Samvardhana Motherson International Limited · NSE:MOTHERSON
Samvardhana Motherson International — Q3 FY2024 Earnings Presentation
28 slides from Samvardhana Motherson International's earnings presentation, Feb 12, 2024
Slide 1: Cover letter to stock exchanges on Q3 FY24 results
Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited) Head Office: C-14 A & B, Sector 1, Noida – 201301 Distt. Gautam Budh Nagar, U.P. India Tel: +91-120-6752100, 6752278, Fax: +91-120-2521866, 2521966, Website: www.motherson.com February 12, 2024 BSE Limited National
Slide 2: Q3 FY 2023-24 Results Presentation
Samvardhana Motherson International Limited. (Formerly Motherson Sumi Systems Ltd.) Q3 FY 2023-24 Results Presentation 11
Slide 3: Key Highlights 01/02
Key Highlights 01/02 Strong performance by all business divisions delivering robust growth Performance Snapshot. Consolidated Q3 FY 24 Growth % YoY (Rs in crores) Revenue 25,698 27% Leverage ratio EBITDA 2,385 42% improved to 1.7x from 1.9x; PAT (Normalised) 733 61% Overall leverage Consolidated 9M
Slide 4: Key Highlights 02/02
Key Highlights 02/02 Balancing growth with financial discipline leading to long-term value creation Business Highlights. • Resilient business platform delivering improved performance despite the model mix not going as envisaged by OEMs • Net Debt reduced by ~Rs 866 crores despite M&A payouts1 (net o
Slide 5: Macro indicators showing signs of stability
Macro indicators showing signs of stability; Augurs well for the automotive industry, where growth in the recent past was driven mainly by emerging markets
Slide 6: Stability and visible signs of improvement in key indicators
Stability and visible signs of improvement in key indicators; though wage inflation and elevated geo-political risks remains areas of concerns… World Container Index1 EU, USA & India Inflation1 EU, USA & India Interest rates1 (USD) (in %) (in %) 14,00 0 12,00 0 1 2.0 6.5% 9,304 10.0 6.0% 7 .0 % 10,0
Slide 7: Global LV production growth in all key regions on Y-o-Y basis
Global LV production growth in all key regions on Y-o-Y basis, Quarterly production run-rate of 23.9 mn cars at par with pre-covid levels though developed markets still behind Data represents automotive production volumes Legend YoY QoQ Global. Europe. North America. Light Vehicles Commercial Vehicl
Slide 8: Vehicle mix didn't go as planned by OEMs
However, vehicle mix didn’t go as planned by OEMs – awaiting new product launches. Trends in Europe Premium Share 29% 28% 27% 26% 26% FY 21 FY 22 FY 23 Q2F Y24 Q3F Y24 Q4F Y24 FY25 70% (Est.) (Est.) 65% SUV Share 60% 55% Temporary dip in the 45% Upcoming launches 43% 44% 50% share of Premium, SUV 45
Slide 9: Strong performance on back of customer trust
Strong Performance on back of customer trust Seamless integration of acquired entities is going as per plan.
Slide 10: Strong growth in Revenues, with continuous improvement in EBITDA
Strong growth in Revenues, with continuous improvement in EBITDA Exceptional impact on PAT on account of hyperinflation (all figures are Rs. in Crores) Consolidated Financial Performance Q3FY24 Revenue EBITDA Normalised PAT + 27% YoY + 9% QoQ + 42% YoY + 19% QoQ + 61% YoY + 63% QoQ 26,00 0 1,200 Net
Slide 11: Leverage improving despite large M&A payouts and capex
Leverage improving despite large M&A payouts and capex. Growth-oriented Capex will support customer programs, Headroom available for future growth.
Slide 12: Debt under control; strong operating performance enabling reduction in Net Debt
Debt under control; strong operating Comfortable position performance enabling reduction in Net w.r.t. liquidity Debt and improvement in leverage ratio2,3 Gross and Net Debt1 with Cash and Bank Balance (Rs in Crores) 40,00 0 2.8 Total M&A payout (net of cash) of 35,00 0 ~INR 4,550 crores 16,00 0 14,
Slide 13: Capital expenditure as per plan; platform for future growth
Capital expenditure as per plan; Creating a platform for future growth, especially in India Capex (Rs in Crores) SOP status of already announced Greenfields # of Greenfield 2, 000 65% 70% Division Facilities Expected SOP (Country) 1, 800 54% 52% 60% Wiring Harness 02 (India) Q1FY25 / Q2FY25 1, 600 1
Slide 14: Focused approach resulting in consistent improvement in inventory days
Focused approach resulting in consistent improvement in inventory days. Inventory Days1 (on sales) 60 57 55 50 The gradual reduction in 44 45 inventory, inching closer to pre-covid levels. 40 37 36 35 35 35 35 35 Post Covid Avg 33 33 33 32 30 31 29 Pre Covid Avg 28 29 29 28 28 26 30 26 26 25 Q1 F Y1
Slide 15: Divisional Performance
Divisional Performance All business divisions are contributing to growth and are focused on building capabilities to support customer requirements.
Slide 16: Business Divisions
Business Divisions. 01. 02. 03. 04. 05. Wiring Vision Modules & Polymer Integrated Emerging harness Systems Products Assemblies Businesses Elastomers Lighting & Precision Technology & Aerospace Logistics Health Services Electronics Metals & Industrial Solutions & Modules Solutions Medical 15 15
Slide 17: Key Divisional Highlights
Key Divisional Highlights. Wiring Modules and Vision Integrated Emerging Harness. Polymers. Systems. Assemblies. Businesses. ü Operational improvements ü Successful and profitable ü Resilient performance inspite ü Integration on track as per ü Continues to be a high supported by favourable industry
Slide 18: Business Division Wise Financial Performance: Q3FY24 vs Q3FY23
Business Division Wise Financial Performance1 : Q3FY24 vs Q3FY23. (all figures are Rs. in Crores) Wiring Modules and Vision Integrated Emerging Harness. Polymer Products. Systems. Assemblies. Businesses. Revenues Revenues Revenues Revenues Revenues + 21% + 16% + 6% + 20% 7,933 6,530 12,753 6,000 4,8
Slide 19: Summary of divisional financial performance
Summary of divisional financial performance. Financials (all figures are Rs. in Crores) Q3FY23 Q3FY24 Business Division Revenue1 EBITDA EBITDA% Revenue1 EBITDA EBITDA% Wiring Harness 6,530 559 8.6% 7,933 851 10.7% Modules & Polymer Products 10,957 720 6.6% 12,753 1,117 8.8% Vision Systems 4,546 453
Slide 20: Consolidated Debt Status, Reference Rates, and Notes
Consolidated Debt Status, Reference Rates, and Notes. A. Net Debt. Copper Rates. Average Q3 FY23 Q2 FY24 Q3 FY24 Rs. In Jun-22 Sep-22 Dec- 22 Mar-23 Jun-23 Sep-23 Dec-23 Crores LME Copper (USD / MT ) 8,006 8,356 8,169 Gross 12,356 12,671 12,968 12,166 12,546 19,228 19,186 Copper (INR / KG) 716 754 7
Slide 21: Thank you.
motherson Thank you. Proud to be part of samvardhana motherson all
Slide 22: Annexure
motherson P| Annexure.
Slide 23: SAMIL Consolidated Q3FY24 vs Q3FY23
SAMIL Consolidated Q3FY24 vs Q3FY23. (all figures are Rs. in Crores) EBITDA 9.3% Revenues 30 ,000 25,698 8.3% 2,454 1 25 ,000 + 27% + 42% 69 10. 0% 20,267 2,000 1,684 - 8. 0% 20 ,000 2,385 6. 0% 1,000 4. 0% 15 ,000 2. 0% - 0. 0% 10 ,000 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 PBT (Normalised2) 979 PAT (Norm
Slide 24: SAMIL Consolidated 9MFY24 vs 9MFY23
SAMIL Consolidated 9MFY24 vs 9MFY23. (all figures are Rs. in Crores) 80,000 Revenues EBITDA 75,000 + 27% 71,634 8.9% 70,000 + 48% 65,000 9,000 56,224 10. 0% 60,000 7.7% 6,395 8,000 55,000 3 8. 0% 69 7,000 4,328 50,000 6,000 6. 0% 1 45,000 5,000 46 6,326 40,000 4. 0% 4,282 4,000 35,000 2. 0% 3,000 30
Slide 25: Business Division Wise Financial Performance: 9MFY24 vs 9MFY23
Business Division Wise Financial Performance1 : 9MFY24 vs 9MFY23. (all figures are Rs. in Crores) Wiring Modules and Vision Integrated Emerging Harness. Polymer Products*. Systems. Assemblies. Businesses. Revenues Revenues Revenues Revenues Revenues 14,50 0 + 23% 23,329 + 20% 36,208 14,00 0 + 18% 14
Slide 26: SAMIL Standalone
SAMIL Standalone. (all figures are Rs. in Crores) Q3FY24 Revenues EBITDA. + 13% 2,203 + 9% 13.7% 1,954 330 320 301 20. 0% 310 14.1% 15. 0% 300 276 290 280 10. 0% 270 260 5. 0% 250 240 0. 0% Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 9MFY24 + 16% 6,622 EBITDA. + 33% 13.8% 7,000 Revenues 5,707 12.1% 917 6,000 1,
Slide 27: Bridge to Gross revenue
Bridge to Gross revenue. Revenues (Rs in Crores) Business Division Q1FY24 Q2FY24 Q3FY24 9MFY24 12M FY23 Gross revenue 26,909 34,518 40,790 102,217 94,491 Less: Adjustment under INDAS 115 1,569 7,741 11,510 20,820 4,740 (Principal vs Agent consideration) Reported including JVs/ 25,340 26,777 29,280 8
Slide 28: Thank you. Safe harbor
Thank you. Safe harbor The contents of this presentation are for informational purposes only and for the reader’s personal non-commercial use. The contents are intended, but not guaranteed, to be correct, complete, or absolutely accurate. This presentation also contains forward-looking statements ba
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