Elecon Engineering Co.Ltd. — Investor Presentation 2022

Nov 3, 2022

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Digitally signed by BHARTIBEN LALITKUMAR ISARANI BHARTIBEN DN: c=IN, o=Personal, postalCode=388001, st=Gujarat, serialNumber=F4C51B6318E6ACAB9D278CCF2D6CA7B88 0331CFFA3DA32BEF38E61C2C76BC835, cn=BHARTIBEN LALITKUMAR ISARANI LALITKUMAR ISARANI Date: 2022.11.03 18:56:37 +05'30'

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Investor Presentation | Q2 & H1 FY23

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Safe Harbor

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Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements", These forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include but are not limited to our to our ability successfully implement our and obtain our strategy, growth expansion plans, regulatory approvals, provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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Company Overview

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About ‘ELECON’
ISO 9001:2015; 14001:2015; OHSAS 18001:2007 Company. 1	Footprint on Global Map
First in India to manufacture sophisticated equipment for bulk Material Asia’s largest Industrial Gear Manufacturing having facility spread over 335,000 Square Meter. 2
Handling and a product range that caters to almost every industrial 3
sector in India. Widest range of gear applications across Industrial Sectors. 4
Only Company in India having capability to manufacture complex Gear box for Defence - Indian Navy. 5 Average service period of an employee is 10+ Years. 6
State of art, duly recognized and approved R&D facility for new
product development and separate Engineering facility to upgrade 7
existing product. Consistent Dividend Paying Company (except in FY20 due to COVID19 Pandemic). 8

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Milestones

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Acquisition debt
repaid in
overseas entity Substantial reduction
Established in Goregaon, Mumbai in debt on standalone
by Shri Ishwarbhai Patel basis
Established Successful
separate Gear execution of Highest profits in the
Foray into manufacturing
conveying equipment Listed on Bombay division defence (Indian history of Company
Navy) project
Stock Exchange
1951 1960 1962 1963 1976 2010 2022
•
Asia’s Largest Industrial
Foray into bulk material
Elecon Engineering
Gear Manufacturer with
handling plants
Company was
Acquired Benzlers and Global operations.
incorporated as Private
Radicon Overseas Brand and
Limited Company •
Debt Free Company
Operations - manufacturers
Headquartered to
Vallabh Vidyanagar, of screw jacks, shaft • 70% Energy from Renewal
mounted gearboxes and
Gujarat in May 1960
Sources
industrial reducers
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Key Segments & Products

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Worm Gearboxes Couplings

Helical/Bevel Helical Gearboxes

Crushers Stackers/Reclaimers

Feeders

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Planetary Gearboxes Wind Turbine Gearboxes

Marine Gearboxes

Raw Material Handling Wagon Tippler & Associated Specialized Conveyors System Equipment

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High Speed Gearboxes

Custom Built Gearboxes

Port Equipment

Cable Reeling Drum

Idlers/Pulleys

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Planet Carrier Gear Wheel

Loose Gears

Magnet/Weighers/Metal Detectors

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Recognition in H1FY23

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Proud to power India’s 1[st] Indigenous Gear Box

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Congratulations to Indian Navy and Cochin Shipyard on commissioning of INS Vikrant when India celebrates 75 Years of “ AZADI KA AMRIT MAHOTSAV ”.

– Proud to India’s 1[st] Aircraft Carrier INS power Indigenously-built Vikrant by delivering customised COGAG (Combined Gas Turbine and Gas Turbine) type gearboxes with total power of 44,000 Kw to its shaft. Elecon is proud to be the Leader in this segment of customized and complex Gear Manufacturers for Defence-Indian Navy in India.

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Latest Milestone In Defence Supply

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ELECON has successfully delivered 14 nos. CODOG (Combined Diesel or Gas turbine) type gearboxes stealth frigates of Indian Navy in record delivery time even under challenging period of COVID19 Pandemic.

Each gearbox is designed to transmit power from a Gas Turbine (GT) or a Diesel Engine (DE) to its respective shaft.

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New Product Development – Planetary Gearbox

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Power 3,200 KW and above

Output rated torque : 2000 KNm and above

Ratio range : 30:1

Key Features of this new developed Product:

• Import substitution for customers

• Latest technology

• Power consumption & noise reduction by improving torque

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Design and Engineering Capability for customised Gearbox

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ELECON has Successfully manufactured and supplied “Vertical Roller Mill Gearbox”.

Elecon is manufacturing assembly and completed no load testing of one of the Biggest “ VERTICAL ROLLER MILL DRIVE “ for India’s leading cement manufacturer.

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Financial Performance – Q2 & H1 FY23

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Consolidated In Rs. Cr
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Financial Performance Q2FY23

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Q2 FY22 Q2 FY23
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24% 39%
Sales EBITDA
28% 48%
Sales EBITDA
93
389
314 67
305 75
239
51
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Standalone In Rs. Cr

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87% 82%
PBT PAT
104% 106%
PBT PAT
65
83
44 35
65 48
32 23
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Consolidated In Rs. Cr
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Financial Performance H1FY23

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H1 FY22 H1 FY23

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18% 25%
Sales EBITDA
22% 29%
Sales EBITDA
716
608 157
126
562
130
460
101
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Standalone In Rs. Cr

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72%
PBT
73%
PBT
137
80
109
63
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71%
PAT
74%
107
63
81
46
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PAT
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Key Ratios Analysis

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Consolidated
21%
23%
RoE RoCE
Standalone 28% 29%
RoE RoCE
18% 21%
14% 18%
14%
18%
11%
14%
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81%
PE Ratio
75%
PE Ratio
20.8
11.5
29.5
16.9
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FY22 H1 FY23
Net Asset Turnover ratio
Net Asset Turnover ratio
0.8
0.7
0.7
0.6
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Note: H1 FY23 Ratios are Annualised.

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Consolidated

Key Ratios Analysis

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FY22 H1 FY23
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Current Ratio
Current Ratio
2.1
1.6
1.9
1.5
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Standalone
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Debt Equity
Debt Equity
0.1
0.0
0.1
0.0
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89
88
Working Capital Cycle (Days)
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99
86
Working Capital Cycle (Days)
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Financial Track Record

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Consolidated In Rs. Cr FY23
FY20 FY21 FY22
Guidance
EBITDA Margin
Sales EBITDA Debt Equity
RoE RoCE
22%
20%
0.47
18%
13%
0.31
0.10
330
1,088 1,044 1,212 1,500 140 185 246 0.00
24%
21%
18%
14%
11%
7% 8%
2%
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• Excluding exceptional Tax reversal / credit effect.

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Financial Track Record

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Standalone In Rs. Cr
Sales
RoE
836 796 893 1,200
21%
11%
5%
0%
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FY23
FY20 FY21 FY22
Guidance
EBITDA Margin
Debt Equity
EBITDA
RoCE
24%
21% 0.43
18%
13% 0.27
0.11
105 144 184 288 0.00
24%
15%
10%
6%
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• Excluding exceptional Tax reversal / credit effect.

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Key Highlights

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Standalone Operations:

External Credit Ratings: Long term: [ICRA] A+ (Stable) ; Short term: [ICRA]A1

A1 Outstanding Retention: Rs.68 Crs as at 30[th] Sep 2022

There are favourable developments in some cases of Arbitration awards of Rs. 60+ Crs during Q2FY23

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Segment Analysis - Gear

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Q2 FY22 Q2 FY23
250
31%
71%
24%
60
190 35 19%
EBIT (Rs. Cr) EBIT
Revenue (Rs. Cr)
H1 FY22 H1 FY23
22% 37%
464
23%
21%
109
381
79
Revenue (Rs. Cr)
EBIT (Rs. Cr)
EBIT
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Segment Analysis – MHE

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Q2 FY22 Q2 FY23
14% 19%
14%
55
49
13%
8
7
EBIT
Revenue (Rs. Cr) EBIT (Rs. Cr)
25% H1 FY22 H1 FY23
100%
98
13%
78 12
8%
6
EBIT
Revenue (Rs. Cr) EBIT (Rs. Cr)
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Consolidated Order-Book

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Order Intake In Rs. Cr Open Order
H1 FY23 As at Sep 30, 22
GEAR 744 602
MHE 94 112
TOTAL 838 714
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Outlook

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Share Price Performance – 1 Year

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12,000 500
Volume Price
10,000 400
8,000
300
6,000
200
4,000
100
2,000
0 0
Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22
2200
Relative Performance 2000
1800
1600
BSE NSE
1400
BSE CG Elecon
Sensex Nifty 1200
1000
1 Week 1.1% 1.2% 3.2% 2.6% 800
600
1 Month 5.9% 5.5% 6.8% 12.9% 400
200
3 Month 5.5% 5.1% 11.2% 2.8% 0
Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22
1 Year 0.0% -0.4% 21.9% 142.0%
Sensex Nifty BSE Capital Elecon
Source : NSE, BSE Base: 100 (180) (181) (263) (1804)
Rs
in '000
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Investor Information

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AIF, 0.7%
Mutual Fund, 0.8%
FPI, 2.01%
Stock Information
(as on Sept 30, 2022)
BSE / NSE Scrip Code 505700 / ELECON
Shares Outstanding (Cr) 11.2
H1 FY23 Others, 37.24%
Market Cap (₹ Cr) 3,836
Promoters, 59.3%
Industry Industrial Equipment
Promoters Mutual Fund AIF FPI Others
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Guidance & Initiatives

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Standalone and Planned Capex of Rs. 100 Expanding global
Consolidated Revenue Crores over a period of footprints, global
target of Rs. 1,500 Crores two years considering branding and other
and Rs. 2,000 Crores revenue growth marketing initiatives
respectively by FY24. projection and long lead for furtherance of
time for key machineries overseas business.
Continuous focus on new
Overseas & Exports product development,
Revenue composition to be value addition in existing
50% in Consolidated Total product, supply chain
Revenue by FY30 management, use of
digital platform to improve
cost and profitability
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Economy Outlook

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The Indian Engineering Industry

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• The Indian Engineering sector is well poised to return to its growth path supported by favourable government policies and revival in economic growth

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• Investment in sectors like power, steel, mining, infrastructure, oil & gas, etc., have been driving growth in the engineering industry

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• Both Gears and MHE segments are expected to gain from robust demand from mining, steel, power and other infrastructure industries.

Economy

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• IMF has cut India's FY23 GDP forecast by 60 basis points to 6.8% on the back of high inflation, rising interest rate and subdued external demand against a backdrop of ongoing war between Russia-Ukraine

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• Sizable investments in infrastructure sector and core industries is likely to revive growth engine and boost demand in the long run.

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Budget -

Government Initiatives

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• Proposed increase in the outlay for capital expenditure by 35.4% from ₹5.54 lakh crore in the current year to ₹7.5 lakh crore in 2022-23 augurs well for the engineering industry

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The government announced Rs 1.45 trillion worth of Production Linked Incentive (PLI) scheme in manufacturing industry with an aim to make it globally competitive

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Multiple Growth Drivers

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Scale

Elecon is the largest manufacturer of gears in Asia, ~36% share of Organised Market in India

Scope

Encompasses both catalogue and engineered products for all the core industries

Size

Its MHE business has the capacity to address cross industry solutions

Skills

Over 7 decades of industry experience with best of the infrastructure

Synergy

Backward and forward integration of products and services established

Sustainability

A sustainable business model with robust outlook based on economic growth and scale

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ESG Vision

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Environment Vision

• Renewable Energy Installed

• Solar Power – 3 MW

• Wind Power - 14 MW

• 2 MW Solar Power Project under progress

• 60% Green Campus cover at plant facility

Social Vision

• Creating a gender-diverse workforce.

• Health activities for community

• Health & Safety awareness programs in near by villages

• • Blood Donation Camp

• Food Distribution for needy

• Promoting Sports

• Leadership Development program under “Gurukul” Project

Governance Vision

• Business Partner meet

• Regional Dealer meet

• Sustainable supply chains

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Commitment towards Environment, Safety & Health

70% Energy from 60% Green Campus Facility Safety First Renewal Sources

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Health & Medical

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Social Engagement

Support to Weaker Section of Society

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Education

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Commitment to Empowerment

Women Empowerment

Partner Meet- Vendor

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Sports
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Follow Us

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https://www.facebook.com/elecongear/ https://www.linkedin.com/in/elecon-engineering-co-ltd-112b06193/detail/recent-activity/ https://twitter.com/elecon_co https://www.youtube.com/channel/UCOLCcsCiq8ItCebbLmup65g?app=desktop https://www.instagram.com/eleconengineering/ https://tinyurl.com/Elecon70

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References and Definitions

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• Earning Before Interest, tax, depreciation and amortization (EBITDA) is calculated as Profit Before Tax+ Depreciation + Finance Cost- Other Income.

• Earning Before Interest and Tax (EBIT) is calculated as profit Before Tax+ Finance Cost

• Return on Equity is calculated as Profit After Tax divided by Average Shareholders Equity.

• Return on Capital Employed is calculated as EBIT divided by Capital Employed whereby Capital Employed represents Total Equity + Borrowings + Deferred Tax liabilities

• Price Earning Ratio is calculated as Market Price per share divided by Earning per share whereby Earning per share is calculated using net profit attributable to equity holders i.e. Profit After Tax

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