Gopal Snacks Limited · NSE:GOPAL
Gopal Snacks — Q4 FY2024 Earnings Presentation
39 slides from Gopal Snacks's earnings presentation, May 9, 2024
Slide 1: Exchange filing cover letter for investor presentation
Ref: GSL/CS/Q1/2024-25 Date: 09.05.2024 BSE Limited National Stock Exchange Limited Department of Corporate Services, Exchange Plaza, 5th Floor, Pheroze Jeejeebhoy Towers, Plot No. C/1, G Block, Dalal Street, Mumbai – 400001 Bandra-Kurla Complex, Mumbai – 400051 Script code: 544140 Symbol: GOPAL Sub
Slide 2: Gopal Snacks Ltd. Q4 & FY24 Earnings Presentation
Gopal Snacks Ltd. Q4 & FY24 Earnings Presentation May 2024 | Rajkot
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Gopal Snacks Ltd (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,
Slide 4: Table of Content
Table of Content Company Overview Q4 & FY24 Highlights Annual Financials Annexure 3
Slide 5: Company Overview
Company Overview
Slide 6: Gopal – One of the Leading Brands in the Indian Savoury Snacks Market
Gopal – One of the Leading Brands in the Indian Savoury Snacks Market • Mr. Bipin Hadvani (Promoter) ventured into Namkeen products’ business in 1994. Set up Gopal Gruh Udyog (partnership firm) in 1999 which was converted into Private Limited and incorporated as Gopal Snacks Pvt Ltd in 2009, engaged
Slide 7: Board of Directors and Management Team
Board of Directors and Management Team Bipinbhai Hadvani Rajnikant Diwan Chairman and MD Independent Director Mukesh Shah Mayur Gangani Chief Financial Officer Company Secretary & Compliance Officer Dakshaben Hadvani Natwarlal Patel Executive Director Independent Director Naveen Gupta Shivangi Hadva
Slide 8: Key Business Strengths
Key Business Strengths Leadership Position Diversified Products Vertically Integrated Track Record of and vast SKUs Manufacturing Robust Financials Largest 87 Products & 324 SKUs Manufacturing facilities 8% • Manufacturer of Gathiya in India1* 6 (incl. 3 ancillary units) Revenue CAGR (FY21-24) • Man
Slide 9: Leadership Position in Gathiya Market; Huge Potential in Other Segments
Leadership Position in Gathiya Market; Huge Potential in Other Segments Addressable Market For Gopal Snacks Organized Indian Savoury Snacks Market Sub-Segments & Growth (Rs Bn) Indian Savoury Snacks Market (Rs Bn) Organized Unorganized CAGR FY23-27F 604 796 1,217 11.0% 179 272 INR 137 CAGR- INR CAGR
Slide 10: Diversified Product Portfolio Comprising of 87 Products and 324 SKUs
Diversified Product Portfolio Comprising of 87 Products and 324 SKUs Category Ethnic Snacks Western Snacks Other Products Product Types Snack Extruded Other Gathiya Namkeen Wafers Papad Besan Spices Pellets Snacks Products* # Products 8 31 12 8 6 5 1 6 10 Installed Capacity (Mar-24) 92,411 MT 114,61
Slide 11: Strategically Located, Integrated Facilities having 4.06 Lakh MT of Capacity
Strategically Located, Integrated Facilities having 4.06 Lakh MT of Capacity… Primary Facilities (makes Finished products) Ancillary Facilities (Raw materials / Key ingredients) Capacity Utilization Markets Served Plant Capacity Utilization Advantage Plant (MTPA) (%) (MTPA) (%) Rajkot 1 Uttarakhand
Slide 12: Supported by a Well-Oiled Distribution Platform
…Supported by a Well-Oiled Distribution Platform 667 Distributors across 11 States and 2 Union Territories (Mar’24) Vertically Integrated Ancillary Primary Cold Logistic Distributors’ Manufacturing Facilities Facilities Storage Vehicles Network 1 Uttarakhand Delhi NCR Rajasthan 1 Uttar Pradesh 828 7
Slide 13: Track Record of Robust Financial Performance
Track Record of Robust Financial Performance Revenue from Operations (Rs Cr) Gross and EBITDA Margins (%)* PAT (Rs Cr) & PAT Margin (%) 8.1% 1,395 1,403 7.1% 1,352 28.4% 28.5% 1,129 112 20.6% 100 18.1% Delivering Healthy 14.1% 3.1% Return Ratios led by: 12.0% 1.9% 7.0% 42 ✓ Sustainable Profitability
Slide 14: Growth Strategy in Place
Growth Strategy in Place 1. Core Market 2. Focused Market • Enhance presence in core market of Gujarat • Accelerate expansion in Focus Markets such by focusing on capturing market share in as Maharashtra, Rajasthan, Madhya Wafers / Chips category which is sized at Pradesh, Uttar Pradesh and Other Ma
Slide 15: Further Enhance Presence in Core Market of Gujarat
Further Enhance Presence in Core Market of Gujarat Gujarat – Sizeable snacks market in India (As of FY23) Gujarat – A Core Market for Gopal Snacks Ethnic Savouries Western Snacks Papad Revenue from Gujarat (Rs Cr) Gopal’s Market Share- Gujarat Distribution - Gujarat 79.1% 75.0% 76.3% 10.5% 12.3% 10.
Slide 16: Accelerate Expansion in Focus Markets
Accelerate Expansion in Focus Markets Gopal Snacks – Focus Markets Market Potential Of Company’s Focus Markets FY23 State Market Share FY23 State Market Share FY23 State Market Share States For Ethnic Savouries For Western Snacks For Papad Rajasthan Maharashtra 12.9% 12.1% 8.0% Uttar Pradesh 30 74 R
Slide 17: Initiatives towards Green Energy
Initiatives towards Green Energy Solar Power At Rajkot Facility Solar Power At Modasa Facility Wind Turbine 200 KW commissioned in April-2018 1 MW commissioned in Sep-22 2 MW commissioned in Sep-23 16
Slide 18: Q4 & FY24 Business Performance
Q4 & FY24 Business Performance
Slide 19: Result Snapshot
Result Snapshot Delivering In-line with our Stratergic Focus Wafers Segment Gathiya Segment Focus Market Rs 10 SKUs PKTs sold in Q4FY24 PKTs sold in Q4FY24 PKTs sold in Q4FY24 PKTs sold in Q4FY24 33% YoY 11% YoY 18% YoY 42% YoY Revenue in Q4FY24 Revenue in Q4FY24 Revenue in Q4FY24 Revenue in Q4FY24
Slide 20: New Products Launched and Expansion of Reach
New Products Launched and Expansion of Reach Launched ‘Cornigo Launched ‘Kolapuri Ring’ in ‘Q4FY24’ Bhadang and Sabudana Chivda’ in ‘April 2024’ Growing Retail Touch Points (Nos.) Consistently expanding the Distribution Network (Nos.) 553,230 667 638 481,771 617 FY23 FY24 Q2FY24 Q3FY24 Q4FY24 19
Slide 21: Consistently Enhancing Brand Awareness (1/3)
Consistently Enhancing Brand Awareness (1/3) Arch Gate Hoardings Newspaper Adv Retail Boards In-Store Branding 20
Slide 22: Consistently Enhancing Brand Awareness (2/3)
Consistently Enhancing Brand Awareness (2/3) College Sponsorship Co-sponsoring with T-Series Sports – Gujarat Giants Sponsorship 21
Slide 23: Expanding our Footprint via Events - Overseas
Expanding our Footprint via Events - Overseas Exhibition at UAE 22
Slide 24: Expanding our Footprint via Events - India
Expanding our Footprint via Events - India ANUFOOD India (Mumbai) World Foods (Delhi) India Food Forum (Mumbai) Indori Zyka (Indore) 23
Slide 25: Profit & Loss – Q4 & FY24
Profit & Loss – Q4 & FY24 Particulars (Rs Cr) Q4FY24 Q4FY23 YoY Q3FY24 QoQ FY24 FY23 YoY Revenue From Operations 358.7 332.0 367.6 1,402.5 1,394.7 Other Income 1.4 0.8 1.2 4.4 3.9 Total Income 360.1 332.8 8% 368.8 -2% 1,406.9 1,398.5 1% Raw Material Costs 258.0 234.8 271.1 1,002.6 998.8 Gross Profit
Slide 26: Key Raw Material Price Movement
Key Raw Material Price Movement – Benefit passed on via Increased Grammage Palmolein Oil (Rs. Kg)* Chana Indian (Rs. Kg)* Potato LR (Rs. Kg)* 129 115 56 57 19 106 102 50 51 93 47 45 45 48 82 81 85 12 13 13 13 12 11 11 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY23 Q2FY23 Q3FY23 Q4FY2
Slide 27: Segment-wise Performance – Q4FY24
Segment-wise Performance – Q4FY24 Western Snacks - Pellets Gathiya Namkeen Western Snacks – Wafers Other Snacks & Products* and Extruded Snacks 11% 4% 33% -12% 41% Sales (Cr PKTs) 25.2 20.4 21.2 22.7 5.8 4.4 21.5 3.2 18.8 2.3 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 5% 1
Slide 28: Core and Focus Markets' Performance – Q4FY24
Core and Focus Markets’ Performance – Q4FY24 Core State Focus States Other States Exports -1% 18% 83% 341% Sales (Cr PKTs) 56.1 16.4 2.2 0.02 55.6 13.9 1.2 0.004 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 -1% 37% 94% 177% Revenue (Rs Cr) 85.6 14.3 0.78 261.9 258.1 62.5 7.3 0.28 Q4FY23 Q
Slide 29: SKU-wise Performance – Q4FY24
SKU-wise Performance – Q4FY24 5 Rs. SKU 10 Rs. SKU Above 10 Rs. SKU 1% 42% 22% Sales (Cr PKTs) 1.5 6.7 1.3 65.3 66.0 4.7 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 5 Rs. SKU has helped us to penetrate in Rural India. The focus is on 10 Rs. SKU for the next leg of growth -2% 36% 17% Revenue (Rs Cr) 56
Slide 30: Annual Financials
Annual Financials
Slide 31: Profit & Loss
Profit & Loss Particulars (Rs Cr) FY21 FY22 FY23 FY24 Revenue From Operations 1,128.9 1,352.2 1,394.7 1,402.5 Other Income 1.0 4.3 3.9 4.4 Total Income 1,129.8 1,356.5 1,398.5 1,406.9 Raw Material Costs 924.2 1,073.5 998.8 1,002.6 Gross Profit* 204.7 278.7 395.9 399.9 Gross Profit Margin* 18.1% 20.6
Slide 32: Balance Sheet
Balance Sheet Assets (Rs Cr) Mar-21 Mar-22 Mar-23 Mar-24 Liabilities (Rs Cr) Mar-21 Mar-22 Mar-23 Mar-24 Property, Plant & Equipment 157.9 196.9 220.3 212.1 Share Capital 1.1 1.1 12.5 12.5 Capital Work-in-progress 43.4 45.1 9.8 12.7 Other Equity 134.6 176.5 278.4 377.9 Intangible Assets 0.1 0.2 2.3
Slide 33: Cash Flow
Cash Flow Particulars (Rs Cr) Mar-21 Mar-22 Mar-23 Mar-24 Profit Before Tax 26.5 54.1 151.8 131.8 Operating Profit Before Working Capital Changes 60.6 98.5 199.0 171.9 Movement In Working Capital -32.2 -31.0 -36.3 -71.5 Net Income Tax (Paid) -5.9 -8.9 -41.2 -32.1 Net Cash Flow From Operating Activit
Slide 34: Annexure
Annexure
Slide 35: Segment-wise Performance – FY24
Segment-wise Performance – FY24 Western Snacks - Pellets Gathiya Namkeen Western Snacks – Wafers Other Snacks & Products* and Extruded Snacks -6% -4% 29% -6% 49% Sales (Cr PKTs) 102.7 87.1 97.0 89.3 85.9 23.6 81.8 11.7 18.4 7.9 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 -9% -5% 39% -6% 45% Re
Slide 36: Core and Focus Markets' Performance – FY24
Core and Focus Markets’ Performance – FY24 Core State Focus States Other States Exports -5% 5% 47% 82% Sales (Cr PKTs) 6.9 0.08 240.3 63.6 60.3 229.4 4.7 0.05 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 -5% 15% 61% 113% Revenue (Rs Cr) 1,102.9 1,051.4 301.4 45.9 3.85 28.4 261.5 1.81 FY23 FY24 FY23 FY24
Slide 37: SKU-wise Performance – FY24
SKU-wise Performance – FY24 5 Rs. SKU 10 Rs. SKU Above 10 Rs. SKU -5% 53% 23% Sales (Cr PKTs) 5.6 25.0 4.6 284.4 269.4 16.4 FY23 FY24 FY23 FY24 FY23 FY24 5 Rs. SKU has helped us to penetrate in Rural India. The focus is on 10 Rs. SKU for -8% 44% 17% the next leg of growth Revenue (Rs Cr) 165.7 215.3
Slide 38: Capital Market Information
Capital Market Information Shareholding Pattern (Mar-24) Script Related Information (09-May-24) Public FIIs 8.6% BSE/NSE Code 544140 | GOPAL 3.2% CMP (Rs) 345 DIIs 6.7% Market Cap (Rs Cr) 4,296 Shares O/s (Rs Cr) 12.46 Promoters 81.5% Face Value (Rs) 1.00 37
Slide 39: Thank You
Thank You Gopal Snacks Ltd. Mukesh Kumar Shah mukesh.shah@gopalsnacks.com CIN No.: U15400GJ2009PLC058781 Stellar IR Advisors Pvt. Ltd. Pooja Sharma / Suyash Samant pooja.sharma@stellar-ir.com | suyash@stellar-ir.com Phone: +91 22 62398024