Grindwell Norton Limited · NSE:GRINDWELL
Grindwell Norton — Investor Presentation (June 2015)
20 slides from Grindwell Norton's investor presentation, Jun 2, 2015
Slide 1: Grindwell Norton Ltd. Investor Meet
Grindwell Norton Ltd. Investor Meet 2nd June 2015
Slide 2: Key Indicators and Trends
Key Indicators and Trends 2
Slide 3: Key Financial Indicators
Key Financial Indicators (Rs. Crores) Key Financials FY 14-15 FY 13-14 Growth % Net Sales 1084 923 17.4% Operating Profit 157 125 25.6% Profit After Tax 103 84 22.6% OP margin % 14.5% 13.5% Asset Turnover 1.7 1.5 ROCE % 23.9% 20.9% Net Cash Flow from Operations (CFO) 105 106
Slide 4: Net Sales Bridge
Net Sales Bridge FY 2013-14 FY 2014-15 Sales = Rs. 923 Sales = Rs.1084 Increase Rs.161 crores (+ 17%) (Rs. Crores) 31 27 103 Abrasives ~ 4% 1084 923 11% 3% 3% 2013-14 Domestic Volume Export Volume Price 2014-15 4
Slide 5: Net Sales Bridge
Net Sales Bridge FY 2013-14 FY 2014-15 Sales = Rs. 923 Sales = Rs.1084 Increase Rs.161 crores (+ 17%) (Rs. Crores) 48 10 Abrasives 103 ~ 4% 1084 923 11% 5% 1% 2013-14 Abrasives Ceramics & Others 2014-15 Plastics 5
Slide 6: Net Sales Bridge
Net Sales Bridge FY 2012-13 FY 2013-14 FY 2014-15 Sales = Rs. 915 (+ 0.9%) Sales = Rs. 923 Sales = Rs.1084 (+ 17%) (Rs. Crores) 48 10 Abrasives 15 ~ 4% -40 2 103 31 923 1084 915 2012-13 Abrasives Ceramics Others Michelin 2013-14 Abrasives Ceramics Others 2014-15 & Plastics Exports & Plastics 6
Slide 7: GNO, Abrasives, C&P, Others Qtrly Sales
GNO, Abrasives, C&P, Others Qtrly Sales (Rs. Crores) 300 GNO (Total) 285 278 Abrasives 266 255 C& P 245 250 234 234 230 228 Others 226 227 222 224 230 227 220 201 192 200 179 184 203 172 152 183 180 150 137 165 168 171 162 162 127 156 152 153 152 148 152 144 149 145 128 132 100 116 122 87 97 103 66
Slide 8: GNO: Domestic & Export Sales (Net)
GNO: Domestic & Export Sales (Net) 1084 (Rs. Crores) 1,000 GNO (Total) GNO Total Sales CAGR: 915 923 884 Domestic - 2003 to 2014-15 : 15.4% 946 - 2003 to 2011-12 : 18.7% 781 800 Exports - 2012 to 2014-15 : 7.0% 813 820 790 710 600 562 502 CAGR (2003 to 2014-15): 441 - Domestic: 14.0% 373 500 - Expor
Slide 9: GNO, Abrasives, C&P, Others - Net Sales
GNO, Abrasives, C&P, Others - Net Sales (Rs. Crores) GNO Total Sales CAGR: - 2003 to 2014-15 : 15.4% 1084 GNO (Total) - 2003 to 2011-12 : 18.7% 1,000 - 2012 to 2014-15 : 7.0% Abrasives 915 923 884 C&P Others CAGR 2003 to 2014-15: 781 800 - Abrasives : 14.0% - C&P : 18.9% 737 600 562 502 610 633 602
Slide 10: Key Financial Indicators
Key Financial Indicators (Rs. Crores) Key Financials FY 14-15 FY 13-14 Growth % Net Sales 1084 923 17.4% Operating Profit 157 125 25.6% Profit After Tax 103 84 22.6% OP margin % 14.5% 13.5% Asset Turnover 1.7 1.5 ROCE % 23.9% 20.9% Net Cash Flow from Operations (CFO) 105 106
Slide 11: Operating Profit Bridge
Operating Profit Bridge FY 2013-14 FY 2014-15 OP = Rs. 125 OP = Rs.157 Increase Rs.32 crores (+ 26%) (Rs. Crores) -7 -10 40 -12 Abrasives ~ 4% -19 13 27 125 157 t e ix 4 5 s t e os n s ic -1 -1 se m M io Co Pr fc 13 14 co en at & 20 20 af t ci In e p pu m e St Ex r pr In lu he De r Vo he Ot Ot 11
Slide 12: Operating Profit Bridge
Operating Profit Bridge FY 2013-14 FY 2014-15 OP = Rs. 125 OP = Rs.157 Increase Rs.32 crores (+ 26%) (Rs. Crores) Abrasives 22 ~ 4% 7 2 1 157 125 2013-14 Abrasives Ceramics & Others Unallocable 2014-15 Plastics 12
Slide 13: Operating Profit Bridge
Operating Profit Bridge FY 2012-13 FY 2013-14 FY 2014-15 Op = Rs. 139 (- 11%) Sales = Rs. 125 Sales = Rs.157 (+ 26%) (Rs. Crores) -11 2 1 -7 22 7 1 Abrasives ~ 34% 139 157 125 2012-13 Abrasives Ceramics & Others Unallocable 2013-14 Abrasives Ceramics & Others Unallocable 2014-15 Plastics Plastics 13
Slide 14: GNO, Abrasives, C&P, Others - Qtrly Op. Profit
GNO, Abrasives, C&P, Others - Qtrly Op. Profit 50 (Rs. Crores) GNO (Total)** Abrasives 43 43 C& P 39 39 40 37 38 35 37 Others 36 34 34 35 34 34 31 30 32 30 30 28 29 30 27 27 26 27 25 25 25 24 24 23 22 22 22 22 22 22 21 21 20 21 20 20 20 20 16 17 16 14 14 11 12 11 11 12 12 9 10 10 10 10 9 9 9 10 11 1
Slide 15: GNO, Abrasives, C&P, Others – Op. Profit
GNO, Abrasives, C&P, Others – Op. Profit GNO Op. Profit CAGR: (Rs. Crores) 157 - 2003 to 2014-15 : 15.5% 149 150 - 2003 to 2011-12 : 21.2% 125 - 2012 to 2014-15 : 1.6% GNO (Total) 126 126 130 Abrasives CAGR 2003 to 2014-15: 110 C&P - Abrasives : 15.5% - C&P : 16.6% 97 100 Others 88 98 88 90 83 80 78
Slide 16: GNO Profits – Op. Profit & PAT
GNO Profits – Op. Profit & PAT GNO Op. Profit CAGR: 157 160 (Rs. Crores) - 2003 to 2014-15 : 15.5% 149 - 2003 to 2011-12 : 21.2% 139 140 - 2012 to 2014-15 : 1.6% 126 125 120 PBIT PAT 98 100 83 80 104 103 97 80 69 86 84 60 54 44 64 GNO PAT CAGR 40 32 57 55 46 2003-2015 : 15.9% 20 35 29 20 0 2003 2007
Slide 17: GNO Profitability – ROCE & Op Margin (%)
GNO Profitability – ROCE & Op Margin (%) ROCE ROCE% Operating Margin 40 20 OP Margin 18.7 18.7 18.4 35 18 17.1 16.9 34.5 16.5 16.2 30 15.7 16 30.8 30.7 15.1 29.2 29.2 14.5 27.9 25 26.8 13.5 14 12.6 24.9 23.9 23.9 21.9 20 20.9 12 15 10 2003 2004 2005 2006 2007 2008 09/10 10/11 11/12 12/13 13/14 14/15
Slide 18: GNO: Capex in Rs. Crores & as % of Net Sales
GNO: Capex in Rs. Crores & as % of Net Sales 12.1 130 12 Capex % 11.2 Capex value 10.6 110 9.7 10 107 97 90 Rs. Crores Capex in 8 7.3 70 Capex % 6 4.8 4.6 50 4.3 3.7 36 4 42 43 25 3.2 37 30 33 29 3.3 2 2.7 10 13 14 7 0 (10) 2003 2004 2005 2006 2007 2008 09/10 10/11 11/12 12/13 13/14 14/15 Source: In
Slide 19: GNO (Standalone) – Dividend per share & Payout
GNO (Standalone) – Dividend per share (Rs.) & Dividend (+ DDT) payout (%) 90% Divided (+ DDT) Payout (%) 9.0 78% Dividend Per Share (Rs.) 80% 8.0 70% 8.0 6.5 6.5 6.5 6.5 7.0 6.0 6.0 60% 6.0 51% 50% 47% 40% 43% 5.0 43% 42% 45% 43% 40% 40% 38% 4.0 4.0 30% 3.5 3.0 20% 2.8 2.0 2.5 10% 1.0 0% 0.0 2004 20
Slide 20: Thank You
Thank You