NOCIL Ltd — Investor Presentation 2019

Nov 4, 2019

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4[th] November 2019

SEC/122B

	The Secretary The Bombay Stock Exchange Limited “P.J. Towers” Dalal Street Mumbai-400 001 Scrip Code: 500730	The National Stock Exchange of India Ltd. Exchange Plaza Bandra Kurla Complex, Bandra (East) Mumbai-400 051 Symbol: NOCIL

Dear Sir,

Sub: Investor Presentation

Pursuant to Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, we enclose herewith Investors Presentation on the Financial Highlights for the quarter and half year ended 30[th] September 2019.

The aforementioned Presentation has been uploaded on the Company’s website viz., www.nocil.com.

We request you to take the above on your records and acknowledge receipt.

Thanking you,

Yours faithfully, For NOCIL Limited

GUPTE VIKAS KASHINATH Digitally signed by GUPTE VIKAS KASHINATH DN: c=IN, o=Personal, 2.5.4.20=a82eb80e7b1e067a287ce674750089f458bc6a99af0e166cf2078337b262f230, postalCode=400101, st=MAHARASHTRA, 2.5.4.45=03410064343234623035613336393036393566656638303361633732366538323165353961653865396266653664393861396238366231633338303939313238396137, serialNumber=781f7a2e291fa674eb6adeb7c19db4c341d405f62a89af3633b7130a70430038, cn=GUPTE VIKAS KASHINATH Date: 2019.11.04 17:28:46 +05'30'

V. K. Gupte Company Secretary

Encl.: as above

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Investor Presentation – November 2019

NOCIL LIMITED

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Safe Harbour

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This presentation and the accompanying slides (the “Presentation”), which have been prepared by NOCIL 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 forward-looking 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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2

Quarterly Performance

Revenue from Operation (Rs. In crores) Slowdown in Auto Industry

Value Addition (%)

Better Product mix

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242 57.72%
56.37%
230 54.08%
210
Q4FY19 Q1FY20 Q2FY20 Q4FY19 Q1FY20 Q2FY20
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Operating EBITDA (%)

PAT (%)

One time impact of reduction in tax rate

Relatively lower capacity utilisation

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24.45% 24.46% 26.33%
22.83%
14.81%
14.24%
Q4FY19 Q1FY20 Q2FY20 Q4FY19 Q1FY20 Q2FY20
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3

Standalone Profit & Loss Statement

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	Rs. In Crores	Rs. In Crores	Q2 FY20	Q2 FY19	Y-o-Y	Q1 FY20	Q-o-Q	H1 FY20	H1 FY19	Y-o-Y
	Net Revenue from Operations		210	272	-22.9%	230	-8.7%	439	540	-18.7%
	Raw Material		89	119		100		189	238
	Value Addition *		121	153		129		250	302
	Value Addition %		57.7%	56.1%		56.4%		57.0%	55.9%
	Employee Expenses		18	16		20		38	34
	Other Operating Expenses		55	57		54		109	109
	Operating EBITDA		48	79	-39.3%	56	-14.7%	104	159	-34.4%
	Operating EBITDA Margin		22.8%	29.0%		24.5%		23.7%	29.4%
	Depreciation		8	6		8		15	11
	Other Income		2	3		2		5	6
	EBIT		43	77	-44.2%	51	-16.3%	94	153	-39.0%
	EBIT Margin		20.3%	28.1%		22.2%		21.3%	28.4%
	Interest		0	0		0		1	0
	Profit Before Tax		42	76		51		93	153
	Tax		-13**	24		18		5	49
	Net Profit		55	53	4.5%	33	69%	88	104	-15.2%
	Net Profit Margin		26.3%	19.4%		14.2%		20.0%	19.2%
		4 Revenue (-) cost of raw materials consumed (-) cost of traded goods (-) change in inventories_ _* includes deferred tax credit of Rs. 24 crores on account of reduction in tax rate

Consolidated Profit & Loss Statement

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	Rs. In Crores	Rs. In Crores	Q2 FY20	Q2 FY19	Y-o-Y	Q1 FY20	Q-o-Q	H1 FY20	H1 FY19	Y-o-Y
	Net Revenue from Operations		210	272	-22.9%	230	-8.7%	439	540	-18.7%
	Raw Material		89	119		100		189	238
	Value Addition *		121	153		129		250	302
	Value Addition %		57.7%	56.1%		56.4%		57.0%	55.9%
	Employee Expenses		19	17		20		39	36
	Other Operating Expenses		54	56		53		106	106
	Operating EBITDA		48	80	-39.3%	57	-14.3%	105	160	-34.3%
	Operating EBITDA Margin		23.1%	29.3%		24.6%		23.9%	29.6%
	Depreciation		8	6		8		16	12
	Other Income		2	3		3		5	5
	EBIT		43	77	-44.6%	51	-17.0%	94	154	-39.0%
	EBIT Margin		20.3%	28.2%		22.3%		21.3%	28.4%
	Interest		0	0		0		1	0
	Profit Before Tax		42	77		51		93	153
	Tax		-13	24		18		5	49
	Net Profit		55	53	3.9%	33	67.1%	88	104	-15.4%
	Net Profit Margin		26.2%	19.4%		14.3%		20.0%	19.2%
		5 *Revenue (-) cost of raw materials consumed (-) cost of traded goods (-) change in inventories

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Standalone Balance Sheet

	Particulars (Rs. Crs.)	Particulars (Rs. Crs.)	30-Sep-19	31-Mar-19	31-Mar-19
	ASSETS
	Non-current assets		966	852
	Property,Plant and Equipment		625	626
	Capital work-in-progress		236	131
	Investment Property		0	0
	Intangible Assets		2	2
	Financial Assets
	(i)Investments in Whollyowned subsidiary		25	25
	(ii)Other Investments		26	22
	(iii)Other financial assets		6	6
	Non-current tax assets		12	5
	Other non-current assets		33	34
	Current assets		476	576
	Inventories		154	170
	Financial Assets
	(i)Investments		53	101
	(ii)Trade receivables		197	232
	(iii)Cash and cash equivalents		30	36
	(iv) Bank balances other than cash and cash equivalents		3	3
	(v)Other Financial Assets		1	0
	Other Current Assets		38	33
	TOTAL		1,441	1,428
					6

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Consolidated Balance Sheet

	Particulars (Rs. Crs.)	Particulars (Rs. Crs.)	30-Sep-19	31-Mar-19	31-Mar-19
	ASSETS
	Non-current assets		972	858
	Property,Plant and Equipment		654	654
	Capital work-in-progress		236	131
	Investment Property		0	0
	Intangible Assets		2	2
	Financial Assets
	(i)Investments in Whollyowned subsidiary		0
	(ii)Other Investments		27	23
	(iii)Other financial assets		7	7
	Non-current tax assets		13	7
	Other non-current assets		33	34
	Current assets		483	584
	Inventories		154	171
	Financial Assets
	(i)Investments		55	104
	(ii)Trade receivables		197	232
	(iii)Cash and cash equivalents		32	37
	(iv) Bank balances other than cash and cash equivalents		6	5
	(v)Other Financial Assets		1	0
	Other Current Assets		38	34
	TOTAL		1,455	1,442
					7

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Cashflow Statement

	Particulars (Rs. In Crores)	Particulars (Rs. In Crores)	Standalone	Standalone	Consolidated	Consolidated
			Six Months Ended 30th Sep 19	Year Ended 31st Mar 19	Six Months Ended 30th Sep 19	Year Ended 31st Mar 19
	Cash flow from operating activities
	Profit before tax		93	277	93	278
	Adjustments for noncash items / non operating items		13	15	13	16
	Operating profit before working capital changes		106	292	106	294
	Working capital adjustments		54	(40)	53	(42)
	Cash flows generated from operating activities		160	252	160	252
	Income tax paid (Net of Refund)		28	88	28	88
	Net Cash flows generated from operating activities (A)		132	164	132	164
	Net Cash flows generated from investing activities (B)		(88)	(102)	(87)	(101)
	Net Cash flows generated from financing activities (C)		(49)	(50)	(49)	(50)
	Net Cash Increase / (Decrease)		(6)	12	(5)	13
			8

Business Overview

Company Overview

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• Part of Arvind Mafatlal Group

▪ Expertise in Rubber Chemical Business over 4 decades

• Largest Rubber Chemicals Manufacturer in India

• Long Term Business Relationships with Tyre Majors (Both Domestic & International)

• Awarded Responsible Care Logo by Indian Chemical Council

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Revenue [] EBITDA []
+13 [%] +55 [%]
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• CAGR growth from (FY13-FY19)

Operating PBT[*]

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+44 [%]
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Dividend Payout more than 5 years

~30[%]

10

Management Team

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• Mr. Hrishikesh . A. Mafatlal – Promoter & Chairman

Mr. S. R. Deo – Managing Director

• Executive Chairman and Promoter Director of NOCIL Ltd

• M. Tech. in Chemical Engineering from IIT Kanpur

• B.Com. (Hons.) & has attended the Advanced Management Programme at the Harvard Business School, USA

• Associated with the company for nearly 40 years in various technical capacities

Mr. R. M. Gadgil - President - Marketing

Mr. P. Srinivasan – Chief Financial Officer

• B Tech in Chemical Engineering from IIT Mumbai

• Chartered Accountant with over 30 years of experience

• Associated with the Company in various marketing capacities for nearly 37 years

• Associated with the Company since 2005

• Dr. Chinmoy Nandi - Vice President (Research & Development)

• Post Graduate & Ph.D. in Science

Dr. Narendra Gangal – Vice President (QA, Analytical & Outsourced Research)

• Ph.D. in Analytical Chemistry with 27 years of experience

• Associated with the company for nearly 35 years in various

• Associated with the company since 2007

• R&D capacities

Mr. Rajendra Desai – Vice President (Operations, Corporate HR & Personnel)

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• Chemical Engineer with Diploma in Management Studies

• Associated with the company for nearly 34 years

11

Glimpse of our Plants

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Navi Mumbai Plant

• Set up in 1976

• Located in Trans-Thane Creek industrial area at Navi Mumbai, Thane - Belapur’s industrial zone designated for the chemical Industry, about 40 kms away from Mumbai

• State-of-the-art technology for the manufacture of the entire range of Rubber Chemicals for Tyre & other Rubber Products

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Dahej Plant

• Commenced operations in March 2013

• Located about 45 kms from Bharuch, Gujarat

• Location has synergistic Chemicals & Petrochemicals industry and excellent connectivity with Dahej & Hazira Port

• Fully automated continuous process plant developed completely with in-house technology

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12

Our Value Proposition

01

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Long Term Relationships with Customers over 40 Countries

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03

02

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01 Products & Product Forms

• Wide Range of Rubber Chemical Products

• Varied Product Forms

02 Sales, Marketing & Technical Service

• Market Responsive Approach

• Strong MTS Team to offer Technical Services

03 R & D and Quality Assurance

• Experienced, capable & innovative team of R & D scientists.

• Ultra Modern Laboratories & Pilot Plant Facilities

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• Latest Analytical Instruments

13

Products & their Usage

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ANTI-DEGRADANTS/ ANTI-OXIDANTS

1

▪ These are ingredients in rubber compounds which deter the ageing and inhibit degradation due to oxygen attack of rubber products, thereby enhancing service life

ONE STOP SHOP

2

ACCELERATORS

▪ Increase the speed of vulcanization ▪ Permit vulcanization to proceed at lower temperature & with greater efficiency

With WIDE RANGE to suit

MARKET REQUIREMENTS

OTHER APPLICATIONS

3

▪ Pre vulcanization inhibition, Post vulcanization stabilization, Latex based applications etc.

▪ Improving Thermal Stability of cross links in rubber products

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14

R&D and Total Quality Management

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Research & Technology Development Quality Assurance ▪ NOCIL’s Research Centre at ▪ Quality Management System Navi Mumbai recognized by with a focus on Quality of Ministry of Science and Raw materials, Finished Technology, Govt. of India Products as well as in Process ▪ Key Areas Focussed upon Sample Analysis • Process Development, scale ▪ The Quality Control up, commercial implementation Laboratory operates round • the clock and is equipped Environmental strategies for sustainable growth with the latest Analytical • Research initiatives as per Instruments & Equipment's customers’ perceived needs

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Certifications

▪ ISO 9001:2008 ▪ ISO 14001:2004 ▪ BS OHSAS 18001:2007 ▪ ISO/IEC 17025:2005 ▪ ISO/TS16949:2009 ▪ IATF ▪ NABL ▪ Responsible Care by Indian Chemical Council

15

Technology & Speciality Chemicals – Moving up the curve

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55%
Key Factors
+20% 35%
Value Addition
Continual Technological
Strong position in High-
Improvement in Product value added products FY13 FY19
& Processes
28%
+24%
R&D Capabilities leading Operating
Operating leverage due
to significant reduction in EBITDA
to scaling-up of business 4%
cost of production
FY13 FY19
18%
Favourable Positioning Anti-dumping duty +14%
PAT
4%
FY13 FY19
16
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Rubber Chemicals – Industry Trends

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High Performance Tyres

Stringent Environmental compliance

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Extended life, Automotive & Industrial products will increase rubber processing chemical loadings

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Cost increase in China leading to Better level playing field

NOCIL has been awarded by ICC for “Excellence in Management of Environment” under the large chemical industry

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Rising Income Levels

Global Demand[*]

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Increase in Motor vehicle ownership rates, especially in developing nations would need additional consumption of rubber processing chemicals

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For Rubber processing chemicals continue to forecasted to grow around 4% - 5% for next 10 years

*Source : Freedonia Report

17

Future Growth Opportunities

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• Indian tyre industry may grow 7%-9% over the next 5 backed years by

• favourable outlook for the domestic Automotive Industry

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Global Market
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• Domestic Tyre Industry have already –

• committed INR 150 180 Bn towards expansion plans

• Global Tyre Industry have Continuous Demand - for already committed $8 $10 Bn Rubber Chemicals comprising of: ▪ 100 Mn tyres comprising of Car/ bus/ truck tyres Domestic Market

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Source - ICRA Source : ATMA - Indian Tyre Industry Report & Tire Business (Aug 18)

18

Positive Demand Forecast

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Global Rubber Consumption (Natural + Synthetic)

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In Lakh tonnes
291.8
0.0
8.0
Rubber Chemicals
constitute ~4% of the
9.3
Rubber Consumption
8.6
4.5 Normally every year ~35k
additional demand for
6.1
255.4 Rubber chemicals is
created
2013 2014 2015 2016 2017 2018 2019 Total
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Major markets have shown a de-growth in 2019

Source : Rubber Statistical Bulletin, Jul - September 2019 edition

19

*Annualised based on H1CY19 data

CAPEX Update

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• Phase I – Rs. 170 crores ^ Phase II – Total Capex of Rs. 255 crores[^] • For expansion of its production

• • Phase I (a) - Expansion at Navi facilities for Rubber Chemicals Expansion is expected to give an Asset

• Mumbai has been commissioned (including intermediates captively Turnover of ~2X at FY18 prices

• and the commercial production have consumed towards manufacture of

• started from Jun’18 rubber chemicals) at Dahej/Navi Mumbai – (Announced in Dec’17)

• • Phase I (b) – Expansion at Dahej is has been commissioned in Jan’19 • For expansion of its production facilities for Rubber Chemicals at Dahej/Navi Mumbai - (Announced

• ▪ Mechanical Completion ✓ in Jan’18) ▪ Trial Production ✓ ▪ Mechanical Completion ✓ -

• Total Capex of Rs. 425 crores Entire

• ▪ Commercial Production ✓ ▪ Trial Production ✓ project will be funded through Internal Accruals

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100% Implementation by in-house team without any technical collaborations

^ as per FY18 prices

20

Why NOCIL is a “Supplier of Choice”

Environment Friendly Processes

Non-Chinese Dependable Player

Continuous investments done to adopt various innovative environmental technologies for long-term sustainability

Non-Chinese Dependable & Quality Player with Committed Plans for future growth

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00
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Product Testing & Validation

Wide Range of Product

Approved & registered vendor with the Major Domestic & International Tyre Players offering Technical Support to customers for Rubber Products / Process Development

Presence across the entire range of Rubber chemicals i.e. 22 product basket

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Pipeline of New Generation of Rubber Chemicals

Development of Niche products using innovative technologies & Green chemistry concepts and new generation environmentally sustainable processes for growth

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Entry Barrier

Customers take from 6-18 months to give approval on plant specific basis & same is carried out for various locations globally

21

Annual Performance Trend

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Revenue from Operations*

Operating EBITDA

Operating PBT**

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Rs. In Crores
+13.4%
1,043 +27.9% 290 +30.1% 267
968
263 239
742
716
159
137
139
121
FY16^ FY17 FY18 FY19 FY16^ FY17 FY18 FY19 FY16^ FY17 FY18 FY19
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• Revenue from operations is net of GST/Excise duty

• ** Operating PBT (PBT - Other Income)

^ IGAAP

22

Annual Operating Performance

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Value Additions*

Operating EBITDA Margins

Operating PBT Margins

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55% 28% 26%
54% 27% 25%
52%
50%
21%
19%
19%
17%
FY16^ FY17 FY18 FY19 FY16^ FY17 FY18 FY19 FY16^ FY17 FY18 FY19
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*(Revenue (-) cost of raw materials consumed (-) cost of traded goods (-) change in inventories)/Revenue

23

Margin built-up over the years

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Overall Improvement in Margin Profile of the Company

Sustainable Initiatives taken over 5 years

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55%
55%
52% •
Change in Product mix
50%
46%
o Share of specialised applications
42%
o Increased share of export business
35%
•
Technological Improvements
27% 28%
o Continual improvement in yield performance
21%
19% o Introduction of contemporary technologies
16%
•
Operating leverage
10% 18%
17%
14% o Volume maximisation
4%
8% 11%
4% 4% o In-house generation of power at Dahej site
•
FY13 FY14 FY15 FY16 FY17 FY18 FY19 Anti-dumping duty
o Only on 6 products out of 22
EBITDA (%) Value Addition(%) PAT (%)
(Revenue (-) cost of raw materials consumed (-) cost of traded goods (-) change in inventories)/Revenue
24
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For further information, please contact: Company : Investor Relations Advisors : NOCIL Ltd. Strategic Growth Advisors Pvt. Ltd. CIN: L99999MH1961PLC012003 CIN: U74140MH2010PTC204285 Mr. P. Srinivasan - CFO Ms. Payal Dave / Ms. Neha Shroff finance@nocil.com payal.dave@sgapl.net / neha.shroff@sgapl.net +91 9819916314 / +91 7738073466 www.nocil.com www.sgapl.net