Sintercom India Limited has informed the Exchange about Investor Presentation
16th November, 2021
To, NSE Limited, Exchange Plaza, Plot No. C/1, G-Block, Bandra-Kurla Complex, Bandra (E), Mumbai 400 051
Symbol: SINTERCOM Series: EQ
Subject: Earnings Presentation H1/Q2-FY2022
Dear Sir/ Madam,
Please find enclosed herewith Earnings Presentation H1/Q2-FY2022.
Please take the note of the same.
For and on behalf of Sintercom India Limited
Anuja Joshi Company Secretary & Compliance Officer
Sintercom India Ltd.
Investor Presentation- March 2021
EARNINGS PRESENTATION H1/Q2-FY2022
Company Overview
• Established in 2007, Sintercom India Limited is the leading automotive sintered components manufacturer located in
Pune, India.
• The Company has integrated manufacturing facilities and has increased its capacity from 1,980 MTPA to 3,600 MTPA in
2019.
• The Company specializes in manufacturing medium to high-density sintered components for automotive engines,
powertrain, and exhaust systems and also manufactures sensor components that cater to global markets.
• The product portfolio includes drivetrain gears, engine sprockets, pulleys, crankshaft bearing journals, transmission
gears, and synchro hubs, as well as ABS rings and Sensor Hego bosses and flanges.
• Sintercom provides its esteemed customers with high-volume, high-precision, and low-cost components, tailored to their specific requirements. This is ensured by leveraging the integrated manufacturing facility adhering to rigorous quality standards.
• The company entered into a strategic tie-up with Miba Sinter with a Joint Venture and technology transfer agreement in
2011, and Miba also invested in Sintercom to become a co-promoter by taking around 26% stake in the company.
Revenue (INR Mn) & EBITDA Margin (%)
22%
743
22%
827
900
800
700
600
500
400
300
200
100
0
13%
535
7%
472
6%
253
24%
19%
14%
9%
4%
- 1%
FY18
FY19
FY20
FY21
H1-FY22
Operational Revenue
EBITDA Margin (%)
H1-FY22 Region Wise Revenue Breakup
South (Chennai) 2%
Exports 1%
North (NCR) 13%
• Together with the technology leader Miba, the company is able to provide their customers with even more competitive
solutions with powder metal.
• Sintercom caters to OEMs like Maruti Suzuki Limited, Mahindra & Mahindra Limited, Bajaj Auto Limited, and Fiat India
Automobiles Private Limited and the company is a single-source supplier for various products as well.
West (Maharashtra/ Gujarat) 84%
• An in-house dedicated Research & Development team develops new products used in various applications of engine,
transmission, and body chassis for various automotive OEMs and Tier-1 customers.
Sintercom India Limited
Investor Presentation
2
MIBA
• The Miba Sinter Group established in 1963, has decades of experience in the Sinter Technology and is one of the
leader in the Global Sintering Industry.
• Miba Sinter Austria GmbH manufactures high precision and sintered components. The Company offers engine bearings, friction materials, power electronics components, and coatings for engines, gearboxes, shock absorbers, specific applications, and compressors.
• They work closely with their customers to meet the challenges of the international automotive industry related to
making vehicles more efficient, environmentally friendly, and quieter.
• Backed up by a global presence, years of development experience, and quality standards, Miba’s customers are
guaranteed customized and cost-effective solutions.
• Through ongoing technological progress, the Miba Sinter Group creates high-end components for the vehicles of
tomorrow.
• Miba sintered components offer an efficient and cost-effective technology for mass production, are environmentally friendly due to the high level of recycled content and optimum utilization of materials make engines and transmissions significantly quieter than steel or castings.
• Miba Sinter Group expands its global network with strategic tie-up with Sintercom India Ltd.
• The Joint Venture and technology agreement with Sintercom provides access to various advanced sintered
technology solutions for the various Indian OEMs.
• With the growing opportunities in the Indian market, Miba Sinter Austria further invested in Sintercom India Ltd. for
an aggregate amount of approximately INR 222 Mn.
• Sintercom completed the raising of funds from Miba Sinter on a preferential private placement basis in the form of
equity shares and compulsory convertible debentures (CCDs).
MIBA-Geographical Presence
Americas 16%
Asia 22%
Europe 62%
6 Production Sites Globally
4.10 Research Ratio
414 EUR MN Revenue
2984 Employees
Sintercom India Limited
Investor Presentation
3
Client List
OEM Clients
TIER - 1
Client-wise Revenue (H1-FY22)
Others 10%
Bajaj Auto Limited 18%
Maruti Suzuki Limited 16%
Mahindra & Mahindra 56%
Sintercom India Limited
Investor Presentation
4
Business Portfolio
Bearing Cap
Cam to Cam Back Lash Gears
Chain Sprockets
Belt Pulleys
Mass Balancer Assembly
ENGINE
PRODUCTS
INDUSTRIAL GOODS
Liquid Dispensing Metering Parts
Synchro Rings
TRANSMISSION
ELECTRIC VEHICLES
Synchroniser Hubs
Interlock Finger
Drive Train Gears
Synchro Ring
BODY CHASIS
Oxygen Sensor Boss
Flange type Sensor Boss
Electric Power Steering
Soft Magnetic Composites
Segment-wise Revenue (H1-FY22)
Body Chassis 1%
Export 1%
Transmission 44%
Engine 54%
Sintercom India Limited
Investor Presentation
5
Manufacturing Metrics
Capacity Utilization (MTPA)
Product Mix
3600
3600
3600
3600
1980
1980
1980
1260
1375
1492
1740
1035
976
597
30%
30%
70%
70%
45%
55%
60%
60%
60%
60%
40%
40%
40%
40%
FY16
FY17
FY18
FY19
FY20
FY21
H1-FY22
F Y 1 6
F Y 1 7
F Y 1 8
F Y 1 9
F Y 2 0
F Y 2 1
H 1 - F Y 2 2
Utilisation
Capacity
Diesel
Gasoline
OEM wise Sourcing
Segment Wise Revenue (INR Mn)
45%
65%
100%
90%
100%
127.47
125.35
65.81
161.73
27.74
27.13
12.73
20.67
3.29
211.03
249.41
215.66
222.95
110.89
379.18
425.46
502.26
545.78
304.18
228.36
137.78
Maruti
Mahindra
Bajaj
Fiat
FY16
FY17
FY18
FY19
FY20
FY21
H1-FY22
Dual Sourcing
Single Sourcing
Engine
Transmission
Body/Chasis
Sintercom India Limited
Investor Presentation
6
Key Financial Highlights
7
Key Financial and Operational Highlights
Q2-FY22 Financial Performance Q4-FY21 Financial Performance
INR 138 Mn Revenue from Operations
INR (10) Mn PAT
INR 10 Mn EBITDA
7.25% EBITDA Margins
NA PAT Margins
INR (0.35)/Share
Diluted EPS
H1-FY22 Financial Performance Q4-FY21 Financial Performance
INR 253 Mn Revenue from Operations
INR (21) Mn PAT
INR 15 Mn EBITDA
5.93% EBITDA Margins
NA
PAT Margins
INR (0.76)/Share
Diluted EPS
Operational Highlights
• Compared to the prior quarter, Q-o-Q sales were up by 20% and 82% for H1FY22 due to the introduction of new programs into production and strong demands. In the later half of the quarter, the OEMs had to cut production rates due to shortages of semiconductor chips.
• During the quarter the EBITDA margins have improved by 290 bps mainly due to the better capacity utilization. The H1FY22 EBITDA margins have also improved significantly.
• Cam to cam gears and new Sprockets have received all approvals from respective customers and have started serial production & supplies from Sept 2021. This will drive the volumes for the next quarter onwards as we see the ramp up for these programs.
• During the quarter, received new business nomination from the Force Motors thus making way for entering in to the commercial vehicle segment.
•
Successfully installed and commissioned the Gear rolling technology, first of its kind in India during the first half of FY22.
Sintercom India Limited
Investor Presentation
8
Q2-FY22 Income Statement
Particulars (INR Mn)
Revenue from Operations
Expenses
EBITDA
EBITDA Margin (%)
Other Income
Finance cost
Depreciation and amortisation expenses
Profit before tax
Tax expense
PAT
PAT Margin (%)
Other Comprehensive income
Total Comprehensive income
Diluted EPS (INR)
Sintercom India Limited
Q2-FY22
Q2-FY21
138
128
10
115
101
14
7.25%
12.17%
-
7
17
(14)
(4)
(10)
NA
-
(10)
-
10
15
(11)
(3)
(8)
NA
-
(8)
(0.35)
(0.31)
Y-o-Y
20.0%
26.7%
(28.6)%
(492)Bps
NA
(30.0)%
13.3%
NA
NA
25.0%
NA
NA
NA
NA
Q1-FY22
115
110
5
4.35%
2
5
16
(14)
(3)
(11)
NA
-
(11)
(0.41)
Q-o-Q
20.0%
16.36%
100.0%
290 Bps
NA
40.0%
6.3%
NA
NA
NA
NA
NA
NA
NA
Investor Presentation
9
H1-FY22 Income statement
Particulars (INR Mn)
Revenue from Operations
Expenses
EBITDA
EBITDA Margin (%)
Other Income
Finance cost
Depreciation and amortisation expenses
Profit before tax
Tax expense
PAT
PAT Margin (%)
Other Comprehensive income
Total Comprehensive income
Diluted EPS (INR)
Sintercom India Limited
H1-FY22
H1-FY21
253
238
15
139
148
(9)
5.93%
(6.41)%
2
12
33
(28)
(7)
(21)
NA
-
(21)
-
18
30
(57)
(15)
(42)
NA
-
(42)
(0.76)
(1.71)
Y-o-Y
82.0%
60.8%
NA
NA
NA
(33.3)%
10.0%
NA
NA
NA
NA
NA
NA
NA
Investor Presentation
10
Historical Income statement
Particulars (INR Mn)
Revenue from Operations
Expenses
EBITDA
EBITDA Margin (%)
Other Income
Finance cost
Depreciation and amortisation expenses
Profit before tax
Tax expense
PAT
PAT Margin (%)
Other Comprehensive income
Total Comprehensive income
Diluted EPS (INR)
Sintercom India Limited
FY19
827
647
180
FY20
535
464
71
FY21
H1-FY22
472
438
34
253
238
15
21.77%
13.27%
7.20%
5.93%
5
39
70
76
21
55
6.65%
-
55
2.27
1
38
68
(34)
(5)
(29)
NA
-
(29)
5
39
62
(62)
(15)
(47)
NA
-
(47)
2
12
33
(28)
(7)
(21)
NA
-
(21)
(1.18)
(1.18)
(0.76)
Investor Presentation
11
Balance sheet
Equity and Liabilities (INR Mn)
FY20
FY21
H1-FY22
Assets (INR Mn)
FY20
FY21
H1-FY22
Share Capital
Reserves and Surplus
Total Equity
Non Current Liabilities
Long-term borrowings
Deferred tax liabilities (Net)
Long term provisions
Other long term liabilities
242
620
862
119
38
35
72
22
22
Sub Total Non Current Liabilities
192
116
Current Liabilities
Short-term borrowings
Trade payables
Other financial liabilities
Other current liabilities
Short-term provisions
Sub Total Current Liabilities
121
129
42
128
0
420
79
103
64
119
0
365
256
782
256
757
Non-current assets
Fixed assets
1,038
1,013
Property, Plant & Equipment
Other Intangible assets
Capital work-in-progress
Intangible assets under development
Long term loans & advances
Other non current assets
798
125
1
39
5
65
740
130
1
40
5
50
Sub Total Non Current Assets
1,033
966
Current assets
Inventories
Trade receivables
Cash and cash equivalents
Short-term loans and advances
Other current assets
Sub Total Current Assets
158
187
8
2
86
441
192
212
82
2
65
553
511
714
170
39
-
5
50
978
242
193
12
2
62
53
15
23
91
109
91
48
137
0
385
TOTAL EQUITY AND LIABILITIES
1,474
1,519
1,489
TOTAL ASSTES
1,474
1,519
1,489
Sintercom India Limited
Investor Presentation
12
Key Financial Highlights
Revenue (INR Mn)
EBITDA (INR Mn) & EBITDA Margin (%)
PAT (INR Mn) & PAT Margin (%)
743
827
535
472
253
22%
167
22%
181
13%
71
7%
34
6%
15
7%
55
7%
55
-5%
-29
FY18
FY19
FY20
FY21
H1-FY22
FY18
FY19
FY20
FY21
H1-FY22
FY18
FY19
FY20
-47
-10%
FY21
-21 -8%
H1-FY22
Cash Conversion Cycle (Days)
RoCE (%) and RoE (%)
Net Debt/Equity (x)
160
10.99%
11.14%
0.26
0.27
101
98
85
6.33%
6.18%
0.33%
0.15
0.15
FY18
FY19
FY20
FY21
FY18
FY19 RoCE (%)
-3.33%
FY20 RoE (%)
-2% -5%
FY21
0.07
FY18
FY19
FY20
FY21
H1-FY22
Sintercom India Limited
Investor Presentation
13
Market Data
90% 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% -20%
Stock Return (As on 30th September 2021)
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Aug-21
Sep-21
Sintercom
NSE
Price Data (As on 30th September 2021)
Shareholding Structure (As on 30th September 2021)
Face value (INR)
Market Price (INR)
52 Week H/L (INR)
Market Cap (INR Mn)
Equity Shares Outstanding (Mn)
1 Year Avg. trading volume (‘000)
Sintercom India Limited
10.00
84.05
104.80/61.20
2147.72
25.55
24.32
Public 34.40%
Promoter 65.60%
Investor Presentation
14
Disclaimer
Sintercom India Disclaimer:
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Sintercom India Ltd., which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.
This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.
Valorem Advisors Disclaimer:
Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and 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. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.
rFor further details, please feel free to contact our Investor Relations Representatives: e m i a l c s i D
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and Mr. Anuj Sonpal many other factors that could cause our actual results to differ materially from those contemplated by the Valorem Advisors relevant forward-looking statements. Gravita India will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to Tel: +91-22-49039500 reflect subsequent events or circumstances. Email: sintercom@valoremadvisors.com
Sintercom India Limited
Investor Presentation
15
Thank You!
16