Kirloskar Brothers Ltd. · NSE:KIRLOSBROS
Kirloskar Brothers — Q4 FY24 Earnings Presentation
49 slides from Kirloskar Brothers's earnings presentation, May 15, 2024
Slide 1: Exchange cover letter on revised investor presentation
SEC/ F:24 May 15, 2024 BSE Limited National Stock Exchange of India Ltd. Corporate Relationship Department, 5th Floor, Exchange Plaza, 2nd Floor, New Trading Ring, Bandra (East), Phiroze Jeejeebhoy Towers, Mumbai – 400 051. Dalal Street, Mumbai-400 001. (BSE Scrip Code – 500241) (NSE Symbol - KIRLOS
Slide 2: Investor Presentation Q4 & FY24
KIRLOSKAR BROTHERS LIMITED INVESTOR PRESENTATION Q4 & FY24
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Kirloskar Brothers 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 se
Slide 4: Financial Highlights
Financial Highlights 3
Slide 5: Q4FY24 Consolidated Highlights
Consolidated Highlights Revenue EBITDA PAT Rs. 1,224 crores Rs. 228 crores Rs. 153 crores Q4FY24 +9% +44% +52% Margin at 19% Margin at 13% Rs. 4,001 crores Rs. 578 crores Rs. 350 crores FY24 +7% +36% +48% Margin at 15% Margin at 9% 4
Slide 6: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (In Rs. Cr.) Q4FY24 Q4FY23 YoY FY24 FY23 YoY Net Revenue from Operations 1,223.8 1,124.6 9% 4,001.2 3,730.2 7% Other Income 36.3 13.1 58.6 27.3 COGS 593.7 607.8 1983.0 1,954.7 Gross Profit 666.4 529.9 26% 2076.8 1,802.8 15% Gross Margin (%) 54.5% 47.1
Slide 7: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Particulars (Rs. Crores) 31st March 24 31st March 23 Particulars (Rs. Crores) 31st March 24 31st March 23 Non Current assets Equity Property, Plant and Equipment 578.7 481.4 Equity Share capital 15.9 15.9 Capital work in progress 32.0 81.3 Intangible assets 4.1 4
Slide 8: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crores) 31st March 24 31st March 23 Profit Before Taxes 480.6 318.1 Changes in working capital 27.0 81.3 Cash generated from operations 507.6 399.4 Direct taxes paid (net of refund) 126.4 67.4 Net Cash from Operating Activities 381.2 332.0 Net Cash f
Slide 9: Q4 & FY24 Key Subsidiaries Financials Performance
Q4 & FY24 Key Subsidiaries Financials Performance KBL KCPL TKSL KPML KBIBV Elimination Total Companies (Rs.in Crs.) Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Revenue 899.7 794.0 11.0 9.0 10.1 13.7 157.5 123.4 321.9 336.0 -176.4 -1
Slide 10: Q4 & FY24 KBIBV Group Financials
Q4 & FY24 KBIBV Group Financials KBTL (Thailand+ SPP UK SPP Inc (USA) Dutch Group SPP Mena SA Group KBIBV Standalone Elimination KBIBV Group Singapore)* Companies (Rs.in Crs.) Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 F
Slide 11: Domestic & Overseas Orderbook Position
Domestic & Overseas Orderbook Position Robust Orderbook Implying Strong Revenue Visibility Orderbook and Pending Order Position (In Rs. crores) Standalone Pending Order book (In Rs. crores) Domestic Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Sector^ Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Orders receiv
Slide 12: About Us
About Us 11
Slide 13: Company at Glance
Company at Glance One of the 1st AtmaNirbhar organization. India’s 1St Manufacturing Strategically located across various trading Inherent & largest pump manufacturer. Made some of blocks – Expanding geographic presence with Strength Built Presence Since Facilities India’s 1st engineering products i
Slide 14: Legacy of 135+ Years
Legacy of 135+ Years IDEATE INNOVATE IMPLEMENT 1888-1920 2010-2020 2021 Onwards 1941-1958 1988-2009 Strategic & Technology Establishment Phase Restructuring Phase Acquisition Phase Monetise Expansion • 1888 : Establishment • 1941 : Divested machine • 1988 : Established Kirloskar • 2010 : Acquired •
Slide 15: Our Business & Product Line
Our Business & Product Line Our Business Our Product Line Large & Medium Small pumps for day-to- Flow up to Pumps ranging Pump Head up to pumping solutions for 75+ Types of 28+ Types of day use at households 120,000 m³/hr. from 0.3 KW to 3,200 m (4,539 complex fluid Pumps Valves and farms (529,000 U
Slide 16: Exemplary Endeavors: Charting Our Path of Impact
Exemplary Endeavors: Charting Our Path of Impact Building & Construction Power Hong Kong–Zhuhai– Marina Bay Sands, Bhavini Fast Breeder Prairie State Energy, The Shard, UK ITER, France CGPL Mundhra, India Macau Bridge Singapore Reactor, India Illinois, US KBL is first & leading manufacturer of criti
Slide 17: State-Of-The-Art Manufacturing Facilities
State-Of-The-Art Manufacturing Facilities KIRLOSKARVADI, Est. in 1910 DEWAS, Est. in 1962 KANIYUR, Est in 2011 Dedicated for domestic pumps. World’s 1st & only 2nd largest plant with well-equipped facility for KBL’s 1st plant, with facilities starting from foundry to pump plant to deploy 100% women
Slide 18: Our Innovative Solutions
Our Innovative Solutions Solar Pumping System Pump Selection Package KirloSmart Fire IoT based remote monitoring solution Lowest Life-Cycle Cost (LLC) Pump Pumps for Nuclear Power Plant Application KirloSmart Augmented Reality Mobile Training PICO Additive Manufacturing 3D Printer 17
Slide 19: Global Footprint Through Local Presence
Global Footprint Through Local Presence Corporate Office and Global Headquarters 1. Pune, India Overseas Presence 2. Atlanta, US 3. Coleford, UK 4. Almelo, The Netherlands 5. Johannesburg, South Africa 6. Jebel Ali, UAE 7. Cairo, Egypt 8. Bangkok, Thailand Manufacturing Plants 9. Kirloskarvadi, Indi
Slide 20: Highly Qualified Management Team
Highly Qualified Management Team Mr. Sanjay Kirloskar Mr. Alok Kirloskar Ms. Rama Kirloskar Mr. Chittaranjan Mate Mr. Ravish Mittal Chairman & Managing Director – KBL Joint Managing Director- KBL Chief Financial Officer^ Senior Vice President (Finance) Director Managing Director – KBI B.V. Managing
Slide 21: Board of Directors
Board of Directors Mr. M. S. Unnikrishnan Mr. Shrinivas V. Dempo Mr. Shobinder Duggal Ms. Ramni Nirula Independent Director Independent Director Independent Director Independent Director • Former MD & CEO of Thermax Group • M.Sc. in Industrial Administration & Finance • Bachelor’s in Economics (Hons
Slide 22: Long Standing Relationships with Marquee Clientele
Long Standing Relationships with Marquee Clientele.. All logos are the property of the respective owners 21
Slide 23: Our Joint Ventures & Subsidiaries
Our Joint Ventures & Subsidiaries 22
Slide 24: Group Structure
Group Structure Kirloskar Brothers Ltd. (India) The Kolhapur Steel Ltd. Karad Projects and Kirloskar Corrocoat Kirloskar Ebara Pumps Kirloskar Brothers International (100%) Motors Ltd. (100%) Pvt. Ltd.* (65%) Ltd. (45%) B.V. (The Netherlands) (100%) SPP Pumps Kirloskar Pompen Rodelta Pumps Kirloskar
Slide 25: Leveraging the localised global presence
Leveraging the localised global presence KBL is leveraging the localised global presence through cost-synergies, duty-free access and local sourcing norms • Reduction in turnaround time • Lower freight costs • Subsidiaries do local value addition in terms of Cost components, repair, maintenance and
Slide 26: Kirloskar Brothers International B.V., The Netherlands
Kirloskar Brothers International B.V.*, The Netherlands • Wholly owned subsidiary of Kirloskar Brothers Limited Genesis • SPV established as an Investment Company for all international businesses Particulars FY20 FY21 FY22 FY23 FY24 • Fire fighting pumps & Products • Bi-directional Axial Flow pumps
Slide 27: SPP Pumps Limited
SPP Pumps Limited • 145+ years of heritage Particulars FY20 FY21 FY22 FY23 FY24 • R&D, manufacturing and test facilities in the UK Revenue (£ Mn.) 95.6 75.5 73.4 94.5 102.3 Genesis • Highest market share in fire pump packages business EBITDA (£ Mn.) 3.3 6.6 2.2 8.3 13.3 • Current Orderbook: £ 87 mil
Slide 28: Rodelta Pumps International B.V., The Netherlands
Rodelta Pumps International B.V., The Netherlands • Established by Sulzer in 1946, acquired by KBL in June 2015 is a leading Particulars FY20 FY21 FY22 FY23 FY24 manufacturer of API and Non-API pumps Revenue (€ Mn.) 7.8 8.6 3.9 6.9 6.6 Genesis • R&D, manufacturing and test facilities in Almelo, Neth
Slide 29: Kirloskar Brothers (Thailand) Limited, Thailand
Kirloskar Brothers (Thailand) Limited, Thailand • Assembly and packaging for sales of centrifugal pumpsets in South-East Asia Particulars FY20 FY21 FY22 FY23 FY24 • Provides duty-free access to fast-growing ASEAN region through value addition Revenue (THB in Mn.) 381.1 344.1 372.7 586.8 386.8 Genesi
Slide 30: Braybar Pumps Limited, South Africa
Braybar Pumps Limited, South Africa • Manufacturing and sales of high head multi-stage pumps, rubber lined slurry Particulars FY20 FY21 FY22 FY23 FY24 pumps and white metal lined bearings Revenue (ZAR Mn.) 72.1 71.5 77.8 107.6 104.2 Genesis • Successfully overcome BBBEE regulations and turned around
Slide 31: Karad Projects And Motors Limited (KPML)
Karad Projects And Motors Limited (KPML) • KPML is a wholly owned subsidiary of KBL. Particulars FY20 FY21 FY22 FY23 FY24 • 3 manufacturing plants located at Karad, Maharashtra, India. Revenue (Rs. Crores) 321.9 308.4 477.5 515.1 506.5 Genesis • Expertise in manufacturing Electrical Stampings, Stato
Slide 32: Kirloskar Ebara Pumps Limited
Kirloskar Ebara Pumps Limited • JV in 1988 between KBL and Ebara Corporation to manufacture and supply Particulars FY20 FY21 FY22 FY23 FY24 rotary equipment like process pumps, boiler feed water pumps, steam turbines for mechanical drive and steam turbine generators, etc. required for critical Reven
Slide 33: The Kolhapur Steel Limited (TKSL)
The Kolhapur Steel Limited (TKSL) • Established in the year 1965. Particulars FY20 FY21 FY22 FY23 FY24 • Steel castings in the weight range of 300 kg-10 tonne single piece casting Revenue (Rs. Crores) 30.9 20.9 31.4 45.6 53.4 Genesis • State-of-the-art facility with IBR and NORSOK certifications EBI
Slide 34: Kirloskar Corrocoat Private Limited
Kirloskar Corrocoat Private Limited • JV between KBL and Corrocoat Ltd. U.K. Company manufactures glass flake Particulars FY20 FY21 FY22 FY23 FY24 polymer coatings at its state-of-the-art plant at Kirloskarvadi , Maharashtra. Revenue (Rs. Crores) 24.3 20.1 25.8 35.3 40.5 Genesis • Undertakes turnkey
Slide 35: Strategic Focus
Strategic Focus 34
Slide 36: A Unique Value Proposition
A Unique Value Proposition Global Presence – Leveraging Brand Value & Domain Expertise • KBL is a global company with local presence across all major End to end offering – One Stop Solution trading blocks. • From Conceptualization to Manufacturing to Implementation • Manufacturing locations spread a
Slide 37: Staying Ahead of the Curve through Digital Initiatives
Staying Ahead of the Curve through Digital Initiatives Leading towards Digital Transformation In Pumps Industry • Over a decade, KBL has strategically invested in various strategic digital initiatives like: 3D Printing AI-ML • Virtual Reality (VR) • Augmented Reality (AR) • Artificial Intelligence (
Slide 38: Subscription Platform - Creating Market Opportunity
Subscription Platform - Creating Market Opportunity Subscription platform is aimed towards leveraging the technological and domain expertise to create a scalable and sustainable business Market Opportunities • Scalable & Universal: o The proprietary algorithm keeps on improving Traditional Solution
Slide 39: Way Ahead
Way Ahead…. KBL has strategically reduced EPC business exposure and increased contribution from Services & Value-Added Products • Reduced exposure in low margin, lumpy and WC Increased focus on Services and Reduced EPC Business exposure intensive EPC orders since 2008. Value-Added Products • Share o
Slide 40: Historical Performance
Historical Performance 39
Slide 41: Historical Financial Performance - Consolidated
Historical Financial Performance - Consolidated Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) 4,001.2 578.2 349.7 3,730.2 3,135.4 3,057.6 426.3 2,716.5 235.8 294.3 244.6 160.7 238.5 94.3 71.9 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 EBITDA Margin (%) PAT
Slide 42: Historical Financial Performance - Consolidated
Historical Financial Performance - Consolidated EPS (in Rs.) Net Worth (Rs. Crores) Leverage (X) 43.8 1,724.1 0.6 1,407.4 29.6 1,107.2 1,180.2 946.0 0.3 20.3 0.3 0.2 11.9 9.1 0.1 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 RoCE (%) RoE(%) 26.4% 20.3% 21.3% 16.8% 18.0%
Slide 43: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Net Revenue from Operations (Net of Excise) 4,001.2 3,730.2 3,057.6 2,716.5 3,135.4 Other Income 58.6 27.3 32.4 53.8 37.6 Materials Consumed 1,983.0 1,954.7 1,680.3 1,449.5 1,641.9 Gross Profit 2,076.8 1,802.8 1,4
Slide 44: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Non Current assets Equity Property, Plant and Equipment 578.7 481.4 487.0 428.4 429.4 Equity Share capital 15.9 15.9 15.9 15.9 15.9 Capital work in progress 32.0 8
Slide 45: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Profit Before Taxes 480.6 318.1 135.5 182.1 121.3 Changes in working capital 27.0 81.3 18.8 170.1 219.9 Cash generated from operations 507.6 399.4 154.3 352.2 341.2 Direct taxes paid (net of refund) 126.4 67.4 41.4 35
Slide 46: Awards & Accolades
Awards & Accolades Dewas – Greenco Gold certified Kaniyur and Sanand - Greenco Bronze certified KBL’s Dewas plant won the prestigious Total Productive Maintenance (TPM) award by Japan Institute of Plant Maintenance (JIPM) Appreciation by His Royal Highness the King of Thailand for KBL’s presence on-
Slide 47: ESG Initiatives
ESG Initiatives Environmental Social Governance • Solar & wind power contribute 20%-30% of total power • Vikas Charitable Trust established in 1994 • Sustainability reporting since 2009-10 and integrated consumption • CSR activities revolves around Education, Employment, reporting since 2018-19 • Ta
Slide 48: Shaping Tomorrow: A Commitment to Corporate Social Responsibility
Shaping Tomorrow: A Commitment to Corporate Social Responsibility All-women operated manufacturing facility in Kaniyur & 35% women workforce in Sanand factory is testimony towards gender equality and women empowerment KBL conducts an array of activities and campaigns throughout the year. The company
Slide 49: Thank You
THANK YOU For further information, please contact Company Investor Relations Advisor CIN: U74140MH2010PTC204285 CIN: L29113PN1920PLC000670 Ms. Ami Parekh / Mr. Jigar Kavaiya Mr. Chittaranjan Mate E: ami.parekh@sgapl.net / jigar.kavaiya@sgapl.net Email: Chittaranjan.Mate@kbl.co.in T: +91 8082466052 /