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Surya Roshni Limited Surya Roshni Limited Investors Presentation September 2020 1 The Company's Promoter & Executive Chairman, Shri Jai Prakash Agarwal, was conferred with Padma Shree Award for his distinguished services in the field of Trade and Industry by the Government of India Index Business Highlights Historical Financials Q1FY21 Results Steel Pipes & Strips Lighting and Consumer Durables Leadership Team Customers and Clients 2 Surya Roshni – Over Four Decade Strong Foundation… 1973 45 years+ Rs 5,471+ crores Established Steel Pipe Brand Equity Conglomerate as on March 31, manufacturing unit at Bahadurgarh 2020 #1 #2 #1 GI Pipes manufacturer Lighting company ERW Pipes exporter (50+ countries) Continuous Dividend 2,50,000+/2,500 21,000+/250+ Paying Countrywide retailers and Countrywide dealers and distributors FY 19-20 (20%) dealers for lighting for steel tubes and strips 3 …With a Nation-wide Presence… Steel Pipe & Strips Plants Corporate Office Lighting Plants Delhi Bahadurgarh (Haryana) 1973 Noida Kashipur (Uttarakhand) Gwalior (Madhya Pradesh) 1984 2010 Malanpur (Gwalior) 1992 Anjar (Gujarat) 2010 Branches Hindupur (AP) North Zone 2017 East Zone West and Central Zone South Zone 4 … Driven by Focus on Improving Value Creation Rs 156 crores Rs 264 crores 0.78 Continuous debt reduction F Reduction in liabilities Reduction in liabilities Debt-Equity Ratio During FY19-20 During Q-1 (FY20-21) of Q-1 (FY20-21) O Cost efficiencies Less than 7% Rs 3,264 5+ Improving asset utilisation Competitive Finance EBIDTA/Tonne on Steel Fixes asset C Cost Pipes During FY 19-20 turnover ratio (FY19-20) Efficient working capital management U Credit Rating Improvement in ROE and EBITDA/tonne S Long Term “A+” CP “A1+” Short Term “A1” 5 Company Overview Financials of Company (INR in Crores) Revenue EBITDA PAT 5,975 PBT Depreciation Interest 5,471 376 121 4,931 349 358 314 115 108 103 3,884 105 114 244 86 2,964 113 89 63 96 87 103 84 61 157 172 140 87 118 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 Capital Employed ROE & ROCE Debt to Equity (x) ROE ROCE 2,344 2,329 2,144 2,021 1.29 1.13 1,586 1.05 1.03 1090 1192 0.88 1097 12.8% 12.8% 12.5% 1070 11.6% 895 11.0% 10.9% 10.8% 10.5% 9.6% 8.6% 1239 1152 951 1047 691 FY16 FY17 FY18 FY19 FY20 Net Woth Debt FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 The Revenue of FY20 impacted due to decline in prices of steel and LED Street Lights & Luminaires, deferment in EESL / Government sales in lighting, outburst of COVID 19 and consequent lockdown, which also impacted the profitability in line with market conditions. 7 Quarterly Financial Results (INR in crores) Q-1 FY21 Q-1 FY20 Particulars Steel Lighting Total Steel Lighting Total Revenue 702 186 887 1093 321 1412 EBIDTA 32 12 44 57 28 84 Finance Cost 16 4 20 22 9 30 PBDT (Cash Profit) 16 8 24 35 19 54 Depreciation 14 7 21 18 7 25 PBT 1.55 1.37 2.92 17 12 29 PAT 1.06 1.18 2.24 11 9 19 The outburst of COVID 19 and consequent lockdown had impacted the revenues and profitability of the Company. However, strong cash flow from operations resulted in reduction of financial liabilities by Rs.264 crore during the quarter. Post unlock, both the divisions are witnessing V-shaped recovery from June 2020 onwards (overall double digit growth in revenue and substantial bottom line improvement) owing to strong presence in the rural and semi- urban markets, growth in agriculture, consolidation of businesses post COVID and better export prospects owing to increasing preference of India-based manufactures over China. 8 Steel Pipes & Strips Extensive Applications 9 Steel Pipes & Strips Business – Leading by Value-addition Position and Brand Largest Exporter of ERW Pipes and largest manufacturer of ERW 5 Year CAGR GI pipes in India under Brand “PRAKASH SURYA” 19% Particulars Plant Locations Bahadurgarh (Haryana) Gwalior (M.P.) Anjar (Gujarat) Hindupur (A.P) Products ERW Pipes ERW Pipes ERW Pipe ERW Pipes (GI, Black, (GI, Black, (GI, Black, GP Pipe, (GI, Black, Section) Section) Section Section) CR Strips Spiral Pipes API Pipes API Coated Pipe Accreditations & Certifications All major PMC i.e EIL, Mecon etc; ISO Certifications - 9001, 14001 & 18001 Marketing Network Over 250 Dealers and 21,000 Retailers (B2C - 70%) Raw materials Suppliers SAIL, JSW, Hindustan Zinc, Tata Steel, Arecelor Mittal, Posco, Hyundai Particulars Capacity (P.A.) Production Capacity ERW Pipes 925,000 MT (including GI - 3,30,000 MT) Spiral 200,000 MT (online 60,000 MT and offline 1,40,000 MT ) CR Strips 115,000 MT 3 LPE Coated (API) Existing: Under expansion: External: 18,50,000 sq mtr, ; Internal: External: 9,00,000 sq mtr 11,00,000 sq. mtr. 10 Steel Pipes & Strips – % Share and Applications Galvanised (GI) 35% Black 24% Hollow Section 19% API Coated Pipes 11% CR Strips 11% Agriculture Construction Works Engineering & Oil & Gas Pipelines Auto Components Casing and tubing Fabrication Architectural Oil Well Casing Electrical Stamping for Hot and Water Powder Coating Structures Airport, City Gas Distribution Motors Plumbing pipe Sign Boards Metros, Plant Piping Furniture & Fittings Green Houses Industrial Application Railways infrastructure Water Pipelines – Domestic Appliances Fire Fighting Scaffoldings Urban Development Mains lines Drums and Barrels Street Light Poles Poles & Towers Electrical Poles/ Industrial water Cycle Rims GP Pipes Solar Panels Industrial Sheds Telecom Towers Chilled water Umbrella Tubes, Ribs Spur Lines Solar Structure Engineering Applications Agriculture Fire Fighting Housing Infrastructure Urban Railway City Gas Smart City 11 Strategically Located Manufacturing Units Bahadurgarh Gwalior Anjar Hindupur (NCR – Delhi) Est. 1973 (Madhya Pradesh) Est. 2010 (Gujarat) Est. 2010 (Andhra Pradesh) Est. 2017 Spread over 53 acres, Spread over 51 acres, Spread over 96 Acres, State-of-the-art facility set proximity to Bahadurgarh centrally located, serving UP, proximity to Mundra Port, up with capacity of 120,000 Metro Station and KMP MP, Rajasthan and giving strategic advantage in MT P. A ., expanded 200,000 ERW pipe plant 1973 (GI, Chhattisgarh markets exports and imports MT P. A . in March 2020 Black, Section), Manufacturing ERW pipes Manufacturing ERW and Manufacturing ERW (GI, Cold Rolled (CR) Strips plant (GI, Black, Section) Spiral Pipes, API Coated Pipes Black, Section) and GP Pipes 1991 Eligible for state industrial Merged with the Company Proximity to the premium API Pipes for CGD. incentives up to 2025 w.e.f. April 2016 market of South India – Continuous thrust cost Ample Infrastructure facilities Expansion for 3LPE coating is savings in logistic cost and efficiencies for future expansions in progress lower cost of production. 12 3LPE Coated Manufacturing Unit World -class 3LPE coating plant from SELMERS, Expansion Netherlands Expansion of 3LPE coating facility by installing Established track record, obtained accreditations, second line pipe facility (9,00,000 Sq Mtr) certifications of ISO 9001, 14001 & 18001 Estimated capex of ₹ 25 crore Application in transportation of Petroleum & Expected completion by the end of financial year Natural Gas, City Gas and Water Pipelines 20-21 API coated pipes order of Rs. 500 crores in hand It will utilise the existing offline capacities of the and in pipeline. Company, resulting in cost efficiencies and Coated Capacity fully engaged for next 12 months improved margins 1313 Steel Pipes & Strips Segment EBITDA & EBITDA Margin 5.0% 6.8% 5.9% 5.1% 6.0% Revenue PBT Depreciation Interest PAT (INR in Crores) 4,427 256 4,235 210 227 72 3,555 176 85 46 48 87 79 28 2,605 84 76 74 67 66 1,654 55 63 97 -7 39 37 64 74 -10 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 Capital Employed ROCE ROE 1,648 9.0% 1,414 1,457 11.2% 11.7% 7.7% 7.3% 1,296 10.4% 10.6% 6.2% 726 890 786 775 739 5.2% -2.0% 546 922 671 639 557 344 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 Net Worth Debt • The revenue of FY20 was impacted due to decline in prices of steel, outburst of COVID 19 and consequent lockdown. However with unlocking volumes surpassing the previous year and profitability improving further. • The share of BGH unit is reducing on YOY. Further ROCE and ROE of other units increased to 16% and 19% respectively . 14 Steel Pipes & Strips Segment Performance Improvement Total QTY Vs Fresh QTY (in MT) Fixed Asset/ Turnover (in Times) 4.98 4.96 8.12 8.44 4.1 7.39 6.15 2.97 2.41 4.28 7.84 7.49 6.89 5.74 3.96 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 Total Qty Fresh Qty EBITDA/ Tonne (In Rs.) Sales Volume except BGH Unit 70% 3264 68% 3076 3051 3028 63% 49% 2115 30% 15 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 Product wise sale % and EBITDA Per Tonne FY 15-16 FY 16-17 FY 18-19 FY 19-20 CAGR S.No Product Name Share EBITDA Share EBITDA Share EBITDA Share EBITDA QTY 1 GI Pipe 25% 3,490 37% 4,620 30% 4,557 35% 4,534 29% 2 Round Pipe 32% 1,744 24% 2,144 27% 2,205 24% 2,023 10% 3 Section Pipe 19% 1,535 13% 1,888 20% 1,871 19% 1,670 20% 4 API Coated Pipe - - 9% 2,894 9% 4,310 11% 7,143 12% 5 CR Strips 24% 1,655 17% 1,899 13% 1,958 11% 1,586 Total 100% 2,115 100% 3,061 100% 3,010 100% 3,256 19% Note:-EBIDTA/tonne (in Rs.) of Fresh Qty.
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