Ceat Ltd. — Investor Presentation 2020

Jul 29, 2020

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July 29, 2020

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai 400 001 Mumbai 400 051 Security Code: 500878 Symbol: CEATLTD CP Listed ISIN INE482A14973, INE482A14981, INE482A14999

Dear Sir/Madam,

Sub: Investor Presentation – Q1FY2021 results call

In continuation of our letter dated July 24, 2020, please find enclosed herewith Investor presentation for the quarter ended June 30, 2020, for the Results Earning call scheduled on Thursday, July 30, 2020 at 40.00 p.m. IST, dial-in details of which are reproduced below for ready reference:

Dial-in Details:

ial-in Details:
Local Access Number:	+91-7045671221
Location	Toll Free Number
Singapore	8001012045
HongKong	800964448
UK	08081011573
USA	18667462133

You are requested to kindly take the same on record and disseminate appropriately.

Thanking you,

Sincerely, For CEAT Limited

Vallari Gupte Company Secretary & Compliance Officer

Encl: as above

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An Group Company

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Q1 FY21 – Investor Presentation | 29[th] July, 2020

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Disclaimer

This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements.

The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company undertake no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.

This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of CEAT Limited (the “Company”), nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefore. Any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. This presentation is strictly confidential and may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.

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Table of Contents

Section	1: RPG Group Overview	4-6
Section	2: Business Overview	7-18
Section	3: Operational & Financial Overview	19-27

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Section 1: RPG Group Overview

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RPG Grou : Powered b Passion Driven b Ethics p y , y

UNLEASH TALENT TOUCH LIVES OUT PERFORM AND ☺

RPG Enterprises was founded in 1979. The group currently operates in various - industries Infrastructure, Technology, Life Sciences, Plantations and Tyre Manufacturing. The group has a history of business dating back to 1820 AD in banking, textiles, jute and tea. The Group grew in size and strength with several acquisitions in the 1980s and 1990s. CEAT became a part of the RPG Group in 1982, which is now one of India’s fastest growing conglomerates with 20000+ employees, presence in 100+ countries and annual gross revenues of over $3 Bn.

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KEC CEAT
International
One of India’s
leading
World leader in
manufacturer of
Power
automobile tyres
Transmission
EPC space
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Zensar RPG Life Raychem RPG
Technologies Sciences
Engineering
Software Pharma products and
services provider company with services
spread across 20 wide range catering to
countries, medicines in infrastructure
400+ customers. global generics segment
and synthetic of the economy.
APIs.
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Harrisons Malayalam One of India’s largest plantation companies with tea, rubber and other agro products.

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RPG Grou : Ke Financials p y

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FY15-19
Gross Total Income (Rs Cr.)
CAGR: 5.6%
23,833
21,766
20,052
19,183 19,271
FY15 FY16 FY17 FY18 FY19
Net Worth ROE ROCE
9,000.00 40.0%
7,723
8,000.00 35.0%
6,925
7,000.00 6,066 30.0%
6,000.00 5,260
25.0%
4,611
5,000.00
4,000.00 16.7% 16.2% 14.9% 14.2% 20.0%
15.0%
3,000.00 16.0%
10.0%
2,000.00 11.6% 12.3% 12.0% 11.0%
10.6%
1,000.00 5.0%
- 0.0%
FY15 FY16 FY17 FY18 FY19
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Note:

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FY15-19 CAGR:
EBITDA PAT
EBITDA 9.8% PAT 10.4%
2,423
2,218
2,014 2,045
1,668
1,099
980 1,031
879
739
FY15 FY16 FY17 FY18 FY19
Market Cap
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14,717
6,927
3,509
3,115
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Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

• 1) ROCE is calculated by taking EBIT*(1-ETR) divided by Capital Employed 2) ROE is calculated by taking PAT divided by Net-worth

• 3) Market Cap updated till 30[th] April 2020

Group CEAT KEC ZENSAR

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Section 2: Business Overview Section 4: Business Overview

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Board of Directors

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Harsh Vardhan Goenka Chairman, Non Executive Director

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Anant Goenka Managing Director

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Arnab Banerjee COO and Whole Time Director

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Atul C. Choksey Non Executive Independent Director

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Pierre E. Cohade Non Executive

Non Independent Director

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Haigreve Khaitan Non Executive Independent Director

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Mahesh S. Gupta Non Executive Independent Director

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Paras K. Chowdhary Non Executive Independent Director

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Punita Lal Non Executive Independent Director

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Ranjit Pandit Non Executive

Independent Director

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Vinay Bansal Non Executive Independent Director

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Leadershi Team p

Anant Goenka

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Managing Director

Dilip Modak

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Senior Vice President – Manufacturing

Kumar Subbiah

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Chief Financial Officer

Vijay Gambhire

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Managing Director – CEAT Specialty, Senior Vice President – QBM

Arnab Banerjee

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Chief Operating Officer

Saurav Mukherjee

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Senior Vice President – Global Sales

Milind Apte

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Senior Vice President – Human Resources

Peter Becker

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Senior Vice President – R&D and Technology

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Overview

India’s leading tyre company with over 50 yrs of presence

Distribution Network : 4,000+ dealers, 500+ exclusive CEAT franchisees

7 Manufacturing facilities - Bhandup, Nasik, Halol, Nagpur, Ambernath, Chennai & Sri Lanka

100+ countries where products are sold with strong brand recall

#No 1 player in Sri Lanka in terms of market share

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FY20 Revenue Breakup by Product
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Farm, 6%, Speciality, 6%, (6%)
(6%)
Passenger
Truck and Buses,
Cars / UV,
31%, (30%)
14%, (14%)
LCV, 11%,
(11%)
2/3 wheelers, 31%,
(32%)
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FY20 Revenue Breakup by Market
Exports, 15%, (15%)
Replacement,
58%, (58%) OEM, 27%,
(27%)
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1. Consolidated revenue breakup

2. Corresponding figures in investor presentations till Q4 FY19 had standalone revenue break-up

3. Figures in parenthesis denote H1 FY20 consolidated Revenue break-up

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Strate gy

OEM Relationships

Differentiated Product

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World Class R&D

Strong Brand Extensive Distribution Global Reach

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1 Differentiated Products

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Strengthening OEM Relationships

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Key developments

• Focus on OEM, recent entries in new models – Honda Activa (BSVI), Honda CB Shine SP (BSVI), Hero MotoCorp Splendor iSmart (BSVI), Hero MotoCorp HF Deluxe (BSVI), Hero Dare 125, Hero Duet E, Maruti Suzuki Alto VXI+, Hero Glammer Refresh, Mahindra Jeeto Z Series, Tata Intra

Recent entries into OEM’s existing models – JBM CNG Bus, Mahindra Scorpio S3, Honda Bikes till 125 CC, Yamaha FZ 150 CC, Suzuki Gixxer 150 CC, Ashok Leyland Truck 1618, Daimler BSVI Trucks, Piaggio Aprilia 150 CC

▪

• Platforms like Fuelsmart, Gripp, Mileage X3, SecuraDrive etc.

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2 Stron Brand g

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CEAT’s high performance tyres ensure Superior Grip throughout the monsoons

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Doorstep fitment of tyres and other services through our company TyresNmore

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CEAT’s ode to the Unsung Heroes Truckers and Fleets

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3 Extensive Distribution

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Shop in Shop (SIS)

Multi Brand Outlet

CEAT Shoppe

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4000+ Dealers & Channel Partners

300+ 2W Distributors

500+ 35,000+ Sub-dealers

CEAT Franchisees

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CEAT Bike Shoppe

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600+ Districts

400+ MBO / SIS

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4 Deep OEM Partnerships

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TATA Motors Ashok Leyland VECV Escorts AMW TAFE
Mahindra Daimler Eicher SML Isuzu JBM Group
Maruti Suzuki TATA Motors Mahindra Renault Hyundai KIA
Force Motors Datsun Skoda Peugeot Volkswagen Morris Garage
Honda Royal Enfield Bajaj Yamaha Suzuki Hero Hero Electric
Piaggio LML Tork Tunwal Okinawa Scooters Kawasaki
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5 World Class R&D

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State-of-the-Art R&D Center, Halol

R&D Office, Germany

▪ Significant investment on tyre testing infrastructure like Anechoic Chamber, Flat Track Test Machine

▪ Focus on upcoming technologies like Electric Vehicle, Sustainability and Smart Tyres

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6 Ex andin Global Reach p g

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Key Export Clusters
Emerging markets
▪ Exports to 90+ Countries in 7
Europe Cluster clusters
US Cluster ▪ Sri Lanka: Manufacturing
facility and Leadership position
Middle East
in the market and with 50+%
Cluster
market share
Far East 1 Cluster
Far East 2 Cluster
▪ Focused product and
LATAM
Cluster distribution strategy for select
Africa clusters and countries
Cluster
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Section 3: Operational & Financial Section 5: Operational & Financial Overview Overview

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Q1 FY21 Operational Highlights

Great Places to Work Survey

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Consolidated: Q1 FY21 Financial Highlights

Q1 FY21 v/s Q4 FY20 (Q-o-Q)

Q1 FY21 v/s Q1 FY20 (Y-o-Y)

• Net revenue from operations declined by 28.8% at INR

▪ Net revenue from operations declined by 36.1% at INR

1,120 Crs from INR 1,573 Crs

1,120 Crs from INR 1,752 Crs

• Gross margin contracted to 40.3% from 45.6%

• Gross margin expanded to 40.3% from 39.5%

• EBITDA stood at INR 105 Crs compared to INR 203 Crs;

• EBITDA stood at INR 105 Crs compared to INR 172 Crs;

margins at 9.4% from 12.9%

margins at 9.4% from 9.8%

• PAT stood at INR (35) Crs compared to INR 52 Crs

• PAT stood at INR (35) Crs compared to INR 82 Crs

• Debt / equity at 0.69x compared to 0.66x

• Debt / equity at 0.69x compared to 0.57x

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Consolidated: Financial Trends

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6,985 6,779
6,283
5,722
5,447
Net Sales (Rs Cr)
1,120
FY16 FY17 FY18 FY19 FY20 Q1 FY21
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809 16.0%
741 14.0%
14.9% 685 663 EBITDA (Rs Cr)
638 12.0%
12.0% 10.0%
10.9%
10.2% 9.5% 9.4% 8.0% EBITDA to Net
Sales %
6.0%
105 4.0%
2.0%
0.0%
FY16 FY17 FY18 FY19 FY20 Q1 FY21
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Note

All figures are per IND AS

Company’s investment in Sri Lanka JV is accounted using Equity method EBITDA includes profit from Sri Lanka JV; EBITDA does not include Non-operating income

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Consolidated: Financial Trends

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500 8.0% 9.0%
6.3% 7.0%
400
300 3.7% 3.6% 3.4% 5.0%
PAT (Rs Cr)
200 438 361 3.0%1.0%
100 233 251 230 PAT to Net
(35) -1.0% Sales%
- -3.0%
FY16 FY17 FY18 FY19 FY20 Q1 FY21
(100) -5.0%
-3.1%
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Notes

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All figures are per IND AS

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Consolidated: Q1 FY21 Financials

Parameter Net Revenue from operations Raw Material Gross margin Gross margin % Employee Cost Other Expenses EBITDA EBITDA % Finance Cost Depreciation Operating PBT Exceptional expense Non-Operating income PBT PAT	Q1 FY20 1,752.1 1,059.6 692.5 39.5% 134.4 391.0 172.4 9.8% 34.9 64.4 73.1 0.6 12.0 84.4 82.2	Q4 FY20 1,573.4 855.2 718.3 45.6% 141.8 376.1 202.9 12.9% 40.7 74.5 87.7 28.2 3.5 63.1 51.7	Q1 FY21 1,120.2 669.3 450.9 40.3% 151.3 197.6 105.5 9.4% 48.8 78.5 (21.8) 21.8 2.8 (40.8) (35.2)	All figures in INR Cr QoQ YoY -29% -36% -22% -37% -37% -35% (540) bps 73 bps 7% 13% -47% -49% -48% -39% (348) bps (42) bps 20% 40% 5% 22% -125% -130% -23% -20% -76% -165% -148% -168% -143%	All figures in INR Cr QoQ YoY -29% -36% -22% -37% -37% -35% (540) bps 73 bps 7% 13% -47% -49% -48% -39% (348) bps (42) bps 20% 40% 5% 22% -125% -130% -23% -20% -76% -165% -148% -168% -143%
					YoY
					-36%
					-37% -35%
					73 bps
					13% -49% -39%
					(42) bps
					40% 22% -130%
					-76% -148% -143%

Notes

Figures are as per IND AS

Company’s investment in Sri Lanka JV is accounted using Equity method under IND AS which was earlier consolidated using proportionate consolidation method Gross margin includes impact of non-material cost movement of inventory (FG + SFG) EBITDA includes profit from Sri Lanka JV

EBITDA does not include Non-operating income

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Consolidated: Leverage / coverage Profile

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Total Debt
663 924 872 1498 1929 1998
(INR Cr)
2000
1688 LT Debt (Rs Cr)
1693
1500
1274
ST Debt (Rs Cr)
1000 0.66 0.69
866 0.54
676
500 0.33
630
D/E
0.38
0.32 34 58 196 224 236 311
0
FY 16 FY 17 FY18 FY19 FY20 Q1 FY21
Debt breakup
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Leverage ratios
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809
685 638 663 741 EBITDA (Rs Cr)
8.5 8.4
7.5
6.6
Debt / EBITDA (x)
2.3 4.9
1.3 1.4 105
0.8 2.6
EBITDA / Interest (x)
FY 16 FY 17 FY18 FY19 FY20 Q1 FY21
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Note

All figures are per IND AS Debt numbers are on Gross basis

Company’s investment in Sri Lanka JV is accounted using Equity method EBITDA includes profit from Sri Lanka JV; EBITDA does not include Non- operating income Long Term debt also includes the ‘Current Maturities’ component of the long-term debt

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Standalone: Q1 FY21 Financials

Parameter Net Revenue from operations Raw Material Gross margin Gross margin % Employee Cost Other Expenses EBITDA EBITDA % Finance Cost Depreciation Operating PBT Exceptional expense Non-Operating income PBT PAT	Q1 FY20 1,703.6 1,047.5 656.1 38.5% 124.0 371.5 160.7 9.4% 29.6 59.5 71.6 0.6 14.8 85.9 87.0	Q4 FY20 1,523.6 847.3 676.4 44.4% 130.3 356.1 189.9 12.5% 33.8 69.3 86.9 28.1 6.5 65.2 55.8	Q1 FY21 1,066.5 648.8 417.8 39.2% 138.7 179.9 99.2 9.3% 42.8 73.0 (16.6) 21.7 17.6 (20.7) (14.6)	All figures in INR Cr QoQ YoY -30% -37% -23% -38% -38% -36% (522) bps 66 bps 6% 12% -49% -52% -48% -38% (317) bps (13) bps 27% 45% 5% 23% -119% -123% -23% 173% 19% -132% -124% -126% -117%	All figures in INR Cr QoQ YoY -30% -37% -23% -38% -38% -36% (522) bps 66 bps 6% 12% -49% -52% -48% -38% (317) bps (13) bps 27% 45% 5% 23% -119% -123% -23% 173% 19% -132% -124% -126% -117%
					YoY
					-37%
					-38% -36%
					66 bps
					12% -52% -38%
					(13) bps
					45% 23% -123%
					19% -124% -117%

Notes

Financials are as per IND AS

Gross margin includes impact of non-material cost movement of inventory (FG + SFG) EBITDA does not include Non-operating income

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E uit Shareholdin & Price trends q y g

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Share Price (INR) Total Volume
1,200 1,000,000
1,000
800,000
800
600,000
600
400,000
400
200 200,000
- -
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
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Source : Capitaline. The above data is updated till 31[st] March 2020

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Shareholding Pattern as on
June 30, 2020
Promoters
11.1%
FII/FPI 7.9%
Mutual Funds 6.6% 46.7%
Ins., Fin. Inst. & Other
Corp.
Public/Others 27.6%
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Market Information
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▪ Market Price (July 28[th] , 2020): INR 877.15/share

▪ Face Value : INR 10/share

▪ Market Cap (July 28[th] , 2020): INR 3,458 Cr

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T H A N K Y O U