Rishabh Instruments Limited · NSE:RISHABH
Rishabh Instruments — Q4 & FY24 Earnings Presentation
47 slides from Rishabh Instruments's earnings presentation, May 29, 2024
Slide 1: Exchange filing cover letter
May 29, 2024 To, To, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Plot No. C/1, G Block, Bandra- Phiroze Jeejeebhoy Towers, Kurla Complex, Bandra (East), Mumbai – 21st Floor, Dalal Street, 400051 Mumbai – 400001 NSE Symbol: RISHABH BSE Scrip Code: 543977 Dear Sir/ Madam, Su
Slide 2: Investor Presentation – Q4 & FY24
RISHABH INSTRUMENTS LIMITED Investor Presentation – Q4 & FY24 Measure Control Record Analyze Click Here for Rishabh’s Corporate Video
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Rishabh Instruments 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 s
Slide 4: Financial Performance
1 FINANCIAL PERFORMANCE
Slide 5: Management Commentary
Management Commentary Commenting on the Q4 & FY24 results, Mr Dinesh Musalekar, CEO of Rishabh Instruments Limited, said, “During FY24, we achieved a growth of 21% Y-o-Y in Revenues to INR 6,897 Mn which reinforces the demand for our products across all categories globally. We continue to see top li
Slide 6: Q4 & FY24 Consolidated Highlights
Q4 & FY24 Consolidated Highlights Revenue (Rs. Mn) Adjusted* EBITDA (Rs. Mn) PBT (Rs. Mn) Operational Highlights ❖ Our consolidated revenue of INR 6,897 Mn has +21% +14% -16% increased by 21% in FY24 on a Y-o-Y basis backed by increase in demand across all product segments. 6,897 955 607 841 511 ❖ O
Slide 7: Normalised Q4 & FY24 EBITDA
Normalised Q4 & FY24 EBITDA Reconciliation of Adjusted EBITDA Vs Normalized EBITDA Q4FY24 FY24 ❖ Q4FY24 EBIDTA was impacted on account of Increase in employee Increase in employee cost on account of o Increase in employee costs by INR 88 Mn in cost on account of revision in Minimum Q4 and INR 113 Mn
Slide 8: Q4 & FY24 Product wise Revenue Break-Up
Q4 & FY24 Product wise Revenue Break-Up Q4 FY23 Q4 FY24 Key Highlights 8.9% 7.4% 0.8% 1.8% ❖ Electrical automation has grown by 17% in FY24 to INR 659 Mn on Y-o-Y basis. 39.4% 39.6% 39.5% 39.1% ❖ Metering and control devices has grown by 17% in FY24 to INR 2,849 Mn on Y-o-Y basis. 11.5% 12.0% ❖ Alum
Slide 9: Q4 & FY24 Geography wise Revenue Break-Up
Q4 & FY24 Geography wise Revenue Break-Up Q4 FY23 Q4 FY24 Key Highlights in the Geography 1.0% 3.9% 0.2% 4.5% 30.5% • Revenue from Europe has grown by 19% for 26.0% 45.1% FY24 to INR 3,339 Mn on a Y-o-Y basis 46.5% • Revenue from Poland has grown by 25% for FY24 to INR 1,465 Mn on a Y-o-Y basis 20.5
Slide 10: Q4 & FY24 Consolidated Profit & Loss Statement
Q4 & FY24 Consolidated Profit & Loss Statement Profit & Loss [Rs. Mn] Q4FY24 Q4FY23 YoY Q3FY24 QoQ FY24 FY23 YoY Revenue from Operations 1,779 1,745 2.0% 1,593 11.7% 6,897 5,695 21.1% COGS 688 779 722 2,899 2,563 Gross Profit 1,091 966 13.0% 871 25.4% 3,998 3,132 27.7% GP Margin % 61.3% 55.3% 600 bp
Slide 11: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Mn) Mar-24 Mar-23 Equity & Liabilities (Rs. Mn) Mar-24 Mar-23 Non - Current Assets 2,896.0 2,391.6 Total Equity 5,637.8 4,087.5 Property Plant & Equipment's 2,395.9 1,926.0 Share Capital 382.1 292.5 CWIP 123.9 76.2 Other Equity 5,208.1 3,609.6 Goodwill 220.9 21
Slide 12: Consolidated Abridged Cash Flow Statement
Consolidated Abridged Cash Flow Statement Particulars (Rs. Mn) FY24 FY23 Net Profit Before Tax 510.5 607.2 Adjustments for: Non -Cash Items / Other Investment or Financial Items 469.0 285.4 Operating profit before working capital changes 979.5 892.6 Changes in working capital 87.6 -484.6 Cash genera
Slide 13: Q4 & FY24 Standalone Profit & Loss Statement
Q4 & FY24 Standalone Profit & Loss Statement Profit & Loss [Rs. Mn] Q4FY24 Q4FY23 YoY Q3FY24 QoQ FY24 FY23 YoY Revenue from Operations 591 619 -4.6% 458 29.0% 2,246 1,960 14.6% COGS 259 328 221 1,055 1,038 Gross Profit 332 291 14.2% 237 40.0% 1,191 922 29.2% GP Margin % 56.2% 47.0% 925 bps 51.8% 442
Slide 14: About Us
2 ABOUT US
Slide 15: About Rishabh Instruments
About Rishabh Instruments Rishabh Instruments Limited - A Leading Global Energy Efficiency Solution Provider Established in 1982 3000* 145+ 100+ Rishabh Instruments Limited is a leading engineering Global Product Lines Countries company to design, develop Customers Served and manufacture Global Ener
Slide 16: Company Timeline
Company Timeline › Incorporated › Listed on Stock › Agreement for technical › Received M-SIPs assistance with M/s › Acquisition of Shanghai approval from Govt. of Exchanges › Sifam Tinsley Yihua V&A Gossen – Metrawatt India Instrumentation Instrumentation GmbH Ltd acquired Sifam meter and Tinsley pr
Slide 17: Diversified Product Portfolio
Diversified Product Portfolio… Business Segments Metering, Control Portable Test and Aluminium High- Electrical and Protection Measuring Pressure Die- Others Automation Devices Instruments Castings Temperature Temperature Analog Panel Current Rotary CAM Digital Digital Digital I/O Controller and Hum
Slide 18: Leading Market Positioning in Key Segments
… with Leading Market Positioning in Key Segments... Segment wise Leadership Metering, Control Portable Test and Aluminium High- Electrical and Protection Measuring Pressure Die- Others Automation Devices Instruments Castings #1 #3 #2 3mn #1 1st player in Electrical 3rd player in the Digital 2nd pla
Slide 19: Manufacturing Presence across Geographies
… and Manufacturing Presence across Geographies… Our 5 Manufacturing units are in India, Poland and China and 2 modifications center are in UK and US Large facilities with an average spread area of 10,000+ sq. mt. Annual Installed Capacity of 32.2mn products per annum Current Capacity utilisation is
Slide 20: Five State of the Art Facilities
With five State of the Art Facilities… Nashik | Indian Manufacturing Facilities Poland | Polish Manufacturing Facilities Lumel SA Facility I Facility 1 spread over 10,240 sq. mt. Facility 1 spread over 12,000 sq. mt. Lumel Alucast Facility II Facility 2 spread over 9,195 sq. mt. Facility 2 spread ov
Slide 21: Two Modification Centres
And two Modification Centres… Shanghai | China Manufacturing Facility Sifam Tinsley | Modification Centre UK US 20
Slide 22: Marquee Clientele Base
… and Marquee Clientele Base with long standing relationship Note: The Brand Names mentioned are the property of their respective owners and are used here for identification purpose only 21
Slide 23: Installed Capacity and Utilisation; Capex Plans
… serving through our in-house ample capacities Total Installed Capacity and Utilisation As of March 31, As of March 31, As of March 31, As of March 31, Total of all Manufacturing Facilities (All Products) 2021 2022 2023 2024 Installed Capacity (Annual Units p.a. in millions) 28.9 30.9 32.2 35.5 Act
Slide 24: A Large Addressable Market
… to a large addressable market Business Segment Global Markets ($ bn) Indian Markets ($ bn) 2022 CAGR 2027E SRM* 2022 CAGR 2027E SRM* 7.8% 9.0% Electrical Automation 147.5 215.1 35.5% 6.4 9.8 35.5% 4.8% 5.5% 34.1 43.1 20.8% 0.7 0.9 13.6% Metering, Control and Protection Devices 5.1% 6.9% 5.1 6.6 52
Slide 25: Backed by History of Strong Acquisitions
Backed by History of Strong Acquisition’s Successful Integration of Acquired Businesses across Geographies to drive growth Poland UK Poland Restructuring China 2012 2013/14 2016 2019 2020 o Acquisition of Lubuskie o Acquired Sifam meter o Restructured “Lumel” into o Acquired Shanghai VA o Lumel acqu
Slide 26: Growth Drivers
3 Growth Drivers
Slide 27: Our Core Expertise
Our Core Expertise Strong and demonstrated management capabilities Acquired a loss-making business in Europe in 2012 and turnaround the company to 18% EBITDA margin Ability to drive technology and innovation through advanced and accredited R&D capabilities New product launch contributed to around 10
Slide 28: Vertically Integrated Business Model
Vertically Integrated Business Model Product Conceptualization Vertical Integration with Die-casting Vertical Integration with Electrical • Uncovers the unarticulated needs of consumers business to produce moulds Post Lifecycle Support • Drives efficiency and consumer manufacturing units value 01 De
Slide 29: In-House R&D Capabilities
In-House R&D Capabilities Launched and developed technology through continuous R&D 3 2 Design Registrations Global Patents Clamp Meter Invented and patented the rotary jaw mechanism and Multimeter, current Clamp meters with rotary safe trigger mechanism for clamp meters and voltage transducer, jaw m
Slide 30: Key Growth Strategies
Key Growth Strategies Promote product Target new customers cessible localization and Capitalize Be Ac and expand existing on company’s presence in customer accounts China, India and Europe ss Ha ompetitivene ve a Reliable Pr ost c o C duc t Continue to pursue long Enhance product term growth strateg
Slide 31: Industry Growth Drivers
Industry Growth Drivers 01 02 Electronics & Semiconductor Connected Vehicle/EV • Rising adoption of Industrial IoT solutions • Aluminum Die Casting expected to receive and integration of OT-IT shop floor significant fillip from EVs • Emphasis on DER* expands the need for • Integrated solutions of hi
Slide 32: Corporate Structure
4 CORPORATE STRUCTURE
Slide 33: Corporate Structure at a Glance
Corporate Structure at a Glance Rishabh Instruments Limited 99.6% Holding 100% Holding 100% Holding 99.94% Holding Energy Solution Labs Pvt. Ltd. Dhruv Enterprises Ltd. Sifam Tinsley Instrumentation Shanghai VA Instrument Co. Ltd. (India) (Cyprus) Inc. (USA) (China) 100% Holding 50.1% Holding 100.0%
Slide 34: Experienced Board of Directors
Experienced Board of Directors Narendra Joharimal Goliya Parappath Ramakrishnan Rathin Banerjee Promoter, Chairman and MD Non-Executive Director Independent Director o Experience: 40+ years in manufacturing and electrical industry o Holds a bachelor’s degree in science from the University of Kerala.
Slide 35: Strong Management Team
Strong Management Team Narendra Joharimal Goliya Dineshkumar Musalekar Vishal Kulkarni Promoter, Chairman and MD Group CEO Chief Financial Officer o Experience: 40+ years in manufacturing and electrical industry o Experience: 30+ years in manufacturing and electrical industry o Associated with the C
Slide 36: Awards and Accolades
Awards and Accolades 35
Slide 37: Approvals and Certifications
Approvals and Certifications 36
Slide 38: Environmental Health and Safety Management System
Environmental Health and Safety Management System Energy Saving Devices Manufactures wide range of cost-effective process optimization products Zero Carbon Emission – RoHS Compliant • Conservation of natural resources like energy, water by implementation of resource management program • Prevention o
Slide 39: Corporate Social Responsibility
Corporate Social Responsibility IIT Collaboration Tied up with IIT Jodhpur to setup a center for innovation in Green Energy Sponsor to Lumel as an official sponsor supported the Embassy of India Embassy of India in to promote Indian culture in Poland during 26th January Poland 2024 Republic Day Cele
Slide 40: Delivering Value to Stakeholders
Delivering Value to Stakeholders Listed on 11th September 2023 ✓ Rishabh Instrument Limited got listed on BSE & NSE ✓ Offer for sale of up to 94,28,178 Equity shares ✓ Fresh Issue of up to 17,00,680 Equity shares ✓ Objects of the Issue : • Financing the cost towards the Expansion of Nashik Manufactu
Slide 41: Historical Financial Highlights
5 Historical Financial Highlights
Slide 42: Historical Consolidated Financial Highlights
Historical Consolidated Financial Highlights Revenue (Rs. Mn) Adjusted* EBITDA (Rs. Mn) Profit Before Tax (Rs. Mn) 6,897.0 955.5 592.0 607.0 840.6 511.0 5,695.4 729.7 458.0 4,702.5 3,899.6 575.1 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Gross Margins (%) Adjusted* EBITDA Margins (%
Slide 43: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Profit and Loss (Rs. Mn) FY24 FY23 FY22 FY21 Revenue from Operations 6,897 5,695 4,703 3,900 Cost of Goods Sold 2,899 2,563 1,972 1,562 Gross Profit 3,998 3,132 2,731 2,337 Gross Profit Margin 58.0% 55.0% 58.1% 59.9% Employee Cost 1,786 1,451 1,257 1,149 Other Ex
Slide 44: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Mn) Mar-24 Mar-23 Mar-22 Mar-21 Equity & Liabilities (Rs. Mn) Mar-24 Mar-23 Mar-22 Mar-21 Non - Current Assets 2,896.0 2,391.6 2,313.6 2,320.9 Total Equity 5,637.8 4,087.5 3,461.0 3,021.3 Property Plant & Equipment's 2,395.9 1,926.0 1,943.5 1,980.8 Share Capita
Slide 45: Consolidated Abridged Cash Flow Statement
Consolidated Abridged Cash Flow Statement Particulars (Rs. Mn) FY24 FY23 FY22 FY21 Net Profit Before Tax 510.5 607.2 592.4 458.0 Adjustments for: Non -Cash Items / Other Investment or Financial Items 469.0 285.4 166.8 196.4 Operating profit before working capital changes 979.5 892.6 759.2 654.4 Chan
Slide 46: Consolidated Key Ratios
Consolidated Key Ratio’s Working Capital (Rs. Mn) Debt to Equity Asset Turnover 3,066.9 0.3 0.9 0.9 0.3 0.8 0.3 0.8 1,915.6 1,405.7 0.1 855.8 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Return on Asset (%) Return on Equity (%) Return on Capital Employed (%) =Net Profit / Total Assets
Slide 47: Thank You
T h a n k Yo u . . For more information, please contact Company: Investor Relations Advisor: Rishabh Instruments Limited. Strategic Growth Advisors Pvt. Ltd. CIN - L31100MH1982PLC028406 CIN - U74140MH2010PTC204285 Mr. Ajinkya Joglekar Mr. Nishant Dudhoria/ Mr. Vatsal Shah ajinkya.joglekar@rishabh.co
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