Dcm Shriram Limited · NSE:DCMSHRIRAM
Dcm Shriram — Q3 FY19 Earnings Presentation
33 slides from Dcm Shriram's earnings presentation, Jan 29, 2019
Slide 1: Exchange cover letter for results presentation
��◊ DCM SHRIRAM BSE Limited National Stock Exchange of India Ltd., Phiroze JeeJeeBhoy Towers, "Exchange Plaza", Dalal Street, 5th Floor, Plot No. C-1, G Block, Mumbai - 400 001 Bandra-Kurla Complex, Sandra (E) Mumbai - 400 051 SCRIP CODE : 523367 SCRIP CODE : DCMSHRIRAM Kind Attn: Department of Corp
Slide 2: Q3 & 9M FY19 - Results Presentation
DCM Shriram Ltd. Q3 & 9M FY19 - Results Presentation January 29, 2019 1
Slide 3: Safe Harbour
Safe Harbour Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actua
Slide 4: Table of Content
Table of Content Title Slide No. Q3 FY19 4-7 Key Highlights 4-5 Financial Snapshot 6 Segment Performance 7 9M FY19 8-9 Financial Snapshot 8 Segment Performance 9 Q3 FY19 Performance Overview & Outlook 10-13 Projects under Implementation 14 Management’s Message 15 Segmental Details 16-31 Chloro-Vinyl
Slide 5: Q3 FY'19 – Key Highlights
Q3 FY’19 – Key Highlights 1. Net Revenues up by 19% YoY at Rs 2,115 crores: j a. Own Products – Revenues increased by 27% YoY. i. Chemicals – Revenues up by 18% YoY with increase in net realizations by 11% and volumes gain of 6% driven by new capacity addition at Kota plant. Revenues up by 21% QoQ w
Slide 6: Q3 FY'19 – Key Highlights
Q3 FY’19 – Key Highlights d) Sugar – Overall PBDIT at Rs 53 crores down by 6% YoY after the charges of Rs 64.7 crores of off season expenses and loss on export of raw sugar explained above. PBDIT from Distillery (sales started current year only) and Power stood at Rs 70 crores vs Rs 35 crores last
Slide 7: Q3 FY19 – Financial Snapshot
Q3 FY19 – Financial Snapshot Revenue (Net) PBDIT Depreciation 2,115 1,784 347 357 37 40 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Finance Cost PBIT PAT 311 317 213 226 19 19 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Note: All figures in Rs. crores Net revenue includes operating income DC
Slide 8: Q3 FY19 - Segment Performance
Q3 FY19 - Segment Performance Rs. Cr. Revenues PBIT PBIT Margins % YoY % YoY % Segments Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Change Change Chloro Vinyl 577.6 660.6 14.4 241.8 251.9 4.1 41.9 38.1 Sugar 431.9 618.5 43.2 48.8 42.5 (12.8) 11.3 6.9 - Sugar 387.2 528.8 36.6 13.5 (27.8) - 3.5 (5
Slide 9: 9M FY19 – Financial Snapshot
9M FY19 – Financial Snapshot Revenue (Net) PBDIT Depreciation 5,334 5,883 996 1017 104 114 9M FY18 9M FY19 9M FY18 9M FY19 9M FY18 9M FY19 Finance Cost PBIT PAT 892 904 619 613 95 63 9M FY18 9M FY19 9M FY18 9M FY19 9M FY18 9M FY19 Note: All figures in Rs. crores Net revenue includes operating income
Slide 10: 9M FY19 - Segment Performance
9M FY19 - Segment Performance Rs. Cr. Revenues PBIT PBIT Margins % YoY % YoY % Segments 9M FY18 9M FY19 9M FY18 9M FY19 9M FY18 9M FY19 Change Change Chloro Vinyl 1,507.6 1,826.7 21.2 563.5 722.6 28.2 37.4 39.6 Sugar 1,574.1 1,715.6 9.0 230.9 127.2 (44.9) 14.7 7.4 - Sugar 1,503.6 1,454.9 (3.2) 181.6
Slide 11: Q3 FY19 - Performance Overview & Outlook
Q3 FY19 - Performance Overview & Outlook Overall Chloro-vinyl revenues up 14% YoY, Chemicals up 18%. Plastics up 3%. Overall , Chloro-vinyl PBIT up by 4% YoY with Chemicals up 8% and Plastics down 33%. o Chemicals Caustic ECU realizations at Rs 36,967/ up by 10.8% YoY. Caustic prices declined
Slide 12: Q3 FY19 - Performance Overview & Outlook
Q3 FY19 - Performance Overview & Outlook Overall revenues up by 43% YoY. Sugar Revenues at Rs 528.8 crores (up 36.6 %YoY), Power revenues at Rs 46.0 crores were up by 2.9 % and distillery revenues at Rs. 43.7 crores (nil last year) Sugar Domestic realization at Rs. 3,159/qtl vs Rs 3,618/qtl la
Slide 13: Q3 FY19 - Performance Overview & Outlook
Q3 FY19 - Performance Overview & Outlook Net revenues down by 13% YoY. Bulk fertilizer revenue down by 82%, whereas revenues from value added inputs up by 30%, part of planned efforts to focus on value added inputs and reduce activities under bulk products. Shriram Farm Overall PBIT up by 32%
Slide 14: Q3 FY19 - Performance Overview & Outlook
Q3 FY19 - Performance Overview & Outlook Net revenues up by 39% primarily due to higher prices (ie reflection of higher energy cost, a pass through). Volumes up by 13% QoQ (Plant had a stoppage for 9 days during Q2 FY18). Subsidy outstanding as on 31st December, 2018 Rs 423 crores vs Rs 292 cr
Slide 15: Projects Under Implementation
Projects Under Implementation Projects Under Implementation Investment Project Business Project Capacity Completion (Rs. Cr.) Timeline Distillery 200 KLD 300 Q3 FY20 Sugar Power Co-Gen 30 MW 110 Feb’ 19 Caustic Soda Expansion 1032 TPD -Bharuch 186 TPD 113 April' 19 Chemicals -Bharuch 146 TPD 64 -Bha
Slide 16: Management's Message
Management’s Message Commenting on the performance for the quarter and 9M ending December 2018, in a joint statement, Mr. Ajay Shriram, Chairman & Senior Managing Director, and Mr. Vikram Shriram, Vice Chairman & Managing Director, said: “The company delivered satisfactory performance during the qua
Slide 17: Segmental Details
Segmental Details • Chemicals • PVC Resins Chloro-Vinyl Businesses • Calcium carbide • Power • Agri- Inputs o Shriram Farm Solutions Agri o Bioseeds Businesses o Fertilizers • Sugar • Fenesta Building Systems Other Businesses • Cement • Polymer Compounds • Hariyali Kisaan Bazaar DCM Shriram Ltd. – Q
Slide 18: Chloro Vinyl Business
Chloro Vinyl Business PBIT Cap. Employed Particulars Revenues (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) Q3 FY19 660.6 251.9 1,274.9 Q3 FY18 577.6 241.8 1,010.0 % Shift 14.4 4.1 26.2 9M FY19 1,826.7 722.6 1,274.9 9M FY18 1,507.6 563.5 1,010.0 % Shift 21.2 28.2 26.2 The Chloro-Vinyl business of the Company has hi
Slide 19: Chemicals
Chemicals Operational Financial Sales Realisations Revenues PBIT Particulars (MT) (Rs./MT) (Rs Cr.) (Rs. Cr.) Q3 FY19 1,20,443 36,967 504.8 235.1 Q3 FY18 1,13,252 33,373 427.1 216.9 % Shift 6.3 10.8 18.2 8.4 9M FY19 3,41,244 35,415 1,390.7 666.1 9M FY18 3,16,088 29,442 1,060.2 473.5 % Shift 8.0 20.3
Slide 20: Chemicals
Chemicals • Caustic ECU realizations at Rs 36,967/ up by 10.8% YoY. Caustic prices declined but chlorine was +ve vs –ve last year. Performance Overview • Volumes up by 6% driven by new capacity addition at Kota plant. • Earnings growth restricted to 8% YoY due to higher input costs & shut down relat
Slide 21: Plastics
Plastics Operational Financial PVC XWR Carbide XWR PVC Sales Carbide Sales Revenues PBIT Particulars Realisations Realisations (MT) (MT) (Rs Cr.) (Rs. Cr.) (Rs./MT) (Rs./MT) Q3 FY19 15,410 75,859 6,515 52,530 155.7 16.8 Q3 FY18 17,639 69,288 5,751 43,323 150.5 25.0 % Shift (12.6) 9.5 13.3 21.3 3.4 (
Slide 22: Plastics
Plastics Import and DCM PVC Prices 1,020 78,077 79,000 1,000 1,000 985 77,943 972 78,000 980 956 960 76,743 77,000 76,844 961 924 Prices - $ Prices - Rs 940 76,788 953 76,534 76,000 920 900 75,000 75,967 905 880 900 73,918 74,000 860 74,408 840 73,000 Apr/18 May/18 Jun/18 Jul/18 Aug/18 Sep/18 Oct/18
Slide 23: Sugar
Sugar YoY % Particulars Q3 FY18 Q3 FY19 YoY % Change 9M FY18 9M FY19 Change Revenues (Rs. cr.) Sugar 387.2 528.8 36.6 1,503.6 1,454.9 (3.2) Power 44.7 46.0 2.9 70.4 106.5 51.2 Distillery 0.0 43.7 - 0.0 154.2 - Total 431.9 618.5 43.2 1,574.1 1,715.6 9.0 PBIT (Rs cr.) Sugar 13.5 (27.8) - 181.6 (57.6)
Slide 24: Sugar
Sugar Sales (Volume) Sugar Sugar Cap. Sugar Realizations Particulars Production Power Distillery Employed (Domestic) (Domestic) (Lac Qtls) (Lac Units) (Lac Ltrs) (Rs Cr.) (Lac Qtls) (Rs/ Qtl) Q3 FY19 16.0 14.2 884.5 103.5 3159 1357 Q3 FY18 18.2 10.1 885.9 0.0 3618 869 % Shift (12.0) 40.6 (0.2) - (12
Slide 25: Sugar Segment
Sugar Segment Overall revenues up by 43% YoY. Sugar Revenues at Rs 528.8 crores (up 36.6 %yoy), Power revenues at Rs 46.0 crores were up by 2.9 % and distillery revenues at Rs. 43.7 crores (nil last year) Sugar Domestic realization at Rs. 3,159/qtl vs Rs 3,618/qtl last year and Rs 3,207/qtl fo
Slide 26: Agri- Input Businesses
Agri- Input Businesses The Agri input businesses contributed to 29% of the Company’s revenues during Q3 FY19. The Company continues to focus on these businesses given the huge opportunity in this area where the Company can capitalize on its long understanding of varied Agri businesses and the rural
Slide 27: Shriram Farm Solutions
Shriram Farm Solutions Revenues (Rs. Cr.) PBIT (Rs. Cr.) Cap. Employed Particulars Bulk Value Added Total Bulk Value Added Total (Rs. Cr.) Q3 FY19 21.6 254.2 275.8 -3.1 47.1 44.0 262.2 Q3 FY18 120.3 196.0 316.4 2.6 30.7 33.3 327.2 % Shift (82.1) 29.7 (12.8) - 53.4 32.3 (19.8) 9M FY19 106.4 537.7 644
Slide 28: Bioseed
Bioseed Revenues (Rs. Cr.) PBIT Cap. Employed Particulars India International Total (Rs. Cr.) (Rs. Cr.) Q3 FY19 37.9 25.4 63.3 (14.4) 467.9 Q3 FY18 37.1 19.5 56.6 (11.0) 449.3 % Shift 2.0 30.2 11.7 - 4.1 9M FY19 358.3 69.6 427.9 29.4 467.9 9M FY18 369.1 74.0 443.1 66.1 449.3 % Shift (2.9) (5.9) (3.4
Slide 29: Fertilizers (Urea)
Fertilizers (Urea) Operational Financial Sales Realisations Revenues PBIT Cap. Employed Particulars (MT) (Rs./MT) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) Q3 FY19 1,06,274 25,887 299.0 24.0 484.4 Q3 FY18 1,07,396 18,746 214.5 25.3 369.6 % Shift (1.0) 38.1 39.4 (5.2) 31.0 9M FY19 2,92,094 23,780 773.7 50.2 484.
Slide 30: Other Businesses
Other Businesses The ‘Others’ Segment in the financial results, includes Cement, Fenesta Building Systems and Hariyali Kisaan Bazar. Revenues under ‘Others’ stood at Rs 210 crores in Q3 FY19 from Rs. 198 crores in Q3 FY18. PBIT for the quarter stood . at Rs. 5 crores vis-à-vis Rs. 3 crores in Q3 FY1
Slide 31: Fenesta Building Systems
Fenesta Building Systems Operational Financial Order Book (Rs Crores) Revenues Particulars Retail Projects Total (Rs Cr.) Q3 FY19 76.7 32.1 108.8 97.0 Q3 FY18 65.0 30.6 95.6 83.4 % Shift 17.9 5.0 13.8 16.3 9M FY19 227.7 94.5 322.3 288.5 9M FY18 188.9 77.2 266.0 245.7 % Shift 20.6 22.5 21.1 17.4 Fene
Slide 32: Cement
Cement Operational Financial Sales Revenues PBIT Particulars Realisations (Rs./MT) (MT) (Rs. Cr.) (Rs. Cr.) Q3 FY19 1,09,099 3,128 42.3 (6.4) Q3 FY18 99,719 2,975 39.2 (6.5) % Shift 9.4 5.1 8.0 - 9M FY19 3,25,247 3,046 124.3 (5.8) 9M FY18 3,38,274 3,078 133.3 2.0 % Shift (3.9) (1.0) (6.7) - The Ceme
Slide 33: About Us & Investor Contacts
About Us & Investor Contacts DCM Shriram Ltd. is an integrated business entity, with extensive and growing presence across the entire Agri value chain and Chloro-Vinyl industry. The Company has added innovative value- added businesses in these domains primarily Bioseed and Fenesta. Access to captive