Slide 1: Historic Performance in Q4 & 12M FY2022
v Historic Performance in Q4 & 12M FY2022 1
Slide 2: Disclaimer
v Disclaimer Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve number of risks, uncertainties and other factors that could cause actual results to differ materially from those s
Slide 3: Index
INDEX Contents Page No. Snapshot of the Company 4 Our performance, Q4 FY2022 5 Overview by MD & CEO 14 Greenpanel Brand’s Financial Health 16 The Journey so far 23 Financial Evolution 32 Capital Structure 38 MDF Business 44 Ply Business 50 Achieved so far 55 3
Slide 4: A snapshot of our company
v A snapshot of our company 1 2 3 Brand vision: We envision to About us: Greenpanel is a Management: Greenpanel is led by maintain our Leadership prominent wood panel player Mr. Shiv Prakash Mittal, Executive Position in the Panel Industry in India with a national Chairman, and Mr. Shobhan Mittal, a
Slide 5: Our performance, Q4 FY2022
v Part one Our performance, Q4 FY2022 5
Slide 6: Performance Highlights QoQ & YoY
v Excellent quarter, although recurrence of 1 Covid, elections in a few states and inflation impacted volumes. Sustained growth (QoQ): Revenue 20% 2 EBITDA 43% PAT 43% Performance Sustained growth (YoY): Highlights Revenue 58% 3 EBITDA 112% QoQ & YoY PAT 249% Steep increase in MDF 4 realisation 44.0
Slide 7: Our financial performance in brief
Our financial performance in brief 141.49 460.27 99.00 Q4 FY2021 Q4 FY2022 EBITDA (₹ Crores) 384.35 80.59 56.46 Q4 FY2021 Q4 FY2022 Q4 FY2021 Q4 FY2022 Net Sales Growth (₹ Crores) PAT (₹ Crores) 7
Slide 8: Our financial performance in brief
Our financial performance in brief 27.2 6.6 17.9 Q4 FY2021 Q4 FY2022 RoCE - Post Tax(%) 33.9 4.6 30.9 Q4 FY2021 Q4 FY2022 Q4 FY2021 Q4 FY2022 Earnings per share (₹) Return on Equity (%) 8
Slide 9: Financial Highlights Q4 FY2022 v/s Q4 FY2021
v Financial Highlights Q4 FY2022 v/s Q4 FY2021 Key Ratios (%) Q4 FY2022 Q4 FY2021 Gross Margin 60.31 53.61 EBITDA Margin 30.74 25.76 EBIT Margin 26.76 21.34 Net Margin 17.51 14.69 Sales Promotion / Net Sales 1.28 0.84 Employee Expenses / Net Sales 7.67 7.59 Logistics Costs / Net Sales 4.79 5.86 EPS
Slide 10: Segment Performance - MDF
Segment Performance - MDF Particulars Q4 FY2022 Q4 FY2021 Growth Net Sales (₹ Crores) 389.81 301.62 29.20% EBITDA Margin 34.60% 28.60% EBIT Margin 30.20% 23.90% Annual Capacity (CBM) 5,63,000 5,40,000 Production (CBM) 1,22,718 1,38,080 -11.10% Sales Volume (CBM) 1,24,538 1,39,490 -10.70% Capacity Ut
Slide 11: Segment Performance - MDF
Segment Performance - MDF Particulars FY2022 FY2021 Growth Net Sales (₹ Crores) 1,329.80 783.89 69.60% EBITDA Margin 30.90% 22.90% EBIT Margin 25.80% 15.60% Annual Capacity (CBM) 5,63,000 5,40,000 Production (CBM) 4,89,335 3,71,347 31.80% Sales Volume (CBM) 4,95,041 3,80,431 30.10% Capacity Utilisat
Slide 12: Segment Performance - Plywood
Segment Performance - Plywood Particulars Q4 FY2022 Q4 FY2021 Growth Net Sales (₹ Crores) 70.46 82.74 -14.80% EBITDA Margin 9.20% 15.50% EBIT Margin 7.70% 13.80% Annual Capacity (Mn Sqm) 10.50 10.50 Production (Mn Sqm) 2.12 2.56 -17.20% Sales Volume (Sqm) 2.46 3.05 -19.30% Capacity Utilisation 81% 9
Slide 13: Segment Performance - Plywood
Segment Performance - Plywood Particulars FY2022 FY2021 Growth Net Sales (₹ Crores) 255.94 217.10 17.90% EBITDA Margin 11.00% 12.40% EBIT Margin 9.00% 9.70% Annual Capacity (Mn Sqm) 10.50 10.50 Production (Mn Sqm) 8.48 7.48 13.40% Sales Volume (Mn Sqm) 9.30 8.48 9.70% Capacity Utilisation 81% 71% Av
Slide 14: Overview by MD & CEO
v Overview by MD & CEO “MDF realisations and margins improved during the quarter. However, recurrence of Covid, State elections and inflation impacted MDF volumes.” 14
Slide 15: Overview by MD & CEO
v Overview by MD & CEO “MDF sales volumes de-grew by 10.72% YoY; “Net debt reduced by ₹ 84 crores during Q4 operating margins improved by 606 basis to ₹ 60 crores as on 31st March 2022.” points to 34.60%.” “We are targeting to be net debt-free for “Plywood volumes de-grew by 19.34% YoY; our existing
Slide 16: Greenpanel Brand's Financial Health
v Part two Greenpanel Brand’s Financial Health Brand acceptance has supported sustained growth 16
Slide 17: We strengthened realisations across both product lines
v We strengthened realisations across both product lines MDF 44.0 %, Growth in 31,300 ₹ / cubic meter, average MDF realisations Average realization, Q4 FY2022 Plywood 21,730 ₹ / cubic meter, 4.8 286 273 %, Growth in Average realization, ₹ / square meter, ₹ / square meter, average Average realization
Slide 18: We widened our margins by building a stronger business
We widened our margins by building a stronger business We widened our We continued to margins by building remain principally an a stronger business MDF-driven company 30.7 85 % EBITDA margin, Q4 FY2022 499 bps % of revenues drive from MDF, Q4 FY2022 YoY growth in 25.8 % EBITDA margin, EBITDA margin
Slide 19: We strengthened our working capital hygiene
We strengthened our working capital hygiene Working capital Working capital Inventory cycle productivity 16 6.6 38 Days, working capital Revenue generated Days, Total Inventory cycle from resource from every rupee of expressed in days of purchase to sales working capital turnover equivalent, Q4 rece
Slide 20: We utilized our superior performance to draw debt down
We utilized our Receivables Payables superior performance to 10 32 draw debt down Days, receivables Days, payables expressed in days of turnover equivalent, expressed in days of turnover equivalent, 283 Q4 FY2022 Q4 FY2022 ₹ crores, consolidated gross debt, end of Q4 28 47 FY2022 Days, receivables D
Slide 21: How we strengthened our liquidity
How we MDF capacity Plywood capacity strengthened utilization utilization our liquidity MDF 36.4 78% PLYWOOD 81% Times or x, interest cover, Q4 FY2022 MDF capacity utilisation, Plywood capacity Q4 FY2022 on enhanced utilisation, Q4 FY2022 capacity 22.4 102% 98% Times or x, interest MDF capacity util
Slide 22: Our segment-wise financial growth
Our We enhanced the We enhanced the segment-wise value-added value-added financial growth proportion of our proportion of our business business Superior product mix Superior realisations 9.7% 240 13% YoY growth in plywood of revenues derived from ₹ per sq m, Average volumes, 12M FY2022 decorative ve
Slide 23: Brand Greenpanel: The Journey So Far
v Part three Brand Greenpanel: The Journey So Far 23
Slide 24: Financial and Business Review
v Financial and Business Review 24
Slide 25: Industry Overview
v Industry Overview 5,000 50 3,200 1.75 2021 2026 INDIA CHINA Size of MDF Market in India (₹ Crores) MDF Consumption (in Million CBM) 25
Slide 26: Industry Overview
v Industry Overview REGIONAL DEMAND FOR MDF IN INDIA Others 10% West 15% South 45% North 30% 26
Slide 27: Industry Overview
v Industry Overview 80 70 50 50 30 20 Plywood market share (%) MDF market share (%) REST OF WORLD INDIA INDIA 2030E REST OF WORLD INDIA INDIA 2030E 27
Slide 28: Industry Overview
v Industry Overview In India, MDF has penetrated all the 5.25 regions in terms of market presence and is rapidly advancing in terms of both consumer demand as well as production capacity. The production capacity has grown by more than 15x from 0.15 million CBM in 2010 2.30 to 2.30 million CBM in 202
Slide 29: Where do we stand…
v Where do we stand… Others 7,40,000 Greenpanel 6,60,000 Century Action Tesa 2,00,000 4,00,000 Rushil Décor 3,30,000 29
Slide 30: Where do we stand…
v Where do we stand… We are now among the top 500 listed companies on NSE based on market capitalisation - Rank as on 31 March 2022 is 396 - Rank as on 31 March 2021 was 573 We are now a “USD 1 billion” company in terms of market capitalisation. Credit ratings for “long term credit facilities”
Slide 31: Financial Evolution Areas Highlighted
v Financial Evolution Areas Capital Structure Highlighted MDF Business Ply Business 31
Slide 32: Financial Evolution
GREENPANEL’ FINANCIAL EVOLUTION
Slide 33: Financial Evolution
v Financial Evolution 28% 1,58,574 21% 20% 1,00,100 84,710 58,262 FY2019 FY2020 FY2021 FY2022 NET SALES (₹ Lacs) CAGR (%) 33
Slide 34: Financial Evolution
v Financial Evolution 27.71% 43,939 49% 20.66% 16.53% 15.46% 32% 20,681 25% 14,000 9,005 FY2019 FY2020 FY2021 FY2022 FY2019 FY2020 FY2021 FY2022 EBITDA VALUE (₹ Lacs) CAGR (%) EBITDA MARGIN (%) 34
Slide 35: Financial Evolution
v Financial Evolution 36,604 23.08% 13.80% 13,818 8.36% 6.35% 7,084 3,702 FY2019 FY2020 FY2021 FY2022 FY2019 FY2020 FY2021 FY2022 EBIT VALUE (₹ Lacs) EBIT MARGIN (%) 35
Slide 36: Financial Evolution
v Financial Evolution 15.17% 62% 24,047 26% 6.87% 5.93% -35% 6,881 1.71% 3,457 1,446 FY2019 FY2020 FY2021 FY2022 FY2019 FY2020 FY2021 FY2022 NET PROFIT (₹ Lacs) CAGR (%) NET PROFIT MARGIN (%) 36
Slide 37: Financial Evolution
v Financial Evolution 7,179 19.61 5.61 1,964 2.82 1.18 351 FY2019 FY2020 FY2021 FY2022 FY 2020 FY 2021 FY 2022 Earnings Per Share (₹) Market Capitalisation (₹ Crores) 37
Slide 38: Capital Structure
GREENPANEL’ CAPITAL STRUCTURE
Slide 39: Capital Structure
v Capital Structure 23 10 8 6 FY2019 FY2020 FY2021 FY2022 Working Capital Turnover Ratio 39
Slide 40: Capital Structure
v Capital Structure GROSS DEBT EQUITY D/E 0.91 D/E 0.85 D/E 0.61 D/E 0.30 28,265 58,651 56,106 44,688 95,165 64,550 66,164 73,038 FY2019 FY2020 FY2021 FY2022 EQUITY (₹ Lacs) GROSS DEBT (₹ Lacs) 40
Slide 41: Capital Structure
v Capital Structure NET DEBT EQUITY D/E 0.88 D/E 0.81 D/E 0.51 D/E 0.06 6,023 56,666 53,752 37,462 95,165 64,550 66,164 73,038 FY2019 FY2020 FY2021 FY2022 EQUITY (₹ Lacs) NET DEBT (₹ Lacs) 41
Slide 42: Shareholding Pattern
v Shareholding Pattern Shareholding structure (%) 100% 90% 16.44% 17.63% 20.33% 24.53% 80% 10.99% 10.74% 5.84% 70% 4.21% 60% 21.54% 18.53% 18.16% 20.73% 50% 40% 30% 51.03% 53.10% 53.10% 53.10% 20% 10% 0% 15.07.2019 31.03.2020 31.03.2021 31.03.2022 Promoter DII FII / FPI Others 42
Slide 43: Shareholding
v Shareholding 63,467 22,305 19,091 19,607 15.07.2019 FY2020 FY2021 FY2022 Number of Shareholders 43
Slide 44: MDF Business
GREENPANEL’ MDF Business
Slide 45: MDF Business
v MDF Business 87% 69% 60% 47% FY 2019 FY 2020 FY 2021 FY 2022 MDF CAPACITY UTILISATIONS 45
Slide 46: MDF Business
v MDF Business 3,72,530 1,22,512 2,97,372 1,04,903 83,059 2,11,119 1,54,782 42,981 FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 MDF SALES VOLUMES - DOMESTIC (CBM) MDF SALES VOLUMES - EXPORTS (CBM) 46
Slide 47: MDF Business
v MDF Business 23,266 1,09,715 15,428 66,325 12,064 47,736 36,711 7,435 FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 MDF SALES VALUE - DOMESTIC (₹ Lacs) MDF SALES VALUE - EXPORTS (₹ Lacs) 47
Slide 48: MDF Business
v MDF Business 18,941 29,451 17,298 14,707 14,431 23,718 22,611 22,304 FY 2019 FY 2020 FY 2021 FY 2022 FY2019 FY2020 FY2021 FY2022 MDF REALISATIONS - DOMESTIC (₹/CBM) MDF REALISATIONS - EXPORTS (₹/CBM) 48
Slide 49: MDF Business
v MDF Business 41,136 30.93% 22.94% 18.13% 16.33% 17,979 11,449 7,210 FY2019 FY2020 FY2021 FY2022 FY 2019 FY 2020 FY 2021 FY 2022 MDF EBITDA (₹ Lacs) MDF EBITDA MARGIN 49
Slide 50: Ply Business
GREENPANEL’ Ply Business
Slide 51: Ply Business
v Ply Business 9.30 81% 78% 8.51 8.48 71% 57% 5.68 FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 PLYWOOD CAPACITY UTILISATIONS PLYWOOD SALES VOLUMES (Mn SQM) 51
Slide 52: Ply Business
v Ply Business 275 25,594 21,546 21,710 14,116 256 251 251 FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 PLYWOOD SALES VALUE (₹ Lacs) PLYWOOD REALISATIONS (₹/SQM) 52
Slide 53: Ply Business
v Ply Business 2,803 12.72% 2,702 2,552 12.45% 1,795 11.84% 10.95% FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 PLYWOOD EBITDA VALUE (₹ Lacs) PLYWOOD EBITDA MARGIN (%) 53
Slide 54: Achieved so far…
v Achieved so far… Annual capacity of MDF increased from 540,000 CBM to 660,000 CBM in FY2022 by installation of MAT pre-heating systems Wax emulsion system installed during the year to reduce Wax consumption in MDF production to the tune of 30% Term loan from LBBW prepaid to the extent of EUR
Slide 55: Our widened distribution network
Our widened distribution network 2,535 Number of dealers as on 31st March 2022 12,500+ Number of retailers as on 31st March 2022 17 Branches pan-India Name of physical branches West & Central: Mumbai, Pune, Indore, Ahmedabad South: Bangalore, Hyderabad, Kochi, Coimbatore, Chennai, Vijayawada North:
Slide 56: Thank you
Mr. V. Venkatramani Chief Financial Officer Greenpanel Industries Limited Thank Corporate Office: Thapar House, 2nd Floor, 163, S.P. Mukherjee Road, Kolkata - 700 026 Contact: (+91) 97484 00606 / (+91) 033 4084 0600 Email: v.venkat@greenpanel.com you Website: www.greenpanel.com Mr. Gavin Desa / Mr.