Sirca Paints India Limited has informed the Exchange about Investor Presentation
(cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:16) (cid:0) (cid:131) (cid:0) (cid:155) (cid:0) (cid:3) (cid:3) s (cid:3) y (cid:1) Æ (cid:0) (cid:3) (cid:3) t (cid:3) r (cid:3) t (cid:3) u (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:24) (cid:0) (cid:5) (cid:1) ª (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:24) (cid:0) (cid:5) (cid:0) (cid:16) (cid:0) (cid:12) (cid:0) (cid:22) (cid:0) (cid:22) (cid:0) (cid:12) (cid:0) (cid:18) (cid:0) (cid:17) (cid:0) (cid:3) (cid:0) (cid:18) (cid:0) (cid:9) (cid:0) (cid:3) (cid:0) (cid:12) (cid:0) (cid:17) (cid:0) (cid:25) (cid:0) (cid:8) (cid:0) (cid:22) (cid:0) (cid:23) (cid:0) (cid:18) (cid:0) (cid:21) (cid:0) (cid:3) (cid:0) (cid:19) (cid:0) (cid:21) (cid:0) (cid:8) (cid:0) (cid:22) (cid:0) (cid:8) (cid:0) (cid:17) (cid:0) (cid:23) (cid:0) (cid:4) (cid:0) (cid:23) (cid:0) (cid:12) (cid:0) (cid:18) (cid:0) (cid:17) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:7) (cid:0) (cid:135) (cid:0) (cid:131) (cid:0) (cid:148) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:139) (cid:0) (cid:148) (cid:2) (cid:0) (cid:0) (cid:16) (cid:0) (cid:131) (cid:1) (cid:239) (cid:0) (cid:131) (cid:0) (cid:143) (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:19) (cid:0) (cid:151) (cid:0) (cid:148) (cid:0) (cid:149) (cid:0) (cid:151) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:150) (cid:0) (cid:3) (cid:0) (cid:150) (cid:0) (cid:145) (cid:0) (cid:3) (cid:0) (cid:21) (cid:0) (cid:135) (cid:0) (cid:137) (cid:0) (cid:151) (cid:0) (cid:142) (cid:0) (cid:131) (cid:0) (cid:150) (cid:0) (cid:139) (cid:0) (cid:145) (cid:0) (cid:144) (cid:0) (cid:3) (cid:3) u (cid:3) r (cid:0) (cid:3) (cid:0) (cid:145) (cid:0) (cid:136) (cid:0) (cid:3) (cid:0) (cid:150) (cid:0) (cid:138) (cid:0) (cid:135) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:8) (cid:0) (cid:5) (cid:0) (cid:12) (cid:0) (cid:3) (cid:2) (cid:11) (cid:0) (cid:15) (cid:0) (cid:139) (cid:0) (cid:149) (cid:0) (cid:150) (cid:0) (cid:139) (cid:0) (cid:144) (cid:0) (cid:137) (cid:0) (cid:3) (cid:0) (cid:18) (cid:0) (cid:132) (cid:0) (cid:142) (cid:0) (cid:139) (cid:0) (cid:137) (cid:0) (cid:131) (cid:0) (cid:150) (cid:0) (cid:139) (cid:0) (cid:145) (cid:0) (cid:144) (cid:0) (cid:149) (cid:0) (cid:3) (cid:1) ‹ (cid:0) (cid:3) (cid:0) (cid:7) (cid:0) (cid:139) (cid:0) (cid:149) (cid:0) (cid:133) (cid:0) (cid:142) (cid:0) (cid:145) (cid:0) (cid:149) (cid:0) (cid:151) (cid:0) (cid:148) (cid:0) (cid:135) (cid:0) (cid:149) (cid:0) (cid:3) (cid:0) (cid:21) (cid:0) (cid:135) (cid:0) (cid:147) (cid:0) (cid:151) (cid:0) (cid:139) (cid:0) (cid:148) (cid:0) (cid:135) (cid:0) (cid:143) (cid:0) (cid:135) (cid:0) (cid:144) (cid:0) (cid:150) (cid:0) (cid:149) (cid:2) (cid:12) (cid:0) (cid:3) (cid:0) (cid:21) (cid:0) (cid:135) (cid:0) (cid:137) (cid:0) (cid:151) (cid:0) (cid:142) (cid:0) (cid:131) (cid:0) (cid:150) (cid:0) (cid:139) (cid:0) (cid:145) (cid:0) (cid:144) (cid:1) Æ (cid:0) (cid:3) (cid:3) t (cid:3) r (cid:3) s (cid:3) w (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:146) (cid:0) (cid:142) (cid:0) (cid:135) (cid:0) (cid:131) (cid:0) (cid:149) (cid:0) (cid:135) (cid:0) (cid:3) (cid:0) (cid:136) (cid:0) (cid:139) (cid:0) (cid:144) (cid:0) (cid:134) (cid:0) (cid:3) (cid:0) (cid:135) (cid:0) (cid:144) (cid:0) (cid:133) (cid:0) (cid:142) (cid:0) (cid:145) (cid:0) (cid:149) (cid:0) (cid:135) (cid:0) (cid:134) (cid:0) (cid:3) (cid:0) (cid:138) (cid:0) (cid:135) (cid:0) (cid:148) (cid:0) (cid:135) (cid:0) (cid:153) (cid:0) (cid:139) (cid:0) (cid:150) (cid:0) (cid:138) (cid:0) (cid:3) (cid:0) (cid:8) (cid:0) (cid:131) (cid:0) (cid:148) (cid:0) (cid:144) (cid:0) (cid:139) (cid:0) (cid:144) (cid:0) (cid:137) (cid:0) (cid:149) (cid:0) (cid:3) (cid:0) (cid:19) (cid:0) (cid:148) (cid:0) (cid:135) (cid:0) (cid:149) (cid:0) (cid:135) (cid:0) (cid:144) (cid:0) (cid:150) (cid:0) (cid:131) (cid:0) (cid:150) (cid:0) (cid:139) (cid:0) (cid:145) (cid:0) (cid:144) (cid:0) (cid:3) (cid:0) (cid:145) (cid:0) (cid:136) (cid:0) (cid:3) (cid:0) (cid:20) (cid:3) v (cid:0) (cid:3) (cid:1) ‹ (cid:0) (cid:3) (cid:0) (cid:9) (cid:0) (cid:28) (cid:3) t (cid:3) u (cid:0) (cid:3) (cid:0) (cid:145) (cid:0) (cid:136) (cid:0) (cid:3) (cid:0) (cid:150) (cid:0) (cid:138) (cid:0) (cid:135) (cid:0) (cid:3) (cid:0) (cid:6) (cid:0) (cid:145) (cid:0) (cid:143) (cid:0) (cid:146) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:155) (cid:1) (cid:228) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:23) (cid:0) (cid:138) (cid:0) (cid:139) (cid:0) (cid:149) (cid:0) (cid:3) (cid:0) (cid:139) (cid:0) (cid:149) (cid:0) (cid:3) (cid:0) (cid:136) (cid:0) (cid:145) (cid:0) (cid:148) (cid:0) (cid:3) (cid:0) (cid:155) (cid:0) (cid:145) (cid:0) (cid:151) (cid:0) (cid:148) (cid:0) (cid:3) (cid:0) (cid:139) (cid:0) (cid:144) (cid:0) (cid:136) (cid:0) (cid:145) (cid:0) (cid:148) (cid:0) (cid:143) (cid:0) (cid:131) (cid:0) (cid:150) (cid:0) (cid:139) (cid:0) (cid:145) (cid:0) (cid:144) (cid:0) (cid:3) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:134) (cid:0) (cid:3) (cid:0) (cid:148) (cid:0) (cid:135) (cid:0) (cid:133) (cid:0) (cid:145) (cid:0) (cid:148) (cid:0) (cid:134) (cid:1) (cid:228) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:23) (cid:0) (cid:138) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:141) (cid:0) (cid:139) (cid:0) (cid:144) (cid:0) (cid:137) (cid:0) (cid:3) (cid:0) (cid:155) (cid:0) (cid:145) (cid:0) (cid:151) (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:28) (cid:0) (cid:145) (cid:0) (cid:151) (cid:0) (cid:148) (cid:0) (cid:149) (cid:0) (cid:3) (cid:0) (cid:150) (cid:0) (cid:148) (cid:0) (cid:151) (cid:0) (cid:142) (cid:0) (cid:155) (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:9) (cid:0) (cid:145) (cid:0) (cid:148) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:139) (cid:0) (cid:148) (cid:0) (cid:133) (cid:0) (cid:131) (cid:0) (cid:3) (cid:0) (cid:19) (cid:0) (cid:131) (cid:0) (cid:139) (cid:0) (cid:144) (cid:0) (cid:150) (cid:0) (cid:149) (cid:0) (cid:3) (cid:0) (cid:12) (cid:0) (cid:144) (cid:0) (cid:134) (cid:0) (cid:139) (cid:0) (cid:131) (cid:0) (cid:3) (cid:0) (cid:15) (cid:0) (cid:139) (cid:0) (cid:143) (cid:0) (cid:139) (cid:0) (cid:150) (cid:0) (cid:135) (cid:0) (cid:134) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:151) (cid:0) (cid:148) (cid:0) (cid:131) (cid:0) (cid:140) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:139) (cid:0) (cid:144) (cid:0) (cid:137) (cid:0) (cid:138) (cid:0) (cid:3) (cid:0) (cid:6) (cid:0) (cid:145) (cid:0) (cid:143) (cid:0) (cid:146) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:155) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:135) (cid:0) (cid:133) (cid:0) (cid:148) (cid:0) (cid:135) (cid:0) (cid:150) (cid:0) (cid:131) (cid:0) (cid:148) (cid:0) (cid:155) (cid:0) (cid:3) (cid:1) ‹ (cid:0) (cid:3) (cid:0) (cid:6) (cid:0) (cid:145) (cid:0) (cid:143) (cid:0) (cid:146) (cid:0) (cid:142) (cid:0) (cid:139) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:133) (cid:0) (cid:135) (cid:0) (cid:3) (cid:0) (cid:18) (cid:0) (cid:136) (cid:0) (cid:136) (cid:0) (cid:139) (cid:0) (cid:133) (cid:0) (cid:135) (cid:0) (cid:148) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:8) (cid:0) (cid:144) (cid:0) (cid:133) (cid:0) (cid:142) (cid:1) ª (cid:0) (cid:3) (cid:0) (cid:4) (cid:0) (cid:149) (cid:0) (cid:3) (cid:0) (cid:131) (cid:0) (cid:132) (cid:0) (cid:145) (cid:0) (cid:152) (cid:0) (cid:135) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:23) (cid:0) (cid:145) (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:23) (cid:0) (cid:138) (cid:0) (cid:135) (cid:0) (cid:3) (cid:0) (cid:16) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:131) (cid:0) (cid:137) (cid:0) (cid:139) (cid:0) (cid:144) (cid:0) (cid:137) (cid:0) (cid:3) (cid:0) (cid:7) (cid:0) (cid:139) (cid:0) (cid:148) (cid:0) (cid:135) (cid:0) (cid:133) (cid:0) (cid:150) (cid:0) (cid:145) (cid:0) (cid:148) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:17) (cid:0) (cid:131) (cid:0) (cid:150) (cid:0) (cid:139) (cid:0) (cid:145) (cid:0) (cid:144) (cid:0) (cid:131) (cid:0) (cid:142) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:150) (cid:0) (cid:145) (cid:0) (cid:133) (cid:0) (cid:141) (cid:0) (cid:3) (cid:0) (cid:8) (cid:0) (cid:154) (cid:0) (cid:133) (cid:0) (cid:138) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:137) (cid:0) (cid:135) (cid:0) (cid:3) (cid:0) (cid:145) (cid:0) (cid:136) (cid:0) (cid:3) (cid:0) (cid:12) (cid:0) (cid:144) (cid:0) (cid:134) (cid:0) (cid:139) (cid:0) (cid:131) (cid:0) (cid:3) (cid:0) (cid:15) (cid:0) (cid:139) (cid:0) (cid:143) (cid:0) (cid:139) (cid:0) (cid:150) (cid:0) (cid:135) (cid:0) (cid:134) (cid:0) (cid:3) (cid:0) (cid:8) (cid:0) (cid:154) (cid:0) (cid:133) (cid:0) (cid:138) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:137) (cid:0) (cid:135) (cid:0) (cid:3) (cid:0) (cid:19) (cid:0) (cid:142) (cid:0) (cid:131) (cid:0) (cid:156) (cid:0) (cid:131) (cid:1) Æ (cid:0) (cid:3) (cid:3) w (cid:0) (cid:150) (cid:0) (cid:138) (cid:0) (cid:3) (cid:0) (cid:9) (cid:0) (cid:142) (cid:0) (cid:145) (cid:0) (cid:145) (cid:0) (cid:148) (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:19) (cid:0) (cid:142) (cid:0) (cid:145) (cid:0) (cid:150) (cid:0) (cid:3) (cid:0) (cid:17) (cid:0) (cid:145) (cid:1) (cid:228) (cid:0) (cid:3) (cid:0) (cid:6) (cid:2) (cid:0) (cid:3) s (cid:0) (cid:3) (cid:0) (cid:10) (cid:1) (cid:230) (cid:0) (cid:5) (cid:0) (cid:142) (cid:0) (cid:145) (cid:0) (cid:133) (cid:0) (cid:141) (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:5) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:134) (cid:0) (cid:148) (cid:0) (cid:131) (cid:1) (cid:230) (cid:0) (cid:14) (cid:0) (cid:151) (cid:0) (cid:148) (cid:0) (cid:142) (cid:0) (cid:131) (cid:0) (cid:3) (cid:0) (cid:6) (cid:0) (cid:145) (cid:0) (cid:143) (cid:0) (cid:146) (cid:0) (cid:142) (cid:0) (cid:135) (cid:0) (cid:154) (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:5) (cid:0) (cid:131) (cid:0) (cid:144) (cid:0) (cid:134) (cid:0) (cid:148) (cid:0) (cid:131) (cid:0) (cid:3) (cid:2) (cid:11) (cid:0) (cid:8) (cid:2) (cid:12) (cid:0) (cid:3) (cid:0) (cid:16) (cid:0) (cid:151) (cid:0) (cid:143) (cid:0) (cid:132) (cid:0) (cid:131) (cid:0) (cid:139) (cid:0) (cid:3) (cid:2) (cid:2) (cid:0) (cid:3) (cid:3) v (cid:3) r (cid:3) r (cid:3) r (cid:3) w (cid:3) s (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:17) (cid:0) (cid:22) (cid:0) (cid:8) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:155) (cid:0) (cid:143) (cid:0) (cid:132) (cid:0) (cid:145) (cid:0) (cid:142) (cid:1) (cid:230) (cid:0) (cid:22) (cid:0) (cid:12) (cid:0) (cid:21) (cid:0) (cid:6) (cid:0) (cid:4) (cid:0) (cid:3) (cid:0) (cid:23) (cid:0) (cid:145) (cid:1) Æ (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:23) (cid:0) (cid:138) (cid:0) 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(cid:0) (cid:3) (cid:3) v (cid:3) r (cid:3) r (cid:3) r (cid:3) r (cid:3) s (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) (cid:5) (cid:0) (cid:22) (cid:0) (cid:8) (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:133) (cid:0) (cid:148) (cid:0) (cid:139) (cid:0) (cid:146) (cid:0) (cid:3) (cid:0) (cid:6) (cid:0) (cid:145) (cid:0) (cid:134) (cid:0) (cid:135) (cid:1) ª (cid:0) (cid:3) (cid:3) w (cid:3) v (cid:3) u (cid:3) x (cid:3) z (cid:3) x (cid:0) (cid:3) NSE: SIRCA | BSE: 543686 | Bloomberg: SIRCA:IN CIN: L24219DL2006PLC145092
Q4FY23
Earnings Presentation
M A Y 2 0 2 3
INSIDE
Introduction
Sirca at a Glance
Sirca’s Value Proposition
Brand Portfolio
Sirca’s Footprint & Distribution
Customer Segments
Manufacturing Facilities
Marketing & Promotional Activity Industry
Contractor Loyalty Program
Indian Paints Industry
Wood Coatings & Finishes
Board of Directors
5Y Financial Summary
Q4FY23 Result Discussion
Get in Touch
Disclaimer
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Company Profile
C O M P A N Y P R O F I L E
INTRODUCTION
About Sirca Paints India Limited • Sirca Paints India Limited (SPIL) is among the country’s leading manufacturers of wood coating
products. With its history dating back to more than 2 decades, today the company fulfils emerging aesthetic wood finishes needs of lakhs and adds extra mileage to India’s growing furnishing market. • The company is engaged in the manufacturing, sales and exports of wood coatings and other decorative
paints under the brands ‘Sirca’, ‘Unico, and others.
• With its newly commissioned manufacturing facility, SPIL is progressing on its journey to become a
leading brand in the Indian wood coatings & paints market.
• The company is recognized for its hallmark of superior quality wood finishes. With a vision to have a global footprint, the company is working towards exporting its products to neighboring countries i.e. Nepal, Bangladesh and Sri Lanka catered by its state-of-the-art manufacturing facility at Sonipat.
About Sirca S.P.A (Italy) Founded in the 1973, Sirca is an integral part of the Durante Group. It is among the leaders in the field of Italian wood paints, with a widespread presence in 85+ countries, 300+ employees, 4 production plants, and a turnover of €180+ million. Sirca is a research and development-oriented organization, employing more than 20% of its personnel in technical areas, such as analysts, testers, colorists, and applicators.
Sirca's value proposition revolves around premium Italian wood coatings & finishes, which are developed in collaboration with Italy’s most prestigious furniture brands.
Exclusive licensee products to Nepal, Bangladesh & Sri Lanka
Newly commissioned manufacturing facility
85+ Countries
300+ Employees
4 Production Plant
€180+ Mn Turnover
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SPIL AT A GLANCE
EXCLUSIVE LICENSEE Of Globally Established ‘Sirca’ brand for India, Nepal, Bangladesh and Sri Lanka
MARKET LEADER Among the Top 3 Premium wood coatings brand in India
Market Leader in North India
OEM VENDOR Preferred OEM Vendor on its way to become a Dominating Retail Brand
486 Team Strength
2,496 Nodes* in Distribution Network
12 Branches & Depots
27 Sirca Studios
* Inc l udi ng OE M ’ s
02 Manufacturing Facilities
673 OEM’s Clientele
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VALUE PROPOSITION
The promise and quality of ‘Made in Italy’ blended with innovation, research and development to provide the most sophisticated and customized products and services in the paints industry.
CORE OFFERING :
Premium Italian Wood Coatings
Metal Coatings
Glass Coatings
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VALUE PROPOSITION
Portfolio Expansion
Wall Paints Range
Recent Additions
Wood Coatings MASS MARKET RANGE • Nitrocellulose (NC), Melamine, PU Coatings and Thinners
• Hygiene Plus Additives
Wall Paints & others • OIKOS Portfolio
(Decorative, Solid Colour Finishes, and Texture Coatings) • DuranteVivan Portfolio
(Adhesives)
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BRAND PORTFOLIO
Sirca • Luxury Italian Wood
Coatings
• High-end Wall Paints
Unico • Mass-market Wood Coatings products
OIKOS • High-end Decorative, Solid Colour Finishes and Texture Coatings
DuranteVivan • Adhesives Product Portfolio
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* Inc l udes Indi a, B angl ades h, Nepal and S r i Lank a
P R I C I N G
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SIRCA’S FOOTPRINT
MOHALI
KARNAL RAI & SONIPAT
DELHI
GURUGRAM
INDORE
NAGPUR
MUMBAI
THRISSUR
JAGADHARI
AMBALA
NOIDA DEHRADUN NEPAL
SILLIGURI
GUWAHATI BANGLADESH KOLKATA
RAIPUR
CHENNAI
SRI LANKA
1,823 Dealers & Distributors
27 Sirca Studios
Key
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12 Branches & Depots
02 Manufacturing Facilities
BRANCHES
MANUFACTURING FACILITIES
SIRCA STUDIOS
EXPORT MARKETS
C O M P A N Y P R O F I L E
CUSTOMER SEGMENTS
~70% Revenue Contribution
1,823 Aggressively growing Distribution Network with 1,823* nodes
Growth Strategy
• Chain of studios being opened across India,
currently 27 studios & 12 branches are operational. • Creating a wider and self-sufficient product portfolio to
expand & strengthen distribution network.
* E x c l udi ng OE M ’ s
CUSTOMER SEGMENTS
~30% Revenue Contribution
APPROACH
• Dealing in Premium products. • Providing strong technical support and after sales
services to OEM’s.
Clientele (of 673 OEM’s)
• Key Clientele includes: Godrej, Jindal Stainless,
Indoline, Space Wood, Pyramid, MAS Furniture, Alsorg, Soundarya Decorators, etc.
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MANUFACTURING FACILITIES
COMMISSIONED
In Nov’2019, Sirca commissioned a manufacturing facility for Nitrocellulose, Melamine, Economical PU products, and PU thinner at Sonipat (NCR).
~33.20 CRORES
This unit has been established with a total CAPEX of ~33.20 Crores, as a primary ‘Object of Issue’ from our initial public offer in 2018.
COMISSIONED WALL PAINT & WALL PUTTY MANUFACTURING
PRODUCTION CAPACITY
This Company has a production capacity of:
In Q1FY21 the company shifted it’s wall paint manufacturing unit to a new, bigger premises in response to higher than originally anticipated demand.
~225 CRORES
MAXIMUM CAPACITY
8,000 Tonnes
For NC, Melamine and Economical PU products
4,000 Tonnes
For PU Thinner and above-mentioned products
At peak capacity utilization this manufacturing facility has a capacity to generate ~225 Crores in revenue with an optimal product-mix.
48 Lakh Liters
Wall Paints
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MARKETING AND PROMOTIONAL ACTIVITIES
INCREASE EXPENDITURE ON ADVERTISEMENTS
To achieve a greater brand-recall for ‘Sirca’, the company is increasing its expenditure on advertisements, marketing, and sales promotion efforts.
IMPLEMENTED 360° MARKETING CAMPAIGN
The company has implemented a 360° marketing campaign in its target markets, especially in the newly tapped regions.
Radio commercials & tv commercials in regional languages
Increase expenditure on Advertisements
TV COMMERCIALS IN REGIONAL LANGUAGES
TV commercials have been launched in Hindi and other regional languages, along with advertisements in movie theaters. Recently also launched Radio City campaign in NCR.
INCREASED DEALER NETWORK
To strengthen Sirca’s outdoor presence, the company is installing shop boards at its dealer network. At present, a total of ~1,290 shop boards have been installed.
Implemented 360° Marketing Campaign
Shop Boards & Hoardings at Dealer Network
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MARKETING AND PROMOTIONAL ACTIVITIES
Sirca studios for a class-apart consumer experience
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MARKETING AND PROMOTIONAL ACTIVITIES
~1,290 shop board installed for enhanced visibility. Refreshed brand positioning as “Your Italian Autograph”.
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CONTRACTOR LOYALTY PROGRAM
Sirca Parivaar 2.0 – App Update
~12,650 Contractors Registered
~5,750 Average Daily Product Scans
5,000+ Application Downloads
Enhanced Version of Sirca Parivaar App
The main objective of this app is to automate the process of loyalty program and streamline the process of rewards and redemption.
Key Features
• Specifically designed for architects, contractors, and
dealers using Sirca products
• Bringing all industry stakeholders together on the
application
• Automate Sirca loyalty program • Maintain, view reward points easily on a real-time basis • Users can check account balance on a real-time basis • Users can redeem points at any given point • Users can access account statement & reports in the
application
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INDIA PAINT INDUSTRY
55,000 CRORE MARKET The Indian Paints industry is estimated to be a 55,000 Crore market annually
PAINT INDUSTRY IS BROADLY DIVIDED INTO
3/4th
1/4th
Decorative Paints & Coatings
Industrial Paints & Coatings
Decorative Paints constitute almost 3/4th of the market share while the rest 1/4th lies with Industrial Paints.
2/3rd SHARE IN INDIA WITH ORGANIZED INCUMBENTS In between the organized and unorganized incumbents, the former holds the majority of 2/3rd share in the India paint industry, while the rest lies with unorganized incumbents.
~12% CAGR DECORATIVE SEGMENT GROWTH IN BETWEEN FY09-19
The decorative segment is the relatively faster- growing segment of the paints industry. It had maintained a growth CAGR of ~12% between FY09- 19, this was led by strong demand from the rural and tier-II, tier-III cities and reduced repainting cycle from the consumers.
PAINT INDUSTRY IS EXPECTED TO GROW AS:
• An increase in disposable income. • Rising urbanization & rural economy.
• Increasing trend of nuclear families. • Reduction in average repainting cycle on
account of improvement in disposable income and improving lifestyles.
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WOOD COATINGS & FINISHES SEGMENTS
Overview
Market Trends
• Wood coatings are used for their
adhesion, anti-corrosion, durability, appearance enhancing & aesthetics features on wooden furniture.
• In the last decade, India has shaped
up to be one of the largest markets for wood coatings products in the Asia-Pacific region.
• Indian furniture industry, which
happens to be a key demand driver of wood coatings products, is estimated to be a USD 5 billion market in 2018- 19, with nearly USD 1.5 billion in exports and USD 0.6 billion in imports, respectively.
• The wood coatings product category is facing a shift in consumer preferences from toxic and environmentally harmful products to eco-friendly and non-toxic products.
• There is a shift underway from harmful products like Nitrocellulose
(NC) and Melamine coating products to high-quality Polyurethane (PU) coatings on account of multiple factors such as:
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Increasing health-consciousness and awareness about the harm-full effects of these degrading wood coatings,
• Growing awareness about environment-friendly products, • Greater artistic and aesthetic value, • Other factors include - lower emission of odour, increased durability
and resistance which make these products more preferable. • The increasing value of aesthetics and expenditure towards the
furnishing segment is supporting this transition. In the long-run, an increase in disposable income and a shift towards higher-end wood coating products in the value chain will be the leading growth driver for the wood coatings market.
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BOARD OF DIRECTORS
Mr. Sanjay Agarwal
CHAIRMAN AND MANAGING DIRECTOR
Mr. Apoorv Agarwal
JOINT MANAGING DIRECTOR
Mr. Gurjit Singh Bains
NON-EXECUTIVE DIRECTOR
Mr. Ugo Pelosin
NON-EXECUTIVE DIRECTOR
Mr. Agarwal is one of the co-founders of Sirca Paints India Limited, he has been working the Paints & Coatings industry for more than two decades. Under his able leadership, Sirca has risen the ranks as one of the most prominent brands of luxury wood coatings in the country. A Chartered Accountant by qualification, Mr. Agarwal currently looks after the finance and strategy functions of the organization.
Mr. Agarwal has holds a bachelor's degree from Delhi University and a masters degree in Finance & Marketing from IIPM. He has a decade of experience & training in the Italian furnishing and Italian wood coatings space. He has worked with prominent Italian furnishing brands like B&B Italia, Reflex, Laura Meroni, Simon Cenedese, and many others. At Sirca Paints India, he looks after the Sales and Marketing functions. He has also been bestowed with the responsibilities of establishing Sirca's presence through its distribution network across the country.
Mr. Gurjit Singh Bains is one of the co- founders of Sirca Paints India, he has more than two decades of experience in wood coatings and the Italian furniture industry. He was among the early introducers & promoter of branded Italian furniture in India.
Mr. Pelosin has more than two decades of experience in exporting wood coatings globally. Apart from being the Non-Executive Director of Sirca Paints India, he is also the Export Director of Sirca S.p.A (Italy). He was appointed as the Non-Executive Director of the company in 2018, nominated by Sirca S.p.A (Italy) as per the Shareholder Agreement entered between the companies.
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BOARD OF DIRECTORS
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Mr. Shyam Lal Goyal
NON-EXECUTIVE & INDEPENDENT DIRECTOR
Mr. Anil Kumar Mehrotra
NON-EXECUTIVE & INDEPENDENT DIRECTOR
Mrs. Anu Chauhan
NON-EXECUTIVE & INDEPENDENT DIRECTOR
Mr. Sanjay Kapoor
NON-EXECUTIVE & INDEPENDENT DIRECTOR
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Mr. Goyal was the Audit and Finance Advisor at Ghazanfar Bank. He leads each firm’s lines of business - Banking Sector and FMCG industries in an expeditious manner. He holds experience of over 30 years and has held various senior positions in India and abroad. His experience in global financial operations, Corporate Governance, Enterprise-wide systems, and Financing is a proven asset.
Mr. Mehrotra is an experienced professional who has worked as a CFO in the Automotive and FMCG industry for over 30 years in 4 different countries. His area of expertise includes - business strategy and financial planning, international operations, acquisitions, corporate governance controllership and taxation, business unit restructuring & integration systems.
Mrs. Chauhan has a vast experience of over a decade in management and team leadership skills. She has a proven track record of running successful operations and nurturing & growing businesses. Her core area of expertise includes - business management, directing and planning, supervising multi- disciplinary teams, processes, documentation, business Control checks, audits, and vendor management.
Mr. Kapoor is a doctor by profession, he has an MBBS and DCH (Diploma of Child Health) with over 20 years of experience in the pediatrics department. He was appointed on the Board of the company in 2017.
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5Y Financial Summary
5 Y F I N A N C I A L S U M M A R Y
5Y PROFIT & LOSS SUMMARY
PARTICULARS
Revenue from Operations
Total Income
Total Operating Expenses
EBITDA (Excluding OI)
EBITDA (Excluding OI) %
Interest Cost
Depreciation & Ammortisation
Profit Before Taxes
Profit After Taxes
Note: 1. FY20 EBITDA (Excluding OI) & Total Operating Expenses adjusted for one-time impairment loss of 0.76 crores 2. FY21 EBITDA (Excluding OI) & Total Operating Expenses adjusted for net-loss of fire incident
FY23
267.75
272.59
206.03
61.71
23.0%
0.04
4.41
62.11
46.11
FY22
FY21
FY20
200.02
204.43
162.27
37.76
18.9%
0.08
4.13
37.95
27.73
143.18
157.32
121.37
21.81
15.2%
0.10
3.65
22.58
16.61
135.05
140.66
103.26
31.78
23.5%
0.08
2.39
34.18
25.15
(₹ in crores)
FY19
125.34
131.46
93.81
31.53
25.2%
0.11
0.93
31.97
22.23
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5 Y F I N A N C I A L S U M M A R Y
5Y BALANCE SHEET SUMMARY
PARTICULARS
Shareholders Fund
Non Current Liabilities
Current Liabilities
- Trade Payables
Total
Non Current Assets
Current Assets
- Inventories
- Trade Receivables
Total
FY23
265.53
0.59
45.92
36.55
312.04
63.17
248.87
100.36
51.36
312.04
FY22
225.15
0.05
37.16
31.40
262.37
57.47
204.90
69.69
45.63
262.37
FY21
201.60
0.28
52.88
34.84
254.75
45.89
208.86
64.95
43.05
254.75
(₹ in crores)
FY19
167.84
0.48
22.45
17.02
190.79
36.74
154.04
26.77
39.7
190.79
FY20
184.65
0.18
24.98
20.29
209.82
52.83
154.13
51.44
45.59
209.82
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5 Y F I N A N C I A L S U M M A R Y
5Y CASH FLOW SUMMARY
PARTICULARS
Cash from Operating Activities
Cash from Investing Activities
Cash from Financing Activities
Net Cash Flow
Net Cash at Beginning of Year
Net Cash at End of Year
FY23
-18.69
9.38
-5.52
-14.84
45.18
30.34
FY22
FY21
FY20
FY19
(₹ in crores)
35.16
-11.06
-17.38
6.73
38.46
45.18
19.24
14.74
-0.10
33.87
4.59
38.46
-7.56
4.81
-8.45
-11.21
15.79
4.58
12.34
-71.28
68.36
9.42
6.37
15.79
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Q4 & FY23 Result Discussion
Q 4 F Y 2 3 R E S U L T D I S C U S S I O N
PROFIT & LOSS SUMMARY
Standalone
(₹ in crores)
PARTICULARS
Q4FY23
Q3FY23
Q4FY22
YoY %
QoQ %
Revenue from Operations
Total Income
Total Operating Expenses
EBIDTA (Excluding OI)
68.27
69.40
55.15
13.12
65.22
66.18
51.15
14.07
54.10
54.92
44.68
9.41
EBIDTA (Excluding OI) %
19.2%
21.6%
17.4%
Interest Cost
Depreciation & Ammortisation
Profit Before Taxes
Profit After Taxes
Earnings Per Share (₹)
0.00
1.25
12.99
9.49
1.73
0.01
0.87
14.16
10.53
1.92
0.01
1.16
9.06
6.19
1.13
26.2%
26.4%
23.4%
39.4%
1.82%
-83.6%
8.4%
43.3%
53.3%
53.1%
4.7%
4.9%
7.8%
-6.7%
-2.35%
-86.3%
44.7%
-8.2%
-9.9%
-9.9%
Li nk to Fi nanc i al Res ul ts
Note: Interest Cost figures have been rounded-off to 2 decimals. Interest Cost for Q4FY23 is 0.23 Lakhs, Q3FY23 is 1.46 Lakhs and Q4FY22 is 1.23 Lakhs.
26%
Q4FY23 Revenue from Operations at 68.27 Crores compared to 54.10 Crores in Q4FY22
39%
Q4FY23 EBITDA at 13.12 Crores compared to 9.41 Crores in Q4FY22
53%
Q4FY23 PAT at 9.49 Crores compared to 6.19 Crores in Q4FY22
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Q 4 F Y 2 3 R E S U L T D I S C U S S I O N
PROFIT & LOSS SUMMARY
Standalone
PARTICULARS
Revenue from Operations
Total Income
Total Operating Expenses
EBIDTA (Excluding OI)
EBIDTA (Excluding OI) %
Interest Cost
Depreciation & Ammortisation
Profit Before Taxes
Profit After Taxes
Earnings Per Share (₹)
FY23
267.75
272.59
206.03
61.71
23.05%
0.04
4.41
62.11
46.11
8.41
(₹ in crores)
YoY %
33.9%
33.3%
27.0%
63.4%
4.15%
-51.5%
6.8%
63.7%
66.3%
66.2%
FY22
200.02
204.43
162.27
37.76
18.90%
0.08
4.13
37.95
27.73
5.06
34%
FY23 Revenue from Operations at 267.75 Crores compared to 200.02 Crores in FY22
63%
FY23 EBITDA at 61.71 Crores compared to 37.76 Crores in FY22
66%
FY23 PAT at 46.11 Crores compared to 27.73 Crores in FY22
Li nk to Fi nanc i al Res ul ts
Note: Interest Cost figures have been rounded-off to 2 decimals. Interest Cost for FY23 is 3.89 Lakhs and for FY22 is 7.80 Lakhs.
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Q 4 F Y 2 3 R E S U L T D I S C U S S I O N
MANAGEMENT COMMENTARY
Q4 & FY23 Result Discussion
•
•
•
Sirca Paints ends FY23 on a high note. The Company has reported healthy financial performance in Q4FY23 & FY23. Revenue from Operations for the Q4 stood at 68.27 Cr, reporting a 26% growth YOY.
This performance is despite some external challenges in Delhi NCR and Haryana region during January & February on account of ban in construction activities & spray painting to curb pollution related issues during the period. Sales momentum was regained in March.
For the whole financial year, the top line stood at its highest-ever of 267.75 Cr, registering a 34% growth YOY.
• On the profitability front, the Company witnessed a healthy growth during FY23, as EBITDA margins stood at 23.05% compared to 18.90% in FY22.
•
Subsequently PAT stood at its highest ever in FY23 at 46.11 Cr, compared to 27.73 Cr, registering a staggering growth of 66.3% during the year.
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Q 4 F Y 2 3 R E S U L T D I S C U S S I O N
MANAGEMENT COMMENTARY (Cont.)
Business Update
Product Portfolio Performance
• The Company has witnessed good performance across all product segments. • Italian portfolio performance continue to be the bedrock of performance. • Unico’s scale of operations is improving and contribution to overall sales
increasing.
• The Company has launched a global texture coatings & decorative solid colour finishes brand in India – OIKOS. OIKOS is a high-potential luxury- range product. The initial response for OIKOS has been very encouraging, and the Company is in works to take this product pan-India.
Strategic Updates
•
•
•
•
The Company has signed a landmark manufacturing agreement with Sirca S.p.A (Italy) to commence manufacturing of erstwhile imported Italian Polyurethane wood coating products in India.
These products roughly make up 50-55% of the Company’s total sales, and by manufacturing them in India, the Company will be significantly cutting down its import bill, optimizing supply chain by carrying lesser inventories, and strengthening its operations. During the initial period, the Company plans to procure resins from Sirca S.p.A (Italy) which will also be procured domestically in future.
The Company has also installed 6 new fully automatic manufacturing lines (mixers) in its existing manufacturing facility. These lines will be used to manufacturing Italian Polyurethane products.
The Company also has plans to commence manufacturing of OIKOS products in India, which will be taken up in a couple of quarters at its existing wall paints unit.
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Q 4 F Y 2 3 R E S U L T D I S C U S S I O N
RECENT PRODUCT LAUNCH: D’AQUA PU
D'AQUA PU is safer to use in children's furniture since it contains almost no chemicals and emits no odour. Because of its waterbased properties, it is ideal to use for children's furniture. For your loved ones, autograph a greener tomorrow.
D’Aqua PU: Luxury Waterbased Coatings
Key Features
• Completely waterbased coatings • Solvent-free coatings • Low odour & VOC • Fast drying • Usable in kids friendly furniture • Developed as per GREENGAURD standard
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Q 4 F Y 2 3 R E S U L T D I S C U S S I O N
RECENT BRANDING & PROMOTIONAL ACTIVITIES
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GET IN TOUCH
Suraj Singh COMPANY SECRETARY AND COMPLIANCE OFFICER
Sirca Paints India Limited cs@sircapaints.com
Sayam Pokharna
TIL Advisors Private Limited sayam@theinvestmentlab.in +91 94266 60791
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DISCLAIMER
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Sirca Paints India Limited (“Company” or “Sirca”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. this presentation are cautioned not to place undue reliance on these forward-looking statements. The Given these risks, uncertainties and other factors, viewers Of Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. This presentation may not be copied or disseminated, in whole or in part, and in any manner.
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