Samvardhana Motherson International Limited
4,875words
14turns
0analyst exchanges
0executives
Key numbers — 40 extracted
rs,
Rs 27,666 crore
Rs 2,776 crore
Rs 879 crore
8%
13%
20%
Rs 84,346 crore
18%
Rs 8,024 crore
25%
Rs 2,620 crore
Guidance — 18 items
Notes
opening
“1.Revenue from Operations 2.Normalised EBITDA for 9M FY25 refers to reported EBITDA less one-time fair valuation gain of INR 178 crores (included in other income) on account of acquisition of controlling interest in one of the joint venture entity of SAMIL i.e.”
Notes
opening
“Motherson Auto 22 Solutions Limited in Q2 FY25.”
Notes
opening
“The post tax impact the same is INR 133 crores and is being reduced from reported PAT (concern share) to arrive at Normalised PAT 3.Source: Light Vehicles: S&P Global Mobility; Light Vehicle Engine Type Production Forecast December 2024 Performance at a glance 02/02.”
Notes
opening
“Further reduced capex guidance for FY 25 by INR 500 crores to INR 4,500 crores +/- 5% 33 1st plant for Consumer Electronics business operational in Q3 FY 2025.”
Notes
opening
“29.8% 29.6% 27.2% 35.7% 35.2% 11.2% 12.1% 10.5% 12.5% 13.1% 41.0% 36.0% 31.0% 26.0% 21.0% 16.0% 11.0% 6.0% 1.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 FY24 Q1 FY24 Q2 FY25 Q3 FY25 Q1 FY25 Q3 FY24 Q2 FY24 North America.”
Notes
opening
“15.8% 16.5% 16.6% 17.3% 7.7% 7.8% 8.0% 8.7% 21.0% 16.0% 11.0% 6.0% 1.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 FY24 Q1 FY25 Q2 FY24 Q4 FY24 Q2 FY25 Q3 FY24 Q3 FY25 India.”
Notes
opening
“13.0% 11.0% 9.0% 7.6% 9.3% 10.8% 10.2% 7.0% 5.0% 3.0% 1.0% 2.4% 1.6% 3.2% 2.3% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 FY24 Q2 FY25 Q3 FY25 Q1 FY25 Q1 FY24 Q3 FY24 Q2 FY24 China.”
Notes
opening
“24.8% 14.6% 28.3% 16.2% 34.3% 23.6% 32.2% 22.8% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 FY24 Q3 FY24 Q3 FY25 Q4 FY24 Q2 FY25 Q1 FY25 Q2 FY24 77 Source: Light Vehicles: S&P Global Mobility; Light Vehicle Engine Type Production Forecast December 2024 SAMIL’s Performance for Q3FY2025 88 Despite the challenges posed by the external environment, business demonstrates resilience and continues to achieve steady performance.”
Notes
opening
“in Crores) PAT (Concern Share) + 20% 2,776 2,776 2 1,20 0 1,00 0 800 600 400 200 - 733 3 191 542 879 879 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 • YoY Growth in revenues and profitability despite production de-growth; contributed by a diversified business model • Q3FY25 includes Rs.”
Not es
opening
“CC D related debt has not been considered as it is a m andatorily convertible instrument without any act ual payout of this debt, excep t f or the contracted coupon rat e For less t han 1 y ear old acquired assets, LTM EBITDA is considered for a like for like com parison for all the quart ers st arti ng December 2023 t ill Decemb er 2024 Capital Expenditure (Capex) 1212 Prudent approach towards capital expenditure, Capex guidance recalibrated.”
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Risks & concerns — 12 flagged
De-growth in CV volumes across key geographies While production volumes were under pressure, Penetration of EVs and Hybrids improved across geographies.
— Regd Office
The post tax impact the same is INR 133 crores and is being reduced from reported PAT (concern share) to arrive at Normalised PAT 3.Source: Light Vehicles: S&P Global Mobility; Light Vehicle Engine Type Production Forecast December 2024 Performance at a glance 02/02.
— Notes
in Crores) PAT (Concern Share) + 20% 2,776 2,776 2 1,20 0 1,00 0 800 600 400 200 - 733 3 191 542 879 879 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 • YoY Growth in revenues and profitability despite production de-growth; contributed by a diversified business model • Q3FY25 includes Rs.
— Notes
Q3FY24 EBITDA included a negative hyperinflationary impact of Rs 69 crores pertaining t o subsidiaries in Argentina included under other expenses 3.
— Not es
Q3FY24 PA T included a) a negative impact of Rs 122 crores of loss in net monet ary position in subsidiaries located in the hy perinflationary economy of Argentina b) a negat iv e hyp erinflat ionary im pact of Rs 69 crores as m entioned in not e no 2 above 4.
— Not es
Leverage Ratio1,2 2.0 1.8 1.4 1.4 1.9 1.7 1.5 1.4 1.0 25 ,0 00 20 ,0 00 15 ,0 00 10 ,0 00 5,00 0 0 2.8 Financial Policy 2.5x 2.3 1.8 1.3 0.8 0.3 (0.2) 0.9 Comfortably placed to support growth ambitions and ride through volatile business environment Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24
— Not es
✓ Slowdown in CV segment in India and Machining business offset by cost control measures to support profitability.
— Notes
in Crores) Revenues1 30,0 00 25,644 + 8% 27,666 EBITDA 25,0 00 20,0 00 15,0 00 10,0 00 + 13% 9.3% 2,454 2 69 2,385 10.0% 2,776 2,776 14 .0% 13 .0% 12 .0% 11 .0% 10 .0% 9.0 % 8.0 % 7.0 % 6.0 % 3,00 0 1,00 0 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 PBT (before exceptional items and share of associates) PAT (Concern Share) 1,219 +25% 979 3 191 788 + 20% 733 3 191 542 879 879 90 0 80 0 70 0 60 0 50 0 40 0 30 0 20 0 10 0 - Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25
— Not e
Q3FY24 PB T and P AT includes a) a negat iv e impact of R s 122 crores of loss in net monetary p osition in subsidiaries locat ed inthe hy perinflationary economy of A rgentina b) a negat iv e hyperinf lat ionary imp act of Rs 69 crores as m ent ioned in note no 2 above 4.
— Not es
249 crores to be incurred in respect of phased operational realignm ent of certain aut omotive capacities located in Europe c) posit iv e impact of reversal of im pairment and rest ructuring cost in respect t o one subsidiary in Brazil am ounting to R s.
— Not es
130 crores d ) negat iv e impact of 69 crores of hy perinflationary im pacts as mentioned in the EB ITDA related im pacts 9M FY24 9M FY25 3.
— Not es
The post 2525 tax imp act the same is INR 133 crores and is being reduced from reported PAT (concern share) t o arrive at Normalised PA T 4.
— Not es
Speaking time
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Opening remarks
Regd Office
Unit – 705, C Wing, ONE BKC, G Block Bandra Kurla Complex, Bandra East Mumbai – 400051, Maharashtra (India) Tel: 022-61354800, Fax: 022-61354801 CIN No.: L35106MH1986PLC284510 Email: investorrelations@motherson.com Samvardhana Motherson International Limited Presentation on Q3 FY 2024-25 Results 11 Performance at a glance 01/02. Our diversified and resilient business model continues to deliver steady performance under challenging business environment. Financial Highlights Q3FY25 vs Q3FY24 9MFY25 vs 9MFY24 Revenue1 Rs 27,666 crores, EBITDA Rs 2,776 crores, PAT (Con cer n Share) Rs 879 crores, 8% 13% 20% Industry Highlights Mix macro-economic indicators, volatility continues to pose challenges Revenue1 Rs 84,346 crores, 18% Normalised EBITDA2 Rs 8,024 crores, 25% Normalised PAT2 (Con cer n Share) Rs 2,620 crores, 47% Global PV volumes declined by -1% YoY3, Major automotive markets like Europe and North America declined. De-growth in CV volumes across key geographies While production volu
Notes
1.Revenue from Operations 2.Normalised EBITDA for 9M FY25 refers to reported EBITDA less one-time fair valuation gain of INR 178 crores (included in other income) on account of acquisition of controlling interest in one of the joint venture entity of SAMIL i.e. Motherson Auto 22 Solutions Limited in Q2 FY25. The post tax impact the same is INR 133 crores and is being reduced from reported PAT (concern share) to arrive at Normalised PAT 3.Source: Light Vehicles: S&P Global Mobility; Light Vehicle Engine Type Production Forecast December 2024 Performance at a glance 02/02. Business Highlights 01 02 03 YoY Growth in revenues and profitability despite global automotive production de-growth Resilient performance contributed by a diversified business model. 2 new Acquisitions announced during Q3 Atsumitec and Baldi Auto to enable further diversification and vertical integration Formed 2 new Joint Ventures with Sanko, Japan and Matsui Japan Strengthening packaging business under logistics sol
Not es
1. R ev enue from op erations 2. Q3FY24 EBITDA included a negative hyperinflationary impact of Rs 69 crores pertaining t o subsidiaries in Argentina included under other expenses 3. Q3FY24 PA T included a) a negative impact of Rs 122 crores of loss in net monet ary position in subsidiaries located in the hy perinflationary economy of Argentina b) a negat iv e hyp erinflat ionary im pact of Rs 69 crores as m entioned in not e no 2 above 4. The growt h percent ages for EBITDA and PA T are com puted on normalised figures 99 Significant deleveraging of the balance sheet 1010 Continued progress on deleveraging journey ; At 0.9x Net Debt to EBITDA. Leverage Ratio1,2 2.0 1.8 1.4 1.4 1.9 1.7 1.5 1.4 1.0 25 ,0 00 20 ,0 00 15 ,0 00 10 ,0 00 5,00 0 0 2.8 Financial Policy 2.5x 2.3 1.8 1.3 0.8 0.3 (0.2) 0.9 Comfortably placed to support growth ambitions and ride through volatile business environment Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24
Not es
1. 1111 2. Leverage rat io = Eff ect iv e Net Debt / LTM EBITDA . P lease ref er t o Slide 22 for definition of Effective net debt . CC D related debt has not been considered as it is a m andatorily convertible instrument without any act ual payout of this debt, excep t f or the contracted coupon rat e For less t han 1 y ear old acquired assets, LTM EBITDA is considered for a like for like com parison for all the quart ers st arti ng December 2023 t ill Decemb er 2024 Capital Expenditure (Capex) 1212 Prudent approach towards capital expenditure, Capex guidance recalibrated. Capex (Rs in Crores) 1,80 0 1,60 0 1,40 0 1,20 0 1,00 0 32% 37% 36% 40% 733 767 619 475 80 0 60 0 40 0 20 0 - Total Capex of Rs. 2,915 crores during 9MFY25 39% 1,078 36% 946 32% 891 65% 1,296 52% 1,231 24% 716 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Capex / EBITDA Ratio 1313 1313 Reduced capex guidance of 4,500 +/- 5% from 5,000 +/- 5% Automotive ca
Notes
Change in SOP date compared to what was announced earlier due to change in customer production schedules New Greenfield China 03 Poland 01 Mexico 01 UAE 01 Divisional Performance 1515 Business Divisions. 01. Wiring harness 02. Vision Systems 03. Modules & Polymer Products 04. Integrated Assemblies 05. Emerging Businesses Elastomers Lighting & Electronics Precision Metals & Modules Technology & Industrial Solutions Aerospace Logistics Solutions Health & Medical Services 1616 Business Division Wise Financial Performance 1 : Q3FY25 vs Q3FY24. (all figures are Rs. in Crores) Wiring Harness. Revenues Modules and Polymer Products. Revenues Vision Systems. Revenues Integrated Assemblies. Revenues Emerging Businesses. Revenues 12,754 14,614 7,916 7,829 1,00 0 1,00 0 6,00 0 5,50 0 5,00 0 4,50 0 4,00 0 3,50 0 3,00 0 2,50 0 2,00 0 1,50 0 1,00 0 4,807 4,729 3, 000 2, 000 1, 000 - 2,592 2,660 1,959 2,693 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 EBITDA EBITDA E
Notes
1. Divisional numbers reported are including 100% of joint ventures and associates which are accounted as per equity method (Economic Revenue) 1717 EBITDA 12.4% 322 18 .0% 16 .0% 14 .0% 12 .0% 10 .0% 40 0 8.0 % 35 0 30 0 6.0 % 25 0 20 0 4.0 % 15 0 10 0 2.0 % 50 - 0.0 % EBITDA 12.8% 251 13.4% 360 13.3% 353 80 0 70 0 60 0 50 0 40 0 18 .0% 16 .0% 30 0 14 .0% 12 .0% 10 .0% 20 0 8.0 % 6.0 % 4.0 % 10 0 2.0 % 0.0 % 0 18 .0% 16 .0% 14 .0% 12 .0% 10 .0% 8.0 % 6.0 % 4.0 % 2.0 % 0.0 % Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Key Divisional Highlights 01/02. Wiring Harness. Modules and Polymers. Vision Systems. Integrated Assemblies. • Steady revenue performance despite demand related challenges in CV industry specially in Europe and North America • Achieved double digit growth in revenues (on a YoY basis) despite decline in automotive production across key geographies • Continued revenue growth over market in India implying strong content growth • Operational improvements and cost control
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