Dcm Shriram Limited · NSE:DCMSHRIRAM
Dcm Shriram — Q1 FY2025 Earnings Presentation
25 slides from Dcm Shriram's earnings presentation, Jul 23, 2024
Slide 1: DCM Shriram Ltd. Q1 FY 2025 - Results Presentation
DCM Shriram Ltd. Q1 FY 2025 - Results Presentation July 23, 2024
Slide 2: Safe Harbour
Certain statements in this document may be forward-looking. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, Safe Harbour technological risks, and many other factors that could cause our actual results t
Slide 3: Table of Contents
Table of Contents Q1 FY25 Management Message & Segments Financial Snapshot 4 Management’s Message 9 Revenue Drivers 5 Our Businesses 10 PBDIT Drivers 6 Chloro-Vinyl 11-15 Returns & Leverage 7 Sugar & Ethanol 16-18 Segment Performance 8 Fenesta Building Systems 19 Shriram Farm Solutions 20 Fertilizer
Slide 4: Financial Snapshot – Q1 FY25
Financial Snapshot – Q1 FY25 Revenue (Net) * PBDIT PAT 3% 49% 77% 2,780 2,876 274 100 183 57 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 PBIT Finance Cost ** Depreciation 68% 15% 20% 187 29 86 25 72 111 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 ❑ Net Debt as on 30th June, 2024 is Rs 1,459 crs vs Rs 1,434 crs as o
Slide 5: Revenue Drivers – Q1 FY25
Revenue Drivers – Q1 FY25 Chemicals Vinyl Sugar * 18% 6% 536 631 164 174 958 956 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 • Volumes were up for PVC & Carbide by 2% & 20% • Sugar volumes were lower YoY due to nil exports • Led by Volumes, up 18% respectively • Sugar prices up by 6% • ECUs marginally down
Slide 6: PBDIT Drivers – Q1 FY25
PBDIT Drivers – Q1 FY25 Chemicals Vinyl Sugar 271% 44 -57% 133 -3 88 36 38 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 • Led by significantly lower energy costs • Lower energy & carbon costs led to improvement • Lower margins in Sugar led by higher cost of • Higher volumes, offset by lower ECU prices • One
Slide 7: Returns & Leverage
Returns & Leverage PBDIT/ Net Sales (%) Gross Debt (GD) & Cash Surplus (CS) (Rs/Cr) 2.9 GD GD GD 2,249 CS 2,083 10.0 1,577 CS CS 9.5 6.6 651 791 648 Q1'24 Q1'25 FY'24 Q1'24 Q1'25 FY'24 ROCE (%) Capital Employed (Rs/Cr) -6.8 1,590 21.2 7,070 5,879 14.3 13.6 5,480 Q1'24 Q1'25 FY'24 Q1'24 Q1'25 FY'24 N
Slide 8: Segment Performance – Q1 FY25
Segment Performance – Q1 FY25 Revenues PBIT PBIT Margins % Segments YoY % YoY % Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Change Change Chloro-Vinyl 805 701 15 139 3 3,900 17 0 Sugar * 956 958 (0) 11 63 (83) 1 7 Fenesta 205 192 7 28 34 (18) 14 18 SFS 271 236 15 19 11 78 7 4 Fertilizer 328 378 (13) 20 20 (
Slide 9: Management’s Message
Management’s Message Commenting on the performance for the quarter ending June 2024, in a joint statement, Mr. Ajay Shriram, Chairman & Senior Managing Director and Mr. Vikram Shriram, Vice Chairman & Managing Director, said: Global economy continues to be in a state of uncertainty with geopolitical
Slide 10: Our Businesses
Our Businesses Chloro-Vinyl Agri Value Added Businesses Businesses Businesses Fenesta Caustic Soda Sugar (41,000 Building (2,749 TPD) TCD) Systems (12,284 TPA) Aluminum Co-Gen Chloride (166 MW) (150 TPD) Stable Distillery . Bleaching (310 KLD)* Powder + (250 KLD)** (120 TPD) Other Businesses PVC Res
Slide 11: Chloro Vinyl Business
Chloro Vinyl Business Revenues PBIT Cap. Employed Particulars (Rs/ Cr) (Rs/Cr) (Rs/Cr) Q1 FY25 805.3 138.8 4,239.3 Q1 FY24 700.7 3.5 3,679.5 % Shift 14.9 3,900.3 15.2 Capital employed includes CWIP of Rs 1,384 crs at 30th June, 2024 vs Rs 2,545 crs at 31st March, 2024. The Chloro-Vinyl business of t
Slide 12: Chemicals
Chemicals Operational Financial ECU Caustic Sales Revenues PBIT Particulars Realisations PBIT Margin (%) (MT) (Rs/Cr) (Rs/Cr) (Rs/MT) Q1 FY25 1,63,967 28,491 631.2 99.0 15.7 Q1 FY24 1,38,758 28,996 536.3 10.5 2.0 % Shift 18.2 (1.7) 17.7 846.1 703.9 Caustic Soda - Import Prices & DCM Realizations 729
Slide 13: Chemicals
Chemicals ▪ Globally, demand of caustic continues to be balanced. With maintenance shutdown in US over, the prices have stabilized. ▪ Logistic issues, container shortages and Red Sea situation has resulted in more than doubling of ocean freight. Industry ▪ Domestically, new capacities came online th
Slide 14: Vinyl
Vinyl Operational Financial PVC XWR Carbide XWR PVC Sales Carbide Sales Revenues PBIT PBIT Margin Particulars Realisations Realisations (MT) (MT) (Rs/Cr) (Rs/Cr) (%) (Rs/MT) (Rs/MT) Q1 FY25 15,606 81,652 6,525 60,645 174.1 39.9 23 Q1 FY24 15,336 78,858 5,431 70,901 164.4 (7.0) - % Shift 1.8 3.5 20.1
Slide 15: Vinyl
Vinyl ▪ Global demand of PVC continued to be sluggish led by slow down in housing sector Industry ▪ India demand grew by 17% over same period. PVC imports grew faster than the domestic demand growth. Overview ▪ Increased ocean freight has led to significant uptick in the prices ▪ Capacity utilizatio
Slide 16: Sugar & Ethanol
Sugar & Ethanol Revenues * PBIT PBIT Margin Cap. Employed Particulars (Rs/Cr) (Rs/Cr) (%) (Rs/Cr) Q1 FY25 955.6 10.9 1.1 3,604.7 Q1 FY24 958.1 63.2 6.6 3,107.3 % Shift (0.3) (82.7) (82.7) 16.0 * Net of excise duty on country liquor sales amounting to Rs 197 crs in Q1 FY25 vs Rs 157 crs in LY. DCM Su
Slide 17: Sugar & Ethanol
Sugar & Ethanol Operational Sugar Sugar Sales Sugar Power Sales Power XWR Distillery Sales Distillery XWR Particulars Production (Domestic) (Domestic) (Lac Units) (Rs/ unit) (Lac Ltrs) (Rs/ Ltrs) (Lac Qtls) (Lac Qtls) XWR (Rs/Qtl) Q1 FY25 4.3 15.9 3,900 192 3.9 413.4 60.8 Q1 FY24 10.7 16.0 3,665 592
Slide 18: Sugar & Ethanol
Sugar & Ethanol ▪ Revenues at similar levels (Q1 FY25: Rs 956 crs vs Rs 958 crs LY) o Domestic sugar prices for Q1 FY25 up at Rs/ qtl 3,900 vs 3,665 LY. o Sugar volumes lower by 12% owing to Nil sugar exports for the quarter due to export restriction o Ethanol volumes & prices are higher by 15% & 5%
Slide 19: Fenesta Building Systems
Fenesta Building Systems Operational Financial Order Book Revenues PBIT PBIT Margin Cap. Employed Particulars (Rs/Cr) (Rs/Cr) (Rs/Cr) (%) (Rs/Cr) Q1 FY25 250.3 205.0 28.3 13.8 25.4 Q1 FY24 208.2 191.5 34.3 17.9 2.2 % Shift 20.2 7.0 (17.6) (23.0) 1,062.8 ▪ Revenues for Q1 FY25 up 7% YoY o Volumes and
Slide 20: Shriram Farm Solutions
Shriram Farm Solutions Revenues PBIT PBIT Margin Cap. Employed Particulars (Rs/Cr) (Rs/Cr) (%) (Rs/Cr) Q1 FY25 271.2 18.9 7.0 86.2 Q1 FY24 236.2 10.6 4.5 101.9 % Shift 14.8 78.0 55.1 (15.4) The products includes Seeds, Pesticides, Soluble Fertilizer, Micro-nutrients etc. This business is seasonal in
Slide 21: Fertilizers (Urea)
Fertilizers (Urea) Operational Financial Sales Realisations Revenues PBIT PBIT Margin Cap. Employed Particulars (MT) (Rs/MT) (Rs/Cr) (Rs/Cr) (%) (Rs/Cr) Q1 FY25 88,494 35,179 328.2 19.8 6.0 117.6 Q1 FY24 1,03,496 34,655 378.2 20.1 5.3 263.9 % Shift (14.5) 1.5 (13.2) (1.0) 14.0 (55.4) ▪ Revenues for
Slide 22: Bioseed
Bioseed Revenues (Rs/Cr) PBIT PBIT Margin Cap. Employed Particulars Bioseed India Subsidiaries Total (Rs/Cr) (%) (Rs/Cr) Q1 FY25 188.1 30.1 218.2 26.5 12.2 485.8 Q1 FY24 186.0 26.7 212.7 21.5 10.1 443.2 % Shift 1.1 12.7 2.6 23.6 20.5 9.6 Bioseed business is intensely research based and is diversifie
Slide 23: Other Businesses
Other Businesses ➢ The ‘Others’ Segment in the financial results, includes Cement, Vinyl compounding business and Hariyali Kisaan Bazaar. ➢ Revenues under ‘Others’ stood at Rs 128 crs in Q1 FY25 vs Rs. 139 crs in LY. ➢ PBIT for the quarter stood at Rs 1 cr, similar to LY. 23
Slide 24: Cement
Cement Operational Financial Sales Realisations Revenues PBIT PBIT Margin Particulars (MT) (Rs/MT) (Rs/Cr) (Rs/Cr) (%) Q1 FY25 1,00,288 3,565 46.3 0.3 0.5 Q1 FY24 1,09,851 3,947 52.5 (1.9) - % Shift (8.7) (9.7) (11.7) - - The Cement business is small, since its capacity is driven by the waste genera
Slide 25: About Us & Investor Contacts
DCM Shriram Ltd. is a diversified and an integrated business entity with extensive and growing presence across the Agri-Rural value chain and Chloro-Vinyl industry. The Company also has an innovative value-added business, Fenesta Building Systems. Access to captive power at all key manufacturing uni