Indutrade Ab · OMXSTO:INDT
Indutrade Ab — Investor Day (December 2018)
113 slides from Indutrade Ab's investor day presentation, Dec 4, 2018
Slide 1: Welcome to Indutrade Capital Markets Day
Welcome to Indutrade Capital Markets Day Kista 4 December 2018
Slide 2: Indutrade Capital Markets Day
Indutrade Capital Markets Day Kista 4 December 2018
Slide 3: Agenda
Agenda 09:00 Welcome and agenda – Frida Adrian Indutrade overview and strategy – Bo Annvik Finance – Patrik Johnson Acquisition strategy – Jonas Halvord 10:30 Break 10:40 Business Area Flow Technology and subsidiary ESI – Peter Eriksson and Morgan O’Brien Business Area Measurement & Sensor Technolog
Slide 4: Bo Annvik, President and CEO
Indutrade (6(¢( (Ama Bo Annvik President and CEO
Slide 5: Purpose of the day
Purpose of the day ▪ Present our business model and strategic direction ▪ Initiatives for growth and continues improvement ▪ Our acquisition approach ▪ Indutrade as an owner
Slide 6: Indutrade key facts: 16 BN SEK net sales
Founded in 1978, average growth of 17 per cent p.a Net sales No companies Employees R12M 2018 Q3 1978 16 BN SEK >200 >6,700
Slide 7: Who we are and our history
Who we are and our history Fundamental principles Decentralization Entrepreneurship Profitable growth Long history of adapting to global changes All expansion funded by own cash flow
Slide 8: Core Values: People make the difference
Core Values People make the difference Entrepreneurship Decentralisation Long-term with a passion built built on for business on trust profitable growth
Slide 9: Stability based on diverse segments
Stability based on diverse segments Construction/ Engineering Infrastructure Energy Healthcare 17% 16% 12% 12% Net sales per customer segment %, financial year 2017 No/low segment dependency Business cycle “hedging”
Slide 10: Good balance of companies
Good balance of companies Companies with proprietary brands Companies with trading brands
Slide 11: Indutrade's overall strategic direction
Indutrade’s overall strategic direction Sustainable profitable growth through structured development of the portfolio companies and further acquisitions of stable and well managed small and medium sized technical trading and industrial companies Indutrade is a long term owner with a buy and build st
Slide 12: Business objective: Sustainable Profitable Growth
Business objective Sustainable Profitable Growth
Slide 13: Business model remains: Develop, Acquire
Business model remains! Develop Acquire
Slide 14: Evolution, not revolution
Evolution, not revolution... IT indutrade
Slide 15: Develop
Develop ▪ Right MD/Management ▪ Engage strategic direction ▪ Focused agenda – prioritize initiatives ▪ Talent management ▪ Knowledge sharing – benchmarking ▪ Investments in business-, product development, add-on acquisitions
Slide 16: Acquire
Acquire ▪ Profitable and well managed companies ▪ Leading position in niche market with clear offering ▪ Lead by entrepreneurs ▪ No restrictions regarding size ▪ Rationale for selling: ‒ Expansion, investment phase, internationalization, generation shift
Slide 17: Opportunistic acquisition approach
Opportunistic acquisition approach Healthy pipeline Add-on acquisition Geographical areas of interest
Slide 18: Strategic initiatives
Strategic initiatives ▪ People – talent management ▪ Knowledge sharing ▪ Indutrade tool box ▪ Sustainability as business opportunity Increase efficiency and productivity
Slide 19: Leadership and talent management
Leadership and talent management Build Review Recruit Leadership and Talent and Talent acquisition competence succession reviews strategy development offering Embed – in a decentralised context
Slide 20: Our platform for active knowledge sharing
our platform for active knowledge sharing
Slide 21: Indutrade Toolbox
Indutrade Toolbox ▪ Voluntary – MDs decides if value creating! ▪ Toolbox and best practice to support the companies in various areas ‒ Business Strategy ‒ Digitalization ‒ Sales efficiency ‒ Purchasing etc.
Slide 22: Sustainability as a business opportunity
Sustainability as a business opportunity ▪ Framework for our decentralised business model ▪ Incorporated in core processes – due diligence, acquisitions, procurement ▪ Mandatory part of strategic board meetings ▪ “Toolkit” to support the companies
Slide 23: Strong platform for long term value creation
Strong platform for long term value creation ▪ New Business Areas established 2018 ▪ Group Management – extended and strengthened ▪ International capabilities within the Group ▪ Reflect international business scope and growth potential ▪ Scalable – new Business Area organization has the structure an
Slide 24: New Management Team established
New Management Team established Peter Eriksson Patrik Johnson Morgan O’Brien Åsa Wirsenius Peter Rowlands Patrik Stolpe Robert Timmer Advisor to CEO CFO Flow Technology Group HR UK Measurement & Benelux Sensor Technology Bo Annvik President and CEO Susann Nyberg Joakim Skantze Markus Rüedin Juha Kuj
Slide 25: Financial targets
Financial targets Measured over a business cycle Return on Growth EBITA margin operating capital Net debt/Equity Dividend ≥10% ≥12% ≥20% ≤100% 30%-60% prev 10% of net profit
Slide 26: Financial targets and outcome
Financial targets and outcome Last five-year period Average return Average Net Average Average debt/Equity Dividend on operating annual growth EBITA margin end of the respective payout ratio capital year ranged 12% 11.4% 20% 74-78% 43% Financial year 2013-2017
Slide 27: Profitable growth since the IPO
Profitable growth since the IPO Net Sales, SEK m Adjusted EBITA-margin 16 000 16% 14 000 14% 12 000 12% EBITA Financial Target 10 000 10% 8 000 8% 6 000 6% 4 000 4% 2 000 2% 0 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 28: Value creation since the IPO 2005
Value creation since the IPO 2005 SEK 400 350 Indutrade 300 total return 250 200 150 100 SIX return 50 index 0
Slide 29: Adapt to changes and ability to handle challenges
Adapt to changes and ability to handle challenges Net Sales, SEK m Adjusted EBITA-margin 14 000 Global Financial 14% crisis 12 000 12% 10 000 10% 8 000 8% 6 000 6% Real Estate IT/Millenium crisis crisis 4 000 4% 2 000 2% 0 0% 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006
Slide 30: Key takeaways
Key takeaways ▪ Continued execution of successful business model and strategy ▪ Strategic initiatives to increase value creation and business performance ▪ Updated financial target ▪ Diversified conglomerate with agile and flexible companies, working closely with their customers ▪ Platform in place
Slide 31: IIT indutrade
IIT indutrade
Slide 32: Financial performance and operating model
Financial performance Patrik Johnson and operating model CFO
Slide 33: Financial performance
IT indutrade Financial performance
Slide 34: Track record of profitable growth
Track record of profitable growth SEK m Net Sales EPS * Dividend per share SEK 5 YEAR SALES DEVELOPMENT +12% 18 000 12 16 000 p.a 14 000 12 000 8 5 YEAR EPS* DEVELOPMENT +15% 10 000 8 000 p.a 6 000 4 4 000 5 YEAR DIVIDEND DEVELOPMENT +10% 2 000 0 0 p.a 2008 2009 2010 2011 2012 2013 2014 2015 2016 20
Slide 35: 5 year bridge: net sales and EBITA
5 year bridge NET SALES EBITA * +12% growth p.a. +14% growth p.a. ORGANIC ACQUISITIONS CURRENCY ORGANIC ACQUISITIONS CURRENCY + 3% p.a. + 8% p.a. +1% p.a. + 2% p.a. +11% p.a. +1% p.a. *) Excluding restructuring
Slide 36: Operating model
IT indutrade Operating model
Slide 37: Operating model – principles
Operating model – principles Decentralisation Lean head office and no allocations FULL Structured governance through BA’s and Boards ACCOUNTABILITY Common financial scorecard Simple and consistent performance incentives
Slide 38: Decentralisation – how it works
Decentralisation – how it works Independent Trust, mandate Sharing and companies and obligation to act learning encouraged Indutrade governance Monthly Bank and through Board financial reporting treasury integration
Slide 39: Lean headoffice
Lean headoffice GROUP BUSINESS AREAS ~ 15 FTE ~ 25 FTE • Business development • Business development • Acquisitions • Acquisitions • People Management • Business control • Financing • Business control • Sustainability • Communication
Slide 40: Structured governance through company boards
Structured governance through company boards Formal Board meeting 3 times per year ▪ Company Boards the formal governance fora ▪ Monthly Business Reviews with all BA’s Q3-Q4 Q1 meeting meeting ▪ Board composition adopted to (Target / budget (reviewing and closing company needs for coming year) previ
Slide 41: Common financial scorecard to support performance management
Common financial scorecard to support performance management ▪ Common Group reporting system ▪ Full P/L and B/S monthly ▪ Scorecard with standard KPI set ▪ Annual target / budget ▪ Forecasts reported three times per year ▪ Year over year improvements most important
Slide 42: Main performance incentives
Main performance incentives ▪ Full “ownership” and accountability ▪ Earn-outs (1-3 year) ▪ Annual bonus scheme based on year over year profit improvement ▪ Long term warrant program ▪ Quarterly financial benchmarking and ranking including annual and 5 year awards
Slide 43: Summary
IT indutrade Summary
Slide 44: Summary and key message
Summary and key message ▪ Strong historical financial performance ▪ Potential to improve organic performance ▪ Simple and powerful governance and operating model ▪ Decentralisation and full accountability fundamental ▪ Harmonisation in Finance
Slide 45: IIT indutrade
IIT indutrade
Slide 46: Acquisition Strategy
Jonas Halvord Acquisition Strategy Senior Vice President Acquisitions and Business Development
Slide 47: Acquisitions is a team/network process
Acquisitions is a team/network process
Slide 48: Key acquisition criteria
Key acquisition criteria ▪ Stable and well managed small and medium sized technical trading and industrial companies ▪ Leading market position in defined niches ▪ Technical components/products, preferably customised, to industrial customers ▪ Strong management teams motivated to stay on also after a
Slide 49: The decentralised business model
The decentralised business model ▪ Entrepreneurial business culture ▪ Profit focus and accountability ▪ Customer orientation and passion for business ▪ Maintaining the identity of the acquired companies ▪ People make the difference The attributes of the Indutrade model is a key acquisition process d
Slide 50: The organization is scaleable and a source of leads
The organization is scaleable and a source of leads ▪ New business area organization – structure and capability to take on additional companies ▪ Diverse portfolio provides critical mass for Companies substantial add-on acquisition opportunities ▪ Broad network provides valuable input Business Area
Slide 51: Selective in the acquisition process
Selective in the acquisition process ▪ 10 – 20 candidates for every closed transaction ▪ Internally generated leads and externally initiated contacts ‒ Provides opportunities to successful acquisitions at reasonable price levels ‒ Strong recognition as serial acquirer – steady inflow from sell-side
Slide 52: Pipeline management – internal leads
Pipeline management – internal leads ▪ Activities to stimulate internally generated candidates ▪ Encourage and support MDs to leverage their contact networks ▪ Recognition for internally generated acquisitions
Slide 53: Pipeline management – external leads
Pipeline management – external leads ▪ Indutrade – credible and regular acquirer among sell-side advisors ▪ Proactively participate in meetings / forums to maintain and develop network within sell-side community ▪ Improve contact facilitation for unsolicited external approaches
Slide 54: Proactive acquisition strategy dimensions
Proactive acquisition strategy dimensions Customer / Product / Geographical segment technology focus markets perspective perspective Focused separate activities in all three dimensions
Slide 55: Huge untapped acquisition potential of SMEs
Huge untapped acquisition potential of SMEs About 100,000 entrepreneurs due to retire in next 2 years yet to find successors” Financial Times, Frankfurt 21 March, 2018
Slide 56: Add-on companies – key acquisition criteria
Add-on companies – key acquisition criteria 1 Add-on asset deals of a product line ”Organic” add-on acquisitions Add-on of a business integrated post closing 2 to an operating Indutrade company Cluster add-on to an operating 3 Indutrade company
Slide 57: Indutrade's approach to the acquisition process
Indutrade’s approach to the acquisition process Case-by-case adopted assessment aiming at identifying key value drivers and potential associated risk areas ▪ Acquisitions resources – a combination from BA’s and HQ team ▪ People focused ▪ Professional, business focused and straight forward ▪ Fast, fl
Slide 58: Indutrade way of working with acquisitions is a core process
Indutrade way of working with acquisitions is a core process ▪ Emphasises the team effort based on business focus and simplicity ▪ Several hundred reviewed acquisition companies per year ▪ Process efficiency is important to continue the successful acquisition track record Process development ensurin
Slide 59: Summary
Summary ▪ Clear picture of desired acquisition candidates ▪ Indutrade culture and business model a key acquisition process differentiator ▪ Internal network – strong lever for candidate sourcing ▪ Acquisition process based on accumulated experiences ▪ Healthy pipeline of potential acquisition candid
Slide 60: IIT indutrade
IIT indutrade
Slide 61: Alnab story
Alnab story Peter Eriksson Advisor to the CEO
Slide 62: Alnab
alnab Indutrade
Slide 63: Alnab – from one company to business area
Alnab – from one company to business area SEK m 2 500 2 000 1 500 1 000 500 60 MSEK 0 1994 2000 2006 2011
Slide 64: Indutrade's acquisition model
Indutrade’s acquisition model ▪ Acquire only profitable companies ▪ Niche companies ▪ Technical sales companies with strong suppliers ▪ Keep the management ▪ Long relations ▪ Decentralised
Slide 65: Indutrade's management philosophy
Indutrade’s management philosophy Responsibility Delegation of authority – duty to act – right to act to the right level
Slide 66: What companies do you want to buy?
What companies do you want to buy?
Slide 67: Alnab – from one company to a business area
Alnab – from one company to a business area Business Area SEK m Flow Technology 2 500 R12M 2018 Q3 SEK 3.4 bn Rossing & 2 000 Jansson Torell Pump Belos Satron 1 500 Lyma Processpumpar Corona Control Techflow Meson group 1 000 Euronord ES Hydagent GPA Axelvalves Ventim SAV Fagerberg Sigurd Sörum grou
Slide 68: Indutrade Academy
Indutrade Academy IT indutrade
Slide 69: It's all about people
IT’S ALL ABOUT PEOPLE ▪ Decentralised model – right to decide and obligation to take decision ▪ You are in charge – can influence your company’s situation ▪ Group of companies were people makes the difference
Slide 70: IIT indutrade
IIT indutrade
Slide 71: ESI Technologies & BA Flow Technology
ESI Technologies Morgan O’Brien & Senior Vice President Flow Technology BA Flow Technology
Slide 72: ESI – More than equipment suppliers, solution providers
ESI − “More than equipment suppliers …solution providers” Valve & Pump Actuation Safety Division Division Division Control Aseptic & Design & Build Valve High Purity Vaccum systems Division Division Skid Design Filtration Instrumentation & Division Division Build Division
Slide 73: The ESI Technologies Sales Journey
The ESI Technologies Sales Journey Total Sales units Euro 000s 35 000 30 000 25 000 Quote To WIN 20 000 Implemented By Sales Team MBO 15 000 1992 Morgan 10 000 Joined Sales 650k 5 000 0 96/97 97/98 98/99 99/00 00/01 01/02 02/03 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20
Slide 74: Quote Smart / Quote To Win
Quote Smart / Quote To Win ▪ Born out of the 2008 / 2009 recession ‒ Conversion Ratio ‒ Prioritise ‒ Follow Up In Advance ‒ Quote to Win ‒ Fight for every % ‒ Black Holes ▪ Winning habits formed /Became “Fit for Fight” ▪ In 3 years T/O was back to pre recession levels ▪ Continued & refined Quote Sma
Slide 75: The ESI Technologies Sales Journey
The ESI Technologies Sales Journey Total Sales units Euro 000s 35 000 30 000 Acquired by Indutrade 25 000 20 000 15 000 10 000 5 000 0 96/97 97/98 98/99 99/00 00/01 01/02 02/03 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Year on Year Growth
Slide 76: 2010 – First visit from Indutrade
2010 – First visit from Peter Eriksson Indutrade… Already had experience of 2 previous approaches from Large Multi Nationals Growth Objectives-oriented The Indutrade model management ‒ too good to be true” Decentralised organisation Acquire Develop Entrepreneurship
Slide 77: ESI adapted the Indutrade strategy of growth via acquisition
ESI or ITG Adapted the Indutrade strategy of growth via acquisition Total Sales units Euro 000s 80 000 70 000 Strategy of Growth 60 000 Via Acquisitions 50 000 40 000 30 000 20 000 10 000 0 96/97 97/98 98/99 99/00 00/01 01/02 02/03 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 78: While continuing to grow organically we acquired
While continuing to grow organically we acquired From 2013 to 2017 we had grown organically by 44% and via acquisition by 139% as we added
Slide 79: BA Flow Technology – Succession
BA Flow Technology – Succession R12M 2018 Q3 Net sales EBITA margin 21% of Indutrade’s total net sales 3,371 MSEK 11.2%
Slide 80: BA Flow Group structure
BA Flow Group structure BA Flow ▪ > 30 companies in total Morgan O`Brien in the business area ▪ Business Area Financial Controller – Magnus Gustavsson Jan- Erik Larsson Daniel Börjesson Per-Olow Jansson Thony Lundell Peter Fredriksson Declan Field Peter Eriksson / Morgan Joachim Samuelsson (14 years
Slide 81: Summary – key message
Summary – key message ▪ Planned succession completed ▪ Organisation in place for future growth ‒ Growth through Acquisitions ‒ Each MD hunting for acquisitions & open to Stand alone & smaller add-on opportunities/acquisitions
Slide 82: Summary – key message
Summary – key message ▪ Organic growth ‒ Quote Smart / Fight For Every % tool box ▪ Working with our people to be the best they can be ‒ Challenge / Best Practice / Copy with Pride ▪ Networking across Indutrade ‒ China Cluster ‒ Pump Cluster ‒ Power Of Procurement BA Flow a Wining Team We will deliv
Slide 83: IIT indutrade
IIT indutrade
Slide 84: Measurement & Sensor Technology
Measurement & Patrik Stolpe Sensor Technology Senior Vice President Business Area Measurement & Sensor Technology
Slide 85: BA Measurement & Sensor Technology
BA Measurement & Sensor Technology R12M 2018 Q3 11% Net sales EBITA margin of Indutrade’s total net sales 1,752 17.2% MSEK
Slide 86: MST – Global Presence
MST – Global Presence Nordics 25% Asia Other Europe 37% 9% Americas 28% Rest of world Net sales per geographic market Q3 2018 1%
Slide 87: Leading a Business Area
Leading a Business Area Develop ▪ In addition to board meetings – support and discussions on a regular basis ▪ People – dependent on MD and management, talent management ▪ Investment decisions ▪ Challenge and support MD – engage in strategic direction ▪ MD is responsible for ‒ Strategy and execution
Slide 88: Business Area – Acquire
Business Area Acquire ▪ Continuously ongoing search for new acquisitions via networks ▪ Guiding MDs to find ”right” companies ▪ Supporting companies in acquisition processes
Slide 89: Value creating add-on acquisitions
Value creating add-on acquisitions TxRx – add on to Combilent ▪ Enabled important position in the US market ▪ Significant growth opportunities Thermo Electric – add on to Pentronic ▪ Use the knowledge and expertise in the Group to leverage further growth and development opportunities
Slide 90: IIT indutrade
IIT indutrade
Slide 91: It's all about temperature
IT´S ALL ABOUT TEMPERATURE IT´S IT´SALL ABOUT ALL ABOUT TEMPERATURE TEMPERATURE
Slide 92: Pentronic Group
Custom design – Our standard Pentronic Group Rikard Larsson MD Pentronic IT´S ALL ABOUT TEMPERATURE
Slide 93: Custom design temperature sensors for industry and research
Custom design temperature sensors for industry and research IT´S ALL ABOUT TEMPERATURE
Slide 94: Pentronic in short
Pentronic in short ▪ One of Europe’s leading provider of solutions for industrial temperature measurement ▪ +50 years experience in temperature measurement ▪ Turnover SEK 187 M (Pentronic group 2017) ▪ 170 dedicated employees IT´S ALL ABOUT TEMPERATURE
Slide 95: Our business
Our business This is what we provide! This is what the customer needs! IT´S ALL ABOUT TEMPERATURE
Slide 96: How our products are used: Gas-turbine
How our products are used Gas-turbine ▪ Equipped with up to 150 temperature sensors ▪ Temperature – key parameter for control and monitoring efficiency, reliability and environmental compatibility ▪ Each sensor is tailored to the specific function and optimized to the measuring requirements IT´S ALL
Slide 97: How our products are used: Processing of ore into steel
How our products are used Processing of ore into steel products Temperature is a critical Solutions: parameter to achieve the ▪ Furnace temperature control right quality and product ▪ Steel quality control ▪ Temperature profiling ▪ Steel product manufacturing ▪ Calibration and training IT´S ALL ABOU
Slide 98: How our products are used: Dairy products
How our products are used Dairy products Monitor the milk from the farm to packaged product ▪ Milk storage control ▪ Food processing ▪ Packing material manufacturing ▪ Packaging ▪ Transport ▪ Quality control of refrigerated counter at the supermarket IT´S ALL ABOUT TEMPERATURE
Slide 99: Sales development
Sales development SEK m 187 9.7 1981 2017 IT´S ALL ABOUT TEMPERATURE
Slide 100: The Pentronic roadmap
The Pentronic roadmap ISO 9001/ Telemetric Pentronic 14001 Inkal RS Technics 1965 1977 1988 2008 2017 1973 1988 2001 2014 2018 Västervik ISO 17025 Indutrade Gedevelop TEI Accredited lab IT´S ALL ABOUT TEMPERATURE
Slide 101: Our facilities
Our facilities Karlstad, SE • Sales • Accredited lab Västervik, SE • Sales Roden, NL • Manufacturing P1 & P2 • RS Technics • RD&E • Sales & manufacturing of temperature • Accredited lab sensors and control electronics Waddinxveen, NL • Thermo Electric Instrumentation • Sales & manufacturing of tempe
Slide 102: Key drivers for Pentronic
Key drivers for Pentronic Competence Service Efficiency • Theory in temperature • Customer interaction • Integrated quote-to- measurement • On time delivery invoice process • Application knowledge • Lead time • Continuous • Accredited laboratory improvements • Flexibility • Academy/Training IT´S ALL
Slide 103: Our customer base
Our customer base IT´S ALL ABOUT TEMPERATURE
Slide 104: Being part of the Indutrade family
Being part of the Indutrade family IT´S ALL ABOUT TEMPERATURE
Slide 105: Indutrade ownership
Indutrade ownership ▪ A solid group with long term perspective ▪ Competence is available and accessible from all 200+ companies ▪ Manufacturing ▪ Sales ▪ Business development ▪ Digitalization ▪ Chairman and board members ▪ Truly act as speaking partners ▪ Challenge the performance of the MD and the
Slide 106: Building the Pentronic group
Building the Pentronic group IT´S ALL ABOUT TEMPERATURE
Slide 107: Our strategy: build a 500 MSEK group
Our strategy The strategy ▪ Grow with our long term large customers Build a 500 MSEK group ▪ Introduce new technologies within our segment – and products to existing and temperature measurement new segments ▪ Add on acquisitions to expand into new geographical areas IT´S ALL ABOUT TEMPERATURE
Slide 108: Growth by acquisitions
Growth by acquisitions Why: Our niche market requires close cooperation with our customers How: Looking for targets with different geographical markets or sectors IT´S ALL ABOUT TEMPERATURE
Slide 109: Growth by acquisitions
Growth by acquisitions A local business with focus on Swedish process industry. Inkal AB Started as partnership for 10 years. A local manufacturer with footprint in NL. RS Technichs Identified via broker. A key player in the energy segment and semiconductor Thermo Electric manufacturing. Has been a
Slide 110: Summary
Summary ▪ Provide the best solution for temperature measurement to each customer’s unique demands ▪ European leader in high performance, custom made temperature measurement ▪ Competence and network within the 200+ companies – key asset to develop Pentronic for the future IT´S ALL ABOUT TEMPERATURE
Slide 111: IIT indutrade
IIT indutrade
Slide 112: Key summary
Key summary ▪ Continued execution of successful business model and strategy ▪ Strategic initiatives to increase value creation and business performance ▪ Acquisition strategy and way of working ▪ Agile and flexible companies, close to the customers ▪ Platform in place for sustainable profitable grow
Slide 113: IIT indutrade
IIT indutrade