Samvardhana Motherson International Limited · NSE:MOTHERSON
Samvardhana Motherson International — Motherson Sumi Systems — Q4 FY2021 Earnings Presentation
35 slides from Samvardhana Motherson International's earnings presentation, Jun 2, 2021
Slide 1: Exchange filing cover letter on audited results
Motherson Sumi Systems Limited Head Office: C-14 A & B, Sector 1, Noida – 201301 Distt. Gautam Budh Nagar, U.P. India Tel: +91-120-6752100, 6752278, Fax: +91-120-2521866, 2521966, Website: www.motherson.com June 2, 2021 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor 1
Slide 2: Exchange filing letter continued
Motherson Sumi Systems Limited Head Office: C-14 A & B, Sector 1, Noida – 201301 Distt. Gautam Budh Nagar, U.P. India Tel: +91-120-6752100, 6752278, Fax: +91-120-2521866, 2521966, Website: www.motherson.com We shall inform you in due course the date on which the Company will hold its AGM for the yea
Slide 3: Financial Performance Q4 FY 2020-21
Proud to be part of. Motherson Sumi Systems Ltd. (MSSL) Financial Performance Q4 FY 2020-21
Slide 4: Tribute to employees and Mr. S. C. Tripathi
It is with great sorrow that we pay We mourn the loss of tribute to our employees and Mr. S. C. Tripathi their family members who (Independent Director and have lost their lives battling Chairman of Audit Committee), Covid-19 globally who passed away due to pandemic We as Motherson family are united
Slide 5: Agenda: Key Highlights
• Key Highlights • Results Q4 FY20 vs Q4 FY21 • Reorganisation Highlights • Financial Highlights of Subsidiaries / JVs of SAMIL • Appendix
Slide 6: Key Highlights
Key Highlights. Robust performance by Motherson Sumi Systems Ltd., as Quarterly Revenues cross Rs.17,500 crore mark in second consecutive quarter, PAT is up by 290% Financial (Q4FY21). Other. Consolidated Dividend • Shareholder approval for • Quarterly revenues of Rs. 17,844 crores, up by 19% • The
Slide 7: Industrial recovery along with sustained margins drive overall profits
1 Industrial recovery along with sustained margins drive overall profits. (Rs in Crores) Sustained efficiency Improvement in measures have profitability seen in helped drive Q3 has been EBITDA. performance PAT. maintained in Q4 despite headwinds H2 and disruptions 11.4% 11.2% EBITDA of 2 Rs 4,047 cr
Slide 8: Sustained recovery in SMRPBV metrics
Sustained recovery in SMRPBV metrics. Revenue. SMRP BV SMP SMR (€ Mn) 1,450 1,361 1,064 991 1,265 915 350 385 371 731 551 180 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 EBITDA. (€ Mn) 13.4% 13.2% 12.9% 9.5% 10.1% 9.9% 8.7% 8.6% 7.2% 101 47 51 48 1
Slide 9: Recovery also reflected in normalized activity in H2
Recovery also reflected in normalized activity in H2. SMRPBV order book € 15.6 bn € 13.1 bn Sharp uptick in new orders reflects normalization to pre-COVID-19 levels € 4.5 bn (€ 2 bn) Share of EVs in closing order book* at 25% as Order Book as on SOP New Orders Order Book as on EV launches are 30.09.
Slide 10: Optimising Capex and improved efficiency helped generate free cash
2 Optimising Capex and improved efficiency helped generate free cash. (Rs in Crores) Annualized H2 EBITDA in excess of Rs 8,000 crores 5,532 5,395 5,015 Sufficient revenue headroom with limited need of incremental growth capex 2,685 2,194 Cash flow 1,932 improved due to uptick in profitability and l
Slide 11: Resulting in continued deleveraging
3 Resulting in continued deleveraging. Debt / EBITDA “Lowest Ever” with significant 10,00 0 1.8 headroom Moody’s has 9,000 1.6 1.5 improved the Rating 1.6 1,272 Outlook to ‘Stable’ 8,000 1.4 from ‘Negative’ while 1,347 1.2 7,000 Net debt affirming the Ba1 1.2 continues to fall corporate family (Rs.
Slide 12: Shareholder approval received takes us one step closer to end goal
4 Shareholder approval received takes us one step closer to end goal. Key Objectives Shareholder Simplification Alignment of the Creation of value of the Group structure + interests of all stakeholders + strong platforms for growth creation Resultant Structure* EPS accretion Sehgal Public SWS Sehgal
Slide 13: All enablers in place to achieve Vision 2025 targets
5 All enablers in place to achieve Vision 2025 targets. Vision No. 2 No. 1 3CX10 USD 36 billion No country, customer or 20 2 revenues in 2024-25 component should with 40% ROCE contribute more than (consolidated) 10% to our revenues The sixth 5-year plan. No. 3 No. 4 75% of revenues 40% of from autom
Slide 14: Agenda: Results Q4 FY20 vs Q4 FY21
• Key Highlights • Results Q4 FY20 vs Q4 FY21 • Reorganisation Highlights • Financial Highlights of Subsidiaries / JVs of SAMIL • Appendix
Slide 15: MSSL Consolidated: Q4FY20 vs Q4FY21
MSSL Consolidated : Q4FY20 vs Q4FY21. (Rs in Crores) Revenues. 17,844 EBITDA. 15,001 11.2% 50. 0% 45. 0% 19% 9.3% 44% 40. 0% 35. 0% 30. 0% 2,006 25. 0% 1,393 20. 0% 15. 0% 10. 0% 5. 0% 0. 0% Q4 FY 2019-20 Q4 FY 2020-21 Q4 FY 2019-20 Q4 FY 2020-21 PBT. PAT (Concern Share). (before exceptional items)
Slide 16: MSSL Standalone: Q4FY20 vs Q4FY21
MSSL Standalone : Q4FY20 vs Q4FY21. (Rs in Crores) 43. 0% Revenues. 2,296 EBITDA. 38. 0% 1,720 18.5% 33. 0% 33% 38% 17.8% 28. 0% 425 23. 0% 307 18. 0% 13. 0% Q4 FY 2019-20 Q4 FY 2020-21 Q4 FY 2019-20 Q4 FY 2020-21 PBT. PAT. (before exceptional items) 48% 487 386 - 354 245 Pre Dividend 267 220 -27% P
Slide 17: DWH: Q4FY20 vs Q4FY21
DWH: Q4FY20 vs Q4FY21. (Rs in Crores) 17. 0% Revenues. 1,501 EBITDA. 16. 0% 15.8% 15. 0% 1,014 48% 14. 0% 68% 13. 0% 13.7% 12. 0% 237 11. 0% 139 10. 0% 9. 0% 8. 0% Q4 FY 2019-20 Q4 FY 2020-21 Q4 FY 2019-20 Q4 FY 2020-21 300 PBT. PAT. 30 0 (before exceptional items) 203 200 25 0 75% 20 0 149 106 15 0
Slide 18: SMRPBV (In Euro Terms): Q4FY20 vs Q4FY21
SMRPBV (In Euro Terms) : Q4FY20 vs Q4FY21. (In Million Euros) Revenues. EBITDA. € 1,309 € 1,361 9.9% 50. 0% 4% 44% 45. 0% 40. 0% 7.2% 35. 0% € 135 30. 0% 25. 0% € 94 20. 0% 15. 0% 10. 0% 5. 0% 0. 0% Q4 FY 2019-20 Q4 FY 2020-21 Q4 FY 2019-20 Q4 FY 2020-21 PBT. PAT (Concern Share). (before exceptional
Slide 19: SMP & SMR (In Euro Terms): Q4FY20 vs Q4FY21
SMP & SMR (In Euro Terms) : Q4FY20 vs Q4FY21. (In Million Euros) SMP Revenues. SMP EBITDA. € 936 € 991 10. 0% 8.7% 9. 0% 105% 8. 0% 6% 7. 0% 6. 0% 4.5% € 86 5. 0% 4. 0% 3. 0% 2. 0% € 42 1. 0% 0. 0% Q4 FY 2019-20 Q4 FY 2020-21 Q4 FY 2019-20 Q4 FY 2020-21 SMR Revenues. SMR EBITDA. €371 €371 14.8% 12.9
Slide 20: PKC (In Euro Terms): Q4FY20 vs Q4FY21
PKC (In Euro Terms) : Q4FY20 vs Q4FY21. (In Million Euros) Revenues. EBITDA. € 314 € 264 19% 8.0% 8.0% 19% € 21 € 25 Q4 FY 2019-20 Q4 FY 2020-21 Q4 FY 2019-20 Q4 FY 2020-21 PBT. PAT (Concern Share). € 13 63% 225% €8 € 13 €4 Q4 FY 2019-20 Q4 FY 2020-21 Q4 FY 2019-20 Q4 FY 2020-21 18 18
Slide 21: Debt Status
Debt Status. A. Net Debt. Rs. In Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Net Debt. Crores 9,083 Gross Debt 11,790 13,218 13,118 11,292 10,758 Cash & 7,512 Bank 4,873 4,135 5,606 5,086 5,938 6,917 6,206 Net Debt 6,917 9,083 7,512 6,206 4,820 (Rs. in Crores) 4,820 B. Impact of Ind AS 116. (not included in
Slide 22: Agenda: Reorganisation Highlights
• Key Highlights • Results Q4 FY20 vs Q4 FY21 • Reorganisation Highlights • Financial Highlights of Subsidiaries / JVs of SAMIL • Appendix
Slide 23: Re-organisation creates two high growth companies
Re-organisation creates two high growth companies. Addition of SAMIL Focus on aligned to 3CX10 India wiring strategy harnesses Newer verticals Access to technology open new areas solutions with strong MSSL of growth parentage MSWIL post Domestic Wiring re organisation Harness Full share of Benefits
Slide 24: DWH business has rebounded strongly in H2
DWH business has rebounded strongly in H2. (Rs in crores) Revenues have recovered strongly Revenues. in H2 and are and PAT (Concern Share). are higher than FY 20 on a H2FY21 PAT run rate basis is nearly equal to FY20 on a full year basis 2,844 1,979 1,949 1,273 271 143 143 FY20 FY21 (18) FY20 FY21 H
Slide 25: MSSL Post Re-org has recovered sharply in H2 on better margins
MSSL Post Re-org has recovered sharply in H2 on better margins. (Rs in Crores) Revenues have recovered strongly Revenues*. in H2 and are PAT (Concern Share). higher than FY20 on a PAT attributable run rate basis to shareholders higher largely due to improvement at 61,625 SMRPBV 58,225 1,059 34,608 8
Slide 26: Indicative Timelines for Scheme Execution
Indicative Timelines for Scheme Execution. Record date and Issue of Listing and Appointed Proposal Tentative MSWIL trading of date for approved by NCLT Shares and MSSL MSWIL Announcement Demerger 1 shareholders approval Shares 2 shares 2nd July 1st April 29th April July September October 2020 2021 2
Slide 27: Agenda: Financial Highlights of Subsidiaries / JVs of SAMIL
• Key Highlights • Results Q4 FY20 vs Q4 FY21 • Reorganisation Highlights • Financial Highlights of Subsidiaries / JVs of SAMIL • Appendix
Slide 28: SAMIL Key Highlights
SAMIL Key Highlights. Strong industrial recovery has Gross and Net Debt led to rebound in revenue and Rs. In SAMIL Consolidated sustained profitability Crores Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Operational Gross Debt 2,238 2,156 2,183 1,731 1,606 Highlights Cash & 1,123 1,007 1,043 458 336 Bank Volu
Slide 29: Proforma Financials
Proforma Financials. * 3 SAMIL Business (ex MSSL ex.SMRP BV) (Rs in Crores) Revenue EBITDA Net Debt 2,800 2,650 13.3% 11.6% 1,297 1,278 1,351 1,290 1,192 372 14.5% 13.0% Aggregate 900 308 13.2% 675 787 Basis 289 89 114 117 -ve FY 20 FY21 Q1 Q2 Q3 Q4 -12 FY 20 Q1 Q2 Q3 Q4 FY 20 FY 21 Q1 Q2 Q3 Q4 2,04
Slide 30: Financial Metrics of Top Subsidiaries and JVs
Financial Metrics of Top Subsidiaries and JVs (Rs in Crores) Name of the Company Stake Revenue EBITDA Margins Sub / JV H2 H2 Year (%) FY20 FY21 FY20 FY21 FY 21 FY 21 Marelli Motherson Automotive JV 50% 868 915 633 20% 18% 19% Lighting India MothersonSumi Infotech and Sub 53.67% 420 421 227 6% 3% 6%
Slide 31: Agenda: Appendix
• Key Highlights • Results Q4 FY20 vs Q4 FY21 • Reorganisation Highlights • Financial Highlights of Subsidiaries / JVs of SAMIL • Appendix
Slide 32: Summary Proforma Financials
Summary Proforma Financials* Financials (INR Mn) MSWIL MSSL MSSL Standalone ex Consolidated ex DWH Business SAMIL^(c) Combined (b+c) DWH (a) DWH(b) Year : FY21 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Revenue from operation 13,480 15,104 11,348 12,763 171,004 169,792 3,280 3,921 173,306 172,780 EBITDA 1,947 2,
Slide 33: MSSL: Summary Proforma Financials
MSSL* : Summary Proforma Financials^ Financials (INR Mn) MSWIL MSSL MSSL Standalone ex Consolidated ex DWH Business SAMIL^(c) Combined (b+c) DWH (a) DWH(b) FY20 FY21 FY20 FY21 FY20 FY21 FY20 FY21 FY20 FY21 Revenue from operation 39,439 41,382 40,088 36,919 607,529 573,926 12,863 12,173 616,248 582,2
Slide 34: Reference Rates, Notes & Safe Harbor
Reference Rates, Notes & Safe Harbor. Copper Rates. Notes. Average Q4 2019-20 Q4 2020-21 % Change 1. This presentation has been prepared from the unaudited financial results for the quarter ended on 31st March 2021. Explanatory notes have been added with additional LME Copper (USD / MT ) 5,638 8,479
Slide 35: Thank you
Thank you. Safe harbor The contents of this presentation are for informational purposes only and for the reader’s personal non-commercial use. The contents are intended, but not guaranteed, to be correct, complete, or absolutely accurate. This presentation may contain forward-looking statements base
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