Skipper Limited has informed the Exchange about Investor Presentation
Date: 30th April 2025
The Manager National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C-1, Block-G Bandra Kurla Complex, Bandra (E) Mumbai- 400 051 Symbol- SKIPPER
The Manager BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai- 400 001 Scrip Code- 538562
Subject: Investor Presentation on Standalone and Consolidated Financial Results for the quarter and year ended 31st March, 2025.
Dear Sir,
In compliance with the provisions of Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the copy of Investor Presentation in connection with audited Standalone and Consolidated Financial Results for the quarter and year ended 31st March, 2025.
Kindly take the same on record.
Thanking you,
Yours faithfully, For Skipper Limited
Anu Singh Company Secretary & Compliance Officer
Encl: As above
SEIZING THE MULTI DECADAL OPPORTUNITY Positioned to Power Growth in the Global Transmission sector
INVESTOR PRESENTATION
April 2025
Table of Contents
1. Q4 & 12M FY ’25 Performance Highlights
2. Growth Strategies
3. Company overview
`
4. Key Strengths
5.
Industry Overview
6. Financial Trends
7. ESG, Awards & Recognition
Performance & Financial Highlights – Q4 & 12M’25
FY’25 – The year of Many Firsts Product Portfolio
Engineering
Infrastructure
Polymer
Power Registered its highest ever Annual Transmission revenue of Rs 46,245 Mn , driven by Tower strong growth in the engineering business segment
Recorded its highest-ever Profit Railway After Tax (PAT) at Rs 1,493 mn, Structures reflecting strong business growth and operational execution.
Achieved highest ever annual order Transmission inflow in company’s history ; Line EPC Secured new orders in excess of Rs 53,350 million during the year
Power Distribution Poles
MS & High Tensile Angles
(HDD) Horizontal Directional Drilling
The year end closing order book ( 31st March 2025) stands at 74,584 Mn which is the highest ever in company’s history and is well diversified across sector and segments
UPVC Pipes
CPVC Pipes
Bidding pipeline remains at an all time Monopoles high, driven by buoyant domestic and international market opportunities
Solar Secured first major breakthrough in Structures the USA market with a multi-million dollar contract win from one of the largest EPC players in the region
Emerged as a Preferred Supplier & Coatings Contractor of PGCIL for their higher voltage transmission line projects ;
HDPE Entered Substation EPC segment Pipes with first major order, complementing core transmission line expertise
Telecom Tower
Investor Presentation | April 2025
Fasteners & Tower Accessories
Test Station Secured prestigious 800 KV Khavda and R&D HVDC projects and several other Center 765 Kv / 400 Kv projects during the year with them.
Fittings
4 4
Director Speaks
Mr Sharan Bansal, Director
“I am pleased to report that our company has continued its strong performance trajectory, delivering record-breaking results and reinforcing our position as a leading force in the power infrastructure space.
During the fourth quarter, we recorded our highest-ever revenue of ₹12,878 million, up 12% year-on-year. For the full year, revenue stood at ₹46,245 million, reflecting a solid 41% growth. Our engineering business continues to be a key growth driver. Profitability also improved significantly—PAT rose by 90% YoY in Q4 to ₹479 million, and full-year PAT reached ₹1,493 million, up 83%, both being the highest in our history.
We have further cemented our leadership in the domestic power transmission & distribution (T&D) segment with significant wins from PGCIL, private TSOs, SEBs and International markets. We secured ₹15,920 million in new orders during the quarter, bringing our FY25 order inflow to ₹53,353 million, up 24% YoY. Our order book now stands at ₹74,584 million, an all-time high, providing strong revenue visibility and a diversified pipeline.
Our capacity expansion plan is on schedule, with 75,000 MT of additional capacity becoming expected to be operational by May 2025, supporting both domestic growth and international expansion. The sector’s outlook remains highly favorable, with the CEA projecting ₹9.15 lakh crore of investments in transmission infrastructure by 2032. Coupled with the global shift toward renewable energy, we are well-positioned to capitalize on emerging opportunities.
During the year, we also made strategic progress on new growth vectors. Our entry into Substation EPC has been validated with our first major order, and we marked a breakthrough in the U.S. market with a multi-million dollar pole supply contract from a top-tier EPC player—laying the foundation for long-term global growth. In line with our commitment to digital transformation, we are in the advanced stages of implementing SAP S/4HANA RISE, a key step in strengthening enterprise-wide efficiencies and future-readiness. As we look ahead, we remain confident in our ability to deliver sustainable value creation, powered by strong fundamentals, a robust order pipeline, and a sharp focus on growth-driven execution.
On behalf of the board and the leadership team, I thank our stakeholders for their continued trust and support as we strive to shape the future of power infrastructure—domestically and globally”
5
Business Update– Q4 FY’25
Revenue Performance Highlights
Company registered its highest-ever quarterly revenue of Rs 12,878 million on back of strong execution in Engineering & Polymer business segments, achieved growth of 11.6 % over previous year quarter
The engineering business achieved its highest ever revenue quarter of Rs 9,376 million against Rs 7,010 million in the previous year quarter, registering a stupendous growth of 34% ; Export share in overall engineering revenue stood at 19 % in Q4 ’25
The polymer segment posted a strong rebound, achieving its highest –ever quarterly revenue at Rs 1,388 million, registering a 34% yoy growth over Rs 1,035 million in corresponding year quarter.
Operational & Financial Performance Highlights
EBITDA increased to Rs 1,237 million against Rs 1,085 million, up by 14 %
Consolidated EBITDA margins improved to 9.6 % against 9.4% in previous year quarter
Finance cost as % of sales improved to 4.4% against 4.5% in previous year quarter
Robust growth in bottom line – Consolidated PAT increased to Rs 479 million, the highest for any quarter, registering 90% growth over Rs 252 million reported in corresponding quarter of previous year; PAT Margin improved to 3.7 % of sales against 2.2% in previous year quarter.
6
Business Update– 12M FY’25
Revenue Performance Highlights
Achieved its best ever annual revenue performance; Revenue increased to Rs 46,245 million against Rs 32,820 million, registering a stupendous growth of 41 %
Engineering business segment achieved its best ever annual Revenue performance of Rs 35,185 million against Rs 22,310 million in the previous year period, registering a growth of 58 %
Export revenue grew by 21 %, to Rs 7,703 million from Rs 6,356 million last year ; Export share in overall engineering segment business stood at 22%
Operational & Financial Performance Highlights
Consolidated EBITDA margins stood at 9.8 % for Fy’25
Consolidated PBT increased to Rs 1,987 million, the highest ever, registering a strong growth of 55% compared to Rs 1,285 million in the previous year ; PBT margin to sales increased to 4.3 % of sales against 3.9 % in previous year
Consolidated PAT surged 83% YoY to an all time high of Rs 1,493 million, compared to Rs 817 Million in previous year period ; The PAT margin to sales improved to 3.2 % against 2.5 % in corresponding period, showcasing an improvement of 70 bps
Finance cost was stable at 4.6% of sales, with ongoing initiatives aimed at bringing it down in subsequent quarters
7
Other Major Update
Capacity Expansion Plan
The capex plan for capacity addition is on schedule, with trial production currently underway. We expect 75,000 MT of additional engineering capacities to be fully available from the end of May’25 onwards.
Major USA order Secured
Achieved a landmark break through in the USA market by securing a multi million dollar pole supply order from one of the largest EPC players in the region, laying the foundation for sustained growth and market expansion
Secured 1St Order - Substation EPC
As part of this strategic expansion, the company has secured its first major substation EPC contract from HVPNL, marking a significant milestone in its growth within the power transmission sector.
MDPE – Gas Pipeline Business
Secured all necessary approvals to foray into the gas pipeline segment with MDPE pipes, leveraging existing HDPE infrastructure; Through focused R&D, we have developed innovative solutions to address the critical issue of rodent damage to gas pipelines
Implementation of SAP S4 HANA RISE
The company is in advanced process of implementing SAP S4 HANA RISE, an advanced enterprise resource planning (ERP) solution within next quarter. This implementation will empower the business to streamline operations, enhance efficiency, and gain real time insights for informed decision making, marking a significant milestone in our broader digital transformation journey
8
Consolidated Financial Performance Q4 FY’25
Rs in Mn
Sl
Profit & Loss Summary
Q4 FY’25
Q4 FY’24
1
2
3
4
5
6
7
8
9
Revenues
Reported EBITDA
EBITDA Margins (%)
(+) Other Income
(-) Depreciation
(-) Finance Cost
Finance cost as % to Revenue
(+) Share of Profit / (Loss) of JV
Profit Before Tax (2+3-4-5+6)
PBT Margins (%)
Tax
Profit / Loss After Tax (7-8)
PAT Margins (%)
10
Cash Profit (4+9)
12,877.52
11,535.08
1,236.51
1,085.37
9.60%
90.65
172.20
563.26
4.37%
35.16
626.86
4.87%
147.81
479.05
3.72%
651.25
9.41%
30.04
136.81
515.24
4.47%
12.60
475.96
4.13%
224.37
251.59
2.18%
388.41
YoY Change %
11.6%
13.9%
+19 Bps
31.7%
+74 Bps
90.4%
+154 Bps
67.7%
Q3 FY’25
11,352.47
1,109.07
9.77%
37.22
166.48
497.27
4.38%
1.73
484.27
4.27%
123.40
360.87
3.18%
527.35
QoQ Change %
13.4 %
11.5 %
-17 Bps
29.5 %
+60 Bps
32.8 %
+54 Bps
23.5%
9
Consolidated Financial Performance 12M FY’25
Rs in Mn
Sl
Profit & Loss Summary
1
2
3
4
5
6
7
8
9
Revenues
Reported EBITDA
EBITDA Margins (%)
(+) Other Income
(-) Depreciation
(-) Finance Cost
Finance cost as % to Revenue
(+) Share of Profit / (Loss) of JV
Profit Before Tax (2+3-4-5+6)
PBT Margins (%)
Tax
Profit / Loss After Tax (7-8)
PAT Margins (%)
10
Cash Profit (4+9)
12M FY’25
46,244.80
4,516.58
9.77%
195.19 632.96 2,127.49
4.60% 35.18
1,986.50
4.30%
493.04 1,493.46
3.23%
2,126.42
12M FY’24
32,820.43
3,194.34
9.73% 85.95 525.30 1,539.87
4.69% 69.83
1284.95
3.92% 468.30 816.65
2.49% 1,341.95
YoY Change % 40.9%
41.4%
+4 Bps
54.6 %
+38 Bps
82.9 %
+74 Bps
58.5%
10
Segment Report
Segment
Profit & Loşs Summary
Q4 FY'25
Q4 FY'24
12M FY25
12M FY'24
Net Sales
Engg Products
EBITDA
% of Sales
Net şales
PVC Products
EBITDA
%of şales
Net şales
Infra Projects
EBITDA
% of şales
Net şales Total
7,009.7
35,184.9
22,310.4
9,375.6
1,062.0
11.3%
810.3
11.6%
3,929.8
11.2%
1,388.4
1,035.0
4,317.4
56.8
4.1%
48.2
4.7%
186.4
4.3%
2,595.4
11.6%
4,526.4
236.8
5.2%
Polymer 9.34%
Infra 14.58%
2,113.5
3,490.3
6,742.5
5,983.6
117.7
5.6%
226.9
6.5%
400.4
5.9%
362.1
6.1%
12,877.5
11,535.1
46,244.8
32,820.4
Engg 76.08%
Total
EBITDA Total
1,236.5
1085.4
4,516.6
3,194.3
% of Sales
9.6%
9.4%
9.8%
9.7%
Revenue Mix – 12M FY’25
Note: Segment EBITDA includes allocation of un-allocable expenditure in pro-rata share of Sales and Capital Employed in their respective segment
11
Key Performance highlights
Rs in Million
Consolidated - Revenue
EBITDA & Margin
PAT & Margin
Rs in Mn
+ 12 %
11,535
11,352
12,878
+ 14 % + 44 %
1,109
9.8%
1,237
9.6%
1,085
9.4%
+ 90 %
361
3.2%
479
3.7%
252
2.2%
Q4 FY'24
Q3 FY '25
Q4 FY '25
Q4 FY'24
Q3 Fy'25
Q4 FY '25
Q4 FY'24
Q3 Fy'25
Q4 FY '25
12M’25 Vs 12M’24
+ 41%
46,245
32,820
+ 41 %
+ 83%
3,194
9.7%
4,517
9.8%
1,493
3.2%
817
2.5%
12M FY'24 Investor Presentation | April 2025
12M FY'25
12M FY'24
12M FY'25
12M FY'24
12M FY'25
12
Efficient Debt Management
Debt Details
Long Term Debt
Current Maturities of Long Term Debt
Total Long Term Debt
Short Term Debt
Gross Debt Level
Net Debt Level ( Adj of Cash & Bank)
Interest Bearing Acceptances
31.03.2025
31.03.2024
Inc / (Dec)
2,317
754
3,071
3,944
7,015
5,809
4,360
3,008
541
3,549
2,224
5,773
4,424
6,858
(691)
213
(478)
1,720
1,242
1,385
(2,498)
(1,113)
Net Debt + Acceptances
10,169
11,282
• The Net debt (including interest bearing acceptances) reduced by Rs 1,113 million YoY to Rs 10,169 million as of
31st March 2025, Despite revenue growth of over Rs 13,425 mn (41% YOY).
• Efforts continues on cash flow and balance sheet consolidation ; Cash flows and working capital are expected to
improve considering the quality of order intake this year
Investor Presentation | April 2025
13
Performance & Leverage Ratios
Particulars
Working Capital Ratios
(+) Inventory Days
(+) Debtor Days
(-) Trade Payable Days (Excluding acceptances)
Net Working Capital Days (Excl. Bills Payable)
Leverage Ratios
Debt Equity (X)
Debt to EBITDA (X)
Performance Ratios
ROCE (%)
ROE (%)
31.03.25
31.03.24
95
62
62
95
0.59
1.55
21.7
12.5
135
89
60
164
0.64
1.81
19.1
9.1
•
•
•
Investor Presentation | April 2025
Gross working capital days improved considerably, Sharp reduction in both inventory and debtor days
Net working capital days (Excluding Creditor Acceptances) has been bought down by 69 days to 95 days vs 164 days in Mar’24 on back of efficient working capital management
Focus continues towards further Improvement of performance and leverage ratio, Cash flows and working capital are expected to improve considering the quality of order intake this year
14
Cash Flow & Utilization 12 M FY’25
Total Inflows Rs 7,718 Million
Cash Flow from Operations
Rs 4,722 million
Cash used in Capex Investments
Rs 2,379 million
Increase in Borrowings & Lease Liabilities
Rs 1,144 million
Proceeds of Rights Issue & Other Receipts
Rs 1,852 million
Cash used in Interest, Tax and Dividend
Rs 2,490 million
Total Outflow Rs 7,679 Million
Working Capital Changes Rs 2,810 million
Increase in cash & Cash Equivalents Rs 39 Million
Investor Presentation | April 2025
15
Order Book Highlights
₹ 74,584 Mn Highest ever closing Orderbook as of March 2025
₹ 53,353 Mn Highest ever Order Inflows in 12MFY25
₹ 15,920 Mn New Orders in Q4 FY25
✓
✓
Share of non-T&D products, including Railways and Telecom, in the overall order book stood at 17 %
Domestic contracts from PGCIL and several Private TSO and SEB’s, reinforced leadership in power T&D Sector
✓
International contracts across Middle East, North and South America helping us to become global industry leader
Orderbook has shown consistent growth
n m
s R
21,151
45,506
62,146
74,584
Mar'22
Mar'23
Mar'24
Mar'25
Investor Presentation | April 2025
Geographical Breakup
Export 11.68%
Domestic 88.32%
Segmental Breakup
17.09%
11.68%
71.24%
T&D Domestic
Export
Non T&D Domestic
Note: Non T&D products includes - Telecom, Railways, Solar, Water EPC & other Steel Structural items
16
Order Inflow Trend
12M FY25 Total Inflow – Rs 53,353 mn
12M FY25 Total Export Inflow – Rs 7,924 Mn
n m
s R
28,639
Achieved highest ever order inflow for any quarter
15,286
12,148
FY’25 - Secured highest ever annual order inflow of Rs 53,353 mn
16,599
15,920
13,182
11,405
7,652
4,534
5,010
4,225
2,710
4,027
4,605
4,097
4,016
Q1 FY'22 Q2 FY'22 Q3 FY'22 Q4 FY'22 Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25
Investor Presentation | April 2025
17
Growth Strategies
Inflection Point with Growth Ahead
Skipper is well positioned to seize the multi - decadal opportunities for exponential growth!
Well-positioned to capture long-term industry tailwinds and to be a proxy play on China +1 theme for export markets
Focus on strengthening EHV Market share through capacity expansion and focus on R&D initiatives
Scale up exports by increasing penetration into developed markets for key segments – Power Transmission and Telecom
Enhance retail distribution network of polymer business
Improvement in operational efficiency through economies of scale and cost reduction initiatives
Investor Presentation | April 2025
19
Company Overview
Skipper at a Glance
43+
Years of Operations
India’s largest manufacturer of integrated T&D structures (based on FY24 capacity)
Amongst top 10 globally in manufacturing of T&D structures (based on FY24 capacity)
Multi-sectoral expertise
FY24 Revenue Mix
9.3%
14.6%
76.1%
Engineering
Infrastructure
Polymer
4
Manufacturing facilities in India
3,00,000 MTPA Engg products capacity
62,000 MTPA Polymer pipes and fitting products capacity
Exporting to 50+ countries
3,578 Employees as of Mar’25
46,245 FY25 Revenue (Rs mn)
4,517 FY25 EBITDA (Rs mn)
1,493 FY25 PAT (Rs mn)
7,703 FY25 Export Revenue (Rs mn)
74,584 12M FY25 Orderbook (Rs mn)
39.40% FY22-FY25 Revenue CAGR
9.8% FY25 EBITDA margin
21.7 % FY25 ROCE
95 days FY25 Net Working Capital Days
1.78 x Orderbook to FY25 Sales1
Investor Presentation | April 2025
1. Orderbook to Sales Ratio = FY25 Closing Orderbook / FY25 Revenue for Eng & Infra segments only
21
Our Journey – a legacy of 4+ decades
- Commissioned one of India’s largest
Tower & Monopole Load Testing Station Set up DSIR approved R&D Centre
-
2020
- Commissioned our first Transmission line EPC project 400 KV Panchkula Patiala for PGCIL - Diversified into Transmission EPC segment by way of forward integration
2016
Backward integration through setting up of rolling Mill
2010
2018 - Diversified into Railway Electrification
Received PGCIL approval for tower unit and our first order for 400KV towers
2006
2014 Won supply contracts for South America’s Transmission market
2009 Got India’s first order for 800KV transmission towers from PGCIL
2024
- Secured 9 projects from PGCIL, including 8 key 765KV transmission line projects
- Awarded Emerging Power EPC Player by PGCIL
2023 Appointed MS Dhoni as Brand Ambassador for promoting Polymer Pipes
1981
Incorporated for manufacturing of Hamilton Poles
Investor Presentation | April 2025
Note: PGCIL refers to Power Grid Corporation of India Limited
22
Key Management
Whole Time Directors
Sajan Kumar Bansal Chairman and Managing Director
Sharan Bansal Director
Devesh Bansal Director
Siddharth Bansal Director
Yash Pall Jain Director
Independent Directors
Mr. Ashok Bhandari Independent Director
Mrs. Richa M Goyal Independent Director
Mr. Raj Kumar Patodi Independent Director
Mr. Pramod Shah Independent Director
Mr. Desh Raj Dogra Independent Director
Investor Presentation | April 2025
23
Key Strengths
Investment Highlights
Market Leadership
Diverse product portfolio with a legacy of innovation
Integrated low-cost manufacturing capabilities backed by strong R&D
• India’s largest (top 10 globally) integrated T&D tower structures manufacturer • Experienced Promoter with 4 decades of expertise in the manufacturing business • One of the largest manufacturers of T&D structures with tower testing facilities to serve their global customers • Most preferred EPC contractor and supplier of Transmission tower of HVDC / High Voltage Transmission line Projects
• Offers a comprehensive range of products across Engineering, Infrastructure and Polymers • First Indian company to design and supply transmission monopoles to North America • Certifications from sovereign and international clients, including PGCIL approval and ISO 14001: 2015 & ISO 9000
accreditation showcasing quality excellence.
• Due to cost optimization, integrated plant benefits and strategic plant location with proximity to ports, the company is
well positioned to take benefits of a Multi Decadal Transmission Opportunity • Qualified engineering team coupled with in house design and R&D capabilities • Low-cost T&D player in India with the highest EBIDTA margin amongst peers as of H1FY25
Strong global presence
• Strong international presence in over 50+ countries • Establishment of an R&D Centre and Tower Testing Station improving brand positioning in export markets • Exports contributing 22% of engineering products revenue, 17 % of overall revenue in FY25
Healthy financial performance and robust order book
• Strong industry tailwinds coupled with company’s market leadership leading to Revenue CAGR of 39.40 % between
FY22-FY25
• Order book to revenue ratio of 1.78 x on FY25 Revenue , showcasing long term revenue visibility
Investor Presentation | April 2025
25
Diverse Product Portfolio (1/2)
We manufacture a range of Power Transmission structures, Telecom Towers, and Railway Electrification Infrastructure
Engineering
Infrastructure
Power Transmission Tower
Railway Structures
Power Distribution Poles
MS & High Tensile Angles
Tower & Substation EPC
Telecom EPC
Monopoles
Test Station
Telecom Tower
Fasteners & Tower Accessories
Coatings
Infrastructure Segment
Engineering Segment
12.2%
11.3%
11.6%
13,218
15,239
22,310
11.2%
35,185
FY22 Net Sales (Rs. Mn)
FY23
FY24
FY25
EBITDA Margin
Investor Presentation | April 2025
11 kV – 1200 kV Range of voltage
21.9% FY25 Export revenue (Engg segment)
3,00,000 MTPA Engg products capacity as of FY25
3.1%
6.1%
5,984
5.9%
6,743
-5.8%
652
505
FY22
FY23
FY24
FY25
Net Sales (Rs. Mn)
EBITDA Margin
Water EPC
•
•
Forward integration activity Focus on high- margin HVDC Transmission projects
26
Diverse Product Portfolio (2/2)
Leading manufacturer of Polymer pipes and fittings, catering to both plumbing and agricultural sectors with expanding reach and strengthening market share.
UPVC Pipes
CPVC Pipes
HDPE Pipes
Fittings
Polymer
One of the largest manufacturer of polymer pipes and fittings products in West Bengal and in East India
✓
✓
✓
✓
Growing National Presence with 30,000+ retail units across India(1)
Leveraging Economies of Scale in Procurement of PVC & CPVC Resin locally and internationally
End use industries: Plumbing, Sewage, Borewell & Agriculture Focusing on Plumbing products
✓
Skipper Pipes have been certified with highest standard of NSF 14 in 2016
Storage Tanks
Bath Accessories
Agriculture Pipes
Borewell Pipes and Fittings
Investor Presentation | April 2025
62,000 MTPA Polymer Capacity as of FY25
Polymer Segment
4.7%
5.2%
4,059
4,526
4.3%
4,317
3.4%
3,200
FY22 Net Sales (Rs. Mn)
FY23
FY24
FY25
EBITDA Margin
27
Core Competencies in Manufacturing
Integrate manufacturing facilities with advanced technology
✓
✓
✓
✓
✓
✓
Automated State-of-the-Art Equipment
Value Optimization through Engineering and Design Excellence
75% Production is through Automated CNC line
✓
✓
✓
In-House Availability of Products, Accessories, and Technical Services
Single location plant leading to Cost Efficiencies
7 Galvanizing plants in- house with a Galvanizing capacity of 300k MT p.a.
Strategically located plants in the East, ensuring raw material access, proximity to Haldia & Kolkata port, and cost-effective labour
Awarded as “Largest Tower Supplier” by PGCIL (1) & "Best Industry in Water Resources sector" by Central Board Of Irrigation And Power (2)
PGCIL Approved and ISO Certified Large Manufacturing Capacities enabling participation in large scale project orders; NABL certification for its in-house test labs
28
Manufacturing footprint largely concentrated in Kolkata
1
Uluberia - Kolkata, (WB)
187K MTPA
(including poles) 55K MTPA
2
3
4
Unit 1 - Kolkata, (WB) 75K MTPA
BCTL - Kolkata (WB) 38K MTPA
Guwahati – Assam 7K MTPA
Engineering products capacity
Polymer Pipes & Fittings products capacity
Investor Presentation | April 2025
Note: Data is as of 12M FY25 unless otherwise specified (1) Awarded in 2016, 2017, 2018 (2) Awarded in 2016
Manufacturing Value Chain
Our Value Chain
Steel Billets & blooms as input
Wire Rod as Input
Scale & Size
Strategic location
Manufacture MS & HT Angles
Manufacture Bolts & Nuts
Manufacture D-shackles & Hangars
Backward integration
Fabricate & Galvanize Complete Towers
EPC Line Construction
Competitive Advantage for Skipper!
Investor Presentation | April 2025
29
Powering growth through R&D
Leading through innovation
• We have strengthened our innovation capabilities backed by our
talented designing and R&D teams.
• In-house research & development Centre - Howrah, West Bengal
• DSIR approved facility
• We are assuring our clients by conducting prototype tests in our
state-of-art test centers.
Tested towers & monopoles
765 kV D/C Tower
500 kV D/C Tower
220 kV D/C Tower
765 kV S/C Monopole
400 kV D/C Monopole
Our USP in R&D
✓ Capability to test highest tower of 120m height with
1200kV in India
✓ Optimum efficiency designs ✓ Dedicated in-house R&D center ✓ Automated central loading and supervision system ✓ Dual-speed VFD Driven Electrical Winches
Investor Presentation | April 2025
30 30
Strong Global presence
Exporting to
50+
countries
17 % FY25 Export contribution to Overall Revenue
24.5% FY22-FY25 Export Revenue CAGR
8,708 mn Share of Exports in 12M FY25 Orderbook (Rs mn)
We are focused on scaling our exports
Africa 18
South America 9
Middle East 7
South and SE Asia 9
North America 3
Oceania 2
Europe 6
▪ China+1 strategy presents a significant opportunity for India as the preferred
▪ In-house design capabilities and skilled professionals to deliver value-added
sourcing location
and cost effective design solutions, enhancing project bids.
▪ One of the suppliers to South America transmission market, exclusive
▪ Strong working relationship with major Global EPC players
agreement with a major TSO(1) signed in 2014
▪ Enhanced credibility through certification of prominent international
▪ Improved brand positioning in the export market due to our establishment
organizations and Countries
of an R&D centre and Tower Testing Station
Investor Presentation | April 2025
Note: 1. TSO – Transmission service operator
31
Industry Overview
Power T&D Lines a Multi Decadal Opportunity
Addition of 7.4 mn of transmission lines globally till CY50
Global grid investment to nearly double in next 5 years
Asia pacific and North America continue to hold lion’s share with 70% of total investments
12.7
3,053
Region wise split of CY24-29 investment (USD 3,053 bn)
h t g n e
l
d e
l l
a t s n
I
)
m k n m
(
7.2
5.3
n b D S U
1,644
2021
2030
2050
CY19-23
CY24-29
4% 2%
4%
5%
30%
39%
16%
India North America Europe Asia Pacific Latin America Middle East Africa
Growth Drivers
Global
India
✓ Integration of Renewable Energy Sources ✓ Grid Modernization and Upgrades ✓ Electrification Initiatives in Emerging Economies ✓ Cross-Border and Regional Interconnections ✓ Sustainability and Decarbonization Goals
✓ Demand for advanced technologies like HVDC and
smart grids
✓ Renewables energy resources integration ✓ Increasing electricity demand and rural electrification ✓ Key Government regulations in India such as NEP, The National Grid Plan, GEC, NIP, PLI Scheme, Gati Shakti
Investor Presentation | April 2025
Source – CareEdge report
33
Power T&D super-cycle underway in India
Rs 9.2 tn
NEP Capex outlay during FY22–32 on High Voltage
(> 220kV)
➢ The GOI (combined NEP + State) to add 1.15 lakh ckm of lines in the period FY22-27 and 0.77 lakh ckm of
lines during FY27-32
➢ Additionally, 33 GW of HVDC Bipole links are in the process of planning ➢ The interregional transmission capacity to increase to 168 GW by 2032 from present 119 GW ➢ Transmission network to increase by 33% to 6.48 lakh ckm in FY32 from 4.85 lakh ckm in 2024; 87% increase in
transformation capacity to 2,342GVA from 1,251GVA.
RE addition spurring new cycle of T&D capex
PGCIL continues to dominate transmission capex
765 kV line expected grow at 13% CAGR till FY32
1,000
)
800 W 600 G ( y t 400 i c a p a 200 C
-
400
7 157
236
442
8
191
243
900
20
596
284
610
13
337
260
2,075
n B s R
Capex to double in the next 2 years
250
94
112
FY22
FY24
FY27E
FY32E
Nuclear Capacity
Renew Capacity
Thermal Capacity
FY22
FY24
FY26E
FY25-32E
0.09
4.56
0.10 0.51
1.94
1.92
0.09
4.85
0.10
0.55
2.04
2.07
0.09
5.71
0.10
0.88
2.29
6.48
0.35
1.15
2.50
2.36
2.49
m k c h k a L
0
FY22
FY24
FY27E
FY32E
800 KV HVDC
500 KV HVDC
765 KV
400 KV
220 KV
Transmission opportunity of INR 9.2 trillion to further increase with additional capex in <220 kV lines by STUs/ SERC.
Investor Presentation | April 2025
Source – CareEdge report Note: STU- State Transmission Utilities, SERC – State Electricity Regulatory Commission, GVA - Gigavolt-amperes
34
Importance of New Transmission lines for Renewables
New transmission lines are a crucial part of our renewable energy future – They ensure reliable, efficient and widespread renewable power supply
Resource Location
Energy Reliability
Grid Integration
Capacity Expansion
✓ Many renewable sources are in
✓ Renewables can be intermittent
✓ Existing grid infrastructure
✓ Transitioning to renewables
remote areas
✓ Transmission lines bridge the
gaps to where energy is needed
due to weather
✓ New line help balance supply
and demand
needs upgrading
✓ Transmission lines aid
strains existing lines
✓ New lines are vital for increased
renewable energy distribution
energy flow
Energy Loss Reduction
Decentralization
Grid Resilience
✓ Modern lines are more
efficient
✓ Reducing losses makes
renewables cost effective
✓ Lines enables bidirectional
power flows
✓ Rooftop solar and local sources need support
✓ Transmission upgrades enhances grid resilience
✓ Make utilities better
prepared for extreme events
Investor Presentation | April 2025
35
Strong tailwinds in Telecom and Railway sector
Telecom sector in India - 2nd largest Telecom market in the world
Growth Drivers for Telecom sector
➢ 2nd largest Telecom market in the world with a subscriber base of ~1.18 bn ➢ Internet penetration up 75% as of CY24 (CY20 -54%) , to reach 86% by CY28 ➢ India’s 5G subscriber base to rise to 25% of overall users as against ~20% at present
Rollout of 5G to dominate demand for telecom towers
Telecom Towers investments leading to higher EPC opportunities
s t i n u 0 0 0
‘
837
582
1,218
n b s R
864
327
537
1,479
544
935
CY19
CY24E
CY29E
India Telecom Towers Volume
CY19-23
CY24-29
Tubular Telecom Tower Angular Telecom Tower
Railway sector trends and drivers
✓ Rapid 5G Expansion
✓ Surge in data consumption
✓ Digital transformation across sectors
✓ Rise of IoT and Industrial Applications
✓ Increasing Rural connectivity
✓ Currently, over 85% of the broad-gauge network has been electrified, totaling over 69,000 kms, with a goal to achieve 100% electrification by 2025 ✓ GOI plans to invest over Rs 10 tn from FY25 to FY30, focusing on further electrification, digitalization, and high-speed rail expansions ✓ With a Capex of Rs. 2,622 bn and a Gross Budgetary Support of Rs. 2,522 bn, the GOI is transforming Indian Railways into a world-class network ✓ GOI schemes such as PM Gati Shakti, Dedicated Freight Corridor, Amrit Bharat, High Speed Rail Corridors are transforming the Indian railway sector
Investor Presentation | April 2025
Source – CareEdge report
36
Polymer sector outlook
In India’ CPVC pipes market grow > 2x by CY29rivers
Key Growth Drivers Drivers
799
251
548
480
118
362
✓ Government Infrastructure Initiatives
•
•
•
Jal Jeevan Mission to provide tap water connections to all rural households by 2024
AMRUT for sustainable urban development
Housing for All
• Nal se Jal
•
Swachh Bharat Mission
✓ Urbanisation project -smart cities and urban renewal projects
✓ Shift from Metal to Polymer Pipes across sectors
i.e agriculture, residential plumbing, sewage systems, and industrial applications.
✓ Increasing focus on micro irrigation efficiency and improving
CY24E
CY29E
agricultural productivity
UPVC Pipes
CPVC Pipes
✓ Rising awareness and adoption of water conservation
practices
) n B s R (
348
74
274
CY19
The polymer pipes experienced significant growth in last decade lead by shift from Metal to Polymer Pipes
Investor Presentation | April 2025
Source – CareEdge report
37
Financial Highlights
Key Performance highlights
Rs in Mn
Revenue
CAGR 39.40%
EBITDA & Margin
CAGR 39.10%
46,244.80
9.83%
32,820.43
9.72%
9.73%
9.77%
4,516.58
1.47%
Rs in mn
PAT & Margin
CAGR 81.11%
1.80%
2.49%
3.23%
1,493.46
17,070.80
19,803.00
1,678.30
1,925.48
3,194.34
816.65
251.47
355.66
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Net Working Capital Days (excl. creditor acceptances)
231
211
163
95
Leverage Ratios
Performance Ratios
Debt to Equity
Debt to EBITDA
3.38x
0.77x
2.51x
0.63x
1.81x
1.55x
0.64x
0.59x
3.43%
ROCE (%)
ROE (%)
9.23%
19.15%
9.10%
21.71%
12.52%
12.30%
4.63%
FY22
FY23
FY24
FY25
Investor Presentation | April 2025
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
39
Consolidated Profit & Loss
Rs in mn
Sl
Particulars
1
2
3
4
5
6
7
8
9
Revenues
Reported EBITDA
EBITDA Margins (%)
(+) Other Income
(-) Depreciation
(-) Finance Cost
Finance cost as % to Revenue
(+) Share of Profit / (Loss) of JV
Profit Before Tax (2+3-4-5+6)
PBT Margins (%)
Tax
Profit / Loss After Tax (7-8)
PAT Margins (%)
FY22
17,070.80
1,678.30
9.83%
40.12
484.92
930.03
5.45%
-34.64
268.83
1.57%
17.36
251.47
1.47%
FY23
19,803.00
1,925.48
9.72%
53.17
467.80
1,040.09
5.25%
28.58
499.34
2.52%
143.68
355.66
1.80%
FY24
32,820.43
3,194.34
9.73%
85.95
525.30
1,539.87
4.69%
69.83
1,284.95
3.92%
468.30
816.65
2.49%
FY25
46,244.80
4,516.58
9.77%
195.19
632.96
2,127.49
4.60%
35.18
1,986.50
4.30%
493.04
1,493.46
3.23%
Investor Presentation | April 2025
40
Segment Report
Rs in mn
Segment
Profit & Loss Summary
FY22
FY23
FY24
FY25
Net Sales
13,218.48
15,238.54
22,310.42
35,184.94
Engineering Products
EBITDA
EBITDA margin (%)
Net şales
Polymer Products
EBITDA
Infra Projects
Total
EBITDA margin (%)
Net şales
EBITDA
EBITDA margin (%)
Net şales Total
EBITDA Total
EBITDA margin (%)
1,607.92
12.16%
3,200.21
108.28
3.38%
652.11
-37.90
-5.81%
1,718.34
11.28%
4,059.49
191.75
4.72%
504.97
15.39
3.05%
2,595.44
11.63%
4,526.38
236.80
5.23%
3,929.81
11.17%
4,317.41
186.37
4.32%
5,983.63
6,742.45
362.10
6.05%
400.40
5.94%
17,070.80
19,803.00
32,820.43
46,244.80
1,678.30
9.83%
1,925.48
9.72%
3,194.34
9.73%
4,516.58
9.77%
Note: Segment EBITDA includes allocation of un-allocable expenditure in pro-rata share of Sales and Capital Employed in their respective segment
Investor Presentation | Feb 2025
41
Consolidated Balance Sheet
Rs in mn
Assets
FY22
FY23
FY24
FY25
Equity and Liabilities
FY22
FY23
FY24
FY25
Non-Current Assets
Equity
Fixed Assets (Incl. CWIP)
6,709.31 7,041.05 7,653.99 10,343.62
Other Non-Current Assets
278.84
636.53
567.36
740.79
Equity Share Capital
102.67
102.67
105.24
112.85
Other Equity
Total Equity
7,218.64 7,571.46 8,870.96 11,818.18
7,321.31 7,674.13 8,976.20 11,931.03
Total Non-Current Assets
6,988.15 7,677.58 8,221.35 11,084.41
Non-Current Liabilities
Current Assets
Inventories
7,860.64 9,132.01 12,031.45 11,974.06
Borrowings
2,119.84 1,918.85 3,008.15 2,317.50
Other Non Current Liability
560.13
1,585.05 1,898.70 1,577.17
Total Non Current Liability 2,679.97 3,503.90 4,906.85 3,894.67
Trade Receivables
4,343.97 3,602.22 7,661.46 7,012.79
Current Liabilities
Cash and Bank Balances
392.03
310.81
1,348.90 1,205.95
Borrowings
3,546.67 2,921.34 2,764.45 4,697.29
Other Current Assets
1,254.66 1,503.79 2,183.98 2,694.69
Total Current Assets
13,851.30 14,548.83 23,225.79 22,887.49
Trade Payables
6,264.26 5,881.15 12,205.81 12,217.77
Other Current Liabilities
1,027.24 2,245.89 2,593.83 1,231.14
Total Current Liabilities
10,838.17 11,048.38 17,564.09 18,146.20
Total Assets
20,839.45 22,226.41 31,447.14 33,971.90
Total Equity and Liabilities 20,839.45 22,226.41 31,447.14 33,971.90
Investor Presentation | Feb 2025
42
Shareholding Pattern
Shareholding pattern As on 31st March 25
Major Shareholders List
Name
Chartered Finance & Leasing
Ocean Dial Asset Management India (ICGF)
Ajay Upadhyaya
The Prudential Assurance Company Ltd
William Blair Fund
Alquity Fund
M&G Fund
%
1.76%
1.72%
1.60%
1.21%
1.14 %
0.41%
0.18%
Investor Presentation | April 2025
43
Promoters66.48%Foreign Portfliio Investors5.13%Others28.39% ESG, Awards & Recognition
Environmental, Social and Governance (ESG)
➢ Obtained certificate of LCA and EPD for our Towers and Pole products. This is required for export of products to
Europe as well as USA.
➢ Installed 90 KLD capacity STP to promote water conservation and explore opportunities for reusing of treated
sewage water. Specially designed engineered bacteria have been used for treatment of generated sewage
➢ Encapsulated GI process with integrated APCD arrangement
➢ Process Effluent Treatment facility (ETP unit Integrated with MBBR, Clarifier & Tertiary treatment Facilities) in
January 2022
➢ 100s of Tree Plantation Initiatives at Skipper
➢ Installed clean Fuel for Furnace Operation-FO replaced with LPG in Jangalpur
➢ Set up RO water from STP treated water(20 KLD) for GI operation
➢ Daylight harvesting with rooftop sheets, to enhance the Lux levels at our working area
Investor Presentation | April 2025
45
Social and Environment Initiatives (1/2)
Skipper cares Our company's journey towards contributing to society began long ago, and we have always believed that it's an integral part of our ecosystem. To ensure that our efforts are focused and effective, we have developed a CSR Framework in line with Schedule VII of the Companies Act, 2013. A dedicated CSR committee oversees the implementation of these initiatives and monitors their progress.
Beti Padhao abhiyaan – Flagship Project In 2017, we launched the Beti Padhao Abhiyan, inspired by the government's Beti Bachao, Beti Padhao Yojana. It has now become a flagship project. We annually select underprivileged girls from schools in Kolkata & Howrah and provide them scholarships based on their individual needs.
Investor Presentation | April 2025
Infrastructure support to schools We annually assist in school infrastructure development, including building maintenance, providing furniture for students and teachers, supporting electricity bill payments, hiring guest teachers, ensuring clean drinking water, and providing food for hostel children.
Environment sustainability The project includes supporting the maintenance of two cremation ghats in Kolkata to prevent water and air pollution. Additionally, the Company has adopted a Traffic Theme Park in Nibra, Howrah, covering an area of 1,224 sqmt., and is responsible for its overall maintenance.
Animal welfare The Company has partnered with the Calcutta Pinjrapole Society to provide care, maintenance, and food for old, sick, and abandoned cows. This includes the construction and upkeep of cow shelters and clinics.
Integrated village development One Teacher School (OTS) Ekal on Wheel Arogyam Homeopathy clinic Training centres
46
Social and Environment Initiatives (2/2)
Investor Presentation | April 2025
47
Skipper Pipes – 100% Lead Free Campaign
• Awarded the Green Pro Certification by CII-IGBC
(Indian Green Building Council).
Skipper Pipes have been certified with highest standard of NSF 14.
Investor Presentation | April 2025
48
Recognition
Recognized Great place to work 3 years consecutively
AWARD: THE LARGEST TOWER SUPPLIER FOR 3rd CONSECUTIVE YEAR GIVEN BY: POWER GRID CORPORATION OF INDIA LTD. (PGCIL) Year – 2016,17,18
AWARD: EMERGING POWER EPC PLAYER GIVEN BY: EPC WORLD Year - 2016
AWARD: GLOBAL HR EXCELLENCE GIVEN BY: WORLD HRD CONGRESS Year - 2017
AWARD: NO. 1 EMERGING BRAND IN POLYMER PIPES & FITTINGS GIVEN BY: WCRC Year - 2016
AWARD: TOP 10 TOWERS AND POLES MANUFACTURER GIVEN BY:INDUSTRY OUTLOOK Year - 2023
AWARD: STAR PERFORMER AWARD FOR THE YEAR 2015-16 GIVEN BY: EEPC INDIA
AWARD: THE BEST POLYMER BRAND GIVEN BY: CONSTRICTION TIMES Year - 2017
AWARD: EMERGING EPC PLAYER GIVEN BY: POWERGRID Year - 2024
49
Investor Presentation | April 2025
D I S C L A I M E R
This presentation (“Presentation”) does not constitute a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement, an offer document or an offering memorandum, under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended, or any other applicable law. This presentation is for informational purposes only and is not a solicitation of any bid from any investor. Nothing in this presentation, or any oral information provided in connection with it, shall constitute or deem to constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction. This presentation has not been and will not be reviewed or approved by any statutory or regulatory authority in India or by any stock exchange in India.
This presentation should not be considered as a recommendation that any investor should subscribe for or purchase any securities of Skipper Limited (the “Company”) and should not be used as a basis for any investment decision. The Company will not update you in the event the information in the presentation becomes stale. Moreover, no express or implied representation or warranty is made as to, and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in this presentation.
None of the Company or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.
This presentation is highly confidential, being given solely for your information and for your use, and may not be copied, reproduced, or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions.
This presentation contains certain statements of future expectations and other forward-looking statements, including those relating to the Company's general business plans and strategy, its future financial condition and growth prospects, and future developments in its sectors and its competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward looking statements. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward-looking statement. The factors which may affect the results contemplated by the forward-looking statements could include, among others, future changes or developments in (i) the Company’s business, (ii) the Company’s regulatory and competitive environment, and (iii) political, economic, legal and social conditions in India or the jurisdictions in which our Company operates. Neither the Company nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation and are not guarantees of future performance. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. This presentation includes certain industry data and projections that have been obtained from industry publications and surveys. Further, certain numbers in these presentations and materials have been subject to routine rounding off and accordingly figures shown as total in tables and diagrams may not be an arithmetic aggregation of the figures that precede them.
By attending this presentation and/ or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this document and its contents confidential; (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this document with any of the directors or employees of the Company nor with any of their customers or suppliers, or any governmental or regulatory body without the prior written consent of the Company; and (iii) you agree not to remove or copy this document, or any materials provided in connection herewith.
Investor Presentation | April 2025
50