Redington Limited · NSE:REDINGTON
Redington — Q4 FY2022 Earnings Presentation
26 slides from Redington's earnings presentation, May 22, 2022
Slide 1: Exchange cover letter: Earnings presentation
May 22, 2022 The National Stock Exchange of India Limited, BSE Limited Exchange Plaza, Floor 25, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Mumbai — 400 001 Bandra (E), Mumbai – 400051. Symbol: REDINGTON Scrip: 532805 Dear Sir/Madam, Sub: Earnings presentation This is further to
Slide 2: Redington (India) Limited Q4FY22 Earnings Presentation
REDINGTON (INDIA) LIMITED Q4FY22 Earnings Presentation Mar 2022
Slide 3: 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 4: Financial Highlights
Financial Highlights • Q4FY22 – On a Global basis, Revenue# grew by 12% while EBITDA grew by 14% and PAT grew by 15% • India – Revenue# grew by 22%, EBITDA grew by 8% and PAT grew by 8% • Overseas – Revenue# grew by 4%, EBITDA grew by 18% and PAT grew by 20% • FY22 – On a Global basis, Revenue# grew
Slide 5: Financial Highlights: India Business
Financial Highlights INDIA BUSINESS • During the quarter, • India Distribution – Revenue grew by 23%, EBITDA grew by 6% and PAT grew by 9% • Highest ever India Distribution Revenue was led by IT segment • WC days stood at 7 days in Q4FY22 as against 15 days in Q4FY21 • ROCE is strong at 71.8% and RO
Slide 6: Financial Highlights: Overseas Business
Financial Highlights OVERSEAS BUSINESS • During the quarter, • Revenue grew by 4%, EBITDA and PAT grew strong double digit • META revenue performance largely led by IT Enterprise segment • SSA revenues grew by 12% with contribution from Bangladesh market • WC days stood at 17 days in Q4FY22 as again
Slide 7: Q4FY22 Highlights
Q4FY18 Highlights Q4FY22 Highlights Connecting The Dots Transformation from ‘Product’ to ‘Utility of Product’ 6
Slide 8: Q4FY22 Redington Global Performance
Q4FY22 Redington Global Performance ₹ in mn REVENUE# EBITDA PAT 12% 14% 15% 1,73,244 1,55,303 5,132 4,515 3,480 3,018 Q4FY21 Q4FY22 Q4FY21 Q4FY22 Q4FY21 Q4FY22 Note: #Q4 Revenues growth as per Gross a/c – Global:13% 7
Slide 9: Q4FY22 Performance by Market
Q4FY22 Performance by Market ₹ in mn REVENUE# EBITDA PAT 22% 8% 8% 78,542 INDIA 64,267 1,190 1,282 1,779 1,916 Q4FY21 Q4FY22 Q4FY21 Q4FY22 Q4FY21 Q4FY22 4% 2% 20% OVERSEAS 18% 91,037 94,703 3,216 2,198 2,736 1,828 Q4FY21 Q4FY22 Q4FY21 Q4FY22 Q4FY21 Q4FY22 Note: #Q4 Revenues growth as per Gross a/c –
Slide 10: Q4FY22 Contribution by Market
Q4FY22 Contribution by Market REVENUE EBITDA PAT 59% 55% 61% 63% 61% 63% 41% 45% 39% 37% 39% 37% Q4FY21 Q4FY22 Q4FY21 Q4FY22 Q4FY21 Q4FY22 INDIA OVERSEAS INDIA OVERSEAS INDIA OVERSEAS 9
Slide 11: Q4FY22 India Performance
Q4FY22 India Performance ₹ in mn REVENUE EBITDA PAT 6% DISTRIBUTION 23% 9% 77,239 62,979 1,227 1,631 1,724 1,128 Q4FY21 Q4FY22 Q4FY21 Q4FY22 Q4FY21 Q4FY22 10% 1% 29% 12% SERVICES 1,288 1,303 191 148 63 55 Q4FY21 Q4FY22 Q4FY21 Q4FY22 Q4FY21 Q4FY22 Note: Services represents ProConnect India 10
Slide 12: Q4FY22 Revenue Performance by Verticals
Q4FY22 Revenue Performance by Verticals INDIA OVERSEAS GLOBAL 2% 2% 1% 1% 1% 1% 27% 20% 35% 28% 41% 36% 71% 78% 64% 71% 58% 63% Q4FY21 Q4FY22 Q4FY21 Q4FY22 Q4FY21 Q4FY22 IT Mobility Services IT Mobility Services IT Mobility Services Note: Upon re-grouping, only smartphones are shown under Mobility 1
Slide 13: Q4FY22 Working Capital Days
Q4FY22 Working Capital Days INDIA OVERSEAS GLOBAL 8 7 1 1 2 1 15 17 15 12 12 13 8 10 7 Q4FY21 Q3FY22 Q4FY22 Q4FY21 Q3FY22 Q4FY22 Q4FY21 Q3FY22 Q4FY22 12 12
Slide 14: Q4FY22 Free Cash Flow Statement
Q4FY22 Free Cash Flow Statement ₹ in mn Particulars Q4FY21 Q3FY22 Q4FY22 Profit Before Taxation 3,848 4,867 4,435 Non-cash items 523 594 468 Outflow of Finance Cost 220 128 175 Changes in Working Capital 2,803 (9,359) (3,540) Direct Tax Paid (1,265) (479) (761) Net Cash Flow from Operations 6,129 (4
Slide 15: Q4FY22 Top Vendors
Q4FY22 Top 5 Vendors REVENUE 32% 36% OTHERS SAMSUNG 5% 6% 5% LENOVO 9% 7% 8% DELL EMC 12% HP Inc 13% APPLE 36% 31% Q4FY21 Q4FY22 14 14
Slide 16: FY22 Performance
Q3FY18 Highlights 9MFY18 Highlights FY22 Performance Connecting The Dots Transformation from ‘Product’ to ‘Utility of Product’ 15
Slide 17: FY22 Redington Global Performance
FY22 Redington Global Performance ₹ in million REVENUE# EBITDA PAT* 10% 31% 69% 6,27,316 18,792 5,70,416 14,390 12,799 7,582 FY21 FY22 FY21 FY22 FY21 FY22 Note: # Revenues growth as per Gross a/c – Global:12% Note: *Base PAT contains one-off VSV tax provision of Rs 890mn (Mainly Gift of shares case)
Slide 18: FY22 Performance by Market
FY22 Performance by Market ₹ in mn REVENUE# EBITDA PAT* 19% 33% 100% 7,415 4,958 2,72,958 INDIA 2,28,831 5,594 2,476 FY21 FY22 FY21 FY22 FY21 FY22 4% 54% OVERSEAS 29% 11,377 3,41,584 3,54,358 8,797 7,841 5,107 FY21 FY22 FY21 FY22 FY21 FY22 Note: # Revenues growth as per Gross a/c – India: 21% ; Over
Slide 19: FY22 Contribution by Market
FY22 Contribution by Market REVENUE EBITDA PAT* 60% 56% 61% 61% 67% 61% 40% 44% 39% 39% 33% 39% FY21 FY22 FY21 FY22 FY21 FY22 INDIA OVERSEAS INDIA OVERSEAS INDIA OVERSEAS Note: *Base PAT in India contains one-off VSV tax provision of Rs 890mn (Mainly Gift of shares case) 18
Slide 20: FY22 India Performance
FY22 India Performance ₹ in mn REVENUE EBITDA PAT* 19% 34% DISTRIBUTION 103% 2,67,977 6,863 4,809 2,24,252 5,123 2,374 FY21 FY22 FY21 FY22 FY21 FY22 +12%# 9% 17% 4,981 10% 46% 4,579 SERVICES 552 470 149 102 FY21 FY22 FY21 FY22 FY21 FY22 Note: *Base PAT in Distribution contains one-off VSV tax provis
Slide 21: FY22 Revenue Performance by Verticals
FY22 Revenue Performance by Verticals INDIA OVERSEAS GLOBAL 2% 2% 1% 1% 1% 1% 21% 30% 35% 35% 29% 38% 77% 68% 64% 70% 61% 64% FY21 FY22 FY21 FY22 FY21 FY22 IT Mobility Services IT Mobility Services IT Mobility Services Note: Upon re-grouping, only smartphones are shown under Mobility 20 20
Slide 22: FY22 Working Capital Days
FY22 Working Capital Days INDIA OVERSEAS GLOBAL 8 7 0 0 3 1 19 17 16 14 13 14 9 12 9 FY21 9MFY22 FY22 FY21 9MFY22 FY22 FY21 9MFY22 FY22 21 21
Slide 23: FY22 Free Cash Flow Statement
FY22 Free Cash Flow Statement ₹ in mn Particulars FY21 9MFY22 FY22 Profit Before Taxation 11,281 11,788 16,224 Non-cash items 1,986 1,476 1,944 Outflow of Finance Cost 988 528 725 Changes in Working Capital 23,339 (2,696) (6,236) Direct Tax Paid (2,634) (2,003) (2,764) Net Cash Flow from Operations
Slide 24: FY22 Top Vendors
FY22 Top 5 Vendors REVENUE 37% 36% OTHERS SAMSUNG 5% 5% LENOVO 6% 7% DELL EMC 8% 9% HP Inc 11% 13% APPLE 33% 30% FY21 FY22 23 23
Slide 25: Shareholding Pattern
Shareholding Pattern Mutual Mutual Funds Funds Others 11.3% 11.4% Others 19.3% 25.9% Synnex Mauritius Limited FIIs & FPIs 24.1% 38.6% Synnex FIIs & FPIs Mauritius 45.3% Limited 24.1% Dec-2021 Mar-2022 2424
Slide 26: 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 Connecting The Dots Transformation from ‘Product’ to ‘Utility of Product’ CIN - L52599TN1961PLC028758 2