Setco Automotive Limited has informed the Exchange that Board of Directors at its meeting held on May 30, 2019, recommended Final Dividend of 1 per equity share.Pursuant to Regulation 33 read with Reg...
EFFICIENT ENGINEERING
BS-VI Ready!
Results Q4FY19 and FY19 Setco Automotive Limited
Conference Call - Mumbai
June 4, 2019 at 4:00PM
Udit Sheth,VC received-The Next Generation Entrepreneur of the year – 2019 The Machinist Award
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Agenda
1 Overview FY19 2 Financial Results 3 Company Positioning 4 Business Update 5 Outlook 6 Appendix
Overview FY19
1 Overview of FY19
Solid results in a challenging environment
Highlights
1
2
3
Sales growth of 19.5% in FY19, overcoming : Subdued OEM market in Q3 & Q4 One time impact of ~INR 27cr due to adoption of Ind-AS. (On a like-to-like basis growth would have been ~27%)
Setco outperforms industry driven by :
Continuing dominant share with OEM’s De-risked model with over 50% revenues from Aftermarket segment. Aftermarket growth of 35.1% in FY 19 Market share gain in Aftermarket segment
Improved operational profitability-
380bps improvement in EBITDA margin from FY18 Highest EBITDA% in last 7 years. PBT grown by 46.8%
4
PAT at INR 36cr in FY19, up by 24.7% YOY driven by operational efficiencies & doesn’t include –
One time Other Income of 7.23cr in FY18 Uttarakhand excise and income tax benefits Which expired in FY18.
5
BS-VI ready and approvals in place
Sales
EBITDA
INR 613.40 Cr in FY19
INR 91.01 Cr in FY19
Up 19.5% YoY
+14.8% Margin
PBT - INR 52.87 Cr in FY19 Up 46.8% YoY
PAT
Dividend per Share
INR 36.02 Cr in FY19
INR 1.00
Up 24.7% YoY
Financial Results
2 Financial Results (Standalone) Standalone - Key figures FY19 and Q4FY19
In INR crores
FY19
FY18
Sales1
Contribution % to Sales
EBITDA2 EBITDA Margin
PBT
Tax Provision
Deferred Tax
PAT PAT Margin
EPS
1
2
3
4
5
6
7
8
613.40
172.59 28.1%
91.01 14.8%
52.87
8.26
8.58
36.02 5.9%
2.70
513.46
128.46 25%
56.45 11.0%
36.02
7.20
(0.08)
28.89 5.6%
2.16
FY19 vs. FY18
19.5%
+310bps
61.2% +380bps
46.8%
-
-
24.7% +30bps
-
Q4 FY19
Q4 FY18
149.81
170.12
48.08 32.1%
23.85 15.9%
14.23
(5.84)
8.24
11.83 7.9%
0.89
45.41 26.7%
24.93 14.7%
21.57
5.82
(0.08)
15.83 9.3%
1.18
1 Despite one time impact of Indian Accounting Standard (Ind AS) in revenue amounting to~ 27 crs, margins & profitability have improved. 2 ~200bps impact of expiry of Uttrakhand tax benefit and normal taxation 35% in FY19 compared to ~20% in FY18
2 Financial Results (Standalone)
Sales Momentum
Sales In INR Crs
201.92
311.54
304.60
308.80
513.46
613.40
H1 FY18
H2 FY18
H1 FY19
H2 FY19
FY18
FY19
Key Aspects
Despite weak OEM market in 2nd half of FY19, Setco reports a sales of INR 613.40 cr in FY19 , up by 19.5% YoY.
As a diversification strategy, Aftermarket has been developed over the years and today it constitutes ~57% of our revenue.
Overall growth is driven by strong traction in aftermarket segment which has better pricing realisation
Apart from being more profitable, Aftermarket ensures sustainable growth and company is less vulnerable to cyclical OEM demand.
2 Financial Results (Standalone)
EBITDA – Sustainable improvement
EBITDA In INR Crs
+61.2% vs FY18
24.93
23.68
23.11
23.85
20.37
17.46
17.54
56.45
91.01
Q1 (3.48)
Q2
Q3
Q4
Q1
Q2
Q3
Q4
FY18
FY19
EBITDA Margin
-5%
13.1%
12.4% 14.7%
14.9% 14.1% 14.5% 15.9%
11.0%
14.8%
Profitability Highlights
EBITDA Margin at 14.8% in FY19 up by 380bps, due to -
Increased turnover Increase in Aftermarket segment Operational efficiency
This improvement of 380 bps is despite absorbing ~200bps impact of expiry of Uttarakhand Tax benefit; effective improvement of 580bps
EBITDA margin in Q4FY19 at 15.9% compared to 14.5% in Q3FY19. Improvement due to Segment mix
2 Financial Results (Standalone)
Operational efficiencies & Leverage
In INR Crs
Sales
EBITDA
Key aspects
EBITDA in FY19 at 91.01cr compared to 56.45cr in FY18, an increase in more than 61.2%
PBT in FY18 includes one-time other income of 7.23cr which is not available this year
PAT - Posts PAT at INR 36.02 crs in FY19 against INR 28.89 crs in FY18, despite providing for normal income tax rate @34% this year compared to lower tax rate in FY18 due to Tax benefits.
+19.5% vs FY18
613.40
513.46
+61.2% vs FY18
91.01
56.45
FY18
FY19
FY18
FY19
In INR Crs
PBT
+46.8% vs FY18
36.02
PAT
+24.7% vs FY18
52.87
36.01
28.89
FY18
FY19
FY18
FY19
2 Financial Results FY19
Consolidated - Key figures FY19
In INR crores
FY19
FY18
Setco
Consol
Setco
Consol
FY19 vs. FY18 (Consol)
Improvement in standalone performance has been further augmented by performance of subsidiaries
Sales
613.4
680.4
513.4
579.5
17.4%
EBITDA EBITDA Margin
Operating PBT
PBT
Provision for Tax Profit after Tax Less Minority Interest Final Profit after Tax
91.0 14.8%
97.1 14.3%
56.5 11%
61.4 10.6%
58.1% +370bps
37.7
52.9
16.8 36.0
36.0
11.0
16.8
17.4 (0.8) (3.7) 2.9
7.4
(22.1)
149.4%
36.0
7.1 28.9 - 28.9
0.5
1.4 (0.9) (4.7) 3.8
3468%
15%
-24%
Sales growth for the year FY19 is 17.4% Operating Profit Before Tax has jumped ~150% on the back of improved efficiencies and better performance of the subsidiaries Profit before tax has jumped multifold to INR 16.8 crs as against last years INR 0.5 crs Profit after tax at 2.9 crs, despite having paid higher tax of INR 17.4 crs as against last years 1.4 crs
2 Financial Results FY19 (Standalone and Consolidated)
Debt Summary
Debt and DE Ratio (Standalone) In INR Crs
Debt and DE Ratio (Consolidated) In INR Crs
Working Capital
Term Loan
171.09
88.74
FY17
168.40
71.92
FY18
184.19
42.81
FY19
Working Capital
Term Loan
206.60
195.13
218.62
190.17
224.28
152.17
FY17
FY18
FY19
Total Debt
259.83
240.32
227.00
Total Debt
425.22
385.30
376.45
Networth
227.89
246.51
262.62
Networth
197.11
187.78
170.90
DE Ratio
1.14
0.97
0.86
DE Ratio
2.16
2.05
2.20
Consistent reduction in Debt. Showing continuous improvement in DE ratio
2 Financial Results FY19
Management Message
In Q4, the M&HCV segment continued to be subdued for a second quarter in a row. This blip is more of a short term correction & the long term fundamentals remain robust. With the return of the BJP Govt with an even stronger mandate we expect the market to bounce back aided by the impending switchover to BS-VI norms and also implementation of the scrapping policy
Our planned initiatives on cost management, introduction of Tractor clutches and gearing up for BS-VI introduction & growth in aftermarket segment are proceeding as per the plan and early results are visible. We are confident of delivering superior top-line and bottom-line performance in this fiscal
Harish Sheth, Chairman & MD
Company Positioning
3 Company Positioning
Our Journey So Far
• PE Investment by New Vernon •
Set up SETCO UK - Acquired LIPE (UK) from Dana Corp., USA Set up SETCO NA- Acquired US facility from Haldex AB Sweden
•
Incorporation
•
•
Supply of new Clutch Cover Assembly to OEMs Commencement of commercial operations of Lava Cast
• BS-VI approvals from all OEM partners on target
Launch of clutches to cater Aftermarket segment
2018-19
2017-18
2016-17
2014-15
2013-14
Pilot Launch of clutches for Farm Equipment (Tractor) segment and American market
2009-11
2005 - 06
1999-2000
1982
Technical Collaboration with LIPE UK (division of Dana Corp., USA) during India’s BS migration
•
• • •
Forayed into new global markets - Central Asia, MENA Region, Africa, Latin America and South Asia Started vertical integration Set up R&D Set up SoA Press Shop
•
•
Setting up of Diaphragm Spring Manufacturing Facility. Launched Foundry (Lava Cast Pvt. Ltd.) under JV arrangement
3 Company Positioning
Setco Fact Sheet
Key Aspects
Largest producer of Medium & Heavy Commercial Vehicle (MHCV) Clutches in India. Serving more than 85% of MHCV Clutch demand of OE in India. Present across lifecycle of MHCV – OEM, OES & Aftermarket R&D centre at India and UK, providing competitive advantage Building and gaining market share in MHCV international business Launching new products in domestic market for farm equipment business Employs more than 2000 people and for over 70% of the people this is the first job Consistent dividend pay-out practice
Numbers in Lakhs
FY15
FY16
FY17
FY18
FY19
M&HCV Production*
Setco clutch Sales to OEM
2.67
2.49
3.41
3.15
3.43
3.15
3.44
3.51
3.84
3.73
* Source SIAM - Some OEMs do not participate in SIAM data
Standalone
FY19
FY18
Sales
613.40
513.46
EBITDA
91.01
56.45
PAT
36.02
28.89
In INR Cr
+19.5%
+61.2%
+24.7%
3 Company Positioning
Domestic M&HCV Industry
5,00,000
4,00,000
3,00,000
2,00,000
1,00,000
0
Growth in MHCV – Past 18 years
CAGR 9.3%
Despite MHCV industry being cyclical, historically it has grown with a CAGR of close of 10%.
Setco has a de-risked business model : Serve all OEM manufacturers. Consistently Over 50% ( 57% in FY 19) is from aftermarket demand which is non cyclical. Development of full range for diversification
into farm tractor clutches .
Growth Levers - MHCV Industry
1
Introduction of BSVI Norms from FY20
2
Investments in Infrastructure, rural areas and mining sector
3 Stricter norms for overloading
4 Scrapage Policy – Age of vehicle 15/20 yrs
3 Company Positioning
MHCV - No Perceived threat from EV & AMT
Automatic Transmission technology
Very low adoption of fully automated transmission
less than 5% even in Developed markets : Low acceptance due to higher price and untested
for Indian roads .
Higher fuel consumption and costly maintenance
thereby increasing operating cost
Automated Manual Transmission (AMT) vehicles :
Lower in cost of ownership versus fully automatic
.
This requires a standard clutch which Setco
manufactures
Electronic / Battery operated Technology
Mainly applicable to Intra-city buses
Need for lower pollution levels in big cities . Requires Govt. Subsidies. Constitutes only 5% of the market
No threat in goods & Inter-city bus segment due to
• Charging infrastructure and time • Reduction in pay-load and deck area • Commercial segment, not viable without govt.
Subsidy.
• Pollution not an issue in this segment.
Business Update
4 Business Update
Customer focus and growth
Growth Strategy
Aftermarket – Increased share improves both profitability and stability
1
2
Merger with Lava Cast
OEM Business – Maintained our pre- dominant share
3
4
Foray into Farm Equipment
Cost Optimization
Enhance productivity and asset utilization
Build culture of innovation & performance
5
6
Continuous improvement in Working Capital and Debt Management
7
4 Business Update
Lava Cast – Merger with Setco
Setco Group in process to acquire 100% shareholding of Lava Cast
Lava Cast Merges with Setco
Reap benefit from the synergy
The process of buying back the shareholding of the foreign JV partner in Lava Cast is nearing completion. We then plan to merge Lava Cast with Setco Automotive.
Rationale for acquiring 100% of Lava Cast
Lingotes (the technology partner which owns 12.75% of Lava Cast) want to focus on European geographies Lava Cast couldn’t directly explore European market because of the JV with Lingotes. Post the acquisition & merger, the company can sell in that market which has a huge potential of machined casting.
Growth opportunity for Lava Cast
At Setco, castings constitute 30% of raw material consumption and Lava Cast ensures timely availability of quality machined castings on a Just-In-Time basis Lava Cast foundry Production capacity is 30,000 MT P.A., of which approx. 20,000 MT will be captive consumption by Setco in 2019 -20. Castings are consumed in many industries such as - Construction, Automotive, Mining, Earth-Moving Equipment, Aerospace, Defence and Railways. Setco is a dominant player in the Indian MHCV and has long standing relationships with premier OEM’s for Clutch supply; it is now supplying castings to them as well. Tata Motors Limited, one of the major customer of Setco, buys over 3.5 lakhs tonnes of machined castings annually and Lava Cast has already started supplying the castings. OEMs together buy about 1 mio tonnes of castings annually and would prefer to buy from state-of-art set ups with full machining capability Further, the company has forayed into the Farm Sector for supply of clutches. One of the biggest consumers of castings is the Farm-Tractor Industry (Farm Sector). Setco which has already entered into the supply of clutches to these sector, is confident of casting supplies to them as well.
4 Business Update
Lava Cast – Merger with Setco
The proposed merger will accrue following benefits to Merged entity:
1.
Increased business opportunity – Normally OE’s hesitate to increase their supplier base. The merger will facilitate business with OEMs as all their supplies will now be under one vendor code. This will result in increase of orders from OEM’s MHCV/Tractor industries.
2. Operational Efficiency - economies of scale, increase in purchasing power, reduction in overheads and administrative efficiencies; wherein we could have potential savings in the range of INR 5-8 crs per annum.
3.
Increased Financial Strength – easier availability of finance on more competitive rates on the strength of the combined entity; and contributes to improved cash flows
4 Business Update
New Growth area - Farm Equipment clutches
Opportunity in Farm Equipment
Key Developments
1
2
3
India is the largest manufacturer of Tractors. Increased in level of Mechanization will further drive the industry
Industry is moving towards higher horse power tractors leading to growth in dual clutch technology , which currently has only one supplier in the market. There is a demand for second supplier
Govt. initiatives of doubling the farmer income by 2022 and huge government investments in Rural infrastructure
Approvals from major OEMs are in progress and expected shortly, and full benefits of it will be available in second half of FY 20
The company aims to generate around 10% of revenue from this segment in the coming years
Outlook
4 Outlook
FY20 outlook and Beyond…
• We anticipate 9%-12% OEM growth momentum given strong pre-buying of BS-IV MHCV is
expected before BS-VI migration from April 2020
OEM
• Farm Equipment – Approvals from major OEMs are in progress and expected shortly, and
full benefits of it will be available in second half of FY20
• Benefit of pricing adjustments to compensate for Increase RM cost will be available for
full year FY20.
Aftermarkets
• High OEM sales in the past are expected to boost the first/second aftermarket
replacements in FY20.
• International Subsidiary - introduction of new generation clutches (ASD clutch) in US
Aftermarket
Lava Cast
• Optimum capacity utilization in Lava Cast in FY20 and sales to major external customers,
including exports, would lead to positive bottom line
Beyond FY20……
BS-VI migration from April 2020. We are ready with BS VI products and approvals. Expects up-sizing & content improvement of 5- 8% along with 100BPS improvement in margins
Planed capex of INR 55 crs starting this fiscal to augment capacity to INR 1200 crs
4 Outlook
Guidance for FY20
Key Aspects
FY20 Guidance over merged entity
Sales Growth
About 25% over FY19
EBIDTA Margin
16% - 17%
Appendix
Awards and Recognition
Tata Motors Awards (Oct 2018) 1st in Cost Competitive Supplier Category
Ashok Leyland – Awards (2019) 1. Reliability Gold
Udit Sheth,VC receiving-The Next Generation Entrepreneur of the year The Machinist Award- 2019
Ashok Leyland – Awards (2019) 2. Aftermarket Gold
CSR Initiatives
Health & Nutrition
Education
Empowerment
Initiating
Engaging
Recognizing
Lives Impacted
29
M&HCV Clutch Life Cycle
The clutch is the fuse of the drive train which is designed to fail optimally saving the engine and the gear-box and requires a strong service network to ensure that the vehicle performance is most efficient
New Vehicle
• New clutch fitted into a
truck by Original Equipment (OE) factories
OEM
0-6yrs Vehicle
OES
• Clutch replacement products are offered through the service network of OE & network of OE Suppliers
4-10yrs Vehicle
• Clutch for Independent
after market (IAM) segment
IAM
>10yrs Vehicle
Last Stage
• Clutch meeting
performance and value expectations for the last stage of the M&HCV life cycle
Opportunity
Cover – 1
• • Disk - 1
Cover – 1.5
• • Disk - 3
Cover – 1.5
• • Disk - 3
Cover – 1
• • Disk - 2
Brand
Co-Branded
OE Brand supplied by Setco
Setco Brand
Discount Brands
Nature of Business
In line with the OEM sales
Predictable with reasonable confidence level
Predictable with reasonable confidence level
Setco plans to foray into this segment
Product Range (MHCV & Farm Tractors)
Product Range
Key Aspects
Clutch Cover Assembly
Clutch Disc Assembly
Push Type
Pull Type
Organic Lining
Ceramic Lining
Diaphragm Type
Coil Type
Diaphragm Type
Coil Type
Setco designs & manufacture both coil spring clutches (American) & diaphragm spring clutches (European)
Both types validated and approved by OEM vehicle manufacturers
For new entrant, normally it takes 3-4 years to get an approval from OEM
The company has successfully forayed in the Farm Tractor clutches
.
.
.
.
Setco continues to strengthen its Competitive advantage
1
Service Advantage
4
Market Advantage
2
People Advantage
5
Manufacturing Advantage
3
Integrated Play Advantage
6
Technology Advantage
Market Advantage
Tata Motors
Volvo Eicher
Ashok Leyland
OEM Partners
Daimler
M&M
Sonalika Tractors
Strong relations built over last 15 years with various OEM players.
More than 85% of market share in MHCV space
Manufacturing Advantage
4 MANUFACTURING FACILITIES 2 India| 2 International
Vertically Integrated Manufacturing
State-of-the-art foundry with machine shop
High tonnage press shop
In-house surface treatment and heat treatment capability
Setco Kalol Complex, Gujarat
Setco Haslingden, Lancashire, UK
Diaphragm spring production
Plant: IATF 16949 :2009| ISO 14001: 2004 , BS OHSAS 18001: 2007
Approval received for VDA 6.3 (The German Standard for Quality)
Setco Sitarganj, Uttarakhand
Setco Paris, TN, USA
34
Service Advantage
Jammu
Ludhiana
Chandigarh
Dehradun
Shimla
Gurgaon Delhi
Jaipur
Agra
Jodhpur
Lucknow
Siliguri
Purnea
Guwahati
Gwalior
Varanasi
Patna
Imphal
Ahmedabad
Gandhinagar
Indore
Satna
Rajkot
Vadodara
Nagpur
Asansol
Shillong
Jamshedpur
Ranchi
Dhanbad
Kolkatta
Bhubhaneshwar
Cuttack
Mumbai
Pune
Hyderabad
Pkolapur
Vijaywada
Goa
Hubli
Chennai
Mangalore
Bangalore
Coimbatore
Calicut
Salem
Cochin
Madurai
Key Aspects
23 distributors with 57 offices
The company aims to expand its aftermarket network to over 5000 touch points compared to 3500 touch points currently
Wide Independent Aftermarket - own distributor network through direct distributor arrangements
Distribution network covering retailers and garages
Training programs and field visits on servicing and troubleshooting & maintenance of clutch systems
Over 10,000 trained mechanics in India
IR Contact
We Invite You To Visit Setco
Setco Automotive Limited
Perfect Relations
Vinay Shahane Mail : vshahane@setcoauto.com Tel : 022-4075 5555
Anurag Jain Mail : anurag.jain@setcoauto.com Tel : 022-4075 5555
Ashish Samal Mail : ashish.samal@perfectrelations.com Tel : +91 9920778076