Butterfly Gandhimathi Appliances Limited · NSE:BUTTERFLY
Butterfly Gandhimathi Appliances — Q2 FY22 Earnings Presentation
34 slides from Butterfly Gandhimathi Appliances's earnings presentation, Oct 27, 2021
Slide 1: Cover letter to stock exchanges
ATHI APPLIANCES LIMITED October 27,2021 General Manager - DCS, Manager, Dept. of Corporate Services, National Stock Exchange of India Ltd BSE Ltd, Exchange Plaza, Floor l, P.J.Towers, BandraKurla Complex, DalalStreet, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 Scrip: 517421 Scrip: BUTTERFLY Dear
Slide 2: Q2 FY22 Results Presentation
(www.butterflyindia.com) Butterfly Gandhimathi Appliances Limited Q2 FY22 Results Presentation
Slide 3: Safe Harbour
Safe Harbour Certain statements in this presentation concerning our future growth prospects are forward looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertaintie
Slide 4: Company At A Glance
Company At A Glance #1 21% In the top 3 In India for SS LPG Stoves & Table Top Wet Revenue CAGR In India for Domestic Kitchen Appliances Grinders FY17-21 Now present in all 29 870 Crore 500+ States in India Sales of Branded Products in FY21 Exclusive Distributors across India 40.0 Crore 28% 24% Net
Slide 5: Agenda
01 Quarter Highlights 02 Company Overview Agenda 03 Historical Financial Overview 04 Outlook © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
Slide 6: Result Highlights
RESULT HIGHLIGHTS © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
Slide 7: Q2 FY22 – Performance Highlights
Q2 FY22 – Performance Highlights Total Income (Net) (Rs. crore) EBITDA (Rs. crore) PBT (Rs. crore) PAT (Rs. crore) 46.9 403.1 25.5 39.2 34.7 288.8 17.2 26.4 Q2FY21 Q2FY22 Q2FY21 Q2FY22 Q2FY21 Q2FY22 Q2FY21 Q2FY22 ▪ Highest ever Total Income (Net) reported in a quarter, a growth of 40% YoY ▪ EBIDTA d
Slide 8: Q2 FY22 - Abridged Profit & Loss Statement
Q2 FY22 - Abridged Profit & Loss Statement Particulars (Rs. crore) Q2FY21 Q2FY22 Total Net Revenues (Incl. OI) 289.2 403.5 Revenue grew by 40% led by - Branded Net Revenues 288.8 403.1 growth across all Channels - Other Income 0.4 0.4 and all product categories Material Cost 166.8 251.7 - Cost of Ma
Slide 9: Branded Sales
Branded Sales YoY Particulars (Rs. crore) Q2FY21 Q2FY22 Growth Kitchen Appliances 230.5 308.0 33.6% Cooker/Cookware 52.0 84.3 62.0% Others 6.2 10.9 74.0% Total 288.8 403.1 39.6% ▪ The Company has grown across all the product categories. © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserve
Slide 10: Balance Sheet Trends
Balance Sheet Trends Particulars (Rs. crores) Sep-18 Sep-19 Sep-20 Sep-21 ASSETS Non-Current Assets 171.1 172.5 173.2 176.6 Property, Plant and Equipment 123.8 132.2 130.4 129.0 Capital Work-in-Progress 2.7 1.5 2.4 6.4 Other Intangible Assets 40.2 37.3 34.1 31.4 Financial Assets 4.4 1.4 1.6 6.3 Othe
Slide 11: Balance Sheet Trends
Balance Sheet Trends Particulars (Rs. crores) Sep-18 Sep-19 Sep-20 Sep-21 EQUITY & LIABLITIES Shareholders’ Funds 187.8 199.6 200.9 250.1 Non-current Liabilities (NCL) 41.9 37.3 36.8 23.7 Long-term Borrowings 39.2 34.5 33.3 14.5 Other NCL 2.8 2.8 3.5 9.1 Current Maturities of Long Term Borrowing, Cu
Slide 12: H1 - Abridged Profit & Loss Statement
H1 - Abridged Profit & Loss Statement Particulars (Rs. crore) H1FY21 H1FY22 Total Net Revenues (Incl. OI) 366.1 548.3 - Branded Net Revenues 365.5 547.5 - Other Income 0.6 0.8 Material Cost 210.7 338.3 - Cost of Materials Consumed 122.9 251.6 - Purchases of Stock-in-Trade 50.7 90.4 - Changes in Inve
Slide 13: Reduction in Debt and Interest Cost
Reduction in Debt and Interest Cost Gradual decline in Debt (Rs Crore) FY18 FY19 FY20 FY21 Q2FY22 Short Term 145 104 127 0 0 Long Term** 63 50 43 28 25 Interest Cost has reduced significantly (Rs Crore) FY18 FY19 FY20 FY21 (Rs Crore) Q2FY21 Q2FY22 Interest Charges 15.7 20.0 20.8 13.9 Interest Charge
Slide 14: Significant Improvement in Debtors Days
Significant Improvement in Debtors Days Debtors Days 77 60 63 61 63 46 30 FY17 FY18 FY19 FY20 FY21 H1FY21 H1FY22 ▪ Relentless focus on improving Branded business debtors days have now started yielding results ➢ Currently stands at 46 days in H1FY22 vs 63 days in H1FY21 ▪ Measures driving the improve
Slide 15: Optimizing Working Capital Management
Optimizing Working Capital Management Working Capital Days 106 87 46 36 36 ▪ Net working capital days has been reduced from 46 days in H1FY21 to 36 days in H1FY22. FY19 FY20 FY21 H1FY21* H1FY22* ➢ Debtors days (explained in slide 14) ➢ Inventory and Creditor days are in-line with last year FY19 FY20
Slide 16: New Model Launches
New Model Launches © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved. 15
Slide 17: New Model Launches
New Model Launches © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved. 16
Slide 18: Company Overview
COMPANY OVERVIEW © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
Slide 19: Butterfly Gandhimathi Appliances Limited
Butterfly Gandhimathi Appliances Limited ▪ Established in 1986 by late Shri V. Murugesa Chettiar, the Company is one of the leading manufacturer of Kitchen and Electrical Appliances in the country ▪ The Company sells its products branded as “Butterfly” across the country through distributors, direct
Slide 20: Revenue Profile
Revenue Profile Annual Net Revenue* (Rs. crore) 901 870 730 764 652 679 590 529 541 402 870 652 679 541 461 445 468 398 402 329 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Branded Sales Govt Order *Further break down of branded sales is given in next slide © 2021 Butterfly Gandhimathi Applianc
Slide 21: Branded Retail Sales
Branded Retail Sales 16.5% Branded Sales through Retail channel (Rs. crore) CAGR Branded Sales through Gas dealer channel (Rs. crore) ~94% of Total Sales 815 123 131 Free distribution of product in Tamil Nadu led to moderate 609 118 125 growth during FY13 to FY16 527 107 92 101 440 354 353 350 331 7
Slide 22: Milestone
Milestone ▪ Bagged the TNCSC order for the 4th ▪ Year of Incorporation ▪ Awarded patent for 3 conical ▪ First in India to receive “GREEN consecutive year – latest order amounting to ▪ Imported machinery to set up stone Table Top Wet Grinder LABEL‟ Certification for high thermal Rs. 510 crore for man
Slide 23: State of the Art Manufacturing Capability
State of the Art Manufacturing Capability The Company has 1 state of the art R&D facility, with in- Manufactures the following 5 products: house design studio with a dedicated team of 15 people 1. LPG Stoves ▪ Entire function operated on SAP environment ( All modules). 2. Mixer Grinders ▪ Product wi
Slide 24: Strong R&D Capabilities
Strong R&D Capabilities R&D focused Company with a demonstrated track record in innovation • To introduce Stainless Steel Pressure Cookers in India 1 st • To manufacture Stainless Steel LPG Stoves in India • To introduce Stainless Steel Vacuum Flasks in India which deliver enhanced heat retention up
Slide 25: Augmenting Organic Growth
Augmenting Organic Growth Increased Product Categories For Wider Product Portfolio And Higher Market Share Product Categories (Nos.) SKUs (Nos.) 687 702 731 619 651 20+ 20+ 20+ 20+ 20+ 20+ 20+ 20+ 552 554 500 320 6 6 6 250 250 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 201
Slide 26: Annual Financial Overview
ANNUAL FINANCIAL OVERVIEW © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
Slide 27: Key Financials
Key Financials Revenue from Operations (Rs. crore) EBITDA (Rs. crore) Profit After Tax (Rs. crore) 870 81 37 652 679 48 41 9 36 5 4 541 402 -24 -56 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 EPS (Rs.) Debt - Equity Ratio Net Worth (Rs. crore) 1.2 224 20.2 180 189 193
Slide 28: Historical Profit & Loss
Historical Profit & Loss Particulars (Rs. crore) FY17 FY18 FY19 FY20 FY21 Company grew by 29% Total Net Revenues (Incl. OI) 407 542 654 680 871 across all product categories - Branded Net Revenues 405 541 652 679 870 - Government Net Revenues - - - - - - Other Income 2 2 2 2 1 Branded Net Revenue Ma
Slide 29: Balance Sheet Trends
Balance Sheet Trends Particulars (Rs. crore) FY17 FY18 FY19 FY20 FY21 ASSETS Non-Current Assets 178 172 176 179 177 Current Assets 241 296 287 313 312 Inventories 109 125 142 170 178 Trade Receivables- TNCSC/PCWS 22 17 4 4 2 Trade Receivables-Branded 66 113 113 113 72 Cash & cash equivalents 31 23 1
Slide 30: Balance Sheet Trends
Balance Sheet Trends Particulars (Rs. crore) FY17 FY18 FY19 FY20 FY21 EQUITY & LIABLITIES Shareholders’ Funds 175 180 189 193 224 Non-current Liabilities (NCL) 63 46 42 36 14 Long-term Borrowings 63 46 39 32 12 Other NCL - - 3 3 2 Current Liabilities (CL) 181 242 232 264 251 Short-term Borrowings 84
Slide 31: Outlook
OUTLOOK © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
Slide 32: Outlook
Outlook FY22 ▪ Revenue growth of 20 to 25% growth rate with EBITDA margins similar to last year (+/- 50bps) ▪ Net working capital days 35 to 45 days ▪ Net Debt / EBIDTA : less than 0.5x © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved. 31
Slide 33: Commercials
Commercials ▪ Butterfly Opal Mixer Grinder Diwali Film 35Sec With Offer Tamil HD ▪ Butterfly Matchless Mixer Grinder Malayalam ▪ Butterfly Standard Plus Pressure Cooker Tamil ▪ Butterfly Blue Flame Malayalam ▪ Butterfly Reflections Stove Tamil ▪ Butterfly Power Hob Malayalam ▪ Butterfly Matchless Ta
Slide 34: Thank You
Thank You Mayuresan VMG Vice President – Finance & Strategy Butterfly Gandhimathi Appliances Limited Email: vmgm@butterflyindia.com © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
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