Minda Industries Limited has informed the Exchange regarding Investor Presentation
Minda Industries Ltd. Investor Presentation – March 2019
1/4
Safe Harbor
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This presentation and the accompanying slides (the “Presentation”), has been prepared by Minda Industries Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the auto ancilliary industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
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Quarterly Update Presentation
Financial Highlights
Revenue^ (Rs. Cr)
EBITDA (Rs. Cr)
PAT* (Rs. Cr)
Margin (%)
Quarter 3
+39%
1,470
+43%
180
1,056
126
+30%
79
61
12.0%
12.3%
5.7%
5.4%
Q3 FY18
Q3 FY19
Q3 FY18
Q3 FY19
Q3 FY18
Q3 FY19
Q3 FY18
Q3 FY19
4/6 4 / 46 4/6 4
EBITDA PAT
9M
+43%
4,422
+48%
540
+41%
244
3,100
364
173
11.8%
12.2%
EBITDA
PAT
5.6%
5.5%
9M FY18
9M FY19
9M FY18
9M FY19
9M FY18
9M FY19
9M FY18
9M FY19
^ Revenue is Net of Excise; * PAT = Net profit/(loss) before share of profit/(loss) of associates / joint ventures/minority
Revenue* Bridge
5/6 5 / 46 5/6 5
1,470
110
3 r e t r a u Q
M 9
27
24
8
59
7
1,056
179
Q3 FY18
MRPL (SW)
MIL Stand. (SW+L)
MKAWL (OTH)
MJCL (OTH)
Rinder (L)
MDSL
MITIL + OTH
Q3 FY19
182
105
49
115
61
4,422
199
3,100
611
9M FY18
MRPL (SW)
MIL Stand. (SW+L)
MKAWL (OTH)
MJCL (OTH)
Rinder (L)
MDSL
MITIL + OTH
9M FY19
SW: SWITCH, L: LAMP, OTH: OTHERS
* Revenue is Net of Excise
Q3 Division Wise Revenue* & EBITDA Mix
Revenue
Q3 FY18
27.2%
29.5%
15.5%
EBITDA
Q3 FY18
27.8%
23.8%
Q3 FY19
36.3%
29.3%
11.4%
6/6 6 / 46 6/6 6
Switches
Lighting
22.9%
Q3 FY19
Acoustics
33.2%
44.9%
40.9%
Others
19.7%
11.6%
* Revenue is Net of Excise
7.3%
18.7%
9M Division Wise Revenue* & EBITDA Mix
Revenue
9M FY18
9M FY19
26.3%
30.8%
27.5%
39.0%
7/6 7 / 46 7/6 7
Switches
Lighting
12.0%
21.6%
9M FY19
Acoustics
38.7%
Others
36.8%
7.4%
17.1%
15.7%
EBITDA
9M FY18
44.6%
27.3%
24.9%
20.2%
10.2%
* Revenue is Net of Excise
* Revenue is Net of Excise
Revenue* Mix – Q3 & 9M FY19
8/6 8 / 46 8/6 8
Geography-wise Breakup
Channel-wise Breakup
Segment -wise Breakup
15%
13%
3 r e t r a u Q
M 9
50%
50%
85%
87%
India
International
OEM
Replacement
2/3 W
4 W
16%
11%
53%
47%
84%
89%
India
International
OEM
Replacement
2/3 W
4 W
* Revenue is Net of Excise
Consolidated Profit & Loss Statement
9/6 9 / 46 9/6 9
Particulars (Rs. Cr)Q3 FY19Q3 FY18YoY %Q2 FY19QoQ %9M FY199M FY18YoY %Revenue from Operations (Net of Excise)1,470.11,056.239%1521.7-3%4421.63099.743%Raw Material903.4647.3937.62723.51917.9Employee Cost 204.9141.4195.3588.8410.3Other Expenses181.4141.1199.5569.5407.2EBITDA180.4126.443%189.3-5%539.8364.348%EBITDA Margin 12.27%11.97%12.44%12.21%11.75%Other Income2.77.74.814.021.0Depreciation60.842.056.1166.2116.0EBIT122.392.133%138.0-11%387.6269.344%EBIT Margin 8.32%8.72%9.07%8.77%8.69%Finance Cost14.57.015.142.721.2Profit before Share of Profit/Loss of JVs and Tax107.885.127%123.0-12%344.9248.139%PBT Margin7.33%8.05%8.08%7.80%8.00%Tax28.324.338.7100.775.2Profit before Share of Profit/Loss of JVs79.460.831%84.2-6%244.2172.941%Share of Profit/Loss of JVs1.95.34.610.518.0Net profit/(loss) after share of profit/(loss) of associates / joint ventures (A)81.366.123%88.8-8%254.7190.933%PAT Margin %5.53%6.26%5.83%5.76%6.16%PAT attributable to:- Owners of MIL69.459.517%72.7-5%212.1174.721%- Non Controlling Interests12.06.616.142.616.2Other Comprehensive Income-3.5-2.84.43.3-1.0Total Comprehensive Income for MIL65.856.716%77.1-15%215.4173.824%TCI Margin %4.48%5.37%5.07%4.87%5.61%Total Comprehensive Income for Non Controlling Interests 11.96.616.242.716.2 Consolidated Balance Sheet
10/6 10 / 46 10/6 10
ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Other intangible assets Intangible assets under development Goodwill on Consolidation Financial assets
Investments
(i) (ii) Loans (iii) Others
Deferred tax assets (net) Other tax assets Other non-current assets Sub-total - Non-Current Assets Current assets Inventories Financial assets
(i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than Cash and Cash
equivalents above
(iv) Loans (v) Other financial assets
Other current assets Sub-total - Current Assets TOTAL - ASSETS
30th Sept., 2018 31st Mar., 2018
EQUITY AND LIABILITIES
30th Sept., 2018 31st Mar., 2018
1,426.0 134.3 46.5 22.5 166.1
334.6 17.6 4.3 7.4 32.8 63.8 2,255.9
1,199.4 192.1 39.3 18.7 111.8
155.2 14.5 16.8 18.6 31.2 40.4 1,838.0
570.1
417.5
983.0 100.7
8.9
4.0 34.3 153.3 1,854.2 4,110.1
789.7 125.6
33.9
1.6 18.0 140.7 1,527.1 3,365.1
Equity
Equity Share capital
Other equity
Non-Controlling Interest
Sub-total - Shareholders' funds
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings
(ii) Other financial liabilities
Provisions
Sub-total - Non-current liabilities
Current liabilities
Financial liabilities
(i) Borrowings
(ii) Trade payables
(iii) Other financial liabilities
Other current liabilities
Provisions
Current tax liabilities (net)
Sub-total - Current liabilities
TOTAL - EQUITY AND LIABILITIES
52.4
1,535.2
243.5
1,831.1
437.9
81.0
74.6
593.5
404.2
979.5
184.4
96.6
20.9
-
1,685.5
4,110.1
17.4
1,374.3
211.0
1,602.7
240.0
51.5
103.8
395.3
302.8
798.4
155.4
91.8
14.8
3.8
1,367.1
3,365.1
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New Projects & M&A Update
Capex: New Projects Announced
12/6 12 / 46 12/6 12
2 Wheelers Alloy Wheels
Controller & Telematics
A new Project for alloy wheel has been
approved to be set up for 2 Wheeler OEMs
The expected outlay for the first phase of the
project is Rs300 cr
The first line is targeted to achieve the SOP by
end of FY2019-20
The plant will be located in Maharashtra
Capacity: 300,000 wheels per month
Rationale
Import Substitution opportunity: ~60% of the
industry requirement is imported.
Imports not attractive due to duty 15% on
imports and appreciating USD
Need for localization for improved reliability
A new Project for controller and telematics for a total outlay Rs 80 cr over next 12 months
This will be business division of MIL and will operate in tandem with i-SYS to maximize synergies
The Project is expected to be commissioned in
end of 2019-20
Rationale
The notification making AIS 140 regulation mandatory for all public transport and commercial vehicles has been advanced by three months i.e., with effect from January 01, 2019.
Controllers will witness increased demand
with rise in electronic content & premiumization
Merger of Harita Seating System
Company Background
Harita Seating Systems Limited (HSSL), established in 1988 is listed on the National Stock Exchange (NSE). HSSL provides complete seating solutions for driver and cabin seating for CVs, Tractors and OR, as well as passenger seats for buses across all segments No of Plants: 12 JV Partner: Fehrer, Germany ( Part Of AUNDE Group)
Historical Financial
Revenue (Rs. Cr)
EBITDA (Rs. Cr)
PAT* (Rs. Cr)
38
905
87
28
63
790
2017
2018
2017
2018
2017
2018
* PAT after MI
CVs
Tractors
Buses
OR
2W , others
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P R O D U C T S
C U S T O M E R S
CVs
Tractors
Buses
OR
2W, others
1 3
1 3
1 3
Shareholding Structure
14/6 14 / 46 14/6 14
Existing Structure
Final Structure
P1 P2
P3
P4
FP
14%
52%
Harita Seating Systems
Public Shareholder
34%
51%
49%
Fehrer Germany
Minda Industries Limited
1. Switch 2. Light 3. Horn 4. Seating Division
51%
49%
Fehrer Germany
Harita Fehrer Limited
Harita Fehrer Limited
Transaction Summary
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HSSL
Enterprise Value*
Debt
Equity Value
Value Per Share ( Rs)
*Net of Cash
Rs Cr
401
25
376
484
SWAP
Particulars
Appointed Date
Effective Date
Record Date
Date
April 01, 2019
NCLT Approval
Will be determined after Court Order
Option 1 Equity Share of MIL Rs 320 Swap ratio: 1.5: 1
Option 2 Redeemable Pref. Share Yield: 7.5% PA Coupon: 0.01% Tenor : 3 years
Transaction Rationale
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Product Synergies: MIL will broaden its product portfolio and help leverage the deep R&D capabilities to ensure a robust pipeline of new product launches.
MIL to improve realisation per vehicle ( Kit Value) across all segments. Improve revenue mix In CV Segment
Customer Synergies: It will help leverage the long standing and entrenched customer/OEMs relationships of group providing access to new/ complementary customers.
Technology: Leverage Technology Partner ( Fehrer, Germany) to develop and grow PV and other segments
Cost Synergies: Realization of cost synergies across general and administrative expenses and maximizing productivity gains by pooling of financial, managerial, technical and human capital.
Manufacturing Plants are located at Strategic locations in close proximity of OEMs
Sales Channel Synergies: Leverage upon strong aftermarket distribution channel to augment growth further
Value Accretive: The Transaction is EPS accretive to Shareholders to MIL
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About Us
Vision
18/6 18 / 46 18/6 18
Vision
To be a Sustainable Global
organization that enhances value
for all its Stakeholders, attains
Technology Leadership and cares for its people like
a Family
Key Words
Sustainable
Global
Stakeholders
Technology Leadership
Family
Strategy for Growth
19/6 19 / 46 19/6 19
Regulatory Norms BS-VI expected implementation by 2020 will benefit UNO MINDA as it ready with products which are likely to see strong demand 1. Sensors ( BS VI) and Engine related Sensors in
association with Sensata, US 2. Advance Filtration and Canisters 3. On Board Diagnostics (OBD) 4. Seat Belts
Enhanced Safety NCAP and Crash Test Norms are ensuring a swift migration to a safe car. 1. 2. 3.
Air Bags & Seat belts Reverse parking Sensors Combi Braking Systems
Regulatory, Emission Norms
Premiumization and Kit Value
Enhanced safety Norms
Electronification and Electric Vehicles (EVs)
Premiumization Indian Automobile market is likely to undergo premiumization of vehicles and UNO MINDA is Poised to strongly benefit. 1. 2. 3. 4. 5. 6. Wireless Chargers 7.
LEDs replacing convention lamps Advanced Driving Assistance System (ADAS) Alloy Wheels Infotainment System Telematics
AMT
Electronification & EVs UNO MINDA has set up CREAT for Advanced research engineering and advanced technologies focused to capture 1. 2.
Cockpit Electronics Body Exterior & advanced Lighting Air Bags & Seat belts Controllers and Sensors EV technologies
3. 4.
Synergies that Drive Excellence……
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Geographies Operations across 5 Continents
Manufacturing Facilities 56 Plants in Globally
Customers Over 50 OEMs served in India and Overseas across 4W, 2/3W and Off Road segments
Experience
Over 6 Decades in the Automotive Industry
Products
Over 20 products supplied to leading OEMs
R&D Across the Globe 5 R&D Centres; 14 Design Centres
Intellectual Property
180+ Product patents filed/registered 192+ Design Registrations
Partnerships with Technology Leaders 14 Joint Ventures and Associations
Pioneer in localization of Auto Components: Through JVs & Associations
21/6 21 / 46 21/6 21
We have partnered with global technology leaders in the respective product segments
Hedged presence Across all end user segments
22/6 22 / 46 22/6 22
Geography-wise Breakup
Channel-wise Breakup
Segment -wise Breakup
India
International
OEM
Replacement
2Wheeler
4Wheeler
18%
12%
82%
88%
44%
56%
Note: Data for FY18
Strengthening our Balance Sheet
23/6 23 / 46 23/6 23
Building Shareholder Value year on year…
39%
32%
Sales Growth %
13%
19%
21%
23%
11%
12%
9%
ROCE %
EBITDA %
FY16
FY17
FY18
FY16
FY17
FY18
FY16
FY17
FY18
Growth without stressing the Balance Sheet…
Net Worth (Rs. In Crs.)
482
1,392
1,059
993
714
Net Fixed Assets (Rs. In Crs)
1,450
0.8
Debt:Equity
0.4
0.4
FY16
FY17
FY18
FY16
FY17
FY18
FY16
FY17
FY18
Acquisitions:
Clarton Horn, Rinder, iSys
Note: Consolidated Data
Joint Ventures:
Kosei, Onkyo, TTE, Katolec, TG, Tokarika
Group Consolidation
24/6 24 / 46 24/6 24
Business Overview
Evolution of Our Product Portfolio
25/6 25 / 46 25/6 25
The evolution continues…
Controllers
Speakers & Infotainment
2017-18
-
Hoses
Fuel Caps
2015-16 -
2010-14
Alloy Wheels
Aluminum Die Casting
Air Filtration Systems
Blow Moulding
2001-08
-
Batteries
CNG/LPG Kits
Automotive Horns
Automotive Lighting
1950-2000
Automotive Switches
EMS Services
DAPS
Sensors
Organic Diversification
Joint Ventures & Associations
Advent of EVs: Our Hedged Product Portfolio
26/6 26 / 46 26/6 26
S. No
Product Lines
Company Name
Approximate timelines
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
20
21
22
23 24 25
26
27 28
Engine & Transmission Parts
Safety Parts
Body Parts
Comfort & Convenience Parts
Others
Alternate Fuel Systems Air Filtration Systems Canisters Brake Hoses Fuel Hoses Alloy Wheels Seat Belts Cameras EA Pad Steering Wheel with Airbags Fuel Caps Lamps Air Ducts & Washer Bottle Spoiler Body Sealings 4W Switches & HVAC Cigar Lighters & Chargers Wheel Covers Shifters Infotainment Systems (CD Tuners, Display Audio & Audio Video Navigations) Speakers Reverse Parking Aid Systems & Advanced Driver Assistance Products and Systems Sensors Actuators Controllers End to End Telematics & Connected Car Solutions Horns Batteries-Lead Acid
METL Roki Minda Roki Minda Minda TG Minda TG Minda Kosei TRMN MFTL, Minda TTE MKL TGMN TGMN MIL-Ltg Div MKL MKL TGMN MRPL MRPL MRPL TRMN
Minda D Ten
Minda Onkyo
Minda TTE
MIL-SAC Div MIL-SAC Div MIL-SAC Div
MIL
MIL-Accoustics Div MIL-Battery Div
BS VI Apr-20 D D
D
Technologies PEV 2022-25 X D D D D
D D
D D
BEV 2025-2030 X X X D X X D D X
D D
D D
Legend
To continue as it is D To continue with changes X Obsolete Positively Impacted
Group product portfolio – 2 Wheeler
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Horns
Handle Bar Assemblies
Sensors
Filter/ Canisters
Battery
Lamps
Switches.
Noise Suppresser Cap
Equalizer Assembly
Die Casting Components
Switch business
Horns business
Light business
Others
Kit Value* – 2 Wheelers
28/6 28 / 46 28/6 28
6,801
4,572
5,162
4,308
2,750
Economy
Executive
Premium
Scooter
Moped
Up to 110 CC
110 -135 CC
> 135 CC
All scooters
All Mopeds
*Contribution from Group Companies which are not yet consolidated is not included in the Kit Value
Group product portfolio – 4 Wheeler
29/6 29 / 46 29/6 29
Spoiler
PWS
Auto HVAC
Fuel cap
LED lamps
CNG Kit
Headlamp levelling motor
Electronic Horn
Hoses
Electronic accelerator pedal module
Alloy wheels
Batteries
Switch business
Horns business
Light business
Others
Kit Value* – 4 Wheeler PVs & Tractor
30/6 30 / 46 30/6 30
75,879
63,683
Values in INR
19,893
44,064
32,906
A
B
C
D
E & MUV
3,378
Tractor
Up to Rs. 2.2 Lacs
Rs. 2.21 - 4.5 Lacs
Rs. 4.5 - 8.3 Lacs
Rs.8.4 -16 Lacs
>Rs 16 lacs
Off Road
*Contribution from Group Companies which are not yet consolidated is not included in the Kit Value *Potential is calculated on basis that all products manufactured by the group is supplied in the vehicle.
Product Mix
31/6 31 / 46 31/6 31
Revenue - FY18
EBITDA – FY18
24.2%
34.6%
32.6%
35.2%
15.7%
25.5%
10.7%
21.4%
Switches
Lighting
Acoustics
Others
Note: Consolidated Data
Customer led and Customer Oriented: Customer Mix ( FY 2018)
32/6 32 / 46 32/6 32
Switching Systems
Lighting Systems
Acoustics Systems
4W
2W
Others 22%
HCIL 4%
TML 5%
M&M 6%
TKML 8%
MSIL 55%
Others 41%
Hero 4%
Royal Enfield 4%
Bajaj Auto 35%
TVS 9%
HMSI 8%
Maximize Customer Value
optimum product mix to maximize content per vehicle
Hedged
across segments
strengthening our focus on customer relationships
Note: Consolidated Data
Alloy Wheels (MKA)
Suzuki Motors 5%
M&M 5%
MSIL 90%
Others 45%
Tata Motors 4%
Royal Enfield 6%
Toyota Boshoku Auto 7%
Die Casting (MJ Casting)
WABCO India 16%
TVS Motors 25%
Daimler 9%
Hyundai 7%
PSA 3%
Bajaj Auto 3%
TVS 3%
MSIL 29%
M&M 10%
Others 75%
Blow Molding
Others 22%
M&M 4%
Honda Crs India 9%
Suzuki Motors 14%
HMSI 59%
MSIL 23%
TKML 27%
Switching Systems
Indian’s Largest Manufacturer
• Market Share of ~65% • • Exports to USA, France, Italy, Austria and others
Independent in-house R&D
contributing ~6% to Switch sales in FY18
• Minda Rika, the 4W switching business has become a subsidiary from Q4FY18, with a revenue of ~Rs. 750 Crs
33/6 33 / 46 33/6 33
2100
1600
1100
600
Rs. In Crs
9.4%
1,035
FY16
9.8%
1,211
FY17
12.0%
13.0%
11.0%
9.0%
7.0%
1,580
FY18
End Use Segment
Revenue
EBIDTA Margin %
• 2/3 Wheeler & Off-road • 4 Wheeler (Through subsidiary - Minda Rika)
Key Customers: 2W - HMSI, Bajaj, HMCL, TVS , REML & Yamaha 4W – MSIL, TKML, M&M, TML & HCIL
Manufacturing Facilities
• Manesar • Pune • Pantnagar • Hosur • Aurangabad
ASEAN Entities: • Indonesia • Vietnam
* - FY16 Financials as per IGAAP; FY17 & FY18 as per INDAS
Note: Consolidated Data
2W Switches
Handle Bar Assembly
Offroad Switches
4W Switches
HVAC Panels
Lighting Systems
Leading automotive lighting Systems
• Strong R&D capabilities with Design centre in Taiwan and Technical Arrangement with Korean Company • Exports to Italy, Indonesia, France, Japan and others
Contributing ~9% to Lighting Sales in FY18
• Access to R&D Base of Rinder in Spain
End Use Segment
• 2/3 Wheeler, • 4Wheeler • Off-road
Key Customers: Maruti Suzuki, Bajaj, TVS , REML , Renault
Manufacturing Facilities
34/6 34 / 46 34/6 34
1500
1000
500
0
7.5%
439
FY16
Rs. In Crs.
9.1%
9.9%
11.0%
9.0%
7.0%
5.0%
3.0%
1.0%
1,024
1,164
FY17 ^
FY18
Revenue
EBIDTA Margin %
^ Consolidation of Rinder
* - FY16 Financials as per IGAAP; FY17 & FY18 as per INDAS
Note: Consolidated Data Note: Consolidated Data
• • • •
Pantnagar Sonepat Haridwar Chennai
Chakan & Pimpri in Pune Bahadurgargh
Rinder’s Facilities (India): • • Rinder’s Facilities (Overseas): • •
Columbia Design Centre in Spain
35/6 35 / 46 35/6 35
800
700
600
500
400
300
Rs. In Crs
9.5%
9.7%
520
FY16
659
FY17
11.0%
10.0%
9.0%
8.0%
7.0%
6.0%
8.0%
717
FY18
Revenue
EBIDTA Margin %
Acoustic Systems
One of India’s Largest Players in Horns
• With 47% market share • Strong in-house R&D capabilities - Developed
technology with FIAMM, Italy
• Clarton Horn, a wholly owned subsidiary of MIL which
has a Revenue of Rs. 397 Crs in FY18
End Use Segment
• 2/3 Wheeler, • 4Wheeler, • Off-road and Commercial Vehicles
Key Customers: Domestic – MSIL, Bajaj, TVS, Royal Enfield, Yamaha, M&M International – Daimler, Hyundai, Nissan, Mobis, Renault
Manufacturing Facilities
* - FY16 Financials as per IGAAP; FY17 & FY18 as per INDAS
Note: Consolidated Data Note: Consolidated Data
• Manesar • •
Pantnagar Indonesia
Clarton Horns Facilities: • Spain • Morocco • Mexico
Other Products
Products
•
India’s largest manufacturer of Alloy Wheels for 4Wheelers
• Other products Blow Molding
• • Dye Casting •
Speakers & Infotainment
Fuel Caps Air Filtration System
• • • Hoses •
Batteries
End Use Segment
• 2Wheelers, 4Wheelers, Commercial Vehicle
Key Customers: MSIL, HMSI, TVS, Wabco, Mahindra, Toyota Kirloskar Motors & Renault Nissan
36/6 36 / 46 36/6 36
1200
1000
800
600
400
200
0
Revenue* Rs. In Crs
13.6%
15.8%
9.2%
362
92 183
FY16
150 139
710
409
129
395
FY17
FY18
15.0%
10.0%
5.0%
0.0%
Alloy Wheels& Die Casting
Blow Molding
Others
EBITDA Margins
Manufacturing Facilities
• Hosur – Die Casting • Bawal – Filters, Hoses, Allow Wheels, Die Casting, Blow
molding
• Bangalore - Blow Molding, Filters • Manesar - Fuel Caps, • Chennai & Gujarat – Allow Wheels & Filters • Pantnagar( Minda Storage Battery)
Alloy Wheels
Speaker
Hoses
Fuel Cap
Air Bags
Blow Molding
Battery
* - FY16 Financials as per IGAAP; FY17 & FY18 as per INDAS
Note: Consolidated Data
Note: Consolidated Data
MDSL : Strong Presence in Replacement Market
37/6 37 / 46 37/6 37
Jammu and Kashmir: 8
Over 30,000 Retail Points
Product (Rs.Crs)
FY18 After Market Sales *
% of total After Market Sales
Punjab: 26
Haryana: 41
Rajasthan: 51
Himachal Pradesh: 24
Uttarakhand: 6
Delhi: 33
UP: 62
Bihar: 55
Assam: 10
Gujarat: 48
MP: 45
Jharkhand: 20
Chhattisgarh: 14
West Bengal: 51
Orissa: 24
Maharashtra: 86
Telangana: 14
Andhra Pradesh: 25
Goa: 1
Karnataka: 45
Kerala: 23
Tamil Nadu: 52
Switches
Lighting
Horns
Others
159
160
82
103
32%
32%
16%
20%
Revenue* (Rs.Crs)
438
453
504
372
297
Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness
* - Financials as per INDAS
FY14
FY15
FY16
FY17
FY18
38/6 38 / 46 38/6 38
Historical Financials
Consolidated Profit & Loss Statement
39/6 39 / 46 39/6 39
Rs. Cr Revenue from Operations (Net of Excise) Raw Material Employee Cost Other Expenses EBITDA EBITDA Margin Other Income Depreciation EBIT EBIT Margin Finance Cost Exceptional Item Profit before Share of Profit/Loss of JVs and Tax PBT Margin Tax Profit before Share of Profit/Loss of JVs Share of Profit/Loss of JVs PAT PAT attributable to: - Owners of MIL PAT Margin % - Non Controlling Interests Other Comprehensive Income Total Comprehensive Income for MIL TCI Margin %
Total Comprehensive Income for Non Controlling Interests
FY18 4,470.6 2,763.2 586.8 586.8 533.8 11.9% 33.4 164.9 402.3 9.0% 35.1 38.2 405.5 9.1% 97.7 307.8 23.1 330.9
310.2 6.9% 20.7 4.8 315.0 7.0%
21.2
FY17 3,386.3 2,116.4 451.5 444.4 374.0 11.0% 13.8 136.2 251.6 7.4% 39.8 0.0 211.9 6.3% 46.5 165.4 19.7 185.2
165.2 4.9% 20.0 -2.5 162.7 4.8%
19.3
YoY % 32%
43% 90
60% 157
91% 281
86%
79%
88% 206
94% 224
Consolidated Balance Sheet
40/6 40 / 46 40/6 40
Particulars ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Other intangible assets Intangible assets under development Goodwill on Consolidation Financial assets Investments Loans Other non current financial assets Deferred tax assets (net) Other tax assets Other non-current assets
Sub-total - Non-Current Assets Current assets Inventories Financial assets Trade receivables Cash and cash equivalents Bank balances other than Cash and Cash equivalents above Loans Other financial assets Other current assets Sub-total - Current Assets TOTAL - ASSETS
31st Mar, 2018 31st Mar, 2017
Particulars
31st Mar, 2018
31st Mar, 2017
1,199 192 39 19 112
155 14 17 19 31 40 1,838
418
790 126
34
2 18 141 1,527 3,365
847 117 28 0 9
111 10 8 30 15 20 1,196
238
500 358
16
1 8 82 1,202 2,398
EQUITY AND LIABILITIES
Equity Equity Share capital
Share application money pending allotment
Other equity
Non-Controlling Interest
Sub-total - Shareholders' funds
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings
Other financial liabilities
Provisions
Sub-total - Non-current liabilities
Current liabilities
Financial liabilities
Borrowings
Trade payables
Other financial liabilities
Other current liabilities
Provisions
Current tax liabilities (net)
Sub-total - Current liabilities
TOTAL - EQUITY AND LIABILITIES
17
-
1,374
211
1,603
240
51
104
395
303
798
155
92
15
4
16
300
744
117
1,176
177
54
59
290
261
486
120
48
9
7
1,367
3,365
931
2,398
Improving Profitability with Strong Balance Sheet
41/6 41 / 46 41/6 41
Rs.Crs
16.0%
12.0%
8.0%
4.0%
0.0%
Consolidated@
Revenue
2,227
2,527
1,706
EBITDA & EBITDA Margin (%)
4,471
3,386
600
500
400
300
200
5.1%
11.0%
11.9%
9.4%
6.9%
FY14
FY15#
FY16
FY17
FY18
0.9
Debt : Equity 0.8
0.6
0.4
0.4
FY14**
@ - Financials for FY17 & FY18 as per INDAS
FY16
FY17^
FY15 Notes; # FY15 Sales inclusive of 15M Clarton Sales * FY14 EBITDA is Adjusted for acquisition related one-time expenses ** FY14 debt increased on account of acquisition related debt ^ Excluding Money raised through QIP – Rs. 300 crores
FY18
374
FY17
21%
534
FY18
23%
100
-
88
154
FY14*
FY15
238
FY16
ROCE (%)
19%
12%
3%
FY14
FY15
FY16
FY17^
FY18
Strong Cash Flows
Consolidated PAT*
Consolidated OCF*
256
165
111
68
7
156
146
42
42/6 42 / 46 42/6 42
Rs. Crs
285
258
FY14
FY15
FY16
FY17
FY18#
FY14*
FY15
FY16
FY17
FY18#
*- Financials for FY17 & FY18 as per INDAS # Excluding Exceptional Items
Improving Dividend Profile
43/6 43 / 46 43/6 43
Dividend as % of Face Value (Adjusted for Bonus)
47%
Interim Dividend
37%
20%
23%
23%
10%
10%
FY13
FY14
FY15
FY16
FY17
FY18
FY19
Board of Directors has declared an Interim dividend of Rs. 0.45 per share (Post Bonus) v/s Rs. 0.40 of Interim Dividend per share in FY 17-18
Leadership Team
44/6 44 / 46 44/6 44
Board Of Directors
Top Management Team
Mr. Nirmal K Minda Chairman & Managing Director
Mr. Sunil Bohra ED & Group CFO
Mr. Anand K Minda CEO , Battery & Aftermarket Business
Mr. Rajeev Kapoor Group Head Human Resources
Mr. Anand K Minda
Mr. Satish Sekhri
Mr. Alok Dutta
Ms. Pravin Tripathi
Mr. J.K. Menon CEO , Electrical & Electronics Domain
Mr. Pradeep Tiwari CEO , Body & Structure Domain
Mr. Ravi Mehra CEO , Interior, Controls & Safety Domain
Mr. Kundan K Jha CEO, Light Metal Technology Domain
Mr. Amit Jain CEO, Advanced electronics domain (Infotainment, telematics, CREAT)
MIL Holding Structure
45/6 45 / 46 45/6 45
Glossary:MIL: Minda Industries LimitedLSTC: Light & Systems Technical Centre S.L. SpainMKL: Minda Kyoraku LimitedROKI: ROKI Minda Co. Pvt. Ltd.MACL: Minda Auto Component LimitedMETL: Minda Emer Technologies LimitedMDSL: Minda Distribution and Services LimitedRiduco: Rinder Riduco, S.A.S., ColumbiaMKAWL: Minda Kosei Aluminum Wheel Private LimitedMNGTL: Minda NextGen Tech LtdRIPL: Rinder India Private LimitedMRPL: Mindarika Private LimitedMSBPL: Minda Storage Batteries Private LimitedKMAC: Kosei Minda Aluminum Company Pvt LtdPTMA: PT Minda Asean Automotive, IndonesiaTG Minda: Toyoda Gosei Minda India Private LimitedMIVCL: Minda Industries Vietnam Company LimitedPTMT: PT Minda Trading, IndonesiaMIL'S SUBSIDIARIES, JOINT VENTURES AND ASSOCIATESDOMESTIC SUBSIDIARIESMKL (68%)MJ Casting (100%) MACL (100%)MDSL (100%) MKAWL (70%)Minda TG Rubber (51%)RIPL (100%)MSBPL(100%)OVERSEAS SUBSIDIARIESSamGlobal(100%)MIVCL(100%)PTMA(100%)PTMT(100%)Global Mazinkert(100%)LSTC (100%)Clarton Horn, Spain (100%)Clarton Horn, Morocco (100%)Clarton Horn, Mexico (100%)CH, Signalakustic (100%)JOINTVENTURES & ASSOCIATESMETL (49%)Riduco (50%)(via LSTC)MNGTL (26%)KMAC (30%)Auto Component (49% )Yogendra Engineering (49%)YA Auto (51%)ROKI (49%)TG Minda(48%)MRPL (51%)DensoTen Minda (50% )MITIL (60%)Minda Katolec (51%)TTE DAPS (50%)iSYS RTS GmBH (80%) Contact Us
46/6 46 / 46 46/6 46
For further information, please contact:
Company :
Investor Relations Advisors :
Minda Industries Ltd. CIN : L74899DL1992PLC050333 Mr. Tripurari Kumar DGM Strategy & Finance tripurarik@mindagroup.com
Strategic Growth Advisors Pvt. Ltd. CIN : U74140MH2010PTC204285 Mr. Jigar Kavaiya +91 99206 02034 jigar.kavaiya@sgapl.net
www.unominda.com
www.sgapl.net