Bajaj Electricals Ltd. — Investor Presentation 2019

Jul 23, 2019

L-1/2172/MGP

July 23, 2019

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To, BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001 Code No. 500031

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai 400 051 Symbol: BAJAJELEC Option A NCDs: INE193E08038 Option B NCDs: INE193E08020 Option C NCDs: INE193E08012

Dear Sirs,

Sub.: Intimation of investor/analyst meetings under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”)

In terms of Regulation 30 of the SEBI Listing Regulations, we wish to inform you that Bajaj Electricals Limited (the “ Company ”) will participate in various investor meetings on Wednesday, July 24, 2019, at various locations in Hong Kong.

Enclosed is a copy of the presentation which the Company shall use during the investor meetings.

We request you to take the above information in your records.

Thanking you,

Yours faithfully, For Bajaj Electricals Limited MANGESH Digitally signed by MANGESH GUNWAN GUNWANT PATIL Date: 2019.07.23 T PATIL 17:25:59 +05'30' Mangesh Patil EVP – Legal & Company Secretary

Encl: As above

Regd. Office: 45/47, Veer Nariman Road, Mumbai 400 001. Tel.: 022-61497000 Email ID: legal@bajajelectricals.com Website: www.bajajelectricals.com Corporate Identity Number (CIN): L31500MH1938PLC009887

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Corporate Presentation
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July 2019

Disclaimer

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THIS PRESENTATION (PRESENTATION) IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF BAJAJ ELECTRICALS LIMITED (THE “COMPANY”) OR ITS SUBSIDIARY OR JOINT VENTURE OR ASSOCIATE (TOGETHER WITH THE COMPANY, THE “GROUP”)

The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Presentation has been prepared by and is the sole responsibility of the Company. By accessing this Presentation, you are agreeing to be bound by the trading restrictions. It is for general information purposes only and should not be considered as a recommendation that any investor should subscribe to or purchase the Company’s equity shares or other securities. This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The factors which may affect the results contemplated by the forward looking statements could include, among others, future changes or developments in (i) the Group’s business, (ii) the Group’s regulatory and competitive environment, and (iii) political, economic, legal and social conditions in India or the jurisdictions in which our Group operates.

Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. There are some important factors that could cause material differences to Company’s actual results. These include (i) our ability to successfully implement our strategy (ii) our growth and expansion plans (iii) changes in regulatory norms applicable to the Company (iv) technological changes (v) investment income (vi) cash flow projections etc. The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this Presentation, unless otherwise specified is only current as of the date of this Presentation. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this Presentation, the information contained herein is based on management information and estimates. This document is just a Presentation and is not intended to be and does not constitute a “prospectus” or “offer document” or a “private placement offer letter” or an “offering memorandum” or an “offer” or a solicitation of any offer to purchase or sell any securities.

It is clarified that this Presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from the Indian public (including any section thereof) or from persons residing in any other jurisdiction including the United States for the subscription to or sale of any securities including the Company’s equity shares. 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. None of the Company’s securities may be offered or sold in the United States without registration under the U.S. Securities Act of 1933, as amended (“ U.S Securities Act ”) except pursuant to an exemption from registration there from. Accordingly, the Company’s securities may be offered or sold outside the United States in offshore transactions in reliance on Regulation S under the U.S Securities Act and in compliance with the applicable laws of each jurisdiction where those offers and sales are made. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded or delivered or transmitted in any manner to any person other than its intended recipient and should not be reproduced in any manner whatsoever.

1

Our Vision and Values

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OUR VISION

Enhancing Quality of Life and bringing Happiness with Sustainability

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OUR VALUES
INTEGRITY TRUST INNOVATION
EMPOWERMENT TEAMWORK CUSTOMER DELIGHT
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2

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Overview
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Business
Overview
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Table of Contents

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Road Key
Map Financials
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Appendix
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3

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Group Overview

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• ➢ One of the oldest and diversified conglomerates in the country, over 8 decades of experience

• ➢ Founded by the late Shri Jamnalal Bajaj

• ➢ One of the top business groups in India (in terms of market capitalization)

• ➢ Legacy of over 80 years with more than 30 companies forming part of the group

• ➢ Leadership that continues to thrive for four generations

4

Company Overview

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• We are a leading Indian consumer products company engaged in designing, manufacturing and marketing of consumer products

• Wide range of consumer products broadly categorised as (i) Fans; (ii) Lighting; and (iii) Appliances

• We cater to a premium range of appliances

• We have also entered into a strategic tie up with Morphy Richards in India to sell products in India and SAARC

• Acquired Nirlep Appliances in FY 2019, which is a recognised brand for non-stick cookware in India

• Extensive pan-India sales and distribution network along with after sales support service

• We are also engaged in EPC business with a focus on power transmission, power distribution and illumination

• Part of the Bajaj group, one of the oldest & well recognised business groups in India with over 8 decades of experience

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Key Metrics as of March 31, 2019

5 18 3,100+ Manufacturing Branch offices Employees Plants[#] 500+[] 450+[] 200K+[*] Consumer Care Distributors Retail outlets centres

• Applicable to Consumer Products business l # including manufacturing facility of Hind Lamps Limited

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Key Financials
Revenue EBIT
66,794 3,608
3,028
42,983 47,164 41% 2,405 46%
36%
54% 47% 41%
59% 64% 54%
46% 53% 59%
FY17 FY18 FY19 FY17 FY18 FY19
EPC CP EPC CP
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• (Fig. in INR Mn) l Based on audited consolidated financials

5

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Company Evolution

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• 1984 – Amalgamated
Matchwel Electricals which
mfg. fans, die-casting
components & magneto • Rights Issue in Oct 2003
assembly • QIP issue in Dec 2009
1971 - • 1993 – Entered in to JV with 2003 - •• Implementation ofAcquired 32% in ERPStarlite 2018- • Acquisition of Nirlep in 2018
1999 2009 2019
Black & Decker Lighting
• 1998 – Company set up
manufacturing of fans & die-
cast components at Chakan
• 1938 – Commenced • Brand licensing agreement • Range Reach Expansion Program
operations in Lahore in the
with Morphy Richards, for (RREP) and Organizational
name of Radio Lamp Works
the sales and marketing of Restructuring
Limited
electrical appliances
1938 - • 1960 – Renamed Bajaj 2000 • Set up High Mast and TLT 2016 - • Set“Researchup of ‘Stateand Developmentof the Art’
1970 Electricals Limited - 2002 manufacturing unit at 2017 Centre”
Ranjangoan near Pune
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• Company started marketing small appliances & lighting products reserved for manufacturing by the Smallscale sector

Note: Years referred to are calendar year

6

Manufacturing Facilities / Sourcing Arrangements

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High Masts, Poles & Fans Towers Own Factory at Own Factories at Chakan Illuminations Ranjangaon and Sourcing from Chakan near Pune Own Factory at third party Chakan manufacturers Sourcing from third in India and party China manufacturers in India and China

Consumer Lighting Products Manufactured by sister concern Hind Hind Lamps Limited (Hind Lamps), Shikohabad, Shikohabad and Starlite Lighting Starlite Lighting Limited (Starlite), , Nashik

Appliances sister concern Hind Hind Manufactured at sister Lamps Limited (Hind concern Starlite Lighting Lamps), Shikohabad, Shikohabad Limited, Nashik and Starlite Lighting Starlite Lighting NIRLEP - Manufactured Limited (Starlite), , Nashik at Aurangabad Sourcing from third Sourcing from third party manufacturers party manufacturers in in India and China India and China

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Third Party Manufacturing

With strong Vendor base, with significant degree of Influence on manufacturing, Costing, Product Technology, Sub Vendors nomination, Manufacturing systems and Quality processes

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Board of Directors

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Shekhar Bajaj

Chairman & Managing Director

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Madhur Bajaj

Non Independent, Non Executive Director

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Pooja Bajaj

Non Independent, Non Executive Director

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Dr. (Smt.) Indu Shahani

Independent, Non Executive Director

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Dr. Rajendra Prasad Singh

Independent, Non Executive Director

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Anuj Poddar

Executive Director

Rajiv Bajaj Non Independent, Non Executive Director

Harsh Vardhan Goenka

Independent, Non Executive Director

Munish Khetrapal

Independent, Non Executive Director

Siddharth Mehta

Independent, Non Executive Director

8

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Overview
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Business
Overview
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Table of Contents

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Road Key
Map Financials
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Appendix
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9

01

What do we stand for

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Trusted Brand

Strong brand recognition with large product portfolio and leadership position

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04

Extensive Distribution

Widespread sales and 02 distribution network with robust after sales service

Proven Track Record

05

Extensive experience & proven track record of execution in the EPC Business segment with strong order books

03

Leadership

Experienced and qualified management team and are part of the Bajaj group

Strong Financials

Strong and consistent financial performance

10

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Diversified Consumer Product Portfolio

Consumer Products Business

Segment wise Rank (FY18)

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Small Appliances
Fans
Consumer Lighting
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OKA #1
FPA #1
IRONS #1
ROOM / WATER
#1
HEATER
AIR COOLER #3
FANS #5
LED (LAMPS) #7
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Source: Frost & Sullivan – Assessment Of Indian Consumer Appliances Industry l Segment wise rank based on organized market share *FPA – Food Preparation Appliances; OKA – Other Kitchen Appliances

11

Range Reach Expansion Program (RREP)

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• RREP primarily ensures sustained availability of products and after-sales services across India

• Through its Range Reach Expansion Program (RREP), the Company has derived the following benefits:

• Addition of more retail outlets including Kiranas thus expanding its reach and increase in the number of products being sold at each counter, enhancing its range

• Eradication of the wholesale and weighted distribution, resulting in expansion of its reach and presence in over 600 districts across India

• Price stability across geographies which assured channel partners with more security, confidence and better returns on their investments

  • Sales driven by improving availability and other enablers

• Sales driven based on target and giving deals

• Focus on secondary / Retail Sales

• Focus on Primary Sales

• Regular billing based on replenishment

• Month end Billing to the Distributors / Wholesalers

• Inventory level will be lower and faster turns of inventory

• Higher inventory level in the channel

• Perpetual Journey in the market by Direct Sales Officers

• No conscious efforts by the channel partners to develop secondary market

• Tracking of secondary sales

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▪ No tracking of secondary sales
Pre RREP
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Post RREP
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12

Consumer Products Sales Channel - FY 18 & FY19

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18,872
14,660
7,624 8,598
Trade Channels Alternate Channels
FY18 FY19
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Figures in INR Mn

• Alternate Channel includes Modern Format Retail (MFR), E-Commerce, Institution, Canteen Stores (CSD) and Exports

13

Awards and Recognitions

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EPC Business

Illumination EPC

• The illumination division of our EPC Business manufactures and supplies high masts, street lighting poles and FRP decorative poles

• The illumination division also undertakes special lighting projects such as at power plants, stadiums and architectural lighting, end to end turnkey projects, integrated building management systems

Power Transmission

• We provide engineering, procurement and construction services in transmission lines up to 765 kV, EHV substations up to 220 kV and monopole-based transmission lines up to 400 kV

• Our experience is in standardised and customised turnkey projects, which include planning, project management, financial considerations and environmental solutions

• We also manufacture transmission line towers, monopoles, and other fabricated structures

Power Distribution

• We provide engineering, procurement and construction solutions for power distribution, feeder separation, rural electrification and underground cabling under our power distribution division of EPC Business

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	Key Milestones as on March 31, 2019	Key Milestones as on March 31, 2019
	Illuminated more than 1.35 Mn households
	Installed over 27,000 distribution transformer
	and associated substations
	Completed 3,000+ ckms of transmission lines on
	turnkey basis
	Supply 2,40,000+ MT transmission line	towers up
	to 765 kV line voltage
	Order Book as on March 31,	2019
	Segment	INR mn
	Illumination EPC	1,160
	Power Distribution	16,791
	Transmission Line Tower	8,255
	TOTAL	26,206

15

Table of Contents

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Overview
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Business
Overview
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Road
Map
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Key
Appendix
Financials
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16

What will we focus on

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EPC
Consumer
Products
Selective, risk
calibrated and margin
Consolidate
driven business
Leadership Position
Our Core
Focus Areas
Organisational
Transformation
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17

Growth Pillars of Consumer Products Business

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Product Portfolio

More SKUs, Innovation Led Products

Distribution

More than 2 lakh Retail Outlets, Availability across all channels

Brand Positioning

Customer Care

Relevant, Extensive & Aspirational & Robust After Contemporary Sales Brand with higher Service SOV

Note: SKUs stand for stock keeping units; SOV stands for share of voice

18

Research and Development – AB Square

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• With an objective of creating innovative products that offers best solutions to consumers, the Company had set up a modern R&D centre ‘AB SQUARE’ at Navi Mumbai in Fiscal 2017

• The centre combines all aspects of research, design, development and testing capabilities under a single roof

• A team of 65+ members (as on March 31, 2019) constantly works towards developing and innovating new and improved products

• 300+ SKUs for various products innovated by the team in FY19

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Key Accreditations Innovative Product Breakthrough
IoT Air Cooler
“Platinum” status for “Leadership in Energy and
Environmental Design” by the United States Green Anti Germ Fan
Building Council, for its design, operation and
maintenance
Calenta Digi Water Heater
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19

EPC Framework

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02
01
Optimal
Capping of
Business Mix
Exposure
EPC Business Strategy
05
03 a. Risk Calibrated &
Strong Project
Management Margin b. Strong Financial Discipline
& Execution Threshold
04
Robust Pre-Bid
Assessment
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20

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Overview
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Business Overview

Table of Contents

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Road
Map
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Key
Financials
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Appendix

21

Segment wise (Last 3 Year Performance)

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Appliances
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Fans
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Lighting
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16,400 6,994
13,290 13,020 26% 5,853 26%
5,573
-2% -5%
FY'17 FY'18 FY'19 FY'17 FY'18 FY'19
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4,077
3,999
3,692
10%
-8%
FY'17 FY'18 FY'19
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EPC
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25% 58%
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Annual Revenue in INR Mn

22

Profit & Loss Summary

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(Rs. In Millions)

Particulars	FY 19	FY 19	FY 19		FY18	FY18	FY18	FY18	FY17	FY17	FY17
	CP	EPC	Total*		CP	EPC	Total*		CP	EPC	Total*
Net Sales	27,470	39,319	66,794		22,285	24,876	47,164		23,142	19,833	42,983
YoY Growth	23.3%	58.1%	41.6%		-3.7%	25.4%	9.7%
EBITDA	1,881	2,150	4,051		1,242	2,114	3,466		1,146	1,556	2,783
EBITDA Margin(in %)	6.8%	5.5%	6.1%		5.6%	8.5%	7.3%		5.0%	7.8%	6.5%
PBT	-	-	2,435		-	-	2,538		-	-	1,680
PBT Margin(in %)	-	-	3.6%		-	-	5.4%		-	-	3.9%
PAT	-	-	1,536		-	-	836		-	-	1,022
PAT Margin(in %)	-	-	2.3%		-	-	1.8%		-	-	2.4%
Basic EPS (before exceptional items)	-	-	15.02		-	-	15.13		-	-	10.10

• Total includes CP, EPC, Others and Unallocable items.

23

Balance Sheet Summary

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(Rs. In Millions)

	FY19	FY18	FY17
Tradereceivables	31,438	20,121	16,466
Inventory	8,302	5,792	5,712
PPE	4,022	3,222	3,179
Cash	164	257	653
Investment	108	76	720
Otherassets	7,755	5,190	4,054
Total Assets	51,790	34,659	30,783
Net worth	10,559	9,365	**8,631 **
Loans	15,853	7,176	5,455
Trade payables	11,041	8,546	6,359
Other liabilities	12,017	7,363	8,112
Provision	1,068	760	789
Empliabilities	1,252	1,448	1,437
Total Liabilities	41,230	25,294	**22,152 **
Total Liabilities and net worth	51,790	34,659	30,783

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Capital Employed

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(Rs. In Millions)

	FY19		FY18	FY17
Consumer Products	4,753		2,014	1,262
EPC	18,084		11,118	8,390
Others	25		30	31
Unallocable	(12,303)		(3,797)	(1,052)
Total	10,559		9,365	8,631
Borrowings	15,900		7,231	6,242
Adjusted Cap. Employed at Company Level	26,459		16,596	14,873
**ROCE – CP ***	49.0%		66.4%	44.6%
**ROCE – EPC ***	13.4%		20.0%	17.1%
**ROCE – Company ***	16.8%		19.9%	15.8%

*ROCE is calculated on average capital employed

25

Cash Flow Summary

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(Rs. In Millions)

	FY19	FY18	FY17
Profitfromoperating activities	3,865	3,670	2,969
Changesin working capital	(8,681)	(4,155)	1,838
Cash flow operating activities before tax	(4,816)	(485)	4,807
Income taxes paid	(1,389)	(544)	(437)
Cash flow from operations (a)	(6,205)	(1,029)	4,370
Cash flow from investing activities(b)	(1,040)	361	(905)
- PPE	(563)	(351)	(562)
- Acquisitions byGroup	(307)	-	-
- Inc/ (Dec)in bank deposits	(117)	610	(326)
- Others	(53)	102	(17)
Cash flow from financing activities(c)	7,132	635	(3,679)
- Borrowings	8564	1571	(2971)
- Interest	(1096)	(763)	(766)
- Others	(336)	(172)	58
Net change incash flow	(113)	(33)	(215)

26

Table of Contents

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Overview
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Business
Overview
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Road
Map
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Key
Financials
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Appendix
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27

Organization Structure

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28

Acquisition of Nirlep

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• Acquired approximately 80.00% shares of Nirlep Appliances Private Limited (Nirlep) through the Share Purchase and Shareholders Agreement on 15th June 2018

• Launched in 1979, Nirlep, a non-stick cookware company, has pioneered the concept of non-stick technology in India

• This acquisition has helped the Company to add a very strong brand that complements its product portfolio and provides access to its manufacturing facilities

• Synergies derived:

• Nirlep’s products complement the product portfolio of the Company

• Access to the state-of-the-art manufacturing facility

• Skilled and experienced employees

• Brand Value and intellectual property of Nirlep

29

Our Manufacturing Units

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Ranjangaon Unit

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Chakan Unit

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Poles & High-mast factory at Ranjangaon, Pune, India

Fans, Lighting & Luminaires factory at Chakan, Pune, India

Starlite, Nashik

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Hind Lamps, Shikohabad

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Nirlep, Aurangabad

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Thank you

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