Rushil Decor Ltd. · NSE:RUSHIL
Rushil Decor — Q4 FY2024 Earnings Presentation
37 slides from Rushil Decor's earnings presentation, May 9, 2024
Slide 1: Exchange filing letter for investor presentation
••• ••• ••• RUSHIL DECOR LIMITED WE'L L MAKE IT RDL/014/2024-25 Date: 09.05.2024 To, To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Sandra - Kurla Complex, Dalal Street, Sandra (E), Mumbai - 400 051 Mumbai- 400 001 NSE EQUITY SYMBOL: RUSHIL SCRIP COD
Slide 2: Investor Presentation Q4 & FY2024
Rushil Décor Limited INVESTOR PRESENTATION Q4 & FY2024
Slide 3: Table of Contents
Table of 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
Slide 4: Highlights on the Past Quarter
Highlights on the Past Quarter • Revenues for the quarter increased by 9% year-over-year, reaching INR 233.4 crores. This growth was driven by strong demand and expanded market penetration in Tier 2 and 3 regions. • During the quarter, our facilities operated at an average capacity utilization of 90
Slide 5: Chairman's Message
Chairman’s Message Mr. Krupeshbhai G. Thakkar • “The past year has witnessed significant advancements on our growth trajectory, instilling optimism for a strong performance in the forthcoming quarters. • We are currently in an exciting expansion phase, with several upcoming projects poised to unlock
Slide 6: Fund Raising Objectives
Fund Raising Objectives 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 90.00 date of receipt of fund Project at Mansa Upto 2 years from the 2. Working Capital Mar
Slide 7: Debt Profile – Significantly Reduced Debt to Equity Ratio
Debt Profile – Significantly Reduced Debt to Equity Ratio 450 1.6 413.52 400.26 400 1.4 1.44 350 311.59 1.2 302.28 300 281.96 286.06 1.10 1 While we aim to capitalize 250 0.8 on emerging opportunities, 200 we aspire to uphold our 0.6 debt-to-equity ratio within 150 0.65 1, ensuring a balanced and 0.
Slide 8: Rushil at a Glance
Rushil at a Glance 100+ Year 1,200+ 6 lineage of wood engineering. SKUs / Designs Distinct Brands 25+ Years in Decorative Laminates & MDF Boards 600+ 4,400+ One of the Largest Direct Distributors Retailers Dealers manufacturer of MDF boards and Laminates in organized segment. 6 State-of-the-art 3 St
Slide 9: Offering Specialized Products - Laminates
Offering Specialized Products - Laminates 3 3.49 Million 90% Sheets Per Annum Average Capacity Units Installed Capacity Utilization for Q4FY24 APPLICATION Home Furniture Cabinet Doors Desktops Wardrobes Wall Paneling Commercial Furniture Rushil Décor Limited | Investor Presentation 8
Slide 10: Laminates Expansion Plan For Export Growth
Laminates Expansion Plan For Export Growth Benefits Production RDL, 608, GIDC Mansa, Dist. Gandhi Nagar, Gujarat ~28 lakh Increased Capacity sheets per annum Improved quality with jumbo size Expected Revenue Potential in FY25 Catering to developed 40-50 Cr markets – Europe, USA, Australia and New Ze
Slide 11: Plywood Expansion Plan
Plywood Expansion Plan Production RDL, Survey No 134, Adhishakthi Nagar, Chikmagalur, Karnataka, ~300 India, 577101 Boards per day Expected Revenue Potential in FY25 30-50 Cr Expected Revenue Expected Margins % Potential in FY26 130-150 Cr ~9%-12% Rushil Décor Limited | Investor Presentation 10
Slide 12: Offering Specialized Products - MDF
Offering Specialized Products - MDF 2 3,30,000 CBM 89% Per Annum Average Capacity Units Installed Capacity Utilization for Q4FY24 APPLICATION Residential & Doors & Partition Wall Paneling Architectural Moldings Industrial Products Sports Goods Display Cabinets CNC Routing Flooring Commercial furnitu
Slide 13: MDF Quarterly Trend for Value Added (Quantity & Value)
MDF Quarterly Trend for Value Added (Quantity & Value) Quantity in % TARGET FOR FY25 50% 41% 43% 42% 35% 27% Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 TARGET FOR 50% 52% 51% FY25 45% 39% 55% Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Value in % Our value-added MDF volume saw a quarterly increase of 11%, maintainin
Slide 14: Farm to Furniture – Step towards Sustainable Sourcing and Delivering Quality
Farm to Furniture – Step towards Sustainable Sourcing and Delivering Quality 27,000 ~15 mn ~140 mn ~20 mn ENSURING SUSTAINABLE SUPPLY OF WOOD Trees planted in Karnataka Hectares of land cultivated Plantation supported to the farmers Saplings to be planted by end of FY25 and Andhra Pradesh Benefits t
Slide 15: Farm to Furniture – Institutional Partners
Farm to Furniture – Institutional Partners Networking with Indian Learning and practicing Efforts for minimizing Knowledge sharing with Paper Manufacturers with Wood is Good import with AIPM and DGTR Central Pulp and Paper Association (IPMA) for magazine and development Research Institute encouragin
Slide 16: Expanding Footprints to 50+ Countries
Expanding Footprints to 50+ Countries Russia Europe Gulf & Middle East North America India Africa Indonesia Saudi Arabia 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 priori
Slide 17: Our Core Competencies
Our Core Competencies Strong Branch Strategically Located and Dealer Network Manufacturing Plants Through a vast network of 600+ distributors and 4,400+ retailers nationwide, Rushil Decor Strategically situating our manufacturing achieves efficient customer reach across facilities near raw material
Slide 18: Digital Parivartan – Phase 2
Digital Parivartan – 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 17
Slide 19: Led by Strong and Experienced Management Team
Led by Strong and Experienced Management Team Mr. Krupeshbhai G. Thakkar Mr. Hiren Padhya Chairman Chief Financial Officer Qualified Chartered Accountant, Company Secretary and Cost Bachelor‘s degree in commerce from Gujarat University Accountant 30+ years of experience in laminates and other allied
Slide 20: Branding Activities
Branding Activities The new TV commercial (TVC) effectively demonstrates the capabilities of MDF, positioning it as a superior alternative to plywood and other wood- based panels. The commercial aimed at encouraging carpenters, interior decorators and other professionals to adopt VIR MDF for craftin
Slide 21: PAN India Branding Activities
PAN India Branding Activities During the quarter, we successfully covered an extensive area of ~45,000+ sq.ft. through Retail Branding and enhancing brand visibility in the market. Rushil Décor Limited | Investor Presentation 20
Slide 22: Carpenter / Contractor Meets
Carpenter / Contractor Meets Rushil Décor Limited | Investor Presentation 21
Slide 23: Indian Wood Panel Industry Overview
Indian Wood Panel Industry Overview 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 900 800 700 600 530 500 430 Indian Furniture Real estate market in The Marke
Slide 24: MDF Industry Overview
MDF Industry Overview MDF Segment MDF Share to Reach 50% by 2030 Growth Drivers 120 100 100 Growth in the Real Estate Sector 80 70 50% 60 50 70% 80% 40 90% 40 30 Modernization of 13 50% Furniture Industry 20 30% 20% 0 10% FY2016 FY2021 FY2022 FY2023 FY2025E FY2027E Rest Of the World India - 2019 Ind
Slide 25: Laminates Industry Overview
Laminates Industry Overview Global Market for HPL 14 100 90 11.98 90 12 6.36% CAGR over FY23-30E 80 Laminates business at 65 10 (In USD Bn) 70 60 11.5% CAGR over FY23-26E 8 7.32 60 50 50 50 6 40 30 The laminates market is growing due to 4 30 higher living standards, a preference for 20 modern home f
Slide 26: Plywood Industry Overview
Plywood Industry Overview Plywood business at 5.0% CAGR over FY23-26E Global Plywood Market to The Indian plywood market's growth is fueled by Reach $100.2 billion by 2032 factors like: at 6.1% CAGR • Increased residential and commercial construction driving demand • Rising affluence boosting sales
Slide 27: Woodpanel - To Grow on the back of Rising Middle Income Household
Woodpanel - To Grow on the back of Rising Middle Income Household 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 44% 286 M Upper Mid (16
Slide 28: Q4 FY24 Financial Highlights
Q4 FY24 Financial Highlights Revenues (Rs. Crore) EBITDA (Rs. Crore) / Margin (%) 13.2% 12.5% 233.4 28.2 29.2 213.9 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Gross Profit (Rs. Crore) PAT (Rs. Crore) / Margin (%) 6.3% 3.8% 5.0% 106.2 13.6 11.6 9.0 93.2 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY24 (Without Provision) *Curren
Slide 29: Q4 & FY24 Segment Overview - Laminates
Q4 & FY24 Segment Overview - Laminates Particulars (Rs. Crore) Q4 FY244 Q3 FY24 Q4 FY23 Y-o-Y (%) Particulars (Rs. Crore) FY244 FY23 Y-o-Y (%) Revenue from Laminates 50.01 49.40 51.31 -2.53% Revenue from Laminates 190.01 205.88 -7.71% Domestic 17.87 15.41 18.98 Domestic 65.55 73.09 Export 32.14 33.9
Slide 30: Q4 & FY24 Segment Overview - MDF
Q4 & FY24 Segment Overview - MDF Particulars (Rs. Crore) Q4FY244 Q3 FY24 Q4 FY23 Y-o-Y (%) Particulars (Rs. Crore) FY244 FY23 Y-o-Y (%) Revenue from MDF 176.47 157.96 159.13 10.90% Revenue from MDF 630.81 620.72 1.63% Domestic 143.60 127.63 148.43 Domestic 509.05 540.67 Export 32.88 30.33 10.70 Expo
Slide 31: Profit & Loss Statement for Q4 & FY24
Profit & Loss Statement for Q4 & FY24 Particulars (Rs. Crore) Q4 FY244 Q3 FY24 Q4 FY23 Y-o-Y (%) FY24 FY23 Y-o-Y (%) Revenue 233.42 213.11 213.90 9.12% 843.96 838.40 0.66% Cost of Materials Consumed 127.50 97.33 119.30 439.31 433.08 Changes in Inventories -0.33 13.10 1.48 3.41 -17.60 Employee Cost 1
Slide 32: Balance Sheet 31st March 2024
Balance Sheet 31st March 2024 Particulars (Rs. Crore) FY244 FY23 Particulars (Rs. Crore) FY244 FY23 Equity Non-current Assets Equity Share Capital 26.54 19.90 Property, Plant and Equipment 623.83 634.71 Other Equity 516.23 343.47 Capital WIP 6.46 0.09 Non-Current Liabilities Other Intangible Assets
Slide 33: FY24 Financial Highlights
FY24 Financial Highlights Revenues (Rs. Crore) EBITDA (Rs. Crore) / Margin (%) 843.9 17.8% 14.2% 149.4 119.9 838.4 FY23 FY24 FY23 FY24 Gross Profit (Rs. Crore) PAT (Rs. Crore) / Margin (%) 422.9 9.3% 5.1% 5.4% 401.2 77.4 43.1 45.7 FY23 FY24 FY23 FY24 FY24 (Without Provision) *Current tax in Quarter-
Slide 34: Annual Highlights – Laminates
Annual Highlights – Laminates Sales Volumes (Sheets) Realization (Rs. per sheet) 29,08,388 28,69,155 28,82,816 691 714 653 586 601 27,78,474 26,82,847 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 EBITDA (Rs. Crore) / Margins (%) Export Realization (Rs. per sheet) 9.9% 10.7% 6.5% 7.4% 10.04% 788
Slide 35: Annual Highlights – MDF
Annual Highlights – MDF Sales Volumes Realization EBITDA (Rs. Crore) / (CBM) (Rs. per CBM) Margins (%) 2,60,380 13.6% 11.6% 14.8% 21.6% 16.1% 2,36,579 26,234 134.3 24,416 24,225 1,76,545 19,733 101.9 64.4 83,592 77,520 10,041 22.7 18.1 FY20 FY21 FY22 FY23 FY 24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY2
Slide 36: Key Financial Ratios
Key Financial Ratios Return on Equity (%) Return on Capital Employed (%) Debt to Equity (x) 25.0% 23.8% 18.0% 2.50 15.7% 16.0% 20.0% 2.00 1.70 14.0% 12.0% 10.5% 1.50 15.0% 1.50 1.40 9.4% 10.0% 1.10 10.1% 8.0% 7.2% 10.0% 7.9% 1.00 5.1% 6.0% 4.6% 5.2% 0.54 4.0% 5.0% 0.50 2.0% 0.0% 0.0% 0.00 FY20 FY21
Slide 37: Thank You
Rushil Décor Limited Het Choksey Advisors THANK YOU Mr. Hiren Padhya, Chief Financial Officer Mr. Nikunj Seth Email: hiren.padhya@rushil.com | Website: www.rushil.com Email: ir-advisors@hetchoksey.com Phone: +91 79 6140 0400 Phone: +91 9773397958