VGUARD

January 31, 2019 The Manager The Manager Listing Department, Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, National Stock Exchange of India Limited, Dalal Street, Exchange Plaza, 5th Floor, Plot No. C/1, Mumbai-400 001 G Block, Bandra-Kurla Complex, Bandra-East, Mumbai-400 051 Ref:- Scrip Code: 532953 Ref:-Symbol: VGUARD Sub: - Presentation on Financial Results of the Company for the Quarter ended on December 31, 2018 -reg. Dear Sir/ Madam, Pursuant to Regulation 30 read with point 15 of Para A of Part A of Schedule Ill and Regulation 46 (2)(o) of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, we hereby submit the Earnings Presentation on Unaudited Standalone Financial Results of the Company for the quarter ended December 31, 2018. Kindly take the information on record. Thanking You, For V-Guard Industries Limited Jayasree K Company Secretary Encl: As above V-GUARD INDUSTRIES LTD. Regd. office 42/962, P +91 484 300 5000, 200 5000 Vennala High School Road, F +91 484 300 5100 Vennala, Kochi -682 028. E mail@vguard.in CIN:L31200KL1996PLC010010 W www.vguard.in V-Guard Industries Q3 FY2019 Earnings Presentation Disclaimer 2 Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Important developments that could affect the Company’s operations include changes in the industry structure, significant changes in political and economic environment in India and overseas, tax laws, import duties, litigation and labour relations. V-Guard Industries Limited (V-Guard) 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 reflect subsequent events or circumstances. Table of Contents 3 MD’s Message 04 Key Highlights 05 Financial Highlights 6-8 Segment-wise/Geographical Breakup of Revenues 9-11 Business Outlook 12 Annexure 13 4 Managing Director’s Commenting on the performance for Q3 FY19, Mr. Mithun Chittilappilly, Managing Director – V- Message Guard Industries Limited said, “Revenue growth during Q3 FY19 came in at 12% YoY, driven by Water Heater, Stabilizer, Fan and Digital UPS segments. The new product categories of Switchgears, Modular Switches and Kitchen Appliances also continue to witness strong traction. We have seen some recovery in demand in the south markets which delivered growth of 9.2% YoY this quarter, the highest growth rate seen in the last seven quarters. Non-south markets continue to witness strong traction and grew 18% YoY. Non-south markets contributed to 37.2% from 35.5% a year ago. We continue to invest in growing our presence further and envisage 50% contribution from this business over the next 4-5 years. A&P spends were at 5.5% for the quarter. The new brand identity along with the transformation initiatives that we have undertaken in the past few years have enabled us to increase penetration and brand recall, making us more relevant and impactful as a consumer oriented organisation that is catering to the evolving needs of consumers across the country. Volatility in commodity prices and exchange rate impacted our margins during the quarter. We expect this to be a temporary phase and expect margin trajectory to improve going into the next quarter on the back of strengthening currency and planned pricing actions. We expect EBITDA margins of ~9% for full year FY19. Our prudent approach and focus on profitable and sustainable growth has resulted in strong cash flow generation to the tune of Rs. 160 crore in 9M FY19. To conclude, this has been a quarter of business recovery after the flood impact last quarter. In 9M FY19, we have now delivered overall growth of ~12.5% on GST-adjusted basis. We further expect to see acceleration in our sales velocity going into the peak summer season in Q4. Over the past couple of years, we have been transforming and revamping our strategies to strengthen the brand, improve processes and expand the product portfolio to achieve higher growth. We will continue to invest in the business and drive innovation across every facet of the organization to meet the dynamic requirements of our discerning consumers.” Key Highlights – Q3 FY2019 5 • Reported growth of 12.2% YoY to Rs. 594.3 crore • Recovery seen in South markets with revenue growth of 9.2%, highest seen in the last seven quarters Revenue growth of 12.2% YoY in Q3 • Non-South markets sustain momentum with18% YoY growth in Q3 FY19; Non-South contribution at 37.2% of sales (35.5% in Q3 FY18) FY19 • Revenues were driven by Stabilizer, Digital UPS, Water Heater and Fan segments • Like-to-like growth in 9M FY19 at 12.5% • Q4 FY19 to see acceleration in sales velocity going into the peak summer season Gross profit up 5.0% • Gross margins were up 40 bps QoQ but lower by 200 bps YoY at 30.0% YoY to Rs 178.4 crore • Margins impacted by volatility in commodity prices and depreciation of the rupee EBITDA declined 5.1% • Ad/promotional spends at 5.5% of sales in Q3 FY19 as compared to 5.7% in Q3 FY18 YoY, PAT by 5.8% • EBITDA margins at 8.3% in Q3 FY19 as compared to 9.8% in Q3 FY18 • Working capital cycle improves to 55 days in Q3 FY19 as compared to 62 days in Q3 FY18 and 59 days in Q2 FY19 Sharp 7 day YoY • Strong cash generation continues, CFO up 113% to Rs. 160 crore in 9M FY19 as compared to Rs. 75 crore in 9M FY18 improvement in • Net cash of Rs. 203 crore on balance sheet as on 31st December 2018 working capital cycle Strong return • Strong return ratios maintained with ROE and ROCE of 16.0% and 18.6% respectively (TTM basis) at the end of Q3 FY19 ratios 5 Financial Highlights (Q3 FY19 vs Q3 FY18) 6 Total Income (Rs. crore) Gross Profit 594 178 530 170 Key ratios (%) Q3 FY19 Q3 FY18 Gross Margin 30.0% 32.1% 12.2% 5% EBITDA Margin 8.3% 9.8% Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Net Margin 5.7% 6.8% Ad Expenditure (incl. promotions)/Total Revenues 5.5% 5.7% EBITDA (Rs. crore) PAT (Rs. crore) Employee Cost/ Total Operating Income 8.3% 8.1% 52 49 36 34 Other Expenditure/ Total Operating Income 14.2% 14.6% Tax rate 22.0% 23.4% Diluted EPS (Rs.) 0.78 0.82 -5.1% -5.8% Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Financial Highlights (9M FY19 vs 9M FY18) 7 Total Income (Rs. crore) Gross Profit 1,827 548 1,663 504 Key ratios (%) 9M FY19 9M FY18 Gross Margin 30.0% 30.3% 9.9% 8.9% EBITDA Margin 8.4% 9.4% 9M FY18 9M FY19 9M FY18 9M FY19 Net Margin 5.8% 6.3% Ad Expenditure (incl. promotions)/Total Revenues 5.5% 5.3% EBITDA (Rs. crore) PAT (Rs. crore) 157 153 Employee Cost/ Total Operating Income 8.2% 7.7% 106 106 Other Expenditure/ Total Operating Income 14.1% 13.6% Tax rate 21.5% 25.4% Diluted EPS (Rs.) 2.45 2.43 -2.6% 0.7% 9M FY18 9M FY19 9M FY18 9M FY19 Financial Highlights – Balance Sheet Perspective 8 Balance Sheet Snapshot (Rs. cr) 31 Dec 2018 30 Sept 2018 31Dec 2017 Net worth 837.5 799.7 716.3 Gross debt 10.0 10.0 3.3 Current Investments 157.1 158.9 104.1 Cash and cash equivalents 55.8 6.2 4.1 Net Cash Position (Rs. crore) 202.9 155.2 104.9 Fixed Assets 218.4 211.5 204.4 Balance Sheet Snapshot (Rs. cr) 31 Dec 2018 30 Sept 2018 31 Dec 2017 Debtor (days) 46 53 51 Inventory (days) 72 68 67 Creditor (days) 64 62 57 Working Capital Turnover (days) 55 59 62 RoE* (%) 16.0% 17.0% 20.2% RoCE* (%) 18.6% 20.1% 26.0% *Calculations are on a trailing twelve month basis 8 Segment-wise Breakup of Revenues – Q3 FY19 vs Q3 FY18 9 Q3 FY19 Contribution Q3 FY18 Contribution YoY growth Products (Rs. Cr) (%) (Rs. Cr) (%) (%) Electronics 152.5 26% 129.9 25% 17.4% Electricals 257.9 43% 249.9 47% 3.2% Consumer Durables 183.8 31% 149.9 28% 22.6% Grand Total 594.3 100% 529.7 100% 12.2% Q3 FY19 Contribution Q3 FY18 Contribution YoY growth Products (Rs. Cr) (%) (Rs. Cr) (%) (%) Stabilizers 97.1 16% 82.8 16% 17% UPS (Digital + Standalone) 55.4 9% 47.1 9% 18% Pumps 64.1 11% 63.1 12% 2% Wires 173.9 29% 174.0 33% 0% Water Heaters (Electric + Solar) 114.3 19% 97.9 18% 17% Fans 49.1 8% 39.9 8% 23% Kitchen Appliances 17.7 3% 12.2 2% 45% Switchgears & Modular Switches 19.8 3% 12.8 2% 55% Air Coolers 2.7 0% 0.0 0% GRAND TOTAL 594.2 100.0% 529.7 100.0% 12% Electronics – Stabilizers, UPS, Solar Inverter; Electricals – Wires, Pumps, Switchgears, Modular Switches; Consumer Durables – Fans, Water Heaters, Kitchen Appliances, Air Coolers Segment-wise Breakup of Revenues – 9M FY19 vs 9M FY18 10 9M FY19 Contribution 9M FY18 Contribution YoY growth Products (Rs. Cr) (%) (Rs. Cr) (%) (%) Electronics 554.4 30% 521.5 31% 6.3% Electricals 773.4 42% 722.5 43% 7.0% Consumer Durables 498.9 27% 418.7 25% 19.2% Grand Total 1,826.7 100% 1,662.7 100% 9.9% 9M FY19 Contribution 9M FY18 Contribution YoY growth Products (Rs. Cr) (%) (Rs. Cr) (%) (%) Stabilizers 324.6 17.8% 322.7 19.4% 0.6% UPS (Digital + Standalone) 229.8 12.6% 198.8 12.0% 15.6% Pumps 187.0 10.2% 188.2 11.3% -0.6% Wires 528.7 28.9% 498.8 30.0% 6.0% Water Heaters (Electric + Solar) 274.7 15.0% 240.8 14.5% 14.1% Fans 157.1 8.6% 133.6 8.0% 17.6% Kitchen Appliances 61.4 3.4% 44.3 2.7% 38.7% Switchgears & Modular Switches 57.6 3.2% 35.5 2.1% 62.2% Air Coolers 5.7 0.3% 0.0% 0.0% GRAND TOTAL 1,826.7 100.0% 1,662.7 100.0% 9.9% Electronics – Stabilizers, UPS, Solar Inverter; Electricals – Wires, Pumps, Switchgears, Modular Switches; Consumer Durables – Fans, Water Heaters, Kitchen Appliances, Air Coolers Note 1: Consequent to the introduction of GST w.e.f. July 01, 2017, Central Excise, Value Added Tax (VAT), etc. have been subsumed into GST. Unlike Excise Duties, levies like GST, VAT, etc. are not part of Revenue. The YoY growth calculations appearing in this section, are not strictly comparable with prior periods. Geographical Breakup of Revenues 11 Q3 FY19 Contribution Q3 FY18 Contribution YoY growth Region (Rs. Cr) (%) (Rs. Cr) (%) (%) South 373.0 62.8% 341.7 64.5% 9.2% Non-South 221.2 37.2% 188.1 35.5% 17.6% Total Revenue 594.2 100% 529.7 100% 12.2% 9M FY19 Contribution 9M FY18 Contribution YoY growth Region (Rs. Cr) (%) (Rs. Cr) (%) (%) South 1,112.1 61% 1,062.7 64% 4.7% Non-South 714.6 39% 600.0 36% 19.1% Total Revenue 1,826.7 100% 1,662.7 100% 9.9% Business Outlook 12 • The Company is confident of achieving a topline growth of 15% over the next few years driven by expansion into non-South markets and introduction of new product categories. • We continue to undertake business strengthening initiatives and putting in place best in class processes and systems to future-proof the organization. We will be focused on successfully executing the objectives of ‘Udaan Phase-II’ as well as seeing through the successful pan-India implementation of salesforce.com. • The Company envisages adding 3,000-5,000 retailers across the country every year over the next five years with higher addition in the non-South region. • Going forward, the Company shall continue to build upon its competitive positioning in the consumer electricals, electronics and durables industry. The Company will maintain its thrust on advertising and promotions to increase its brand visibility and penetration in the non-South markets under its new brand identity reflecting the company’s transformation into a leading multi-product, pan-India player in the Consumer Electricals space. • Two-thirds of the Company’s distribution network has already been established in the non-South region. This provides significant potential for revenue growth and operating leverage to expand on existing investments. The Company envisages the non-South markets to contribute to 50% over the next five years. • Efforts on innovation, R&D and product development will continue to be made in order to roll out differentiated offerings in a competitive industry. We have products that are connected, controlled and M2M capable and are bringing capabilities like machine learning as well. We are also building in auto diagnostics into devices. We are also working on a digital strategy for the company that includes looking at the predictive maintenance in plants, using Artificial Intelligence. We are focusing on Six Sigma, TPM, lean manufacturing, etc at our 10 plants in India. The manufacturing execution system (MES) acts as an enabler for Industry 4.0, providing real-time factory data. • The cash positive balance sheet enables us to pursue inorganic opportunities, if valuations favour. We are looking at companies having product range synergy with V-Guard, providing manufacturing capabilities or strong regional players where V-Guard can expand its geographic footprint. Further, the Board has approved raising of funds up to an aggregate of Rs. 500 crore through debt or equity or a combination of both. Company Overview 14 • Electronics – Stabilizers, UPS, Solar Inverter; Electricals – Wires, Pumps, Switchgears, Modular Comprehensive portfolio catering to Switches; Consumer Durables – Fans, Water Heaters, Kitchen Appliances, Air Coolers the mass consumption market • Household consumption market will continue to grow at a significant pace going forward Invested in a strong distribution • Spread over 30 branches nationwide network • Network of 30,000+ retailers • Aggressive ad spends and sales promotions have created a strong equity and brand recall Strong Brand Equity • Strong established player in South India with leadership in the Voltage Stabilizer segment Expanding towards a pan India • Significant investments committed towards aggressive expansion in non-South markets presence • Increased capacities for house-wiring cables and solar water heaters • Follows an asset light model outsourcing ~58% of its products from a range of vendors Mix of in-house and outsourcing • Tie-ups with SSIs/self-help groups spread across southern India production model provides flexibility • Blended manufacturing policy helps optimize capex and working capital requirements • Leadership position in its flagship product, voltage stabilizers, with over 51% market share Increasing market share across all • Successfully gained market share in all of its product categories product lines • Rapidly expanding market share in the non-South markets Production Model 15 PVC Wires Factory Solar Water Heater Factory Stabilizer Manufacturing Units Product No. of Units Location Outsourcing Objectives Own Manufacturing Facilities • Asset light model outsourcing ~58% products PVC Wiring Cables 2 Coimbatore, Kashipur Pumps & Motors 1 Coimbatore • Complete control over supply chain ecosystem Fans 1 Himachal Pradesh • R&D support to vendors’ technical teams Water Heater 2 Himachal Pradesh, Sikkim • Quality assurance official posted at vendors’ production units to ensure maintenance of Solar Water Heaters 1 Perundurai quality Stabilizers 2 Sikkim • Owns all its designs and moulds Outsourced production facilities • Helps procure raw material for the vendors, negotiating price with the supplier Stabilizers 57 Across India Pumps 18 “ • Tie-ups with SSIs/self-help groups across Southern India for flagship product, Stabilizers Fans 11 “ • Blended manufacturing policy helps optimize capex and working capital requirements UPS 9 “ Financial Highlights (FY13-18) 16 Revenue EBITDA and EBITDA Margins PAT and PAT Margins 6.8% 6.0% e r o r s c R . 1,360 1,518 1,746 1,862 2,114 2,321 e r o r s c R . 8.3% 8.4% 7.9% 9.9% 10.5% 8.5% e r o r c .s R 4.7% 4.6% 4.1% 5.7% 114 127 138 185 222 198 63 70 71 112 145 133 FY13 FY14 FY15 FY16 FY17 FY18 FY13 FY14 FY15 FY16 FY17 FY18 FY13 FY14 FY15 FY16 FY17 FY18 Note 1:Please note that that consequent to the introduction of Goods and Service Tax (GST) with effect from July 01, 2017, Central Excise, Value Added Tax (VAT), etc. have been subsumed into GST. In accordance with Indian Accounting Standard - 18 on Revenue and Schedule III of the Companies Act, 2013, unlike Excise Duties, levies like GST, VAT, etc. are not part of Revenue. Hence, the revenue and growth calculations for FY18, are not strictly comparable with FY17 and prior periods. Note 2: V-Guard underwent brand rejuvenation in Q4 FY18 where significant investments (Rs. 45 crore ATL spends) were made resulting in lower EBITDA and PAT for FY18. ROE ROCE Net Worth Gross D/E 32.9 29.9 25.3 25.9 23.0 22.2 e r o 0.6 24.0 22.0 18.7 23.5 22.8 17.7 r s c R . 0.3 0.2 0.0 0.0 0.0 261 318 378 471 634 752 FY13 FY14 FY15 FY16 FY17 FY18 FY13 FY14 FY15 FY16 FY17 FY18 Note 3: V-Guard adopted Ind-AS framework starting FY18. Numbers for FY17 have been reinstated in compliance with Ind-AS to draw meaningful comparison. Prior period numbers are in IGAAP and not comparable. Operational Highlights (FY13-18) 17 Ad & Promo Spends and as a % of Sales Expanding Geographic Presence 153 25% 30% 33% 33% 35% 37% 95 80 69 75% 70% 67% 67% 65% 63% 58 60 6.6% 4.3% 3.9% 4.0% 4.3% 4.5% FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 South Non-South Ad Spends % of Sales In-house Manufacturing vs. Outsourcing Strong Growth in Distributor Network 445 408 328 60% 57% 60% 60% 60% 58% 220 208 216 231 187 167 134 40% 43% 40% 40% 40% 42% FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2013 FY2014 FY2015 FY2016 FY2017 In-house Outsourced South Non-South Segment-wise Breakup of Revenues – FY18 vs FY17 18 FY18 Contribution FY17 Contribution YoY growth Products (Rs. Cr) (%) (Rs. Cr) (%) (%) Electronics 729.2 31.4% 664.8 31.4% 9.7% Electricals 1,017.1 43.8% 940.9 44.5% 8.1% Consumer Durables 575.0 24.8% 508.5 24.0% 13.1% Grand Total 2,321.3 100.0% 2,114.2 100.0% 9.8% FY18 Contribution FY17 Contribution YoY growth Products (Rs. Cr) (%) (Rs. Cr) (%) (%) Stabilizers 443.2 19.1% 428.1 20.2% 3.5% UPS (Digital + Standalone) 286.0 12.3% 236.7 11.2% 20.8% Pumps 275.4 11.9% 261.8 12.4% 5.2% Wires 688.6 29.7% 638.8 30.2% 7.8% Water Heaters (Electric + Solar) 284.5 12.3% 265.0 12.5% 7.4% Fans 228.4 9.8% 200.7 9.5% 13.8% Kitchen Appliances 58.4 2.5% 42.8 2.0% 36.4% Switchgears & Modular Switches 53.1 2.3% 40.3 1.9% 31.8% Air coolers 3.7 0.2% 0.0 0.0% 0.0% GRAND TOTAL 2,321.3 100.0% 2,114.2 100.0% 9.8% Electronics – Stabilizers, UPS, Solar Inverter; Electricals – Wires, Pumps, Switchgears, Modular Switches; Consumer Durables – Fans, Water Heaters, Kitchen Appliances, Air Coolers Note 1: V-Guard adopted Ind-AS framework starting Q1 FY18. Comparable prior period numbers have been restated in compliance with Ind-AS. Note 2: Consequent to the introduction of GST w.e.f. July 01, 2017, Central Excise, Value Added Tax (VAT), etc. have been subsumed into GST. Unlike Excise Duties, levies like GST, VAT, etc. are not part of Revenue. Hence, the growth calculations appearing in this section, are not strictly comparable with prior periods. Geographical Breakup of Revenues 19 FY18 Contribution FY17 Contribution YoY growth Region (Rs. Cr) (%) (Rs. Cr) (%) (%) South 1,462.8 63% 1,385.5 66% 5.6% Non-South 858.5 37% 728.7 34% 17.8% Total Revenue 2,321.3 100% 2,114.2 100% 9.8% Market Size across Product Segments 20 Products STABILIZERS PVC WIRES COOKTOPS MOTOR PUMPS *Company estimates FY16 eziS tekraM *)erorC .sR( Organized 700.00 5,500.00 420.00 – 450.00 5,500.00 Unorganized 550.00 4,000.00 180.00 – 200.00 5,000.00 Total 1,250.00 9,500.00 600.00 – 650.00 10,500.00 Micro tech, Livguard, Prestige, Bajaj Electrials, Polycab, Havells, Finloex, Crompton Greaves, Key Players Bluebird, Capri, Logicstat, TTK Prestige, Preethi, RR Cables, Anchor Kirloskar, CRI, Texmo Premier, Everest Butterfly Production Model 80% Outsourced 100% In-House 100% Outsourced 90% Outsourced Consumer Durable stores, Electrical and hardware Distribution Electrical and Hardware Consumer Durables / Electrical and Hardware Stores, Pump and Pipe Channel Strategy Stores Kitchen Appliances stores Stores fittings Stores Market Size across Product Segments 21 Products WATER HEATERS FANS UPS Digital UPS *Company estimates FY16 .sR( eziS tekraM *)erorC Organized 1,325.00 5,000.00 160.00 4,500.00 Unorganized 700.00 1,500.00 240.00 750.00 Total 2,025.00 6,500.00 400.00 5,250.00 A.O. Smith, Racold, Bajaj, Crompton, Usha, Bajaj Microtek, Luminous, Su-Kam, Key Players Venus, Crompton Greaves, Numeric, APC, Emerson Electricals, Havells, Orient Exide Usha Production Model 55% Outsourced 90% Outsourced 100% Outsourced 100% Outsourced Consumer Durable stores, Consumer Durable stores , Consumer Durable stores, Distribution Electrical and Hardware Electrical and Hardware Consumer Durable stores Electrical and Hardware Channel Strategy Stores Stores stores, Battery Retail stores Market Size across Product Segments 22 Products SOLAR WATER HEATER SWITCHGEAR GAS STOVES MIXER GRINDERS .sR( eziS tekraM *)erorC Organized 420.00 1,400.00 1,000.00 1,500.00 Unorganized 180.00 600 1,000.00 1,000.00 Total 600.00 2,000.00^ 2,000.00 2,500.00 Racold, Emmvee Solar, Butterfly (glass top), Preethi, Bajaj Electricals, Key Players Havells, Legrand, L&T, ABB Sudarshan, Supreme Sun Flame (steel) Butterfly, Panasonic Production Model 100% In-House 100% Outsourced 100% Outsourced 100% Outsourced Distribution Consumer Durables / Consumer Durables / Direct Marketing Channel Electrical stores Channel Strategy Kitchen Appliances stores Kitchen Appliances stores *Company estimates FY16; ^The market size where V-Guard is present; total domestic switchgear market estimated at Rs. 4,000 crore About V-Guard Industries 23 V-Guard Industries Limited (BSE:532953, NSE: VGUARD) is a Kochi based company, incepted in 1977 by Kochouseph Chittilapilly to manufacture and market Voltage stabilizers. The Company has since then established a strong brand name and aggressively diversified to become a multi-product Company catering to the Light For further information, please contact: Electricals sector manufacturing Voltage stabilizers, Invertors & Digital UPS systems, Pumps, House wiring cables, Electric water heaters, Fans, Solar water heaters and has also recently forayed into Induction cooktops, switchgears and mixer grinders. Sudarshan Kasturi (Senior VP & Chief Financial Officer) V-Guard outsources 60% of its product profile while the rest are manufactured in – V-Guard Industries Limited house while keeping a strong control in designs and quality. It has manufacturing Tel: +91 484 300 5601 facilities at Coimbatore (Tamil Nadu), Kashipur (Uttaranchal) and Kala Amb (Himachal Pradesh). Email: sudarshan.kasturi@vguard.in V-Guard has been a dominant player in the South market, though the last five years have also seen the Company expanding rapidly in the non-South geographies with their Shiv Muttoo / Varun Divadkar contribution increasing from 5% of total revenues in FY08 to around 33% of total CDR India revenues in FY15. Significant investments continue to be made to expand its distributor base in the non-South geographies, and become a dominant pan-India player. Tel: +91 22 6645 1207 / 9763702204 V-Guard has a diversified client base and an extensive marketing & distribution Email: shiv@cdr-india.com / varun@cdr-india.com network. Its client base differs from product to product and includes direct marketing agents, distributors and retailers. The Company today has a strong network of 29 branches, 624 distributors, 5,562 channel partners and ~25,000+ retailers across the country.