Swan Energy Limited has informed the Exchange about Investor Presentation
January 17, 2024
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Scrip Code: 503310
The National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400 051 NSE Symbol: SWANENERGY
Subject: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please see enclosed copy of the corporate presentation. Furthermore, the corporate presentation of the Company is also disseminated on the website of the Company at www.swan.co.in.
Yours faithfully,
For Swan Energy Limited
Arun Agarwal Company Secretary
SWAN ENERGY LIMITED
Corporate Presentation
January 2024
Disclaimer (1/2)
This presentation has been prepared for general information purposes in respect of Swan Energy Limited (“Company/SEL”) together with its Subsidiaries (together, with the Company, the “Group”) only, without regard to any specific objectives, suitability, financial situations and needs of any particular person and does not constitute any recommendation or form part of any offer or invitation, directly or indirectly, in any manner, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Group to be construed as legal, accounting or tax advice.
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The information contained in these presentations and materials are only current as of the dates specified herein and have not been independently verified. None of the Group, its directors, promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise in connection with this presentation, and makes no representation or warranty, express or implied, for the contents of this presentation including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this presentation or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. Past performance is not a guide for future performance. The information contained in this presentation is current, and if not stated otherwise, made as of the date of this presentation. The Group undertakes no obligation to update or revise any information in this presentation as a result of new information, future events or otherwise. Any person/ party intending to provide finance/ invest in the shares/ businesses of the Group shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision.
Disclaimer (2/2)
This presentation includes certain industry data and projections that have been obtained from industry publications and surveys. Industry publications and surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance that the information is accurate or complete. Neither the Company nor any of its advisors or representatives have independently verified any of the data from third-party sources or ascertained the underlying economic assumptions relied upon therein. All industry data and projections contained in this presentation are based on data obtained from the sources cited and involve significant elements of subjective judgment and analysis, which may or may not be correct. For the reasons mentioned above, you should not rely in any way on any of the projections contained in this presentation for any purpose.
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Table of Contents
Section
Slide No.
Company Overview
Business Segments
- Oil & Gas
- Defense & Shipyard
- Petrochemical Manufacturing & Trading
- Real Estate
- Textile
Key Financial Metrics
Appendix
1
7
8
11
12
13
14
18
Company Overview
• Incorporated in 1909 as textile company
• Headquarters at Mumbai, India
• Business turnaround & discharged from BIFR in 1995 by present promoters; land monetized for developing real estate projects
• Diversified business interest in Oil & Gas, Real Estate & Textile
• Consolidated Revenue for the FY 23 is INR 1,438.14 Cr
• Recently ventured into Defence & Shipyard and Petrochemical Manufacturing & Trading businesses through acquisition of Reliance Naval & Engineering Limited and Veritas India Limited
OIL & GAS
DEFENCE & SHIPYARD
PETROCHEMICALS
REAL ESTATE
•One of India’s first FSRU based LNG import port
•LNG regasification
capacity of 5MMTA.
•Largest shipbuilding capacity
in India
•Shipbuilding, Heavy
Engineering, Ship Repairing, Green Ship Breaking
•Drumming, Distillation,
Storage
•Blending, Throughput •CMA •Lab Accreditation
•Residential
•Commercial
•Land Bank across Tamil
Nadu, Karnataka, Maharashtra
TEXTILE
•Prominent player in
textile business
•Long Term reputation in
domestic and international market
01
Journey So Far…
1992
Incorporated in 1909 & was taken over by the present Management from BIFR
2004
Mill got monetized for Real Estate Development.
Forayed into the oil and gas sector - beginning work on setting up an FSRU- based LNG terminal at Jafrabad, Gujarat
2012
2008
Forayed into the green energy sector by change of name
One of Oil & gas SPV places an order for a 180,000 cubic meter capacity FSRU with Hyundai Heavy Industries
2017
• Bid for Reliance Naval through
NCLT process.
2023
2022
• Launch of Luxury Residential
project in Bangalore
Ventured into petrochemical manufacturing & trading through acquisition
02
Swan Group & Business Structure
Textile
SWAN ENERGY LIMITED (SEL)
Veritas (India) Limited
Pegasus Ventures Private Limited
Cardinal Energy & Infrastructure Pvt Ltd.
Hazel Infra Limited
Swan LNG Private Limited
Triumph Offshore Private Limited
(55.01%)
(100%)
(100%)
(74%)
(63%)
(51%)
Real Estate
Verasco FZE
Veritas International FZE Dubai
Veritas Polychem Private Limited*
(100%)
(100%)
(100%)
Chemical/ Petrochemical Terminal at Hamriyah Free Zone.
Global chemical trading
Manufacturing PVC, PMB, VCM storage & LPG bottling in Dighi Port
LNG port facility
Ownership & Leasing of FSRU
Reliance Naval & Engineering Ltd.
(94.91%)**
Defense & Shipyard
Private
Listed
Business
*Business is under implementation; **Allotment under process
(For details of other SEL subsidiaries & step-down subsidiaries, kindly refer to “Appendix” section)
03
Shareholding Pattern
Swan Energy Limited
(As on 31st Dec, 2023)
Veritas (India) Ltd
(As on 30th Sep, 2023)
35.91%
64.09%
44.99%
55.01%
Swan Enery Limited
Public
(Allotment under process)
Reliance Naval and Engineering Ltd
Promoter and Promoter Group
Public
5.09%
Key Institutional Investors:
• LIC • SBI Life Insurance • Quant Mutual Fund • Societe Generale
• Eos Multi Strategy Fund • Samco Active Momentum • Barclays Wealth • BNP Paribas
94.91%
Hazel Infra Limited
Public
04
Group Management
Mr. Navinbhai C. Dave (Chairman / Non-executive Director – SEL)
Mr. Nikhil V. Merchant (Managing Director - SEL)
Mr. Paresh V. Merchant (Executive Director - SEL)
A seasoned entrepreneur with an experience of more than 60 years in various areas of real estate & textiles.
Has completed his B.S. in textile engineering from U.S.A and his M.E.P degree from IIM Ahmedabad, has a total experience of more than 35 years in all functional areas of textile, real estate, oil & gas sectors.
With more than 3 decades of experience in the textile, real estate, oil and gas sectors, He is responsible for company operations and strategies. He has an educational background in finance and has completed his M.E.P from IIM Ahmedabad.
Mr. Vivek Merchant
Mr. Bhavik Merchant
Mrs. Vinita Patel
Having completed his Engineering from the University of Michigan, Ann Arbor, Vivek is involved in ongoing and day-to-day operations of the group. He is holding directorships in various group companies.
He has economics degree from the University of California, Los Angeles (UCLA). He directs and focuses on managing and overseeing the day-to-day operations of the group. He is holding directorships in various group companies.
A chartered accountant herself with a flair for multitasking, She is involved in handling the day-to-day operations of the port business of the group. She is holding directorships in various group companies.
05
BUSINESS SEGMENTS
1. Oil & Gas
Swan LNG Pvt. Ltd. (63%)
&
Triumph Offshore Pvt. Ltd. (51%)
Phase I - The LNG project is being implemented by two SPVs:
• Swan LNG - Developing Port Facilities • Triumph Offshore - Built new FSRU with 180k m3 storage and 1000 MMSCFD send-out
• In Phase I : LNG regasification capacity up to 5 MMTPA of LNG at Jafrabad in Amreli District, Gujarat which is under final stage of completion.
• Entered into Concession Agreement with
GMB for 30 (+20) years
• Binding regasification Agreements for 20
years executed with India’s Leading PSUs on Use-or-Pay basis.
• Equity Partners : Gujarat Maritime Board
(15%), Gujarat State Petronet (11%) , Mitsui OSK Lines (11%)
• We are implementing a Greenfield LNG Terminal utilizing a Floating Storage & Regasification Unit (“FSRU”)
• Currently Services of the FSRU are utilised by outside parties and will be utilized for Swan LNG post completion of port construction.
• Equity Partners : IFFCO (49%)
Jafraba d Jafrabad
07
2. Defense & Shipyard (1/3)
Reliance Naval & Engineering Ltd. (94.91% through Hazel Infra)
Business structure
Location advantage
Swan Energy’s stake in the SPV (Hazel Infra Limited) is 74%; further SPV acquired 95% stake in Reliance Naval
Pipavav, Gujarat and has connectivity to rail, road, sea & air
Track record
Facilities
Delivered large size ships such as Panamax Bulk carrier to Indian & Global clients
• Drydock, goliath cranes, operates
the only Indian modular shipbuilding facility.
• Can accommodate vessels up to
Indian Navy
400,000 DWT
Company Offerings
Repairs & Upgradation
Naval Shipbuilding
Commercial Shipbuilding
Heavy Engineering
Current Inventory of Ships
CLIENT
ORDER
DESCRIPTION
ONGC
Indian Navy
Coast Guard
5
2
1
3
Design and Construction of five Offshore Vessels (OSV’s)
Design and construction of three Naval Offshore Patrol Vessels (NOPV)
Design and construction of a training ship
Design and construction of three Naval Offshore Patrol Vessels (NOPV)
AVERAGE PERCENTAGE OF COMPLETION
90%
83%
80%
50%
08
2. Defense & Shipyard (2/3)
Green Ship Recycling Recent EU regulations force European shipowners to scrap their old ships in European-certified facilities. So, now, there is an urgent demand for compliant recycling capacity, in order to avoid heavy fines and sanctions.
The Panamax-sized Problem:
There are few suitable locations for a Panamax-size scrapping facilities in the EU, and this is where RNEL’s sprawling recycling yard can help.
PANAMAX (1980-) 3,000 - 3,400 TEU
PANAMAX MAX (1985-) 3,400 - 4,500 TEU
13
6
5
8
6
250x32x 12.5
290x32x
Our Recycling Yard’s Main Features
Products Derived from Ship-breaking
•Ample surplus land,
degutting of blocks and storage of material
• Can recycle Panamax and larger ships on dry dock
• Furniture • Used engines • Ferrous metal • Non-ferrous
metal
9
2. Defense & Shipyard (3/3)
Ship Repair Business
• RNEL has a fully-developed offshore yard measuring 750 m x 265 m, which is capable of
fabrication, erection, and loading out of offshore structures. This will soon expect a business boom due to ONGC’s offshore expansion plan.
• The RNEL yard can support 50% of the estimated cost of the well and process platform projects by undertaking fabrication activities. In addition to the above, PSU’s 6 rigs require repairs on periodic basis.
• The yard has dry dock which facilitates quick turn around of the repair works saving significant
time and cost to the rig owners.
PROCESS PLATFORMS
WELL PLATFORMS
JACK-UP DRILLING RIGS
10
3. Petrochemicals Manufacturing & Trading
Veritas India Limited (VIL) (55%)
• Corporate headquarters at Mumbai, India
• 28 years in operations driven by experienced team members
• Trade, distribution & manufacturing of commodities like, Chemicals & Petrochemicals .etc.
• Multi-faceted Organization with diversified business interests and dimensions
• Globally integrated systems, processes, governance
• State-of-the-art logistics infrastructure across the globe
• Caters to petrochemical, paint, and oil refining industries.
• Offices and stock-points across India and the Globe through subsidiaries
Veritas Polychem Pvt. Ltd. (100% subsidiary of VIL)
Verasco FZE (100% subsidiary of VIL)
• Integrated industrial complex- Dighi Port,~60 acres land,
substantial sea-front
• EC, CRZ & MPCB clearances received
• Ultra-Mega project status from Maharashtra govt
(For details of other VIL subsidiaries & step-down subsidiaries, kindly refer to “Appendix” section)
• Terminal located in Hamriyah, UAE is a first-of-its-kind facility
• 30 tanks ~172k m3 capacity Store all classes of petroleum products,
crude oil & chemicals
• Integrated facility offering drumming, blending and distillation services
• Unit is Operational
11
4. Real Estate
• Engaged in development of real estate projects.
• Execution track record ~26.16 lakhs sq,ft. commercial & residential projects in
Mumbai, Bangalore & Hyderabad.
COMPANY NAME
PROPERTY
TOTAL AREA ~(‘000 IN SQ FT)
LOCATION
STATUS
Swan Energy
Kurla IT Park
1,000
Mumbai
Completed & Delivered
Swan Energy
Ashok Gardens
840
Mumbai
Completed & Delivered
Cardinal Infrastructure
Cardinal Infrastructure
Cardinal Infrastructure
Sai Tech Park
296
Bangalore
Technova
292
Hyderabad
Cardinal One
188
Bangalore
Leased to Harman Connected Services Corporation
Leased to Google Connected Services India
Construction in Progress and partially sold
12
5. Textile
LEGACY OF MORE THAN 100 YRS We have a legacy of over a 100 years in the Textile Industry and has been a household name for decades as its products catered to the needs of men, women and children. We manufacture various products from dress materials to suiting and shirting materials.
TEXTILE UNIT 2010 In 2010, we commenced textile processing unit in Ahmedabad, Gujarat, with the vision to leverage its successful brand image to cater to the booming demand from the garment sector.
1LAKH METRES PER DAY The plant has an installed production capacity of 1 Lakh meters per day.
HIGH END FACILITY This facility comprises of imported continuous processing machines like singeing /desizing, continuous scouring and bleaching ranges, etc.
13
KEY FINANCIAL METRICS
Key Financial Metrics (1/3)
Total Income
CAGR@ 109%
1,449
2,039
(Amount in INR Crores)
EBITDA
505
CAGR@ 118.5%
242
324
494
72
75
FY21
FY22
FY23
6M-FY24
FY21
FY22
FY23
6M-FY24
EBITDA and EBITDA Margin
22%
15%
72
75
25%
505
17%
242
FY21
FY22
FY23
6M-FY24
EBITDA
EBITDA Margin
*6M-FY24 data not annualized
EBIT and EBIT Margin
9%
30
FY21
1%
5
FY22
22%
451
11%
161
FY23
6M-FY24
EBIT
EBIT Margin
15
Key Financial Metrics (2/3)
Debt to Equity (x)
3.5
3.3
2.2
2.1
Debt to EBITDA (x)
54.8
42.9
20.6
10.6
FY21
FY22
FY23
6M-FY24
FY21
FY22
FY23
6M-FY24
Asset Turnover (x)
0.19
0.14
0.07
0.08
Financial Leverage (x)
5.6
5.1
4.5
4.3
FY21
FY22
FY23
6M-FY24
FY21
FY22
FY23
6M-FY24
*6M-FY24 data not annualized
16
Key Financial Metrics (3/3)
SEGMENT-WISE REVENUE CONTRIBUTION
SEGMENT-WISE ASSETS ALLOCATION
23%
11%
66%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
55%
10%
35%
25%
21%
23%
14%
17%
FY2021
FY2022
FY2023
5%
66%
5%
19%
6%
6M23
Textile Construction/Others Warehousing
Energy Distribution & Development
3%
2%
11%
24%
47%
13%
Textile
Energy
Construction/Others
Distribution & Development
Warehousing
Manufacturing
17
APPENDIX
Consolidated Financial Statement (1/2)
Years
Audited FY21
Audited FY22
Audited FY23
(In INR Lakhs)
Unaudited 6M-FY24
Income Statement Sales Other Income Total Income Income Growth
COGS Employment related expenses Other expense EBITDA EBITDA Growth
Depreciation and Amortization EBIT EBIT Margin
Financial Cost EBT EBT Margin
Tax PAT Profit/(Loss) PAT Margin
32,047 394 32,441 (7.24%)
18,057 1,809 5,410 7,165 18.23%
4,166 2,999 9.24%
10,804 (7,805) (24.06%)
(944) (6,861) (21.15%)
48,720 689 49,409 52.30%
32,523 2,515 6,852 7,519 4.94%
7,027 492 1.00%
18,915 (18,423) (37.29%)
(2,634) (15,789) (31.96%)
1,43,814 1,077 1,44,891 193.25%
1,06,756 3,162 10,782 24,191 221.74%
8,135 16,056 11.08%
22,280 (6,224) (4.30%)
(119) (6,105) (4.21%)
2,02,756 1,099 2,03,855 40.70%
1,46,258 1,566 5,501 50,531 108.88%
5,388 45,142 22.14%
11,576 33,567 16.47%
2,528 31,039 15.23%
19
Consolidated Financial Statement (2/2)
Years
Audited FY21
Audited FY22
Audited FY23
Balance Sheet Equity Share Capital Reserves Total Shareholder Equity
Borrowings Other Liabilities Total Liabilities
2,443 84,985 87,428
3,07,689 98,493 4,06,182
2,639 1,21,893 1,24,532
4,11,673 1,03,526 5,15,199
2,639 2,25,729 2,28,368
4,98,498 2,95,612 7,94,110
(In INR Lakhs)
Unaudited 6M-FY24
2,639 2,50,075 2,52,714
5,35,494 3,06,993 8,42,487
Total Equity and Liabilities
4,93,610
6,39,731
10,22,478
10,95,201
Fixed Assets (Net Block) Capital Work in Progress Investments Other Assets Total Non-Current Assets
Receivables Inventory Cash & Bank Total Current Assets
Total Assets
2,28,248 1,92,729 57 44,175 4,65,209
2,867 14,472 11,062 28,401
2,23,753 2,38,903 293 42,856 5,05,805
21,376 17,144 95,406 1,33,926
4,22,522 3,25,292 2,998 46,881 7,97,693
1,78,560 26,057 20,168 2,24,785
4,18,212 3,44,335 12,647 50,354 8,25,547
1,80,548 31,286 57,820 2,69,654
4,93,610
6,39,731
10,22,478
10,95,201
20
Segment-Wise Performance
Particulars
Revenue
Textile Energy Construction/Others Distribution & Development Warehousing Manufacturing Power Generation
Total Revenue
Earnings Before Interest and Tax
Textile Energy Construction/Others Distribution & Development Warehousing Manufacturing Power Generation
Total Earnings Before Interest and Tax
Audited FY21
21,475 3,490 7,476 - - - -
32,441
492 (1,564) 4,071 - - - -
2,999
Audited FY22
17,076 5,152 7,182 - - - -
49,410
435 (4,415) 4,472 - - - -
492
Audited FY23
24,516 20,578 33,928 29,864 36,034 - -
1,44,890
2,133 7,728 2,929 1,302 2,299 - -
16,391
(In INR Lakhs)
Unaudited 6M-FY24
11,266 37,662 10,259 1,33,077 10,533 - -
2,02,757
1,452 34,910 602 1,152 6,982 - (6)
45,092
21
Segment-Wise Position
Particulars
Assets
Textile
Energy
Construction/Others
Distribution & Development
Warehousing
Manufacturing
Power Generation
Total Assets
Liabilities
Textile
Energy
Construction/Others
Distribution & Development
Warehousing
Manufacturing
Power Generation
Total Liabilities
Audited
FY21
Audited
FY22
Audited
FY23
15,508
3,72,944
1,03,926
-
-
-
-
17,920
4,93,811
1,23,462
-
-
-
-
18,028
4,62,365
1,26,422
2,02,034
2,09,023
(51)
134
(In INR Lakhs)
Unaudited
6M-FY24
18,900
5,11,704
1,37,565
2,66,955
1,20,702
35,983
118
4,92,379
6,35,193
10,17,955
10,91,926
8,285
2,22,072
1,23,485
-
-
-
-
8,995
3,60,427
1,00,468
-
-
-
-
9,338
3,37,491
1,20,385
33,569
1,44,518
3,657
2
7,531
3,59,750
1,35,679
1,02,313
72,876
3,890
4
3,53,842
4,69,890
6,48,960
6,82,043
22
Details of Other Subsidiaries - SEL & VIL
Swan Energy Limited
Domestic Subsidiaries
International Subsidiaries
Name
Ownership
Name
Ownership
Origin
Swan Mills Private Limited
100%
Wilson Corporation FZE
100%
Dubai, UAE
Veritas (India) Limited
Domestic Subsidiaries
International Subsidiaries
Name
Ownership
Name
Ownership
Origin
Veritas Infra & Logistics Pvt. Ltd.
Veritas Agro Ventures Pvt. Ltd.
Veritas Polychem Pvt. Ltd.
100%
100%
100%
Veritas International FZE
Verasco FZE
Veritas Global PTE Limited (Subsidiary of Veritas International FZE)
100%
100%
100%
Dubai, UAE
Sharjah UAE
Singapore
23
Abbreviations
Abbreviation
BBC BIFR CMA CRZ DWT EC FSRU FSU Ha LNG LPG M3 MMSCFD MMTA/MMTPA MPCB NOSV O&M OSV SBC SPV TEU
Meaning
Bareboat Charter Board for Industrial and Financial Reconstruction Calcium Magnesium Acetate Coastal Regulation Zones Deadweight tonnage Environmental Clearance Floating Storage Regasification Unit Floating Storage Unit Hectare Liquefied Natural Gas Liquefied petroleum gas Cubic Meter Million Standard Cubic Feet Per Day Million Metric Tonne Per Annum Maharashtra Pollution Control Board Naval Offshore Vessel Operation & Management Offshore Vessels Ship Building Contract Special Purpose Vehicle Twenty-Foot Equivalent Unit
24
Thank You
Address:
Swan Energy Limited 6 Feltham House, 10, J N Heredia Marg, Ballard Estate, Mumbai, Maharashtra, 400001
Website:
www.swan.co.in
Contact Details :
Tel: 022-40587300
Email: info@swan.co.in