Uno Minda Limited · NSE:UNOMINDA
Uno Minda — Minda Industries — Investor Presentation (February 2018)
44 slides from Uno Minda's investor presentation, February 2018
Slide 1: Minda Industries Limited Investor Presentation February 2018
MINDA INDUSTRIES LIMITED Investor Presentation February 2018
Slide 2: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), has been prepared by Minda Industries Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form
Slide 3: Quarterly Updates
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Slide 4: Q3 FY18 Result Highlights
Q3 FY18 Result Highlights Revenue (Rs. Cr) EBITDA (Rs. Cr) Consolidated Revenue growth of 26% YoY driven by: Additional Sales YoY Q3FY18 (₹ Cr) +26% +27% MKAWL 62 1,056 126 MIL Standalone 51 838 99 MJCL 22 MDSL 22 MSBPL 12 Rinder 11 Q3 FY17* Q3 FY18 Q3 FY17 Q3 FY18 ▪ Standalone business grew by ~15.
Slide 5: Q3 Division Wise Revenue
Q3 Division Wise Revenue Revenue* – Q3FY17 Revenue – Q3FY18 24.0% 27.8% 29.8% 34.1% 15.9% 16.5% 25.9% 26.0% Switches Lighting Acoustics Others * Revenues net of Excise Duty 5
Slide 6: Q3 Division Wise EBITDA
Q3 Division Wise EBITDA EBITDA – Q3FY17 EBITDA – Q3FY18 30.3% 30.7% 29.3% 36.3% 13.1% 20.5% 27.3% 12.6% Switches Lighting Acoustics Others 6
Slide 7: Q3 FY18 End User Revenue Distribution
Q3 FY18 End User Revenue Distribution Geography-wise Breakup Channel-wise Breakup Segment -wise Breakup India International OEM Replacement 2Wheeler 4Wheeler 18% 16% 42% 58% 82% 84% 7
Slide 8: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Rs. Cr Q3 FY18 Q3 FY17 YoY % 9M FY18 9M FY17 YoY % Revenue from Operations (Net of Excise) 1,056.2 838.4 26% 3,099.7 2,489.5 25% Raw Material 647.3 516.4 1,917.9 1,560.7 Employee Cost 141.4 117.7 410.3 332.8 Other Expenses 141.1 104.8 407.2 326.9 EBITDA 126.4 99.
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars 30th Sept, 2017 Particulars 30th Sept, 2017 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 896.9 Equity Share capital 17.3 Capital work-in-progress 138.9 Non Controlling Interest 130.0 Other intangible assets 40.0 Other eq
Slide 10: Group Consolidation
Group Consolidation Group Consolidation Update: Group Consolidation Status: (₹ Cr) • MRPL will become subsidiary of MIL w.e.f. from January 01, 2018 Sr. Effective Consideration Revenue Company o MRPL is a leader 4W switching Systems No. Date FY15 FY16 FY17 FY17 with over 51% market share 1 ASEAN (51
Slide 11: Re-Aligning Group Structure... Unified Uno Minda
“Re-Aligning” Group Structure... Unified Uno Minda Consolidate product lines across UNO MINDA Group under MIL Rationale: ▪ Creation of single entity with better financial strength resulting in improved competitive position of the businesses of combined entity ▪ Help in cost optimization / operating
Slide 12: About Us
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Slide 13: Driving Excellence; backed by a winning product portfolio
Driving Excellence; backed by a winning product portfolio …… Geographies Products Operations across 4 Continents Over 20 products supplied to leading OEMs Manufacturing Facilities R&D Across the Globe 32 Plants in India 5 R&D Centres; 14 Design Centres Customers Intellectual Property Over 50 OEMs se
Slide 14: An Industry Leader
An Industry Leader Strong R&D Capabilities 1 UNO MINDA has R&D centres across six locations globally enabling the Company to develop products for OEMs. 2 Strategic Manufacturing Locations Strategically located in all automotive hubs in India Global Presence with acquisition of Clarton Horn, Rinder a
Slide 15: Proven Product Leadership
Proven Product Leadership Automotive Switches Automotive Horns Automotive Lighting World’s 2nd largest Horns Player (post acquisition of Clarton Horns) 2 1 India’s largest Switch Player, 3 India’s 3rd largest Automotive Lighting Player, post-acquisition of Rinder Group. diversified across the 2W and
Slide 16: Staying Ahead of The Curve
Staying Ahead of The Curve 1 2 3 Building Human Capital Focused R&D to Ensure Manufacturing Excellence for a Future Ready Organization technology readiness & Capability Building • Patents – 147 • Strong Process Capabilities : • Strong Leadership for Focussed ✓ State of the art SMT Lines & Scalabilit
Slide 17: Pioneer in localization of Auto Components: Through Joint Ventures
Pioneer in localization of Auto Components: Through Joint Ventures We have partnered with global technology leaders in the respective product segments JV with Roki Co. for Air • JV with Toyoda Gosei JV with TTE (Taiwan) for Filters (Japan) for Hoses Driving Assistance Systems JV with Tokai Rika (Jap
Slide 18: Hedged presence in end user segments
Hedged presence in end user segments Geography-wise Breakup FY17 Channel-wise Breakup FY17 Segment -wise Breakup FY17 India International OEM Replacement 2Wheeler 4Wheeler 19% 14% 39% 61% 81% 86% 18
Slide 19: Strengthening our Balance Sheet
Strengthening our Balance Sheet 21% Building Shareholder Value year on year… 19% 11% 9% 38% 39% 12% 7% Sales Growth % 13% EBITDA % ROCE % FY15 FY16 FY17 FY15 FY16 FY17 FY'15 FY'16 FY'17 Growth without stressing the Balance Sheet… 727 1033 0.7 0.6 697 0.6 472 365 Net Worth 420 Debt:Equity Net Fixed A
Slide 20: Business Overview
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Slide 21: Key Milestones for MIL
Key Milestones for MIL Strategic focus & Excellence Leap Going Forward … 39% Revenue growth Complete realignment of our group structure FY16 – FY17 Invest in the latest technology, focus 30% Revenue CAGR on R&D and work with the best Group Business Consolidation people Acquisition: Continue our hedg
Slide 22: Strong Drivers for Growth
Strong Drivers for Growth Regulatory Norms BS-VI expected implementation by 2020 1 Indian Passenger Vehicles Segment India’s low vehicle penetration (32 vehicles per 1000 people in 2015) currently makes it one of the world’s most attractive auto markets. 2 Inflow of Global Investment 3 India becomin
Slide 23: Evolution of Our Product Portfolio
Evolution of Our Product Portfolio The evolution continues… Speakers & Infotainment Hoses 2017 ….. - Fuel Caps 2015-16- EMS Services 2010-14 Alloy Wheels DAPS Blow Moulding Aluminum Die Casting 2001-08 - Air Filtration Systems Batteries Automotive Lighting CNG/LPG Kits 1950-2000 Automotive Horns Org
Slide 24: Evolution of EVs: Our Hedged Product Portfolio
Evolution of EVs: Our Hedged Product Portfolio Technologies S. No Product Lines Company Name BS VI PEV BEV Approximate timelines Apr-20 2022-25 2025-2030 1 Alternate Fuel Systems METL ✓ X X 2 Air Filtration Systems Roki Minda D D X Engine & 3 Canisters Roki Minda D D X Transmission Parts 4 Brake Hos
Slide 25: Group product portfolio – 2 Wheeler
Group product portfolio – 2 Wheeler Handle Bar Assemblies Horns Sensors Filter/ Canisters Lamps Battery Switches. Noise Suppresser Cap Die Casting Equalizer Assembly Components Switch business Horns business Light business Others 25
Slide 26: Kit Value – 2 Wheelers
Kit Value* – 2 Wheelers 6,801 5,162 4,572 4,308 2,750 Economy Executive Premium Scooter Moped Up to 110 CC 110 -135 CC > 135 CC All scooters All Mopeds *Contribution from Group Companies which are not yet consolidated is not included in the Kit Value 26
Slide 27: Group product portfolio – 4 Wheeler
Group product portfolio – 4 Wheeler PWS Auto HVAC Spoiler Headlamp levelling motor Fuel cap Electronic Horn CNG Kit LED lamps Hoses Alloy wheels Electronic accelerator Batteries pedal module Switch business Horns business Light business Others 27
Slide 28: Kit Value – 4 Wheeler PVs & Tractor
Kit Value* – 4 Wheeler PVs & Tractor 66,879 Values in INR 54,383 38,064 28,406 16,393 3,378 A B C D E & MUV Tractor Up to Rs. 2.2 Lacs Rs. 2.21 - 4.5 Lacs Rs. 4.5 - 8.3 Lacs Rs.8.4 -16 Lacs >Rs 16 lacs Off Road *Contribution from Group Companies which are not yet consolidated is not included in the
Slide 29: Product Mix
Product Mix Revenue FY17* EBIDTA FY17* Rs. 3,505 Crs. Rs. 384 Crs. Others 26% Others 32% Switches 30% Switches 32% Lighting 22% Horns 17% Horns 17% Lighting 25% Note: Consolidated Data * - Financials as per IGAAP 29
Slide 30: Customer led and Customer Oriented
Customer led and Customer Oriented Switching Systems Lighting Systems Acoustics Systems Daimler Hyundai Bajaj Maximize Customer Value Auto MSIL 9% 7% Others 19% 28% 40% PSA 4% Bajaj TVS Auto 7% Bajaj 4% Toyota Others Boshoku Auto TVS HMSI Others Hedged 52% Automotive 16% Motors 7% 73% Continuously a
Slide 31: Switching Systems
Switching Systems Rs. In Crs Indian’s Largest Manufacturer 9.8% 1200 9.4% 10.0% • Market Share of ~67% • Independent in-house R&D 1000 9.0% • Exports to USA, France, Italy, Austria and others contributing ~6% to Switch sales in FY17 800 8.0% 1035 1167 600 7.0% FY16* FY17* End Use Segment Revenue EBI
Slide 32: Lighting Systems
Lighting Systems Leading automotive lighting Systems Rs. In Crs. 1000 9.1% 7.5% 9.0% • Strong R&D capabilities with Design centre in Taiwan 800 and Technical Arrangement with Korean Company 7.0% 600 • Exports to Italy, Indonesia, France, Japan and others 5.0% 400 Contributing 8% to Lighting Sales in
Slide 33: Acoustic Systems
Acoustic Systems One of India’s Largest Players in Horns Rs. In Crs 700 10.2% 11.0% 9.5% 10.0% • With 47% market share 600 • Strong in-house R&D capabilities - Developed 9.0% technology with FIAMM, Italy 500 8.0% • Acquired Clarton Horn which has Revenue of Rs. 396 400 Crs in FY17 7.0% 520 623 300 6
Slide 34: Other Products
Other Products Products Revenue Rs. In Crs 1000 13.0% 933 • India’s largest manufacturer of Alloy Wheels for 4Wheelers 800 9.2% 409 10.0% 637 • Other products 600 • Blow Molding • Fuel Caps 362 129 • Dye Casting • Air Filtration System 400 5.0% • Speakers & Infotainment • Hoses 200 92 395 • Batterie
Slide 35: MDSL: Strong Presence in Replacement Market
MDSL : Strong Presence in Replacement Market % of total Product FY17 After Market Jammu and Kashmir: 8 (Rs.Crs) After Market Sales * Sales Himachal Pradesh: 24 Switches 147 32% Punjab: 26 Uttarakhand: 6 Haryana: 41 Lighting 136 29% Delhi: 33 Rajasthan: 51 UP: 62 Assam: 10 Horns 78 17% Bihar: 55 MP:
Slide 36: Historical Financials
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Slide 37: Improving Profitability with Strong Balance Sheet
Improving Profitability with Strong Balance Sheet Rs.Crs Revenue EBITDA & EBITDA Margin (%) Consolidated@ 500 10.9% 12.0% 3,505 9.4% 400 2,527 2,227 6.9% 384 8.0% 300 7.0% 1,706 5.1% 1,340 200 238 4.0% 100 154 93 88 - 0.0% FY13 FY14 FY15# FY16 FY17 FY13 FY14* FY15 FY16 FY17 Debt : Equity ROCE (%) 0.
Slide 38: Strong Cash Flows
Strong Cash Flows Rs. Crs Consolidated PAT* Consolidated OCF* 168 339 111 68 156 146 95 28 42 7 FY13 FY14 FY15 FY16 FY17 FY13 FY14* FY15 FY16 FY17 * - Financials as per IGAAP 38 38
Slide 39: Improving Dividend Profile
Improving Dividend Profile Dividend as % of Face Value 110% Interim Dividend 70% 60% 60% 30% 30% 30% FY12 FY13 FY14 FY15 FY16 FY17 FY18* *Board has recommended Interim Dividend of Re. 1.2 per share (60% of FV) 39 39
Slide 40: Consolidated Profit & Loss Statement [as per IGAAP]
Consolidated Profit & Loss Statement [as per IGAAP] Rs. Crs FY17 FY16 YoY Sales 3,467 2,506 Other Operating Income 38 21 Total Operating Income 3,505 2,527 39% Cost of Material consumed 2,174 1,610 Employee Cost 462 326 Other Expenses 485 353 Operating EBITDA 384 238 61% Margin 10.94% 9.41% Other In
Slide 41: Consolidated Balance Sheet [as per IGAAP]
Consolidated Balance Sheet [as per IGAAP] Rs. Crs. Mar-17 Mar-16 Rs. Crs. Mar-17 Mar-16 Shareholder’s Fund 727 472 Non-Current Assets 1,158 787 Share capital 16* 19 Fixed assets 1,033 697 Reserves & Surplus 609 452 Goodwill 0 6 Capital reserve on consolidation 103 0 Share application money pending N
Slide 42: Leadership Team
Leadership Team Board Of Directors Top Management Team Mr. Nirmal K Minda Mr. Sudhir Jain Mr. Anand K Minda Mr. Rajeev Kapoor Chairman & Managing Director Group CFO ED & CEO , Battery & Group Head Aftermarket Business Human Resources Mr. Anand K Minda Mr. Satish Sekhri Mr. J.K. Menon Mr. Pradeep Tiw
Slide 43: Group Holding Structure
Group Holding Structure Glossary: MACL: Minda Auto Component Limited MDSL: Minda Distribution and Services Limited MKAWL: Minda Kosei Aluminum Wheel Private Limited MSBPL: Minda Storage Batteries Private Limited METL: Minda Emer Technologies Limited MNGTL: Minda NextGen Tech Ltd KMAC: Kosei Minda Al
Slide 44: For further information, please contact
For further information, please contact: Company : Investor Relations Advisors : Minda Industries Ltd. Strategic Growth Advisors Pvt. Ltd. CIN : L74899DL1992PLC050333 CIN : U74140MH2010PTC204285 Mr. Tripurari Kumar Mr. Jigar Kavaiya / Mr. Rohan Adhiya DGM Strategy & Finance +91 99206 02034 / +91 983
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