Ppap Automotive Limited · NSE:PPAP
Ppap Automotive — Q4 FY2018 Earnings Presentation
42 slides from Ppap Automotive's earnings presentation, 2018
Slide 1: PPAP Automotive Limited – Taking Challenges, Together
PPAP Automotive Limited Taking Challenges, Together
Slide 2: Index
INDEX Highlights Company Overview Core Strengths & Growth Strategy Our Products Facilities & Customers Awards Financial Overview 2
Slide 3: Highlights - Quarterly
HIGHLIGHTS - QUARTERLY 96.19 *Operating Income 90.22 ₹ Crore 127.62 Highlights of results of Q4FY18 compared with Q4FY17 Total income increased by 32.68%, Part Sales increased by 10.55% 0.17 EBITDA increased by 40.23%, EBITDA Margin improved by 1.21% 30.86 PAT increased by 61.58%, PAT Margin i
Slide 4: Annual - Highlights
ANNUAL - HIGHLIGHTS ₹ Crore *Standalone Op Income Standalone EBITDA 21.35% 345.01 397.62 Highlights of results of FY18 compared with FY17 2.65 Total income increased by 15.25% 4.16 39.86 19.31% Part sale increased by 14.40% against industry growth of 5.49% 30.44 EBITDA increased by 27.42% , EB
Slide 5: Index
INDEX Quarterly Highlights Company Overview Core Strengths & Growth Strategy Our Products Facilities & Customers Awards Financial Overview 5
Slide 6: Brief Profile and Management Profile
BRIEF PROFILE MANAGEMENT PROFILE Mr. Ajay Kumar Jain PPAP Automotive Limited (PPAP) is a leading manufacturer of Automotive Sealing Systems, Interior and Exterior Injection parts in India Chairman & Managing Director •Commerce graduate from the Shri Ram College of Commerce, DU •Associated with the c
Slide 7: General Information – Share Holding
GENERAL INFORMATION SHARE HOLDING AS ON 31st MARCH 2018 1.61 1.47 2.35 22.50 8.30 63.78 Promoters Bodies Corporate Individuals Foreign Companies Foreign Portfolio Investor (Corporate) Others 7
Slide 8: Company Focus
COMPANY FOCUS TO BE A DOMINANT SUPPLIER OF BODY SEALING, INTERIOR & EXTERIOR PARTS TO BE OUR CUSTOMERS' NO. 1 SUPPLIER TRUSTWORTHINESS MUTUAL RESPECT CREATIVITY COOPERATION EXCELLENCE FOUNDATION ON STRONG HUMAN CAPITAL DEVELOPMENT 8
Slide 9: Journey
JOURNEY 1978 1985 1989 1996 2002 •Company Incorporated •Start of the Automotive •Technological tie up with •Established Plant - I •Certification of TS 16949 Business Tokoi Kogyo Co., Japan (Noida) and ISO 140001 •Added Maruti Suzuki as •Added Honda Cars as customer customer 2007 2006 2005 2004 2003
Slide 10: Technology Partners
TECHNOLOGY PARTNERS NISSEN CHEMITEC CORPORATION, JAPAN Established: 1951 TOKAI KOGYO CO. LTD, JAPAN Global Presence: USA, Thailand, Indonesia, Established: 1947 Singapore Global Presence: USA, Thailand, Indonesia, China, Mexico, Vietnam AUTOMOTIVE EXTERIOR & SEALING PRODUCTS AUTOMOTIVE INTERIOR PROD
Slide 11: Index
INDEX Quarterly Highlights Company Overview Core Strengths & Growth Strategy Our Products Facilities & Customers Awards Financial Overview 11
Slide 12: Core Strengths
CORE STRENGTHS Leadership Position Strong Customer Base India’s leading Leading OEM manufacturer of manufacturers in Indian Automotive Sealing Market are customers Systems Access to Global Technology State-of-the-art manufacturing facilities Relationship with Focus on Kaizen towards Japanese Technol
Slide 13: Development Strategy
DEVELOPMENT STRATEGY 1 2 Improve Operational Efficiency Optmization of Asset Utilization • International Benchmarking Impossible for • Our Mantra - "Every Paisa Counts" • Improve margin realization driven • Improve OEE (Overall Equipment Efficiency) Competition to by cost optimization & operating le
Slide 14: Index
INDEX Quarterly Highlights Company Overview Core Strengths & Growth Strategy Our Products Facilities & Customers Awards Financial Overview 14
Slide 15: Product - Milestones
PRODUCT - MILESTONES • New Category parts 1989 – Plastic Sealing System <Technology partnership with Tokai 2019 Kogyo> 2007 – Injection parts 2017 <Technology partnership with Nissen • Injection Moulded Parts – • Introduction of Chemitech> Interior & Exterior – Door 2015 Instrument Panel, Lining Ass
Slide 16: Sealing Systems
SEALING SYSTEMS ROOF MOULDING TRIM DOOR OPENING BACK DOOR / TRUNK SEAL MOULDING WINDSHEILD DOOR OPENING SEAL AIR SPOILER GLASS RUN PVC CHANNEL TPO OUTER BELT SLIDE RAIL PRODUCTS MADE INNER BELT EPDM BLACK/BRIGHT BY PTI (JV) 16
Slide 17: Injection Molding Products
INJECTION MOLDING PRODUCTS CTR-PILLAR RR -PILLAR PARTITION REAR TRAY FR-PILLAR UNDER HOOD PRODUCTS LINING RR PANEL IN CABIN PRODUCTS SIDE PROTECTORS 17 SPLASH GUARD DOOR LINING FENDER INNER TRUNK LINING
Slide 18: Index
INDEX Quarterly Highlights Company Overview Core Strengths & Growth Strategy Our Products Facilities & Customers Awards Financial Overview 18
Slide 19: Business Share as on 31/03/2018
BUSINESS SHARE AS ON 31/03/2018 NISSAN OTHERS TATA 8% 5% 3% TKML 6% MSIL 48% HCIL 30% 19
Slide 20: Parts Developed by PPAP in Following Models
PARTS DEVELOPED BY PPAP IN FOLLOWING MODELS 20
Slide 21: Development Infrastructure
DEVELOPMENT INFRASTRUCTURE DESIGN TOOL MANUFACTURING VALIDATION • Product Design • Tool Design In House manufacturing of : • Checking Fixture Design Extrusion Parts - Dies & Tools Raw Material Testing • Design Validation Checking Fixtures Part Performance Testing • Special Purpose Machines Special P
Slide 22: Manufacturing Infrastructure
MANUFACTURING INFRASTRUCTURE PLASTIC EXTRUSION RUBBER EXTRUSION INJECTION MOLDING JV COMPANY – PPAP TOKAI INDIA RUBBER PRIVATE LIMITED 38 Machines PVC / TPO MATERIAL 3 locations EPDM & TPV MATERIAL Range: 60 Tons – 2500 Tons 3 Locations; 10 Extrusion Lines 1 Kneader Mixing Plant (2nd Mixing) Make: T
Slide 23: Index
INDEX Quarterly Highlights Company Overview Core Strengths & Growth Strategy Our Products Facilities & Customers Awards Financial Overview 23
Slide 24: Customer Appreciation – Accolades for 2018
CUSTOMER APPRECIATION ACCOLADES FOR 2018 SUPPLIER OF THE YEAR 2017 – GOLD AWARD FROM TOYOTA ZERO PPM AWARD FROM TOYOTA OVERALL PERFORMANCE (SHIELD) AWARD FROM MSIL WON THE ECONOMIC TIMES POLYMERS AWARDS 2018 CERTIFICATE FOR ACHIEVING QUALITY TARGET FROM TOYOTA CERTIFICATE FOR ACHIEVING DELIVERY TARG
Slide 25: Customer Appreciation
CUSTOMER APPRECIATION TOYOTA MOTOR CORPORATION HONDA CARS INDIA LIMITED 25 TOYOTA KIRLOSKAR MOTOR INDIA PVT LIMITED MARUTI SUZUKI INDIA LIMITED
Slide 26: Index
INDEX Quarterly Highlights Company Overview Core Strengths & Growth Strategy Our Products Facilities & Customers Awards Financial Overview 26
Slide 27: Summary
SUMMARY 140.00 120.00 22.47% 21.26% 21.34% 100.00 17.56% 80.00 In ₹ Crore 15.15% 15.03% 60.00 11.04% 8.95% 40.00 9.07% 20.00 96.19 90.22 127.62 - Q4FY17 Q3FY18 Q4FY18 OPERATING INCOME EBITDA MARGIN EBIT MARGIN PAT MARGIN Total Income is net of Excise 27
Slide 28: Operating Income (Net of Excise)
Operating Income (Net of Excise) (₹ crore) 140.00 96.19 90.22 127.62 0.17 30.86 120.00 100.00 1.65 - 80.00 7.16 1.98 60.00 40.00 20.00 87.37 88.24 96.59 - Q4FY17 Q3FY18 Q4FY18 Parts Tools Others Total Income is net of Excise 28
Slide 29: Major Expenses
Major Expenses (₹ crore) Materials Employee Benefits 53.50% 17.03% 50.71% 48.13% 15.76% 14.06% 48.78 43.42 68.28 15.16 15.37 17.94 Q4FY17 Q3FY18 Q4FY18 Q4FY17 Q3FY18 Q4FY18 Other Expenses Depreciation 13.49% 7.01% 12.28% 6.58% 9.97% 5.28% 11.81 12.17 12.72 6.33 6.33 6.73 Q4FY17 Q3FY18 Q4FY18 Q4FY17
Slide 30: Interest & Earnings
Interest & Earnings(₹ crore) Interest EBITDA 21.34% 22.47% 21.26% 1.18% 1.49% 0.77% 1.43 1.07 0.99 20.45 19.26 28.68 Q4FY17 Q3FY18 Q4FY18 Q4FY17 Q3FY18 Q4FY18 EBIT PAT 17.56% 15.03% 15.15% 11.04% 9.07% 8.95% 14.57 13.56 22.41 8.60 8.18 14.09 Q4FY17 Q3FY18 Q4FY18 Q4FY17 Q3FY18 Q4FY18 30
Slide 31: Annual Standalone Performance – Income & Major Expenses
Annual Standalone Performance – Income & Major Expenses 450.00 345.01 397.62 400.00 52.28% 50.06% 350.00 300.00 250.00 ₹ crore 200.00 150.00 15.44% 15.90% 100.00 12.69% 12.97% 50.00 7.07% 6.54% 1.82% 1.11% - FY17 FY18 OPERATING INCOME MATERIALS EMPLOYEE COST OTHER EXPENSES DEPRECIATION INTEREST Tota
Slide 32: Annual Standalone Performance – Profitability
Annual Standalone Performance – Profitability ₹ in Crore Margin % 450.00 450.00 84.88 400.00 400.00 21.35% 350.00 350.00 19.31% 66.61 300.00 61.48 300.00 15.46% 250.00 250.00 ₹ crore 12.84% 44.29 200.00 200.00 37.41 9.41% 150.00 150.00 25.05 7.26% 100.00 100.00 50.00 50.00 345.01 397.62 345.01 397.6
Slide 33: Result Summary – PPAP Tokai India Rubber Pvt Ltd. FY 2017-18
Result Summary – PPAP Tokai India Rubber Pvt Ltd. FY 2017-18 ₹ Crs. PARTICULARS FY 17 FY 18 CHANGES INCOME 47.19 62.95 33.41% EBITDA 8.21 6.24 -23.99% PAT 5.82 3.80 -34.65% EPS RS. 0.60 0.39 -34.65% NET WORTH 93.09 96.99 4.19% GROSS FIXED 57.30 77.94 36.02% ASSETS FUNDS AVAILABLE 26.29 20.21 -23.13%
Slide 34: Annual Consolidated Performance - Profitability
Annual Consolidated Performance - Profitability ₹ in Crore Margin % 450.00 450.00 84.88 400.00 400.00 21.35% 350.00 350.00 19.31% 66.61 300.00 61.48 300.00 15.46% 250.00 250.00 ₹ crore 12.84% 44.29 200.00 39.31 200.00 9.89% 150.00 27.96 150.00 8.10% 100.00 100.00 50.00 50.00 345.01 397.62 345.01 397
Slide 35: EPS, Book Value, Market Capitalization (BSE)
EPS , BOOK VALUE, MARKET CAPITALIZATION(BSE) 17.90 17.90 26.72 19.97 28.08 22.89 26.72 10.06 6.15 5.84 Q4FY17 Q3FY18 Q4FY18 FY17 FY18 FY17 FY18 EPS TTM ₹ EPS ₹ ₹ CONSOLIDATED EPS ₹ STANDALONE EPS 238.55 269.71 321.37 978.18 735.07 192.65 698.70 525.05 170.39 229.55 FY17 FY18 Q4FY17 Q3FY18 Q4FY18 Net
Slide 36: Key Ratios
KEY RATIOS 198.52 210.43 238.55 269.71 281.56 284.68 290.50 299.31 13.87% 20.54% 10.50% 15.25% 7.26% 6.06% 10.75% 8.16% FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 Net Worth ( ₹ in crores) RONW Capital Employed ( ₹ in crores) ROCE 83.04 74.35 51.95 29.60 306.64 320.88 349.62 397.46 3.68 2.75 1.04 1.91 2
Slide 37: Key Points – FY18 Performance
Key Points – FY 18 Performance Grew faster than the industry growth rate, Growth in part sales 14.40%. EBITDA margin at 21.25%, Improved by 2.05% from last year due to focus on operational efficiencies and continues effort on cost reduction activities. PAT at ₹ 37.41 Crs. Increased by 49.34%. ROCE a
Slide 38: Financial Performance Snapshot (FY 2015 - FY 2018)
FINANCIAL PERFORMANCE SNAPSHOT (FY 2015 - FY 2018) ₹ Crs. Operating Income Fixed Assets (Gross Block) 306.64 320.88 318.50 302.75 345.01 397.62 349.62 397.46 11.83 2.65 3.18 21.18 39.86 4.16 0.21 0.45 19.20 0.15 2.33 30.44 18.38 35.12 16.69 7.81 283.23 292.61 310.41 355.12 289.74 302.05 327.24 364.4
Slide 39: Financial Performance Snapshot (FY 2015-FY 2018)
FINANCIAL PERFORMANCE SNAPSHOT (FY 2015-FY 2018) ₹ Crs. EBITDA 40.36 52.06 66.61 84.88 PAT 37.41 12.03 15.27 25.05 9.41% 21.35% 19.31% 7.26% 17.20% 12.67% 5.04% 3.78% FY 2015 FY 2016 FY 2017 FY 2018 FY 2015 FY 2016 FY 2017 FY 2018 PAT Margin EBITDA Margin Earning Per Share (₹) Market Capitalization
Slide 40: Consolidated Financial Snapshot (FY 2016-2018)
CONSOLIDATED FINANCIAL SNAPSHOT (FY 2016-2018) ₹ Crs. PAT Earning Per Share (₹) 14.02 27.96 39.31 10.02 19.97 28.08 9.89% 8.10% 4.40% 4.50 2.00 3.00 FY 2016 FY 2017 FY 2018 FY 2016 FY 2017 FY 2018 PAT Margin EPS Dividend Market Capitalization (BSE) 126.14 218.40 321.40 735.07 721.00 525.05 185.00 23
Slide 41: Disclaimer
DISCLAIMER Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those s
Slide 42: Contact details
Mr. Manish Dhariwal (Chief Financial Officer) PPAP Automotive Limited Ph: +91-120-2462552 / 53 Email: manish.dhariwal@ppapco.com Mr. Snighter Albuquerque/Mr Pratik Patil Concept Investor Relations Mo: +91 98191 23804 / 82915 10324 Email: snighter@conceptpr.com / pratik@conceptpr.com Website : www.pp