Mrs. Bector's Food Specialities Ltd. · NSE:BECTORFOOD
Mrs. Bector's Food Specialities — Q4 FY23 Earnings Presentation
40 slides from Mrs. Bector's Food Specialities's earnings presentation, May 26, 2023
Slide 1: Cover letter to stock exchanges
MBFSL/CS/2023-24 26th May, 2023 To, To, Department of Corporate Relations, National Stock Exchange of India Ltd, BSE Limited, Exchange Plaza, C- 1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400001 Mumbai– 400051 Scrip Code : 543253 Scrip Symbol :
Slide 2: Q4 & FY23 Investor Presentation
Q4 & FY23 INVESTOR PRESENTATION May 2023
Slide 3: Safe Harbor
Safe Harbor This presentation has been prepared by and is the sole responsibility of Mrs. Bectors Food Specialities Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or i
Slide 4: Q4 & FY23 Financials
TAKING THE GOOD TO THE WORLD Q4 & FY23 Financials
Slide 5: Segment Wise Revenues Q4FY23
Q4FY23 Performance Highlights (YoY and 24 months comparison) Revenue from Operations* Biscuit Segment Bakery Segment 346 203 128 Segment Wise Revenues +37% +42% +34% 252 95 (Rs. Crs.) 137 143 224 75 Q4FY21 Q4FY22 Q4FY23 Q4FY21 Q4FY22 Q4FY23 Q4FY21 Q4FY22 Q4FY23 • Biscuit segment revenue for Q4FY23 s
Slide 6: Q4FY23 Performance Highlights
Q4FY23 Performance Highlights (YoY & QoQ) Rs. Crs Revenues* EBITDA Profit After Tax 367.9 51.2 27.8 27.7 346.1 48.2 We registered strong and +37% 252.3 +90% profitable growth from all our +171% 25.5 business verticals i.e. Biscuits – 10.2 Domestics & Exports, Bakery – Institutional & Retail Q4 FY22
Slide 7: Segment Wise Revenues FY23
FY23 Performance Highlights (YoY and 24 months comparison) Biscuit Segment Bakery Segment Revenue from Operations* 1362 807 487 Segment Wise Revenues +38% +36% +44% (Rs. Crs.) 988 592 574 339 881 259 FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 Biscuit Segment includes Domestic, Exports and CSD 6
Slide 8: FY23 Performance Highlights
FY23 Performance Highlights (YoY and 24 months comparison) Rs. Crs. EBITDA Profit After Tax Margin Profile EBITDA Margins PAT Margins +43% +58% 175.2 90.1 16.0% 8.2% 141.1 72.3 12.9% 6.6% 12.4% 122.5 5.8% 57.1 FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 7
Slide 9: Consolidated Profit & Loss Statement – Q4 & FY23
Consolidated Profit & Loss Statement – Q4 & FY23 Profit & Loss Statement (Rs. Crs.) Q4 FY23 Q4 FY22 Y-o-Y Q3 FY23 Q-o-Q FY23 FY22 Y-o-Y Revenue from Operations 346.1 252.3 37.2% 367.9 -5.9% 1,362.1 988.2 37.8% Cost of Materials Consumed 172.6 135.4 200.9 737.7 536.0 Purchase of stock-in-trade 7.2 5.
Slide 10: Consolidated Balance Sheet as on 31st March 2023
Consolidated Balance Sheet as on 31st March 2023 EQUITY AND LIABILITIES (Rs. Crs.) 31-Mar-23 31-Mar22 ASSETS (Rs. Crs.) 31-Mar-23 31-Mar-22 Equity Non-current assets Equity share capital 58.8 58.8 Property, plant and equipment 407.6 391.4 Other equity 485.5 410.2 Capital work-in-progress 48.7 11.9 T
Slide 11: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Cash Flow Statement (Rs. Crs.) Mar-23 Mar-22 Cash Flow from Operating Activities Profit before Tax 120.7 75.7 Adjustment for Non-Operating Items 61.3 46.5 Operating Profit before Working Capital Changes 182.0 122.2 Changes in Working Capital 11.8 (16.8) Cash Generate
Slide 12: Expansion Projects
Expansion Projects Addition of 2 new Biscuit • Addition of 2 new Biscuits Lines at Rajpura to meet the growing demand. Lines at Rajpura (Punjab) • Total Estimated cost is Rs. 75 crores and estimated timeline of completion is Q1FY24 • Addition of Bakery Plant in NCR to meet the growing demand. Additi
Slide 13: Company Overview
HAPPY DIWALI ! COMPANY OVERVIEW
Slide 14: Our founder Mrs. Rajni Bector conferred with Padma Shri
Our founder Mrs. Rajni Bector conferred with Padma Shri Mrs. Rajni Bector conferred with Padma Shri for her contribution to trade and industry I feel blessed and express my gratitude to the central government for recognising my services. I am feeling honoured and want to thank my family, children, a
Slide 15: Mrs. Bector's at a glance
Mrs. Bector’s at glance Digestives + Crackers + Cookies + Cream + Marie Pursuant to Brand separation Biscuits agreement, “Mrs. Bector’s Cremica” Brand is exclusive to Mrs. 1 + Private Label Bectors Food Specialities Limited for Biscuits Developed the brand “English Oven” for the Branded breads & Bra
Slide 16: Our business segments
Our business segments Biscuits Bakery Products Domestic Exports Consumer Bakery Institutional Bakery Market Share^ 5.4 % of the premium and ~12% share of the total 5% market share in the 11% market share in semi mid-premium biscuits exports of biscuits from India Branded Breads Segment in processed
Slide 17: Distinguished brand created over the years
Distinguished brand created over the years Significant investments made over the last few years to establish and enhance capacities and premiumization of product portfolio • Brand Separation MOU - “Mrs. Bector’s • Green field investment made at Rajpura Cremica” brand for Biscuit's business & Facilit
Slide 18: Automated state of art manufacturing units
Automated state of art manufacturing units Equipped with advanced modern technology and Stringent Quality Controls automated systems Invested Rs. 340 crores between FY19 to FY23 to build capacities with superior capabilities Specifically, sourced best in class equipment from Denmark, Germany, US and
Slide 19: Strategically located for efficient distribution
Strategically located for efficient distribution Phillaur, Punjab Greater Noida, UP Biscuits – 27,000 MT Bread and bakery –118 (Mn packs) Contract Manufacturing – 27,000 MT Buns – 324 (Mn pcs) Frozen products – 14 (Mn packs) Tahliwal, HP Biscuits – 34,200 MT Rajpura, Punjab Dhar (MP) Man
Slide 20: Cookies & Biscuits
CREMICA) COOKIES & BISCUITS Mus. Beclov's
Slide 21: One of the Leading Biscuit Brands in North India
One of the Leading Biscuit Brands in North India… ‘Mrs. Bector’s Cremica’ is one of the leading biscuit brands in the premium and mid-premium segment in North India Danish Cookies Creams Crackers Digestives Cookies Launched new products such as ‘Trufills’, ‘Premium Sugar and Company has a strong pre
Slide 22: With a PAN India Distribution Network
… with a PAN India Distribution Network… Sales Automation tool to track distribution on real time Strong Multi Channel Enables company to track the real time coverage, sales Distribution Network* efficiencies & effectiveness, and working discipline of its distribution network Helped increase pro
Slide 23: Export business – Long runway for growth
Export business – Long runway for growth 25% + Increase penetration in 69 ~54% select export markets - South, Central and Have set up a subsidiary in UAE to Focus is on increasing premiumization in North America, the cater MENA and Exporting Share in the Indian Export under export market MENA region
Slide 24: Immense Industry Potential in the Biscuit Market
Immense Industry Potential in the Biscuit Market Growth in Biscuit Market (Rs. Bn.) Low per capita spending on biscuits Per Capita Consumption (Kg/Year) Branded Biscuits Others Per capita consumption of biscuits in India has significantly increased in the last 5 years +9% 620 13.6 However, it is far
Slide 25: Breads & Bakery
BREADS & BAKERY 24
Slide 26: Fastest growing premium Bakery brand in India
Fastest growing premium Bakery brand in India Brown Speciality Indian Western White Bread Sub Bread Indulgence Bread Breads Breads Bread Sales of products sold under the brand name ‘English Oven’ grew faster than industry between FY15 to FY23 Widespread Distribution One of the few bakery companies i
Slide 27: Preferred Supplier to Largest QSR Franchises in India
Preferred Supplier to Largest QSR Franchises in India Company is a leading player in the institutional bakery segment Key Success Factors: Dedicated lines for manufacturing buns to serve QSR Stringent quality control and compliance with standards customers Industry best practices such as use of prem
Slide 28: Growth Potential in Bread & Bakery Business
Growth Potential in Bread & Bakery Business Indian Breads & Buns Market Chain QSR Market (Rs. Bn.) Indian Bread Market size was Rs. 50 bn in FY20 of (Rs. Bn.) which premium category currently has a share of ~16% and is projected to grow at a rate of 15% for the next 5 years +23% +9% 524 76 +9% +19%
Slide 29: Continuous Brand Building Initiatives
Continuous Brand Building Initiatives Branding Activities Digital Marketing YouTube Merchandising In-Shop 28
Slide 30: Continuous Brand Building Initiatives
Continuous Brand Building Initiatives Driving Brand in Urban Festive Season Activations New Launch - Melto Building Rural Awareness Cricket – In stadium Delhi Rural Wall Branding Top Outlet – Premium Shelf Visibility Festive Season Cremica Melto & English Oven- The Rush Launch 29
Slide 31: Well positioned to capture growth
Well positioned to capture growth Right • Competitively well positioned across both segments – Biscuits & Breads and Bakery segment Business Mix Focus on • Significant increase in the price realization of Company’s products across all business segments; Premiumization • Continued focus on increasing
Slide 32: Historical Financials
TAKING THE GOOD TO THE WORLD Historical Financials
Slide 33: Segment Performance Highlights
Segment Performance Highlights Revenue from Operations Segment Wise Revenues (Rs. Crs.) Biscuit Segment Bakery Segment 1362 487 +38% 807 +44% 988 881 339 +36% 762 574 592 261 259 451 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 * Total Revenue includes revenue from other (contract man
Slide 34: Historical Financials
Historical Financials Revenues (Rs. Crs.) EBITDA (Rs. Crs.) PAT (Rs. Crs.) 1,362 175 90 141 72 988 123 881 57 762 93 30 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 Gross Profit Margins EBITDA Margins PAT Margins 46.5% 47.6% 16.0% 8.2% 44.2% 44.6% 12.2% 12.4% 12.9% 6.6% 5.8% 4.0% FY20
Slide 35: Balance Sheet strength
Balance Sheet strength Net Debt to Equity 0.3 Working Capital (in Days) 0.1 0.1 0.1 Working 33 30 42 25 Capital (in Days) Mar-20 Mar-21 Mar-22 Mar-23 52 Cash Flow from Operations (Rs. Crs.) 42 45 45 39 38 39 38 36 164 30 28 24 109 110 84 Mar-20 Mar-21 Mar-22 Mar-23 Inventory Debtors Creditors FY20 F
Slide 36: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit & Loss Statement (Rs. Crs.) FY23 FY22 FY21 FY20 Revenue from Operations 1,362.1 988.2 880.7 762.1 Cost of Materials Consumed 737.7 536.0 467.8 411.3 Purchase of stock-in-trade 23.8 15.6 0.6 0.4 Changes in Inventories of Finished Goods and Work in Progress -7
Slide 37: Historical Balance Sheet
Historical Balance Sheet EQUITY AND LIABILITIES (Rs. Crs.) 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 Equity Equity share capital 58.8 58.8 58.7 57.3 Other equity 485.5 410.2 372.5 262.2 Total equity 544.3 469.0 431.2 319.4 Non-current liabilities Financial liabilities (i) Borrowings 94.0 88.0 114.8 85
Slide 38: Historical Balance Sheet
Historical Balance Sheet ASSETS (Rs. Crs.) 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 Non-current assets Property, plant and equipment 407.6 391.4 339.7 337.6 Capital work-in-progress 48.7 11.9 55.3 6.7 Right-of-use assets 18.2 19.2 14.2 15.3 Goodwill 0.4 0.4 0.4 0.4 Other intangible assets 0.1 0.2 0.0
Slide 39: Historical Cash Flow Statement
Historical Cash Flow Statement Cash Flow Statement (Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Cash Flow from Operating Activities Profit before Tax 120.7 75.7 97.1 39.0 Adjustment for Non-Operating Items 61.3 46.5 47.4 61.8 Operating Profit before Working Capital Changes 182.0 122.2 144.5 100.8 Changes
Slide 40: Thank You
THANK YOU Company: CIN: L74899PB1995PLC033417 Mr. Parveen Kumar Goel Chief Financial Officer parveen.goel@bectorfoods.com Investor Relations Advisors : Mr. Irfan Raeen Devansh Dedhia +91 97737 78669 +91 9930147479 irfan.raeen@linkintime.co.in devansh.dedhia@linkintime.co.in
Mrs. Bectors Food Specialities — Q4 FY23 Earnings Presentation on 6ix