V-guard Industries Limited · NSE:VGUARD
V-guard Industries — Q2 FY21 Earnings Presentation
23 slides from V-guard Industries's earnings presentation, Oct 28, 2020
Slide 1: Exchange filing cover letter
October 28, 2020 The Manager Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 The Manager Listing Department, National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra-East, Mumbai- 400 051 | Ref:
Slide 2: V-Guard Industries Q2 FY21 Earnings Presentation
V-Guard Industries Q2 FY21 Earnings Presentation
Slide 3: Disclaimer
2 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
Slide 4: Table of Contents
3 Table of Contents MD’s Message 04 Key Highlights 05 Financial Highlights 6-9 Segment-wise/Geographical Breakup of Revenues 10-12 Annexure 13
Slide 5: Managing Director's Message
4 Managing Director’s Commenting on the performance for Q2 FY21, Mr. Mithun Chittilappilly, Managing Director – Message V-Guard Industries Limited said, "V-Guard’s financial performance in the second quarter saw a sharp rebound from the virus-caused weakness in Q1 and our revenues were in line on a
Slide 6: Key Highlights – Q2 FY21
5 Key Highlights – Q2 FY21 Revenue marginally • Q2 FY21 revenue declined by 0.4% YoY to Rs. 616.7 crore lower by 0.4% • Non-South markets grew 4.4% while South markets declined 3.2% as Kerala witnessed a surge in Covid cases YoY in Q2 FY21 • Non-South markets contributed 38.8% of total revenue in Q2
Slide 7: P&L Snapshot
6 P&L Snapshot P&L Statement Q2 FY21 Q2 FY20 Change Q1 FY21 H1 FY21 H1 FY20 Change Particulars (Rs. Cr) (Rs. Cr) % (Rs. Cr) (Rs. Cr) (Rs. Cr) % Net Revenue 616.66 619.31 -0.4% 405.83 1,022.49 1,318.70 -22.5% COGS 421.96 410.16 2.9% 287.26 709.22 881.86 -19.6% Gross Margin 31.6% 33.8% -2.2% 29.2% 30.
Slide 8: Financial Highlights (Q2 FY21 vs. Q2 FY20)
7 Financial Highlights (Q2 FY21 vs. Q2 FY20) Total Income (Rs. crore) Gross Profit 209 619 617 195 Key ratios (%) Q2 FY21 Q2 FY20 Gross Margin 31.6% 33.8% -0.4% -6.9% EBITDA Margin (excl. other income) 12.0% 12.5% Q2 FY20 Q2 FY21 Q2 FY20 Q2 FY21 Net Margin 8.1% 9.3% Ad & Promotion Exp. (excl. scheme
Slide 9: Financial Highlights (H1 FY21 vs H1 FY20)
8 Financial Highlights (H1 FY21 vs H1 FY20) Total Income (Rs. crore) Gross Profit 1,319 437 1,022 313 Key ratios (%) H1 FY21 H1 FY20 Gross Margin 30.6% 33.1% -22.5% -28.3% EBITDA Margin (excl other income) 8.1% 11.3% H1 FY20 H1 FY21 H1 FY20 H1 FY21 Net Margin 5.2% 8.3% Ad & Promotion Exp. (excl. sch
Slide 10: Financial Highlights – Balance Sheet Perspective
Financial Highlights – Balance Sheet Perspective 9 Balance Sheet Snapshot (Rs. Cr) 30 September 2020 30 June 2020 30 September 2019 Net Worth 1050.2 999.1 963.05 Gross Debt 10.0 10.0 10.0 Current Investments 0.0 0.0 160.4 Cash & Cash Equivalents (inc. bank balance) 462.7 359.3 298.9 Net Cash Positio
Slide 11: Segment-wise Breakup – Q2 FY21 vs. Q2 FY20
10 Segment-wise Breakup – Q2 FY21 vs. Q2 FY20 Q2 FY21 Q2 FY20 YoY growth Segment Revenue Contribution (%) Contribution (%) (Rs. Cr) (Rs. Cr) (%) Electronics 171.0 27.7% 167.6 27.1% 2.0% Electricals 282.3 45.8% 276.8 44.7% 2.0% Consumer Durables 163.4 26.5% 175.0 28.3% -6.6% Grand Total 616.7 100.0%
Slide 12: Segment-wise Breakup – H1 FY21 vs H1 FY20
11 Segment-wise Breakup – H1 FY21 vs H1 FY20 H1 FY21 H1 FY20 YoY growth Segment Revenue Contribution (%) Contribution (%) (Rs. Cr) (Rs. Cr) (%) Electronics 308.7 30.2% 450.4 34.2% -31.5% Electricals 465.0 45.5% 539.9 40.9% -13.9% Consumer Durables 248.9 24.3% 328.4 24.9% -24.2% Grand Total 1022.5 10
Slide 13: Geographical Breakup of Revenues
12 Geographical Breakup of Revenues Q2 FY21 Q2 FY20 YoY growth Region Contribution (%) Contribution (%) (Rs. Cr) (Rs. Cr) (%) South 377.6 61.2% 390.3 63.0% -3.2% Non-South 239.0 38.8% 229.0 37.0% 4.4% Total Revenue 616.7 100% 619.3 100% -0.4% H1 FY21 H1 FY20 YoY growth Region Contribution (%) Contri
Slide 14: Annexure
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Slide 15: Company Overview
14 Company Overview • Electronics – Stabilizers, UPS, Solar Inverter; Electricals – Wires, Pumps, Switchgears, Modular Comprehensive portfolio catering to Switches; Consumer Durables – Fans, Water Heaters, Kitchen Appliances, Air Coolers the mass consumption market • Household consumption market wil
Slide 16: Production Model
15 Production Model PVC Wires Factory Solar Water Heater Stabilizer Manufacturing Units Factory Product No. of Units Location Outsourcing Objectives Own Manufacturing Facilities • Asset light model outsourcing ~50% products PVC Wiring Cables 2 Coimbatore, Kashipur Pumps & Motors 1 Coimbatore • Compl
Slide 17: Financial Highlights (FY15-20)
16 Financial Highlights (FY15-20) Revenue EBITDA and EBITDA Margins PAT and PAT Margins 7.5% 11.2% 6.8% 6.0% 6.4% 2,566 2,482 5.7% 2,321 9.9% 10.5% 9.3% Rs. crore 2,114 8.5% 1,746 1,862 7.9% 4.1% Rs. crore Rs. crore 138 185 222 198 238 277 71 112 145 133 166 185 FY15 FY16 FY17 FY18 FY19 FY20 FY15 FY
Slide 18: Operational Highlights (FY15-20)
17 Operational Highlights (FY15-20) Ad & Promo Spends and as a % of Sales Expanding Geographic Presence 153 33% 33% 35% 37% 39% 41% 135 111 95 80 69 67% 67% 65% 63% 61% 60% 6.6% 4.5% 5.2% 4.5% 4.0% 4.3% FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 South Non-Sou
Slide 19: Key Product Segments
18 Key Product Segments Products STABILIZERS PVC WIRES COOKTOPS MOTOR PUMPS Micro tech, Livguard, Prestige, Bajaj Electrials, Polycab, Havells, Finloex, Crompton Greaves, Key Players Bluebird, Capri, Logicstat, TTK Prestige, Preethi, RR Cables, Anchor Kirloskar, CRI, Texmo Premier, Everest Butterfly
Slide 20: Key Product Segments
19 Key Product Segments Products WATER HEATERS FANS UPS Digital UPS A.O. Smith, Racold, Bajaj, Crompton, Usha, Bajaj Microtek, Luminous, Su-Kam, Key Players Venus, Crompton Greaves, Numeric, APC, Emerson Electricals, Havells, Orient Exide Usha Production Model 55% Outsourced 90% Outsourced 100% Outs
Slide 21: Key Product Segments
20 Key Product Segments Products SOLAR WATER HEATER SWITCHGEAR GAS STOVES MIXER GRINDERS Racold, Emmvee Solar, Butterfly (glass top), Preethi, Bajaj Electricals, Key Players Sudarshan, Supreme Havells, Legrand, L&T, ABB Sun Flame (steel) Butterfly, Panasonic Production Model 100% In-House 100% Outso
Slide 22: About V-Guard Industries
21 About V-Guard Industries V-Guard Industries Limited (BSE:532953, NSE: VGUARD) is a Kochi based company, incepted in 1977 by Kochouseph Chittilapilly to manufacture and market Voltage stabilizers. The Company has since then established a strong brand name and aggressively diversified to become a m
Slide 23: Thank You
— V-GUARD THANK YOU