Carysil Limited · NSE:CARYSIL
Carysil — Acrysil — Q3 FY2021 Earnings Presentation
45 slides from Carysil's earnings presentation, Feb 5, 2021
Slide 1: Leader in Lifestyle Kitchen Products
Leader in Lifestyle Kitchen Products Investor Presentation – Q3 & 9M FY21 February 2021
Slide 2: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Acrysil Limited. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities,
Slide 3: Q3 & 9M FY21 Highlights
Q3 & 9M FY21 Highlights
Slide 4: Message from Chairman & MD
Message from Chairman & MD Commenting on the Results, Mr. Chirag Parekh, Chairman & Managing Director said, “The third quarter of FY21 witnessed spurt in demand from across markets and we are delighted to see another quarter of strong performance. We have clocked topline growth of 19.5% YoY and sequ
Slide 5: Q3 FY21 Standalone Performance - Key Highlights
Q3 FY21 Standalone Performance - Key Highlights Company has clocked revenues of Rs. 70.4 crores for Q3 FY21 Revenue +27% Company reported EBITDA of Rs. 15.3 crores in Q3 FY21 EBITDA Strong EBITDA Margins of 21.7% in Q3 FY21 +75% Company reported profit of Rs. 8.4 crores in Q3 FY21 PAT +87% PAT Margi
Slide 6: Q3 FY21 Consolidated Performance - Key Highlights
Q3 FY21 Consolidated Performance - Key Highlights Company has clocked revenues of Rs. 87.5 crores for Q3 FY21 Revenue +20% Company reported profit of Rs. 12.1 crores in Q3 FY21 Domestic business for Q3 FY21 stood at Rs. 18.1 crores, contributing 21% of the total revenue EBITDA +64% Exports business
Slide 7: New Capacity Expansion Announced
New Capacity Expansion Announced Expansion of production capacity by another 100,000 units at its Bhavnagar Plant, Gujarat Proposed Capex will increase manufacturing capacity of Quartz Kitchen Sinks to 700,000 units per annum Purpose of the expansion is to meet the increasing demand of quartz kitche
Slide 8: Standalone Q3FY21: Robust Demand; Improving Profitability
Standalone Q3FY21: Robust Demand; Improving Profitability Rs. Crores Revenue EBITDA PAT COVID-19 impact COVID-19 impact COVID-19 impact 70.4 15.3 8.4 61.2 54.2 55.4 55.4 6.5 11.4 49.9 8.7 8.8 8.8 8.5 36.2 4.5 4.5 4.0 6.2 3.6 1.7 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q1FY20 Q2FY20 Q3FY20 Q
Slide 9: Consolidated Q3FY21: Robust Demand; Improving Profitability
Consolidated Q3FY21: Robust Demand; Improving Profitability Rs. Crores Revenue EBITDA PAT After MI COVID-19 impact COVID-19 impact COVID-19 impact 87.5 20.2 12.1 75.6 73.2 70.7 68.0 15.5 9.4 64.4 12.2 12.2 12.3 6.8 46.0 9.6 9.7 5.8 5.6 4.6 3.9 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q1FY20
Slide 10: Standalone: Q3 & 9M FY21
Standalone: Q3 & 9M FY21 Rs. Crores Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT (Rs. Crs) +27% +75% +87% 70.4 15.3 8.4 55.4 8.8 4.5 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT (Rs. Crs) +2.0% +37.0% +70.9% 164.5 167.8 35.2 19.0 25.7 11.1 9M FY20 9M FY21 9M FY20
Slide 11: Standalone: Q3 & 9M FY21 Margin Improvement
Standalone: Q3 & 9M FY21 Margin Improvement Gross Margin (%) EBITDA Margin (%) PAT Margin (%) +430 bps +590 bps +390 bps 56.7% 21.7% 12.0% 52.4% 15.8% 8.1% Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Gross Margin (%) EBITDA Margin (%) PAT Margin (%) +410 bps +540 bps +460 bps 55.5% 21.0% 11.3% 5
Slide 12: Consolidated: Q3 & 9M FY21
Consolidated: Q3 & 9M FY21 Rs. Crores Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT After MI (Rs. Crs) +19.5% +63.8% +77.6% 87.5 20.2 12.1 73.2 12.3 6.8 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 *Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT After MI (Rs. Crs) -1.3% +23.7% +43.5% 211.9 209.1 45.5 26.1 36.8
Slide 13: Consolidated: Q3 & 9M FY21 Margin Improvement
Consolidated: Q3 & 9M FY21 Margin Improvement Gross Margin (%) EBITDA Margin (%) PAT After MI Margin (%) +630 bps +620 bps +450 bps 55.8% 23.1% 13.8% 49.5% 16.9% 9.3% Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Gross Margin (%) EBITDA Margin (%) PAT After MI Margin (%) +400 bps +440 bps +390 bps
Slide 14: Consistent Growth
Consistent Growth Rs. Crores Revenue EBITDA 276 +17.2% 252 46 45 +16.5% 40 197 209 174 181 29 127 24 26 26 106 19 FY14 FY15 FY16 FY17* FY18* FY19* FY20* 9M FY21* FY14 FY15 FY16 FY17* FY18* FY19* FY20* 9M FY21* PAT After MI Cash PAT After MI 26 34 35 22 +18.1% +19.1% 26 17 19 11 12 16 9 13 13 14 8 8
Slide 15: Revenue Mix
Revenue Mix Geography-wise Revenue Product-wise Revenue FY20 Export 21% 11% 73% Domestic 16% 79% Quartz Sink Steel Sink Appliances & Others 9M FY21 5% 95% 11% 75% Strengthening 14% ‘Carysil’ Brand Quartz Sink Steel Sink Appliances & Others 15 Consolidated Financials
Slide 16: Standalone Profit & Loss
Standalone Profit & Loss Particulars (Rs. Crs.) Q3FY21 Q3FY20 Y-o-Y Q2 FY21 Q-o-Q 9M FY21 9M FY20 Y-o-Y Revenue 70.4 55.4 27.1% 61.2 15.0% 167.8 164.5 2.0% Raw Material 30.5 26.4 29.0 74.7 80.0 Employee Expenses 4.2 4.3 3.8 11.3 12.2 Other Expenses 20.4 16.0 17.0 46.5 46.5 EBITDA 15.3 8.8 74.8% 11.4
Slide 17: Standalone Balance Sheet
Standalone Balance Sheet Assets (Rs. Crs.) Sep-20 Mar-20 Liabilities (Rs. Crs.) Sep-20 Mar-20 Non-current assets 117.0 114.4 Total Equity 137.5 130.3 Property Plant & Equipment 87.8 83.8 Share capital 5.3 5.3 Right to use of assets 0.9 1.4 Other Equity 132.2 125.0 Goodwill 0.0 0.0 Money received aga
Slide 18: Consolidated Profit & Loss
Consolidated Profit & Loss Particulars (Rs. Crs.) Q3FY21 Q3FY20 Y-o-Y Q2 FY21 Q-o-Q 9M FY21 9M FY20 Y-o-Y Revenue 87.5 73.2 20% 75.6 15.7% 209.1* 211.9 -1.3% Raw Material 38.7 37.0 36.6 96.7 106.5 Employee Expenses 6.0 5.7 5.0 15.3 16.3 Other Expenses 22.5 18.1 18.5 51.6 52.3 EBITDA 20.2 12.3 64% 15
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Crs.) Sep-20 Mar-20 Liabilities (Rs. Crs.) Sep-20 Mar-20 Non-current assets 141.2 138.8 Total Equity 170.8 160.2 Property Plant & Equipment 101.6 97.8 Share capital 5.3 5.3 Right to use of assets 0.9 1.4 Other Equity 163.0 152.5 Goodwill 23.9 23.9 Money receive
Slide 20: Business Updates
Business Updates Strategic Partnership with IKEA Commencement of Physical Vapor Capacity Expansion Supply AG (Switzerland) Deposition Plant • Entered into a strategic partnership with IKEA • Proposed Capacity Expansion of Quartz Kitchen • Acrysil Steel Limited (ASL), subsidiary of Acrysil Supply AG
Slide 21: Business Overview
Business Overview
Slide 22: Numero Uno Position
Numero Uno Position India’s 1st state of art Show Room Only manufacturer in India & cum Experience Center in Exclusive product galleries for Asia in Quartz Sink Ahmedabad & Mumbai ‘Carysil’ Certification for ISO 9001:2008, ISO Quartz Sink Capacity : 500,000 sinks Brands - “CARYSIL” & per annum in FY
Slide 23: Acrysil – Over the Years
Acrysil – Over the Years Today, Acrysil is India’s only indigenous brand of kitchen sinks made of Quartz Acrysil started its first 2020 international subsidiary in 2019 Incorporation Germany – of a Wholly Acrysil GmbH. owned Launched 2018 Started Entered into Subsidiary Kitchen commercial an agreeme
Slide 24: Pillars of Integrated Business
Pillars of Integrated Business Brand Manufacturing Facilities & Technology ▪ Brand promotion on TV and in print, along with exposure ▪ Quartz Sinks: 500,000 pa , Stainless Steel : 90,000 pa and through sponsorship of events like Times Food and Appliances : 7,000 pa MasterChef Australia ▪ Enjoy in-ho
Slide 25: Increasing Product Portfolio
Increasing Product Portfolio Product Segment Kitchen Bathroom Suits Bath Sinks Appliances Fittings APPLIANCES 25
Slide 26: Sinks
Sinks
Slide 27: Only Company to make Quartz Sinks in Asia
Only Company to make Quartz Sinks in Asia The only company in all of Asia and among a few companies Capacity of Quartz Sinks (per annum) worldwide: manufacturing quartz kitchen sinks to global standards High Margin Addition 7,00,000 Product of Existing quality, durability and visual appeal 2,00,000
Slide 28: Stainless Steel Sinks – Quadro Sinks the Focus Area
Stainless Steel Sinks – Quadro Sinks the Focus Area Stainless-Steel Sinks Contribution: 14% to Consolidated revenue * Production Capacity : 90,000 sinks per annum Target Market for Quadro (Designer) Sinks: Caters to high end segment who are willing to pay a premium for superior quality, design and f
Slide 29: Kitchen Appliances
Kitchen Appliances
Slide 30: Kitchen Appliances – Multifold Growth Opportunity
Kitchen Appliances – Multifold Growth Opportunity Poised to become a significant player in the overall Kitchen Segment: Manufacturing and Trading of Appliances Chimneys Dish Washer Cook Tops Expansion of Appliances Range Currently Constant Innovation, Research, contributing ~5% Development & Design
Slide 31: Bath Segment
Bath Segment
Slide 32: Bath Segment – Synergetic Move to Leverage Quartz Technology
Bath Segment – Synergetic Move to Leverage Quartz Technology Achievements Won 52 international awards, among them the Red Dot Award (Best of the Best) ✓ Brand owned by Acrysil’s Wholly owned Subsidiary in Germany, ‘Acrysil Synergy GmbH’ Synergy in Quartz Sink Technology helped in developing patented
Slide 33: Strengthening “STERNHAGEN” Brand
Strengthening “STERNHAGEN” Brand “Unveiling the new Rose Gold collection of Premium Sanitary ware and Bath fittings” 33
Slide 34: Strengthening “STERNHAGEN” Brand
Strengthening “STERNHAGEN” Brand • Acrysil has signed an agreement with Farah Ali Khan a well-known Jewellery Designer and Indian Gemologist for their brand Sternhagen • Farah Ali Khan has been designing the jewellery for India’s top business families and famous Bollywood stars. • The Company will p
Slide 35: Products with Global Standards sold in 55 Countries
Products with Global Standards sold in 55 Countries Company presently exports to over 55 countries. Plan to expand further by acquiring new customers and penetrating in new geographies Sales Network Global Offices 35 Map not to scale. All data, information and maps are provided “as is” without warra
Slide 36: Domestic Presence - Strengthening of our Brands
Domestic Presence - Strengthening of our Brands Dealer Network 1500 1500 1300 1200 800 550 400 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-2020 Distributor Network 80 82 82 60 65 ARABIAN BAY OF 45 SEA BENGAL 30 Sales Distributor 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-2020 36 M
Slide 37: Moulds an Integral Part of Manufacturing Process
Moulds an Integral Part of Manufacturing Process Input Processing Output Variety of Moulds Production Capacity ▪ Has more than 130 moulds 500,000 units per ▪ 350+ SKU’s annum All the Moulds are imported Place: Bhavnagar, Gujarat Purchase of Moulds A Mould can be Made as per the utilized for 15+ year
Slide 38: Presence in UK through Acrysil Products Ltd.
Presence in UK through Acrysil Products Ltd. (formerly known as Homestyle Products Ltd.) Acrysil holds 100% in Homestyle Products through Acrysil UK Limited The name of Homestyle Products Limited has been changed to Acrysil Products Limited Products sold under Acrysil Products Ltd. Revenues (Mn. GBP
Slide 39: Incorporation of a Wholly Owned Subsidiary
Incorporation of a Wholly Owned Subsidiary • Acrysil has incorporated a Wholly Owned Subsidiary (WOS) namely “ACRYSIL USA Inc” under Business Corporation Law of the State of New York • It was incorporated on April 30, 2020 • Major purpose is for expansion of our presence in USA. The Subsidiary will
Slide 40: Our Distribution Model
Our Distribution Model International Domestic Strong Foothold in India STRATERGIC Acquisition of 65 Franchise Significant Presence in UK 1,500 Dealers 80 Gallery Homestyle UK Limited Shop (now known as Acrysil Products Limited - A Market kitchen products distribution company) 82 Distributors 5 Offic
Slide 41: Multiple Growth Drivers
Multiple Growth Drivers 01 Strong Distribution 02 Branding & 03 Huge Product Network Technology Range Short Term Strengthen the Distribution Entry into the kitchen network by tie up with Focused on capturing appliances market with Homestyle and plan to add the Brand Mindspace innovation, R&D and new
Slide 42: Board of Directors
Board of Directors Mr. Chirag A. Parekh Mr. Jagdish R. Naik ▪ A Chartered Accountant, was a partner of a reputed ▪ He holds a BBA Degree from premier ' European University’ Accounting firm - M/s S.V. Ghatalia & Associates for more than ▪ After joining the company in 1993, he successfully steered it
Slide 43: Awards & Certifications
Awards & Certifications Award Certificate for Manufacturing Innovation & Design If Design Award to Sternhagen SaniQ kristall wash basin FGI’s Award for ‘Best Exports Performance & Promotion’ IPF Fastest growing Manufacturing Company Award Certificate for ‘Best CSR practices’ by Rotary Club FGI’s Awa
Slide 44: Regular Dividend Payout
Regular Dividend Payout Dividend 21.2% 22.8% 27.8% 21.7% 18.1% 14.3% Payout (excl. DDT) 21.9 18.9 18.0 8.4 6.6 5.0 5.0 4.6 4.0 1.0 1.2 1.2 2015 2016 2017 2018# 2019# 2020# EPS DPS The Board of Directors has declared an Interim Dividend for the Financial Year 2020-2021 of Rs.0.8/- per equity share of
Slide 45: ACRYSIL LIMITED
ACRYSIL LIMITED For further information, please contact Company : Investor Relations Advisors : Acrysil Limited Strategic Growth Advisors Private Limited CIN: L26914MH1987PLC042283 CIN: U74140MH2010PTC204285 Mr. Anand Sharma - CFO Mr. Rahul Agarwal/ Ms. Khushbu Shah cfo@acrysil.com rahul.agarwal@sga