Butterfly Gandhimathi Appliances Limited · NSE:BUTTERFLY
Butterfly Gandhimathi Appliances — Q2 FY20 Earnings Presentation
39 slides from Butterfly Gandhimathi Appliances's earnings presentation, Nov 1, 2019
Slide 1: Cover letter to stock exchanges
BUTTERFLY GANDHIMATHI APPLIANCES LIMITED November 1,2019 DCS, General Manager - Manager, Services, Dept. of Corporate National Stock Exchange of India Ltd BSE Ltd, Exchange Plaza, Floor l, P.J.Towers, BandraKurla Complex, Dalal Street, Bandra (E), Mumbai- 400 001 Mumbai - 400 051 Scrip: 517421 Scrip
Slide 2: Results Presentation Q2 FY20
BUTTERFLY GANDHIMATHI APPLIANCES LIMITED RESULTS PRESENTATION Q2 FY20 www.butterflyindia.com
Slide 3: Safe Harbour
Safe Harbour Certain statements in this presentation concerning our future growth prospects are forward looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertaintie
Slide 4: Contents
Contents 1 Company Overview 2 New Products Launches 3 Financial Overview 4 Q2 FY20 Operating Performance & Highlights 5 Outlook www.butterflyindia.com 3
Slide 5: Company Overview
1 Company Overview www.butterflyindia.com
Slide 6: About Us
About Us.. Leading manufacturer of Kitchen and Electrical Appliances Market Leader in India for SS LPG Stoves & Table Top Wet Grinders and major supplier of Mixer Grinders & Pressure Cookers The ‘Butterfly’ brand is a highly respected brand synonymous with quality Established in 1986 by Shri V. Muru
Slide 7: Quick Facts
Quick Facts IN THE TOP IN INDIA REVENUE CAGR IN INDIA FOR DOMESTIC FOR SS LPG STOVES FY17-19 KITCHEN APPLIANCES & TABLE TOP WET GRINDERS SALES OF BRANDED NOW PRESENT IN ALL PRODUCTS IN FY19 EXCLUSIVE STATES IN INDIA CRORE DISTRIBUTORS ACROSS INDIA NET DEBT / EQUITY REVENUE GROWTH OF FY19 RATIO OVER
Slide 8: Growth Levers
Growth Levers Initiatives Impact o Fresh growth avenues in existing markets Wider Product Offering o Accelerated growth opportunity in new markets o Addressable market increases manifold Geographical Expansion o Wider National footprint o Expansion in blended margins Premium Products o Attracts new
Slide 9: Overview Milestones
Overview Milestones • Launched 4 new • First in India • Bagged the first Product to be awarded • First in India to TNCSC order of Rs. Categories “BEE Label be awarded ISO 285 crore for • Added 60 SKUs to with 2 star 9000 manufacturing of product range rating” for certification for Table Top Wet • En
Slide 10: Revenue Profile
Revenue Profile Annual Net Revenue (Rs. crore) Revenue Excluding Excise Duty / GST 900 764 730 46% 652 590 39% 529 541 46% 16% 44% 402 244 100% 100% 60% 84% 52% 55% 100% 56% 100% FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Branded Sales Govt Order www.butterflyindia.com 9
Slide 11: Branded Retail Sales
Branded Retail Sales Branded Net Sales (Rs. crore) Through Oil Marketing Channel CAGR 13.07% • Tie ups with Gas dealers of IOCL, BPCL and HPCL 652 541 • Customers for new gas connection are provided with co- 461 445 468 branded products manufactured by BGMAL 398 402 329 244 Through Retail Marketing
Slide 12: Augmenting Organic Growth
Augmenting Organic Growth Increased Product Categories For Wider Product Portfolio And Higher Market Share Product Categories (Nos.) SKUs (Nos.) 651 687 619 500 552 554 20+ 20+ 20+ 20+ 20+ 20+ 320 250 250 6 6 6 2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 13: Product Portfolio
Product Portfolio Every product exhibits the highest standards in Safety, Durability, Efficiency, Aesthetics & Reliability LPG Stove Mixer Grinder Table Top Electric Chimney Wet Grinder Pressure Cooker Non Stick Cookware Induction Cooktop Electric Rice Cooker Juicer Mixer Grinder Electric Kettle San
Slide 14: Product Portfolio - Other Pioneering Products
Product Portfolio Other Pioneering Products Hand Blender Juicer Vacuum Flasks Electric Iron Pop-up Toaster www.butterflyindia.com 13
Slide 15: Strong R&D Capabilities
Strong R&D Capabilities R&D focused Company with a demonstrated track record in innovation 1st to introduce Stainless Steel Pressure Cookers in India 1st to manufacture Stainless Steel LPG Stoves in India 1st to introduce Stainless Steel Vacuum Flasks in India which deliver enhanced Heat Retention u
Slide 16: New Products Launched
2 NEW PRODUCTS LAUNCHED www.butterflyindia.com
Slide 17: New Product Launches during H1 FY20
New Product Launches during H1 FY 20 Ruby Opal Signature Peerless www.butterflyindia.com 16
Slide 18: New Product Launches during H1 FY20
New Product Launches during H1 FY 20 Duo Radiant Trio www.butterflyindia.com 17
Slide 19: New Product Launches during H1 FY20
New Product Launches during H1 FY 20 Home & Office Urban Leisure Voyage www.butterflyindia.com 18
Slide 20: New Product Launches during H1 FY20
New Product Launches during H1 FY 20 Curve 2B SS LPG Stove Rock Die -Cast NS Flat Tawa 310mm Superb Plus HA NS Kadai 280mm Rock Die Cast Kadai 240mm Rock Die Cast Grill pan 240mm www.butterflyindia.com 19
Slide 21: New Product Launches during H1 FY20
New Product Launches during H1 FY 20 Curve 2B SS LPG Stove Compact 2L Trendy 2L Kroma NS Jumbo Grill Pan Kroma NS Oothappam Tawa www.butterflyindia.com 20
Slide 22: New Product Launches during H1 FY20
New Product Launches during H1 FY 20 Curve 2B SS LPG 2000w Stove 1800w 2200w Amaze Turbo V3 Elite V3 www.butterflyindia.com 21
Slide 23: New Product Launches during H1 FY20
New Product Launches during H1 FY 20 Curve 2B SS LPG Stove Food Processor Utilities Food Processor Utilities Mini Chopper Citrus Juicer Slicer Blade Food Processor Utilities www.butterflyindia.com 22
Slide 24: Financial Overview
Financial Overview 3 www.butterflyindia.com
Slide 25: Abridged Profit & Loss Statement
Abridged Profit & Loss Statement Rs. In crore FY 2017 FY 2018 FY 2019 Q1 FY20 H1 FY19 H1 FY20 The Revenue FY 2017 has grown Ind-AS Ind-AS Ind-As Ind-As Ind-As Ind-As across all the Total Net Revenues (Incl. OI) 405.5 406.6 542.1 654.0 152.3 342.4 394.0 channel - Branded Net Revenues 402.3 404.9 540.
Slide 26: Abridged Balance Sheet
Abridged Balance Sheet Rs. In crore Sources of Funds FY 2017 FY 2017** FY 2018** FY 2019** H1 FY19** H1 FY20** Long Term a) Shareholders’ Funds 179.9 175.2 180.2 189.4 187.8 199.6 Borrowing reduced due to b) Non-current Liabilities repayment 68 62.5 45.8 42.2 41.9 37.3 of Term (NCL) Loan - Long-term
Slide 27: Abridged Balance Sheet
Abridged Balance Sheet Rs. In crore Due to increase Application Of Funds FY 2017 FY 2017 ** FY 2018** FY 2019** H1 FY19** H1 FY20** in the share of revenue from E- a) Non-current Assets 176.0 177.9 171.6 176.4 171.1 172.5 commerce Channel, the debtors have a) Current Assets 231.3 240.5 296.0 287 330
Slide 28: Performance Track Record - Annualized
Performance Track Record - Annualized Total Revenue (Rs crore) EBITDA (Rs crore) 652 63 73 65 62 541 44 48 461 448 468 27 36 398 402 330 -24 244 Profit Before Tax (Rs crore) Profit After Tax (Rs crore) 48 30 33 44 22 34 19 18 19 12 9 12 3 5 4 -57 6 -56 NOTE : * FY11 was for period of 9 months ended
Slide 29: Key Financials
Key Financials Net Debt - Equity Ratio Net Worth (Rs crore) 1.6 224 226 229 1.2 201 1.1 175 180 189 0.7 0.7 0.8 0.8 0.5 76 41 0.0 NOTE : * FY11 was for period of 9 months ended on 31.03.2011. The figures above represent the annualized numbers in order to facilitate a comparison. www.butterflyindia.c
Slide 30: Q2 FY20 Operating Performance & Highlights
Q2 FY20 Operating 4 Performance & Highlights www.butterflyindia.com
Slide 31: Q2 FY20 – Performance highlights
Q2 FY20 – Performance highlights Total Income (Net) (Rs. crore) EBITDA (Rs. crore) 241.4 217.3 21.4 17.2 Q2FY19 Q2FY20 Q2FY19 Q2FY20 Branded Sales • Total Income during Q2 FY20 stood at Rs. 241.4 crore, as against Rs.217.3 crore in Q2 FY19 PAT (Rs. crore) • Branded sales grew by 11.1%. The growth is
Slide 32: Key Highlights
Key Highlights Branded Sales (Rs crore) Product Q2 FY20 Q2 FY19 Q1 F20 Y-o-Y Growth Q-o-Q Growth Branded Market Kitchen Appliances 189.6 175.1 111.4 8.3% 70.2% Cooker/Cookware 42.9 33.1 26.0 29.8% 65.0% Others 8.8 9.1 14.7 -2.8% -39.8% Grand Total 241.4 217.3 152.1 11.1% 58.7% • Overall the branded
Slide 33: H1 FY20 Operating Performance & Highlights
H1 FY20 Operating 4 Performance & Highlights www.butterflyindia.com
Slide 34: H1 FY20 – Performance highlights
H2 FY20 – Performance highlights Total Income (Net) (Rs. crore) 33.3 341.7 393.5 26.9 - - H1FY19 H1FY20 H1FY19 H1FY20 Branded Sales EBITDA (Rs. crore) • Total Income during H1 FY20 stood at Rs.393.5 crore, as against Rs.341.7 crore in H1 FY19 PAT (Rs. crore) • Branded sales was higher by 15.3% on a
Slide 35: Key Highlights
Key Highlights Branded Gross Sales (Rs. crore) Y-o-Y Product H1 FY20 H1 FY19 Growth Branded Market Kitchen Appliances 301.1 270.7 11.2% Cooker/Cookware 68.9 51.6 33.5% Others 23.5 18.9 24.3% Grand Total 393.5 341.2 15.3% • Overall the company performed well during the half year ended 30.09.2019 and
Slide 36: Outlook
5 Outlook www.butterflyindia.com
Slide 37: Outlook
Outlook The objective and focus of the plan is completely on delivering better Profit for FY 2019-20 1. Balance Sheet efficiency / liquidity a. Continue to Focus on better control on Trade Receivables. b. Continue to Increase in supplier credit days c. Reduction in Inventory levels through optimised
Slide 38: Outlook
Outlook 12M FY19 CATEGORY MARKET ENVIRONMENT OUTLOOK CONTRIBUTION • New channels are doing well and expected to continue the same. They are growing The Company is targeting 80 - 85% of Retail Channel Sales Branded Sales in exponentially due to lower base. a growth of more than 15% 12M FY19 due to hi
Slide 39: Thank you
Thank you any queries please contact Mr.V.M.G.Mayuresan, vmgm@butterflyindia.com
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