Redington Limited · NSE:REDINGTON
Redington — Q2 FY21 Earnings Presentation
29 slides from Redington's earnings presentation, September 2020
Slide 1: Redington (India) Limited Q2FY21 Earnings Presentation
REDINGTON (INDIA) LIMITED Q2FY21 Earnings Presentation Sept 2020
Slide 2: Disclaimer
Disclaimer This presentation contains “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Redington India Limited’s future business developments and economic performance. While these forw
Slide 3: Financial Highlights
Financial Highlights • Q2FY21 – On a Global basis, Revenue grew by 12% while EBITDA grew by 18% and PAT grew by 35% • Global Distribution – Revenue grew by 12%, EBITDA grew by 26% and PAT grew by 37% • India – Revenue grew by 8%, EBITDA degrew by 7% and PAT grew by 37% • Overseas – Revenue grew by 1
Slide 4: Financial Highlights: India Business
Financial Highlights INDIA BUSINESS • During the quarter, • India Distribution – Revenue grew by 9%, EBITDA grew by 3% and PAT grew by 33% • IT segment grew by 14% YoY led by growth in IT Consumer segment • Interest expenses declined by 64% and Opex declined by 5% on an YoY basis • WC days stood at
Slide 5: Financial Highlights: Overseas Business
Financial Highlights OVERSEAS BUSINESS • During the quarter, • Overseas Distribution – Revenue grew by 14%, EBITDA grew by 44% and PAT grew by 39% • Growth was led by strong performance of Mobility segment at 36% YoY • Interest expenses declined by 18% and Opex declined by 12% on an YoY basis • WC d
Slide 6: Q2FY21 Highlights
Q4FY18 Highlights Q2FY21 Highlights Connecting The Dots Transformation from ‘Product’ to ‘Utility of Product’ 6
Slide 7: Q2FY21 Redington Global Performance
Q2FY21 Redington Global Performance ₹ in million REVENUE EBITDA PAT 12% 18% 35% 1,37,861 1,758 1,23,543 3,110 2,627 1,301 Q2FY20 Q2FY21 Q2FY20 Q2FY21 Q2FY20 Q2FY21 7 7
Slide 8: Q2FY21 Performance by Market
Q2FY21 Performance by Market ₹ in million REVENUE EBITDA PAT 8 12% 18% 35% 3,110 1,758 1,37,861 1,23,543 2,627 1,301 85,106 1,931 1,074 14% 1,363 42% 34% 74,776 800 8% 52,755 1,264 7% 1,179 37% 684 48,767 501 Q2FY20 Q2FY21 Q2FY20 Q2FY21 Q2FY20 Q2FY21 INDIA OVERSEAS INDIA OVERSEAS INDIA OVERSEAS 8
Slide 9: Q2FY21 Contribution by Market
Q2FY21 Contribution by Market ₹ in million REVENUE EBITDA PAT 52% 61% 61% 61% 62% 62% 48% 39% 39% 38% 38% 39% Q2FY20 Q2FY21 Q2FY20 Q2FY21 Q2FY20 Q2FY21 INDIA OVERSEAS INDIA OVERSEAS INDIA OVERSEAS 9
Slide 10: Q2FY21 India Performance
Q2FY21 India Performance ₹ in million REVENUE EBITDA PAT 8% 7% 37% 52,755 1,264 684 48,767 1,179 501 962 9% 3% 988 33% 609 47,323 51,500 459 13% 37% 81% 1,444 1,255 302 191 75 42 Q2FY20 Q2FY21 Q2FY20 Q2FY21 Q2FY20 Q2FY21 SERVICES DISTRIBUTION SERVICES DISTRIBUTION SERVICES DISTRIBUTION Note: Service
Slide 11: Q2FY21 Overseas Performance
Q2FY21 Overseas Performance ₹ in million REVENUE EBITDA PAT 14% 42% 34% 85,106 74,776 1,931 1,074 1,363 800 15% 44% 38% 77,727 67,318 1,747 944 1,211 685 1% 21% 12% 7,458 7,379 152 184 115 130 Q2FY20 Q2FY21 Q2FY20 Q2FY21 Q2FY20 Q2FY21 SSA META SSA META SSA META Note: Overseas performance in c/c term
Slide 12: Q2FY21 Revenue Performance by Verticals
Q2FY21 Revenue Performance by Verticals INDIA OVERSEAS GLOBAL 3% 2% 2% 2% 2% 2% 24% 21% 30% 28% 30% 36% 73% 77% 68% 70% 68% 62% Q2FY20 Q2FY21 Q2FY20 Q2FY21 Q2FY20 Q2FY21 IT Mobility Services IT Mobility Services IT Mobility Services Note: Upon Note: re-grouping, Services only smartphones represents
Slide 13: Q2FY21 Working Capital Days
Q2FY21 Working Capital Days INDIA OVERSEAS GLOBAL 18 16 15 32 5 30 29 3 2 19 17 14 14 14 12 Q2FY20 Q1FY21 Q2FY21 Q2FY20 Q1FY21 Q2FY21 Q2FY20 Q1FY21 Q2FY21 13 13
Slide 14: Q2FY21 Free Cash Flow Statement
Q2FY21 Free Cash Flow Statement ₹ in million Particulars Q2FY20 Q1 FY21 Q2FY21 Profit Before Taxation 1,512 1,305 2,412 Non-cash items 630 426 465 Outflow of Finance Cost 526 424 171 Changes in Working Capital 15,854 22,058 (224) Direct Tax Paid (628) (288) (645) Net Cash Flow from Operations 17,894
Slide 15: Q2FY21 Top Vendors
Q2FY21 Top 5 Vendors REVENUE 41% 45% OTHERS SAMSUNG LENOVO 6% 7% 5% DELL EMC 7% 8% HP Inc 8% 11% 8% APPLE 27% 27% Q2FY20 Q2FY21 15 15
Slide 16: Q2FY21 ProConnect India
Q2FY21 ProConnect India • Though PCS degrew revenues by 6% YoY, it grew PAT by 25% YoY on the back of sharp decline of interest expenses • PCS registered EBITDA margin of 13% for the quarter REVENUE EBITDA PAT 6% 46% 25% 1,189 260 1,119 31 140 25 Q2FY20 Q2FY21 Q2FY20 Q2FY21 Q2FY20 Q2FY21 ₹ in millio
Slide 17: H1FY21 Performance
Q3FY18 Highlights 9MFY18 Highlights H1FY21 Performance Connecting The Dots Transformation from ‘Product’ to ‘Utility of Product’ 17
Slide 18: H1FY21 Redington Global Performance
H1FY21 Redington Global Performance ₹ in million REVENUE EBITDA PAT 2% 7% 10% 2,45,080 2,40,409 2,646 5,411 5,076 2,401 H1FY20 H1FY21 H1FY20 H1FY21 H1FY20 H1FY21 18 18
Slide 19: H1FY21 Performance by Market
H1FY21 Performance by Market ₹ in million REVENUE EBITDA PAT 19 2% 7% 10% 2,40,409 2,45,080 5,411 2,646 5,076 2,401 5% 29% 17% 1,50,221 1,57,811 2,666 3,450 1,750 1,496 3% 19% 1% 90,188 87,269 2,410 1,961 905 896 H1FY20 H1FY21 H1FY20 H1FY21 H1FY20 H1FY21 INDIA OVERSEAS INDIA OVERSEAS INDIA OVERSEAS
Slide 20: H1FY21 Contribution by Market
H1FY21 Contribution by Market ₹ in million REVENUE EBITDA PAT 53% 62% 62% 64% 64% 66% 47% 38% 36% 36% 38% 34% H1FY20 H1FY21 H1FY20 H1FY21 H1FY20 H1FY21 INDIA OVERSEAS INDIA OVERSEAS INDIA OVERSEAS 20
Slide 21: H1FY21 India Performance
H1FY21 India Performance ₹ in million REVENUE EBITDA PAT 3% 19% 1% 90,188 87,269 2,410 1,961 905 896 3% 1,896 11% 8% 87,362 85,019 1,696 795 861 20% 48% 68% 110 2,826 2,250 514 35 265 H1FY20 H1FY21 H1FY20 H1FY21 H1FY20 H1FY21 SERVICES DISTRIBUTION SERVICES DISTRIBUTION SERVICES DISTRIBUTION Note: Se
Slide 22: H1FY21 Overseas Performance
H1FY21 Overseas Performance ₹ in million REVENUE EBITDA PAT 5% 29% 17% 1,57,811 1,50,221 3,450 1,750 2,666 1,496 6% 32% 19% 1,35,097 1,43,165 3,118 2,368 1,518 3% 1,277 11% 6% 15,124 14,646 298 332 219 232 H1FY20 H1FY21 H1FY20 H1FY21 H1FY20 H1FY21 SSA META SSA META SSA META Note: Overseas performanc
Slide 23: H1FY21 Revenue Performance by Verticals
H1FY21 Revenue Performance by Verticals INDIA OVERSEAS GLOBAL 3% 3% 2% 2% 2% 2% 22% 21% 34% 36% 30% 31% 75% 76% 64% 62% 68% 67% H1FY20 H1FY21 H1FY20 H1FY21 H1FY20 H1FY21 IT Mobility Services IT Mobility Services IT Mobility Services Note: Upon Note: re-grouping, Services only smartphones represents
Slide 24: H1FY21 Working Capital Days
H1FY21 Working Capital Days INDIA OVERSEAS GLOBAL 17 16 14 32 4 31 30 2 4 19 17 16 15 15 12 H1FY20 Q1FY21 H1FY21 H1FY20 Q1FY21 H1FY21 H1FY20 Q1FY21 H1FY21 24 24
Slide 25: H1FY21 Free Cash Flow Statement
H1FY21 Free Cash Flow Statement ₹ in million Particulars H1FY20 Q1 FY21 H1FY21 Profit Before Taxation 2,982 1,305 3,717 Non-cash items 976 426 891 Outflow of Finance Cost 1,104 424 595 Changes in Working Capital 5,141 22,058 21,834 Direct Tax Paid (783) (288) (932) Net Cash Flow from Operations 9,42
Slide 26: H1FY21 Balance Sheet
H1FY21 Balance Sheet ₹ in million Particulars 30-SEP-19 30-SEP-20 Source: Networth 40,542 44,873 Net Debt 4,045 (22,912) Minority Interest 3,558 3,727 Total 48,145 25,688 Application: Fixed Assets 4,558 4,610 Goodwill 218 183 Right to Use Assets 2,936 1,856 Net Assets 40,433 19,039 Total 48,145 25,6
Slide 27: H1FY21 Top Vendors
H1FY21 Top 5 Vendors REVENUE 39% 42% OTHERS SAMSUNG 6% LENOVO 5% 6% 7% DELL EMC 8% 8% HP Inc 13% 12% APPLE 28% 26% H1FY20 H1FY21 27 27
Slide 28: Shareholding Pattern
Shareholding Pattern Others Others 11.9% 12.2% Mutual Funds Mutual Funds 11.5% 11.5% Synnex Mauritius Synnex Mauritius Limited Limited 24.2% 24.2% Affirma Affirma Capital Capital 15.8% 15.8% Foreign Foreign Institutional Institutional Investors & FPIs Investors & FPIs 36.6% 36.3% Jun-2020 Sep-2020 2
Slide 29: Investor Contacts
Investor Contacts M. Muthukumarasamy Compliance Officer Redington (India) Limited SPL Guindy House, 95 Mount Road, Guindy, Chennai 600 032 https://www.redingtongroup.com Sowmiya M Senior Manager – Investor Relations Connecting The Dots [email protected] Transformation from ‘Product’ t