SIRCANSE10 November 2021

Sirca Paints India Limited has informed the Exchange about Investor Presentation

Sirca Paints India Limited

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NSE: SIRCA | Bloomberg: SIRCA:IN CIN: L24219DL2006PLC145092

Q2FY22

Earnings Presentation

N O V E M B E R

2 0 2 1

INSIDE

Introduction

Sirca at a Glance

Sirca’s Value Proposition

Brand Portfolio

Sirca’s Footprint & Distribution

Customer Segments

Manufacturing Facilities

Marketing & Promotional Activity Industry

Contractor Loyalty Program

Indian Paints Industry

Wood Coatings & Finishes

Board of Directors

5Y Financial Summary

Q2FY22 Result Discussion

Get in Touch

Disclaimer

Company Profile

C O M P A N Y P R O F I L E

INTRODUCTION

About Sirca Paints India Limited • Sirca Paints India Limited (SPIL) is among the country’s leading manufacturers of wood coating

products. With its history dating back to more than 2 decades, today the company fulfils emerging aesthetic wood finishes needs of lakhs and adds extra mileage to India’s growing furnishing market. • The company is engaged in the manufacturing, sales and exports of wood coatings and other decorative

paints under the brands ‘Sirca’, ‘Unico, and others.

• With its newly commissioned manufacturing facility, SPIL is progressing on its journey to become a

leading brand in the Indian wood coatings & paints market.

• The company is recognized for its hallmark of superior quality wood finishes. With a vision to have a global footprint, the company is working towards exporting its products to neighboring countries i.e. Nepal, Bangladesh and Sri Lanka catered by its state-of-the-art manufacturing facility at Sonipat.

About Sirca S.P.A (Italy) Founded in the 1973, Sirca is an integral part of the Durante Group. It is among the leaders in the field of Italian wood paints, with a widespread presence in 85+ countries, 300+ employees, 4 production plants, and a turnover of €120+ million. Sirca is a research and development-oriented organization, employing more than 20% of its personnel in technical areas, such as analysts, testers, colorists, and applicators.

Sirca's value proposition revolves around premium Italian wood coatings & finishes, which are developed in collaboration with Italy’s most prestigious furniture brands.

Exclusive licensee products to Nepal, Bangladesh & Sri Lanka

Newly commissioned manufacturing facility

85+ Countries

300+ Employees

4 Production Plant

€120+ Turnover

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SPIL AT A GLANCE

EXCLUSIVE LICENSEE Of Globally Established ‘Sirca’ brand for India, Nepal, Bangladesh and Sri Lanka

MARKET LEADER Among the Top 3 Premium wood coatings brand in India

Market Leader in North India

OEM VENDOR Preferred OEM Vendor on its way to become a Dominating Retail Brand

380+ Team Strength

2,000+ Nodes* in Distribution Network

12 Branches & Depots

11 Sirca Studios

* Inc l udi ng OE M ’ s

02 Manufacturing Facilities

~300 OEM’s Clientele

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VALUE PROPOSITION

The promise and quality of ‘Made in Italy’ blended with innovation, research and development to provide the most sophisticated and customized products and services in the paints industry.

CORE OFFERING :

Premium Italian Wood Coatings

Metal Coatings

Glass Coatings

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C O M P A N Y P R O F I L E

VALUE PROPOSITION

Portfolio Expansion

Wall Paints Range

Recent Additions

Wood Coatings MASS MARKET RANGE • Nitrocellulose (NC), Melamine, PU Coatings and Thinners

• Hygiene Plus Additives

Wall Paints & others • San Marco Portfolio

(Decorative, Solid Colour Finishes, and Texture Coatings) • DuranteVivan Portfolio

(Adhesives)

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BRAND PORTFOLIO

Sirca • Luxury Italian Wood

Coatings

• High-end Wall Paints

Unico • Mass-market Wood Coatings products

San Marco • High-end Decorative, Solid Colour Finishes and Texture Coatings

DuranteVivan • Adhesives Product Portfolio

* T N E N

T N O C B U S

N A

D N

E N T R Y- L E V E L

E C O N O M I C

L U X U R Y

* Inc l udes Indi a, B angl ades h, Nepal and S r i Lank a

P R I C I N G

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C O M P A N Y P R O F I L E

SIRCA’S FOOTPRINT

MOHALI

KARNAL RAI & SONIPAT

DELHI

GURUGRAM

INDORE

NAGPUR

MUMBAI

THRISSUR

JAGADHARI

AMBALA

NOIDA DEHRADUN NEPAL

SILLIGURI

GUWAHATI BANGLADESH KOLKATA

RAIPUR

CHENNAI

SRI LANKA

1,700+ Dealers

11 Sirca Studios

Key

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12 Branches & Depots

02 Manufacturing Facilities

BRANCHES

MANUFACTURING FACILITIES

SIRCA STUDIOS

EXPORT MARKETS

C O M P A N Y P R O F I L E

CUSTOMER SEGMENTS

~70% Revenue Contribution

1,700+ Aggressively growing Distribution Network with 1,700* nodes

Growth Strategy

• Chain of studios being opened across India,

currently 11 studios & 12 branches are operational. • Creating a wider and self-sufficient product portfolio to

expand & strengthen distribution network.

* E x c l udi ng OE M ’ s

CUSTOMER SEGMENTS

~30% Revenue Contribution

APPROACH

• Dealing in Premium products. • Providing strong technical support and after sales

services to OEM’s.

Clientele (of ~300 OEM’s)

• Key Clientele includes : Godrej, Jindal Stainless,

Indoline, Space Wood, Pyramid, MAS Furniture, Alsorg, Soundarya Decorators, etc.

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MANUFACTURING FACILITIES

COMMISSIONED

In Nov’2019, Sirca commissioned a manufacturing facility for Nitrocellulose, Melamine, Economical PU products, and PU thinner at Rai, Sonipat (NCR).

Unfortunately there was a fire-accident at this facility in Jun’2020 leading to production disturbances across FY21.

The facility is now available for commercial production.

~33.20 CRORES

This unit has been established with a total CAPEX of ~33.20 Crores, as a primary ‘Object of Issue’ from our initial public offer in 2018.

COMISSIONED WALL PAINT & WALL PUTTY MANUFACTURING

PRODUCTION CAPACITY

This Company has a production capacity of:

In Q1FY21 the company shifted it’s wall paint manufacturing unit to a new, bigger premises in response to higher than originally anticipated demand.

In addition, the company also added wall putty to its product portfolio in Q1FY21, which is manufactured at this site.

~225 CRORES

MAXIMUM CAPACITY

8,000 Tonnes

For NC, Melamine and Economical PU products

4,000 Tonnes

For PU Thinner and above-mentioned products

At peak capacity utilization this manufacturing facility has a capacity to generate ~225 Crores in revenue with an optimal product-mix.

48 Lakh Liters

Wall Paints

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MARKETING AND PROMOTIONAL ACTIVITIES

INCREASE EXPENDITURE ON ADVERTISEMENTS

To achieve a greater brand-recall for ‘Sirca’, the company is increasing its expenditure on advertisements, marketing, and sales promotion efforts.

IMPLEMENTED 360° MARKETING CAMPAIGN

The company has implemented a 360° marketing campaign in its target markets, especially in the newly tapped regions.

Radio commercials & tv commercials in regional languages

Increase expenditure on Advertisements

TV COMMERCIALS IN REGIONAL LANGUAGES

TV commercials have been launched in Hindi and other regional languages, along with advertisements in movie theaters. Recently also launched Radio City campaign in NCR.

INCREASED DEALER NETWORK

To strengthen Sirca’s outdoor presence, the company is installing shop boards at its dealer network. At present, a total of ~950 shop boards have been installed.

Implemented 360° Marketing Campaign

Shop Boards & Hoardings at Dealer Network

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MARKETING AND PROMOTIONAL ACTIVITIES

Sirca studios for class-apart consumer experience

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MARKETING AND PROMOTIONAL ACTIVITIES

~950 shop board installed for enhanced visibility

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CONTRACTOR LOYALTY PROGRAM

Sirca Parivar App Highlights

8,000+ Contractors Registered

3,000+ Average Daily Scans

10,000+ Application Downloads

Sirca Parivar App Highlights

The main objective of this app is to automate the process of contractor loyalty program and streamline the process of rewards and redemption.

How does it work?

• Contractor registration • Respective details are added (like sites, architect, etcetera)

• Mapping material dispatch • Product QR code scanned • Points added to contractor’s account • Contractor claim requests • Payments to contractors processed & approved by

back-end team

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INDIA PAINT INDUSTRY

50,000 CRORE MARKET The Indian Paints industry is estimated to be a 50,000 Crore market annually

PAINT INDUSTRY IS BROADLY DIVIDED INTO

3/4th

1/4th

Decorative Paints & Coatings

Industrial Paints & Coatings

Decorative Paints constitute almost 3/4th of the market share while the rest 1/4th lies with Industrial Paints.

2/3rd SHARE IN INDIA WITH ORGANIZED INCUMBENTS In between the organized and unorganized incumbents, the former holds the majority of 2/3rd share in the India paint industry, while the rest lies with unorganized incumbents.

~12% CAGR DECORATIVE SEGMENT GROWTH IN BETWEEN FY09-19

The decorative segment is the relatively faster- growing segment of the paints industry. It had maintained a growth CAGR of ~12% between FY09- 19, this was led by strong demand from the rural and tier-II, tier-III cities and reduced repainting cycle from the consumers.

PAINT INDUSTRY IS EXPECTED TO GROW AS:

• An increase in disposable income. • Rising urbanization & rural economy.

• Increasing trend of nuclear families. • Reduction in average repainting cycle on

account of improvement in disposable income and improving lifestyles.

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WOOD COATINGS & FINISHES SEGMENTS

Overview

Market Trends

• Wood coatings are used for their

adhesion, anti-corrosion, durability, appearance enhancing & aesthetics features on wooden furniture.

• In the last decade, India has shaped

up to be one of the largest markets for wood coatings products in the Asia-Pacific region.

• Indian furniture industry, which

happens to be a key demand driver of wood coatings products, is estimated to be a USD 5 billion market in 2018- 19, with nearly USD 1.5 billion in exports and USD 0.6 billion in imports, respectively.

• The wood coatings product category is facing a shift in consumer preferences from toxic and environmentally harmful products to eco-friendly and non-toxic products.

• There is a shift underway from harmful products like Nitrocellulose

(NC) and Melamine coating products to high-quality Polyurethane (PU) coatings on account of multiple factors such as:

•

Increasing health-consciousness and awareness about the harm-full effects of these degrading wood coatings,

• Growing awareness about environment-friendly products, • Greater artistic and aesthetic value, • Other factors include - lower emission of odour, increased durability

and resistance which make these products more preferable. • The increasing value of aesthetics and expenditure towards the

furnishing segment is supporting this transition. In the long-run, an increase in disposable income and a shift towards higher-end wood coating products in the value chain will be the leading growth driver for the wood coatings market.

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C O M P A N Y P R O F I L E

BOARD OF DIRECTORS

Mr. Sanjay Agarwal

CHAIRMAN AND MANAGING DIRECTOR

Mr. Apoorv Agarwal

JOINT MANAGING DIRECTOR

Mr. Gurjit Singh Bains

NON-EXECUTIVE DIRECTOR

Mr. Ugo Pelosin

NON-EXECUTIVE DIRECTOR

Mr. Agarwal is one of the co-founders of Sirca Paints India Limited, he has been working the Paints & Coatings industry for more than two decades. Under his able leadership, Sirca has risen the ranks as one of the most prominent brands of luxury wood coatings in the country. A Chartered Accountant by qualification, Mr. Agarwal currently looks after the finance and strategy functions of the organization.

Mr. Agarwal has holds a bachelor's degree from Delhi University and a masters degree in Finance & Marketing from IIPM. He has a decade of experience & training in the Italian furnishing and Italian wood coatings space. He has worked with prominent Italian furnishing brands like B&B Italia, Reflex, Laura Meroni, Simon Cenedese, and many others. At Sirca Paints India, he looks after the Sales and Marketing functions. He has also been bestowed with the responsibilities of establishing Sirca's presence through its distribution network across the country.

Mr. Gurjit Singh Bains is one of the co- founders of Sirca Paints India, he has more than two decades of experience in wood coatings and the Italian furniture industry. He was among the early introducers & promoter of branded Italian furniture in India.

Mr. Pelosin has more than two decades of experience in exporting wood coatings globally. Apart from being the Non-Executive Director of Sirca Paints India, he is also the Export Director of Sirca S.p.A (Italy). He was appointed as the Non-Executive Director of the company in 2018, nominated by Sirca S.p.A (Italy) as per the Shareholder Agreement entered between the companies.

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C O M P A N Y P R O F I L E

BOARD OF DIRECTORS

Mr. Shyam Lal Goyal

NON-EXECUTIVE & INDEPENDENT DIRECTOR

Mr. Anil Kumar Mehrotra

NON-EXECUTIVE & INDEPENDENT DIRECTOR

Mrs. Anu Chauhan

NON-EXECUTIVE & INDEPENDENT DIRECTOR

Mr. Sanjay Kapoor

NON-EXECUTIVE & INDEPENDENT DIRECTOR

Mr. Goyal was the Audit and Finance Advisor at Ghazanfar Bank. He leads each firm’s lines of business - Banking Sector and FMCG industries in an expeditious manner. He holds experience of over 30 years and has held various senior positions in India and abroad. His experience in global financial operations, Corporate Governance, Enterprise-wide systems, and Financing is a proven asset.

Mr. Mehrotra is an experienced professional who has worked as a CFO in the Automotive and FMCG industry for over 30 years in 4 different countries. His area of expertise includes - business strategy and financial planning, international operations, acquisitions, corporate governance controllership and taxation, business unit restructuring & integration systems.

Mrs. Chauhan has a vast experience of over a decade in management and team leadership skills. She has a proven track record of running successful operations and nurturing & growing businesses. Her core area of expertise includes - business management, directing and planning, supervising multi- disciplinary teams, processes, documentation, business Control checks, audits, and vendor management.

Mr. Kapoor is a doctor by profession, he has an MBBS and DCH (Diploma of Child Health) with over 20 years of experience in the pediatrics department. He was appointed on the Board of the company in 2017.

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5Y Financial Summary

5 Y F I N A N C I A L S U M M A R Y

5Y PROFIT & LOSS SUMMARY

PARTICULARS

Revenue from Operations

Total Income

Total Operating Expenses

EBIDTA (Excluding OI)

EBIDTA (Excluding OI) %

Interest Cost

Depreciation & Ammortisation

Profit Before Taxes

Profit After Taxes

Note: 1. Figures up till FY18 and not as per Ind AS 2. Only FY20 & FY21 figures are Consolidated 3. FY20 EBITDA (Excluding OI) & Total Operating Expenses adjusted for one-time impairment loss of 0.76 crores 4. FY21 EBITDA (Excluding OI) & Total Operating Expenses adjusted for net-loss of fire incident

FY21

143.18

157.32

121.37

21.81

15.2%

0.10

3.65

22.55

16.58

FY20

135.05

140.66

103.26

31.78

23.5%

0.08

2.39

34.18

25.15

FY19

125.34

131.46

93.81

31.53

25.2%

0.11

0.93

31.97

22.23

(₹ in crores)

FY18

FY17

89.22

93.57

63.26

25.96

82.51

84.34

62.30

20.21

29.1%

24.5%

0.18

0.59

29.54

19.38

0.10

0.39

21.55

13.70

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5 Y F I N A N C I A L S U M M A R Y

5Y BALANCE SHEET SUMMARY

PARTICULARS

Shareholders Fund

Non Current Liabilities

Current Liabilities

- Trade Payables

Total

Non Current Assets

Current Assets

- Inventories

- Trade Receivables

Total

Note: 1. Figures up till FY18 and not as per Ind AS 2. Only FY20 & FY21 figures are Consolidated

FY21

201.57

0.27

52.87

34.84

254.73

45.23

209.49

64.94

43.04

FY20

184.65

0.18

24.98

20.29

209.82

52.83

154.13

51.44

45.59

FY19

167.84

0.48

22.45

17.02

190.79

36.74

154.04

26.77

39.70

254.73

209.82

190.79

(₹ in crores)

FY18

FY17

67.63

0.33

26.57

6.93

94.56

22.43

72.11

14.85

33.53

94.56

34.12

0.02

27.14

9.36

61.31

9.94

51.33

10.14

23.99

61.31

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5 Y F I N A N C I A L S U M M A R Y

5Y CASH FLOW SUMMARY

PARTICULARS

Cash from Operating Activities

Cash from Investing Activities

Cash from Financing Activities

Net Cash Flow

Net Cash at Beginning of Year

Net Cash at End of Year

Note: 1. Figures up till FY18 and not as per Ind AS 2. Only FY20 & FY21 figures are Consolidated

FY21

19.20

14.83

(0.10)

33.93

4.58

FY20

(7.56)

FY19

12.34

FY18

(18.28)

4.81

(71.28)

(12.87)

(8.45)

68.36

(11.21)

15.79

9.42

6.37

38.52

4.58

15.79

15.50

1.31

13.33

14.65

(₹ in crores)

FY17

10.71

(5.38)

(6.93)

(1.59)

14.93

13.33

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Q2FY22 Result Discussion

Q 2 F Y 2 2 R E S U L T D I S C U S S I O N

PROFIT & LOSS SUMMARY

Consolidated

(₹ in crores)

PARTICULARS

Q2FY22

Q1FY22

Q2FY21

YoY %

QoQ %

Revenue from Operations

Total Income

Total Operating Expenses

EBIDTA (Excluding OI)

EBIDTA (Excluding OI) %

Interest Cost

Depreciation & Ammortisation

Profit Before Taxes

Profit After Taxes

Earnings Per Share (₹)

60.59

61.92

47.17

13.42

22.1%

0.02

1.00

13.71

10.16

3.71

32.12

33.02

29.25

2.87

8.9%

0.01

0.77

2.97

2.21

0.81

38.10

38.77

32.98

5.11

59.1%

59.7%

43.0%

88.6%

87.5%

61.3%

162.2%

367.5%

13.4%

872 bps

1321 bps

0.04

0.85

-5.67

-4.31

-1.57

-44.3%

17.8%

341.9%

335.7%

336.3%

32.8%

29.5%

360.5%

359.1%

358.0%

Li nk to Fi nanc i al Res ul ts

Note: 1. Q2FY21 EBITDA adjusted for loss of Fire Incident (10.57 cr)

59.1%

Q2FY22 Revenue from Operations at 60.59 Crores compared to 38.10 Crores in Q2FY21

162.2%

Q2FY22 EBITDA at 13.42 Crores compared to 5.11 Crores in Q2FY21

335.7%

Q2FY22 PAT at 10.16 Crores compared to -4.31 Crores in Q2FY21

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Q 2 F Y 2 2 R E S U L T D I S C U S S I O N

BALANCE SHEET SUMMARY

Consolidated

PARTICULARS

Shareholders Fund

Non Current Liabilities

Current Liabilities

- Trade Payables

Total

Non Current Assets

Current Assets

- Inventories

- Trade Receivables

Total

Li nk to Fi nanc i al Res ul ts

(₹ in crores)

H1FY22

H2FY21 % Change

209.83

201.57

0.10

42.41

25.17

252.35

56.21

196.13

64.41

48.23

252.35

0.27

52.87

34.84

254.73

45.23

209.49

64.94

43.04

254.73

4.1%

-63.0%

-19.8%

-27.8%

-0.9%

24.3%

-6.4%

-0.8%

12.1%

-0.9%

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Q 2 F Y 2 2 R E S U L T D I S C U S S I O N

MANAGEMENT COMMENTARY

Q2FY22 Result Discussion

Sirca Paints is satisfied with its Q2FY22 performance, which has been quite remarkable. This comes as positive news to the Company, especially after a couple of quarters of disrupted demand, due to the 1st and 2nd wave of the COVID-19 pandemic. The Company has been able to achieve INR 60.59 crores of sales in Q2FY22 - its highest ever quarterly sales till date. This can be attributed to a healthy performance on the Italian PU & Unico range of products contributing significantly to the topline, and the Company expects this trend to continue in the quarters to come, with Unico’s share in the topline growing further.

From a gross profit standpoint, the Company has witnessed some pressures, owing to the ongoing raw material cost inflation. Even though the Company hasn't witnessed any further compression in GPM in Q2FY22 on a YoY or QoQ basis, the margins have not yet returned to its pre-COVID-19 level. Subsequently, the Company is planning for its 4th price-hike since the advent of COVID-19, in the coming quarter. The Company also optimized its cost structures including optimizing its team strength, which led to improved operating profitability and reduced operational expenses. Furthermore, the Company’s PAT stood at INR 10.16 crores, which is a significant increase of 335.7% YoY and 359.1% QoQ, albeit a small base from previous quarters. Sirca Paints believes that its concerted efforts in Q2FY22 have finally resulted in an overall improvement in its financials.

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Q 2 F Y 2 2 R E S U L T D I S C U S S I O N

MANAGEMENT COMMENTARY (Cont.)

Business Update

The Italian PU remains to be the core contributor to its growth. UNICO has certainly started adding to the operations in Q2FY22, and is expected to drive growth in the future. To further capitalise on the market opportunities and accelerate the pace of Unico products, the Company is commissioning an alternate manufacturing unit, which is expected to take off by the end of FY22. The Company is also geared to step up its marketing endeavours in the coming quarters, once the new manufacturing facility and its infrastructural setup is completed, to add to its growth trajectory.

Sirca Paints has witnessed a proportional reduction in its working capital, led by a reduction in debtor days in H1FY22, in comparison to the previous period. The Company is currently working on introducing channel financing to further reduce debtor days. With that, it expects to optimize its inventory further in H2FY22.

In the next two quarters, the Company will be focusing its efforts on adding new manufacturing units in South India, to help cater to the Western and Southern Indian markets. The Company expects to commission these units before the end of FY22. In addition, the sampling process for DuranteVivan (Adhesive) with the top OEMs of the Company has been delayed, due to travel restrictions. The Company is expecting a team of technicians from Italy to come in for early work in the coming quarter. San Marco has been receiving a satisfactory response in NCR, and the Company plans to introduce the same at the dealer level soon.

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Q 2 F Y 2 2 R E S U L T D I S C U S S I O N

RECENT PROMOTIONAL ACTIVITIES

Sirca recently hosted ‘Jashn-e- Rang’ event for its dealers and distributors to live up to the Company’s motto ‘Ghar Hai Aapse’

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GET IN TOUCH

Mr. Suraj Singh COMPANY SECRETARY AND COMPLIANCE OFFICER

Mr. Sayam Pokharna

Sirca Paints India Limited cs@sircapaints.com

The Investment Lab sayam@theinvestmentlab.in

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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 Sirca Paints India Limited (“Company” or “Sirca”), 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. this presentation are cautioned not to place undue reliance on these forward-looking statements. The Given these risks, uncertainties and other factors, viewers Of 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. 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. This presentation may not be copied or disseminated, in whole or in part, and in any manner.

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