Tinna Rubber & Infrastructure Limited · NSE:TINNARUBR
Tinna Rubber & Infrastructure — Q3 FY2025 Earnings Presentation
57 slides from Tinna Rubber & Infrastructure's earnings presentation, Feb 10, 2025
Slide 1: Exchange cover letter: investor and earnings presentation
Date: February 10, 2025 To, To, The Manager (Deptt. of Corporate Services) The Secretary, BSE Limited Calcutta Stock Exchange Limited Phiroze Jeejeebhoy Towers, 7, Lyons Range, Dalal Street, Mumbai-400001. Kolkata-700001 Scrip Code: 530475 ISIN: INE015C01016 SUBJECT: INVESTOR AND EARNINGS PRESENTATI
Slide 2: Investor & Earnings Presentation Q3/9M-FY2025
TINNA RUBBER AND INFRASTRUCTURE LIMITED INVESTOR & EARNINGS PRESENTATION Q3/9M -FY2025 1
Slide 3: Disclaimer
DISCLAIMER No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the d
Slide 4: Table of Contents
TABLE OF CONTENTS 04 - 13 01 Performance Highlights Q3/9MFY25 02 Company Overview 14 - 20 21 - 27 03 Segment Wise Sales and Growth Drivers 28 - 31 04 Strategic Action Plan 32 - 39 05 Update on Projects 40 - 47 06 Financial Performance 48 - 52 07 ESG 53 - 55 08 TP Buildtech Pvt. Ltd - Update
Slide 5: Performance Highlights Q3/9M-FY25
PERFORMANCE HIGHLIGHTS Q3/9M-FY25 4
Slide 6: Q3FY25 Quarterly Highlights – Standalone
Q3FY25 QUARTERLY HIGHLIGHTS – STANDALONE Revenue from Operation 20%+ + 32% Volume (In MT) Tyre processed in tons (INR Mn) Volume Revenue 32,960 1,231 30,286 1,171 Y-o-Y Y-o-Y 25,207 932 -6% -24% EBITDA PAT Q3-FY24 Q2-FY25 Q3-FY25 Q3-FY24 Q2-FY25 Q3-FY25 Y-o-Y Y-o-Y EBITDA (INR Mn) & PAT (INR Mn) & D
Slide 7: 9MFY25 Performance Highlights – Standalone
9MFY25 PERFORMANCE HIGHLIGHTS – STANDALONE Revenue from Operation 42%+ 48%+ Volume (In MT) Tyre processed in tons (INR Mn) 3,762 Volume Revenue Y-o-Y 97,659 Y-o-Y 2,542 68,615 38%+ 34%+ EBITDA PAT 9MFY24 9MFY25 9MFY24 9MFY25 Y-o-Y Y-o-Y EBITDA (INR Mn) & PAT (INR Mn) & Diluted EPS (INR) 60.00% 400 6
Slide 8: Q3 & 9MFY25 Performance Highlights – Consolidated
Q3 & 9MFY25 PERFORMANCE HIGHLIGHTS – CONSOLIDATED EBITDA (INR Mn) & PAT (INR Mn) & 60.00% 300 60.00% 200 EBITDA Margin (%) PAT Margin(%) 180 50.00% 250 50.00% 160 Performance 140 Quarterly 40.00% 200 40.00% 155 148 100 120 30.00% 150 30.00% 100 82 80 20.00% 100 20.00% 60 10.00% 16.68% 50 10.00% 40 1
Slide 9: 9 Months Key Segment Performance – Infrastructure & Industrial
9 MONTHS KEY SEGMENT PERFORMANCE–INFRASTRUCTURE & INDUSTRIAL INFRASTRUCTURE SEGMENT 9MFY25 experienced significant Volume Growth of 30% and Revenue Growth of 23% over Infrastructure Segment 9MFY24. Revenue (INR Mn) 1,600 Significant 52% volume growth on YoY basis in CRMB processing. 1,300 Bitumen Em
Slide 10: 9 Months Key Segment Performance – Consumer & Steel
9 MONTHS KEY SEGMENT PERFORMANCE – CONSUMER & STEEL CONSUMER SEGMENT Consumer Segment Revenue (INR Mn) 255 Consumer Segment experienced strong volume growth of 79% in 9MFY25 over 9MFY24 150 Sales to Consumer Segment is growing and will remain our focus area for better capacity 70% utilization at Var
Slide 11: Strategic Highlights 9MFY25
STRATEGIC HIGHLIGHTS 9MFY25 Performance of Varle Plant has improved Credit rating of our debt exposures has been upgraded to consistently and it has contributed Rs. 360 Mn in CARE BBB- resulting proposal of increase in bank facility 9MFY25 at reduced rate of interest MRP’s additional capacity of 5,0
Slide 12: 9MFY25 Management Analysis on Operating Margins
9MFY25 MANAGEMENT ANALYSIS ON OPERATING MARGINS Additional impact on cost The operating margin has declined due to an 1) Higher Ocean Freight increase in raw material costs . An approx.12% rise 2) The INR weakened by 7 % against the USD in ELT price on YOY basis 3) 5% Drop in steel scrap prices on Y
Slide 13: Strategic Levers for Margin Improvement
STRATEGIC LEVERS FOR MARGIN IMPROVEMENT Initial expenses to set up plants at Varle and PC Plant is done; Higher capacity utilizations will have positive impact on Margins 04 Discussion initiated for price increase with the customers; Impact will be visible from Q4FY25 onwards 03 Upgrade in Credit Ra
Slide 14: Q3/9M-FY25 An Update on Capex
Q3/9M-FY25 AN UPDATE ON CAPEX An approx. INR 48 crores has been planned towards the CAPEX expenditure in FY 25. An approx. INR 38.60 crores have already been spent and work is progressing. 7575 Company is seriously evaluating other avenues of revenue generation and capex will be deployed accordingly
Slide 15: Company Overview
Caring for Environment COMPANY OVERVIEW
Slide 16: One of Asia's Largest Recycler of End of Life Tyres
ONE OF ASIA’S LARGEST RECYCLER OF “END OF LIFE TYRES (ELT)” 41% 53% 17% 3 Years 3 Years Revenue CAGR EBITDA CAGR EBITDA Margin 45+ Years of Industry Experience; (FY21-FY24) (FY21-FY24) (FY24) Founded in 1977 6 Recycling Plants (India - 5; Oman - 1) 11% 28% 4 Business Segments – Infrastructure, Indus
Slide 17: Journey So Far
JOURNEY SO FAR Group founded by Introduced light Commenced export Pioneered the Largest CRMB Set up waste Tyre Became the Completed Mr.Bhupinder Kumar weight rubber of Thermo Plastic concept of producer & entered recycling plant at largest acquisition of Sekhri. slippers Rubber Compounds rubberised
Slide 18: Waste ELT to Wealth
WASTEELT TO :WEALTH WASTE TO WEALT 400%VALUE ADDITION TO WASTE 17
Slide 19: Segment Wise Revenue Sharing Ratio for FY24
SEGMENT WISE REVENUE SHARING RATIO FOR FY24 INFRASTRUCTURE INDUSTRIAL STEEL CONSUMER 52% 25% 13% 10% Roads Bitumen Roads Conveyor Belts Steel Abrasives Crumb Gym Tiles Rubber Infill Tyres Steel Scraps Automotive Rubber parts Mats * Company has reported Revenue from Operations of INR 364 Cr. in FY24.
Slide 20: Manufacturing Facilities
MANUFACTURING FACILITIES Source of End of life tyres (Overseas) Panipat Manufacturing facilities Europe (Haryana) Mathura Delhi (Uttar Pradesh) USA Middle Eastern Countries (Headquarters) INDIA OMAN Saham (Al Batnah) Haldia (West Bengal) Varle | Wada South Africa Australlia (Maharashtra) Chile Gummi
Slide 21: Board of Directors
BOARD OF DIRECTORS Mr. Bhupinder Kumar Sekhri Mr. Gaurav Sekhri Mr. Subodh Kumar Sharma Mrs.Bharati Chaturvedi Chairman & Managing Joint Managing Director & Chief Independent Director Director Operating Officer Director Mr. Sanjay Jain Mr. Vaibhav Dange Dr. Krishna Prapoorna Biligiri Independent Ind
Slide 22: Segment Wise Sales and Growth Drivers
SEGMENT WISE SALES AND GROWTH DRIVERS 21
Slide 23: Infrastructure Segment – Product & Sales
INFRASTRUCTURE SEGMENT – PRODUCT & SALES CRUMB RUBBER/ CRUMB RUBBER MODIFIER BITUMEN EMULSION Blend of waste tire rubber, hydrocarbons, Manufactures all grades of Cationic Bitumen and cross-linkers. Emulsions meeting BIS standards. Mixed with bitumen in specific ratios State-of-the-art manufacturing
Slide 24: Infrastructure Segment TAM/Growth Drivers
INFRASTRUCTURE SEGMENT TAM/GROWTH DRIVERS ADDRESSABLE MARKET New Road Construction Speed: 39 kms Per Day POTENTIAL FOR GROWTH Current Modified Bitumen Market: 1,50,000 to 2,00,00 MT (2% of total Bitumen Market) 5X OVER NEXT 2-3 YEARS Potential Market for CRMB: 1 million MT Total Bitumen Market: 8.8
Slide 25: Industrial Segment – Product & Sales
INDUSTRIAL SEGMENT – PRODUCT & SALES MICRONIZED RUBBER POWDER (80-140 MESH) Industrial Segment Sales (In INR Mn) 922 813 810 Tinna is one of the world's largest MRP producers. 683 Utilizes a indigenously developed Ambient Grinding Process for production. With matured application in tyre/conveyor bel
Slide 26: Industrial Segment TAM/Growth Drivers
INDUSTRIAL SEGMENT TAM/GROWTH DRIVERS INDIAN TYRE INDUSTRY Opportunities for Recycled A vital part of Auto Sector, contributes to 3% of India's manufacturing GDP and 0.5% of the Rubber Materials in the Tyre Sector total GDP directly. In 2020, the Indian tyre market reached 177 million units. Expecte
Slide 27: Consumer Segment – Product & Sales
CONSUMER SEGMENT – PRODUCT & SALES Consumer Segment Sales (In INR Mn) COATED RUBBER Crumb (CRC) 367 Coated Rubber Crumb (CRC) replaces virgin rubber compound. 255 Manufactured by treating Crumb Rubber with a 216 215 proprietary mix of chemicals. Ideally suited for low tensile compounds, solid tyres,
Slide 28: Consumer Segment TAM/Growth Drivers
CONSUMER SEGMENT TAM/GROWTH DRIVERS SPORTS TURF RUBBER MATS/RUBBER TILES Sport and playground surfaces to consume a higher Floor mats application segment quantity of crumb rubber due to minimal buffing, using expected to grow rapidly in the forecast Opportunities for Recycled Rubber Material over 30
Slide 29: Strategic Action Plan
Caring for Environment STRATEGIC ACTION PLAN
Slide 30: Vision 2027
VISION 2027 VISION 2027 10 CURRENT 30% + Locations 6 27.6% ROCE Locations ROCE FY24 25% + 26% INR 363 Cr INR 900 Cr Revenue Revenues Revenues Revenue CAGR CAGR FY24 (Last 3 years) 138% 17.25% 33% + Profitability Growth EBITDA 18% (Last 3 years) Margin EBITDA Profitability FY24 Growth Margin OUR PRIO
Slide 31: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED 27.6% Target ROCE 30% 22.24% 20.67% ROCE Catalyst 9.94% Growth in Value Added Product Supply Streamlining Working Capital 0.99% Enhanced Industry Dynamics FY20 FY21 FY22 FY23 FY24 30
Slide 32: Capacity Expansion
CAPACITY EXPANSION Tyre Crushing Capacity (MT) 250,000 200,000 150,000 2,50,000 MT PA 100,000 capacity planned by 80,000 FY 2027 72,000 FY22 FY23 FY24 FY25E FY26E FY27E Projected Value E Estimated 31
Slide 33: Update on Projects
• TRIL (PCR TYRE RECYCLING) -VARLE, MH UPDATE ON PROJECTS • GLOBAL RECYCLE -OMAN • TRIL (POLYMERS AND MASTERBATCHES) -PANIPAT , HR 32
Slide 34: Project Initiated FY2024: Varle Plant
PROJECT INITIATED : FY2024 VARLE PLANT– PROGRESS AND MILESTONES TRIL made a capex of INR 44 Cr to establish a state-of- the-art Tyre recycling plant in Varle, Maharashtra , having capacity to recycle 60,000 MT of car tyres The plant was commissioned in record time and commenced production in Februar
Slide 35: Project Initiated FY2024: Oman Plant
PROJECT INITIATED : FY2024 OMAN PLANT– PROGRESS AND MILESTONES TRIL has acquired its maiden overseas facility in Oman and named it Global Recycle LLC. which can recycle one third of total Oman End of life tyres annually To have better control on cost and to increase our optionality on selection of t
Slide 36: Project Initiated FY2024: Polymer Composite Business
PROJECT INITIATED : FY2024 POLYMER COMPOSITE (PC) BUSINESS – PROGRESS AND MILESTONES During Q1 and Q2 of FY 25, Tinna has done extensive R&D on product development and have started sales during Q2 of FY 25. During Q3FY25, Tinna started production under following product categories & have sold approx
Slide 37: Paving Way for 2027 – International Operations (1/2)
PAVING WAY FOR 2027 – INTERNATIONAL OPERATIONS (1/2) OMAN Tinna is further planning to expand their operations in Oman and have applied to the concerned Ministry for allocation of land We are in close coordination with the concerned authorities for :- Land allocation for expansion Regularizing the u
Slide 38: Paving Way for 2027 – International Operations (2/2)
PAVING WAY FOR 2027 – INTERNATIONAL OPERATIONS (2/2) SOUTH AFRICA We have signed a JV agreement with M/s. Lionshare Holding Pty Ltd, South African JV Partner for investment in the Mbodla Investment Pty Ltd Tinna Rubber wishes to share that JV Company got permission to export 24,000 end of life tyres
Slide 39: Key Competitive Advantages
7 KEY COMPETITIVE ADVANTAGES Exceptional Product Customization and widest possible application of recycled rubber Diversified Customer network Deep Routed procurement network Strategically Well-Placed Manufacturing Facilities at Port locations World's Largest manufacturer of Micronized Rubber Powder
Slide 40: Moats – Securing Our Leadership
7 MOATS-SECURING OUR LEADERSHIP Pan India Presence Diversified Product Sector Agnostic Applications Applications 45 + Long-standing 45+ years Exceptional Product of industry experience Customization Multinational OEM Approvals Procurement Network 39
Slide 41: Financial Performance
FINANCIAL PERFORMANCE For details, refer Financial Reports section 40
Slide 42: Quarterly Consolidated Financial Performance
QUARTERLY CONSOLIDATED FINANCIAL PERFORMANCE Particulars (INR Mn) Q3 – FY25 Q2 – FY25 Q-o-Q Q3 – FY24 Y-o-Y Operational Income 1,227 1,176 4% 930 32% Total Expenses 1,079 985 10% 775 39% EBITDA 148 192 -23% 155 -5% EBITDA Margins (%) 12.06% 16.29% (423 bps) 16.68% (462 bps) Other Income 6 4 33% 2 13
Slide 43: Nine Months Consolidated Financial Performance
NINE MONTHS CONSOLIDATED FINANCIAL PERFORMANCE Particulars (INR Mn) 9M–FY25 9M-FY24 Y-o-Y Operational Income 3,763 2,532 49% Total Expenses 3,177 2,130 49% EBITDA 586 402 46% EBITDA Margins (%) 15.58% 15.89% (28 bps) Other Income 15 8 91% Depreciation 69 45 52% Interest 84 50 67% Share of Profit /lo
Slide 44: Historical Consolidated Income Statement
HISTORICAL CONSOLIDATED INCOME STATEMENT Particulars (INR Mn) FY22 FY23 FY24 9M-FY25 Operational Income 2,292 2,954 3,630 3,763 Total Expenses 1,923 2,587 3,004 3,177 EBITDA 369 367 626 586 EBITDA Margins (%) 16.10% 12.42% 17.25% 15.58% Other Income 34 61 13 15 Depreciation 86 71 64 69 Interest 90 7
Slide 45: Historical Consolidated Balance Sheet
HISTORICAL CONSOLIDATED BALANCE SHEET Particulars (INR Mn) FY23 FY24 H1-FY25 Particulars (INR Mn) FY23 FY24 H1-FY25 ASSETS EQUITY AND LIABILITIES Non-Current Assets Equity Property, Plant & Equipment 676 1,232 1,381 Share Capital 86 171 171 Capital WIP 3 66 202 Other Equity 874 1,107 1,365 Right of
Slide 46: Historical Financial Performance Charts – P&L Statement
HISTORICAL FINANCIAL PERFORMANCE CHARTS–P&L STATEMENT Revenue From Operations EBITDA (INR Mn) & EBITDA Margins (%) (INR Mn) 3,630 2,954 626 2,292 369 367 16.10% 17.25% 12.42% FY22 FY23 FY24 FY22 FY23 FY24 EBITDA Percentage PAT and Cash Profit (INR Mn) Diluted EPS (INR) 467 23.52 403 289 255 218 12.7
Slide 47: Historical Financial Performance Charts – Balance Sheet
HISTORICAL FINANCIAL PERFORMANCE CHARTS-BALANCE SHEET Net D/E (x) Working Capital (Days) ROE (x) 62 60 40 0.86 31.56% 21.81% 41 0.66 23.65% 0.59 34 27 52 51 47 44 40 30 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 Receivable Days Inventories Days Payable Days Fixed Asset Turnover (x) Debt (INR Mn) &
Slide 48: Capital Market Data
CAPITAL MARKET DATA 1 Year Share Price Performance Number of Public Shareholders 300% 39,805 250% 200% 150% 21,701 100% 14,797 50% 0% 4,639 6,231 -50% Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 31st 31st 31st 31st 31st Dec'24 Tinna Rubbers & Infra Ltd BSE Mar
Slide 49: Environment, Social, and Corporate Governance
A HOLISTIC APPROACH TO BUSINESS: ENVIRONMENT, SOCIAL, AND CORPORATE GOVERNANCE 48
Slide 50: Modern Recycling and Recovery for Sustainable Gains
MODERN RECYCLING AND RECOVERY FOR SUSTAINABLE GAINS CIRCULAR ECONOMY MAKE TRIL business is a prime example of success of circular economy model which involves utilizing existing materials and 6 6** products efficiently through recycling and reusing. Recycling Plants MILLION tyres REUSE USE back in c
Slide 51: Building a Better World
BUILDING A BETTER WORLD REVOLUTIONARY INDUSTRY: ACHIEVING 400% VALUE ADDITION TO WASTE CSR INITIATIVES CREATING AWARENESS We take pride in creating awareness We regularly organize medical checkup, blood donation, and hygiene about circular economy and awareness camps. Our CSR initiatives are mainly
Slide 52: Business for a Cause
BUSINESS FOR A CAUSE Chithoornatham Primary School Medical camp conducted by Tinna, gmpd Government of Tamilnadu Education Department, Installation of water cooler unit at nearby village Karambedu, Chennai Chithoornatham - Razapur, Panipat, Haryana Plantation of Vana Uchar Trees in unit and near Don
Slide 53: Nurturing a Culture of Ethics, Accountability & Transparency
NURTURING A CULTURE OF ETHICS, ACCOUNTABILITY & TRANSPARENCY Ethical Business Practices: Our Ongoing Efforts to Cultivate Trust Among Shareholders, Employees, Customers, Suppliers, and Stakeholders through Principles of Strong Corporate Governance, including Integrity, Equity, Transparency, Fairness
Slide 54: TP Buildtech Pvt. Ltd – An Update
TP BUILDTECH PVT. LTD – AN UPDATE COMPANY OVERVIEW STRENGTHS Established in 2012, specializing in Concrete Waterproofing Admixture, Cement Strong presence in Western India. In FY25 ,building Admixture, Superplasticizer Admixture, etc. business in Northern and Eastern India. Manufacturing units in Wa
Slide 55: Financial Performance – YoY
FINANCIAL PERFORMANCE - YoY SALE AND EBITDA 2,238 2,500 1,622 Sales has gone up around 38% 2,000 Amount in Lakhs on YoY basis 1,500 17% EBITDA Margins has increase from 15% to 17% on YoY basis 1,000 375 15% 238 500 0 Q3 FY 2024 Q3 Provisional FY 2025 Sale (INR) EBITDA (INR) EBITDA Margin (%) 54
Slide 56: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE SALE AND EBITDA 6,402 7,000 6,083 6,000 Amount in Lakhs 4,682 5,000 14% EBITDA 4,000 9% 2,799 7% doubled in 3,000 FY24 3% 2,000 924 435 412 1,000 91 0 FY20-21 FY21-22 FY22-23 FY23-24 Sale (INR) EBITDA (INR) EBITDA Margin (%) 55
Slide 57: Thank You – Investor Relations Contact
THANK YOU Investor Relations Contact: Go India Advisors Sana Kapoor :Senior Research Analyst +91 81465 50469 sana@goindiaadvisors.com Sheetal Khanduja: Head – IR Practice +91 97693 64166 sheetal@goindiaadvisors.com 56
Tinna Rubber and Infrastructure — Q3 FY2025 Earnings Presentation on 6ix