Carysil Limited · NSE:CARYSIL
Carysil — Q3 FY24 Earnings Presentation
47 slides from Carysil's earnings presentation, Feb 1, 2024
Slide 1: Thriving Growth. Unlocking Potential. Inspiring Success.
THRIVING GROWTH. UNLOCKING POTENTIAL. INVESTOR INSPIRING PRESENTATION SUCCESS. Q3 FY24
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 FY24 Highlights
CARYSIL STERNHAGEN GERMAN ENGINEERED | |§§ #§$ GERMANY Q3 & IM FY24 Highlights
Slide 4: Message from Chairman & MD
Message from Chairman & MD Mr. Chirag Parekh, Chairman & Managing Director “Carysil is committed to innovation and places a strong emphasis on technology and customer-centricity. Our pursuit of expansion is evident through continuous efforts, focusing on consistent growth in capacity, product enhanc
Slide 5: Performance Highlights
Performance Highlights Rs. Crores 188.8 164.5 Total Income 137.8 ❖ Revenue has increased on YoY & QoQ basis due to improved demand ❖ Exports Revenue for the quarter stood at Rs. 149.2 cr up by 37% on YoY and 16% on QoQ Q3FY23 Q2FY24 Q3FY24# ❖ Domestic Revenue for the quarter stood at Rs. 38.8 cr up
Slide 6: Consistent Growth
Consistent Growth Rs. Crores Quartz Sink Volumes (Units in ‘000s) Other Volumes (Units in ‘000s) Total Income** Steel Sink Kitchen Appliances & Others# 650 163 153 594 514 +23.9% 492 496 55 127 117 114 48 387 413 411 103 41 346 51 45 316 43 280 252 105 109 86 60 66 69 FY19 FY20 FY21 FY22 FY23 9MFY24
Slide 7: Revenue Mix
Revenue Mix Geography-wise Revenue Product-wise Revenue FY23 9MFY24 FY23 9MFY24** 78.0% 21.2% 25.0% 27.1% 52.0% 50.5% 22.0% 78.8% 11.0% 11.4% 13.0% 10.9% Quartz Sink Exports* Domestic Steel Sink Appliances & Others Surfaces Strengthening ‘Carysil’ Brand 7 * United Granite LLC which got consolidated
Slide 8: 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. Revenues (Mn. GBP) Products sold under Carysil Products Ltd. (fo
Slide 9: Overseas Operations Performance
Overseas Operations Performance Carysil Surfaces Limited United Granite LLC Revenues (Mn. GBP) Revenues (Mn. $) Covid Impact 14.0 13.9 14.6 12.0 12.3 12.7 9.6 9.5 10.9 10.6 11.3 7.7 CY18 CY19 CY20 CY21 CY22 FY22 FY23 9MFY24 CY20 CY21 CY22 CY23 Strengthening Presence and market share in the UK market
Slide 10: Consolidated Profit & Loss
Consolidated Profit & Loss Particulars (Rs. Crs.) Q3FY24 Q3FY23 Y-o-Y Q2FY24 Q-o-Q 9MFY24 9MFY23 Y-o-Y Revenue 188.0 137.8 163.6 493.2 448.3 Gain / (Loss) on Foreign Exchange 0.8 0.0 0.9 2.8 0.0 Total Income 188.8 137.8 37.0% 164.5 14.7% 496.1 448.3 10.7% Raw Material 89.0 70.2 76.9 236.9 227.0 EBIT
Slide 11: Standalone Profit & Loss
Standalone Profit & Loss Particulars (Rs. Crs.) Q3FY24 Q3FY23 Y-o-Y Q2FY24 Q-o-Q 9MFY24 9MFY23 Y-o-Y Revenue 102.6 69.7 94.8 266.7 260.5 Gain / (Loss) on Foreign Exchange 0.7 0.0 0.8 2.7 0.0 Total Income 103.3 69.7 48.2% 95.6 8.0% 269.4 260.5 3.4% Raw Material 45.6 31.3 36.6 111.4 112.8 Employee Exp
Slide 12: Company Overview
Company Overview 12
Slide 13: Numero Uno Position
Numero Uno Position Introduced Physical Vapor Certification for Only Manufacturer with Schock Deposition (PVD) Technology ISO 9001:2015 Technology (Germany) For metallic finish of stainless- ISO 14001:2015 In Asia in Quartz Sink steel sinks ISO 45001:2018 PAN India presence Quartz Sink Capacity Expo
Slide 14: Products with Global Standards sold across countries
Products with Global Standards sold across countries Continued focus on expanding further by acquiring new customers and penetrating newer geographies Export Countries 55+ Global Offices 5 Global Sales Network 50+ ✓ Expanded in newer geographies – Australia, New Zealand, Gulf countries, Southeast As
Slide 15: Industry Overview
Industry Overview The global kitchen sinks market is projected to 80-90 MN units ~7 MN Units 9 MN Units grow from USD 3.2 25% CAGR billion in 2022 to USD Of Quartz sink are 4.50 billion by 2030, The global market for Demand for manufactured using of Quartz sinks globally with a CAGR of 3.87% kitchen
Slide 16: Our Distribution Model
Our Distribution Model International STRATEGIC Acquisition of Home Style Products Limited • Outsources and sells it to the Top Customers (now known as Carysil Products Limited - A kitchen products distribution • Key Alliances with partners in USA, Israel, Denmark & Germany company)with 100% Stake •
Slide 17: Carysil – Over the Years
Carysil – Over the Years 1993 2010-11 2017-18 2020 2022 Carysil began its Carysil started its first 2017: Launch of Sternhagen Incorporation of a Acquisition of Tickford Orange focus on exports of international subsidiary brand and State of art Wholly owned Limited, holding company of its Quartz Sin
Slide 18: Pillars of Integrated Business
Pillars of Integrated Business Brand Manufacturing Facilities & Technology Distribution Network Gallery Product Basket • Brand promotion on TV and in print, along • Quartz Sinks: 10,00,000 pa , Stainless Steel • The acquisition of 100% stake in a • Offers a wide range of cutting edge with exposure t
Slide 19: Vision & Mission
Vision & Mission • To be the leading global player in Kitchen and Bath segment ▪ To become one-stop solution for kitchen segment ▪ To go beyond customer satisfaction by manufacturing high- quality products and providing excellent service ▪ To keep up with the latest trends in technology ▪ To enhance
Slide 20: Board of Directors
Board of Directors Mr. Chirag A. Parekh Mr. Anand Sharma* Mr. Jagdish R. Naik Dr. Sonal Ambani Chairman and Managing Director Executive Director & Group CFO, COO Independent Director Independent Director He is a fellow member of ICAI, CS and Cost A Chartered Accountant, was a partner of a He holds a
Slide 21: Our Core Team
Our Core Team Anand Sharma Reena Shah Manish Thakkar Mitesh Chauhan CFO & COO Company Secretary Sr. Vice President Vice President & Compliance Officer (Operations) (International Sales) Jairaj Nair Pradeep Trivedi Aishwarya Srivastava VP (Sales & Marketing) HR Head Corporate HR Manager Shrenik Chopr
Slide 22: Awards & Certifications
Awards & Certifications Award Certificate If Design Award to FGI’s Award for ‘Best for Manufacturing Sternhagen SaniQ Exports Performance Innovation & kristall wash basin & Promotion’ Design IPF Fastest growing Manufacturing Certificate for ‘Best CSR FGI’s Award for ‘Good Company Award practices’ by
Slide 23: Participation in Mumbai & Dubai Trade Exhibition
Participation in Mumbai & Dubai Trade Exhibition 23
Slide 24: Increasing Product Portfolio
Increasing Product Portfolio Product Segment Bathroom Kitchen Suite Sinks Faucets Bath Fittings Appliances 24
Slide 25: Sinks
Sinks 25
Slide 26: Quartz Sinks – Only Company in Asia
Revenue Mix Only Company in Asia Capacity of Quartz Sinks (per annum) The only company in Asia and among a few Existing companies worldwide: manufacturing quartz kitchen sinks to global standards of quality, durability and visual appeal 1,000,000 840,000 Plant Capacity 600,000 500,000 4 plants havin
Slide 27: Stainless Steel Sinks – Quadro Sinks the Focus Area
Stainless Steel Sinks – Quadro Sinks the Focus Area Stainless-Steel Sinks Contribution: 11.4% to Consolidated revenue* Production Capacity 1,80,000 sinks per annum^; Commercial production of additional capacity commenced in Jul’23 Target Market for Quadro (Designer) Sinks Caters to high end segment
Slide 28: Kitchen Appliances
Kitchen Appliances 28
Slide 29: Kitchen Appliances – Multifold Growth Opportunity
Kitchen Appliances – Multifold Growth Opportunity Chimneys Wine Chillers Edge over Price, Quality and Delivery Fronts Currently contributing 4.1% to the Revenue* Dish Washer Hoods Product Portfolio Manufacturing and Trading of Appliances Poised to become a significant player in the overall Kitchen C
Slide 30: Bath Segment
CARYSIL. STERNHAGEN GERMAN ENGINEERED GERMANY Bath Segment
Slide 31: 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’ Product Details Range of Products Innovation Sternhagen washbasins Premium Sanitary Ware, Developed full bathroom ▪ 60+ Showrooms &
Slide 32: Business Model
CARYSIL. STERNHAGEN GERMAN ENGINEERED GERMANY
Slide 33: Moulds an Integral Part of Manufacturing Process
Moulds an Integral Part of Manufacturing Process Variety of Moulds Life of Moulds Input Purchase of Moulds A Mould can be utilized for 15+ All the Moulds are imported ▪ Has more than 150 moulds ▪ 400+ SKU’s years Processing Place Bhavnagar, Gujarat Production Capacity Made to Order Output 10,00,000*
Slide 34: Domestic Presence - Strengthening of our Brands
Domestic Presence - Strengthening of our Brands With a strong focus on the domestic market, we are increasing our penetration domestically by expanding in dealer network pan India. Expanded dealer network to over 3,200 dealers Dealer Network 3,100+ 3,200+ Chirag Parekh, Chairman & Managing Director
Slide 35: Increasing Presence Across India
Increasing Presence Across India ❖ Increasing Penetration in the domestic market through the opening of many galleries across India ❖ Displaying vast range of ‘Carysil’ products, including kitchen sinks, chimneys, hobs, cooktops, faucets, dishwashers, etc. 35
Slide 36: Acquisitions so far
Acquisitions so far…! Carysil Products Limited Carysil Surfaces Limited Carysil Brassware Limited United Granite LLC Acquisition : 13th Nov’14 Acquisition on - 1st Apr’22 Acquisition on - 3rd Apr’23 Acquisition on - 20th Oct’23 • Carysil has acquired entity in 3 traches • Carysil UK has acquired 100
Slide 37: Multiple Growth Drivers
Multiple Growth Drivers Strong Distribution Network Strengthen the Distribution network by tie up with Carysil Products and Carysil Surfaces, UK, United Granite and plan to add new 100 galleries and 34 more distributor and increased dealer network to 3200+ dealers in 9MFY24 Short Term Branding & Tec
Slide 38: Historical Financials
CARYSIL STERNHAGEN GERMAN ENGINEERED GERMANY Historical Financials
Slide 39: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Crs.) FY23 FY22 FY21 FY20 Revenue 593.9 483.9 309.7 276.2 Gain / (Loss) on Foreign Exchange 0.0 8.5 5.8 - Total Income 593.9 492.4 315.5 276.2 Raw Material 302.4 209.5 141.8 137.4 Employee Expenses 43.4 30.7 22.2 22.2 Other Expenses 139.2 137.5 7
Slide 40: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Liabilities (Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Non-current assets 351.4 245.8 170.3 138.8 Total Equity 307.0 256.9 194.0 160.2 Property Plant & Equipment 209.7 168.3 121.2 97.8 Share capital 5.4 5.3 5.3 5.3 Right to use of
Slide 41: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Net Profit For The Year 52.8 65.3 39.3 22.9 Adjustments for: Non-Cash Items / Other Investment or Financial Items 57.8 51.1 38.7 29.1 Operating profit before working capital changes 110.6 116.3 78.0 51.9 Changes in w
Slide 42: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Particulars (Rs. Crs.) FY23 FY22 FY21 FY20 Revenue 335.7 388.0 248.3 214.4 Gain / (Loss) on Foreign Exchange 0.0 8.3 5.8 4.1 Total Income 335.7 396.3 254.2 218.5 Raw Material 145.4 163.6 110.2 103.7 Employee Expenses 25.8 22.3 16.0 16.7 Other Expenses 98.2 120.5 72
Slide 43: Standalone Balance Sheet
Standalone Balance Sheet Assets (Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Liabilities (Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Non-current assets 229.0 204.9 145.6 114.4 Total Equity 224.6 200.3 151.4 130.3 Property Plant & Equipment 175.1 147.0 104.9 83.8 Share capital 5.4 5.3 5.3 5.3 Right to use of as
Slide 44: Standalone Cash Flow Statement
Standalone Cash Flow Statement Particulars (Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Net Profit For The Year 25.6 51.5 26.6 12.8 Adjustments for: Non-Cash Items / Other Investment or Financial Items 43.1 44.3 34.0 25.3 Operating profit before working capital changes 68.7 95.8 60.6 38.1 Changes in worki
Slide 45: Improving Return Ratios
Improving Return Ratios Return on Capital Employed (%) Return on Equity (%) Working Capital Days 24.3% 28.9% 70 21.3% 63 20.7% 20.2% 49 15.7% 18.7% 14.5% 31 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 45
Slide 46: Regular Dividend Payout
Regular Dividend Payout Dividend 14.3% 13.6% 9.8% 10.2% Payout (excl. DDT) 24.3 19.6 14.7 8.4 2.0 2.4 2.0 1.2 FY20 FY21 FY22 FY23 EPS DPS 46
Slide 47: 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