Kirloskar Brothers Ltd. · NSE:KIRLOSBROS
Kirloskar Brothers — Q2 & H1 FY25 Earnings Presentation
50 slides from Kirloskar Brothers's earnings presentation, Oct 29, 2024
Slide 1: Exchange filing cover letter
SEC/ F:24 October 29, 2024 BSE Limited National Stock Exchange of India Ltd. Corporate Relationship Department, 5th Floor, Exchange Plaza, 2nd Floor, New Trading Ring, Bandra (East), Phiroze Jeejeebhoy Towers, Mumbai – 400 051. Dalal Street, Mumbai-400 001. (BSE Scrip Code – 500241) (NSE Symbol - KI
Slide 2: Investor Presentation Q2 & H1 FY25
KIRLOSKAR BROTHERS LIMITED Established 1888 A Kirloskar Group Company INVESTOR PRESENTATION Q2 & H1 FY25
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Kirloskar Brothers 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 se
Slide 4: Financial Highlights
Financial Highlights 3
Slide 5: Q2 & H1 FY25 Consolidated Highlights
Q2 & H1 FY25 Consolidated Highlights Revenue EBITDA PAT Q2 FY25 Rs. 1,036 crores Rs. 156 crores Rs. 97 crores 13.4% 61.1% 90.1% Revenue EBITDA PAT H1 FY25 Rs. 2,067 crores Rs. 283 crores Rs. 162 crores 14.0% 33.3% 41.8% 4
Slide 6: Consolidated Financial Trend
Consolidated Financial Trend Revenue (Rs. Crores) EBITDA Margin (%) PAT Margin (%) +15% 1,224 18.6% 12.5% 1,031 1,036 15.1% 913 965 14.3% 9.3% 900 12.8% 12.3% 8.5% 10.6% 7.1% 6.4% 5.6% Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1F
Slide 7: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Crores) Q2FY25 Q2FY24 YoY H1FY25 H1FY24 YoY Net Revenue from Operations 1,035.8 913.1 13% 2,066.7 1,812.6 14% Other Income 14.3 2.3 29.6 7.8 COGS 495.6 459.2 1,015.9 917.6 Gross Profit 554.5 456.2 22% 1,080.4 902.8 20% Gross Margin (%) 53.5% 50.0
Slide 8: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Particulars (Rs. Crores) 30th Sept 24 31st March 24 Particulars (Rs. Crores) 30th Sept 24 31st March 24 Non-Current assets Equity Property, Plant and Equipment 591.2 578.7 Equity Share capital 15.9 15.9 Capital work in progress 26.1 32.0 Intangible assets 2.9 4.1
Slide 9: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crores) H1FY25 H1FY24 Profit Before Taxes 228.8 167.4 Changes in working capital 67.6 -5.2 Cash generated from operations 296.5 162.2 Direct taxes paid (net of refund) 74.7 65.7 Net Cash from Operating Activities 221.9 96.5 Net Cash from Investing Ac
Slide 10: Q2FY25 Key Subsidiaries Financials Performance
Q2FY25 Key Subsidiaries Financials Performance KBL KCPL TKSL* KPML KBIBV Elimination Total Companies (Rs. Crores) Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Revenue 690.3 595.2 15.9 12.7 7.0 14.9 128.2 106.1 333.9 297.8 -139.5 -113
Slide 11: Q2FY25 KBIBV Group Financials
Q2FY25 KBIBV Group Financials KBTL (Thailand+ SPP UK SPP Inc (USA)* Dutch Group SPP Mena SA Group KBIBV Standalone Elimination KBIBV Group Singapore)* Companies (Rs. Crores) Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY2
Slide 12: Domestic & Overseas Orderbook Position
Domestic & Overseas Orderbook Position Robust Orderbook Implying Strong Revenue Visibility Orderbook and Pending Order Position (In Rs. crores) Standalone Pending Order book (In Rs. crores) Domestic Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Sector^ Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Orders receiv
Slide 13: About Us
hy y Enriching Lives
Slide 14: Company at Glance
Company at Glance One of the 1st AtmaNirbhar organization. India’s 1St Manufacturing Strategically located across various trading Inherent & largest pump manufacturer. Made some of blocks – Expanding geographic presence with Strength Built Presence Since Facilities India’s 1st engineering products i
Slide 15: Legacy of 135+ Years
Legacy of 135+ Years IDEATE INNOVATE IMPLEMENT 1888-1920 2010-2020 2021 Onwards 1941-1958 1988-2009 Strategic & Technology Establishment Phase Restructuring Phase Acquisition Phase Monetise Expansion • 1888 : Establishment • 1941 : Divested machine • 1988 : Established Kirloskar • 2010 : Acquired •
Slide 16: Our Business & Product Line
Our Business & Product Line Our Business Our Product Line Large & Medium Small pumps for day-to- Flow up to Pumps ranging Pump Head up to pumping solutions for 75+ Types of 28+ Types of day use at households 120,000 m³/hr. from 0.3 KW to 3,200 m complex fluid Pumps Valves and farms (529,000 US GPM)
Slide 17: Exemplary Endeavors: Charting Our Path of Impact
Exemplary Endeavors: Charting Our Path of Impact Building & Construction Power Hong Kong–Zhuhai– Marina Bay Sands, Bhavini Fast Breeder Prairie State Energy, The Shard, UK ITER, France CGPL Mundhra, India Macau Bridge Singapore Reactor, India Illinois, US KBL is first & leading manufacturer of criti
Slide 18: State-Of-The-Art Manufacturing Facilities
State-Of-The-Art Manufacturing Facilities KIRLOSKARVADI, Est. in 1910 DEWAS, Est. in 1962 KANIYUR, Est in 2011 Dedicated for domestic pumps. World’s 1st & only 2nd largest plant with well-equipped facility for KBL’s 1st plant, with facilities starting from foundry to pump plant to deploy 100% women
Slide 19: Our Innovative Solutions
Our Innovative Solutions Solar Pumping System Pump Selection Package KirloSmart Fire IoT based remote monitoring solution Lowest Life-Cycle Cost (LLC) Pump Pumps for Nuclear Power Plant Application KirloSmart Augmented Reality Mobile Training PICO Additive Manufacturing 3D Printer 18
Slide 20: Global Footprint Through Local Presence
Global Footprint Through Local Presence Corporate Office and Global Headquarters 1. Pune, India Overseas Presence 2. Atlanta, US 3. Coleford, UK 4. Almelo, The Netherlands 5. Johannesburg, South Africa 6. Jebel Ali, UAE 7. Cairo, Egypt 8. Bangkok, Thailand Manufacturing Plants 9. Kirloskarvadi, Indi
Slide 21: Highly Qualified Management Team
Highly Qualified Management Team Mr. Sanjay Kirloskar Mr. Alok Kirloskar Ms. Rama Kirloskar Mr. Ravish Mittal Chairman & Managing Director – KBL Joint Managing Director- KBL Chief Financial Officer Director Managing Director – KBI B.V. Managing Director – KEPL Vice President – Finance • Holds Bachel
Slide 22: Board of Directors
Board of Directors Mr. M. S. Unnikrishnan Mr. Shrinivas V. Dempo Mr. Shobinder Duggal Ms. Ramni Nirula Independent Director Independent Director Independent Director Independent Director • Former MD & CEO of Thermax Group • M.Sc. in Industrial Administration & Finance • Bachelor’s in Economics (Hons
Slide 23: Long Standing Relationships with Marquee Clientele
Long Standing Relationships with Marquee Clientele.. All logos are the property of the respective owners 22
Slide 24: Our Joint Ventures & Subsidiaries
Our Joint Ventures & Subsidiaries 23
Slide 25: Group Structure
Group Structure Kirloskar Brothers Limited The Kolhapur Steel Ltd. Karad Projects and Kirloskar Corrocoat Kirloskar Ebara Pumps Kirloskar Brothers International (100%)* Motors Ltd. (100%) Pvt. Ltd. (65%) Ltd. (45%) B.V. (The Netherlands) (100%) SPP Pumps Kirloskar Pompen Rodelta Pumps Kirloskar Brot
Slide 26: Leveraging the localised global presence
Leveraging the localised global presence KBL is leveraging the localised global presence through cost-synergies, duty-free access and local sourcing norms • Reduction in turnaround time • Lower freight costs • Subsidiaries do local value addition in terms of Cost components, repair, maintenance and
Slide 27: Kirloskar Brothers International B.V., The Netherlands
Kirloskar Brothers International B.V.*, The Netherlands • Wholly owned subsidiary of Kirloskar Brothers Limited Genesis • SPV established as an Investment Company for all international businesses Particulars FY20 FY21 FY22 FY23 FY24 • Fire fighting pumps & Products • Bi-directional Axial Flow pumps
Slide 28: SPP Pumps Limited
SPP Pumps Limited • 145+ years of heritage with R&D, manufacturing and test facilities in the UK Particulars FY20 FY21 FY22 FY23 FY24 • 1st in the world to offer a Factory Mutual approved MSMO pumps for efficient and cost-effective fire protection in high-rise buildings Revenue (£ Mn.) 95.6 75.5 73.
Slide 29: Rodelta Pumps International B.V., The Netherlands
Rodelta Pumps International B.V., The Netherlands • Established by Sulzer in 1946, acquired by KBL in June 2015 is a leading Particulars FY20 FY21 FY22 FY23 FY24 manufacturer of API and Non-API pumps Revenue (€ Mn.) 7.8 8.6 3.9 6.9 6.6 Genesis • R&D, manufacturing and test facilities in Almelo, Neth
Slide 30: Kirloskar Brothers (Thailand) Limited, Thailand
Kirloskar Brothers (Thailand) Limited, Thailand • FM approved Assembly and packaging for sales of centrifugal pump-sets in Particulars FY20 FY21 FY22 FY23 FY24 South-East Asia Revenue (THB in Mn.) 381.1 344.1 372.7 586.8 386.8 Genesis • Provides duty-free access to fast-growing ASEAN region through
Slide 31: Braybar Pumps Limited, South Africa
Braybar Pumps Limited, South Africa • Manufacturing and sales of high head multi-stage pumps, rubber lined slurry Particulars FY20 FY21 FY22 FY23 FY24 pumps and white metal lined bearings Revenue (ZAR Mn.) 72.1 71.5 77.8 107.6 104.2 Genesis • Successfully overcome BBBEE regulations and turned around
Slide 32: Karad Projects And Motors Limited (KPML)
Karad Projects And Motors Limited (KPML) • KPML is a wholly owned subsidiary of KBL. Particulars FY20 FY21 FY22 FY23 FY24 • 3 manufacturing plants located at Karad, Maharashtra, India. Revenue (Rs. Crores) 321.9 308.4 477.5 515.1 506.5 Genesis • Expertise in manufacturing Electrical Stampings, Stato
Slide 33: Kirloskar Ebara Pumps Limited
Kirloskar Ebara Pumps Limited • JV in 1988 between KBL and Ebara Corporation to manufacture and supply Particulars FY20 FY21 FY22 FY23 FY24 rotary equipment like process pumps, boiler feed water pumps, steam turbines for mechanical drive and steam turbine generators, etc. required for critical Reven
Slide 34: The Kolhapur Steel Limited (TKSL)
The Kolhapur Steel Limited (TKSL)* • Established in the year 1965. Particulars FY20 FY21 FY22 FY23 FY24 • Steel castings in the weight range of 300 kg-10 tonne single piece casting Revenue (Rs. Crores) 30.9 20.9 31.4 45.6 53.4 Genesis • State-of-the-art facility with IBR and NORSOK certifications EB
Slide 35: Kirloskar Corrocoat Private Limited
Kirloskar Corrocoat Private Limited • JV between KBL and Corrocoat Ltd. U.K. Company manufactures glass flake Particulars FY20 FY21 FY22 FY23 FY24 polymer coatings at its state-of-the-art plant at Kirloskarvadi , Maharashtra. Revenue (Rs. Crores) 24.3 20.1 25.8 35.3 40.5 Genesis • Undertakes turnkey
Slide 36: Strategic Focus
Strategic Focus 35
Slide 37: A Unique Value Proposition
A Unique Value Proposition Global Presence – Leveraging Brand Value & Domain Expertise • KBL is a global company with local presence across all major End to end offering – One Stop Solution trading blocks. • From Conceptualization to Manufacturing to Implementation • Manufacturing locations spread a
Slide 38: Staying Ahead of the Curve through Digital Initiatives
Staying Ahead of the Curve through Digital Initiatives Leading towards Digital Transformation In Pumps Industry • Over a decade, KBL has strategically invested in various strategic digital initiatives like: 3D Printing AI-ML • Virtual Reality (VR) • Augmented Reality (AR) • Artificial Intelligence (
Slide 39: Subscription Platform - Creating Market Opportunity
Subscription Platform - Creating Market Opportunity Subscription platform is aimed towards leveraging the technological and domain expertise to create a scalable and sustainable business Market Opportunities • Scalable & Universal: o The proprietary algorithm keeps on improving Traditional Solution
Slide 40: Way Ahead
Way Ahead…. KBL has strategically reduced EPC business exposure and increased contribution from Services & Value-Added Products • Reduced exposure in low margin, lumpy and WC Increased focus on Services and Reduced EPC Business exposure intensive EPC orders since 2008. Value-Added Products • Share o
Slide 41: Historical Performance
Historical Performance 40
Slide 42: Historical Financial Performance - Consolidated
Historical Financial Performance - Consolidated Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) 4,001.2 578.2 349.7 3,730.2 3,135.4 3,057.6 426.3 2,716.5 235.8 294.3 244.6 160.7 238.5 94.3 71.9 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 EBITDA Margin (%) PAT
Slide 43: Historical Financial Performance - Consolidated
Historical Financial Performance - Consolidated EPS (in Rs.) Net Worth (Rs. Crores) Leverage (X) 43.8 1,724.1 0.6 1,407.4 29.6 1,107.2 1,180.2 946.0 0.3 20.3 0.3 0.2 11.9 9.1 0.1 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 RoCE (%) RoE(%) 26.4% 20.3% 21.3% 16.8% 18.0%
Slide 44: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Net Revenue from Operations (Net of Excise) 4,001.2 3,730.2 3,057.6 2,716.5 3,135.4 Other Income 58.6 27.3 32.4 53.8 37.6 Materials Consumed 1,983.0 1,954.7 1,680.3 1,449.5 1,641.9 Gross Profit 2,076.8 1,802.8 1,4
Slide 45: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Non Current assets Equity Property, Plant and Equipment 578.7 481.4 487.0 428.4 429.4 Equity Share capital 15.9 15.9 15.9 15.9 15.9 Capital work in progress 32.0 8
Slide 46: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Profit Before Taxes 480.6 318.1 135.5 182.1 121.3 Changes in working capital 27.0 81.3 18.8 170.1 219.9 Cash generated from operations 507.6 399.4 154.3 352.2 341.2 Direct taxes paid (net of refund) 126.4 67.4 41.4 35
Slide 47: Awards & Accolades
Awards & Accolades Dewas – Greenco Gold certified Received the prestigious GreenPro Ecolabel certification for its products, End Suction Pump - DBxe and Lowest Lifecycle Cost (LLC) Series Horizontal Axially Split-case Pumps; Cast Iron (CI) Foundry Castings and Alloy Cast Steel (ACS) Foundry Castings
Slide 48: ESG Initiatives
ESG Initiatives Environmental Social Governance • Solar & wind power contribute 20%-22% of total power • Vikas Charitable Trust established in 1994 • Sustainability reporting since 2009-10 and integrated consumption • CSR activities revolves around Education, Employment, reporting since 2018-19 • 5
Slide 49: Shaping Tomorrow: A Commitment to SCR
Shaping Tomorrow: A Commitment to SCR All-women operated manufacturing facility in Kaniyur & 35% women workforce in Sanand factory is testimony towards gender equality and women empowerment KBL conducts an array of activities and campaigns throughout the year. The company focuses on three areas for
Slide 50: Thank You
THANK YOU For further information, please contact Company Investor Relations Advisor CIN: U74140MH2010PTC204285 CIN: L29113PN1920PLC000670 Ms. Ami Parekh / Mr. Jigar Kavaiya Mr. Chittaranjan Mate E: ami.parekh@sgapl.net / jigar.kavaiya@sgapl.net Email: Chittaranjan.Mate@kbl.co.in T: +91 8082466052 /
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