Greenply Industries Ltd · NSE:GREENPLY
Greenply Industries — Q3 FY2022 Earnings Presentation
35 slides from Greenply Industries's earnings presentation, Feb 14, 2022
Slide 1: Cover letter to stock exchanges
Greenply/2021-22 February 14, 2022 The Manager The Manager BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Bandra Kurla Complex Floor 25, P. J. Towers, Dalal Street Bandra (E) Mumba i - 400 001 Mumbai - 400 051 Security Code : 526797 Symbol - GRE
Slide 2: Analyst Presentation Q3 & 9M FY 2022
Greenply Industries Limited ANALYST PRESENTATION Q3 & 9M FY 2022 14th February 2022 1
Slide 3: Disclaimer
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 s
Slide 4: Contents
Contents 04 Key Highlights 05 Financial & Operating Performance 21 Industry Overview 24 Corporate Overview 32 Outlook 33 Chairman Message 3
Slide 5: Key results highlights - Consolidated
Key results highlights- Consolidated Q3 FY22 - YoY basis 9M FY22 - YoY basis ❖ Revenue Rs. 421.1 crores 23.7% ❖ Revenue Rs. 1,114.3 crores 45.0% ❖ Adj. Core EBITDA* Rs. 45.8 crores 9.8% ❖ Adj. Core EBITDA* Rs. 114.7 crores 61.1% ❖ Adj. Core EBITDA margin* 10.9% 137 bps ❖ Adj. Core EBITDA margin* 10.
Slide 6: Financial & Operating Performance
FINANCIAL & OPERATING PERFORMANCE 5
Slide 7: Consolidated P&L - Q3 FY22
Consolidated P&L-Q3 FY22 Revenue-Rs. Crores Gross Profit- Rs. Crores, Margin % 200.0 172.2 50.0% 500.0 432.4 421.1 42.1% 163.1 143.2 39.8% 400.0 340.4 150.0 38.7% 40.0% 300.0 30.0% 100.0 200.0 20.0% 50.0 10.0% 100.0 0.0 0.0 0.0% Q3 FY21 Q2 FY22 Q3 FY22 Q3 FY21 Q2 FY22 Q3 FY22 Adj.Core EBITDA*- Rs. C
Slide 8: Consolidated P&L - 9M FY22
Consolidated P&L-9M FY22 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 1200.0 1,114.3 500.0 50.0% 42.0% 40.2% 448.3 1000.0 400.0 40.0% 768.6 322.7 800.0 300.0 30.0% 600.0 200.0 20.0% 400.0 200.0 100.0 10.0% 0.0 0.0 0.0% 9M FY21 9M FY22 9M FY21 9M FY22 Adj. Core EBITDA*- Rs. Crores, Margin %
Slide 9: Consolidated Ratios
Consolidated Ratios Working Capital- Rs. Crores, days* Inventories- Rs. Crores, days* Receivables- Rs. Crores, days* 200.0 70 250.0 100 250.0 100 168.7 169.4 206.4 201.4 61 146.4 60 186.3 200.0 80 200.0 181.4 174.2 80 150.0 50 155.7 72 42 40 150.0 56 49 60 150.0 60 100.0 39 51 48 30 100.0 40 100.0 4
Slide 10: Consolidated Financial Metrics
Consolidated Financial Metrics Q3 FY22 - YoY basis Major expenses as % of sales Sales breakup- Rs. Crores 15.0% 400.0 376.2 373.0 11.3% 11.7% 11.3% 310.1 300.0 10.0% 5.3% 200.0 4.8% 4.8% 5.0% 3.8% 2.2% 2.3% 100.0 56.2 48.0 30.3 0.0% 0.0 Q3 FY21 Q2 FY22 Q3 FY22 Q3 FY21 Q2 FY22 Q3 FY22 Ad & Promotion
Slide 11: Standalone P&L - Q3 FY22
Standalone P&L-Q3 FY22 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 400.0 376.2 373.0 200.0 50.0% 310.1 41.3% 139.1 145.1 300.0 150.0 128.1 37.3% 40.0% 38.6% 30.0% 200.0 100.0 20.0% 100.0 50.0 10.0% 0.0 0.0 0.0% Q3 FY21 Q2 FY22 Q3 FY22 Q3 FY21 Q2 FY22 Q3 FY22 Adj. Core EBITDA*- Rs. Crores,
Slide 12: Standalone P&L - 9M FY22
Standalone P&L-9M FY22 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 1200.0 400.0 376.2 50.0% 962.6 350.0 267.7 1000.0 39.1% 40.0% 300.0 40.8% 800.0 656.0 250.0 30.0% 600.0 200.0 400.0 150.0 20.0% 200.0 100.0 10.0% 50.0 0.0 0.0 0.0% 9M FY21 9M FY22 9M FY21 9M FY22 Adj. Core EBITDA*- Rs. Cro
Slide 13: Standalone Ratios
Standalone Ratios Working Capital- Rs. Crores, days* Inventories- Rs. Crores, days* Receivables- Rs. Crores, days* 120.0 50 200.0 60 200.0 80 99.7 98.2 167.6 170.6 100.0 50 71 70 41 40 143.3 143.3 145.0 150.0 43 48 150.0 60 80.0 73.9 44 40 28 30 102.2 44 50 60.0 100.0 30 100.0 41 40 22 20 30 40.0 20
Slide 14: Standalone Financial & Operating Metrics Q3 FY22
Standalone Financial & Operating Metrics Q3 FY22 Sales breakup- Volume-wise Sales breakup- Value-wise 120% 120% 100% 100% 35% 35% 80% 28% 27% 27% 80% 38% 2% 8% 11% 60% 2% 10% 13% 60% 40% 40% 70% 60% 55% 65% 62% 20% 52% 20% 0% 0% Q3 FY21 Q2 FY22 Q3 FY22 Q3 FY21 Q2 FY22 Q3 FY22 Manufacturing (Own) Man
Slide 15: Standalone Financial & Operating Metrics 9M FY22
Standalone Financial & Operating Metrics 9M FY22 Sales breakup- Volume-wise Sales breakup- Value-wise 120% 120% 100% 100% 39% 34% 29% 26% 80% 80% 1% 9% 60% 1% 10% 60% 40% 40% 70% 60% 56% 65% 20% 20% 0% 0% 9M FY21 9M FY22 9M FY21 9M FY22 Manufacturing (Own) Manufacturing Partners Trading Manufacturin
Slide 16: GMEL P&L - Q3 FY22
GMEL P&L-Q3 FY22 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 60.0 56.2 30.0 27.1 60.0% 48.0 23.9 50.0 25.0 49.9% 49.8% 50.0% 40.0 48.3% 20.0 40.0% 30.3 Operating Metrics 15.1 30.0 15.0 30.0% 16,000 20.0 10.0 20.0% 14,000 13,346 10.0 11,954 11,156 5.0 10.0% 12,000 0.0 9,757 11,063 0.0 0.0%
Slide 17: GMEL P&L - 9M FY22
GMEL P&L-9M FY22 Revenue- Rs. Crores Gross Profit- Rs. Crores, Margin % 160.0 151.6 80.0 72.0 60.0% 140.0 70.0 55.0 50.0% 112.6 60.0 47.5% 120.0 48.9% Operating Metrics 50.0 40.0% 100.0 80.0 40,000 40.0 30.0% 36,093 30.0 60.0 34,565 20.0% 35,000 20.0 40.0 10.0% 28,995 10.0 20.0 30,000 24,290 0.0 0.0
Slide 18: Historical Financials - Consolidated
Historical Financials-Consolidated Revenue-Rs Crores Adj. Core EBITDA*-Rs Crores, Margin % PAT-Rs Crores, Margin % 1,600.0 1,412.2 1,420.4 180.0 16.0% 90.0 79.7 8.0% 160.0 13.4% 80.0 1,400.0 12.4% 14.0% 1,165.3 1114.3 140.0 10.1% 10.3% 12.0% 70.0 65.8 1,200.0 60.9 6.0% 120.0 60.0 5.6% 5.9% 1,000.0 1
Slide 19: Historical Financials - Consolidated
Historical Financials-Consolidated Net Working Capital (Days)* Inventory (Days)* 90 60 56 78 51 80 46 50 44 70 63 60 53 40 50 42 30 40 30 20 20 10 10 0 0 FY19 FY20 FY21 9M FY22 FY19 FY20 FY21 9M FY22 Receivables (Days)* Payables (Days)* 100 92 70 64 60 60 79 60 52 80 61 50 60 40 43 40 30 20 20 10 0
Slide 20: Consolidated Profit & Loss Statement Q3 & 9M FY22
Consolidated Profit & Loss Statement Q3 & 9M FY22 (₹ in Lakhs) Statement of Unaudited Consolidated Financial Results for the quarter and nine months ended 31 December 2021 Corresponding Year to date Year to date Three months Previous Three Three months ended figures for the figures for the Previous
Slide 21: Standalone Profit & Loss Statement Q3 & 9M FY22
Standalone Profit & Loss Statement Q3 & 9M FY22 (₹ in Lakhs) Statement of Unaudited Standalone Financial Results for the quarter and nine months ended 31 December 2021 Year to date Corresponding Year to date figures Three months Previous Three figures for the Three months for the previous Previous y
Slide 22: Industry Overview
INDUSTRY OVERVIEW 21
Slide 23: Indian wood panel industry
Indian wood panel industry Overview Indian Plywood Industry Market Size ~ Rs. 39,000 Crores Commodity to brand Local & Product Centric Pan India Organised Experience Organised Players ~ Rs. 9,000 Service Players Crores 23% Brand Laminates 1)-Better Price Commodity 2)-Customer 25% 58% Plywood 1)-High
Slide 24: Indian MDF industry overview
Indian MDF industry overview Indian MDF Industry Size (in CBM mn p.a.) Products Categories CAGR 15% ❖ High Density Fibreboard (HDF) ❖ Fire resistance (FR) Grade 3.5 2.9 3.0 2.6 ❖ High Density High Moisture Resistance (HDHMR) ❖ Interior 2.3 2.5 1.7 2.0 ❖ Exterior ❖ Boiled Water Resistant (BWR) 2.0 1.
Slide 25: Corporate Overview
CORPORATE OVERVIEW 24
Slide 26: Greenply at a glance
Greenply at a glance Wood based products - Listed in NSE & Plywood and allied, One of the largest 30+ E-0 BSE-Rs. 2460+ Face Veneer, MDF Interior Years of experience India’s first Zero crores (upcoming) infrastructure in delivering quality Emission plywood Market Cap Share in organised brands in Ind
Slide 27: Manufacturing Excellence
Manufacturing Excellence Plywood & allied Capacity Domestic JVs (Plywood & allied) Capacity (Mn SqM pa) (Mn SqM pa) Kriparampur, West Bengal Kriparampur, West 11.00 Bareilly, Uttar Pradesh ~10.00 Bengal Tizit, Nagaland 8.10 Bamanbore, Gujarat 15.80 Upcoming Plywood Capacity Manufacturing Location (M
Slide 28: Distribution network
Distribution network Presence in Cities No. of Dealers 913 2300 · 1811 1884 198 1,269 536 559 1,329 715 1,293 Our Pan India Presence · ···· ·· · 196 184 91% 86% 1,031 340 375 ··· 555 · ··· · · 518 FY 18-19 FY 19-20 FY 20-21 FY 18-19 FY 19-20 FY 20-21 ·· ·· · ·· · · ·· · Rural & Semi Urban Urban Rura
Slide 29: Upcoming projects
Upcoming projects MDF Project Details Plywood Project Details Product Medium Density Fiber Board (MDF)-Exterior, Product Plywood and allied products Interior, HDHMR, BWR Sub- categories of Products Thin & thick, pre-lam and other value-added Location Sandila Industrial Area in Hardoi, Uttar Pradesh.
Slide 30: Ownership & Stakeholder Value Creation
Ownership & Stakeholder Value Creation Top 10 Non-Promoter holding-31st Dec 2021 Shareholding Pattern- 31st Dec 2021 Shareholding Top 10 Non- Promoters % Mirae Asset Mutual Fund 7.4 15.30% 3.46% HDFC Mutual Fund 7.1 Tata Mutual Fund 4.9 L&T Mutual Fund 4.5 52.25% 28.99% Kotak Mutual Fund 3.1 SBI Mut
Slide 31: Branding & Marketing Initiatives
Branding & Marketing Initiatives A digital film featuring an elderly couple with their children living away, coming to terms with letting go of a dining table that is too big and is of no use to them anymore, only to realize the special role the table plays as #YahanRishteBasteHain. A social media c
Slide 32: Branding & Marketing Initiatives
Branding & Marketing Initiatives “Golandaaz” to target the audiences of West Bengal. Association with special programs “Chunnavi express” targeting upcoming UP elections
Slide 33: Strategic Outlook
Strategic Outlook Introducing Employee innovative & futuristic engagement products Automation Focus on ESG & digitization Expanding Rural manufacturing penetration base at diversified locations Strategic Outlook 32 Adopting a multi-pronged approach to leverage the emerging opportunity in the new nor
Slide 34: Chairman Message
Chairman Message Commenting on the performance for Q3 FY 22, Mr. Rajesh Mittal, Chairman & Managing Director, Greenply Industries Ltd. said, “During the last quarter there were some concerns of the Omicron variant, despite that we have achieved good numbers. To sustain our growth momentum in plywood
Slide 35: Thank You!
For further information, please contact: Gautam Jain – AVP, Strategy & Investor Relations Tel: +91 33 3051 5000 / +91 9987899747 Email : gautam.jain@greenply.com Registered Office: Makum Road, P.O. Tinsukia, Assam - 786 125 Corporate Office: “Madgul Lounge”, 5th & 6th Floor 23 Chetla Central Road Ko
Greenply Industries — Q3 FY2022 Earnings Presentation on 6ix