Elin Electronics Limited — Investor Presentation 2025

Feb 8, 2025

Digitally signed by Lata Rani Lata Rani Pawa Pawa Date: 2025.02.08 15:14:41 +05'30'

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Elin Electronics Limited Q3 & 9MFY25 Earnings Presentation February 2025

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Q3FY25 Snapshot
Total Operating Income EBITDA Profit After Tax
INR 2,663 million INR 76 million INR 14 million
up ~13% YoY from down ~11% YoY from down ~ 47% YoY from
INR 2,367 million INR 85 million INR 26 million
Net Cash / (Debt) Net WC Days
INR 1,087 million ~ 59 days (Dec 2024)
from from
INR 984 million ~69 days (Dec 2023)
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Q3FY25 & 9MFY25 Snapshot

INR million	Q3-FY24	Q3-FY25	Q2-FY25	Q3-FY25	9MFY24	9MFY25
Revenue	2,367	2,663	3,046	2,663	7,639	8,645
EBITDA	85	76	113	76	281	321
Margin %	3.6%	2.9%	3.7%	2.8%	3.7%	3.7%
PAT	26	14	48	14	103	121

• Revenue grew ~13% on a YoY basis and down ~13% on a QoQ basis:

• YoY growth was largely on account of better volume growth across all segments ex lighting & fans category

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• Non EMS business i.e. precision components and medical cartridge business also contributed well to revenue growth

• QoQ decline in revenue due to seasonality i.e. Q2 revenues are almost always better than Q3

• EBITDA was impacted primarily because of:

• Cost of materials increasing from 74.3% to 75.2% on a YoY basis primarily because of initial quality issues with new product launch – OFR; this has been now rectified for the next season

• Elevated labour costs also due to quality issues with OFR which required re-work for rectification and sub optimal capacity utilization especially in the small appliances category

• Non cash provisions amounting to INR 4.5 million towards leave encashment and INR 2.5 million towards ESOP cost (YoY comparison)

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Revenue Breakdown
INR million
Q3-FY24 Q3-FY25 Q2-FY25 Q3-FY25 9MFY24 9MFY25
709 676 666 676 2,337 2,237
Lighting, Fans & Switches
465 523 829 523 1,682 1,988
Small Appliances
FHP Motors 465 558 741 558 1,563 1,956
102 155 111 155 280 405
Other EMS
Total EMS 1,741 1,912 2,347 1,912 5,862 6,586
Precision Components & 570 684 661 684 1,707 1,952
Others
56 67 38 67 70 107
Medical Cartridges
Total Non-EMS 626 751 699 751 1,777 2,059
Total Revenue 2,367 2,663 3,046 2,663 7,639 8,645
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Revenue Breakdown

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Expenditure Analysis
Q3-FY24 Q3-FY25 Q2-FY25 Q3-FY25 9MFY24 9MFY25
Cost of Material Consumed 73.8% 74.7% 75.2% 74.7% 73.9% 74.5%
Employee Benefits 14.9% 14.9% 14.1% 14.9% 14.4% 14.5%
Other Expenses 7.7% 7.5% 7.0% 7.5% 8.0% 7.3%
EBITDA 3.6% 2.9% 3.7% 2.9% 3.7% 3.7%
Finance Costs 0.8% 0.6% 0.7% 0.6% 0.8% 0.6%
Depreciation 2.0% 2.3% 1.8% 2.3% 1.9% 2.0%
Profit Before Tax 1.6% 0.7% 2.1% 0.7% 1.9% 1.9%
Tax 0.5% 0.2% 0.5% 0.2% 0.6% 0.5%
Profit After Tax 1.1% 0.5% 1.6% 0.5% 1.4% 1.4%
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Expenditure Analysis

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Lighting, Fans & Switches

INR million	Q3-FY24	Q3-FY25	Q2-FY25	Q3-FY25	9MFY24	9MFY25
Lighting	600	512	500	512	1,839	1,646
Flashlights	24	34	61	34	182	200
Fans	59	107	87	107	229	320
Switches	26	24	18	24	86	71
Total	709	676	666	676	2,337	2,237

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• Lighting revenue declined ~15% YoY as the industry continues to face impact of weak volume demand as well as price erosion

• As of Jan 2025, we are out of exclusivity with Signify for largely all products

• Progress with prospective new customers is slower than anticipated due to industry factors, expect progress in next few quarters

• Flashlights showed reasonable growth on YoY basis

• Fans revenue improved YoY on better volumes; this was on the back of better offtake in both the ceiling and TPW fans category

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Small Appliances

INR million	Q3-FY24	Q3-FY25	Q2-FY25	Q3-FY25	9MFY24	9MFY25
Kitchen & Home Care	234	232	494	232	1,028	1,121
Personal Care	232	290	336	290	653	867
Total	465	523	829	523	1,682	1,988

• Kitchen & home care revenue was flat YoY despite addition of sale of OFR which is a new category

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• Substantial volume decline seen in mixer grinders and irons; consumption outlook still weak amidst weak macro situation overall

• Capacity utilization continues to be sub optimal across these categories

• Personal care segment showed strong growth of ~26% on the back of addition of new products such as sterilizers, heated hair brush and new model of trimmer

• Volume growth in hair straighteners whereas volumes declined in hair dryers

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Fractional Horsepower Motors

INR million	Q3-FY24	Q3-FY25	Q2-FY25	Q3-FY25	9MFY24	9MFY25
Consumer Durables	358	449	612	449	1,253	1,533
Fans	69	39	68	39	189	226
Others	39	70	61	70	120	197
Total	465	558	741	558	1,563	1,956

• Motors of Consumer durables comprise mixer grinders, hand blenders and chimney

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• YoY growth was led by strong volume growth primarily in mixer grinder motors and chimney motors

• Fan motors was down YoY led by increased captive usage for complete fans (reflected as higher sale of complete fans); declined QoQ because of impact of seasonality

• Others represents sale of synchronous motors and submersible pumps

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Capex Overview (9MFY25)

	Ghaziabad	Baddi	Goa	Total
Land & Building	97	-	-	97
Plant & Machinery	66	3	27	96
Electrical Installation	10	1	0	11
Tools,Dies & Moulds	35	12	6	53
Others	17	2	1	20
Total	226	17	34	277

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• Capex in Q3FY25 was INR 59 million, largely on account of INR 36 million of P&M and INR 14 million of tools, dies and moulds

• Plant & Machinery represents addition of machinery primarily for OFR, OTG and TPW fans

• Tools, Dies & Moulds, represent tooling development for new products, primarily OTG and TPW fans

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Status of New Product Launches
Description Category Current Status
Electric Kettle Small Appliances Product under development, launch in FY25
OTG Small Appliances Product under development, launch in FY25
Chimney Small Appliances Product under development, launch in FY26
Air Fryers Small Appliances Product under development, launch in FY26
Door Bells Small Appliances Product under development, launch in FY26
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Thank You

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