Slide 1: Investor Presentation February 2023
Leader in Lifestyle Kitchen Products Advancing through Innovation. Progressing through Expansion. Investor Presentation February 2023
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: Q3 & 9M FY23 Highlights
Q3 & 9M FY23 Highlights
Slide 4: Message from Chairman & MD
Message from Chairman & MD Commenting on the Results, Mr. Chirag Parekh, Chairman & Managing Director, said, “I am happy with the way the quarter went by considering the difficult operating environment globally. We saw a healthy flow of orders from the UK and US economies while Europe continues to l
Slide 5: Q3 & 9M FY23: Sustained Momentum in Business
Q3 & 9M FY23: Sustained Momentum in Business Domestic business has increased by 35.1% YoY to Rs. 99.3 crores for 9MFY23 contributing 22.2% of the revenue. Company has witnessed substantial demand in domestic 01 market and going ahead, expect momentum to continue in domestic market 02 Company Increas
Slide 6: Consolidated: 9M FY23 Performance
Consolidated: 9M FY23 Performance Rs. Crores Total Income* (Rs. Crs) EBITDA^ (Rs. Crs) PAT After MI (Rs. Crs) 448.3 84.2 82.4 48.4 351.4 40.0 9MFY22 9MFY23# 9MFY22 9MFY23# 9MFY22 9MFY23# Domestic Revenue (Rs. Crs) Exports Revenue **(Rs. Crs) 99.3 349.0 73.5 271.5 9MFY22 9MFY23# 9MFY22 9MFY23# *Incud
Slide 7: Consistent Growth
Consistent Growth Rs. Crores Quartz Sink Volumes* (Units in ‘000s) Other Volumes* (Units in ‘000s) Total Income Steel Sink Kitchen Appliances & Others# 650 153 492 448 48 125 +22.1% 117 114 413 103 387 401 91 41 316 346 51 45 280 300 43 252 267 67 36 181 197 23 105 84 60 66 69 44 55 FY17 FY18 FY19 F
Slide 8: Revenue Mix
Revenue Mix Geography-wise Revenue Product-wise Revenue 9MFY23 Export* 22% 53% 24% Domestic 78% 10% 13% Quartz Sink Steel Sink Appliances & Others Solid Surface Sinks 5% FY22 95% 9% Strengthening 14% 77% ‘Carysil’ Brand Quartz Sink Steel Sink Appliances & Others *STL which got consolidated from Q1 F
Slide 9: Consolidated Profit & Loss
Consolidated Profit & Loss Particulars (Rs. Crs.) Q3FY23 Q3FY22 Y-o-Y Q2FY23 Q-o-Q 9MFY23 9MFY22 Y-o-Y Revenue 137.8 128.0 139.2 448.3 345.0 Gain / (Loss) on Foreign Exchange 0.0 2.2 0.0 6.4 Total Income 137.8 130.2 6% 139.2 -1% 448.3 351.4 28% Raw Material 70.2 54.2 70.6 227.0 151.3 Employee Expens
Slide 10: Standalone Profit & Loss
Standalone Profit & Loss Particulars (Rs. Crs.) Q3FY23 Q3FY22 Y-o-Y Q2FY23 Q-o-Q 9MFY23 9MFY22 Y-o-Y Revenue 69.7 104.0 82.4 260.5 277.1 Gain / (Loss) on Foreign Exchange 0.0 2.1 0.0 0.0 6.4 Total Income 69.7 106.1 -34% 82.4 -15% 260.5 283.5 -8% Raw Material 31.3 44.5 35.2 112.8 120.4 Employee Expen
Slide 11: Capex Update
Capex Update Capacity Expansion of Quartz Kitchen Sinks Capacity Expansion of Stainless Steel Sinks Capacity Expansion Capex Expansion of Capex Expansion of Capex Expansion of of 100,000 units Additional 140,000 Additional 160,000 Additional 200,000 Capacity Expansion announced in 200203 units annou
Slide 12: Company Overview
a Company Overview
Slide 13: Numero Uno Position
Numero Uno Position Only Introduced Certification for Manufacturer with Schock Physical Vapor Deposition (PVD) Technology (Germany) Technology ISO 9001:2015, ISO 14001:2015 In Asia in Quartz Sink For metallic finish of stainless ISO 45001:2018 steel sinks PAN India presence Quartz Sink Capacity Expo
Slide 14: Products with Global Standards sold in 55+ Countries
Products with Global Standards sold in 55+ Countries Company presently exports to over 55 countries. Plan to expand further by acquiring new customers and penetrating in new geographies ✓ We have expanded to newer geographies – Australia, New Zealand, Gulf countries, Southeast Asia, China, Singapore
Slide 15: Our Distribution Model
Our Distribution Model International Domestic Significant Presence in UK Strong Foothold in India Market 2,800+ Dealers 65 Franchise Shop 80 Galleries STRATEGIC Acquisition of Acquisition of ‘Tickford Orange Limited’, holding 82 Distributors Carysil Products Limited company of its operating subsidia
Slide 16: Carysil – Over the Years
Carysil – Over the Years 2023 Carysil started 2013:Launched its first Kitchen 2022 international Appliances in subsidiary in the Domestic Acquisition of Germany – Market under 2021 Tickford Acquired 60,000 Carysil GmbH. the brand name sq.m land in Orange Carysil Commenced Limited, Bhavnagar, Started
Slide 17: Pillars of Integrated Business
Pillars of Integrated Business Manufacturing Facilities & Distribution Network Brand Product Basket Technology Gallery • Quartz Sinks: 10,00,000 pa* , • The acquisition of 100% stake in a • Brand promotion on TV and in print, Stainless Steel : 1,80,000# pa and • Offers a wide range of cutting distri
Slide 18: Board of Directors
Board of Directors Mr. Chirag A. Parekh Mr. Jagdish R. Naik Chairman and Managing Director Independent Director He holds a BBA Degree from premier ' European University’ A Chartered Accountant, was a partner of a reputed Accounting firm - M/s After joining the company in 1993, he successfully steere
Slide 19: Awards & Certifications
Awards & Certifications FGI’s Award for ‘Best Exports IPF Fastest growing Manufacturing Performance & Promotion’ Company Award 03 04 If Design Award to Sternhagen SaniQ kristall Certificate for ‘Best CSR wash basin 02 05 practices’ by Rotary Club Award Certificate for 01 06 Manufacturing Innovation
Slide 20: Marketing campaign for ‘Carysil’ Brand
Marketing campaign for ‘Carysil’ Brand ➢ Carysil has signed Bollywood celebrity ‘Vaani Kapoor’ for new marketing campaign #TheHeartofMyHome for its ‘Carysil’ Brand ➢ Under the ‘Carysil’ brand, company sells lifestyle kitchen sinks and built-in appliances ➢ Campaign #TheHeartofMyHome unveils a new ra
Slide 21: Increasing Product Portfolio
Increasing Product Portfolio Sinks Kitchen Appliances Product Segment Bathroom Suite Bath Fittings 21
Slide 22: Sinks
a Sinks
Slide 23: Only Company to make Quartz Sinks in Asia with German Technology
Only Company to make Quartz Sinks in Asia with German Technology Only Company Different Models Plant Capacity Many Outlets in Asia The only company in Asia and 4 plants having a combined Developed more than 150+ The brand is available in among a few companies capacity of 10,00,000* models to cater t
Slide 24: Stainless Steel Sinks – Quadro Sinks the Focus Area
Stainless Steel Sinks – Quadro Sinks the Focus Area Stainless-Steel Sinks Contribution: 13% to Consolidated revenue* Production Capacity 1,80,000 sinks per annum^; Commercial production 90,000 units to begin from March’23 Target Market for Quadro (Designer) Sinks Caters to high end segment who are w
Slide 25: Kitchen Appliances
Kitchen Appliances
Slide 26: Kitchen Appliances – Multifold Growth Opportunity
Kitchen Appliances – Multifold Growth Opportunity Chimneys Dish Washer Cook Tops Built in Ovens Product Portfolio Wine Chillers Cooking Range Micro Wave Owens Currently Hoods contributing ~5% to the Revenue* Manufacturing and Trading of Poised to become a significant player in the Appliances overall
Slide 27: Bath Segment
L Bath Segment
Slide 28: 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’ ▪ 60+ Showrooms & SIS for displaying the products Product Range of Branding Synergy Innovation Achievements Details Products Synergy
Slide 29: Business Model
| Business Model
Slide 30: Moulds an Integral Part of Manufacturing Process
Moulds an Integral Part of Manufacturing Process Input Processing Output Purchase of Moulds All the Moulds are imported Production Capacity 10,00,000* units per annum Variety of Moulds ▪ Has more than 150 moulds Place: Bhavnagar, Gujarat ▪ 400+ SKU’s Made to Order Life of Moulds Made as per the cust
Slide 31: Domestic Presence - Strengthening of our Brands
Domestic Presence - Strengthening of our Brands With strong focus on domestic market, we are increasing our penetration domestically by expansion in dealer network pan India. Further plans to increase dealers to ~ 3,000 by end of FY23 Dealer Network 2800 1500 1500 1500 1500 1200 1300 800 400 550 201
Slide 32: Increasing Presence Across India
Increasing Presence Across India ✓ Increasing Penetration in domestic market through opening of many galleries across India ✓ Displaying vast range of ‘Carysil’ products ranging from kitchen sinks, chimneys, hobs, cooktops, faucets, dishwashers, etc. 32
Slide 33: 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. Products sold under Carysil Products Ltd. Revenues (Mn. GBP) (fo
Slide 34: Further strengthened Presence in UK through ‘Carysil Surfaces Limited’
Further strengthened Presence in UK through ‘Carysil Surfaces Limited’ The acquisition is a natural and strategic fit for Carysil and will catapult the Company into new orbit of growth Acquisition Revenues (Mn. GBP) Covid Impact 14.0 13.9 Deal & Consideration Rationale 12.3 Overview 10.9 10.6 • Cary
Slide 35: Multiple Growth Drivers
Multiple Growth Drivers Strong Distribution Network Strengthen the Distribution network by tie up with Homestyle and Short Term STL, UK and plan to add new 100 galleries and 34 more distributor and increase dealer network by ~3000 dealers by FY23 Branding & Technology Focused on capturing the Brand
Slide 36: Historical Financials
Historical Financials
Slide 37: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Crs.) FY22 FY21 FY20 Revenue 483.9 309.7 276.2 Gain / (Loss) on Foreign Exchange 8.5 5.8 - Total Income 492.4 315.5 276.2 Raw Material 209.5 141.8 137.4 Employee Expenses 29.9 22.2 22.2 Other Expenses 137.5 79.9 70.3 EBITDA 115.5 71.6 46.4 EBITDA
Slide 38: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Crs.) Mar-22 Mar-21 Mar-20 Liabilities (Rs. Crs.) Mar-22 Mar-21 Mar-20 Non-current assets 245.8 170.3 138.8 Total Equity 256.9 194.0 160.2 Property Plant & Equipment 168.3 121.2 97.8 Share capital 5.3 5.3 5.3 Right to use of assets 12.3 5.0 1.4 Other Equity 248
Slide 39: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crs.) Mar-22 Mar-21 Mar-20 Net Profit For The Year 65.0 39.3 22.9 Adjustments for: Non-Cash Items / Other Investment or Financial Items 87.0 38.7 29.1 Operating profit before working capital changes 152.0 78.0 51.9 Changes in working capital -81.3 -2
Slide 40: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Particulars (Rs. Crs.) FY22 FY21 FY20 Revenue 388.0 248.3 214.4 Gain / (Loss) on Foreign Exchange 8.3 5.8 4.1 Total Income 396.3 254.2 218.5 Raw Material 163.6 110.2 103.7 Employee Expenses 25.2 16.0 16.7 Other Expenses 120.5 72.7 62.0 EBITDA 87.1 55.3 36.0 EBITDA
Slide 41: Standalone Balance Sheet
Standalone Balance Sheet Assets (Rs. Crs.) Mar-22 Mar-21 Mar-20 Liabilities (Rs. Crs.) Mar-22 Mar-21 Mar-20 Non-current assets 204.9 145.6 114.4 Total Equity 200.3 151.4 130.3 Property Plant & Equipment 147.0 104.9 83.8 Share capital 5.3 5.3 5.3 Right to use of assets 12.3 5.0 1.4 Other Equity 195.0
Slide 42: Standalone Cash Flow Statement
Standalone Cash Flow Statement Particulars (Rs. Crs.) Mar-22 Mar-21 Mar-20 Net Profit For The Year 51.5 26.6 12.8 Adjustments for: Non-Cash Items / Other Investment or Financial Items 44.3 34.0 25.3 Operating profit before working capital changes 95.8 60.6 38.1 Changes in working capital -30.4 -12.1
Slide 43: Improving Performance
Improving Performance Return on Capital Employed (%) Return on Equity (%) Working Capital Days +710 bps 24.0% 28.9% 70 21.8% 21.3% 63 20.7% +2180 bps 56 16.9% 20.2% 51 16.4% 44 14.5% 13.2% 28 10.3% 7.1% FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22 43
Slide 44: Regular Dividend Payout
Regular Dividend Payout Dividend 21.2% 22.8% 27.8% 21.7% 18.1% 14.3% 13.6% 9.9% Payout (excl. DDT) 24.3 21.9 18.9 18.0 14.7 8.4 6.6 5.0 5.0 4.6 4.0 2.0 2.4 1.0 1.2 1.2 2015 2016 2017 2018# 2019# 2020# 2021# 2022# EPS DPS The Board of Directors have recommended a final dividend of Rs. 1.20 per equity
Slide 45: 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 – CFO Mr. Rahul Agarwal/ Mr. Mandar Chavan cfo@carysil.com rahul.agarwal@sgapl.net/ mandar.chavan@sg