Greenply Industries Ltd · NSE:GREENPLY
Greenply Industries — Q2 & H1 FY2022 Earnings Presentation
38 slides from Greenply Industries's earnings presentation, Nov 9, 2021
Slide 1: Cover letter to stock exchanges
Greenply/2021-22 November 9, 2021 The Manager The Manager BSE Limited ational Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Bandra Kurla Complex Floor 25, P. J. Towers, Dalal Street Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Security Code: 526797 Symbol- GREENPLY
Slide 2: Analyst Presentation Q2 & H1 FY 2022
Greenply Industries Limited ANALYST PRESENTATION Q2 & H1 FY 2022 9th November, 2021 1
Slide 3: Disclaimer
Disclaimer Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those s
Slide 4: Contents
Contents 04 Key Highlights 05 Financial & Operating Performance 24 Industry Overview 27 Corporate Overview 35 Outlook 36 Chairman Message 3
Slide 5: Key results highlights - Consolidated
Key results highlights- Consolidated Q2 FY22 - YoY basis H1 FY22 - YoY basis ❖ Net Sales Rs. 430.8 crores 46.2% ❖ Net Sales - Rs. 690.9 crores 61.9% ❖ EBITDA Rs. 51.7 crores 54.4% ❖ EBITDA- Rs. 67.0 crores 117.4% ❖ EBITDA margin 12.0% 64 bps ❖ EBITDA margin 9.7% 248 bps ❖ PAT Rs. 31.9 crores 72.0% ❖
Slide 6: Financial & Operating Performance
FINANCIAL & OPERATING PERFORMANCE 5
Slide 7: Consolidated P&L - Q2 FY22
Consolidated P&L-Q2 FY22 Net Sales- Rs. Crores Gross Profit- Rs. Crores, Margin % 46.2% 46.3% 200.0 170.6 50.0% 500.0 430.8 39.6% 400.0 150.0 39.6% 40.0% 294.6 116.6 300.0 30.0% 100.0 200.0 20.0% 100.0 50.0 10.0% 0.0 0.0 0.0% Q2 FY21 Q2 FY22 Q2 FY21 Q2 FY22 EBITDA- Rs. Crores, Margin % PAT- Rs. Cror
Slide 8: Consolidated P&L - H1 FY22
Consolidated P&L-H1 FY22 Net Sales- Rs. Crores Gross Profit- Rs. Crores, Margin % 61.9% 58.8% 282.9 800.0 690.9 300.0 41.7% 50.0% 250.0 40.0% 600.0 178.1 41.0% 426.8 200.0 30.0% 400.0 150.0 100.0 20.0% 200.0 50.0 10.0% 0.0 0.0 0.0% H1 FY21 H1 FY22 H1 FY21 H1 FY22 EBITDA- Rs. Crores, Margin % PAT- Rs
Slide 9: Consolidated Ratios as on 30th Sept, 2021
Consolidated Ratios as on 30th Sept, 2021 Working Capital- Rs. Crores, days Inventories- Rs. Crores, days Receivables- Rs. Crores, days 42 days 19 days 42 days 200.0 186.3 100 300.0 100 300.0 100 90 80 146.4 80 80 209.7 80 150.0 68 186.3 181.4 200.0 159.5 200.0 60 60 60 100.0 49 48 38 40 40 40 100.0
Slide 10: Consolidated Financial Metrics
Consolidated Financial Metrics Q2 FY22 - YoY basis Major expenses as % of sales Sales breakup- Rs. Crores 14.0% 16 bps 57.8% 11.9% 11.7% 12.0% 400.0 374.6 10.0% 300.0 237.4 8.0% 53 bps 6.0% 4.8% 200.0 1.7% 4.3% 21 bps 4.0% 2.4% 2.2% 100.0 57.2 56.2 2.0% 0.0 0.0% Q2 FY21 Q2 FY22 Q2 FY21 Q2 FY22 Stand
Slide 11: Standalone P&L - Q2 FY22
Standalone P&L-Q2 FY22 Net Sales- Rs. Crores Gross Profit- Rs. Crores, Margin % 57.8% 52.5% 400.0 374.6 200.0 50.0% 39.6% 143.5 40.0% 300.0 237.4 150.0 38.3% 94.1 30.0% 200.0 100.0 20.0% 100.0 50.0 10.0% 0.0 0.0 0.0% Q2 FY21 Q2 FY22 Q2 FY21 Q2 FY22 EBITDA- Rs. Crores, Margin % PAT- Rs. Crores, Margi
Slide 12: Standalone P&L - H1 FY22
Standalone P&L-H1 FY22 Net Sales- Rs. Crores Gross Profit- Rs. Crores, Margin % 70.4% 69.9% 300.0 234.8 50.0% 800.0 587.3 40.1% 600.0 40.0% 40.0% 200.0 138.2 344.5 30.0% 400.0 20.0% 100.0 200.0 10.0% 0.0 0.0 0.0% H1 FY21 H1 FY22 H1 FY21 H1 FY22 EBITDA- Rs. Crores, Margin % PAT- Rs. Crores, Margin %
Slide 13: Standalone Ratios as on 30th Sept, 2021
Standalone Ratios as on 30th Sept, 2021 Working Capital- Rs. Crores, days Inventories- Rs. Crores, days Receivables- Rs. Crores, days 42 days 16 days 48 days 150.0 80 200.0 80 200 175.4 93 100 123.9 66 143.3 143.3 80 60 150.0 61 60 150 100.0 114.1 73.9 45 60 40 100.0 40 100 45 40 50.0 24 20 50.0 20
Slide 14: Standalone Financial & Operating Metrics Q2 FY22
Standalone Financial & Operating Metrics Q2 FY22 Sales breakup- Volume-wise Sales breakup- Value-wise 31% 35% 40% 44% 60% 56% 65% 69% Q2 FY21 Manufacturing Q2 FY22 Q2 FY21 Q2 FY22 Trading Manufacturing Trading Major expenses as % of sales Operating Metrics Realisations (Rs./Sqm) 84 bps 20.0 120.0% 1
Slide 15: Standalone Financial & Operating Metrics H1 FY22
Standalone Financial & Operating Metrics H1 FY22 Sales breakup- Volume-wise Sales breakup- Value-wise 30% 33% 39% 42% 61% 58% 70% 67% H1 FY21 Manufacturing Trading H1 FY22 H1 FY21 Manufacturing Trading H1 FY22 Major expenses as % of sales Operating Metrics Realisations (Rs./Sqm) 20.0% 30.0 100.0% 16
Slide 16: Subsidiaries P&L - Q2 FY22
Subsidiaries P&L-Q2 FY22 Net Sales- Rs. Crores Gross Profit- Rs. Crores, Margin % 1.7% 20.3% 80.0 30.0 27.1 60.0% 57.2 56.2 25.0 22.5 50.0% 60.0 Operating Metrics 48.3% 20.0 39.4% 40.0% 40.0 16,000 15.0 30.0% 14,000 13,346 10.0 20.0% 20.0 11,954 5.0 10.0% 0.0 12,000 10,857 0.0 0.0% Q2 FY21 Q2 FY22 1
Slide 17: Subsidiaries P&L - H1 FY22
Subsidiaries P&L-H1 FY22 Net Sales- Rs. Crores Gross Profit- Rs. Crores, Margin % 25.9% 20.5% 120.0 103.6 60.0 49.0% 48.5% 48.1 100.0 82.3 Operating Metrics 50.0 39.9 48.0% 80.0 30,000 40.0 60.0 30.0 47.0% 24,937 25,000 23,502 20.0 46.4% 40.0 46.0% 20.0 10.0 19,238 20,000 0.0 45.0% 0.0 16,572 H1 FY2
Slide 18: Consolidated Ratios - 3 Years Highlights
Consolidated Ratios- 3 Years Highlights Net Worth & Net Debt- Rs. Crores ROCE % (Pre & Post Tax) ROE % 500 0.80 25 25 23.8 436.7 22.2 0.68 377.9 0.68 400 335.2 0.60 20 16.8 20 15.6 300 257.2 15 12.6 12.3 13.9 229.4 10.5 15 0.40 12.5 200 10 63.7 0.20 10 100 5 0.15 0 0.00 0 5 FY19 FY20 FY21 FY19 FY20
Slide 19: Consolidated Profit & Loss Statement Q2 & H1 FY22
Consolidated Profit & Loss Statement Q2 & H1 FY22 (₹ in Lakhs) Statement of Unaudited Consolidated Financial Results for the quarter and six months ended 30 September 2021 Corresponding Year to date Year to date Three months Previous Three Three months ended figures for the figures for the Previous
Slide 20: Consolidated Balance Sheet 30th Sept, 2021
Consolidated Balance Sheet 30th Sept, 2021 (₹ in Lakhs) Statement of Assets and Liabilities Consolidated Sr. Particulars 30.09.2021 31.03.2021 (Unaudited) (Audited) A. ASSETS 1. Non-current assets (a) Property, plant and equipment 29,598.03 27,923.48 (b) Capital work-in-progress 1,344.01 624.35 (c)
Slide 21: Consolidated Cash Flow 30th Sept, 2021
Consolidated Cash Flow 30th Sept, 2021 (₹ in Lakhs) Statement of Consolidated Cash flows Period ended Particulars 30.09.2021 30.09.2020 (Unaudited) (Unaudited) A. Cash flows from operating activities Profit before Tax 4,752.26 854.89 Adjustments for: Depreciation and amortisation expense 1,257.66 1,
Slide 22: Standalone Profit & Loss Statement Q2 & H1 FY22
Standalone Profit & Loss Statement Q2 & H1 FY22 (₹ in Lakhs) Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021 Year to date Corresponding Year to date figures Three months Previous Three figures for the Three months for the previous Previous y
Slide 23: Standalone Balance Sheet 30th Sept, 2021
Standalone Balance Sheet 30th Sept, 2021 (₹ in Lakhs) Statement of Assets and Liabilities Standalone Sr. Particulars 30.09.2021 31.03.2021 (Unaudited) (Audited) A. ASSETS 1. Non-current assets (a) Property, plant and equipment 15,685.83 16,207.95 (b) Capital work-in-progress 779.36 462.46 (c) Right
Slide 24: Standalone Cash Flow 30th Sept, 2021
Standalone Cash Flow 30th Sept, 2021 (₹ in Lakhs) Statement of Standalone Cash flows Period ended Particulars 30.09.2021 30.09.2020 (Unaudited) (Unaudited) A. Cash flows from operating activities Profit before Tax 4,547.17 605.80 Adjustments for: Depreciation and amortisation expense 903.39 761.83 F
Slide 25: Industry Overview
INDUSTRY OVERVIEW 24
Slide 26: Indian wood panel industry
Indian wood panel industry Overview Indian Plywood Industry Market Size ~ Rs. 39000 Crores Commodity to brand Local & Product Centric Pan India Organised Experience Organised Players ~ Rs. 9000 Service Players Crores 23% Brand Laminates 1)-Better Price Commodity 2)-Customer 25% 58% Plywood 1)-Higher
Slide 27: Indian MDF industry overview
Indian MDF industry overview Indian MDF Industry Size (in CBM mn p.a.) Products Categories 3.5 CAGR 15% 2.9 ❖ High Density Fibreboard (HDF) ❖ Fire resistance (FR) Grade 2.6 3.0 2.5 2.0 2.3 ❖ High Density High Moisture Resistance (HDHMR) ❖ Interior 2.0 1.4 1.4 1.7 ❖ Exterior ❖ Boiled Water Resistant
Slide 28: Corporate Overview
CORPORATE OVERVIEW 27
Slide 29: Greenply at a glance
Greenply at a glance Wood based products - Listed in NSE & Plywood and allied, One of the largest 30+ E-0 BSE-Rs. 2931 crores Face Veneer, MDF Interior Years of experience India’s first Zero Market Cap (upcoming) infrastructure in delivering quality Emission plywood (8th November, Share in organised
Slide 30: Manufacturing excellence
Manufacturing excellence Plywood & allied Capacity Upcoming Plywood Capacity (Mn SqM pa) (Mn SqM pa) Kriparanpur, West bengal Manufacturing Location Kriparampur, West 11.00 Sandila (Lucknow), Uttar Pradesh 13.50 Bengal Tizit, Nagaland 8.10 Total Capacity after Expansion 48.40 Bamanbore, Gujarat 15.8
Slide 31: Distribution network
Distribution network Presence in Cities No. of Dealers 913 2300 · 1811 1884 198 1,269 536 559 1,329 715 1,293 Our Pan India Presence · ···· ·· · 196 184 1,031 340 375 ··· 555 · ··· · · 518 FY 18-19 FY 19-20 FY 20-21 FY 18-19 FY 19-20 FY 20-21 ·· ·· · ·· · · ·· · Rural & Semi Urban Urban Rural & Semi
Slide 32: Upcoming projects
Upcoming projects MDF Project Details Plywood Project Details Product Medium Density Fiber Board (MDF)-Exterior, Product Plywood and allied products Interior, HDHMR, BWR Sub- categories of Products Thin & thick, pre-lam and other value-added Location Sandila Industrial Area in Hardoi, Uttar Pradesh.
Slide 33: Ownership & Stakeholder Value Creation
Ownership & Stakeholder Value Creation Top 10 Non-Promoter holding-30th Sept, 2021 Shareholding Pattern- 30th Sept, 2021 Shareholding Top 10 Non- Promoters % HDFC Trustee Company Ltd 7.6 15.30% 3.46% Mirae Asset Great Consumer Fund 7.3 L&T Mutual Fund Trustee Ltd 4.5 Tata Mutual Fund 3.9 52.25% 28.9
Slide 34: Marketing Initiatives
Marketing Initiatives Enhancing our Brand Equity with # E-0 - Khul ke saans lo Outdoor Kolkata Bangalore Educative Video Conducted a digital campaign wherein we had a wish post, informative post in the form of a carousel and made our E0 game a challenge to increase brand engagement. Scan & Watch 33
Slide 35: Marketing Initiatives
Marketing Initiatives Influencer Marketing Digital campaigns Gifting Presence across social media platforms 2,96,742 Scan & Watch Scan & Watch 14,000 Independence Day Campaign AID (Architect & Interior w Designers) 9,216 Gift Distribution 13,214 6,840 Scan & Watch Scan & Watch Samriddhi Festive Bona
Slide 36: Strategic Outlook
Strategic Outlook Introducing Employee innovative & futuristic engagement products Automation Focus on ESG & digitization Expanding Rural manufacturing penetration base at diversified locations Strategic Outlook Adopting a multi-pronged approach to leverage the emerging opportunity in the new normal
Slide 37: Chairman Message
Chairman Message “Commenting on the performance for Q2 FY 22, Mr. Rajesh Mittal, Chairman & Managing Director, Greenply Industries Ltd. said, “As a demerged entity, last quarter was our best ever quarter. The kind of visible traction in the industry along with our capacity expansions and new product
Slide 38: Thank You!
For further information, please contact: Mukesh Agarwal – Chief Financial Officer Tel: +91 33 3051 5000 Email : mukesh.corp@greenply.com Gautam Jain – AVP, Strategic Initiatives Tel: +91 33 3051 5000 / +91 9987899747 Email : gautam.jain@greenply.com Registered Office: Makum Road, P.O. Tinsukia, Assa
Greenply Industries — Q2 & H1 FY2022 Earnings Presentation on 6ix