Carysil Limited · NSE:CARYSIL
Carysil — Q4 FY2024 Earnings Presentation
50 slides from Carysil's earnings presentation, May 21, 2024
Slide 1: Thriving Growth. Unlocking Potential. Inspiring Success.
THRIVING GROWTH. UNLOCKING POTENTIAL. INVESTOR INSPIRING PRESENTATION SUCCESS. May’24
Slide 2: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Carysil 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, a
Slide 3: Q4 & FY24 Highlights
CARYSIL STERNHAGEN GERMAN ENGINEERED | |§§ #§$ GERMANY Q4 & FY24 Highlights
Slide 4: Message from Chairman & MD
Message from Chairman & MD Mr. Chirag Parekh, Chairman & Managing Director “FY24 began on a challenging note due to geopolitical uncertainties. However, the environment improved with each passing quarter, particularly in the United States and the United Kingdom, while Europe continued to experience
Slide 5: FY24 Performance Highlights
FY24 Performance Highlights Revenue has increased on YoY basis due to Our subsidiary inn GCC has been operational and improved demand is already EBITDA positive Total Income ▪ Exports Revenue for FY24 stood at Rs. 543.4 cr up by 17.5% on YoY Rs 688.1 cr ▪ Domestic Revenue for FY24 stood at Rs. 140.4
Slide 6: Consistent Growth
Consistent Growth Rs. Crores Quartz Sink Volumes (Units in ‘000s) Other Volumes (Units in ‘000s) Total Income** Steel Sink Kitchen Appliances & Others# 650 182 688 564 163 +22.2% 153 594 514 55 117 48 55 492 387 413 114 346 103 51 45 316 43 252 280 127 105 109 60 66 69 FY19 FY20 FY21 FY22 FY23 FY24
Slide 7: Revenue Mix
Revenue Mix Geography-wise Revenue Product-wise Revenue FY23 FY24 FY23 FY24** 78.0% 20.5% 25.0% 27.6% 52.0% 50.4% 22.0% 79.5% 11.0% 11.0% 13.0% 11.1% Quartz Sink Exports* Domestic Steel Sink Appliances & Others Surfaces Strengthening ‘Carysil’ Brand 7 * United Granite LLC which got consolidated from
Slide 8: Presence in UK through Carysil Products Ltd.
Presence in UK through Carysil Products Ltd. (formerly known as Acrysil Products Ltd.) Carysil ltd. holds 100% in Carysil Products Ltd. through Carysil UK Ltd. The name of Acrysil Products Ltd. has been changed to Carysil Products Ltd. Revenues (Mn. GBP) Products sold under Carysil Products Ltd. (fo
Slide 9: Overseas Operations Performance
Overseas Operations Performance Carysil Surfaces Limited United Ganite LLC Revenues (Mn. GBP) Revenues (Mn. $) Covid Impact 14.0 13.9 14.6 14.8 12.0 12.3 12.7 10.9 10.6 9.6 9.5 7.7 2.2 CY18 CY19 CY20 CY21 CY22 FY22 FY23 FY24 CY20 CY21 CY22 CY23 Q1CY24 Strengthening Presence and market share in the U
Slide 10: Consolidated Profit & Loss
Consolidated Profit & Loss Particulars (Rs. Crs.) Q4FY24 Q4FY23 Y-o-Y FY24 FY23 Y-o-Y Revenue 190.5 145.6 683.8 593.9 Gain / (Loss) on Foreign Exchange 1.5 0.0 4.4 0.0 Total Income 192.1 145.6 31.9% 688.1 593.9 15.9% • The integration of United Granite LLC Raw Material 78.0 75.4 314.9 302.5 Employee
Slide 11: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Crs.) Mar-24 Mar-23 Liabilities (Rs. Crs.) Mar-24 Mar-23 Non-current assets 430.4 359.3 Total Equity 358.1 307.0 Property Plant & Equipment 234.9 209.7 Share capital 5.4 5.4 Right to use of assets 16.3 13.2 Other Equity 348.6 298.0 Goodwill 113.5 103.4 Non Cont
Slide 12: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crs.) Mar-24 Mar-23 Net Profit For The Year 58.4 52.8 Adjustments for: Non-Cash Items / Other Investment or Financial Items 78.3 57.8 Operating profit before working capital changes 136.6 110.6 Changes in working capital -59.4 -25.7 Cash generated fr
Slide 13: Standalone Profit & Loss
Standalone Profit & Loss Particulars (Rs. Crs.) Q4FY24 Q4FY23 Y-o-Y FY24 FY23 Y-o-Y Revenue 104.5 75.2 371.3 335.7 Gain / (Loss) on Foreign Exchange 1.5 0.0 4.2 0.0 Total Income 106.0 75.2 41.1% 375.4 335.7 11.8% Raw Material 39.9 32.6 151.3 145.5 Employee Expenses 8.8 6.6 31.7 25.8 Other Expenses 3
Slide 14: Standalone Balance Sheet
Standalone Balance Sheet Assets (Rs. Crs.) Mar-24 Mar-23 Liabilities (Rs. Crs.) Mar-24 Mar-23 Non-current assets 258.6 227.0 Total Equity 256.0 224.6 Property Plant & Equipment 185.7 175.1 Share capital 5.4 5.4 Right to use of assets 12.6 13.2 Other Equity 250.7 219.3 Intangible Assets 3.0 1.8 Capit
Slide 15: Standalone Cash Flow Statement
Standalone Cash Flow Statement Particulars (Rs. Crs.) Mar-24 Mar-23 Net Profit For The Year 36.3 25.6 Adjustments for: Non-Cash Items / Other Investment or Financial Items 54.1 43.5 Operating profit before working capital changes 90.4 69.1 Changes in working capital -46.2 0.1 Cash generated from Ope
Slide 16: Improving Return Ratios - Consolidated
Improving Return Ratios - Consolidated Return on Capital Employed (%) Return on Equity (%) 24.3% 28.9% 21.3% 20.7% 20.2% 15.7% 15.3% 18.7% 17.5% 14.5% FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 16
Slide 17: Regular Dividend Payout
Regular Dividend Payout Dividend 14.3% 13.6% 9.8% 10.2% 9.3% Payout (excl. DDT) 24.3 21.6 19.6 14.7 8.4 2.0 2.4 2.0 2.0 1.2 FY20 FY21 FY22 FY23 FY24 EPS DPS 17
Slide 18: Company Overview
Company Overview 18
Slide 19: Numero Uno Position
Numero Uno Position Introduced Physical Vapor Certification for Only Manufacturer with Schock Deposition (PVD) Technology ISO 9001:2015 Technology (Germany) For metallic finish of stainless- ISO 14001:2015 In Asia in Quartz Sink steel sinks ISO 45001:2018 PAN India presence Quartz Sink Capacity Expo
Slide 20: Products with Global Standards sold across countries
Products with Global Standards sold across countries Continued focus on expanding further by acquiring new customers and penetrating newer geographies Export Countries 55+ Global Offices 5 Global Sales Network 50+ ✓ Expanded in newer geographies – Australia, New Zealand, Gulf countries, Southeast As
Slide 21: Industry Overview
Industry Overview The global kitchen sinks market is projected to 80-90 MN units ~7 MN Units 9 MN Units grow from USD 3.2 25% CAGR billion in 2022 to USD Of Quartz sink are 4.50 billion by 2030, The global market for Demand for manufactured using of Quartz sinks globally with a CAGR of 3.87% kitchen
Slide 22: Our Distribution Model
Our Distribution Model International STRATEGIC Acquisition of Home Style Products Limited • Outsources and sells it to the Top Customers (now known as Carysil Products Limited - A kitchen products distribution • Key Alliances with partners in USA, Israel, Denmark & Germany company)with 100% Stake •
Slide 23: Carysil – Over the Years
Carysil – Over the Years 1993 2010-11 2017-18 2020 2022 Carysil began its Carysil started its first 2017: Launch of Sternhagen Incorporation of a Acquisition of Tickford Orange focus on exports of international subsidiary brand and State of art Wholly owned Limited, holding company of its Quartz Sin
Slide 24: Pillars of Integrated Business
Pillars of Integrated Business Brand Manufacturing Facilities & Technology Distribution Network Gallery Product Basket • Brand promotion on TV and in print, along • Quartz Sinks: 10,00,000 pa , Stainless Steel • The acquisition of 100% stake in a • Offers a wide range of cutting edge with exposure t
Slide 25: Vision & Mission
Vision & Mission • To be the leading global player in Kitchen and Bath segment ▪ To become one-stop solution for kitchen segment ▪ To go beyond customer satisfaction by manufacturing high- quality products and providing excellent service ▪ To keep up with the latest trends in technology ▪ To enhance
Slide 26: Board of Directors
Board of Directors Mr. Chirag A. Parekh Mr. Anand Sharma Chairman and Managing Director Executive Director & Group CFO, COO He holds a BBA Degree from premier ' European University’ After joining the He is a fellow member of ICAI, CS and Cost Accountant having more than 25 company in 1993, he succes
Slide 27: Our Core Team
Our Core Team Jairaj Nair Reena Shah Manish Thakkar Mitesh Chauhan VP (Sales & Marketing) Vice President Domestic Business Company Secretary Sr. Vice President (Ops.) (International Sales) & Compliance Officer Rhea Parekh Pradeep Trivedi Aishwarya Srivastava International Marketing HR Head Shrenik C
Slide 28: Awards & Certifications
Awards & Certifications Award Certificate If Design Award to FGI’s Award for ‘Best for Manufacturing Sternhagen SaniQ Exports Performance Innovation & kristall wash basin & Promotion’ Design IPF Fastest growing Manufacturing Certificate for ‘Best CSR FGI’s Award for ‘Good Company Award practices’ by
Slide 29: Increasing Product Portfolio
Increasing Product Portfolio Product Segment Bathroom Kitchen Suite Sinks Faucets Bath Fittings Appliances 29
Slide 30: Sinks
Sinks 30
Slide 31: Quartz Sinks – Only Company in Asia
Revenue Mix Only Company in Asia Capacity of Quartz Sinks (per annum) The only company in Asia and among a few Existing companies worldwide: manufacturing quartz kitchen sinks to global standards of quality, durability and visual appeal 1,000,000 840,000 Plant Capacity 600,000 500,000 4 plants havin
Slide 32: Stainless Steel Sinks – Quadro Sinks the Focus Area
Stainless Steel Sinks – Quadro Sinks the Focus Area Stainless-Steel Sinks Contribution: 11.1% to Consolidated revenue* Production Capacity 1,80,000 sinks per annum^; Commercial production of additional capacity commenced in Jul’23 Target Market for Quadro (Designer) Sinks Caters to high end segment
Slide 33: Kitchen Appliances
Kitchen Appliances 33
Slide 34: Kitchen Appliances – Multifold Growth Opportunity
Kitchen Appliances – Multifold Growth Opportunity Chimneys Wine Chillers Edge over Price, Quality and Delivery Fronts Currently contributing 3.7% to the Revenue* Dish Washer Hoods Product Portfolio Manufacturing and Trading of Appliances Poised to become a significant player in the overall Kitchen C
Slide 35: Bath Segment
CARYSIL. STERNHAGEN GERMAN ENGINEERED GERMANY Bath Segment
Slide 36: Bath Segment – Synergetic Move to Leverage Quartz Technology
Bath Segment – Synergetic Move to Leverage Quartz Technology FUNDAMENTALS OF THE BUSINESS ▪ Brand owned by Carysil’s Wholly owned Subsidiary in Germany, ‘Carysil GmbH’ Product Details Range of Products Innovation Sternhagen washbasins Premium Sanitary Ware, Developed full bathroom ▪ 60+ Showrooms &
Slide 37: Business Model
CARYSIL. STERNHAGEN GERMAN ENGINEERED GERMANY
Slide 38: Moulds an Integral Part of Manufacturing Process
Moulds an Integral Part of Manufacturing Process Variety of Moulds Life of Moulds Input Purchase of Moulds A Mould can be utilized for 15+ All the Moulds are imported ▪ Has more than 150 moulds ▪ 400+ SKU’s years Processing Place Bhavnagar, Gujarat Production Capacity Made to Order Output 10,00,000*
Slide 39: Domestic Presence - Strengthening of our Brands
Domestic Presence - Strengthening of our Brands With a strong focus on the domestic market, we are increasing our penetration domestically by expanding in dealer network pan India. Expanded dealer network to over 3,200 dealers Dealer Network 3,100+ 3,200+ Chirag Parekh, Chairman & Managing Director
Slide 40: Increasing Presence Across India
Increasing Presence Across India ❖ Increasing Penetration in the domestic market through the opening of many galleries across India ❖ Displaying vast range of ‘Carysil’ products, including kitchen sinks, chimneys, hobs, cooktops, faucets, dishwashers, etc. 40
Slide 41: Acquisitions so far…!
Acquisitions so far…! Carysil Products Limited Carysil Surfaces Limited Carysil Brassware Limited United Granite LLC Acquisition : 13th Nov’14 Acquisition on - 1st Apr’22 Acquisition on - 3rd Apr’23 Acquisition on - 20th Oct’23 • Carysil has acquired entity in 3 traches • Carysil UK has acquired 100
Slide 42: Multiple Growth Drivers
Multiple Growth Drivers Strong Distribution Network Strengthen the Distribution network by tie up with Carysil Products and Carysil Surfaces, UK, United Granite and plan to add new 100 galleries and 34 more distributor and increased dealer network to 3200+ dealers in FY24 Short Term Branding & Techn
Slide 43: Historical Financials
CARYSIL STERNHAGEN GERMAN ENGINEERED GERMANY Historical Financials
Slide 44: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Crs.) FY24 FY23 FY22 FY21 FY20 Revenue 683.8 593.9 483.9 309.7 276.2 Gain / (Loss) on Foreign Exchange 4.4 0.0 8.5 5.8 - Total Income 688.1 593.9 492.4 315.5 276.2 Raw Material 314.9 302.5 209.5 141.8 137.4 Employee Expenses 59.8 43.4 30.7 22.2 2
Slide 45: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Liabilities (Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Non-current assets 430.4 359.3 245.8 170.3 138.8 Total Equity 358.1 307.0 256.9 194.0 160.2 Property Plant & Equipment 234.9 209.7 168.3 121.2 97.8 Share capital
Slide 46: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Net Profit For The Year 58.4 52.8 65.3 39.3 22.9 Adjustments for: Non-Cash Items / Other Investment or Financial Items 78.3 57.8 51.1 38.7 29.1 Operating profit before working capital changes 136.6 110.6 116.3
Slide 47: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Particulars (Rs. Crs.) FY24 FY23 FY22 FY21 FY20 Revenue 371.3 335.7 388.0 248.3 214.4 Gain / (Loss) on Foreign Exchange 4.2 0.0 8.3 5.8 4.1 Total Income 375.4 335.7 396.3 254.2 218.5 Raw Material 151.3 145.5 163.6 110.2 103.7 Employee Expenses 31.7 25.8 22.3 16.0 1
Slide 48: Standalone Balance Sheet
Standalone Balance Sheet Assets (Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Liabilities (Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Non-current assets 258.6 227.0 204.9 145.6 114.4 Total Equity 256.0 224.6 200.3 151.4 130.3 Property Plant & Equipment 185.7 175.1 147.0 104.9 83.8 Share capital 5.
Slide 49: Standalone Cash Flow Statement
Standalone Cash Flow Statement Particulars (Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Net Profit For The Year 36.3 25.6 51.5 26.6 12.8 Adjustments for: Non-Cash Items / Other Investment or Financial Items 54.1 43.5 44.3 34.0 25.3 Operating profit before working capital changes 90.4 69.1 95.8 60.6
Slide 50: For further information, please contact
For further information, please contact Company : Investor Relations Advisors : Carysil Ltd. Strategic Growth Advisors Pvt. Ltd. CIN: L26914MH1987PLC042283 CIN: U74140MH2010PTC204285 Mr. Anand Sharma Mr. Rahul Agarwal/ Mr. Mandar Chavan Executive Director, Group CFO, COO rahul.agarwal@sgapl.net/ man