Beruflich Dokumente
Kultur Dokumente
INVESTOR PRESENTATION
Largest backward
integrated pipe and
fittings manufacturer
in India with
250,000 MT p.a.
production capacity
43 MW power plant
for captive
consumption in
Ratnagiri
Pan India distribution network through wide network of dealers, sub-dealers and retail outlets 16,000+ touch points
Leading brand in
Indian PVC pipe
and fittings
Overview
PVC resin
Plant at
Ratnagiri
PVC resin
storage
section
Storage
tanks
for raw
material
Extruder
lines
Company at a glance
Storage
area for
PVC
fittings
PVC pipe
plant,
Masar,
Gujarat
Company at a glance
Storage
area for
PVC
fittings
Extruders
at the
plant
Over 600 dealers and 16,000+ retail touch points across the length and breadth of the India
Margins improvement
initiatives are
underway, however,
raw material prices
movement does
impact operating
margins in PVC resin
segment
Business Model
Value chain
CASH-N-CARRY
Cash-n-carry model to keep the balance
sheet light
MARGIN IMPROVEMENT
Increase sales of higher margin products
viz. fittings, column pipes, etc. Scale up
share of fittings in sales mix to over 10%
Key Strategies
12
BRANDING
Growing brand and quality consciousness
amongst consumer
CAPACITY EXPANSION
Increase installed capacities of PVC pipes
and fittings by 30,000 MT p.a. till FY17E with
a capex at INR 300 mn p.a
Governments focus on
increasing irrigation in
non rain-fed areas
through
PMKSY
(allocation of INR 500
bn) is expected to
increase demand for
PVC pipes and keep
the industry growth
strong over the next 5
years
Opportunity
Governments
Scheme
At 157.35 mn hectares,
India holds one of the
largest agricultural land
in the world. The
PMKSY
scheme
assumes importance as
less than 50% of
agricultural land in India
is under irrigation
Farm Loans
13
Distribution reach
11
12
5,971
1,397
6,997
8,394
5,381
1,896
8,528
10,424
Total borrowings
8,795
506
1,274
2,322
854
1,221
3,711
Current investments
*Short term borrowings have reduced due to low inventory level during monsoon.
Capital WIP
7,840
Assets
1,241
FY13
1,241
FY12
Share capital
941
1,274
325
9,052
7,134
4,812
2,322
6,656
1,241
FY14
551
1,246
104
8,678
6,371
4,534
1,837
6,633
1,241
FY15
10
301
1,246
70
8,497
3,941
*2,396
1,545
8,497
1,241
H1FY16
21,448
2.10%
3,587
16.72%
2,626
1,902
8.90%
1,361
6.30%
20,998
6.20%
2,313
11.02%
2,168
967
4.60%
752
3.60%
Net Income
PAT
PBT
FY13
FY12
6.90%
1,701
9.90%
2,419
3,268
16.17%
3,966
14.40%
24,530
FY14
1.93%
478
3.26%
808
1,896
8.52%
2,111
0.94%
24,761
FY15
9.42%
1,551
13.99%
2,305
2,882
16.01%
2,637
(2.61)
16,473
9MFY16
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
FY11
11.1%
FY11
10.7%
12.3%
FY12
FY12
FY13
RoCE (%)
FY13
RoE (%)
FY14
FY14
8.6%
FY15
FY15
10.4%
11.3%
2.0
2.5
3.0
0.4
0.8
1.2
1.6
FY11
2.2
FY11
1.1
FY13
FY13
FY12
FY12
FY14
FY14
FY15
2.7
FY15
0.7
11
9MFY16
141,071
Q3FY16
9MFY15
128,820
Q3FY15
38,856
9MFY16
165,084
Q3FY16
60,542
9MFY15
145,651
Q3FY15
61,826
9MFY16
16,473
Q3FY16
5,472
9MFY15
16,915
Q3FY15
6,429
9MFY16
2,637
Q3FY16
841
9MFY15
1,641
Q3FY15
-89
9MFY16
1,551
Q3FY16
430
9MFY15
201
Q3FY15
-438
Management Comment:
Demand for pipes and fittings continues to be good and we are confident that going forward growth in this segment would be very encouraging.
9MFY16
Q3FY16
42,445
4,667
522
11.18%
*245
767
126
396
8.49%
141
164
618
13.24%
199
419
8.98%
5,472
841
15.37%
841
127
714
13.05%
35
80
668
12.21%
238
430
7.86%
Depreciation
EBIT margins
Other Income
Finance costs
PBT
Tax
PAT
*Represents benefit by way of electricity duty exemption under package scheme of incentives for earlier periods.
PAT margins
PBT margins
Exceptional gains/(loss)
Net Sales
Q2FY16
Q3FY16
1,551
9.42%
(438)
754
13.99%
(201)
2,305
402
204
13.71%
2,258
379
2,882
*245
16.01%
2,637
16,473
9MFY16
(639)
287
14
(236)
146
(220)
(131)
(89)
6,429
Q3FY15
1.19%
201
89
1.71%
290
763
153
7.07%
1,196
444
1,345
(296)
9.70%
1,641
16,915
9MFY15
165,084
141,072
12,236
1,040
Power
MT
10,297
INR Mn.
9MFY16
42,445
60,542
MT
Q3FY16
PVC resin
Segmental Revenue
Particulars
357
3,611
Power
3,567
INR Mn.
PVC resin
Segmental Revenue
Particulars
Operating Highlights
86,736
62,374
Rs./Unit
85,075
58,918
Rs./Unit
822
12,076
9,880
INR Mn.
175
3,480
3,664
INR Mn.
128,820
145,651
MT
9MFY15
11,418
38,856
61,826
MT
Q3FY15
93,743
67,833
Rs./Unit
89,561
59,263
Rs./Unit
26.5%
1.3%
4.2%
Value
9.5%
13.3%
Volume
9.2%
(2.1%)
Volume
Growth Y-o-Y
104.0%
3.8%
(2.0%)
Value
Growth Y-o-Y
-500
500
1000
1500
2000
-89
EBITDA Q3FY15
(INR mn)
1582
73
260
Other expenses
29
Sales
958
EBITDA Q3FY16
841
400
Apr-14
500
600
700
20,000
40,000
60,000
58,239
31,644
38,856
56,966 57,967
40,689 42,445
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
515
Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16
29,489
42,974
50,596
Business Scenario
PVC Volumes
(MT)
PVC (USD/MT)
80,134
55,899
27,910
61,826
97,505
63,030
41,512
60,542
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
760
Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16
46,021
71,238
500
Apr-14
700
900
1100
25,000
50,000
75,000
100,000
62
217
790
Other Income
Finance costs
PBT
228
562
4.5
Tax
PAT
EPS
9.41%
151
Depreciation
71
Exceptional items
12.21%
1,025
8,397
Q4FY14
Net Sales
4.5
502
213
10.79%
715
282
52
149
-165
18.98%
1,258
6,627
Q1FY15
1.1
137
77
5.57%
215
194
86
149
12.21%
471
3,859
Q2FY15
(3.5)
(438)
(201)
(639)
287
14
146
(131)
(89)
6,429
Q3FY15
2.2
277
241
6.59%
517
104
50
143
31
8.71%
683
7,846
Q4FY15
5.7
703
316
16.09%
1,019
158
27
125
20.11%
1,274
6,334
Q1FY16
3.4
419
199
13.24%
618
164
141
126
245
11.18%
522
4667
Q2FY16
3.5
430
238
12.21%
668
80
35
127
15.37%
841
5,472
Q3FY16
7,775
3,393
3,131
1,715
Power
Other segments
25.54%
113
8.31%
389
9.24%
494
PVC
Capital employed
% of Revenues
Power
% of Revenues
% of Revenues
PVC
Segmental profits
443
4,686
Power
5,347
Q4FY14
PVC
1,381
3,098
3,063
8,480
17.56%
62
9.56%
520
14.42%
597
353
5,438
4,139
Q1FY15
3,051
2,512
3,899
7,277
2.90%
7.70%
242
6.00%
124
293
3,158
2,076
Q2FY15
3,413
2,650
4,789
7,221
(23.43%)
(41)
7.30%
254
(12.45%)
(456)
175
3,480
3,664
Q3FY15
2,096
2,552
4,649
6,060
29.84%
145
6.60%
321
3.78%
216
486
4,862
5,721
Q4FY15
3,577
2,772
4,302
7,167
21.04%
81
9.65%
492
16.68%
692
385
5,100
4,149
Q1FY16
2,289
2,527
4,337
5,660
14.05%
42
7.91%
297
7.67%
198
299
3,525
2,581
Q2FY16
1,941
2,500
4,730
5,649
17.09%
61
8.72%
315
12.95%
462
357
3,611
3,567
Q3FY16
Internationally
acclaimed Environment
management system
under ISO 14001, in
place at the Ratnagiri
plant.
14001
ISO
0
Effluent
Discharge
Awarded with
Certificate of Merit
believers Category by
Frost and
Sullivan's Green
Manufacturing
Excellence Award
2014 for
Golap, Ratnagiri plant
23
24
Best Safety Practices Award 2015 by National Safety council Maharashtra Chapter &
Directorate of Industrial Safety & Health, Maharashtra State
Indias most Trusted Brand in the category Manufacturing Pipes awarded by Brand Trust
Report 2015
25
www.finolexwater.com
sk@finolexind.com
26
Investor Relations