Pricol Limited — Investor Presentation 2021

May 27, 2021

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PL/SEC/TGT/2021-2022 Thursday, 27[th] May, 2021

Listing Department Corporate Relationship Department National Stock Exchange of India Limited BSE Limited “Exchange Plaza’, C-1, Block G 1[st] Floor, New Trading Ring Bandra-Kurla Complex, Rotunda Building, P J Towers, Bandra (E), Mumbai - 400051 Dalal Street, Fort, Mumbai 400 001 Script Code: PRICOLLTD Script Code: 540293

Dear Sir,

Sub: INVESTOR PRESENTATION

Pursuant to Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we herewith submit the presentation to be used for the Investor Conference call on the audited financial results for the quarter and year ended 31[st] March 2021, to be held today at 1600 (IST).

This is for your information and records.

Thanking you

Yours faithfully, For Pricol Limited THANGAVEL Digitally signed by THANGAVEL GAJALAKSHMI GAJALAKSHMI THAMIZHANBAN THAMIZHANBAN Date: 2021.05.27 09:56:22 +05'30'

T.G.Thamizhanban Company Secretary ICSI M.No: F7897

Encl: As above

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PRICOL LIMITED Q4 & FY21 INVESTOR PRESENTATION 27[th] May 2021

INDEX

01 Corporate Profile 02 Performance Indicators 03 Financials 04 Business Information 05 Sector Review

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COMPANY PROFILE

Corporate Profile

Pricol Limited

• Pricol Limited commenced operations in 1974 with headquarters in Coimbatore, India

• 9 Manufacturing Locations

• 7 Manufacturing Locations in India

• IATF 16949:2016

• ISO 14001:2015

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• 1 Manufacturing Location in Indonesia

• ISO 45001:2018.

(Obtained ISO 9001 in the year 1993)

• 1 Subsidiary Location in India

• 2 International Offices in Tokyo & Singapore

• Standalone Turn Over Details (INR In Crores)

FY 2019-20 : 1212.96

FY 2020-21 : 1397.81

Share Holding Pattern – March 31, 2021

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Public
36.53%
63.47%
Promoter Family
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Our Presence

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Product Verticals

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Telematics
Driver Information System Sensors & Switches Pumps & Mechanical
Auto Electrical Products
Connected Vehicle Solution
Fuel Pump Wiping Systems
Module
TFR Type Fuel Level Sensor
Water Pumps
Connected Cluster
Reed Type Fuel Level Sensor
Oil Pumps
(Gerotor & Variable Oil Flow)
Speed Sensor
Camshaft/ Crankshaft
Position Sensor
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PERFORMANCE INDICATORS

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Rs. in Crores

Quarterly Highlights (Standalone)

Revenue from Operations

Operational EBITDA

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439 421 65
372 54 57
263 38
104
2
Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21
Profit Before Tax Profit After Tax
21 19
20 31 27 3
-31 -29
-122
-121
Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21
Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21
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Rs. in Crores

Yearly Highlights (Standalone)

Operational EBITDA

Revenue from Operations

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1336
1297
1139
FY19 FY20 FY21
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Profit Before Tax

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47
-228 -217
FY19 FY20 FY21
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178
102 98
FY19 FY20 FY21
Profit After Tax
15
-213
-228
FY19 FY20 FY21
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FINANCIALS
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Income – Q4 & FY21 (Standalone)

Rs. In Lakhs

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2020-21 2019-20 2020-21 2019-20
(Jan - Mar) (Jan - Mar) (Apr - Mar) (Apr - Mar)
Revenue from Operations 42,094.30 26,338.73 1,33,615.33 1,13,904.87
Growth % 59.82% -16.66% 17.30% -12.19%
Other Operating Revenue 1,646.57 1,390.00 5,417.15 6,128.12
Other Income 78.61 958.94 748.68 1,263.23
Total Revenue 43,819.48 28,687.67 1,39,781.16 1,21,296.22
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Profit from Operations– Q4 & FY21 (Standalone)

Rs. In Lakhs

	Profit from Operations– Q4 & FY21 (Standalone) Rs. In Lakhs	Profit from Operations– Q4 & FY21 (Standalone) Rs. In Lakhs	Profit from Operations– Q4 & FY21 (Standalone) Rs. In Lakhs	Profit from Operations– Q4 & FY21 (Standalone) Rs. In Lakhs	Profit from Operations– Q4 & FY21 (Standalone) Rs. In Lakhs
		2020-21 (Jan - Mar)	2019-20 (Jan - Mar)	2020-21 (Apr - Mar)	2019-20 (Apr - Mar)
	Profit / (Loss) Before Tax	2,676.27	(12,247.75)	4,651.68	(21,672.17)
	Add : Amortisation of Intangibles	557.77	562.43	2,262.07	2,262.07
	Add : Provision for Impairment - Non Current Investments	-	12,702.64	-	19,072.36
	Profit / (Loss) from Operations before other Comprehensive Income	3,234.04	1,017.32	6,913.75	(337.74)
	Other Comprehensive Income / (Expense)	(223.19)	256.38	20.25	295.08
	Profit / (Loss) from Operations	3,010.85	1,273.70	6,934.00	(42.66)
		2020-21 (Jan - Mar)	2019-20 (Jan - Mar)	2020-21 (Apr - Mar)	2019-20 (Apr - Mar)
	Profit / (Loss) from Operations	3,010.85	1,273.70	6,934.00	(42.66)
	Depreciation	1,641.39	1,751.06	6,832.97	7,007.17
	Interest	866.80	1,073.41	4,052.86	3,108.45
	EBITDA	5,519.04	4,098.17	17,819.83	10,072.96
	Revenue from Operations	42,094.30	26,338.73	1,33,615.33	1,13,904.87
	EBITDA % on Revenue from Operations	13.11%	15.56%	13.34%	8.84%
	>X~pr,ca/			PR/COLLIMITED PassiontoExcel

Cash Profit & Free Cash Flow – Q4 & FY21 (Standalone)

Rs. In Lakhs

CASH PROFIT

Rs. In Lakhs	Rs. In Lakhs	Rs. In Lakhs	Rs. In Lakhs	Rs. In Lakhs
CASH PROFIT
	2020-21 (Jan - Mar)	2019-20 (Jan - Mar)	2020-21 (Apr - Mar)	2019-20 (Apr - Mar)
EBITDA	5,519.04	4,098.17	17,819.83	10,072.96
Less : Interest	866.80	1,073.41	4,052.86	3,108.45
Cash Profit	4,652.24	3,024.76	13,766.97	6,964.51
			2020-21 (Apr - Mar)	2019-20 (Apr - Mar)
			13,766.97	6,964.51
			2,967.04	5,372.77
			10,799.93	1,591.74

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Balance Sheet – FY21 (Standalone)

Rs. In Lakhs

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Particulars 31-3-2021 31-3-2020
Lakhs Lakhs
I. ASSETS
(1) Non-current Assets
(a) Property, Plant and Equipment 35,293.50 39,569.95
(b) Right of Use 3,675.97 3,307.93
(c) Capital Work-in-progress 1,975.66 2,025.41
(d) Investment Property 1,503.46 951.74
(e) Goodwill 8,940.60 9,934.00
(f) Other Intangible assets 11,681.86 14,036.10
(g) Intangible Assets under Development - 35.03
(h) Financial Assets
i) Investments 5,946.90 4,671.90
- -
ii) Loans
iii) Others 803.42 772.36
(i) Other Non-Current Assets 3,348.10 5,907.95
Total Non-current Assets 73,169.47 81,212.37
(2) Current Assets
(a) Inventories 23,909.12 17,066.02
(b) Financial Assets
i) Investments 80.15 470.94
ii) Trade Receivables 18,247.98 16,927.96
iii) Cash and Cash equivalents 1,650.28 233.11
iv) Bank Balances other than (iii) above 1,180.88 1,084.24
v) Loans - 175.00
vi) Others 101.21 99.87
(c) Other Current Assets 1,481.91 1,532.81
Total Current Assets 46,651.53 37,589.95
Non-Current Investments held for Sale - -
Non-Current Assets held for Sale - -
- -
46,651.53 37,589.95
TOTAL ASSETS 1,19,821.00 1,18,802.32
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Balance Sheet – FY21 (Standalone)

Rs. In Lakhs

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Particulars 31-3-2021 31-3-2020
Lakhs Lakhs
II. EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share Capital 1,218.81 947.97
(b) Other Equity 51,132.97 41,978.38
Total Equity 52,351.78 42,926.35
(2) Non-current Liabilities
(a) Financial Liabilities
i) Borrowings 18,551.43 20,410.09
ii) Others 3,400.17 2,791.70
(b) Provisions 990.35 1,023.17
(c) Deferred Tax Liabilities (Net) 5,735.66 5,189.85
(d) Other Non-current Liabilities - 12.02
Total Non-current Liabilities 28,677.61 29,426.83
(3) Current Liabilities
(a) Financial Liabilities
-
i) Borrowings 8,819.84
ii) Trade Payables
- Total Outstanding dues of Micro
Enterprises and Small Enterprises 545.87 87.68
- Total Outstanding dues of creditors other
than Micro Enterprises and Small Enterprises 26,656.22 26,083.14
iii) Others 9,826.67 10,124.91
(b) Other Current Liabilities 1,203.28 919.70
(c) Provisions 559.57 413.87
Total Current Liabilities 38,791.61 46,449.14
TOTAL EQUITY AND LIABILITIES 1,19,821.00 1,18,802.32
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Standalone Borrowings

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Rs. In Lakhs
As on As on Increase /
Particulars 31-03-2021 31-03-2020 (Decrease)
Long Term Borrowings 22,983.45 25,508.93 (2,525.48)
-
Short Term Borrowings 8,819.84 (8,819.84)
Total 22,983.45 34,328.77 (11,345.32)
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Total Income from Continued Operations – Q4 & FY21(Consolidated)

Rs. In Lakhs

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2020-21 2019-20
(Jan - Mar) (Jan - Mar)
Revenue from Operations 42,970.26 26,909.55
Other Operating Revenue 1,646.57 1,390.00
Other Income 109.12 1117.13
Total Revenue 44,725.95 29,416.68
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2020-21 (Apr - Mar)	2019-20 (Apr - Mar)
1,35,894.18	1,17,814.76
5,417.15	6,128.12
783.97	1486.46
1,42,095.30	1,25,429.34

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Profit from Continued Operations – Q4 & FY21(Consolidated)

Rs. In Lakhs

					Rs. In Lakhs
	2020-21	2019-20		2020-21	2019-20
	(Jan - Mar)	(Jan - Mar)		(Apr - Mar)	(Apr - Mar)
Profit /(Loss) Before Tax	2,323.73	397.53		4,739.79	(2,950.18)
Add : Amortisation of Intangibles	557.77	562.43		2,262.07	2,262.07
Profit from Operations before other Comprehensive Income	2,881.50	959.96		7,001.86	(688.11)
Other Comprehensive Income /(Expense)	(225.21)	283.97		18.23	322.67
Profit /(Loss) from Operations	2,656.29	1,243.93		7,020.09	(365.44)
EBITDA
	2020-21	2019-20		2020-21	2019-20
	(Jan - Mar)	(Jan - Mar)		(Apr - Mar)	(Apr - Mar)
Profit /(Loss) from Operations	2,656.29	1,243.93		7,020.09	(365.44)
Depreciation	1,719.33	1,821.54		7,156.96	7,331.56
Interest	929.48	1,123.55		4,305.71	3,381.71
EBITDA	5,305.10	4,189.02		18,482.76	10,347.83
Revenue from Operations	42,970.26	26,909.55		1,35,894.18	1,17,814.76
EBITDA % on Revenue from Operations	12.35%	15.57%		13.60%	8.78%

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Consolidated Borrowings

Rs. In Lakhs

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As on As on Increase /
Particulars 31-03-2021 31-03-2020 (Decrease)
Long Term Borrowings 24,485.85 23,830.36 655.49
Short Term Borrowings 309.70 13,310.91 (13,001.21)
Total 24,795.55 37,141.27 (12,345.72)
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BUSINESS INFORMATION

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Quarterly Sales JAN – MAR 2019-20 Vs 2020-21

Values & Numbers in Lakhs

		QUARTERLY SALES FROM JAN - MAR 2019-20 Vs 2020-21	QUARTERLY SALES FROM JAN - MAR 2019-20 Vs 2020-21	QUARTERLY SALES FROM JAN - MAR 2019-20 Vs 2020-21	QUARTERLY SALES FROM JAN - MAR 2019-20 Vs 2020-21	QUARTERLY SALES FROM JAN - MAR 2019-20 Vs 2020-21	QUARTERLY SALES FROM JAN - MAR 2019-20 Vs 2020-21
	Segment	Vehicle Production -Quantity			Pricol Sales - Value
		Jan to Mar 2019-20	Jan to Mar 2020-21	Growth	Jan to Mar 2019- 20	Jan to Mar 2020- 21	Growth
		A	B	%	C	D	%
	2/3 Wheelers	46.26	58.56	26.59%	16214	26485	63.34%
	4 Wheelers	7.90	9.71	22.96%	1359	1933	42.21%
	Commercial Vehicles	1.58	2.35	48.73%	1449	4396	203.40%
	Off Road Vehicles	1.17	1.63	39.32%	1573	2368	50.57%
	Tractors	1.45	2.38	64.80%	1187	1839	54.92%
	OEM	58.35	74.63	27.90%	21782	37020	69.96%
	After Market + Xenos				1240	1694	36.65%
	Asset Management Solutions				403	352	-12.62%
	SCMS- Domestic				252	302	19.87%
	Exports				2720	2775	2.02%
	Others				-57	-49	-15.24%
	Total				26339	42094	59.82%

Quarterly Sales JAN – MAR 2020-21 (Category-Wise)

Segment-Wise

Product-Wise

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5%
6%
12%
5%
72%
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2%
12%
3%
11%
65%
7%
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2 / 3 Wheelers 4 Wheelers Commercial Vehicles Off Road Vehicles Tractors

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Driver Information System Fuel Level Sensor Oil Pump Chain Tensioner Fuel Pump Module Purge Control Valve Assembly

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Yearly Sales APR – MAR 2019-20 Vs 2020-21

Values & Numbers in Lakhs

	SALES FROM APR TO MAR 2019-20 Vs 2020-21	SALES FROM APR TO MAR 2019-20 Vs 2020-21	SALES FROM APR TO MAR 2019-20 Vs 2020-21	SALES FROM APR TO MAR 2019-20 Vs 2020-21	SALES FROM APR TO MAR 2019-20 Vs 2020-21	SALES FROM APR TO MAR 2019-20 Vs 2020-21
Segment	Vehicle Production -Quantity			Pricol Sales - Value
	Apr to Mar 2019- 20	Apr to Mar 2020-21	Growth	Apr to Mar 2019- 20	Apr to Mar 2020- 21	Growth
	A	B	%	C	D	%
2/3 Wheelers	221.66	189.61	-14.46%	77090	88525	14.83%
4 Wheelers	34.25	30.62	-10.60%	4028	5544	37.64%
Commercial Vehicles	7.57	6.25	-17.44%	6229	10636	70.75%
Off RoadVehicles	4.20	4.88	16.19%	5165	6348	22.90%
Tractors	6.95	8.99	29.35%	5158	5897	14.33%
OEM	274.63	240.35	-12.48%	97670	116950	19.74%
After Market + Xenos				5326	5327	0.03%
AssetManagement Solutions				897	1168	30.22%
SCMS- Domestic				1430	1042	-27.12%
Exports				8418	9115	8.28%
Others				164	12	-92.69%
Total				113905	133615	17.30%
Vehicle Production : 2019 & 2020 - SIAM Data.
Vehicle Production : Tractor volumes - ACMA Data.

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Yearly Sales APR – MAR 2020-21 (Category-Wise)

Segment-Wise

Product-Wise

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5%
5%
9%
5%
26485
76%
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2 / 3 Wheelers 4 Wheelers Commercial Vehicles Off Road Vehicles Tractors

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2%
18%
3%
11%
60%
6%
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Driver Information System Fuel Level Sensor Oil Pump Chain Tensioner Fuel Pump Module Purge Control Valve Assembly

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Pricol Sales 2019-20 Vs 2020-21

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New Business Wins

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2W Electronic Digital Clusters

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HMCL

(Glamour)

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TVS
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(Star City Plus)

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Bajaj

(Husqvarna)

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Bajaj

(Adventure 250)

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HMCL

(Super Splendor)

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HMCL
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(Extreme)

2W: Connected, LCD & TFT and EV Clusters

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Suzuki

TVS

(Access 125 & Burgman)

(iQube – Electric Scooter – TFT Cluster)

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TVS
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TVS
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(Apache RR 310 – TFT Cluster)

(NTorq)

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PV and CV Clusters

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Ashok Leyland Limited

TATA Motors

(New Generation CVs)

(Tiago, Tigor, Nexon)

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Force Motors

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VE Commercial Vehicles

(Traveller)

(Pro Series)

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Pumps and Mechanical Products

Fuel pumps

TVS

(Jupiter, Pep+)

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HMCL

(Passion Pro, Glamour, Extreme)

Electronic purge valve

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HMCL

(All BSVI Motorcycles & Scooters)

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Export Launches

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MOROCCO
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EV – Instrument Cluster

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Export Launches

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UK
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Warning Cluster

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TFT Instrument Cluster

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TURKEY
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Instrument Cluster

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Export Launches

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USA
Marauder Oil Pump
MY19 oil pump
G4 Water Pump AST Oil Pump
USA
PD Oil pump Commando Oil PD water pump
pump
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Export Launches

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USA
LPSD Water Pumps
USA
LaMotta
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LaMotta Oil pump LaMotta Water pump

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Export Launches

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Italy

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Oil Pump

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Germany

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K67 Water/ Oil pump

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Export Launches

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Thailand

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Speed Sensor

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Germany

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Speed Sensor

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Domestic Launches

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2L Water Pump

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Conventional Gerotor Oil Pump 2L Engine

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Domestic Launches

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Variable Displacement – Vane type Oil Pump (1.2 L Turbo Engine)

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SECTOR REVIEW

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Automotive Industry

• ➢ With the advent of COVID-10 Pandemic, the world economy suffered a great deal and auto sector was not left untouched. Bearing the brunt of the strict worldwide lockdown the auto sector witnessed unprecedented slowdown which consequently led to salary cuts and ultimately layoffs.

• ➢ After a year today while many countries have opened up although either partially or with strict guidelines in order to prevent the spread of COVID-19; India is witnessing the second wave which has proved to be more dangerous than the first one wherein the no of deaths are very high as compared to the first one.

• ➢ OEMs have decided either to shut down their plants for a few days or have opted to extend their annual maintenance which ultimately results in production loss. Furthermore, on the sales front as well the picture looks grim as the dealerships are closed and no festive season sales; which normally is the case. So, although the actual reported numbers might show growth on a Y-o-Y basis this is mainly due to the favorable base effect.

• ➢ The vaccination drive may provide some cushion to the spread of COVID-19; however if the paucity of vaccine persists and the vaccination drives gets stretched this shall have repercussions on the auto industry.

• ➢ All the above factors leads to downward revision of estimates of the figures.

Source: ICRA May 2021 Report

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Automotive Industry

➢ Shortage of Semiconductors

Global resurgence of the automotive industry and consumer electronics has caused a shortage of crucial semiconductors that has impacted raw material availability and trend is expected to continue.

Commodity Price Trend in the Last Four Years

➢ Steel

Steel Prices are witnessing an up cycle and are at an all time high which has significantly increased the input cost for the auto sector. Furthermore the prices are not likely to soften in the near term

➢ Aluminum

The aluminum prices are also at a multi-year high adding to the raw material cost incurred. These levels are expected to sustain and are unlikely to come down in the near term

➢ Copper

Even the copper prices which are trading at current highs are expected to sustain for the next few months before softening; FY2022 to be at a multi-year high.

Source: ACMA April 2021 and ICRA May 2021 Report

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Automotive Industry

• ➢ On the bright side, with two consecutive years of double digit decline, the domestic automotive industry, had been reporting healthy sequential recovery trends over the second half of FY2021, post relaxation of the lockdown-related restrictions

• ➢ Strong sequential improvement in M&HCV sales to continue, driven by rise in e-commerce, agriculture, infrastructure, and mining activities. We expect the strongest recovery in the CV segment in FY2022 and FY2023, driven by improved economic activities, low interest rate regime, and better financing availability

• ➢ Post the relaxation of the restrictions we again expect the demand for 2 Wheelers, we which cater to a large extent, to witness a pent up demand as consumers will try to avoid public transport

• ➢ Auto and auto ancillary stocks have undergone a healthy retracement after a strong up move during CY20. Most of the stocks have held their key support despite a host of negative news flow owing to surging Covid-19 cases in India, thereby offering favorable risk reward.

Source: ICRA May 2021 Report

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Automobile Industry

• ➢ Commercial Vehicle segment to witness growth optically better due to favorable base effect after two years of sharp contraction

• ➢ As far as the Tractor Industry is concerned a normal monsoon, higher MSP, supported by enhancement government support and incentive schemes and a favorable crop outlook, shall be beneficial to the sales in this segment

• ➢ Sales estimates of Passenger Vehicles, Two wheelers, Tractors and Commercial Vehicles are expected to post an average of 15% over FY22

Source: ICRA May 2021 Report

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Two Wheelers

➢ Estimates

The estimates for the two wheeler segment have been revised upwards by 10-15%

Industry Market – Growth Estimates

➢ Growth Drivers

• Preference for personal mobility in order to avoid public transport

• Reinstatement of salary cuts and increments

• Buoyant export demand

➢ Challenges

• Spread of pandemic to semi-urban and rural areas

• High inventory levels at dealerships

• Liquidity Constraints at macro level

Source: ICRA May 2021 Report

• Rising raw material costs

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Passenger Vehicles

➢ Estimates

Passenger Vehicle Industry Market -Growth Estimates

• Estimates revised downwards from 22-25% to 17-20%

➢ Growth Driver

• Preference for personal mobility due to continued need for social distancing

• Steady agri cash flows to aid rural demand

• Adequate financing availability

➢ Challenges

• Temporary extended shut down of production at OEM level

• • Disruption of the entire value chain of major industries in India, consequently affecting production of auto spares

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Source: ICRA May 2021 Report
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• Reduced consumer demand owing to strict travel restrictions

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Commercial Vehicles

➢ Estimates

• Estimates for commercial vehicles are revised downward by 10-15%

➢ Growth Driver

• Favorable base effect after two years of sharp contraction

• Demand from infrastructure vertical for medium & heavy commercial vehicles (M&HCVs) remains strong

• Increased last-mile transportation demand to support LCV (Truck)

➢ Challenges

• Hampered ecommerce sales, financing challenges and spread of pandemic to rural & semi urban areas

• Wipeout of seasonal demand from school, Continued work from home culture and weak tourism prospects

CV Industry Market -Growth Estimates

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Source: ICRA May 2021 Report

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Tractors

➢ Estimates

The estimates for the Tractors segment have been revised downwards to 1-4% from 4-6%

➢ Growth Drivers

• Normal Monsoon

• Favourable crop outlook

• Higher MSP Prices

• Ample finance available

➢ Challenges

Tractor Industry Market -Growth Estimates

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• Spread of pandemic to semi-urban and rural areas

• High base impact-FY2021 ended with the highest ever industry sales

Source: ICRA May 2021 Report

• Unfavourable monsoon

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Disclaimer

The contents of this presentation are for informational purposes only and for the reader’s personal non-commercial use. The contents are intended but not guaranteed to be correct compete or absolutely accurate. This presentation also contains forward-looking statements based on the currently held beliefs and assumptions of the Management of the Company, which are expressed in good faith and in their opinion are reasonable.

Forward looking statements involve known and unknown risks, contingencies, uncertainties, market conditions and other factors which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. The Company disclaims any obligation or liability to any person for any cause. loss or damage caused by errors or omissions whether arising from negligence, accident or any other

of this are not to construe its contents or or communications from or Recipients presentation any prior subsequent with the Company or its representatives as investment advice. In addition this presentation does not purport to be all inclusive or to contain all the information that may be required to make a full analysis of the Company and of the relevance and adequacy of the information and should make such other investigations as they deem necessary.

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For Further Information contact:

T.G.Thamizhanban Company Secretary, Pricol Limited E-mail: investor@pricol.com

Gaurav Girdhar / Geetanjali Singh Investor Relations Tel: +022 40558900

M: +91 7798232425 /+91 8058062213 E-mail: gaurav.g@conceptpr.com /geetanjali.s@conceptpr.com

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