Company Detail Report

CMP: 355.30 NOV 8th, 2018 CARBORUNDUM UNIVERSAL LTD ISIN: Result Update (CONSOLIDATED BASIS): Q2 FY19 Overweight INE120A01034 Index Details SYNOPSIS Stock Data Carborundum Universal Ltd develops services Sector Other Industrial Products and solutions for abrasives, electrominerals or BSE Code 513375 ceramics. Face Value 1.00 The company achieved a consolidated turnover of 52wk. High / Low (Rs.) 428.00/314.35 Rs. 6595.80 mn for Q2 FY19 as against Rs. Volume (2wk. Avg.) 9068 5871.00 mn in Q2 FY18, grew by 12.35%. Market Cap (Rs. in mn.) 67151.70 During the quarter, consolidated EBIDTA stood at Rs. 1170.70 mn as against Rs. 1102.90 mn in Annual Estimated Results(A*: Actual / E*: Estimated) the corresponding period of the previous year, up Years (Rs. in mn) FY18A FY19E FY20E by 6.15%. Net Sales 23951.70 26825.90 30313.27 During Q2 FY19, consolidated PBT increased by 6.70% to Rs. 876.30 mn from Rs. 821.30 mn in EBITDA 4215.60 4885.53 5513.98 Q2 FY18. Net Profit 2156.00 2635.67 3035.10 During the quarter, consolidated net profit stood EPS 11.41 13.95 16.06 at Rs. 648.40 mn from Rs. 553.60 mn in the P/E 31.15 25.48 22.13 corresponding quarter ending of previous year, an increase of 17.12%. Shareholding Pattern (%) EPS of the company stood at Rs. 3.43 in Q2 FY19 As on Sep 2018 As on Jun 2018 as against Rs. 2.93 in the corresponding quarter of the previous year. Promoter 42.40 42.40 During the quarter, EBIDTA and PAT margins Public 57.60 57.60 are stood at 17.75% and 9.83% respectively. Abrasives segment revenue for the quarter at a Others -- -- consolidated level was Rs.2830.20 mn compared to corresponding period of last year's revenue of 1 Year Comparative Graph Rs.2592.80 mn resulting in growth of 9%. Electro Minerals segment revenue at a consolidated level were higher at Rs.2454.90 mn versus Rs.2169.00 mn for Quarter 2 of last year. Ceramics consolidated revenues increased from Rs.1208.50 mn to Rs.1437.70 mn resulting in growth of 19% on the back of strong performance in standalone business. Net Sales & PAT of the company are expected to grow at a CAGR of 10% and 19% over 2017 to CARBORUNDUM UNIVERSAL LTD S&P BSE SENSEX 2020E, respectively.

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E (X)(TTM) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Carborundum Universal Ltd 355.30 67151.70 13.11 27.10 4.30 225.00 Grindwell Norton Ltd 497.70 55105.30 15.14 32.87 5.49 100.00 Mahindra CIE Automotive Ltd 263.00 99577.50 3.69 71.27 2.85 0.00 Oriental Veneer Products Ltd 604.85 3260.30 22.01 27.48 7.72 20.00

Results update- Q2 FY19,

(Rs. in million) Sep-18 Sep-17 % Change

Revenue 6595.80 5871.00 12.35%

Net Profit 648.40 553.60 17.12%

EPS 3.43 2.93 17.00%

EBIDTA 1170.70 1102.90 6.15%

During the quarter, net profit stood at Rs. 648.40 million from Rs. 553.60 million in the corresponding quarter ending of previous year, an increase of 17.12%. The company has achieved a turnover of Rs. 6595.80 million for the 2nd quarter of the FY2018-19 as against Rs. 5871.00 million in the corresponding quarter of the previous year, grew by 12.35%. Reported earnings per share of the company stood at Rs. 3.43 in Q2 FY19 as against Rs. 2.93 in the corresponding quarter of the previous year. Profit before interest, depreciation and tax stood at Rs. 1170.70 million as against Rs. 1102.90 million in the corresponding period of the previous year.

Break up of Expenditure

Value in Rs. Million Break up of Expenditure % Q2 FY19 Q2 FY18 Change

Cost of Material 2118.10 1617.50 31% Consumed Purchases of Stock-in- 258.80 191.20 35% Trade Employee Benefit 843.40 761.40 11% Expenses Depreciation & 273.70 257.80 6% Amortization Expense

Power & Fuel 914.40 767.90 19%

Other Expenditure 1420.50 1224.10 16%

Abrasives  Segment Revenue for the quarter at a consolidated level was Rs.2830.20 mn compared to corresponding period of last year's revenue of Rs.2592.80 mn resulting in growth of 9%. The sequential consolidated revenue growth was 8%.  Profit before interest and tax increased from Rs.360 mn to Rs.380 mn the back of higher volumes. Electro Minerals:  Segment Revenue at a consolidated level were higher at Rs.2454.90 mn versus Rs.2169.00 mn for Quarter 2 of last year. Volzhsky Abrasives Works, Russian subsidiary, registered a good growth.  Profit before interest and tax decreased from Rs.370 mn to Rs.290 mn due to lower volumes in Foskor Zirconia and flooding of Maniyar Power Plant in Kerala. Ceramics  Consolidated revenues increased from Rs.1208.50 mn to Rs.1437.70 mn resulting in growth of 19% on the back of strong performance in standalone business.  Profit before interest and tax increased from Rs.170 mn to Rs.270 mn on the back of higher volumes and product mix.

COMPANY PROFILE Carborundum Universal Ltd (CUMI) was founded in 1954 as a tripartite collaboration between the Murugappa group, the Carborundum Co., USA and the Universal Grinding Wheel Co. Ltd., U.K. The company pinoneered the manufacture of coated abrasives and bonded abrasives in India in addition to the manufacture of super Refractories, Electro minerals, industrial ceramics and ceramic fibres. Today the company range of over 20,000 different varieties abrasives, refractory products and electro minerals are manufactured in ten locations across various parts of the country.

With state of the art facilities and strategic alliance with global partners, CUMI has achieved a reputation for quality and innovation. CUMI is one of the five manufacturers in the world with fully integrated operations that include mining, fusion, hydro and gas based power stations manufacturing, marketing and distribution.

All CUMI’s manufacturing facilities have received the ISO 9001:2008 accreditation for quality standards and most are EMS certified. A well connected marketing and distribution network of offices and warehouses in India and abroad, ensure that service to customers is given prime importance.

CUMI’s constant innovation and product upgradation, through in house R&D and strategic alliance with global leaders in grinding technology, have not only ensured it market leadership in India and abroad, but also international recognition as a manufacturer of quality abrasives and a provider of total grinding solutions.

CUMI’s products are being exported to 43 countries spread across North America, Europe, Australia, South Africa and Asia.

Document code: FOTL_081120184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved FINANCIAL HIGHLIGHT (CONSOLIDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions) Balance Sheet as of March 31st, 2017–2020E

Balance FY-17A FY-18A FY-19E FY-20E ASSETS Non-Current Assets a) Property, Plant and Equipment 5817.73 6144.00 5898.24 6134.17 b) Capital Work in Progress 725.64 302.50 465.85 521.75 c) Goodwill 1147.95 1151.40 1312.60 1378.23 d) Other Intangible Assets 82.38 61.00 53.68 58.51 e) Intangible Assets Under Development 0.34 0.30 0.72 0.79 f) Financial Assets i) Investments in Associate 447.77 484.90 528.54 565.54 ii) Investments in Joint Ventures 614.31 587.30 675.40 749.69 iii) Other Investments 132.85 160.30 133.05 146.35 iv) Other financial Assets 110.80 120.80 134.09 144.82 g) Deferred Tax Assets 89.98 109.60 133.71 156.44 h) Other Non -Current Assets 342.87 310.90 292.25 306.86 1. Sub Total - Non- Current Assets 9512.62 9433.00 9628.12 10163.15 Current Assets a) Inventories 3866.97 4380.20 5168.64 5788.87 b) Financial Assets i) Investments 49.64 570.50 673.19 767.44 ii) Trade Receivables 3805.83 4750.60 5320.67 5852.74 iii) Cash and Bank Balances 1248.39 1276.30 1212.49 1309.48 iv) Other Balances with Banks 12.21 12.80 13.57 14.38 v) Other Financial Assets 54.48 54.70 110.40 119.23 c) Other Current Assets 672.08 507.10 669.37 763.08 2. Sub Total - Current Assets 9709.60 11552.20 13168.32 14615.23 Total Assets (1+2) 19222.22 20985.20 22796.44 24778.38 EQUITY AND LIABILITIES EQUITY a) Equity Share Capital 188.66 189.00 189.00 189.00 b) Other Equity 13639.20 15454.50 17436.80 19703.59 c) Non-Controlling Interest 656.63 614.70 565.52 582.49 1. Total Equity 14484.49 16258.20 18191.33 20475.08 Liabilities Non Current Liabilities a) Financial Liabilities i) Borrowings 66.81 66.30 64.31 62.38 b) Provisions 75.52 91.70 97.20 101.09 c) Deferred Tax Liabilities (Net) 463.95 383.20 352.54 327.87 2. Sub Total - Non Current Liabilities 606.28 541.20 514.06 491.34 Current Liabilities a) Financial Liabilities i) Borrowings 1424.47 1181.60 968.91 833.26 ii) Trade Payables 1650.23 1975.70 1968.00 1762.41 iii) Other Financial Liabilities 670.81 667.60 680.95 701.38 b) Other Current Liabilities 224.60 190.30 230.26 262.50 c) Provisions 161.34 170.60 192.78 206.27 d) Current Tax Liabilities (Net) 0.00 0.00 50.15 46.14 3. Sub Total - Current Liabilities 4131.45 4185.80 4091.06 3811.97 Total Equity and Liabilities (1+2+3) 19222.22 20985.20 22796.44 24778.38 Document code: FOTL_081120184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E Description 12m 12m 12m 12m Net Sales 22323.40 23951.70 26825.90 30313.27 Other Income 228.00 229.20 311.71 330.41 Total Income 22551.40 24180.90 27137.62 30643.69 Expenditure -18977.70 -19965.30 -22252.09 -25129.70 Operating Profit 3573.70 4215.60 4885.53 5513.98 Interest -181.20 -86.10 -75.77 -68.19 Gross profit 3392.50 4129.50 4809.76 5445.79 Depreciation -964.80 -1059.90 -1123.49 -1179.67 Profit Before Tax 2427.70 3069.60 3686.27 4266.12 Tax -780.80 -1020.30 -1268.08 -1463.28 Profit After Tax 1646.90 2049.30 2418.19 2802.84 Minority Interest -89.10 -39.90 22.50 23.63 Share of Profit & Loss of Asso 190.90 146.60 194.98 208.63 Net Profit 1748.70 2156.00 2635.67 3035.10 Equity capital 188.66 189.00 189.00 189.00 Reserves 13615.50 15430.80 17436.80 19703.59 Face value 1.00 1.00 1.00 1.00 EPS 9.27 11.41 13.95 16.06

Quarterly Profit & Loss Statement for the period of 31st Mar, 2018 to 31st Dec, 2018E

Value(Rs.in.mn) 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18E Description 3m 3m 3m 3m Net sales 6495.40 6343.40 6595.80 6925.59 Other income 45.50 104.80 87.30 96.03 Total Income 6540.90 6448.20 6683.10 7021.62 Expenditure -5337.40 -5268.80 -5512.40 -5741.31 Operating profit 1203.50 1179.40 1170.70 1280.31 Interest -23.50 -19.00 -20.70 -19.04 Gross profit 1180.00 1160.40 1150.00 1261.26 Depreciation -276.30 -279.80 -273.70 -284.65 Profit Before Tax 903.70 880.60 876.30 976.61 Tax -313.60 -292.80 -311.30 -334.98 Profit After Tax 590.10 587.80 565.00 641.64 Minority Interest 28.80 -24.30 21.10 18.78 Share of Profit & Loss of Asso 38.90 65.10 62.30 56.07 Net Profit 657.80 628.60 648.40 716.48 Equity capital 189.00 189.00 189.00 189.00 Face value 1.00 1.00 1.00 1.00 EPS 3.48 3.33 3.43 3.79

Particulars FY17A FY18A FY19E FY20E EPS (Rs.) 9.27 11.41 13.95 16.06 EBITDA Margin (%) 16.01% 17.60% 18.21% 18.19% PBT Margin (%) 10.88% 12.82% 13.74% 14.07% PAT Margin (%) 7.38% 8.56% 9.01% 9.25% P/E Ratio (x) 38.33 31.15 25.48 22.13 ROE (%) 11.93% 13.12% 13.72% 14.09% ROCE (%) 17.06% 18.71% 20.16% 20.85% Debt Equity Ratio 0.11 0.08 0.06 0.05 EV/EBITDA (x) 18.81 15.78 13.57 11.96 Book Value (Rs.) 73.17 82.64 93.26 105.25 P/BV 4.86 4.30 3.81 3.38

Charts

. At the current market price of Rs. 355.30, the stock P/E ratio is at 25.48 FY19E and 22.13 x FY20E, respectively.

. Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 13.95 and Rs. 16.06 respectively.

. Net Sales and PAT of the company are expected to grow at a CAGR of 10% and 19% over 2017 to 2020E, respectively.

. On the basis of EV/EBITDA, the stock trades at 13.57 x for FY19E and 11.96 x for FY20E.

. Price to Book Value of the stock is expected to be at 3.81 x and 3.38 x for FY19E and FY20E, respectively.

. Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEW The global Abrasives market is segmented based on region. Asia Pacific represents the largest and the fastest growing market for the Abrasives industry and China is the largest producer of Abrasive materials and Abrasive products. The growing demand for various types of Abrasives from transportation, building & construction and other durable goods industries is expected to drive the Asia Pacific Abrasives market. Growth in the US – which holds the world’s second largest national market for Abrasives, is expected to deliver a moderate growth. The market is dominated by leading players operating across the globe.

In India, the Abrasives industry is catered by few leading players serving major portion of the Indian market. Imports are predominantly in the high and low end Abrasives. The Bonded Abrasives and the Coated Abrasives are important segments in the Indian scenario and contribute maximum in terms of revenue to this industry.

Document code: FOTL_081120184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved In the domestic Russian market, there are three major players. The Company is one of the major players in Vitrified Bonded Abrasives.

The focus for the Abrasives business was to grow topline at better than the market growth rate with significantly better profitability. The year started with the announcement of the implementation of Goods and Service Tax. The business faced a challenging first quarter owing to significant reduction in order incoming from dealers consequent to migration to the new tax regime. The business subsequently improved. Restocking resumed and in the subsequent quarters, the order book improved significantly.

The Coated business continued to register good growth in the conventional products in domestic market. The growth came about by way of launch of new products, focus on technical products, strong brand recall and dealers’ readiness to invest in this product segment as well as quality consistency of the products. Coated Abrasives division is now at a stage where the market is growing and the demand for its products are good.

Distribution leadership has been one of the strategic pillars for the Company’s growth and the business has been making steady progress on this front. During the year, the business aggressively appointed new channel partners and expanded its dealer network both in India and abroad. Retail development and industrial storming initiatives were conducted for better market penetration. Introduction of newer industrial products were pursued during the year which were sold through industrial distribution chain.

The Abrasives sales in Russia were higher this year owing to introduction of new products and targeting newer territories. Sterling Abrasives which addresses the agriculture related applications delivered a good growth during the year

Ceramics

There has been no material change in the Ceramics industry structure in India, which is catered to by a few major players. Globally however, NTK Japan exited Metallized Cylinders business in 2015-16 and its manufacturing assets and customers database were acquired by the Company’s Ceramics business. The Company is now the second largest producer in the world. In the Wear Ceramics space, there are six major players globally - the Company is one of the reputed players in the world. In the Engineering Ceramics, there are around five players globally with CUMI Ceramics being relatively smaller in size.

In Australia, CUMI is one of the major players in the Lined Equipment and Mineral processing industry. There are about a dozen players in the industry, most of whom market products imported from China and USA.

Refractory industry in India is a highly fragmented market with a market size of around Rs 60 billion. The Company’s product profile caters to the top end temperature range applications. The Refractory industry in Russia is a highly fragmented market and Volzhsky Abrasives Works (VAW) caters primarily to the aluminium industry in Russia.

Electrominerals

The Fused Alumina installed capacity globally is around 2 million tons with major capacities being in China. The Company is largely a local player with customers based in India. Apart from the domestic players, imported products have

Document code: FOTL_081120184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved a visible share in the Indian market. Competitive imports become favourable or unfavourable depending on Free Trade Agreements between countries, duty structures and exchange rates. In the Silicon Carbide space, the installed capacity would be anywhere to the extent of 1.5 to 2 million tons with large portion of it being in China, VAW, Russia with a capacity of 0.08 million tons is the second largest single location capacity in the world.

In the Fused Zirconia space, the global capacity could be approximately 0.07 million tons. China would occupy around twenty five percent of the global market. The Company with a capacity of 0.01 million tons is the third in the world. The Company continues to retain its position as one of the reputed manufacturers of Silicon Carbide and Fused Zirconia.

OUTLOOK

Global growth is expected at 3.9 per cent next year as per IMF supported by strong momentum, favourable market sentiment and recovery in commodity prices favoring commodity exporters.

Reversing two years of declining growth, Indian economy is set to expand at 7.3 per cent in 2018-19 and at 7.6 per cent in 2019-20, aided by various growth oriented new policy measures, as per Asian Development Bank. India would become the fastest growing large economy for next two years given that China’s growth forecast is lower than that of India. The main growth driver for Indian economy would be rural consumption, continued infrastructure development projects and healthy exports growth on the back of pick-up in growth in advanced economies.

The pick-up in infrastructure capex - Central Government’s road construction push - Bharatmala Pariyojana would be significantly positive for the Company.

Normalization of domestic markets post GST disruption, growth of Stainless Steel, Aerospace, Railways and Robotic industries, Urbanization & Infrastructure and Light weighting trends will favourably impact Company’s business.

Growth in Automobiles and Auto ancillary industry would open up opportunities for high performance Minerals and Abrasives business. Growth in commercial vehicles led by pick up in infrastructure capex, increased mining activity and commodity business, would favourably impact Company’s business.

The Company’s significant share of sale comes from outside India. Globally, the marketing and manufacturing entities are spread across Middle East, Europe, China, Russia and North America. The uptick is the global economy with rising commodity price would benefit the Company. The demand for the Company’s products would be favourably spurred by industrialization activity, rising per capita income and consumer spending, enhanced manufacturing activities and increase in investments.

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