Ifgl Refractories Ltd. · NSE:IFGLEXPOR
Ifgl Refractories — Q3 FY24 Earnings Presentation
43 slides from Ifgl Refractories's earnings presentation, Feb 4, 2024
Slide 1: Regulation 30 disclosure letter to exchanges
4th February, 2024 National Stock Exchange of India Ltd BSE Limited ‘Exchange Plaza’, C-1, Block – G Phiroze Jeejeebhoy Towers Bandra – Kurla Complex Dalal Street Bandra (E), Mumbai 400 051 Mumbai 400 001 Code : IFGLEXPOR Code: 540774 Dear Sirs, Re: Disclosure under Regulation 30 of SEBI (Listing Ob
Slide 2: IFGL Refractories Limited Investor Presentation Q3FY24
IFGL Refractories Limited Investor Presentation Q3FY24 - February 2024
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by IFGL Refractories 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 sec
Slide 4: Agenda
Table of Contents 01 Q3 & 9MFY24 Performance Highlights 02 IFGL Refractories at a Glance 03 Historical Performance Highlights Agenda 04 Annexure
Slide 5: Standalone Performance Highlights
Standalone Performance Highlights Total Revenue (Rs. Crs) EBITDA before Exceptional EBITDA Margin before ✓ Revenue for Q3FY24 grew by 9% Y-o-Y Items (Rs. Crs) Exceptional Items (%) and stood at Rs. 200 crs & for 9MFY24 +9% -5% -200 bps revenues grew by 10% on a Y-o-Y basis 199.9 29.6 28.2 16.1% 183.
Slide 6: Consolidated Performance Highlights
Consolidated Performance Highlights Total Revenue (Rs. Crs) EBITDA before Exceptional EBITDA Margin before ✓ Revenue for Q3FY24 grew by 16% Y-o-Y Items (Rs. Crs) Exceptional Items (%) and stood at Rs. 370 crs & for 9MFY24 +16% +9% -71 bps revenues grew by 23% on a Y-o-Y basis 370.3 40.0 11.5% 36.7 1
Slide 7: Management Commentary
Management Commentary Commenting on the Q3 & 9MFY24 performance of the company Mr. James McIntosh, Managing Director for IFGL Refractories Limited Said, “We are pleased to announce our revenue stood at Rs 370 crores in Q3FY24, representing a 16% Y- o-Y growth. Our EBITDA for the quarter excluding ex
Slide 8: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Profit & Loss [Rs. Crs.] Q3FY24 Q3FY23 Y-o-Y% 9MFY24 9MFY23 Y-o-Y% Total Income 199.9 183.8 9% 693.7 628.0 10% Raw Material 108.5 98.4 351.1 346.2 Gross Profit 91.4 85.4 7% 342.6 281.7 22% Gross Profit Margins 45.7% 46.5% 49.4% 44.9% Employee Expenses 19.0 15.8 53.
Slide 9: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Profit & Loss [Rs. Crs.] Q3FY24 Q3FY23 Y-o-Y% 9MFY24 9MFY23 Y-o-Y% Total Income 370.3 318.3 16% 1,257.1 1,023.8 23% Raw Material 189.0 163.5 627.5 533.7 Gross Profit 181.3 154.8 17% 629.6 490.1 28% Gross Profit Margins 49.0% 48.6% 50.1% 47.9% Employee Expenses 62
Slide 10: Agenda
Table of Content 01 Q3 & 9MFY24 Performance Highlights 02 IFGL Refractories at a Glance 03 Historical Performance Highlights Agenda 04 Annexure
Slide 11: IFGL Refractories at a Glance (1/3)
IFGL Refractories at a Glance (1/3) ❖ IFGL is one of the fastest growing brands in the global refractory industry. We offer a wide range of specialised refractory products and operating systems for our products to our customers worldwide. About ❖ With 10 strategically located manufacturing units acr
Slide 12: IFGL Refractories at a Glance (2/3)
IFGL Refractories at a Glance (2/3) ❖ We have a diverse technical workforce, a large pool of trained engineers and application specialists who understand the importance of their roles in ensuring that About our company delivers success to customers through state-of-the-art technology. IFGL Refractor
Slide 13: IFGL Refractories at a Glance (3/3)
IFGL Refractories at a Glance (3/3) Our Mission IFGL is committed to taking the refractory industry forward by setting new benchmarks in metallurgical excellence. Adhering to ethical manufacturing practices and sustainable and safe operations, we continuously innovate with a skilled team guided by a
Slide 14: Our Core Values
Our Core Values Health & Safety Ambition A safe working environment absent of risks is one We aspire for all our stakeholders to unleash their of our high held priorities, which we never full potential in order to bring out the best in them compromise on. individually, and collectively in the compan
Slide 15: About Group Companies
About Group Companies Our group companies comprise IFGL Refractories and its 4 subsidiaries, all operating in specialised refractories and operating-systems segment. With manufacturing capability across 10 locations across Asia, Europe and North America, we enjoy strategic supply edge to cater to cu
Slide 16: About Group Companies
About Group Companies hofmann CERAMiC GmbH was founded in 1937. For over 9 decades, the company has been laying down the benchmark in high-quality ceramic manufacturing. Skilled workforce, latest technologies, and quality adherence to design, manufacturing & installation of products, as per the exac
Slide 17: Global Presence
Global Presence From state-of-the-art Manufacturing Facilities at 10 global locations to Sales & Marketing network across 50+ countries, IFGL enjoys global recognition as a provider of quality refractory solutions to our customers. Our strategic presence across the world creates a valuable competiti
Slide 18: Board of Directors
Board of Directors Shishir Kumar Bajoria Chairman Shishir Kumar Bajoria, son of Late B P Bajoria, fondly known as SKB, is a well-known Indian industrialist. He is the Promoter of S K Bajoria Group and is engaged in diversified business activities like manufacturing of Specialised Refractories for th
Slide 19: Board of Directors
Board of Directors James McIntosh Kamal Sarda Managing Director Director & CEO India James McIntosh, holder of a Master’s Degree in Technological Kamal Sarda is a Fellow Member of the Institute of Marketing, has experience of more than three decades in the Chartered Accountants of India and a law gr
Slide 20: Board of Directors
Board of Directors Sudhamoy Khasnobis D G Rajan Board Member Board Member Sudhamoy Khasnobis, an Engineering Graduate, is a career D.G. Rajan is a Fellow of the Institute of Chartered banker with broad and diversified experience in development Accountants in England & Wales and of India. He was a ba
Slide 21: Embarking on Capex Journey..
Embarking on Capex Journey..
Slide 22: New Project expansion in Odisha
New Project expansion in Odisha Playing a new role in Aatmanirbhar Bharat Campaign The project costs will be in the region of Rs. 150 crores - funded by Odisha - Khordha District internal accruals and term loans Setting up a new manufacturing facility in Odisha This new plant is part of our overall
Slide 23: Capacity expansion & other improvements
Capacity expansion & other improvements Plant wise Capex amount distribution in FY23 & FY24 (Rs.in Crs) 58.5 Odisha 50.0 Research & Technology Centre at Kalunga, Odisha was Inaugurated in the Q3 FY24. Kandla The total expected capex cost was Rs 177.5 crores. In Odisha, around 70% of the capex has be
Slide 24: A Global Player in Refractories..
A Global Player in Refractories..
Slide 25: Key Product Portfolio
Key Product Portfolio Tap Hole Sleeve & Block Tap Hole Mass Hot Patching Mass Pre Tap Plugs Precast Roof Slag Dart Machines EBT Tap Hole Sleeve & Block Slag Dart Refractories Tap hole ramming mass Delta Castable & Dart Machine Accessories Tundish Lining Tundish Tundish Flow Modifiers Slide Gate Refr
Slide 26: Key Product Portfolio
Key Product Portfolio Coil Coating Mass Neutral Ramming Mass Purging Refractories Sub Entry Nozzle / Shroud Tundish Covering Compound Burner Blocks Casting Flux Precast Hearth and Skid Blocks Tundish Metering Nozzle Ladle Well Filler EBT Filling Mass Precast Skid Pipe Cladding 25
Slide 27: Solutions Offerings - Foundry
Solutions Offerings - Foundry Foundry With more than seventy years of experience our group company Hofmann Ceramic GmbH provides innovative solutions and technical ceramics products related to the foundry industry, and is the specialist in the field of mold filling and solidification. We support cus
Slide 28: A Responsible Corporate..
A Responsible Corporate..
Slide 29: Sustainability
Sustainability As a responsible corporate entity, IFGL constantly strives to drive sustainability through a holistic approach. From understanding the true essence of sustainable actions, to establishing the tiers of responsibility and integrating justifiable elements at every stage, sustainability i
Slide 30: Sustainability
Sustainability Ensuring The Welfare Of All Stakeholders Through the implementation of the latest safety protocols, production parameters and efficient processes, IFGL ensures that the health & well-being of our employees or our esteemed customers are never put at any risk. The robust safety culture,
Slide 31: Social Responsibility
Social Responsibility Maintaining a seamless balance between business, sustainability, and growth has always been a priority at IFGL. Through nurturing the latent potential of our people, and ensuring smooth integration with Mother Nature, we have established mutual exclusivity of the two. As a resp
Slide 32: Agenda
Table of Content 01 Q3 & 9MFY24 Performance Highlights 02 IFGL Refractories at a Glance 03 Historical Performance Highlights Agenda 04 Annexure
Slide 33: Consolidated Historical Financial Highlights
Consolidated Historical Financial Highlights Total Income (Rs. Crs) EBITDA (Rs. Crs) Profit After Tax (Rs. Crs) +17% +15% +26% 1,399.7 175.9 77.5 79.2 1,275.4 158.5 166.1 65.6 1,042.5 928.3 102.5 40.1 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20* FY21 FY22 FY23 Gross Margins (%) EBITDA Margins (%) P
Slide 34: Consolidated Historical Profit & Loss Statement
Consolidated Historical Profit & Loss Statement Particulars [Rs. Crs.] FY23 FY22 FY21 FY20 Total Income 1,399.7 1,275.4 1,042.5 928.3 Materials consumed 722.8 614.6 474.0 459.1 Employee Expenses 194.8 173.9 151.8 150.5 Other Expenses 316.0 328.4 240.8 216.2 EBITDA 166.1 158.5 175.9 102.5 EBITDA % 11
Slide 35: Consolidated Historical Balance Sheet Statement
Consolidated Historical Balance Sheet Statement Assets (in Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Equity & Liabilities (in Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Non-Current Assets 589.8 480.9 456.4 461.6 Equity 1005.0 934.0 890.5 809.0 Fixed Assets Share Capital 36.0 36.0 36.0 36.0 Property Plant & E
Slide 36: Creating sustainable value for Shareholders
Creating sustainable value for Shareholders Total Debt (Rs. Crs) Cash & Equivalents (Rs. Crs) Net Debt (Rs. Crs) FY20 FY21 FY22 FY23 9MFY24 167.3 321.9 148.5 262.7 -30.0 204.5 -45.9 194.3 197.3 87.1 52.0 51.6 -152.4 -175.6 FY20 FY21 FY22 FY23 9MFY24 FY20 FY21 FY22 FY23 9MFY24 -270.3 Net Debt : Equit
Slide 37: Key Consolidated Historical Ratios
Key Consolidated Historical Ratios Working Capital (Rs. Crs) Inventories (Rs. Crs) Receivables (Rs. Crs) 465.7 454.9 302.0 304.0 349.8 333.3 259.4 344.2 272.0 228.2 210.5 241.0 167.8 228.1 141.8 FY20 FY21 FY22 FY23 9MFY24 FY20 FY21 FY22 FY23 9MFY24 FY20 FY21 FY22 FY23 9MFY24 Return on Equity (%) Ret
Slide 38: Consistent Dividend Payout
Consistent Dividend Payout 100.0% 70.0% 70.0% 25.0% 25.0% FY19 FY20 FY21 FY22 FY23 Particulars (Rs.) FY19 FY20 FY21 # FY22 FY23 Consolidated Book Value Per Share 220.5 224.5 247.1 259.2 278.9 Consolidated Earning Per Share 14.0 11.1* 23.8* 21.5 21.9 Dividend Per Share 2.50 2.50 10.0# 7.0 7.0 * EPS A
Slide 39: Agenda
Table of Content 01 IFGL Refractories at a Glance 02 Q4 & FY23 Performance Highlights 03 Historical Performance Highlights Agenda 04 Annexure
Slide 40: Growth drivers of Indian Steel industry
Growth drivers of Indian Steel industry Infrastructure development and demand from the various sectors Huge export opportunity for India due to its low cost advantage & Centre aims at covering refractories in PLI 2.0 to support steel industry Growth Drivers will boost usage of In Union Budget it is
Slide 41: Global Steel Demand Outlook
Global Steel Demand Outlook In MT Emerging Markets & Developing World India World (Ex China) economies (Ex- China) +1.9% +8.1% +2.8% +4.5% 1,783 1,815 1,849 126 136 862 875 910 487 507 531 116 2022 2023F 2024F 2022 2023F 2024F 2022 2023F 2024F 2022 2023F 2024F ➢ Global outlook: ▪ As per WSA, steel d
Slide 42: Top 5 Steel Consuming Countries
Top 5 Steel Consuming Countries In MT 2022 2023F 2024F +1.0% 939.3 939.3 920.9 +8.1% 135.8 +0.3% 116.2 126.1 94.5 93.5 95.0 -0.7% +2.2% 55.0 53.9 54.2 51.3 53.0 53.6 China India United States Japan South Korea India’s steel demand will show healthy growth on the back of strong urban consumption and
Slide 43: Thank You
Thank Yo u Company: Investor Relations Advisor: IFGL Refractories Ltd. Strategic Growth Advisors Pvt. Ltd. CIN - L51909OR2007PLC027954 CIN - U74140MH2010PTC204285 Mrs. Mansi Damani Mr. Sagar Shroff / Mr. Vatsal Shah mansi.damani@ifgl.in sagar.shroff@sgapl.net / vatsal.shah@sgapl.net +91 98205 19303