Redington Limited · NSE:REDINGTON
Redington — Q3 FY2022 Earnings Presentation
25 slides from Redington's earnings presentation, December 2021
Slide 1: Redington (India) Limited Q3FY22 Earnings Presentation
REDINGTON (INDIA) LIMITED Q3FY22 Earnings Presentation Dec 2021
Slide 2: Disclaimer
Disclaimer This presentation contains “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Redington India Limited’s future business developments and economic performance. While these forw
Slide 3: Financial Highlights
Financial Highlights “Record quarter in the history of Redington – Highest PAT ever” • Q3FY22 – On a Global basis, Revenue# degrew by 2% while EBITDA grew by 22% and PAT grew by 103%* • India – Revenue# degrew by 7%, EBITDA grew by 10% and PAT grew by 261%* • Overseas – Revenue# grew by 2%, EBITDA g
Slide 4: Financial Highlights: India Business
Financial Highlights INDIA BUSINESS • During the quarter, • India Distribution – Revenue degrew by 7%, EBITDA grew by 12% and PAT grew by 307%* • Revenue performance largely led by IT segment • WC days stood at 8 days in Q3FY22 as against 11 days in Q3FY21 • ROCE is strong at 103.3% and ROE at 31.2%
Slide 5: Financial Highlights: Overseas Business
Financial Highlights OVERSEAS BUSINESS • During the quarter, • Revenue grew by 2% but grew strong double digit at EBITDA and PAT level • META revenue performance largely led by IT Enterprise segment • SSA revenues impacted by degrowth in SSA on account of shift of few biz (at vendor end) to India •
Slide 6: Q3FY22 Highlights
Q4FY18 Highlights Q3FY22 Highlights Connecting The Dots Transformation from ‘Product’ to ‘Utility of Product’ 6
Slide 7: Q3FY22 Redington Global Performance
Q3FY22 Redington Global Performance ₹ in mn REVENUE# EBITDA PAT* 2% 22% 103% 1,70,032 1,66,198 5,443 3,881 4,465 1,916 Q3FY21 Q3FY22 Q3FY21 Q3FY22 Q3FY21 Q3FY22 Note: #Q3 Revenues growth as per Gross a/c – Global:2% Note: *Base qtr PAT contains one-off VSV tax provision of Rs 890mn (Mainly Gift of s
Slide 8: Q3FY22 Performance by Market
Q3FY22 Performance by Market ₹ in mn REVENUE# EBITDA PAT* 7% 10% 261% 77,295 71,565 INDIA 1,400 1,854 2,043 387 Q3FY21 Q3FY22 Q3FY21 Q3FY22 Q3FY21 Q3FY22 2% 62% OVERSEAS 30% 92,737 94,633 3,400 2,481 2,611 1,529 Q3FY21 Q3FY22 Q3FY21 Q3FY22 Q3FY21 Q3FY22 Note: #Q3 Revenues growth as per Gross a/c – I
Slide 9: Q3FY22 Contribution by Market
Q3FY22 Contribution by Market REVENUE EBITDA PAT* 55% 57% 58% 62% 64% 80% 45% 43% 42% 38% 36% 20% Q3FY21 Q3FY22 Q3FY21 Q3FY22 Q3FY21 Q3FY22 INDIA OVERSEAS INDIA OVERSEAS INDIA OVERSEAS Note: *Base qtr PAT in India contains one-off VSV tax provision of Rs 890mn (Mainly Gift of shares case) 9
Slide 10: Q3FY22 India Performance
Q3FY22 India Performance ₹ in mn REVENUE EBITDA PAT* 7% 12% DISTRIBUTION 307% 75,926 70,281 1,370 1,719 1,922 336 Q3FY21 Q3FY22 Q3FY21 Q3FY22 Q3FY21 Q3FY22 6% 10% 41% SERVICES 1,369 1,284 135 121 51 30 Q3FY21 Q3FY22 Q3FY21 Q3FY22 Q3FY21 Q3FY22 Note: Services represents ProConnect India Note: *Base q
Slide 11: Q3FY22 Revenue Performance by Verticals
Q3FY22 Revenue Performance by Verticals INDIA OVERSEAS GLOBAL 2% 2% 1% 1% 1% 1% 28% 32% 41% 40% 36% 41% 70% 67% 57% 59% 63% 58% Q3FY21 Q3FY22 Q3FY21 Q3FY22 Q3FY21 Q3FY22 IT Mobility Services IT Mobility Services IT Mobility Services Note: Upon re-grouping, only smartphones are shown under Mobility 1
Slide 12: Q3FY22 Working Capital Days
Q3FY22 Working Capital Days INDIA OVERSEAS GLOBAL 3 0 3 5 4 5 15 11 12 11 12 12 3 8 7 Q3FY21 Q2FY22 Q3FY22 Q3FY21 Q2FY22 Q3FY22 Q3FY21 Q2FY22 Q3FY22 13 12
Slide 13: Q3FY22 Free Cash Flow Statement
Q3FY22 Free Cash Flow Statement ₹ in mn Particulars Q3FY21 Q2FY22 Q3FY22 Profit Before Taxation 3,716 3,908 4,867 Non-cash items 573 372 594 Outflow of Finance Cost 173 217 128 Changes in Working Capital (1,299) 12,563 (9,359) Direct Tax Paid (437) (857) (479) Net Cash Flow from Operations 2,726 16,
Slide 14: Q3FY22 Top Vendors
Q3FY22 Top 5 Vendors REVENUE 35% 33% OTHERS SAMSUNG 4% 5% 5% 6% LENOVO 7% 9% DELL EMC 9% 12% HP Inc APPLE 40% 35% Q3FY21 Q3FY22 14 15
Slide 15: 9MFY22 Performance
Q3FY18 Highlights 9MFY18 Highlights 9MFY22 Performance Connecting The Dots Transformation from ‘Product’ to ‘Utility of Product’ 15
Slide 16: 9MFY22 Redington Global Performance
9MFY22 Redington Global Performance ₹ in million REVENUE# EBITDA PAT* 9% 38% 104% 4,54,071 4,15,112 13,660 9,876 9,320 4,564 9MFY21 9MFY22 9MFY21 9MFY22 9MFY21 9MFY22 Note: #9M Revenues growth as per Gross a/c – Global:11% Note: *Base 9M PAT contains one-off VSV tax provision of Rs 890mn (Mainly Gif
Slide 17: 9MFY22 Performance by Market
9MFY22 Performance by Market ₹ in mn REVENUE# EBITDA PAT* 18% 44% 186% 1,94,416 1,64,564 5,500 3,677 INDIA 3,815 1,285 9MFY21 9MFY22 9MFY21 9MFY22 9MFY21 9MFY22 4% 72% OVERSEAS 35% 2,50,548 2,59,655 8,160 5,643 6,061 3,279 9MFY21 9MFY22 9MFY21 9MFY22 9MFY21 9MFY22 Note: #9M Revenues growth as per Gr
Slide 18: 9MFY22 Contribution by Market
9MFY22 Contribution by Market REVENUE EBITDA PAT* 60% 57% 61% 60% 61% 72% 40% 43% 39% 40% 39% 28% 9MFY21 9MFY22 9MFY21 9MFY22 9MFY21 9MFY22 INDIA OVERSEAS INDIA OVERSEAS INDIA OVERSEAS Note: *Base 9M PAT in India contains one-off VSV tax provision of Rs 890mn (Mainly Gift of shares case) 20
Slide 19: 9MFY22 India Performance
9MFY22 India Performance ₹ in mn REVENUE EBITDA PAT* 19% 50% DISTRIBUTION 199% 1,90,738 1,60,945 5,139 3,583 3,415 1,197 9MFY21 9MFY22 9MFY21 9MFY22 9MFY21 9MFY22 +12%# +12%# +138%# 2% 10% 6% SERVICES 3,619 3,678 400 361 88 94 9MFY21 9MFY22 9MFY21 9MFY22 9MFY21 9MFY22 Note: #Services excluding Ensur
Slide 20: 9MFY22 Revenue Performance by Verticals
9MFY22 Revenue Performance by Verticals INDIA OVERSEAS GLOBAL 2% 2% 1% 1% 1% 1% 21% 31% 37% 34% 35% 29% 77% 67% 65% 64% 70% 62% 9MFY21 9MFY22 9MFY21 9MFY22 9MFY21 9MFY22 IT Mobility Services IT Mobility Services IT Mobility Services Note: Upon re-grouping, only smartphones are shown under Mobility N
Slide 21: 9MFY22 Working Capital Days
9MFY22 Working Capital Days INDIA OVERSEAS GLOBAL 2 1 7 6 5 5 16 16 14 14 13 9 11 3 8 9MFY21 H1FY22 9MFY22 9MFY21 H1FY22 9MFY22 9MFY21 H1FY22 9MFY22 24 21
Slide 22: 9MFY22 Free Cash Flow Statement
9MFY22 Free Cash Flow Statement ₹ in mn Particulars 9MFY21 H1FY22 9MFY22 Profit Before Taxation 7,433 6,921 11,788 Non-cash items 1,463 883 1,476 Outflow of Finance Cost 768 400 528 Changes in Working Capital 20,535 6,662 (2,696) Direct Tax Paid (1,369) (1,524) (2,003) Net Cash Flow from Operations
Slide 23: 9MFY22 Top Vendors
9MFY22 Top 5 Vendors REVENUE 41% 36% OTHERS SAMSUNG 5% LENOVO 4% 7% 6% DELL EMC 7% 9% HP Inc 11% 13% APPLE 31% 30% 9MFY21 9MFY22 27 23
Slide 24: Shareholding Pattern
Shareholding Pattern Mutual Others Funds Others Mutual Funds 15.8% 11.3% 19.3% 10.9% Affirma Synnex Mauritius Capital Limited 14.2% 24.1% Synnex Mauritius Limited 24.1% FIIs & FPIs 45.3% FIIs & FPIs 35.0% Sep-2021 Dec-2021 2824
Slide 25: Investor Contacts
Investor Contacts M. Muthukumarasamy Compliance Officer Redington House, “Centre Point”, Plot No. 11 (SP), Thiru. Vi. Ka. Industrial Estate, Guindy, Chennai - 600032 https://www.redingtongroup.com CIN - L52599TN1961PLC028758 25