Dcm Shriram Limited · NSE:DCMSHRIRAM
Dcm Shriram — Q4 FY19 Earnings Presentation
36 slides from Dcm Shriram's earnings presentation, May 1, 2019
Slide 1: Cover letter to stock exchanges
◊-�◊ DCM SHRIRAM BSE Limited National Stock Exchange of India Ltd., Phiroze JeeJeeBhoy Towers, "Exchange Plaza", Dalal Street, 5th Floor, Plot No. C-1, G Block, Mumbai - 400 001 Bandra-Kurla Complex, Sandra (E) Mumbai - 400 051 SCRIP CODE: 523367 SCRIP CODE : DCMSHRIRAM Kind Attn: Department of Corp
Slide 2: Q4 & FY19 - Results Presentation
DCM Shriram Ltd. Q4 & FY19 - Results Presentation May 1, 2019 1
Slide 3: Safe Harbour
Safe Harbour Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actua
Slide 4: Table of Content
Table of Content Title Slide No. FY19 4-8 Key Highlights 4-6 Financial Snapshot 7 Segment Performance 8 Q4 FY19 9-12 Key Highlights 9-10 Financial Snapshot 11 Segment Performance 12 Q4 FY19 Performance Overview & Outlook 13-16 Projects under Implementation 17 Management’s Message 18 Segmental Detail
Slide 5: FY19 – Key Highlights
FY19 – Key Highlights 1. Net Revenues at Rs 7,771 crores up 13% YoY: a. Own Products – Revenues up by 19% YoY. i. Sugar – Overall revenues up by 20% YoY (at Rs 2,353 crores). Sugar revenue up by 8%. Overall sugar sales volumes up by 32% YoY (including exports volumes of raw sugar of 8.7 lacs Qtl i
Slide 6: FY19 – Key Highlights
FY19 – Key Highlights iii. Last year, had taken charge of Rs 157 crores on account of inventory write down (Rs 5 crores in FY19) and charge of Rs 28 crores on export obligations. iv. Sugar Inventory (domestic) at 31st March, 2019 stood 38.89 lac Qtl (28.97 lac Qtl previous year) valued at average ra
Slide 7: FY19 – Key Highlights
FY19 – Key Highlights 6. Projects under implementation at investment of Rs. 1,642 crores in Sugar and Chloro-Vinyl segments, to be commissioned in phases. 7. Company completed the share buy-back program on 23rd October, 2018. 64.74 lac shares, representing 3.99% of capital, were bought (at price not
Slide 8: FY19 – Financial Snapshot
FY19 – Financial Snapshot Revenue (Net) PBDIT Depreciation 1456 6,900 7,771 1091 157 141 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 Finance Cost PBIT PAT 1299 906 950 119 670 83 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 Note: All figures in Rs. crores Net revenue includes operating income DCM Shriram Ltd. – Q4 &
Slide 9: FY19 - Segment Performance
FY19 - Segment Performance Rs. cr Revenues PBIT PBIT Margins % YoY % YoY % Segments FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 Change Change Chloro Vinyl 2,098.8 2,502.7 19.2 817.5 993.5 21.5 39.0 39.7 Sugar 1,954.0 2,353.0 20.4 94.3 354.6 275.9 4.8 15.1 - Sugar 1,828.8 1,975.2 8.0 (0.5) 80.2 - (0.0) 4.1 -
Slide 10: Q4 FY19 – Key Highlights
Q4 FY19 – Key Highlights 1. Net Revenues at Rs 1,888 crores up 21% YoY: a. Own Products – Revenues up by 30% YoY. i. Chemicals – Revenues up by 9% YoY led by volumes gain of 12% YoY driven by new capacity addition at Kota plant during Q2 FY19. Realizations down 5% YoY. Aluminum Chloride commissioned
Slide 11: Q4 FY19 – Key Highlights
Q4 FY19 – Key Highlights iii. Off season expenses were being deferred for interim results till last year. This has led to +ve impact of Rs 37.4 crores in current quarter over Q4 FY18. b. Chemicals – PBDIT down by 1%. Realizations down 5% YoY. Bharuch plant had a shut down during the quarter. Plant i
Slide 12: Q4 FY19 – Financial Snapshot
Q4 FY19 – Financial Snapshot Revenue (Net) PBDIT Depreciation 1,888 439 1,566 44 37 95 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Finance Cost PBIT PAT 395 293 24 20 59 51 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Note: All figures in Rs. crores Net revenue includes operating income DCM S
Slide 13: Q4 FY19 - Segment Performance
Q4 FY19 - Segment Performance Rs cr Revenues PBIT PBIT Margins % YoY % YoY % Segments Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Q4 FY18 Q4 FY19 Change Change Chloro Vinyl 591.2 676.1 14.4 254.0 271.0 6.7 43.0 40.1 Sugar 379.8 637.4 67.8 (136.6) 227.4 - (36.0) 35.7 - Sugar 325.1 520.4 60.1 (179.8) 137.7 - (55.
Slide 14: Q4 FY19 - Performance Overview & Outlook
Q4 FY19 - Performance Overview & Outlook Net revenue up 14% YoY, Earnings up by 7% YoY. o Chemicals Net Revenues up by 9% YoY led by higher volumes by 12%. Higher volumes were driven by new capacity commissioned at Kota plant during the year. ECU prices lower by 5%. Chlorine prices remained posi
Slide 15: Q4 FY19 - Performance Overview & Outlook
Q4 FY19 - Performance Overview & Outlook Overall revenues up by 68% YoY. o Sugar revenues up by 60% YoY at Rs 520 crores. o Power revenues up by 23% at Rs 67 crores. o Distillery revenues for the quarter stood at Rs 50 crores vs Nil for the same period last year. Sugar domestic volumes up by 19%
Slide 16: Q4 FY19 - Performance Overview & Outlook
Q4 FY19 - Performance Overview & Outlook Overall revenues down by 49% YoY. Bulk fertilizer revenue down by 77%. Activities under bulk products to be phased out completely. Value added inputs revenues down by 18% YoY for the quarter, up 9% YoY for FY19. Shriram Farm Solutions Overall PBIT low
Slide 17: Q4 FY19 - Performance Overview & Outlook
Q4 FY19 - Performance Overview & Outlook Net revenues up by 20% YoY due to higher prices (i.e. reflection of higher energy cost, a pass through). Subsidy outstanding as on 31st March, 2019 Rs 533 crores vs Rs 383 crores as on 31st March, 2018 leading to higher capital employed. Loan under SBA ar
Slide 18: Projects Under Implementation
Projects Under Implementation Projects Under Implementation Project Investment Business Project Capacity Completion Rs Cr Timeline Sugar Distillery 200 KLD 300 Q3 FY20 Chemicals Caustic Soda Expansion - Bharuch 700 TPD 671 March' 21 Plastics PVC expansion at Kota 40 TPD 32 Q3 FY20 Captive Power Plan
Slide 19: Management’s Message
Management’s Message Commenting on the performance for the quarter and year ending March 2019, in a joint statement, Mr. Ajay Shriram, Chairman & Senior Managing Director, and Mr. Vikram Shriram, Vice Chairman & Managing Director, said: “We are happy to report another quarter of satisfying performan
Slide 20: Segmental Details
Segmental Details • Chemicals • PVC Resins Chloro-Vinyl Businesses • Calcium carbide • Power • Agri- Inputs o Shriram Farm Solutions Agri o Bioseeds Businesses o Fertilizers • Sugar • Fenesta Building Systems Other Businesses • Cement • Polymer Compounds • Hariyali Kisaan Bazaar DCM Shriram Ltd. – Q
Slide 21: Chloro Vinyl Business
Chloro Vinyl Business Revenues PBIT Cap. Employed Particulars (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) Q4 FY19 676.1 271.0 1,301 Q4 FY18 591.2 254.0 1,059 % Shift 14.4 6.7 22.9 FY 19 2,502.7 993.5 1,301 FY 18 2,098.8 817.5 1,059 % Shift 19.2 21.5 22.9 The Chloro-Vinyl business of the Company has highly integra
Slide 22: Chemicals
Chemicals Operational Financial Sales Realizations Revenues PBIT Particulars (MT) (Rs./MT) (Rs Cr.) (Rs. Cr.) Q4 FY19 123,673 36,498 524.0 244.3 Q4 FY18 110,434 38,529 480.8 250.2 % Shift 12.0 (5.3) 9.0 (2.4) FY 19 464,918 35,696 1,914.7 910.4 FY 18 426,522 31,821 1,541.1 723.7 % Shift 9.0 12.2 24.2
Slide 23: Chemicals
Chemicals Net Revenues up by 9% YoY led by higher volumes by 12%. Higher volumes were driven by new capacity commissioned at Kota plant during the year. ECU prices lower by 5%. Chlorine prices remained positive vs negative last year. Performance PBIT for the quarter lower by 2% YoY due to lower
Slide 24: Plastics
Plastics Operational Financial PVC XWR Carbide XWR PVC Sales Carbide Sales Revenues PBIT Particulars Realizations Realizations (MT) (MT) (Rs Cr.) (Rs. Cr.) (Rs./MT) (Rs./MT) Q4 FY19 15,054 74,041 6,674 54,420 152.1 26.7 Q4 FY18 12,602 71,885 3,311 46,819 110.3 3.8 % Shift 19.5 3.0 101.6 16.2 37.8 60
Slide 25: Plastics: Import and DCM PVC Prices
Plastics Import and DCM PVC Prices 1,020 77943 79,000 78077 1,000 1,000 985 78,000 76534 980 75967 76743 76844 77,000 960 972 75348 948 76,000 924 Prices - $ 961 Prices - Rs 940 953 956 76788 75,000 920 936 73918 75486 914 74,000 900 74408 905 73,000 880 900 860 72,000 71122 840 71,000 Apr-18 May-18
Slide 26: Sugar
Sugar Particulars Q4 FY18 Q4 FY19 YoY % Change FY 18 FY 19 YoY % Change Revenues (Rs. cr.) Sugar 325.1 520.4 60.1 1,828.8 1,975.2 8.0 Power 54.7 67.5 23.3 125.2 174.0 39.0 Distillery 0.1 49.6 - 0.1 203.8 - Total 379.8 637.4 67.8 1,954.0 2,353.0 20.4 PBIT (Rs cr.) Sugar (179.8) 137.7 - (0.5) 80.2 - P
Slide 27: Sugar
Sugar Sales (Volume) Sugar Sugar Cap. Sugar Realizations Particulars Production Power Distillery Employed (Domestic) (Domestic) (Lac Qtls) (Lac Units) (Lac Ltrs) (Rs Cr.) (Lac Qtls) (Rs/ Qtl) Q4 FY19 33.9 11.2 1313.0 113.1 3120 2039 Q4 FY18 29.8 9.4 1120.2 0.2 3174 1290 % Shift 13.6 19.2 17.2 - (1.7
Slide 28: Sugar Segment
Sugar Segment Overall revenues up by 68% YoY. Sugar revenues up by 60% YoY at Rs 520 crores. Power revenues up by 23% at Rs 67 crores. Distillery revenues for the quarter stood at Rs 50 crores vs Nil for the same period last year. Sugar domestic volumes up by 19% YoY. Sugar exports contrib
Slide 29: Agri- Input Businesses
Agri- Input Businesses The Agri input businesses contributed to 20% of the Company’s revenues during Q4 FY19. The Company continues to focus on these businesses given the huge opportunity in this area where the Company can capitalize on its long understanding of varied Agri businesses and the rural
Slide 30: Shriram Farm Solutions
Shriram Farm Solutions Revenues (Rs. Cr.) PBIT (Rs. Cr.) Cap. Employed Particulars Bulk Value Added Total Bulk Value Added Total (Rs. Cr.) Q4 FY19 17.3 55.3 72.5 (13.1) (1.4) (14.5) 206 Q4 FY18 75.8 67.6 143.3 2.3 (1.3) 1.1 273 % Shift (77.2) (18.2) (49.4) - - - (24.4) FY 19 123.7 592.9 716.6 (19.2)
Slide 31: Bioseed
Bioseed Revenues (Rs. Cr.) PBIT Cap. Employed Particulars India International Total (Rs. Cr.) (Rs. Cr.) Q4 FY19 31.9 12.4 44.4 (26.2) 433 Q4 FY18 34.7 15.2 49.9 (45.5) 389 % Shift (8.0) (18.3) (11.1) - 11.3 FY 19 390.2 82.1 472.3 3.2 433 FY 18 403.9 89.2 493.0 20.7 389 % Shift (3.4) (8.0) (4.2) (84.
Slide 32: Fertilizers (Urea)
Fertilizers (Urea) Operational Financial Sales Realizations Revenues PBIT Cap. Employed Particulars (MT) (Rs./MT) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) Q4 FY19 102,660 24,666 267.3 (32.5) 606 Q4 FY18 102,039 21,112 222.8 18.3 453 % Shift 0.6 16.8 19.9 - 33.6 FY 19 394,755 24,782 1,041.0 17.7 606 FY 18 404,5
Slide 33: Other Businesses
Other Businesses The ‘Others’ Segment in the financial results, includes Cement, Fenesta Building Systems and Hariyali Kisaan Bazaar. Revenues under ‘Others’ stood at Rs 200 crores in Q4 FY19 from Rs. 196 crores in Q4 FY18. PBIT for the quarter stood . at Rs. 8 crores vis-à-vis Rs. 10 crores in Q4 F
Slide 34: Fenesta Building Systems
Fenesta Building Systems Operational Financial Order Book (Rs Cr.) Revenues Particulars Retail Projects Total (Rs Cr.) Q4 FY19 98.3 35.7 134.0 101.9 Q4 FY18 78.6 35.1 113.6 86.6 % Shift 25.1 1.9 17.9 17.7 FY19 326.0 130.3 456.3 390.4 FY18 267.4 112.3 379.7 332.4 % Shift 21.9 16.0 20.2 17.5 Fenesta a
Slide 35: Cement
Cement Operational Financial Sales Realizations Revenues PBIT Particulars (MT) (Rs./MT) (Rs. Cr.) (Rs. Cr.) Q4 FY19 109,299 3,116 42.5 (1.6) Q4 FY18 110,179 3,028 43.7 1.1 % Shift (0.8) 2.9 (2.8) - FY 19 434,546 3,058 166.8 (7.5) FY 18 448,454 3,084 177.0 3.1 % Shift (3.1) (0.8) (5.8) - The Cement b
Slide 36: About Us & Investor Contacts
About Us & Investor Contacts DCM Shriram Ltd. is an integrated business entity, with extensive and growing presence across the entire Agri value chain and Chloro-Vinyl industry. The Company has added innovative value- added businesses in these domains primarily Bioseed and Fenesta. Access to captive