval has been receive
Slide 11: Shareholding Pattern
Shareholding Pattern 11 /11/6 43 11/43 Corp Bodies / Corp Bodies / Others Retail Others Retail 5.2% 5.1% 6.5% 7.3% Insitutions Insitutions 17.1% 16.8% Dec ‘19 Sep ‘19 Promoters Promoters 70.8% 70.8%
Slide 12: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement 12 /12/6 43 12/43 Particulars (Rs. Cr) Q3 FY20 Q3 FY19 YoY % Q2 FY20 QoQ % FY19 Revenue from Operations (Net of Excise) 1,326.85 1,470.09 -10% 1,359.58 -2% 5,908.09 Raw Material 795.36 903.37 814.71 3,622.48 Employee Cost 208.88 204.92 208.39 791.29 Other Expense
Slide 13: About Us
13 /13/6 43 13/43 About Us
Slide 14: Vision
—4 UNO (100) GRoup VISION = 80B Group Turnover (FY19) 62 Plants Globally 15 Joint Ventures To bea Sustainable, fe, Globalae anization 4 Acquisitions 8 R&D Centers 20+ Product lines 215+ Product Patents 230+ Design Registrations Sustainable | Global | _-. ..... | Employee Care
Slide 15: Leadership Team
Leadership Team 15 /15/6 43 15/43 BOARD OF DIRECTORS TOP MANAGEMENT TEAM Mr. Nirmal K Minda Chairman & Managing Mr. Anand K Minda Mr. Anand K Minda Mr. Pradeep Tiwari Director Mr. Sunil Bohra Director & CEO – Mr. Rajiv Kapoor ED & CEO , ED & Group CFO Aftermarket Domain ED & Group HR Head Internatio
Slide 16: Strategy for Growth
Strategy for Growth 16 /16/6 43 16/43 Regulatory Norms Premiumization BS-VI expected implementation by Indian Automobile market is likely to 2020 will benefit UNO MINDA as it undergo premiumization of vehicles and ready with products which are likely UNO MINDA is Poised to strongly benefit. to see s
Slide 17: Mobility Change Drivers – Global and India
Mobility Change Drivers – Global and India 17 /17/6 43 17/43 GLOBAL INDIA COMFORT & SAFETY & CONNECTED AUTONOMOUS CONNECTED CONVINIENCE SECURITY GREEN SHARED MOBILITY ELECTRIC SHARED MOBILITY REGULATIONS TECHNOLOGY
Slide 18: Change Drivers - India
Change Drivers - India 18 /18/6 43 18/43 COMFORT & SAFETY & GREEN CONNECTED CONVINIENCE SECURITY SHARED MOBILITY REGULATIONS TECHNOLOGY Fleet Management, Larger Displays, Collision Warning & Car Sharing, Bike BS-6 : Emission Hybrid Electric Vehicle Apps, UBI Infotainment Avoidance Sharing, On Demand
Slide 19: Future Technology Areas for UNOMINDA
Future Technology Areas for UNOMINDA 19 /19/6 43 19/43 Body, Exterior and Safety Technologies Cockpit Electronics and Advanced Technologies Lighting Advanced Infotainment & Telematics Electric Vehicle Controllers Driver Assist Connectivity & IOT Technologies Power Management Distributed & Digital La
Slide 20: Group Technical Centre Overview
Group Technical Centre Overview 20 /20/6 43 20/43 • First Flagship Technical Center of UNOMINDA Group • Located in Pune, Phase II in Gurgaon • 170+ Engineers • Center of Competency for Hardware & Software • Electronics Lab functional since Oct 2018 CREAT: Manpower Mix Software Hardware, Software Cen
Slide 21: Pioneer in localization: Through JVs & Associations
Pioneer in localization: Through JVs & Associations 21 /21/6 43 21/43 We have partnered with global technology leaders in the respective product segments Panel & Control Switches Speakers Seatbelts Steering Wheels with Air Bags Acquisition Embedded Systems Gear Shifters Body Sealing Fuel Caps Hoses
Slide 22: Shareholding Pattern
Shareholding Pattern 22 /22/6 43 22/43 Corp Bodies / Corp Bodies / Others Others Retail Retail 5.2% 5.1% 8.5% 7.3% Insitutions 16.8% Institutions 15.5% Mar ‘19 Sep ‘19 Promoters Promoters 70.8% 70.8%
Slide 23: Strong Balance Sheet
Strong Balance Sheet: 23 /23/6 43 23/43 Building Shareholder Value year on year… EBIDTA EBIDTA % ROCE Adjusted ROCE* Sales Sales Growth 21% 12% 12% 39% 20% 11% 32% 32% 20% 19% 19% 19% 3,386 4,471 5,908 374 534 725 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 Growth without stressing the Balance Shee
Slide 24: Business Overview
24 /24/6 43 24/43 Business Overview
Slide 25: Advent of EVs: Our Hedged Product Portfolio
Advent of EVs: Our Hedged Product Portfolio 25 /25/6 43 25/43 Technologies S. No Product Lines Company Name BS VI PEV BEV Approximate timelines Revenue March 19 Apr-20 2022-25 2025-2030 1 Alternate Fuel Systems METL 41 X X 2 Engine & Air Filtration Systems Roki Minda D D X 400 3 Transmission Canis
Slide 26: Group product portfolio – 2 Wheeler
Group product portfolio – 2 Wheeler 26 /26/6 43 26/43 Horns Handle Bar Assemblies Sensors Combined Breaking system Filter/ Canisters Lamps Battery Switches 2 W Alloy Wheel Noise Suppresser Cap Equalizer Assembly Die Casting Brake Hoses Components
Slide 27: Kit Value – 2 Wheelers
Kit Value* – 2 Wheelers 27 /27/6 43 27/43 6,801 6,966 5,766 5,209 5,162 4,572 4,664 4,308 3,580 2,750 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 Economy Executive Premium Scooter Moped Up to 110 CC 110 -135 CC > 135 CC All scooters All Mopeds *Contribution from Group Companies which are not y
Slide 28: Group product portfolio – 4 Wheeler
Group product portfolio – 4 Wheeler 28 /28/6 43 28/43 Air Duct PWS Auto HVAC Controllers Headlamp levelling Spoiler motor Fuel cap Horns CNG Kit Speakers RPAS Batteries Alloy Wheel Electronic accelerator Air Filter LED lamps Hoses Steering Wheels with Air bags pedal module
Slide 29: Kit Value – 4 Wheeler PVs & Tractor
Kit Value* – 4 Wheeler PVs & Tractor 29 /29/6 43 29/43 75,879 80,934 68,801 63,683 Values in INR 50,452 43,596 44,064 32,906 25,924 19,893 3,378 3,450 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 A B C D E & MUV Tractor Up to Rs. 2.2 Lacs Rs. 2.21 - 4.5 Lacs Rs. 4.5 - 8.3 Lacs Rs.8.4
Slide 30: Customer led and Customer Oriented: Customer Mix (FY 2019)
Customer led and Customer Oriented: Customer Mix ( FY 2019) 30 /30/6 43 30/43 Switching Systems Lighting Systems Acoustics Systems 4W 2W Bajaj BMW MSIL Auto Others 13% 42% 34% 29% MSIL VW Others Tata 32% 13% 32% Others Motors Others 40% 6% 52% HYUNDAI TVS 9% 11% Renault M&M TGMI HMSI 12% TKML 9% 4%
Slide 31: Switching Systems
Switching Systems 31 /31/6 43 31/43 Rs. In Crs Indian’s Largest Manufacturer 12.6% 2600 11.9% 13.0% 2100 • World leader in 2W Switches by Volume. 9.8% 11.0% • 2W switches Market Share in India ~65% 1600 • Independent in-house R&D 9.0% • Exports to USA, France, Italy, Austria and others 1100 contribu
Slide 32: Lighting Systems
Lighting Systems 32 /32/6 43 32/43 Leading automotive lighting Systems Rs. In Crs. 1500 9.8% 10.2% 11.0% 9.1% • Strong R&D capabilities with Design centre in Taiwan 9.0% and Technical Arrangement with Korean Company 1000 7.0% • Exports to Italy, Indonesia, France, Japan and others 5.0% Contributing
Slide 33: Acoustic Systems
Acoustic Systems 33 /33/6 43 33/43 One of India’s Largest Players in Horns Rs. In Crs 800 9.4% 11.0% 9.7% • With 47% market share in India 700 10.0% • Strong in-house R&D capabilities 600 8.1% 9.0% • Clarton Horn, a wholly owned subsidiary of MIL is 500 8.0% technology leader in Horns and No 2 in ma
Slide 34: Light Metal Technology
Light Metal Technology 34 /34/6 43 34/43 Products Revenue* Rs. In Crs 1000 23.4% 24.5% Alloy Wheel 23.2% 800 23.5% • Market Leader in PV segment with 45% market share ( installation ) in India 21.5% 22.5% 600 • Kosei - Strong Technology Leader as JV partner 21.5% • Moulding and Tooling Capability fo
Slide 35: Other Products
Other Products 35 /35/6 43 35/43 Products Revenue* Rs. In Crs 800 10% 12.0% Other products 9% 10.0% • Blow Molding • Sensors and Controllers 600 8% • Speakers & Infotainment 8.0% • Fuel Caps 609 400 532 6.0% • Air Filtration System 409 4.0% • Hoses 200 • Batteries 2.0% 114 126 145 0 0.0% End Use Seg
Slide 36: MDSL : Strong Presence in Replacement Market
MDSL : Strong Presence in Replacement Market 36 /36/6 43 36/43 Over 50,000 FY19 % of total After Product(Rs.Crs) Jammu and Kashmir: 8 After Market Sales Market Sales Retail Points Himachal Pradesh: 24 Switches 179 31% Punjab: 26 Uttarakhand: 6 Haryana: 41 Lighting 181 32% Delhi: 33 Rajasthan: 51 UP:
Slide 37: Historical Financials
37 /37/6 43 37/43 Historical Financials
Slide 38: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement 38 /38/6 43 38/43 Particulars (Rs. Cr) FY19 FY18 YoY % Revenue from Operations (Net of Excise) 5,908.09 4,470.56 32% Raw Material 3,622.48 2,763.18 Employee Cost 791.29 586.8 Other Expenses 767.35 586.76 EBITDA 726.97 533.82 36% EBITDA Margin 12.30% 11.94% 45bps
Slide 39: Consolidated Balance Sheet
Consolidated Balance Sheet 39 /39/6 43 39/43 ASSETS 31st March 2019 31st March 2018 Liabilities 31st March 2019 31st March 2018 1. Non-current assets EQUITY AND LIABILITIES Property, Plant and Equipment 1,629.40 1,199.39 Equity Equity share capital 52.44 17.41 Capital work-in-progress 131.52 192.11
Slide 40: Improving Dividend Profile
Improving Dividend Profile 40 /40/6 43 40/43 12.7% 10.9% 10.4% 165 256 286 FY17 FY18 FY19 PAT Dividend Payout Ratio* * Dividend payout ratio after considering dividend distribution tax
Slide 41: Awards & Recognitions
Awards & Recognitions 41 /41/6 43 41/43 CERTIFICATIONS RECENT AWARDS: 2018-19 “Special Support “Delivery Management Award” “Supplier Business M J Casting Ltd. Capability Award” “Comprehensive Award” “ Best QCDDM Performance” Excellence” – UNO MIL – Switch Division Roki Minda Co. Pvt. Ltd. MIL – Ligh
Slide 42: MIL Holding Structure
MIL Holding Structure 42 /42/6 43 42/43
Slide 43: Contact Us
Contact Us 43 /43/6 43 43/43 For further information, please contact: Company : Investor Relations Advisors : Minda Industries Ltd. Strategic Growth Advisors Pvt. Ltd. CIN : L74899DL1992PLC050333 CIN : U74140MH2010PTC204285 Mr. Tripurari Kumar Mr. Jigar Kavaiya GM Finance +91 99206 02034 tripurarik@