Dcm Shriram Limited · NSE:DCMSHRIRAM
Dcm Shriram — Q4 FY2024 Earnings Presentation
29 slides from Dcm Shriram's earnings presentation, May 6, 2024
Slide 1: Q4 FY 2024 - Results Presentation
DCM Shriram Ltd. Q4 FY 2024 - Results Presentation May 06, 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 Management Message & Q4 FY24 FY24 Segments Financial Snapshot 4 Financial Snapshot 9 Management’s Message 13 Revenue Drivers 5 Revenue Drivers 10 Our Businesses 14 PBDIT Drivers 6 PBDIT Drivers 11 Chloro-Vinyl 15-19 Returns & Leverage 7 Segment Performance 12 Sugar 20-22 Segment Pe
Slide 4: Financial Snapshot – Q4 FY24
Financial Snapshot – Q4 FY24 Revenue (Net) * PBDIT PAT -12% -22% -37% 2,720 2,399 372 187 289 118 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 PBIT Finance Cost ** Depreciation -31% 173% 13% 301 32 80 209 71 12 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 ❑ Net Debt as on 31st March, 2024 is Rs 1,434 crs vs Rs 681 cr
Slide 5: Revenue Drivers – Q4 FY24
Revenue Drivers – Q4 FY24 Chemicals Vinyl Sugar * -28% -8% -6% 750 939 879 538 168 153 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 • Sugar volumes were lower due to nil exports YoY • ECUs down by 30% YoY • Prices of PVC down 15% & Carbide down 17% YoY • Sugar prices up by 10% • Volumes were down by 6% YoY •
Slide 6: PBDIT Drivers – Q4 FY24
PBDIT Drivers – Q4 FY24 Chemicals Vinyl Sugar -71% 11% 14 236 174 213 1 51 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 • Lower Energy & carbon costs led to improvement • Led by significantly lower ECU prices • Product prices declined • Led by better prices in Sugar • Partially compensated by lower energy pr
Slide 7: Returns & Leverage
Returns & Leverage PBDIT/ Net Sales (%) Gross Debt (GD) & Cash Surplus (CS) -Rs/Cr -1.6 GD CS GD CS 2,083 13.7 1,633 12.1 952 648 Q4'23 Q4'24 Q4'23 Q4'24 ROCE (%) Capital Employed (Rs/Cr) -13.7 201 27.3 5,879 13.6 5,678 Q4'23 Q4'24 Q4'23 Q4'24 Note: All nos / ratios are on consolidated basis. ROCE c
Slide 8: Segment Performance – Q4 FY24
Segment Performance – Q4 FY24 Revenues PBIT PBIT Margins % Segments YoY % YoY % Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Change Change Chloro-Vinyl 691 918 (25) 33 147 (77) 5 16 Sugar * 879 939 (6) 209 189 11 24 20 Fenesta 209 173 21 35 28 25 17 16 SFS 73 66 11 (12) (12) - - - Fertilizer 354 428 (17) (6)
Slide 9: Financial Snapshot – FY24
Financial Snapshot – FY24 Revenue (Net)* PBDIT PAT -5% -37% -51% 11,547 10,922 1,726 911 1,089 447 FY'23 FY'24 FY'23 FY'24 FY'23 FY'24 PBIT Finance Cost ** Depreciation -46% 66% 16% 1,466 88 303 260 786 53 FY'23 FY'24 FY'23 FY'24 FY'23 FY'24 * Net revenue includes operating income. Net of excise dut
Slide 10: Revenue Drivers – FY24
Revenue Drivers – FY24 Chemicals Vinyl Sugar -33% -23% 24% 3,184 769 3,698 2,119 593 2,994 FY'23 FY'24 FY'23 FY'24 FY'23 FY'24 • Domestic Sugar volumes are higher by 21% • ECU prices lower by 38% • PVC prices lower by 22% • Distillery volumes higher by 37% due to commissioning • Volumes of CS flakes
Slide 11: PBDIT Drivers – FY24
PBDIT Drivers – FY24 Chemicals Vinyl Sugar -81% 64% -84% 1,010 528 81 187 13 322 FY'23 FY'24 FY'23 FY'24 FY'23 FY'24 • Led by sharp reduction in ECU prices • Led by lower product prices • Higher prices & volumes across sugar and ethanol • Energy costs significantly lower as compared to last • Lower
Slide 12: Segment Performance – FY24
Segment Performance – FY24 Revenues PBIT PBIT Margins % Segments YoY % YoY % FY'24 FY'23 FY'24 FY'23 FY'24 FY'23 Change Change Chloro-Vinyl 2,711 3,954 (31) 78 983 (92) 3 25 Sugar * 3,698 2,994 24 424 237 79 11 8 Fenesta 824 696 18 145 121 19 18 17 SFS 1,186 1,034 15 221 184 20 19 18 Fertilizer 1,51
Slide 13: Management’s Message
Management’s Message Commenting on the performance for the quarter and year ending March 2024, in a joint statement, Mr. Ajay Shriram, Chairman & Senior Managing Director and Mr. Vikram Shriram, Vice Chairman & Managing Director, said: Global economic uncertainties continue to escalate with the addi
Slide 14: 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) Distillery . PVC Resins (310 KLD)* (220 TPD) + (250 KLD)** Other Businesses Calcium Fertilizers
Slide 15: Chloro Vinyl Business
Chloro Vinyl Business Revenues PBIT Cap. Employed Particulars (Rs/ Cr) (Rs/Cr) (Rs/Cr) Q4 FY24 691.2 33.3 4,052.9 Q4 FY23 917.8 147.0 3,122.0 % Shift (24.7) (77.3) 29.8 FY24 2,711.4 78.3 4,052.9 FY23 3,953.7 983.4 3,122.0 % Shift (31.4) (92.0) 29.8 Capital employed includes CWIP of Rs 2,545 crs at 3
Slide 16: Chemicals
Chemicals Operational Financial ECU Caustic Sales Revenues PBIT Particulars Realisations PBIT Margin % (MT) (Rs/Cr) (Rs/Cr) (Rs/MT) Q4 FY24 1,48,109 26,395 537.9 23.3 4.3 Q4 FY23 1,57,173 37,687 750.3 150.2 20.0 % Shift (5.8) (30.0) (28.3) (84.5) (78.3) FY24 5,80,270 26,928 2,118.7 81.5 3.8 FY23 5,9
Slide 17: Chemicals
Chemicals ▪ Globally caustic prices have shown improvements led by some maintenance shutdowns in USA and logistics issues at red Industry sea. China continues to export more. Overview ▪ Domestically caustic demand improved, however excess capacities have kept prices under pressure. ▪ India continues
Slide 18: 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) Q4 FY24 14,808 74,281 5,490 64,289 153.3 10.0 7 Q4 FY23 12,523 86,985 6,466 77,625 167.5 (3.3) - % Shift 18.2 (14.6) (
Slide 19: Vinyl
Vinyl ▪ Global demand of PVC continued to be sluggish led by slow down in housing sector Industry ▪ India registered a growth in PVC demand. However the domestic prices continued to be subdued driven by global Overview prices ▪ Revenue for Q4 FY24 down 9% YoY (FY24 down 23%) led by fall in product p
Slide 20: Sugar
Sugar Revenues * PBIT PBIT Margin Cap. Employed Particulars (Rs/Cr) (Rs/Cr) (%) (Rs/Cr) Q4 FY24 879.2 209.0 23.8 3,733.5 Q4 FY23 939.2 188.7 20.1 3,353.7 % Shift (6.4) 10.8 18.3 11.3 FY24 3,698.2 424.2 11.5 3,733.5 FY23 2,993.9 237.0 7.9 3,353.7 % Shift 23.5 79.0 44.9 11.3 * Net of excise duty on co
Slide 21: Sugar
Sugar Operational Sugar Sugar Sales Sugar Power XWR Power Sales Distillery Sales Distillery XWR Particulars Production (Domestic) (Domestic) (Rs/ unit) (Lac Units) (Lac Ltrs) (Rs/ Ltrs) (Lac Qtls) (Lac Qtls) XWR (Rs/Qtl) (Lac Units) Q4 FY24 37.8 13.4 3,857 1,527 3.8 375.4 59.5 Q4 FY23 35.5 13.3 3,49
Slide 22: Sugar
Sugar ▪ Revenues for Q4 FY24 down 6% YoY (FY24 up 24%) o Domestic sugar prices for Q4 FY24 up at Rs/ qtl 3,857 vs 3,499 LY and for FY24 up at Rs/ qtl 3,802 vs 3,554 LY o Domestic sugar volumes up 1% (FY24 up 21%) led by higher releases o Sugar exports Nil for the quarter vs 3.3 lac qtl LY (FY24 at 2
Slide 23: Fenesta Building Systems
Fenesta Building Systems Operational Financial Order Book Revenues PBIT PBIT Margin Cap. Employed Particulars (%) (Rs/Cr) Q4 FY24 285.2 209.2 35.4 16.9 45.5 Q4 FY23 235.1 172.5 28.3 16.4 (7.6) % Shift 21.3 21.2 25.0 3.1 - FY24 1016.1 823.6 144.6 17.6 45.5 FY23 825.7 695.5 121.3 17.4 (7.6) % Shift 23
Slide 24: Shriram Farm Solutions
Shriram Farm Solutions Revenues PBIT PBIT Margin Cap. Employed Particulars (Rs/Cr) (Rs/Cr) (%) (Rs/Cr) Q4 FY24 73.4 (11.7) - 57.2 Q4 FY23 66.2 (11.8) - 50.6 % Shift 10.8 - - 13.2 FY24 1,185.7 221.0 18.6 57.2 FY23 1,033.5 183.6 17.8 50.6 % Shift 14.7 20.3 4.9 13.2 The products includes Seeds, Pestici
Slide 25: Fertilizers (Urea)
Fertilizers (Urea) Operational Financial Sales Realisations Revenues PBIT PBIT Margin Cap. Employed Particulars (MT) (Rs/MT) (Rs/Cr) (Rs/Cr) (%) (Rs/Cr) Q4 FY24 98,454 34,663 354.0 (5.9) - 94.2 Q4 FY23 1,11,270 35,956 428.5 25.4 5.9 308.8 % Shift (11.5) (3.6) (17.4) - - (69.5) FY24 4,13,277 35,444 1
Slide 26: Bioseed
Bioseed Revenues (Rs/Cr) PBIT PBIT Margin Cap. Employed Particulars Bioseed India Subsidiaries Total (Rs/Cr) (%) (Rs/Cr) Q4 FY24 56.5 16.7 73.3 (10.4) - 428.1 Q4 FY23 39.6 44.0 83.6 (26.7) - 405.0 % Shift 42.9 (62.0) (12.3) - - 5.7 FY24 429.2 122.5 551.7 19.8 3.6 428.1 FY23 351.2 131.9 483.1 (9.0) -
Slide 27: 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 140 crs in Q4 FY24 vs Rs. 139 crs in LY( FY24 at Rs. 546 crs vs Rs. 525 crs LY). ➢ PBIT for the quarter stood at Rs. 7 crs v
Slide 28: Cement
Cement Operational Financial Sales Realisations Revenues PBIT PBIT Margin Particulars (MT) (Rs/MT) (Rs/Cr) (Rs/Cr) (%) Q4 FY24 1,13,934 3,820 54.7 1.7 3.0 Q4 FY23 1,14,254 3,970 54.2 (8.1) - % Shift (0.3) (3.8) 0.8 - - FY24 4,35,605 3,946 213.3 (5.7) - FY23 3,69,417 4,025 181.7 (49.0) - % Shift 17.9
Slide 29: 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. Access to captive power at all key manufacturing units enables the bu