Butterfly Gandhimathi Appliances Limited · NSE:BUTTERFLY
Butterfly Gandhimathi Appliances — Q1 FY22 Earnings Presentation
32 slides from Butterfly Gandhimathi Appliances's earnings presentation, Aug 4, 2021
Slide 1: Exchange submission letter for Q1 results presentation
ATHI APPLIANCES LIMITED August 4,2021 General Manager - DCS, Manager, Dept. of Corporate Services, National Stock Exchange of lndia Ltd BSE Ltd, Exchange Plaza, Floor l, P.J.Towers, BandraKurla ComPlex, Dalal Street, Bandra (E), Mumbai- 400 001 Mumbai- 400 051 Scrip: 517421 Scrip: BUTTERFLY Dear Sir
Slide 2: Q1 FY22 Results Presentation
(www.butterflyindia.com) Butterfly Gandhimathi Appliances Limited Q1 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 28.3 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: Q1 FY22 – Performance Highlights
Q1 FY22 – Performance Highlights Total Income (Net) (Rs. crore) EBITDA (Rs. crore) PBT (Rs. crore) PAT (Rs. crore) 8.2 0.8 1.4 144.8 77.0 -3.8 -8.8 -13.2 Q1FY21 Q1FY22 Q1FY21 Q1FY22 Q1FY21 Q1FY22 Q1FY21 Q1FY22 ▪ Total Income (Net) during Q1 FY22 stood at Rs. 144.8 crore, as against Rs. 77.0 crore in
Slide 8: Q1 FY22 - Abridged Profit & Loss Statement
Q1 FY22 - Abridged Profit & Loss Statement Particulars (Rs. crore) Q1FY21 Q1FY22 Total Net Revenues (Incl. OI) 77.0 144.8 Revenue grew by 88% led by - Branded Net Revenues 76.8 144.4 growth across all Channels - Other Income 0.2 0.4 and all product categories Material Cost 43.9 86.6 - Cost of Materi
Slide 9: Branded Sales
Branded Sales YoY QoQ Particulars (Rs. crore) Q1FY22 Q1FY21 Q4FY21 Growth Growth Kitchen Appliances 113.1 64.4 76% 154.2 -27% Cooker/Cookware 25.7 8.0 221% 42.3 -39% Others 5.6 4.4 27% 9.6 -42% Total 144.4 76.8 88% 206.2 -30% ▪ The Company has grown across all the product categories. © 2021 Butterfl
Slide 10: Balance Sheet Trends
Balance Sheet Trends Particulars (Rs. crores) Mar-21 Jun-20 Jun-21 ASSETS Non-Current Assets 177.9 180.5 174.5 Property, Plant and Equipment 130.7 131.0 130.3 Capital Work-in-Progress 2.1 2.0 3.0 Other Intangible Assets 33.4 35.5 32.8 Financial Assets 7.4 1.5 5.2 Others 3.5 10.5 3.2 Current Assets 3
Slide 11: Balance Sheet Trends
Balance Sheet Trends Particulars (Rs. crores) Mar-21 Jun-20 Jun-21 EQUITY & LIABILITIES Shareholders’ Funds 224.0 183.9 224.8 Non-current Liabilities (NCL) 13.9 40.2 12.1 Long-term Borrowings 11.6 36.7 9.7 The short-term borrowing Other NCL 2.3 3.5 2.4 has been utilized to build inventory for upcomi
Slide 12: Reduction in Debt and Interest Cost
Reduction in Debt and Interest Cost Gradual decline in Debt (Rs Crore) FY18 FY19 FY20 FY21 Q1FY22 Short Term 145 104 127 0 13 ▪ Short-term borrowing is utilised to build up Long Term** 63 50 43 28 24 inventory for the upcoming season Interest Cost has reduced significantly (Rs Crore) FY18 FY19 FY20
Slide 13: Significant Improvement in Debtors Days
Significant Improvement in Debtors Days Debtors Days 115 77 60 63 61 45 30 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 ▪ Relentless focus on improving Branded business debtors days have now started yielding results ➢ Currently stands at 45 days in Q1FY22 vs 30 days in FY21 ▪ Measures driving the improvem
Slide 14: Optimizing Working Capital Management
Optimizing Working Capital Management Working Capital Days ▪ Net working capital days has been increased from 36 days in FY21 to 80 days in Q1 FY22, due to lockdown. 208 ➢ Debtors days (explained in slide 13) 106 ➢ Inventory days are higher in June quarter owing to 87 80 • lower revenue due to lockd
Slide 15: New Model Launches
New Model Launches a Butterfly’ “ Butterfly* Bhima MIXER GRINDER Butterfly’ rapid/Plus 5/ MIXER GRINDER ~ Butterfly” HEROPlus MIXER GRINDFR ~ Butterfly’ JET ELITEPLUS MIXER GRINDER A ames ~ Butterfly’ 5 WEAR Quadroplus WARRANTY + Butte CRESTA rfly’ Butterfly’ sopphire TABLE TOP WET GRINDER
Slide 16: Company Overview
COMPANY OVERVIEW © 2020 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: Annual Financial Overview
ANNUAL FINANCIAL OVERVIEW © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
Slide 25: 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 26: 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 27: 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 28: 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 29: Outlook
OUTLOOK © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved.
Slide 30: Outlook
Outlook FY22 ▪ Revenue growth of ~10-15% vs FY21 ▪ EBIDTA margin similar to FY21 ▪ Net working capital days 35 to 45 days ▪ Net Debt / EBIDTA : less than 0.5x © 2021 Butterfly Gandhimathi Appliances Ltd, All Rights Reserved. 29
Slide 31: 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 32: 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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