Uno Minda Limited · NSE:UNOMINDA
Uno Minda — Minda Industries — Q4 FY19 Earnings Presentation
40 slides from Uno Minda's earnings presentation, May 16, 2019
Slide 1: Minda Industries Ltd. Investor Presentation – May 2019
Minda Industries Ltd. Investor Presentation – May 2019
Slide 2: Safe Harbor
Safe Harbor 2/6 2 /2/40 46 This presentation and the accompanying slides (the “Presentation”), has been prepared by Minda Industries Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and
Slide 3: Quarterly Update Presentation
3/6 3 /3/40 46 Quarterly Update Presentation
Slide 4: Financial Highlights
Financial Highlights 4/6 4 /4/40 46 Revenue^ (Rs. Cr) EBITDA (Rs. Cr) PAT* (Rs. Cr) Margin (%) +32% +36% +12% EBITDA FY19 PAT 725 11.9% 12.3% 286 5,908 534 256 4,471 5.7% 4.8% FY18 FY19 FY18 FY19 FY18 FY 19 FY18 FY19 EBITDA Quarter 4 PAT +8% +9% -9% 12.4% 12.5% 1,486 185 81 1371 170 74 5.9% 4.9% Q4
Slide 5: Revenue Bridge
Revenue* Bridge 5/6 5 /5/40 46 5,908 35 141 69 41 Full Year 113 196 283 560 4471 FY18 MRPL (SW) MKAWL (OTH) MIL Stand. Rinder (L) MDSL MJCL (OTH) ISYS (OTH) MITIL+ OTH FY19 1,486 11 -4 -9 77 12 -23 22 Quarter 4 1,371 29 Q4 FY18 MIL Stand. MKAWL (OTH) Rinder (L) ISYS (OTH) MDSL MJCL (OTH) MRPL (SW) M
Slide 6: Division Wise Revenue & EBITDA Mix
Division Wise Revenue & EBITDA Mix 6/6 6 /6/40 46 INR Cr. FY18 FY19 Revenue 581 754 Switches 2,237 13.0% 12.8% 37.9% 1,475 585 33.0% 13.1% 908 Lighting 15.4% 671 717 15.0% 1,159 12.1% 1,293 Acousics 25.9% 21.9% 55 FY18 EBITDA 10.3% 33 FY19 4.6% LMT* 176 281 33.0% 212 38.8% 29.2% 136 Others 25.5% 54
Slide 7: Q4 Division Wise Revenue & EBITDA Mix
Q4 Division Wise Revenue & EBITDA Mix 7/6 7 /7/40 46 INR Cr. Q4 FY19 Revenue Q4 FY18 517 34.8% 348 25.4% 437 545 29.4% 39.8% Switches 166 12.1% 189 344 312 12.7% Lighting 23.1% 22.8% EBITDA Q4 FY18 Q4 FY19 64 Acousics 45 61 34.6% 26.5% 33.0% 75 44.1% Others 18 10.6% 24 36 13.0% 19.5% 32 18.8%
Slide 8: Revenue Mix – Q4 & FY19
Revenue Mix – Q4 & FY19 8/6 8 /8/40 46 Geography-wise Breakup Channel-wise Breakup Segment -wise Breakup 11% 16% FY 19 49% 51% 84% 89% India International OEM Replacement 2/3 W 4W 16% 10% Quarter 4 49% 51% 84% 90% India International OEM Replacement 2/3 W 4W
Slide 9: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement 9/6 9 /9/40 46 Particulars (Rs. Cr) Q4 FY19 Q4 FY18 YoY % Q3 FY19 QoQ % FY19 FY18 YoY % Revenue from Operations (Net of Excise) 1,486.46 1,370.88 8% 1,470.09 1% 5,908.09 4,470.56 32% Raw Material 898.97 845.32 903.37 3,622.48 2,763.18 Employee Cost 202.52 176.48
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet 10/6 1010/40 / 46 ASSETS 31st March 2019 31st March 2018 Liabilities 31st March 2019 31st March 2018 1. Non-current assets EQUITY AND LIABILITIES Equity Property, Plant and Equipment 1,629.40 1,199.39 Equity share capital 52.44 17.41 Capital work-in-progress 131.52 192.11
Slide 11: About Us
11/6 1111/40 / 46 About Us
Slide 12: Vision
Vision 12/6 1212/40 / 46 Vision ₹ 80B Group Turnover (FY19) To be a Sustainable Global 62 Plants Globally organization that enhances value 15 Joint Ventures for allits Stakeholders, attains Technology Leadership and cares 4 Acquisitions for its people like 8 R&D Centers a Family 20+ Product lines 21
Slide 13: Leadership Team
Leadership Team 13/6 1313/40 / 46 Board Of Directors Top Management Team Mr. Nirmal K Minda Mr. Anand K Minda Mr. Sunil Bohra Mr. Anand K Minda Mr. Rajeev Kapoor Chairman & Managing Director ED & Group CFO CEO , Battery & Group Head Aftermarket Business Human Resources Mr. K K Jalan Mr. Satish Sekhr
Slide 14: Strategy for Growth
Strategy for Growth 14/6 1414/40 / 46 Premiumization Indian Automobile market is likely to undergo Regulatory Norms premiumization of vehicles and UNO MINDA is BS-VI expected implementation by 2020 will Poised to strongly benefit. benefit UNO MINDA as it ready with products which are likely to see s
Slide 15: Pioneer in localization: Through JVs & Associations
Pioneer in localization: Through JVs & Associations 15/6 1515/40 / 46 We have partnered with global technology leaders in the respective product segments Printed Circuit Boards ( PCB) LED Lamps Technical Agreement and Box Build Assemblies Seating System CNG Kits Alloy Wheels Car Infotainment Embedde
Slide 16: Shareholding Pattern
Shareholding Pattern 16/6 1616/40 / 46 Shareholding distribution Promoters Institutions Retail Corp Bodies / Others 5.8% 5.2% 7.6% 8.5% 15.5% 15.5% Mar ‘18 Mar ‘19 71.1% 70.8% * * Change in promotor shareholding on account of exercise of ESOP
Slide 17: Strengthening our Balance Sheet
Strengthening our Balance Sheet 17/6 1717/40 / 46 Building Shareholder Value year on year… EBIDTA EBIDTA % ROCE Adjusted ROCE* Sales Sales Growth 21% 12% 12% 39% 20% 11% 32% 32% 20% 19% 19% 19% 3,386 4,471 5,908 374 534 725 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 Growth without stressing the Ba
Slide 18: Business Overview
18/6 1818/40 / 46 Business Overview
Slide 19: Evolution of Our Product Portfolio
Evolution of Our Product Portfolio 19/6 1919/40 / 46 The evolution continues… Alloy Wheel (2W) Controllers Speakers & Infotainment 2018-19 - Hoses 2017-18 - Seating Systems 2015-16 Fuel Caps EMS Services Telematics and Alloy Wheels Controllers DAPS 2010-14 (4W) Blow Moulding Aluminum Die Sensors Cas
Slide 20: Advent of EVs: Our Hedged Product Portfolio
Advent of EVs: Our Hedged Product Portfolio 20/6 2020/40 / 46 Technologies S. No Product Lines Company Name BS VI PEV BEV Approximate timelines Revenue Apr-20 2022-25 2025-2030 1 Alternate Fuel Systems METL 41 X X 2 Engine & Air Filtration Systems Roki Minda 400 D D X 3 Transmission Canisters Roki
Slide 21: Group product portfolio – 2 Wheeler
Group product portfolio – 2 Wheeler 21/6 2121/40 / 46 Horns Handle Bar Assemblies Sensors Combined Breaking system Filter/ Canisters Lamps Battery Switches 2 W Alloy Wheel Noise Suppresser Cap Equalizer Assembly Die Casting Brake Hoses Components
Slide 22: Kit Value – 2 Wheelers
Kit Value* – 2 Wheelers 22/6 2222/40 / 46 6,801 6,966 5,766 5,209 5,162 4,572 4,664 4,308 3,580 2,750 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 Economy Executive Premium Scooter Moped Up to 110 CC 110 -135 CC > 135 CC All scooters All Mopeds *Contribution from Group Companies which are not y
Slide 23: Group product portfolio – 4 Wheeler
Group product portfolio – 4 Wheeler 23/6 2323/40 / 46 Air Duct PWS Auto HVAC Controllers Headlamp levelling Spoiler motor Fuel cap Horns CNG Kit Speakers RPAS Batteries Alloy Wheel Electronic accelerator Air Filter LED lamps Hoses Steering Wheels with Air bags pedal module
Slide 24: Kit Value – 4 Wheeler PVs & Tractor
Kit Value* – 4 Wheeler PVs & Tractor 24/6 2424/40 / 46 75,879 80,934 68,801 63,683 Values in INR 50,452 43,596 44,064 32,906 25,924 19,893 3,378 3,450 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 A B C D E & MUV Tractor Up to Rs. 2.2 Lacs Rs. 2.21 - 4.5 Lacs Rs. 4.5 - 8.3 Lacs Rs.8.4
Slide 25: Customer led and Customer Oriented: Customer Mix (FY 2019)
Customer led and Customer Oriented: Customer Mix ( FY 2019) 25/6 2525/40 / 46 Switching Systems Lighting Systems Acoustics Systems 4W 2W Bajaj BMW MSIL Auto Others 13% 42% 34% 29% MSIL VW Others Tata 32% 13% 32% Others Motors Others 40% 6% 52% HYUNDAI TVS 9% 11% Renault M&M TGMI HMSI 12% TKML 9% 4%
Slide 26: Switching Systems
Switching Systems 26/6 2626/40 / 46 Rs. In Crs Indian’s Largest Manufacturer 12.6% 2600 11.9% 13.0% 2100 • World leader in 2W Switches by Volume. 9.8% 11.0% • 2W switches Market Share in India ~65% 1600 • Independent in-house R&D 9.0% • Exports to USA, France, Italy, Austria and others 1100 contribu
Slide 27: Lighting Systems
Lighting Systems 27/6 2727/40 / 46 Leading automotive lighting Systems Rs. In Crs. 1500 9.8% 10.2% 11.0% 9.1% • Strong R&D capabilities with Design centre in Taiwan 9.0% and Technical Arrangement with Korean Company 1000 7.0% • Exports to Italy, Indonesia, France, Japan and others 5.0% Contributing
Slide 28: Acoustic Systems
Acoustic Systems 28/6 2828/40 / 46 One of India’s Largest Players in Horns Rs. In Crs 800 9.4% 11.0% 9.7% • With 47% market share in India 700 10.0% • Strong in-house R&D capabilities 600 8.1% 9.0% • Clarton Horn, a wholly owned subsidiary of MIL is 500 8.0% technology leader in Horns and No 2 in ma
Slide 29: Light Metal Technology
Light Metal Technology 29/6 2929/40 / 46 Products Revenue* Rs. In Crs 1000 23.4% 24.5% Alloy Wheel 23.2% 800 23.5% • Market Leader in PV segment with 45% market share ( installation ) in India 21.5% 22.5% 600 • Kosei - Strong Technology Leader as JV partner 21.5% • Moulding and Tooling Capability fo
Slide 30: Other Products
Other Products 30/6 3030/40 / 46 Products Revenue* Rs. In Crs 800 10% 12.0% Other products 9% 10.0% • Blow Molding • Sensors and Controllers 600 8% • Speakers & Infotainment 8.0% • Fuel Caps 609 400 532 6.0% • Air Filtration System 409 4.0% • Hoses 200 • Batteries 2.0% 114 126 145 0 0.0% End Use Seg
Slide 31: MDSL : Strong Presence in Replacement Market
MDSL : Strong Presence in Replacement Market 31/6 3131/40 / 46 Over 50,000 FY19 % of total After Product(Rs.Crs) Jammu and Kashmir: 8 After Market Sales Market Sales Retail Points Himachal Pradesh: 24 Switches 179 31% Punjab: 26 Uttarakhand: 6 Haryana: 41 Lighting 181 32% Delhi: 33 Rajasthan: 51 UP:
Slide 32: Group Technical Centre Overview
Group Technical Centre Overview 32/6 3232/40 / 46 • First Flagship Technical Center of UNOMINDA Group • Located in Pune, Phase II in Gurgaon • 160+ Engineers • Center of Competency for Hardware & Software • Electronics Lab functional since Oct 2018 CREAT: Manpower Mix Software 44% Hardware, Center o
Slide 33: Historical Financials
33/6 3333/40 / 46 Historical Financials
Slide 34: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement 34/6 3434/40 / 46 Particulars (Rs. Cr) FY19 FY18 YoY % Revenue from Operations (Net of Excise) 5,908.09 4,470.56 32% Raw Material 3,622.48 2,763.18 Employee Cost 791.29 586.8 Other Expenses 767.35 586.76 EBITDA 726.97 533.82 36% EBITDA Margin 12.30% 11.94% 45bps
Slide 35: Consolidated Balance Sheet
Consolidated Balance Sheet 35/6 3535/40 / 46 ASSETS 31st March 2019 31st March 2018 Liabilities 31st March 2019 31st March 2018 1. Non-current assets EQUITY AND LIABILITIES Equity Property, Plant and Equipment 1,629.40 1,199.39 Equity share capital 52.44 17.41 Capital work-in-progress 131.52 192.11
Slide 36: Improving Dividend Profile
Improving Dividend Profile 36/6 3636/40 / 46 12.7% 10.9% 10.4% 165 256 286 FY17 FY18 FY19 PAT Dividend Payout Ratio* * Dividend payout ratio after considering dividend distribution tax
Slide 37: Awards & Recognitions
Awards & Recognitions 37/6 3737/40 / 46 Minda Industries Ltd won the “Most Promising Company of the Mr. N K Minda conferred with EY Entrepreneur of the Year”at the Indian Business Leader Awards Year for the year 2018 ( Manufacturing Category)
Slide 38: Awards & Recognitions
Awards & Recognitions 38/6 3838/40 / 46 CERTIFICATIONS RECENT AWARDS: 2018-19 “Special Support “Delivery Management Award” “Supplier Business M J Casting Ltd. Capability Award” “Comprehensive Award” “ Best QCDDM Performance” Excellence” – UNO MIL – Switch Division Roki Minda Co. Pvt. Ltd. MIL – Ligh
Slide 39: MIL Holding Structure
MILHolding Structure 39/6 3939/40 / 46 MIL'S SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES DOMESTIC SUBSIDIARIES OVERSEAS SUBSIDIARIES JOINT VENTURES & ASSOCIATES MKL (68%) Sam Global (100%) METL (49%) MJ Casting (100%) MIVCL (100%) Riduco (50%) (via LSTC) MACL (100%) PTMA (100%) ROKI (49%) PTMT (100%
Slide 40: Contact Us
Contact Us 40/6 4040/40 / 46 For further information, please contact: Company : Investor Relations Advisors : Minda Industries Ltd. Strategic Growth Advisors Pvt. Ltd. CIN : L74899DL1992PLC050333 CIN : U74140MH2010PTC204285 Mr. Tripurari Kumar Mr. Jigar Kavaiya DGM Strategy & Finance +91 99206 02034