Gabriel India Limited · NSE:GABRIEL
Gabriel India — FY2018 Earnings Presentation
25 slides from Gabriel India's earnings presentation, June 2018
Slide 1: Gabriel India Ltd. Result Update Presentation – FY18
Gabriel India Ltd. Result Update Presentation – FY18 1
Slide 2: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), has been prepared by Gabriel India Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form t
Slide 3: Strong Performance continues in Q4FY18
Strong Performance continues in Q4FY18 Revenue PBT +28% +31% 4,968 374 3,882 287 Key Highlights Revenue: Revenue led by Higher Volumes across all the segments Q4FY17 Q4FY18 Q4FY17 Q4FY18 EBITDA PAT: Improved profitability due to PAT +24% control of expenses, but lower PAT +14% due to lower 35(2AB) b
Slide 4: Financial Highlights – FY18
Financial Highlights – FY18 (Rs. Mn) 18,331 1,713 9.3% 20.6% 17.2% Revenue EBITDA EBITDA % 1,372 942 5.1% 21.6% 14.0% PBT PAT PAT % 4
Slide 5: Revenue Mix
Revenue Mix Segment – Mix Channel – Mix 11% 11% 13% 13% 4% 4% 4% 4% 11% 13% 13% 11% 26% 58% 31% 55% 63% 32% 31% 86% 83% 83% 86% 83% 83% 85% 63% 58% 32% 26% 31% 55% 56% 11% 13% 13% FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 2W/3W OE Passenger Vehicles Replacement Commercial Vehicles Export 5
Slide 6: Profit & Loss Highlights
Profit & Loss Highlights Rs. Mil Q4FY18 % of Q4FY17 % of YoY% FY18 % of Revenue FY17 % of Revenue YoY% Revenue (net of excise duty) 4,968 100.0% 3,882 100.0% 28.0% 18,331 100.0% 15,206 100.0% 20.6% Raw Material 3,546 71.4% 2,762 71.2% 13,106 71.5% 10,847 71.3% Employee Expenses 361 7.3% 295 7.6% 1,3
Slide 7: Balance Sheet
Balance Sheet ASSETS Mar-18 Mar-17 EQUITY AND LIABILITIES Mar-18 Mar-17 Non-current assets 3,417 3,601 Property, Plant and Equipment 2,926 2,829 EQUITY 5,249 4,502 Capital work-in-progress 78 18 Equity Share Capital 144 144 Investment Property 23 4 Other Equity 5,105 4,358 Intangible Assets 38 53 Fi
Slide 8: Major areas of change to adoption of Ind AS
Major areas of change to adoption of Ind AS Impacted Item Impact • Measurement of investment in Mutual Funds at fair value through profit and Investment in Mutual Funds loss Investment in Equity • Measurement of investment in Equity Instruments at fair value through profit Instruments and loss • Pro
Slide 9: Impact on profit on account of Ind AS
Impact on profit on account of Ind AS (Rs. Mil) Particulars Q4FY17 FY16-17 Profit After Tax reported as per I GAAP 220.79 816.19 Actuarial loss on employee defined benefit plan 1.86 12.24 Provision for estimated sales return (net of tax) - (1.41) Effect of fair valuation of financial instruments (ne
Slide 10: Quarterly Performance Trend
Quarterly Performance Trend Revenue EBITDA PAT 1713 18331 942 1461 827 15206 1294 465 752 257 14355 14305 4,968 1181 Q4 375 226 605 3,882 328 205 3,457 3,634 288 402 215 4,471 351 131 Q3 187 3,576 3,721 315 177 3,528 291 160 455 266 4,717 383 213 Q2 3,828 3,739 3,919 325 338 194 176 4,176 313 353 39
Slide 11: Key Updates
Key Updates • Capital Expenditure for FY 18-19 proposed Rs.1560 Mil ➢ New Two Wheeler Front Fork Plant at Sanand to cater to new HMSI Order, expected outlay Rs.460 Mil ➢ New ‘Piston Rod’ (Key Component for Shock Absorbers) manufacturing facility, expected outlay Rs. 400 Mil ➢ New R&D Technical Centr
Slide 12: Key Ratios
Key Ratios D:E Ratio ROIC* (%) 35% 33.2% 0.31 30% 27.8% 27.7% 26.7% 25% 0.23 19.9% 20% 18% 15% 10% 0.04 5% 0.03 0.02 0.02 0% FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 * Invested capital excluding Cash & Bank balances, Mutual Fund investments and returns thereon 12
Slide 13: Capital Expenditure
Capital Expenditure (Rs. Mil) 600 518 500 500 396 388 400 348 300 200 100 0 FY 14 FY 15 FY 16 FY 17 FY 18 13
Slide 14: Improving Dividend Profile
Improving Dividend Profile Dividend Per Share (Rs.) 1.40 • Continuous Dividend 1.30 1.20 since 1998 1.05 • Stable Pay out Ratio 0.85 • Declared Final Dividend of Rs. 0.90 per share, amounting to 90% of Face Value • Total Dividend of Rs. 1.40 per share of Re. 1 each FY14 FY15 FY16 FY17 FY18 33% 31% 2
Slide 15: Working Capital
Working Capital Net working capital days 28 27 26 25 24 FY14 FY15 FY16 FY17# FY18# # Adjusted for vendor bills discounted and non-inclusion of final dividend as proposed dividend in comparison to earlier years. The adjusted net working capital days for FY17 & FY18 will be 22 & 23 days.
Slide 16: AWARDS
AWARDS 'Certificate Of Appreciation' in 6th FICCI Quality Suzuki Motorcycles India Pvt Ltd – Systems Excellence Awards For Industry 2018 Price Competitiveness Award (4th time in a row) Runner up prize for Safety - Manufacturing Today 16
Slide 17: Business Overview
GABRIEL Business Overview l
Slide 18: Introduction
Introduction Incorporated The company, Gabriel India, in 1961 Experienced Pioneers of Shock Absorber & Professional Management manufacturing in India Innovation Significant Presence in all Strong R&D with over channels of sales 43 patents filed in OE, Aftermarket and Exports Products & Processes Str
Slide 19: Pioneer of Ride Control Products
Pioneer of Ride Control Products… 2/3 Wheeler Front Hydraulic Shock Gas Shock Forks Absorbers Absorbers Passenger Car Gas Shock McPherson Cartridges Absorbers Struts After Market across all segments CV & Railways Shock Cabin Seat Absorbers Dampers Dampers 19
Slide 20: … with Diversified Revenue
…with Diversified Revenue Revenue (Rs. Mn) Segment Mix: FY18 2/3 +53% Wheelers 56% 18,331 15,206 Passenger 14,441 cars 14,382 Commercial 31% Vehicles 13% 12,745 11,960 Channel Mix: FY18 OE Aftermarket 85% 11% FY13 FY14 FY15 FY16 FY17 FY18 Exports 4% 20
Slide 21: Strategic Manufacturing Footprint
Strategic Manufacturing Footprint Ashok Leyland SML Isuzu Tata Motors GIL Presence Honda Cars Honda Motorcycles TVS Motors GIL Plants ICML Yamaha India Maruti Suzuki Parwanoo GIL Satellite Locations Suzuki Motorcycles Manesar Khandsa AMW GM Sanand Dewas Tata Motors Hindustan Motors Honda Motorcycles
Slide 22: Strategy Going Ahead
GABRIEL Strategy Going Ahead l 22
Slide 23: Strategic Business Unit Approach…
Strategic Business Unit Approach… 2/3 Wheeler CV & Railways • Quality & Process • Product Technology Technology • New Product Devolvement • Capacity Enhancement Aftermarket Passenger Car • Product Development • Product Innovation • Expanding Reach • Improving Market Share To derive benefits from Cus
Slide 24: … To Drive Growth
… To Drive Growth Sales Growth • Exports Focus • Inorganic Growth • Global Manufacturing Footprint Efficiency Improvement • Customer Focus Technology & Innovation • Debt Reduction • Improvement in quality • Break Even Point (BEP) • R & D Focus Reduction • Sustainable • Simplification of Parts Manufa
Slide 25: For further information, please contact:
For further information, please contact: Company : Investor Relations Advisors : Gabriel India Ltd. Strategic Growth Advisors Pvt. Ltd. CIN : L34101PN1961PLC015735 CIN : U74140MH2010PTC204285 Mr. Rajendran Arunachalam Mr. Jigar Kavaiya / Ms. Neha Shroff rajendran.arunachalam@gabriel.co.in jigar.kava