Grindwell Norton Limited · NSE:GRINDWELL
Grindwell Norton — Investor Presentation (June 2018)
21 slides from Grindwell Norton's investor presentation, Jun 1, 2018
Slide 1: Grindwell Norton Ltd. Investor Meet
Grindwell Norton Ltd. Investor Meet 1st June 2018
Slide 2: Key Indicators and Trends
GNO - Key Indicators Key Indicators and Trends and Trends 2
Slide 3: Key Financial Indicators
Key Financial Indicators (Rs. Crores) Key Financials (as published) FY 17-18 FY 16-17 Growth % Revenue from Operations 1454 1364 6.6% Operating Profit (PBIT) 229 182 26.0% Profit Before Tax 228 180 26.6% Net Profit for the period 151 121 24.8% Revenue from Operations (Net of Excise) 1431 1263 13.3%
Slide 4: Revenue from Operations (net of excise) bridge
Revenue from Operations (net of excise) bridge Apr 16 - Mar 17 Apr 17 - Mar 18 Rs. 1263 Rs. 1431 Increase of Rs.168 crores (+13.3%) (Rs. Crores) 1431 -1 4 22 23 Mainly INDEC 1263 120 Abrasives ~ 7% HPR ~ 27% PPL ~ 33% 9.5% 1.8% 0.3% 1.8% Apr 16-Mar 17 Domestic Volume Export Volume Price Service Inco
Slide 5: Revenue from Operations (net of excise) bridge
Revenue from Operations (net of excise) bridge FY 2015-16 FY 2016-17 FY 2017-18 Rs. 1151 Rs. 1263 Rs.1431 (+9.7%) (+13.3%) (Rs. Crores) 1431 Abrasives ~ 4% -1 4 22 23 1263 5 14 1 120 1151 -6 98 2015-16 Domestic Export Price Service Other 2016-17 Domestic Export Price Service Other 2017-18 Volume Vol
Slide 6: Revenue from Operations (net of excise) bridge
Revenue from Operations (net of excise) bridge Apr 16 - Mar 17 Apr 17 - Mar 18 Rs. 1263 Rs. 1431 Increase of Rs.168 crores ( +13.3%) (Rs. Crores) 1431 27 INDEC ~35% 80 1263 61 HPR ~ 35% PPL ~ 31% 4.8% 6.3% 2.2% Apr 16-Mar 17 Abrasives Ceramics & Others Apr 17-Mar 18 Plastics
Slide 7: Revenue from Operations (net of excise) bridge
Revenue from Operations (net of excise) bridge FY 2015-16 FY 2016-17 FY 2017-18 Rs. 1151 Rs. 1263 Rs.1431 (+9.7%) (+13.3%) (Rs. Crores) 1431 Abrasives ~ 4% 27 1263 80 22 61 1151 7 83 2015-16 Abrasives C&P Others 2016-17 Abrasives C&P Others 2017-18 7
Slide 8: Abrasives - Revenue from Operations (net of excise) bridge
Abrasives - Revenue from Operations (net of excise) bridge FY 2016-17 FY 2017-18 Rs. 833 Increase Rs. 60 crores (+7.2%) Rs.893 (Rs. Crores) 833 Abrasives ~ 4% 893 7 4 -4 1 53 2016-17 Domestic Export Price HML Price Other 2017-18 Volume Volume Operating Income 8
Slide 9: GNO: Domestic & Export Sales of Products (Net of Excise)
GNO: DOMESTIC & EXPORT SALES OF PRODUCTS (NET OF EXCISE) (Rs. Crores) 1,500 GNO Total Sales GNO (Total) 1333 1,250 Domestic CAGR 2004-2018: 13.2% 1186 1084 1088 Exports 1,186 1,000 915 923 1,062 884 781 946 957 750 813 820 790 CAGR (2004-2018): 562 710 502 500 441 - Domestic: 13.2% 373 318 500 - Exp
Slide 10: GNO, Abrasives, C&P Sales of Products (Net of Excise)
GNO, ABRASIVES, C&P SALES OF PRODUCTS (NET OF EXCISE) (Rs. Crores) 1,400 (Rs. Crores) GNO Total Sales 1333 GNO (Total) CAGR 2004-2018: 13.2% 1186 1,200 Abrasiv es 1084 1088 C& P 1,000 915 923 884 CAGR 2004-2018: 887 800 - Abrasives : 11.8% 781 827 - C&P : 16.8% 737 745 562 600 502 610 602 633 441 37
Slide 11: Key Financial Indicators
Key Financial Indicators (Rs. Crores) Key Financials (as published) FY 17-18 FY 16-17 Growth % Revenue from Operations 1454 1364 6.6% Operating Profit (PBIT) 229 182 26.0% Profit Before Tax 228 180 26.6% Net Profit for the period 151 121 24.8% Revenue from Operations (Net of Excise) 1431 1263 13.3%
Slide 12: Operating Profit Bridge
Operating Profit Bridge Apr 16 - Mar 17 Apr 17 - Mar 18 Rs. 182 Rs. 229 Increase of Rs. 47 crores ( +26.0%) (Rs. Crores) -1 -3 229 -7 -11 18 182 44 7 Annual Increment. & Incentive -8.8 cr Increased Headcount (INDEC) -6.6 cr Mainly INDEC Lower Leave Encash Prov 4.5 cr Lower Incentive 1.5 cr RM & othe
Slide 13: Operating Profit Bridge
13 20 15 -1 6 164 Pr ic e 5 Vo Rs.164 l& M FY 2015-16 Va ix 33 rI np ut Co -3 st St af fC os O t th -22 Se er rv ex ic pe (+11.0%) e ns & e Ot -18 he rI nc om e 23 20 16 -1 Abrasives ~ 4% 7 182 Pr ic e 7 Rs. 182 Vo FY 2016-17 l& M Va ix 44 rI np ut Co st De -1 pr ec ia Operating Profit Bridge tio n
Slide 14: Operating Profit Bridge
Operating Profit Bridge Apr 16 - Mar 17 Apr 17 - Mar 18 Rs. 182 Rs. 229 Increase of Rs. 47 crores (+26.0%) (Rs. Crores) 3 8 23 13 229 182 ` Investment income ~4.8 Cr Interest income ~1.5 Cr Apr 16-Mar 17 Abrasives Ceramics & Others Unallocable Apr 17-Mar 18 Plastics
Slide 15: Operating Profit Bridge
Operating Profit Bridge FY 2015-16 FY 2016-17 FY 2017-18 Rs. 164 Rs. 182 Rs. 229 (+ 11.0%) (+ 26.0%) (Rs. Crores) 229 Abrasives ~ 4% 3 210 182 8 164 23 -3 10 1 13 160 11 110 1 60 10 6 7 8 s s s s s s le le -1 -1 -1 ic ic er er ve ve b b 15 16 17 st st th th ca ca si si a a 20 O 20 O 20 ra ra lo lo P
Slide 16: GNO, Abrasives, C&P – Operating Profit (PBIT)
GNO, Abrasives, C&P – Operating Profit (PBIT) (Rs. Crores) GNO (Total) Abrasives C&P 229 GNO Operating Profit 195 182 CAGR 2004-2018: 13.6% 157 164 CAGR 2004-2018: 149 139 145 - Abrasives: 11.1% 126 126 125 - C&P: 15.5% 112 98 97 100 101 95 88 88 83 80 78 69 59 61 60 54 52 44 49 47 44 37 42 37 45 34
Slide 17: GNO Profits – Operating Profit (PBIT) & Net Profit (PAT)
GNO Profits – Operating Profit (PBIT) & Net Profit (PAT) 250 (Rs. Crores) PBIT CAGR 2004-2018: 13.6% 229 PAT CAGR 2004-2918: 13.5% 200 182 164 PBIT PAT 149 157 150 139 126 125 151 98 100 83 80 121 69 104 103 106 54 97 44 86 84 50 64 57 55 46 29 35 0 2005 2008 2004 2006 2007 09/10* 11/12 14/15 17/18
Slide 18: GNO Profitability – ROCE & Operating (PBIT) Margin (%)
GNO Profitability – ROCE & Operating (PBIT) Margin (%) ROCE Operating Margin 40 20 18.7 ROCE% 18.7 OP Margin 35 18 17.1 16.2 16.0 15.7 30 16 30.7 29.2 14.5 29.2 15.1 14.4 13.5 13.9 25 26.8 14 24.9 23.9 23.9 22.3 20 20.9 12 20.1 19.5 15 10 2007 2008 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/
Slide 19: GNO: Capex in Rupees crores & as % of Sales
GNO: CAPEX in Rupees crores & as % of Sales 12.1 130 12 Capex % Capex value 10.6 110 9.7 10 107 97 90 7.3 Crores Capex in Rs. 8 70 Capex % 4.6 6 3.8 4.6 3.5 50 3.3 3.7 4 43 30 37 2.7 59 33 29 36 47 25 41 2 10 0 (10) 2007 2008 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 Year 2007 2008 09-10
Slide 20: GNO – Dividend per Share & Dividend Payout (%)
GNO – Dividend* per Share & Dividend (+DDT) Payout (%) 8.0 50% 47% 51% 45% 7.0 43% 42% 43% 39% 40% 38% 45% 40% 43% 46% 6.0 40% 43% 5.0 30% 4.00 5.00 4.0 4.00 3.00 3.25 3.25 3.25 20% 3.00 3.25 3.25 3.0 2.00 2.0 10% Dividend (+DDT) Payout (%) 1.75 1.0 1.25 1.40 Dividend Per Share (Rs.)** 0% 0.0 2004 2
Slide 21: Thank You
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