Carraro India Ltd. · NSE:CARRARO
Carraro India — Q4 FY25 Earnings Presentation
37 slides from Carraro India's earnings presentation, May 2025
Slide 1: Carraro India Limited Investor Presentation
Carraro India Limited Investor Presentation May 2025
Slide 2: Safe harbour
Safe harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Carraro India 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 securi
Slide 3: FY25 & Q4 FY25 Highlights
FY25 & Q4 FY25 Highlights G@ carraro
Slide 4: Management Commentary
Management Commentary Commenting on the performance Mr. Balaji Gopalan, Managing Director said: “We concluded FY25 on a positive note, having met our topline and EBITDA guidance. While total income remained flat year-over-year, EBITDA grew by 24% YoY, primarily driven by an improved product mix, inc
Slide 5: Key Highlights
Key Highlights Key highlights for full year ended March 2025 Domestic AG 4WD axle & Gears business update: Tele-boom Handler (TBH): Construction Equipment: • Domestic business has been continuing its growth momentum on the back of faster adoption • Export customer - Tele-boom Handler small volume of
Slide 6: Consolidated Financial Highlights
Consolidated Financial Highlights Total Income EBITDA PAT (INR Mn) +1% +24% +41% 18,065 18,234 1,864 881 1,500 626 +13% +19% +30% 3,963 4,479 409 489 237 182 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Gross Margin (%) EBITDA Margin (%) PAT Margin (%) 29.7% 30.1% 10
Slide 7: Consolidated Revenue Breakdown: Q4 FY25
Consolidated Revenue Breakdown: Q4 FY25 Total Income Mix Agricultural Vehicles Construction Vehicles Others (INR Mn) Other Income +9% +26% -11% Revenue from Operations 2,036 1,928 537 1,870 479 1,525 +13.0% 4,479 36 3,963 31 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Domestic Revenue Export Rev
Slide 8: Consolidated Revenue Breakdown: FY25
Consolidated Revenue Breakdown: FY25 Total Income Mix Agricultural Vehicles Construction Vehicles Others (INR Mn) Other Income +2% +3% -10% Revenue from Operations 8,369 8,565 7,282 7,491 2,239 2,019 +0.9% 18,065 18,234 176 158 FY24 FY25 FY24 FY25 FY24 FY25 Domestic Revenue Export Revenue 17,890 18,
Slide 9: Consolidated Revenue Bridge
Consolidated Revenue Bridge FY25 Q4 FY25 (INR Mn) 58 4,443 210 219 18,076 402 195 17,890 3,932 167 FY24 Agricultural Construction Others FY25 Q4 FY24 Agricultural Construction Others Q4 FY25 Vehicle Vehicle Vehicle Vehicle 4,443 31 462 542 647 18,076 3,932 17,890 FY24 Domestic Export FY25 Q4 FY24 Do
Slide 10: Consolidated Profit & Loss Account
Consolidated Profit & Loss Account Particulars (INR Mn) Q4FY25 Q4FY24 YoY Q3FY25 Q-o-Q FY25 FY24 YoY FY25 Revenue from Operations 4,443 3,932 13% 4,487 -1% 18,076 17,890 1% • Total Income: Flattish • The domestic business (excluding indirect Other Income 36 31 41 158 176 exports) delivered strong re
Slide 11: About us
About us 11
Slide 12: Carraro Group: Overview
Carraro Group: Overview The Carraro Group: Over 90 years in Action Carraro India - Strong Synergy with the Carraro Group Headquarters in Italy Collaboration with Carraro Group’s global Carraro S.p.A. R&D centers for knowhow and technologies 100% In-depth knowledge of OEM requirements acquired throug
Slide 13: Carraro India: Overview
Carraro India: Overview 2 Manufacturing facilities & Marquee Part of Carraro Group OEM Customers 1 R&D Centre Presence of 25+ years as an independent Tier-I solution provider 250+ suppliers 54+ ~1,600 for axles, transmission systems, gears and Domestic & Internationally R&D team members Employees ot
Slide 14: Our Journey
Our Journey 1997 1999 2000 2006 2013 2014 Establishment of a first Commenced production of Commenced manufacturing Establishment of Carraro Launch of 120 HP tractor Amalgamation of Turbo manufacturing center in transmission systems of axles Technologies India Pvt. Ltd. transmission Gears and Carraro
Slide 15: Board of directors
Board of directors Mr. Ettore Francesco Sequi Mr. Balaji Gopalan Mr. Davide Grossi Chairman and Independent Director Managing Director Whole-time Director and Chief Financial Officer • Pre-reform degree in Political Science, University of Cagliari • Ph.D. in Human Resource Management, University • M
Slide 16: Management Team
Management Team Mr. Balaji Gopalan Mr. Davide Grossi Mr. Sudhendra Mannikar Managing Director Whole-time Director and Chief Financial Officer Whole-time Director and Chief Operating Officer • Ph.D. in Human Resource Management, University • Masters in Accounting, Corporate Finance, and of Pune Contr
Slide 17: Technologically Advanced Manufacturing Capabilities
Technologically Advanced Manufacturing Capabilities Plant 1 – Drivelines (Ranjangaon, Pune) Plant 2 – Gears (Ranjangaon, Pune) Key Products Axles and transmissions systems for agricultural and construction equipment Gears and gear shafts Heat treatment (carburizing & induction, hardening & Technolog
Slide 18: Strong In-House R&D Capabilities in India
Strong In-House R&D Capabilities in India Key Activities Undertaken in R&D Center Close Connection with Global R&D Centers1 Application Engineering Argentina Italy Luxemburg China Product Solutions2 Carraro India’s R&D Capabilities Virtual Validations Certifications Production # Prototypes Area 5 pr
Slide 19: Comprehensive and Customized Product Offerings
Comprehensive and Customized Product Offerings Carraro India’s axles and transmissions system products are not easily replaceable due to complexity and time required to adapt them for use by OEM customer in its products1 Transmission Systems Drivelines Manufacturing Plant Drivelines Technology Certi
Slide 20: End Industry Application
End Industry Application Revenue Split (FY25) Agricultural 11.2% Vehicles Agricultural Tractors 47.4% Construction Vehicles Tractor Harvester Others 41.4% 1 2 1 Domestic v/s Export Split (FY25) Construction Back-hoe loader Compact wheel loader Soil compactor (BHL) (CWL) (SCOM) Vehicles 32.8% Domesti
Slide 21: Longstanding Relationships with Marquee Customers
Longstanding Relationships with Marquee Customers Tier 1 OEM supplier developing customized solutions for leading Domestic & International Brands Agricultural Tractors Construction Vehicle & Others ….many more The Brand Names mentioned are the property of their respective owners and are used here fo
Slide 22: Growth Strategies
Growth Strategies Huge Industry Opportunities: Poised for significant growth Critical and Complex Driveline Components: Competitive edge Customer centric & Customized solutions: Co-partner Diversifying & Localising Supplier base: Reducing cost of production Future ready products for Emerging Technol
Slide 23: 1. Huge Industry Opportunities
1. Huge Industry Opportunities Total Indian Agriculture Tractor Market (Sales Volume: ‘000 units) Total Indian Construction Vehicle Market (Sales Volume: ‘000 units) • India has the world’s largest +8.2% tractor market, consuming 1,578 Total Backhoe Loader CAGR 35-40% of all tractors sold (Sales vol
Slide 24: 2. Critical and Complex Driveline Components
2. Critical and Complex Driveline Components Leading Independent Tier 1 Supplier of Axles and Transmission Systems Longstanding Relationships Early-mover Advantage High Switching Costs Infrastructure with Customers Deep understanding of the One-stop shop tier 1 OEM High switching costs due to High i
Slide 25: 3. Customer Centric & Customized Solutions
3. Customer Centric & Customized Solutions Innovation for one of the large OEM in Agricultural & Construction Vehicles Innovation for one of the large OEM in Construction Vehicles Motor grader < 100 HP ▪ Supported one of the large OEM in construction vehicles in its business growth ▪ Worked with one
Slide 26: 4. Diversifying & Localizing Supplier base
4. Diversifying & Localizing Supplier base Geographical Spread of Key Suppliers in India (As of Mar’25) Initiatives to Foster and Maintain Stable Supplier Relationships Domestic Supplier base 179 Quality, cost, delivery and Rapid improvement workshops to ensure quality of suppliers development Long-
Slide 27: 5. Future ready products for Emerging Technologies
5. Future ready products for Emerging Technologies …Positions Carraro India as an innovative player in the space with potential for collaboration in product development Transmission-Hydrostatic-Electric Transmission System for Electric Tractors Starting from standard … to design a specific driveline
Slide 28: Historical Financial Highlights
Historical Financial Highlights 28
Slide 29: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (INR Mn) FY25 FY24 FY23 FY22 Revenue from Operations 18,076 17,890 17,131 14,975 Other Income 158 176 202 225 Total Income 18,234 18,065 17,333 15,201 Cost of Goods Sold 13,137 13,131 12,757 11,221 Gross Profit 5,097 4,934 4,576 3,980 Gross Profit Mar
Slide 30: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Equity & Liabilities (INR Mn) Mar-25 Mar-24 Mar-23 Mar-22 Assets (INR Mn) Mar-25 Mar-24 Mar-23 Mar-22 Total Equity 4,581 3,699 3,375 2,926 Non - Current Assets 4,205 4,019 3,559 3,377 Equity Share Capital 569 569 569 569 Property, Plant & Equipment 3,274 3,117 2,
Slide 31: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (INR Mn) FY25 FY24 FY23 FY22 Profit Before Tax 1,187 844 656 307 Adjustments for: Non - Cash Items / Other Investment or Financial Items 669 600 609 532 Operating profit before working capital changes 1,856 1,444 1,265 839 Changes in working capital -809
Slide 32: Improving Performance Trend
Improving Performance Trend (INR Mn) Total Income EBITDA PAT +6%* 18,065 18,234 +31%* 1,864 881 17,333 +58%* 15,201 1,500 1,248 626 485 829 224 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Gross Margin (%) EBITDA Margin (%) PAT Margin (%) 27.3% 28.0% 10.2% 4.8% 26.2% 26.4% 8.3% 7.2% 3
Slide 33: Strong balance sheet & return ratios
Strong balance sheet & return ratios Net working capital days Debt to Equity (x) Working Capital (days) 0 15 28 45 139 0.62 123 0.57 0.58 102 97 0.42 80 83 77 73 63 65 59 50 Mar-22 Mar-23 Mar-24 Mar-25 FY22 FY23 FY24 FY25 Inventory days Debtor days Creditor days ROCE (%) ROE (%) 22.8% 21.3% 19.3% 17
Slide 34: Annexure
Annexure 34
Slide 35: ESG Initiatives
ESG Initiatives Policies & Practices ▪ Environment, health & safety policy ▪ Results-based assessments of the management systems ▪ Digitized solutions and minimize of waste of resources Environmental Certifications ▪ ISO 14001:2015 (Plant 1 and 2) Policies & Practices ▪ Diversity policy ▪ Quality po
Slide 36: Awards & Accolades
Awards & Accolades Manitou Equipment – CSR Corporate Social Escorts Kubota Limited awarded Carraro Bull Machines Responsibility Award India as Best in Best Supplier award – Strategic excellence Outstanding contribution for Corporate Social Spares parts Supplier Annual Supplier Responsibility (CSR) S
Slide 37: Thank You
Thank You Company: Investor Relations Advisors: Carraro India Limited Strategic Growth Advisors Pvt. Ltd. CIN: L52609PN1997PLC132629 CIN: U74140MH2010PTC204285 Mr. Davide Grossi - CFO Ms. Neha Shroff / Mr. Abhishek Shah Email id: investor_relator@carraroindia.com Email id: neha.shroff@sgapl.net / ab