Indag Rubber Ltd. — Investor Presentation 2022

Nov 10, 2022

MANALI

D BIJLANI

Digitally signed by MANALI D BIJLANI DN: c=IN, st=Delhi, 2.5.4.20=f661c7d662f28e9ab4037a5f1132d9a5b8e0cd f860d7f985500e4cf0a6712964, postalCode=110092, street=C-37 ANAND VIHAR, SHAKARPUR BARAMAD, EAST DELHI,DELHI,Delhi-110092, pseudonym=7b12574e467e2891faaca0c6230ac196, serialNumber=647cf315c520526a2b1842dc05e973f9fa 96588b318254766e4c8cfecd83ee1c, o=Personal, cn=MANALI D BIJLANI Date: 2022.11.10 15:49:24 +05'30'

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– Investor Presentation Q2 & H1 FY23 November 2022

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Safe Harbor

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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Indag Rubber Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all-inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forwardlooking statements and projections made by third parties included in this Presentation are not adopted by the Company and, the Company is not responsible for such third party statements and projections.

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Q2 & H1 FY23 FINANCIAL HIGHLIGHTS

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CEO’s Message

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Commenting on the result:

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Mr. Vijay Shrinivas CEO & Whole Time Director, Indag Rubber Ltd.

We are pleased to report robust growth of 41% YoY in Total Income at Rs 65 crores, indicating a strong quarter with significant improvement in

profitability. EBITDA and PAT have grown by 61% and 86% to Rs. 3.3 crores and Rs. 1.7 crores, respectively. The Company is continually improving efficiencies and reducing costs to improve profitability. We have also witnessed stabilization of commodity prices during the quarter

For H1 FY23, Total Income has grown by 58% to Rs. 123 crores, EBITDA has grown 2.6x times to Rs. 6.3 crores and PAT stood at Rs. 3.2 crores as against Rs. 0.1 crores in H1 FY22

The demand trajectory is improving due to the growth in the industrial and construction activities along with various government initiatives. Infrastructure, real estate, transportation, and logistics, as well as rising radialization, formalisation of value chains, and significant demand for new tyre replacement, are anticipated to promote this business

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Standalone Financials – Q2 & H1 FY23

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Total Revenue EBITDA Profit After Tax
+41% +61% +86%
65.3 3.3 1.7
57.6 +14% 3.0 +11% 1.5
46.2
2.1
0.9
Q2FY22 Q1FY23 Q2FY23 Q2FY22 Q1FY23 Q2FY23 Q2FY22 Q1FY23 Q2FY23
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+86%
1.7
1.5 +15%
0.9
Q2FY22 Q1FY23 Q2FY23
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EBITDA Margin*

PAT Margin

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60 bps
5.2% 5.1%
4.5%
Q2FY22 Q1FY23 Q2FY23
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60 bps
2.6% 2.6%
2.0%
Q2FY22 Q1FY23 Q2FY23
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(Rs. In Crs.)

*Includes Other Income, On Standalone Basis

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Standalone Financials – Q2 & H1 FY23

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Total Revenue EBITDA Profit After Tax
+264% +2582%
+58%
122.9 6.3 3.2
77.9
1.7
0.1
H1FY22 H1FY23 H1FY22 H1FY23 H1FY22 H1FY23
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EBITDA Margin PAT Margin
290 bps 240 bps
5.1% 2.6%
2.2%
0.2%
H1FY22 H1FY23 H1FY22 H1FY23
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(Rs. In Crs.)

*Includes Other Income, On Standalone Basis

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Standalone Financials – Q2 & H1 FY23

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Particulars (Rs. In Crs) Q2 FY23 Q2 FY22 Y-o-Y Q1 FY23 Q-o-Q H1 FY23 H1 FY22 Y-o-Y
Revenue from Operations 63.3 45.5 39% 56.1 13% 119.4 76.8 55%
Other Income 2.1 0.7 1.5 3.5 1.1
Total Revenue (incl Other Income) 65.3 46.2 41% 57.6 14% 122.9 77.9 58%
Total Raw Material 48.5 32.5 41.4 90.0 54.0
Gross Profit 16.8 13.7 23% 16.1 4% 32.9 23.9 38%
Gross Profit % 25.7% 29.6% 28.0% 26.8% 30.7%
Employee Expenses 5.4 5.0 5.3 10.7 10.3
Other Expenses 8.1 6.6 7.8 15.9 11.9
EBITDA 3.3 2.1 61% 3.0 11% 6.3 1.7 264%
EBITDA % 5.1% 4.5% 5.2% 5.1% 2.2%
Depreciation 1.0 0.8 1.0 2.1 1.6
EBIT 2.3 1.3 81% 2.0 15% 4.2 0.1 2784%
EBIT (%) 3.5% 2.7% 3.4% 3.4% 0.2%
Finance Cost 0.0 0.0 0.0 0.0 0.1
Profit before Tax 2.2 1.2 1.9 4.2 0.1
Tax 0.5 0.3 0.5 1.0 -0.1
Profit after Tax 1.7 0.9 86% 1.5 15% 3.2 0.1 2582%
PAT % 2.6% 2.0% 2.6% 2.6% 0.2%
EPS 0.65 0.35 0.56 1.21 0.05
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Standalone Balance Sheet

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Liabilities (Rs. In Crs.) Sep-22 Mar-22 Assets (Rs. In Crs.) Sep-22 Mar-22
Non Current assets
Equity
Property, Plant and Equipments 23.7 23.3
Share Capital 5.3 5.3 Capital Work-In-Progress 1.6 1.0
Other Equity 199.2 201.3 Investment Property 21.1 21.6
Other Intangible Assets 0.1 0.2
Total Equity 204.5 206.5
Financial Assets
Non Current Liabilities Investments 86.2 85.7
Loans 0.0 0.0
Financial Liabilities
Other Financial Assets 0.5 0.5
Provisions 0.9 0.9 Income Tax Assets (net) 1.8 2.3
Other Non-Current Assets 0.5 0.2
Deferred Tax Liabilities (Net) 3.3 3.5
Total Non Current Assets 135.5 134.8
Total Non Current Liabilities 4.2 4.4
Current Assets
Current Liabilities Inventories 32.9 39.2
Financial Assets
Financial Liabilities
Investments 16.1 26.7
Trade Payables 18.1 18.3 Trade Receivables 36.3 22.6
Other Financial Liabilities 1.9 2.7 Cash and Cash Equivalents 1.4 0.7
Other Bank Balances 1.3 1.7
Provisions 0.1 0.1
Loans 0.2 0.2
Other Current Liabilities 3.1 1.8 Other Financial Assets 2.5 1.5
Other Current Assets 5.8 6.3
Total Current Liabilities 23.2 22.9
Total Current Assets 96.4 99.0
Total Equity and Liabilities 231.9 233.8 Total Assets 231.9 233.8
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Standalone Cash Flow Statement

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Particulars (Rs. In Crs.) Sep-22 Sep-21
Net Profit Before Tax 4.2 0.1
Adjustments for: Non Cash / Other Items -1.2 0.6
Operating profit before working capital changes 3.0 0.7
Changes in working capital -7.1 3.5
Cash generated from operations -4.1 4.2
Direct taxes paid -1.2 -0.9
Net Cash from Operating Activities -5.3 3.3
Net Cash from Investing Activities 10.1 -3.7
Net Cash from Financing Activities -4.0 -0.2
Net Decrease in cash and cash equivalents 0.7 -0.6
Add: Cash & Cash equivalents at the beginning of the period 0.7 1.7
Cash & Cash equivalents at the end of the period 1.4 1.1
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ABOUT THE COMPANY

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About the Company

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VISION & MISSION

To be No.1 company in every market served, by offering best- inclass tyre Retreading products and services through largest network of trained Channel partners committed to offer most reliable, economical and sustainable tyre solutions for commercial transport industry.

VALUES

• Excellence

• Customer Satisfaction

• • Commitment

• Social Responsiveness

• • Creativity

• Openness and Diversity

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Our Journey

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Focused Management

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Mr. Nand Khemka Chairman & Managing Director

Mr. Vijay Shrinivas CEO & Whole Time Director

• M.S. in Foreign Trade & MBA in Production Management from Columbia University, New York, U.S.A.

• With the company since 2018. He was last working with Arvind Ltd. as Chief Sales & Marketing Officer. Prior to that, he was with E I DuPont India Pvt Ltd, Bharat Shell Ltd and Larsen & Toubro Ltd in various operating and leadership roles

• Over 40 years of experience in

• promoting and running successfully various organizations

• MBA in International Business from Indian Institute of Foreign Trade, New Delhi ,with 21 years of experience

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Mr. Uday Khemka Director

• Son of Mr. Nand Khemka having more than 24 years of Investment Banking & Entrepreneurial experience in Emerging markets

• Vice-Chairman of the SUN Group of companies

• Educated at Eton College, he received his undergraduate and Master’s degrees at Cambridge University and received an MBA with distinction from Harvard Business School (Baker Scholar)

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Mr. Shiv Khemka Director

• Vice-Chairman of SUN Group, founded in the early 90’s

• Educated at Eton College, Brown University, and the Lauder program at The Wharton School, University of Pennsylvania

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Focused Management

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Ms. Bindu Saxena Non-Executive Director (Independent)

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Mr. Raj Kumar Agrawal Non-Executive Director (Independent)

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Mr. P R Khanna

Non-Executive Director (Independent)

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Mr. Anil Bhardwaj G.M.(Accounts) & CFO

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Mr. Harjiv Singh Non-Executive Director (Independent)

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Mrs. Manali D Bijlani Company Secretary

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State of the Art Manufacturing Facility

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State of the art manufacturing unit Located at Nalagarh Industrial Estate in Himachal Pradesh - Advanced Technology in terms of machinery and equipment - Indag Training centre to impart high quality of training

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Our Presence

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Our Products

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PRECURED TREAD UN-VULCANIZED UNIVERSAL SPRAY TYRE RETREADING
RUBBER RUBBER STRIP GUM CEMENT ENVELOPES
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• Capacity of 20,000 MT p.a.

• Servicing different vehicle

• types M&HCVs, LCVs, Passenger vehicles and Off-road vehicles

• Capacity of 1,800MT p.a.

• Strong bonding between casing and tread

• Shortest curing time

• Capacity of 1,800 KL p.a. with availability of 3 variants

• Provides protection to tyre buffed surface from oxidation

• Heat resistive compound

• Lowest cost per cure envelopes

• Longer retreaded life

• Specialized patterns for varied road applications such as

• High retreading productivity

• Good cured bonding between casing and cushion

• highways, hills, mining, offroad

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Ensuring Quality & Reliability to Fleet Operators

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INDAG CONSULTANCY SERVICES

It cannot be more that is a emphasized retreading highly technical and the best process requires quality retreading materials and an impeccable retreading process. Untrained and ill equipped small and fragmented retreaders are the biggest threat to the evolving and growing Retreading Industry in India.

We have designed INDAG Consultancy Services to help our retread partners win this battle. We extend the following training and services under this program -

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RETREADING RETREADING
PROCESS MACHINERY TROUBLESHOOTING
CONSULTANCY CONSULTANCY
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Voice of the Customers

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ABOUT THE RETREADING INDUSTRY

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What is Retreading?

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INDAG PIONEERED COLD RETREADING IN INDIA

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RETREADING SAVES MONEY RETREAD SAVES ENVIRONMENT
Retreading is a green and sustainable
alternative to new tyres. It is a technical
process of high precision and
craftsmanship used to rejuvenate an old
worn-out tyre into a renewed one.
Retreading means
replacing the tread of the tyre,
instead of buying a completely new tyre.
A tyre casing is designed for multiple
retreading.
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Why Retreading?

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[One third of the price of a new tyre with life nearly the same ]
Saves Money
as New tyre
1
Durable Safety
Appropriate tread can last nearly the
6 2 Tested to same stringent
same as a new tyre
performance criteria as a new tyre
Benefits of
Retreading
Low Cost Production
Environment Friendly
5 3 In retread tyre only 25% Natural
Requires ~31 Litres of crude oil to rubber is used whereas; in new tyre,
produce a retread as opposed to 88 around 80% of Natural rubber is
Litres of oil to manufacture a new tyre required
4
Extends the life of used tyres thus saving even more energy, CO2 and
Recycle
raw materials with each product cycle
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Opportunities – Future of Retreading

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Improved Road Infrastructure

• More distance travelled in lesser time

• Higher tonnage vehicles with more tyres

• • Less Downtime & longer tread life

• Less Damage to vehicles & tyres

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GST & Favorable Regulatory guidelines

• Fewer stopovers at check posts due to E-waybills

• Less overloading due to increasing regulations

• • End of Tyre life norms and labelling norms.

• Elimination of smaller, unorganized players and formalization of value chains

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Growing Environmental consciousness

• Retreading prevents landfill waste and pollution caused due to incineration of discarded tyres

• Retreading promotes sustainability and reusability, providing lesser carbon footprint

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Increasing Radialization Trend

• Truck and Bus tyre segment has reached a radialization of 51% and growing continuously.

• • Radial tyres are structurally stronger and supports multiple retread

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Inclination to Electric Vehicles

• While IC engines will become redundant over time, tyres will not!

• Emerging tyre designs focussed on Electric Vehicles

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HISTORICAL FINANCIALS

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Standalone Financials

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Particulars (Rs. In Crs.) FY22 FY21 FY20
Revenue from Operations 166.9 169.8 186.8
Other Income 6.4 4.0 4.6
Total Revenue (incl Other Income) 173.3 173.9 191.4
Total Raw Material 120.2 107.6 121.1
Gross Profit 53.2 66.3 70.3
Gross Profit (%) 30.7% 38.1% 36.7%
Employee Expenses 20.7 21.0 20.6
Other Expenses 25.3 25.0 29.0
EBITDA 7.2 20.3 20.7
EBITDA (%) 4.2% 11.7% 10.8%
Depreciation 4.2 3.3 3.7
EBIT 3.0 17.0 17.0
EBIT (%) 1.7% 9.8% 8.9%
Finance Cost 0.2 0.3 0.3
Profit before tax and exceptional items 2.9 16.8 16.7
Exceptional Items 0.0 13.2 0.0
Profit before Tax 2.9 3.5 16.7
Tax 0.3 0.8 3.4
Profit after Tax 2.6 2.8 13.3
PAT % 1.5% 1.6% 6.9%
EPS 0.99 1.05 5.06
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• Exceptional Item of Rs 13.24 cr as the Company opted for the Himachal Pradesh {Legacy Cases Resolution) Scheme, 2019 on January 21, 2021 for settlement of Entry Tax matter of earlier years which was pending decision before Honorable High Court of Himachal Pradesh.

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Standalone Balance Sheet

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Liabilities (Rs. In Crs.) Mar-22 Mar-21 Mar-20 Assets (Rs. In Crs.) Mar-22 Mar-21 Mar-20
Non Current assets
Equity
Property, Plant and Equipments 23.3 25.0 25.2
Share Capital 5.3 5.3 5.3 Capital Work-In-Progress 1.0 19.3 10.1
Other Equity 201.3 191.9 181.3 Investment Property 21.6 0.0 -
Goodwill 0.0 0.0 0.0
Total Equity 206.5 197.2 186.5
Other Intangible Assets 0.2 0.1 0.2
Non Current Liabilities
Financial Assets
Financial Liabilities Investments 85.7 87.3 77.1
- - - Loans 0.0 0.0 0.0
Borrowings
Other Financial Assets 0.5 1.0 0.6
Provisions 0.9 0.9 0.7
Income Tax Assets (net) 2.3 2.8 0.8
Deferred Tax Liabilities (Net) 3.5 2.8 2.5 Other Non-Current Assets 0.2 2.3 2.1
Total Non Current Liabilities 4.4 3.7 3.2 Total Non Current Assets 134.8 137.9 116.1
Current Assets
Current Liabilities
Inventories 39.2 36.0 36.9
Financial Liabilities
Financial Assets
Borrowings - - - Investments 26.7 7.3 5.3
Trade Payables 18.3 15.2 15.5 Trade Receivables 22.6 29.5 37.2
Cash and Cash Equivalents 0.7 1.7 1.1
Other Financial Liabilities 2.7 3.3 3.1
Other Bank Balances 1.7 1.9 2.1
Provisions 0.1 0.5 0.3
Loans 0.2 0.2 0.2
Current Income Tax Liabilities(Net) 0.0 0.0 0.0 Other Financial Assets 1.5 1.5 5.4
Income Tax Assets (net) 0.0 0.0 0.0
Other Current Liabilities 1.8 2.3 1.8
Other Current Assets 6.3 6.2 5.9
Total Current Liabilities 22.9 21.3 20.6
Total Current Assets 99.0 84.3 94.2
Total Equity and Liabilities 233.8 222.2 210.3 Total Assets 233.8 222.2 210.3
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Standalone Cashflow Statement

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Particulars (Rs. In Crs.) Mar-22 Mar-21 Mar-20
Net Profit Before Tax 2.9 3.5 16.7
Adjustments for: Non Cash / Other Items 0.7 13.1 -0.2
Operating profit before working capital changes 3.6 16.6 16.6
Changes in working capital 6.0 7.8 -3.6
Cash generated from operations 9.6 24.4 13.0
Direct taxes paid -1.1 -11.7 -4.7
Net Cash from Operating Activities 8.5 12.7 8.3
Net Cash from Investing Activities -3.0 -9.4 2.5
Net Cash from Financing Activities -6.5 -2.6 -12.2
Net Decrease in cash and cash equivalents -1.0 0.7 -1.5
Add: Cash & Cash equivalents at the beginning of the period 1.7 1.1 2.5
Cash & Cash equivalents at the end of the period 0.7 1.7 1.1
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Consistent Dividend Pay-out

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Dividend
Pay-Out 15% 17% 19% 19% 20% 29% 40% 59% 47% 247% 324%
12.6
12.2
10.7
9.5
8.4
8.0
6.0
5.1
4.1
2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4
2.0
1.6
1.2
1.0
0.7
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
EPS DPS
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The Board of Directors have approved Interim Dividend of Rs. 0.90/- per equity share of Rs. 2/- each in November’22

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Adjusted EPS & DPS for the split

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For further information, please contact

Company :

Investor Relations Advisors :

Indag Rubber Ltd CIN: L74899DL1978PLC009038 Mr. Anil Bhardwaj, G.M.(Accounts) & CFO anil@indagrubber.com www.indagrubber.com

Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Ms. Hinal Kothari deven.dhruva@sgapl.net / Hinal.Kothari@sgapl.net +91 9833373300 / +91 993013428 www.sgapl.net

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