Cie Automotive India Ltd · NSE:CIEINDIA
Cie Automotive India — Q2 CY2023 Earnings Presentation
44 slides from Cie Automotive India's earnings presentation, Jul 18, 2023
Slide 1: Exchange filing cover letter – Investor Presentation Q2 CY2023
SEC/2023/146 18th July, 2023 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Corporate Relationship Department, P. J. Towers, Exchange Plaza, 5th Floor, Dalal Street, Fort, Plot No. C/1, G Block, Mumbai - 400 001 Bandra Kurla Complex, Bandra (E), Mumbai – 400
Slide 2: Q2 & H1 CY2023 Results Investor Update
Q2 & H1 CY2023 RESULTS INVESTOR UPDATE July 2023
Slide 3: Index
INDEX 2 1. OVERVIEW 2.1 Q2 CY2023 RESULTS 2.2 H1 CY2023 RESULTS 2.3 BALANCE SHEET, CASH FLOW AND OTHER DETAILS 3. MARKET UPDATE 4. SEBI RESULTS
Slide 4: 1. Overview
~ ee CIE India 1. OVERVIEW
Slide 5: Disclaimer
4 Disclaimer CIE Automotive India Limited, herein referred to as ‘CAIL’ or ‘CIE India’ provides a wide array of presentations and reports, with the contributions of various professionals. These presentations and reports are for informational purposes and private circulation only and do not constitut
Slide 6: CIE India Overview – Legal Structure
CIE INDIA OVERVIEW 5 LEGAL STRUCTURE CIE through it’s subsidiaries 65.71% 100% 100% 100% 99.99% 100% 100% BF Bill Forge Stokes Aurangabad CIE Galfor Precision de Mexico CIE Hosur Group Electricals S.A. Private S de RL de Limited Limited Limited* Limited CV 100% 100% 99.96% 100% CIE UAB ClE LT CIE Le
Slide 7: 2.1 Q2 CY2023 Results
C CIE India 2.1Q2 CY2023 RESULTS
Slide 8: CAIL India Q2 CY2023 Results
CAIL INDIA 7 Q2 CY2023 RESULTS FINANCIAL UPDATE MARKET UPDATE APR-JUN 2023 v/s APR-JUN 2023 v/s ₹ million APR-JUN 2023 APR-JUN 2022 JAN-MAR 2023 APR-JUN 2022 JAN-MAR 2023 Sales 13,442 +5% 12,794 13,541 <6T 2.7% -8.3% EBITDA 2,256 +18% 1,911 2,267 MHCV 6.3% -3.1% % EBITDA / Sales 16.8% 14.9% 16.7% Tr
Slide 9: CAIL Europe Q2 CY2023 Results
CAIL EUROPE 8 Q2 CY2023 RESULTS FINANCIAL UPDATE MARKET UPDATE APR-JUN 2023 v/s APR-JUN 2023 v/s ₹ million APR-JUN 2023 APR-JUN 2022 JAN-MAR 2023 APR-JUN 2022 JAN-MAR 2023 Sales 8,558 +6% 8,094 9,666 <6T 14.6% -2.4% EBITDA 1,644 +32% 1,242 1,699 Source: IHS Global % EBITDA / Sales 19.2% 15.3% 17.6%
Slide 10: CAIL Consolidated Q2 CY2023 Results
CAIL CONSOLIDATED 9 Q2 CY2023 RESULTS FINANCIAL UPDATE ₹ million APR-JUN 2023 APR-JUN 2022 JAN-MAR 2023 Sales 22,000 +5% 20,888 23,206 EBITDA 3,900 +24% 3,155 3,966 % EBITDA / Sales 17.7% 15.1% 17.1% EBIT 3,067 +27% 2,408 3,141 % EBIT / Sales 13.9% 11.5% 13.5% EBT 2,843 +18% 2,420 2,904 % EBT / Sale
Slide 11: 2.2 H1 CY2023 Results
C CIE India 2.2 HI CY2023 RESULTS
Slide 12: CAIL India H1 CY2023 Results
CAIL INDIA 11 H1 CY2023 RESULTS FINANCIAL UPDATE MARKET UPDATE ₹ million JAN-JUN 2023 JAN-JUN 2022 JAN-JUN 2023 v/s JAN-JUN 2022 Sales 26,983 +9% 24,815 <6T 6.5% EBITDA 4,523 +21% 3,726 MHCV -0.2% % EBITDA / Sales 16.8% 15.0% Tractors 8.0% EBIT 3,441 +25% 2,761 2 Wheelers -0.8% % EBIT / Sales 12.8%
Slide 13: CAIL Europe H1 CY2023 Results
CAIL EUROPE 12 H1 CY2023 RESULTS FINANCIAL UPDATE MARKET UPDATE ₹ million JAN-JUN 2023 JAN-JUN 2022 JAN -JUN 2023 v/s JAN -JUN 2022 Sales 18,224 +17% 15,627 <6T 16.5% EBITDA 3,342 +43% 2,341 Source: IHS Global % EBITDA / Sales 18.3% 15.0% EBIT 2,767 +50% 1,842 % EBIT / Sales 15.2% 11.8% EBT 2,449 +3
Slide 14: CAIL Consolidated H1 CY2023 Results
CAIL CONSOLIDATED 13 H1 CY2023 RESULTS FINANCIAL UPDATE ₹ million JAN -JUN 2023 JAN -JUN 2022 Sales 45,207 +12% 40,442 EBITDA 7,866 +30% 6,067 % EBITDA / Sales 17.4% 15.0% EBIT 6,208 +35% 4,603 % EBIT / Sales 13.7% 11.4% EBT 5,748 +26% 4,579 % EBT / Sales 12.7% 11.3% PAT 5,808 +66% 3,503 % PAT on Sa
Slide 15: 2.3 Balance Sheet, Cashflow and Other Details
2.3 BALANCE SHEET, CASHFLOW AND OTHER DETAILS
Slide 16: Consolidated Balance Sheet as on Jun 2023
CONSOLIDATED BALANCE SHEET 15 AS ON 30 JUN 2023 ₹ million 30 JUN 2023 31 DEC 2022 Fixed assets 58,217 56,890 Net Working Capital (947) (2,764) Nett Assets held for Sale 1,490 2,608 TOTAL NET ASSETS 58,760 56,824 Equity 56,037 50,988 Net Financial Debt (1,617) 1,444 Others (net) 4,339 4,393 TOTAL EQU
Slide 17: Consolidated Cash Flow and NFD
CONSOLIDATED CASH FLOW AND NFD 16 AS ON 30 JUN 2023 ₹ million 30 JUN 2023 EBITDA 7,866 Financial (506) Maintenance CAPEX (773) Tax Payment (1,056) OPERATING CASH FLOW 5,530 % EBITDA 70% Growing CAPEX (1,687) Working Capital Variation (1,816) Cash received from CFG 2,578 Dividend Distribution (948) O
Slide 18: Other Details
OTHER DETAILS 17 OTHER OPERATING REVENUE, OTHER INCOME AND EXCHANGE RATES For Q2 CY2023 For H1 CY2023 ₹ million INDIA EUROPE CONSOLIDATED INDIA EUROPE CONSOLIDATED OTHER OPERATING REVENUE 906 297 1,203 1,814 585 2,399 OTHER INCOME 127 68 195 218 137 355 EXCHANGE RATES PERIOD ₹/€ Average for Q2 CY202
Slide 19: 3. Market Update
G CIE India 3. MARKET UPDATE
Slide 20: India Market: Key Segments Update - Quarterly
INDIA MARKET: KEY SEGMENTS UPDATE - QUARTERLY 19 MARKET PRODUCTION NUMBERS <6T Vehicles** MHCV Tractors Two Wheelers PERIOD Million Units Δ% Units Δ% Units Δ% Units Δ% H1 CY 2023 2.66 6.5 206,758 -0.2 516,493 8.0 9,267,763 -0.8 Q2 CY 2023 1.27 2.7 101,739 6.3 259,038 -9.8 4,898,442 1.3 Q1 CY 2023 1.
Slide 21: Market Outlook – India
MARKET OUTLOOK 20 INDIA • Passenger Vehicles ₋ Light Vehicles (less than 6 Tons – European Classification) Short Term: IHS forecasts production growth at a 7.2% between CY2022-CY 2023 Long term: IHS forecasts production growth at a CAGR of 3.5% over a period of 2022-2027 • MHCVs: Short Term: IHS* fo
Slide 22: Europe Market: Key Segments Update - Quarterly
EUROPE MARKET: KEY SEGMENTS UPDATE - QUARTERLY 21 MARKET PRODUCTION NUMBERS <6T Vehicles PERIOD Million Units Δ% H1 CY 2023 8.9 16.5 Q2 CY 2023 4.41 14.6 Q1 CY 2023 4.52 18.4 Source: IHS Global Δ % - means comparison of Quarter volumes of this calendar year with that of the same quarter of the previ
Slide 23: Market Outlook – Europe
MARKET OUTLOOK 22 EUROPE • EU – Light Vehicles: ‒ IHS Global has forecasted that the Light Vehicle production will increase in CY23 by 10.2% as compared to CY22 ‒ and will grow at CAGR of 2.0% between CY22 to CY27.
Slide 24: 4. SEBI Results
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Slide 25: Standalone - Statement of Profit & Loss
CAIL STANDALAONE - STATEMENT OF PROFIT & LOSS 24 STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 JUNE, 2023 Rs. in Million Standalone Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2023 31 March, 2023 30 June, 2022 30 June, 2023 30 June, 2022 31 Decemb
Slide 26: Standalone - Statement of Profit & Loss (Cont'd)
CAIL STANDALAONE - STATEMENT OF PROFIT & LOSS 25 (CONT’D) Rs. in Million Standalone Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2023 31 March, 2023 30 June, 2022 30 June, 2023 30 June, 2022 31 December, 2022 Unaudited Unaudited Unaudited Unaudited Unaudited Audited VII Profit befor
Slide 27: Standalone Balance Sheet as on Jun 2023
CAIL STANDALONE BALANCE SHEET as on 30 JUN 2023 26 Standalone Balance sheet as at 30 June, 2023 Rs. in M illion Standalone Particulars 30 June, 2023 31 December, 2022 Unaudited Audited I ASSETS 1 NON-CURRENT ASSETS (a) Property, Plant and Equipment 11,554.78 11,457.03 (b) Capital Work-in-Progress 81
Slide 28: Standalone Balance Sheet as on Jun 2023 – Cont'd
CAIL STANDALONE BALANCE SHEET as on 30 JUN 27 2023 – CONT’D Rs. in M illion Standalone Particulars 30 June, 2023 31 December, 2022 Unaudited Audited II EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 3,793.62 3,793.18 (b) Other Equity 43,218.52 40,918.30 47,012.14 44,711.48 LIABILITIES 2 NO
Slide 29: Standalone – Cash Flow
CAIL STANDALONE – CASH FLOW 28 Rs. in Million Particulars 30 June, 2023 30 June, 2022 Unaudited Unaudited I Cash flows from operating activities Profit before tax 4,021.10 3,266.45 Adjustments for: Finance costs 41.91 55.42 Interest income (58.18) (38.34) Net Gain on sale of investment and change in
Slide 30: Standalone – Cash Flow (Cont'd)
CAIL STANDALONE – CASH FLOW (CONT’D) 29 Rs. in Million Particulars 30 June, 2023 30 June, 2022 Unaudited Unaudited II Cash flows from investing activities Purchase of Property, Plant and Equipment (1,177.90) (1,141.08) Proceeds from sale of Property, Plant and Equipment 26.90 - Sale of current inves
Slide 31: Notes to Accounts - Standalone
NOTES TO ACCOUNTS - STANDALONE 30 1 The statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. 2 The above
Slide 32: Consolidated - Statement of Profit & Loss
CAIL CONSOLIDATED - STATEMENT OF PROFIT & LOSS 31 Rs. in Million Consolidated Quarter Ended Half Year ended Year ended 30 June, 2023 31 March, 2023 30 June,2022 30 June, 2023 30 June,2022 31 December, 2022 Sr. No Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited Restated Restated
Slide 33: Consolidated - Statement of Profit & Loss (Cont'd)
CAIL CONSOLIDATED - STATEMENT OF PROFIT & 32 LOSS (CONT’D) Rs. in M illion Consolidated Quarter Ended Half Year ended Year ended 30 June, 2023 31 M arch, 2023 30 June,2022 30 June, 2023 30 June,2022 31 December, 2022 Sr. No Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited Restat
Slide 34: Consolidated - Statement of Profit & Loss (Cont'd)
CAIL CONSOLIDATED - STATEMENT OF PROFIT & 33 LOSS (CONT’D) Rs. in M illion Consolidated Quarter Ended Half Year ended Year ended 30 June, 2023 31 M arch, 2023 30 June,2022 30 June, 2023 30 June,2022 31 December, 2022 Sr. No Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited Restat
Slide 35: Consolidated Balance Sheet as on Jun 2023
CAIL CONSOLIDATED BALANCE SHEET as on 30 JUN 34 2023 Consolidated Rs. in M illion Particulars 30 June, 2023 31 Dec ember, 2022 Unaudited Audited I ASSETS 1 NON-CURRENT ASSETS (a) Property, Plant and Equipment 27,023.28 26,003.22 (b) Capital Work-in-Progress 1,267.39 1,194.72 (c ) Right-of-use assets
Slide 36: Consolidated Balance Sheet as on Jun 2023 (Cont'd)
CAIL CONSOLIDATED BALANCE SHEET as on 30 JUN 35 2023 (Cont’d) Rs. in M illion Consolidated Particulars 30 June, 2023 31 Dec ember, 2022 Unaudited Audited II EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 3,793.62 3,793.18 (b) Other Equity 52,243.44 47,191.67 TOTAL EQUITY 56,037.06 50,984.8
Slide 37: Consolidated – Cash Flow
CAIL CONSOLIDATED – CASH FLOW 36 Consolidated Statement of cash flows for the period ended 30 June, 2023 Rs. in M illion 30 June, 2023 30 June, 2022 Particulars Unaudited Unaudited I Cash flows from operating activities Profit before tax From c ontinuing operations 5,747.66 4,577.84 From disc ontinu
Slide 38: Consolidated – Cash Flow (Cont'd)
CAIL CONSOLIDATED – CASH FLOW (Cont’d) 37 Consolidated Statement of cash flows for the period ended 30 June, 2023 Rs. in M illion 30 June, 2023 30 June, 2022 Particulars Unaudited Unaudited Net c ash from operating ac tivities 6,355.64 2,400.10 II Cash flows from investing activities Proc eeds from
Slide 39: Consolidated – Segment Result
CAIL CONSOLIDATED – SEGMENT RESULT 38 All Companies within the CIE Automotive India Group belong to the same operating segment (Automotive) and two geographical areas, India and Europe as presented below: Rs. in Million Consolidated Quarter Ended Half Year ended Year ended Particulars 30 June, 2023
Slide 40: Consolidated – Segment Assets & Liabilities
CAIL CONSOLIDATED – SEGMENT ASSETS & 39 LIABILITIES All Companies within the CIE Automotive India Group belong to the same operating segment (Automotive) and two geographical areas, India and Europe as presented below: Rs. in Million Consolidated Quarter Ended Half Year ended Year ended Particulars
Slide 41: Notes to Accounts - Consolidated
NOTES TO ACCOUNTS - CONSOLIDATED 40 1 The statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. 2 In Sept
Slide 42: Notes to Accounts – Consolidated Cont'd
NOTES TO ACCOUNTS – CONSOLIDATED CONT’D … 41 7 The Company had inadvertently recorded a consolidation adjustment aggregating to INR 892.03 millions and INR 2,146.73 millions relating to 'c ost of materials consumed' in 'O ther expenses', in respect of its foreign subsidiaries, in the quarter and hal
Slide 43: Notes Cont'd – Annexure A Subsidiaries
NOTES CONT’D … 42 Annexure A - Subsidiaries forming part of the CIE Automotive India Limited (CIE-India) Group (formerly known as M ahindra CIE Automotive Limited- M CIE) and its Associate Companies S. No. Name of the entity Relationship % of Holding Country of Incorporation 30 June, 2023 1 Stokes G
Slide 44: Thank You
THANK YOU
CIE Automotive India — Q2 CY2023 Earnings Presentation on 6ix