Uno Minda Limited · NSE:UNOMINDA
Uno Minda — Minda Industries — Investor Presentation (March 2019)
46 slides from Uno Minda's investor presentation, Mar 12, 2019
Slide 1: Minda Industries Ltd. Investor Presentation – March 2019
Minda Industries Ltd. Investor Presentation – March 2019 1/4
Slide 2: Safe Harbor
Safe Harbor 2/6 2 / 46 2/6 2 This presentation and the accompanying slides (the “Presentation”), has been prepared by Minda Industries Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, a
Slide 3: Quarterly Update Presentation
3/6 3 / 46 3/6 3 Quarterly Update Presentation
Slide 4: Financial Highlights
Financial Highlights 4/6 4 / 46 4/6 4 Revenue^ (Rs. Cr) EBITDA (Rs. Cr) PAT* (Rs. Cr) Margin (%) EBITDA Quarter 3 PAT +39% +43% +30% 12.0% 12.3% 1,470 180 79 1,056 61 126 5.7% 5.4% Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 +43% +48% +41% EBITDA 9M 4,422 540 244 PAT 11.8% 12.2%
Slide 5: Revenue Bridge
Revenue* Bridge 5/6 5 / 46 5/6 5 1,470 110 7 59 24 8 Quarter 3 27 179 1,056 Q3 FY18 MRPL (SW) MIL Stand. (SW+L) MKAWL (OTH) MJCL (OTH) Rinder (L) MDSL MITIL + OTH Q3 FY19 4,422 199 115 61 105 49 182 9M 611 3,100 9M FY18 MRPL (SW) MIL Stand. (SW+L) MKAWL (OTH) MJCL (OTH) Rinder (L) MDSL MITIL + OTH 9
Slide 6: Q3 Division Wise Revenue & EBITDA Mix
Q3 Division Wise Revenue* & EBITDA Mix 6/6 6 / 46 6/6 6 Revenue Q3 FY18 Q3 FY19 27.2% 29.5% 36.3% 29.3% Switches 15.5% 11.4% Lighting 27.8% 22.9% EBITDA Q3 FY18 Q3 FY19 Acoustics 23.8% 33.2% 44.9% 40.9% Others 19.7% 7.3% 18.7% 11.6% * Revenue is Net of Excise
Slide 7: 9M Division Wise Revenue & EBITDA Mix
9M Division Wise Revenue* & EBITDA Mix 7/6 7 / 46 7/6 7 Revenue 9M FY18 9M FY19 26.3% 30.8% 27.5% 39.0% Switches 12.0% 15.7% Lighting 27.3% 21.6% EBITDA 9M FY18 9M FY19 Acoustics 24.9% 36.8% 44.6% 38.7% Others 20.2% 10.2% 7.4% 17.1% * Revenue is Net * Revenue of of is Net Excise Excise
Slide 8: Revenue Mix – Q3 & 9M FY19
Revenue* Mix – Q3 & 9M FY19 8/6 8 / 46 8/6 8 Geography-wise Breakup Channel-wise Breakup Segment -wise Breakup 15% 13% Quarter 3 50% 50% 85% 87% India International OEM Replacement 2/3 W 4W 16% 11% 9M 47% 53% 84% 89% India International OEM Replacement 2/3 W 4W * Revenue is Net of Excise
Slide 9: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement 9/6 9 / 46 9/6 9 Particulars (Rs. Cr) Q3 FY19 Q3 FY18 YoY % Q2 FY19 QoQ % 9M FY19 9M FY18 YoY % Revenue from Operations (Net of Excise) 1,470.1 1,056.2 39% 1521.7 -3% 4421.6 3099.7 43% Raw Material 903.4 647.3 937.6 2723.5 1917.9 Employee Cost 204.9 141.4 195.3 5
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet 10/6 1010/6 /1046 ASSETS 30th Sept., 2018 31st Mar., 2018 EQUITY AND LIABILITIES 30th Sept., 2018 31st Mar., 2018 Non-current assets Equity Property, plant and equipment 1,426.0 1,199.4 Equity Share capital 52.4 17.4 Capital work-in-progress 134.3 192.1 Other equity 1,535.
Slide 11: New Projects & M&A Update
11/6 1111/6 /1146 New Projects & M&A Update
Slide 12: Capex: New Projects Announced
Capex: New Projects Announced 12/6 1212/6 /1246 2 Wheelers Alloy Wheels Controller & Telematics A new Project for alloy wheel has been A new Project for controller and telematics for approved to be set up for 2 Wheeler OEMs a total outlay Rs 80 cr over next 12 months The expected outlay for th
Slide 13: Merger of Harita Seating System
Merger of Harita Seating System 13/6 1313/6 /1346 CVs Tractors Buses Company Background OR 2W , others P Harita Seating Systems Limited (HSSL), established in 1988 is R listed on the National Stock Exchange (NSE). O HSSL provides complete seating solutions for driver and cabin seating for CVs, Tract
Slide 14: Shareholding Structure
Shareholding Structure 14/6 1414/6 /1446 Existing Structure Final Structure Minda Industries Limited Public 1. Switch P1 P2 P3 P4 FP Shareholder 2. Light 14% 3. Horn 52% 34% 4. Seating Division Harita Seating Systems Fehrer Fehrer 51% 49% Germany 51% 49% Germany Harita Fehrer Limited Harita Fehrer L
Slide 15: Transaction Summary
Transaction Summary 15/6 1515/6 /1546 HSSL Rs Cr Option 1 Enterprise Value* 401 Equity Share of MIL Rs 320 Debt 25 Swap ratio: 1.5: 1 Equity Value 376 Value Per Share ( Rs) 484 SWAP *Net of Cash Option 2 Redeemable Pref. Share Yield: 7.5% PA Particulars Date Coupon: 0.01% Tenor : 3 years Appointed D
Slide 16: Transaction Rationale
Transaction Rationale 16/6 1616/6 /1646 Product Synergies: MIL will broaden its product portfolio and help leverage the deep R&D capabilities to ensure a robust pipeline of new product launches. MIL to improve realisation per vehicle ( Kit Value) across all segments. Improve revenue mix In CV Segmen
Slide 17: About Us
17/6 1717/6 /1746 About Us
Slide 18: Vision
Vision 18/6 1818/6 /1846 Vision Key Words To be a Sustainable Global Sustainable organization that enhances value Global for all its Stakeholders, attains Stakeholders Technology Leadership and cares Technology Leadership for its people like Family a Family
Slide 19: Strategy for Growth
Strategy for Growth 19/6 1919/6 /1946 Premiumization Indian Automobile market is likely to undergo Regulatory Norms premiumization of vehicles and UNO MINDA is BS-VI expected implementation by 2020 will Poised to strongly benefit. benefit UNO MINDA as it ready with products which are likely to see s
Slide 20: Synergies that Drive Excellence
Synergies that Drive Excellence…… 20/6 2020/6 /2046 Geographies Products Operations across 5 Continents Over 20 products supplied to leading OEMs Manufacturing Facilities R&D Across the Globe 56 Plants in Globally 5 R&D Centres; 14 Design Centres Customers Intellectual Property Over 50 OEMs served i
Slide 21: Pioneer in localization of Auto Components: Through JVs & Associations
Pioneer in localization of Auto Components: Through JVs & Associations 21/6 2121/6 /2146 We have partnered with global technology leaders in the respective product segments
Slide 22: Hedged presence Across all end user segments
Hedged presence Across all end user segments 22/6 2222/6 /2246 Geography-wise Breakup Channel-wise Breakup Segment -wise Breakup India International OEM Replacement 2Wheeler 4Wheeler 12% 18% 44% 56% 82% 88% Note: Data for FY18
Slide 23: Strengthening our Balance Sheet
Strengthening our Balance Sheet 23/6 2323/6 /2346 Building Shareholder Value year on year… 23% 12% 21% 11% 39% 19% 9% 32% Sales Growth % 13% ROCE % EBITDA % FY16 FY17 FY18 FY16 FY17 FY18 FY16 FY17 FY18 Growth without stressing the Balance Sheet… 0.8 1,450 1,392 1,059 993 0.4 0.4 714 Net Worth Debt:E
Slide 24: Business Overview
24/6 2424/6 /2446 Business Overview
Slide 25: Evolution of Our Product Portfolio
Evolution of Our Product Portfolio 25/6 2525/6 /2546 Controllers The evolution continues… Speakers & Infotainment Hoses 2017-18 - Fuel Caps 2015-16- EMS Services 2010-14 Alloy Wheels DAPS Blow Moulding Aluminum Die Sensors Casting 2001-08 - Air Filtration Systems Batteries Automotive Lighting CNG/LP
Slide 26: Advent of EVs: Our Hedged Product Portfolio
Advent of EVs: Our Hedged Product Portfolio 26/6 2626/6 /2646 Technologies S. No Product Lines Company Name BS VI PEV BEV Approximate timelines Apr-20 2022-25 2025-2030 1 Alternate Fuel Systems METL X X 2 Air Filtration Systems Roki Minda D D X Engine & 3 Canisters Roki Minda D D X Transmission Pa
Slide 27: Group product portfolio – 2 Wheeler
Group product portfolio – 2 Wheeler 27/6 2727/6 /2746 Handle Bar Assemblies Horns Sensors Filter/ Canisters Lamps Battery Switches. Noise Suppresser Cap Die Casting Equalizer Assembly Components Switch business Horns business Light business Others
Slide 28: Kit Value – 2 Wheelers
Kit Value* – 2 Wheelers 28/6 2828/6 /2846 6,801 5,162 4,572 4,308 2,750 Economy Executive Premium Scooter Moped Up to 110 CC 110 -135 CC > 135 CC All scooters All Mopeds *Contribution from Group Companies which are not yet consolidated is not included in the Kit Value
Slide 29: Group product portfolio – 4 Wheeler
Group product portfolio – 4 Wheeler 29/6 2929/6 /2946 PWS Auto HVAC Spoiler Headlamp levelling motor Fuel cap Electronic Horn CNG Kit LED lamps Hoses Alloy wheels Electronic accelerator Batteries pedal module Switch business Horns business Light business Others
Slide 30: Kit Value – 4 Wheeler PVs & Tractor
Kit Value* – 4 Wheeler PVs & Tractor 30/6 3030/6 /3046 75,879 63,683 Values in INR 44,064 32,906 19,893 3,378 A B C D E & MUV Tractor Up to Rs. 2.2 Lacs Rs. 2.21 - 4.5 Lacs Rs. 4.5 - 8.3 Lacs Rs.8.4 -16 Lacs >Rs 16 lacs Off Road *Contribution from Group Companies which are not yet consolidated is no
Slide 31: Product Mix
Product Mix 31/6 3131/6 /3146 Revenue - FY18 EBITDA – FY18 24.2% 34.6% 32.6% 35.2% 15.7% 10.7% 21.4% 25.5% Switches Lighting Acoustics Others Note: Consolidated Data
Slide 32: Customer Mix (FY 2018)
Customer led and Customer Oriented: Customer Mix ( FY 2018) 32/6 3232/6 /3246 Switching Systems Lighting Systems Acoustics Systems 4W 2W Bajaj Daimler Hyundai Auto PSA Others 9% 7% 35% 3% 22% MSIL Others Bajaj MSIL 29% 45% Auto 55% Others 3% 41% TVS TVS HCIL 4% 9% 3% Tata M&M TML Motors 10% Others 5
Slide 33: Switching Systems
Switching Systems 33/6 3333/6 /3346 Rs. In Crs Indian’s Largest Manufacturer 2100 12.0% 13.0% • Market Share of ~65% • Independent in-house R&D 1600 9.8% 11.0% • Exports to USA, France, Italy, Austria and others 9.4% contributing ~6% to Switch sales in FY18 1100 9.0% • Minda Rika, the 4W switching b
Slide 34: Lighting Systems
Lighting Systems 34/6 3434/6 /3446 Leading automotive lighting Systems Rs. In Crs. 1500 9.9% 11.0% 9.1% • Strong R&D capabilities with Design centre in Taiwan 7.5% 9.0% and Technical Arrangement with Korean Company 1000 7.0% • Exports to Italy, Indonesia, France, Japan and others 5.0% Contributing ~
Slide 35: Acoustic Systems
Acoustic Systems 35/6 3535/6 /3546 One of India’s Largest Players in Horns Rs. In Crs 800 11.0% 9.5% 9.7% • With 47% market share 700 10.0% • Strong in-house R&D capabilities - Developed 600 8.0% 9.0% technology with FIAMM, Italy 500 8.0% • Clarton Horn, a wholly owned subsidiary of MIL which has a
Slide 36: Other Products
Other Products 36/6 3636/6 /3646 Products Revenue* Rs. In Crs 1200 13.6% 15.8% • India’s largest manufacturer 15.0% 1000 of Alloy Wheels for 4Wheelers 150 800 9.2% • Other products 409 139 10.0% • Blow Molding • Fuel Caps 600 • Dye Casting • Air Filtration System 400 362 129 710 5.0% • Speakers & In
Slide 37: MDSL : Strong Presence in Replacement Market
MDSL : Strong Presence in Replacement Market 37/6 3737/6 /3746 Over 30,000 FY18 % of total After Product (Rs.Crs) Jammu and Kashmir: 8 After Market Sales * Market Sales Retail Points Himachal Pradesh: 24 Switches 159 32% Punjab: 26 Uttarakhand: 6 Haryana: 41 Lighting 160 32% Delhi: 33 Rajasthan: 51
Slide 38: Historical Financials
38/6 3838/6 /3846 Historical Financials
Slide 39: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement 39/6 3939/6 /3946 Rs. Cr FY18 FY17 YoY % Revenue from Operations (Net of Excise) 4,470.6 3,386.3 32% Raw Material 2,763.2 2,116.4 Employee Cost 586.8 451.5 Other Expenses 586.8 444.4 EBITDA 533.8 374.0 43% EBITDA Margin 11.9% 11.0% 90 Other Income 33.4 13.8 Depre
Slide 40: Consolidated Balance Sheet
Consolidated Balance Sheet 40/6 4040/6 /4046 Particulars 31st Mar, 2018 31st Mar, 2017 Particulars 31st Mar, 2018 31st Mar, 2017 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 1,199 847 Equity Share capital 17 16 Capital work-in-progress 192 117 Share applicati
Slide 41: Improving Profitability with Strong Balance Sheet
Improving Profitability with Strong Balance Sheet 41/6 4141/6 /4146 Rs.Crs Revenue EBITDA & EBITDA Margin (%) Consolidated@ 4,471 600 16.0% 500 11.9% 3,386 11.0% 12.0% 400 9.4% 2,527 2,227 300 6.9% 8.0% 1,706 200 5.1% 4.0% 100 88 154 238 374 534 - 0.0% FY14 FY15# FY16 FY17 FY18 FY14* FY15 FY16 FY17
Slide 42: Strong Cash Flows
Strong Cash Flows 42/6 4242/6 /4246 Rs. Crs Consolidated PAT* Consolidated OCF* 285 256 258 165 156 146 111 68 42 7 FY14 FY15 FY16 FY17 FY18# FY14* FY15 FY16 FY17 FY18# *- Financials for FY17 & FY18 as per INDAS # Excluding Exceptional Items
Slide 43: Improving Dividend Profile
Improving Dividend Profile 43/6 4343/6 /4346 Dividend as % of Face Value (Adjusted for Bonus) 47% Interim 37% Dividend 23% 23% 20% 10% 10% FY13 FY14 FY15 FY16 FY17 FY18 FY19 Board of Directors has declared an Interim dividend of Rs. 0.45 per share (Post Bonus) v/s Rs. 0.40 of Interim Dividend per sh
Slide 44: Leadership Team
Leadership Team 44/6 4444/6 /4446 Board Of Directors Top Management Team Mr. Nirmal K Minda Mr. Sunil Bohra Mr. Anand K Minda Mr. Rajeev Kapoor Chairman & Managing Director ED & Group CFO CEO , Battery & Group Head Aftermarket Business Human Resources Mr. Anand K Minda Mr. Satish Sekhri Mr. J.K. Men
Slide 45: MIL Holding Structure
MIL Holding Structure 45/6 4545/6 /4546 MIL'S SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES DOMESTIC SUBSIDIARIES OVERSEAS SUBSIDIARIES JOINT VENTURES & ASSOCIATES MKL (68%) Sam Global (100%) METL (49%) MJ Casting (100%) MIVCL (100%) Riduco (50%) (via LSTC) MACL (100%) PTMA (100%) ROKI (49%) PTMT (100
Slide 46: Contact Us
Contact Us 46/6 4646/6 /4646 For further information, please contact: Company : Investor Relations Advisors : Minda Industries Ltd. Strategic Growth Advisors Pvt. Ltd. CIN : L74899DL1992PLC050333 CIN : U74140MH2010PTC204285 Mr. Tripurari Kumar Mr. Jigar Kavaiya DGM Strategy & Finance +91 99206 02034
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