Rushil Decor Limited — Investor Presentation 2021

Aug 27, 2021

••• ••• ■■■

RUSHIL DECOR LIMITED

WE'LL MAKE IT

RDL/043/2021-22 Date: 27.08.2021

To, To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Sandra - Kurla Complex, Dalal Street, Sandra (E), Mumbai - 400051 Mumbai- 400001 NSE EQUITY SYMBOL: RUSHIL BSE SCRIPT CODE: 533470

ISIN: INE573K01017

Sub: Submission of Q1 F.Y. 2021-22 Presentation.

Dear Sir/ Madam,

We are enclosing herewith a copy of the 01 F.Y. 2021-22 Presentation regarding the financial performance of the company and other highlights for the period ended on 30[th ] June, 2021.

Please take the same in your records and do the needful.

Thanking you

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Yours Faithfully, For, Rushil o/;J,r Limited ., Hoel� �

Hasmukh K. Modi Company Secretary

Encl: as above

••

RUSHIL DECOR LTD. RUSHIL HOUSE. NEAR NEELKANTH GREEN BUNGALOW. OFF SINDHU BHAVAN ROAD, SHILAJ, AHMEDABAD-380058, GUJARAT, INDIA.

REGO. OFFICE: S. NO. 125, NEAR KALYANPURA PATIA, VILLAGE ITLA, GANDHINAGAR-MANSA ROAD, TA. KALOL, DIST. GANDHINAGAR-382845, GUJARAT, INDIA. I GIN: L25209GJ1993PLC019532

PH: +91-79-61400400 I FAX: +91-79-61400401 I EMAIL: INFO@RUSHIL.COM I WWW.RUSHIL.COM

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Investor Presentation August 2021

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Disclaimer
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This presentation has been prepared by Rushil Décor Limited (the “Company”) solely for information purposes and does 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 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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Table of Contents
01 Company Overview
02 Business Overview
03 Industry Overview
04 Financial Highlights
05 Way Ahead
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3

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Company Overview

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Leading Interior Infrastructure Player in India – ‘Re-engeering Possibilities’

One of the leading player in manufacturing Decorative Laminate Sheets and Medium Density Fibre Boards (MDF) in India

Focussed on 3

One of the

Largest player in Laminates segment

segments, MDF + LAMINATES + PVC Industry growth areas

4 Generations in Business of Design India’s 3rd largest Engineering manufacturer of MDF boards

Manufactures Decorative (single sided) as well as Industrial (double sided) Laminates with wide range of designs, colors and finishing in 3 manufacturing 28 years of experience in plants of Laminates located at Gujarat Industry with Laminate capacity of 34.92 lakh sheets p.a.

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“Vir Laminate” and “Vir MDF” well recognised and respected brands in Industry

Manufacturing thin and thick MDF Boards and Pre-Lam MDF Boards with thickness ranging from 2mm to 30mm at its plant in Chikmagalur, Karnataka with capacity of 300 CBM per day or 90,000 CBM p.a. & 2,40,000 CBM p.a. capacity at new plant in Andhra Pradesh covering thin and thick MDF Boards with thickness from 2mm to 30mm

~ 120

Vir Studdios across India

Global Footprint across 42 countries

More than 1000

designs in Laminated

Sheet

Employee Strength: 600+

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Milestones

▪ Amalgamation Of MRPL & ▪ Signed MOU with RHPL Manufacturing Units Andhra Pradesh Into Rushil Decor Private ▪ Started Government to Limited manufacturing of ▪ ▪ establish project Converted from private to Listing with BSE & pre-laminated of Thin & Thick public company NSE through MDF Board at ▪ ISO certification awarded Initial Public MDF Board Chikmangalur ▪ Incorporation Offering 1993 2007 2011 2014 2017 2003 2009 2013 2016 2021 ▪ Started Product ▪ Purchased New Land ▪ Commenced ▪ MDF plant attained ▪ Started Distribution In Site At Chikmagalur, commercial over 90% capacity regular 34 Countries Karnataka For distribution of utilization whereas production at Establishing New Project MDFs Laminate plants new plant in For MDFs continued to Andhra operate at near Pradesh in optimum capacity March 2021 utilization level

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28 years of Growth & Experience

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Strong & Experienced Management Team

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Shri Krupeshbhai G. Thakkar – Chairman

• Experience in industry of laminated sheets and allied items

• Conferred with several accolades which include “Rajiv Gandhi Shiromani Award” and “Indira Gandhi Sadbhavana Award” in 2007 for his achievement in his field of work and contribution to the Nation

• Promoter of Company and appointed as Chairman w.e.f. 13[th] August 2021

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Shri Keyur M. Gajjar – Chief Executive Officer

Shri Rushil Krupeshbhai Thakkar – Director

• Associated with Company since last 8 years

• Associated with Company since last 16 years

• Completed Bachelor of Commerce from Gujarat University

• Holds degree of Bachelor of Engineering and Masters In Business Administration

• Online certificate course in MBA Essential from “The London School of Economics and Political Science”

• Appointed as Director w.e.f. 13[th] August 2021

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Shri Vipul S. Vora – Chief Financial Officer

Shri Hasmukh K. Modi – Company Secretary

• Over 38 years of experience in field of finance & accounts

• Associated with Company since last 14 years

• Completed Bachelor of Commerce, hold degree of Company Secretary from ICSI in year 2003

• Associated with Company since last 15 years

• Commerce Graduate, hold degree as Chartered Accountant from ICAI, holds DISA Course from ICAI

• Completed ICWAI in 2011

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Key Strengths

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Customer Education and Smart Fashion +
Value-based green products
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01
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Design First, Quality First Brand Approach
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05
04
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▪ DIY (Do-it-Yourself) trend amongst millennials – trendy, suitable to lifestyle and easy on pocket

▪ With over 1000+ designs in laminated sheet , gives Company unmatched competitive superiority over its competitors

▪ Agro-Forestry – Govt. and cost benefits

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04
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Product Innovation & Value Engineering
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▪ In line with competition by providing latest eye-catching designs, texture and products to its customers

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Strong Branch and Dealer network
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03
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Marketing Distributors Dealers Exporting Offices Countries #180+ #2600+ #12 #42

• Marketing products across globe with major concentration in Asia and Middle

East

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Key Strength - Strategic Manufacturing Advantage

World-class infrastructure modelled on International Technical Plants

Manufacturing Unit

Higher Reduced cost Environmental productivity of overheads compliance

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Strategic Location

Raw material Manufacturing Labour cost sourcing costs Energy & time efficient processes Fasted Factory 2 Domestic Export market lead time supply opportunity

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World-class Quality Assurance

• ISO 9001:2000 certified

• 2-Star Export House recognition by DGFT, Government of India

• BIS certification and Eco-mark certification for MDF manufacturing

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• Green-label certification from Singapore Environmental Council for laminates manufacturing process

Ratings & Recognition

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Infomerics Credit Rating – BBB+

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Business Overview

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Product Portfolio

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Laminates

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MDF Boards

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PVC
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APPLICATIONS :

APPLICATIONS :

1mm Master Series | Compact | Ext-Lam | Digital Layer | Unicolor | Sync Series | H2 Series | Mar Resistance Grade | Post Forming | Primelam (0.8mm) | High Gloss | Door | Lab Grade | FR Grade Chalk/ Marker Grade | Sleek

AVAILABLE SIZE :

8ft X 4ft (2440mm X 1220mm) | 9ft X 4.25ft (2800mm X 1300mm) | 10ft X 4.25ft (3050mm X 1300mm)

Great alternative to solid wood, particle board and plywood

APPLICATIONS :

Commercial, residential projects along with other institutional projects

AVAILABLE SIZE :

8ft X 4ft (2440mm X 1220mm)

• All international sizes are available

AVAILABLE THICKNESS :

All thicknesses from 2mm to 30mm

Partitioning, Panelling, False Ceiling, Furniture, Modular Furniture, Kitchens, Exhibitions and Display Products, Pre-laminated Stationary Articles, Automotive, Construction, Consumer Goods, etc

FEATURES :

Smooth Surface, Gluing and Laminations, Easy Installation, Environment Friendly, Best for Sandwich Construction, Nailable and Screwable, Sawing and Cutting, Timeless Warranty, SplinterFree Impact-Resistant, Anti-Fungal, Weather and Ageing Resistant

AVAILABLE SIZE* :

8ft X 4ft (2440mm X 1220mm)

*Custom sizes available

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Product Portfolio - Laminates

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Products
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Our Brands
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Laminates Sales (in Crs)
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[182.93]
177.22 [181.33]
175.6
163.37
2017 2018 2019 2020 2021
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Manufacturing

Units

• 3 (all based in Gujarat, India)

Capacity

34.9 lakh sheets per annum

Utilization

78% (FY21)

One of India’s largest player in organized laminates segment

Design leaders and quality experts

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Advantage

Marketing

• Attractive • Safe • Durable • Eco-friendly • Pocket-friendly

Network 80+ Distributors 7 Consignment stockists 1 Depots 8 Branches 1,600 Dealers

Areas

Gulf & Rest of Asia Indonesia Middle East Pacific

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India Australia

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Product Portfolio – MDF Boards

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Products
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Our Brands
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MDF Sales (in Crs)

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172.52
167.07
156.74 156.46 155.92
2017 2018 2019 2020 2021
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Manufacturing

Units

• 1 (based in Karnataka, India)

• • New unit added in Andhra Pradesh • State of art CNC machines that make MDF with homogeneity and less wastage

Utilization

Capacity

1,100 CBM/day (after 82% (FY21) recent addition of 800 CBM/day (excluding new in March’21) capacity)

India’s third largest manufacturer of MDF

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Marketing

4 Ft. X 8 Ft. MDF Boards with thickness range from 2 mm to 30 mm, both in Interior & Exterior grades

Range

Network

100+ Distributors 2 Consignment stockists 1,000+ Dealers 6 Branches 50 + OEMs

(including 5 of Flooring)

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Areas: India
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Product Portfolio – PVC
Products PVC Sales (in Crs)
7.66
7.12
6.38
Our Brands
Wide range of PVC
Boards both in 0.41
0
Interior & Exterior
grades 2017 2018 2019 2020 2021
Manufacturing
Unit Capacity Utilization
Chikmagalur, Karnataka
12,480 14% (FY21)
Operations Commenced
2018 CBM per annum
Advantage
Marketing
• Green product - • 100% water-proof
100% eco-friendly • Pocket-friendly
• Durable
Network
Quality & Engineering experts
N ew offering I ntroduced through current marketing channels 2 Branches
Areas: India
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VIR Studdio – Creating Brand Awareness

Branding through VIR Studdio

Branding through Advertisements

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• Unique marketing platform across Country displays entire product range at one location

• Live practical end use demonstration in very practical and -

• effective manner helping customers to visualize various permutations and combinations of entire product range

• Signature showrooms/display centers –’Vir laminates’ as well as ‘Vir Boards’ range of products all under one roof

• As of July 2021, Company has 120+ showrooms

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Source link: https://www.youtube.com/watch?v=eF2xsGMcfy4

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||||||
|---|---|---|---|---|
|Our Product Proposition – Design led Value Engineering|
|Laminates|MDF Boards|PVC|
|Value Proposition|Design Leaders|Quality Experts|Value Engineering|
|Customer|
|▪|▪|Competitively priced products|▪|
|Competitively priced products for|Quality extruded products for|Vantage|
|Price-point|for domestic markets (South|
|domestic and export markets|domestic and export markets|
|India – logistics advantage)|
|▪|ISO 9001:2008; ISO 14001:2004;|
|▪|Affordable|
|BSOHSAS 18001:2007 quality|Eco-friendly|
|certification for management|▪|Certified by Bureau of Indian|▪|Versatility & ease of use|
|Product Excellence|systems of all laminate plants by|Standards (BIS)|▪|LEED certification led carbon|
|ISOQAR.|credits|
|▪|Certificate of compliance by UK|User-friendly|
|certification and inspection Ltd|
|▪|Used for both interior and exterior|▪|MDF boards are manufactured|
|▪|
|Durability|Durable (8-10 years)|
|applications and heavy-duty|using German technology and|
|industrial applications|machines|Best-in-class|
|▪|Current capability of MDF|Quality|
|▪|1000+ designs & 50+ textures &|boards thickness range - 7.5|
|finishes in HPL segment alone.|mm to 30 mm|
|▪|Constant innovation|▪|Commissioned new plant at|
|Cutting-edge range|▪|Strong product development and|Andhra Pradesh: Capability of|
|Aesthetic|
|Merchandising team|producing entire range of|
|thickness of MDF Board from 2|Appeal|
|mm to 30 mm|

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Our Manufacturing Facilities

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Laminates -

Gujarat

• Unit – RDL, 608, GIDC Mansa, Dist. Gandhi Nagar, Gujarat

• Unit – MRPL, Dholakuva Patia, Gandhinagar-Mansa Road, Mansa, Dist. Gandhinagar

• Unit – RHPL, Survey No. 125,

• Nr. Kalyanpura Patia, Gandhinagar-

• Mansa Road, village Itla, Tal. Kalol

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Manufacturing
Facilities
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Production – 34.92 lakh sheets per annum Utilization - 78%

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MDF and PVC - Karnataka

Unit – RDL, Plot No. 58, 59 & 60p, Amble Industrial Estate Village, Amble Tal. & Dis. Chikmagalur, Karnataka

Production & Capacity Utilization –

• MDF – 90,000 CBM per annum Utilization – 82%

• PVC – 12,460 CBM per annum Utilization – 14%

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New Manufacturing Plant - 2[nd] MDF Unit

• Greenfield project for manufacturing thin + thick MDF Boards at Vishakhapatnam, Andhra Pradesh having installed capacity of 800 CBM per day or 2,40,000 CBM per annum – 50% expected utilisation by FY22

• Location advantage: Unit setup in Agro belt, Southern India being one of prominent market for MDF - located close to Southern port making it easier to facilitate export of our products

• Attractive incentive package offered by Andhra Pradesh - incurred total CAPEX of approx. Rs. 450 crores

• Started regular commercial operations from March 2021

• This plant will help Company increase market share and take care of incremental demand generated in Industry

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MDF – product with wide applications ▪ Modular furniture ▪ Kitchens ▪ Cabinet & entry doors Residential ▪ Bathroom projects ▪ Bedroom ▪ Exteriors such as play areas, lobbies, etc ▪ Offices ▪ Factories MDF Commercial ▪ Warehouses projects ▪ Hotels ▪ Restaurants ▪ Educational institutions ▪ Medical institutions Institutional ▪ Public utility spaces (libraries, airports, projects waiting rooms) Technological superiority of MDF over Plywood

Easier pest control Fire resistance Rot resistance Moisture resistance Easy-clean Temperature resistance Low maintenance

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Our Distribution Model & Market Reach

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MARKETING & DISTRIBUTION MODEL
▪ 80+ Distributors
▪ 7 Consignment
1 2 3
Stockiest
▪ 1,600+ Dealers Factory Factory Factory
▪ Export Presence in
42 countries
Company
Distributor Larger
3 Laminate Units Depot Contractors /
at Gujarat Builders /
Manufacturers
Distributor Dealer
▪ 100+ Distributors
▪ 2 Consignment
Stockiest Dealer Customer
▪ 1,000+ Dealers
▪ 50+ OEMs
Customer
1 MDF Unit, New MDF Unit, Dealers
Chikmagalur, Vishakhapatnam, 2600+
Karnataka Andhra Pradesh Exporting
Marketing
Distribution
Countries
Offices
Strengths
1 PVC Unit, 12 42
Chikmagalur, Distributors
Karnataka
180+
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Our Exports shadowing global consumption

Furniture Market 2020-27*

Laminates – Geography-wise Sales

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Wood Material
Segment
Asia Pacific CAGR 5.5% In $ Bn
27% 2021-27
785
2020
Indonesia Europe Market
Kitchen 545.78 Market Size
13% 2% Value 2020
Cabinet
Latin $42 Bn Segment APAC - $270 bn
America NA - $75 bn
1%
Gulf & Business & Office Segment
North
Market share (2027): 40%
Middle East
America
53% 2020 2027
3%
Australia Geography-wise Revenue Break-up (in Crs)
1%
243.15
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243.15
221.28 227.84 223.92 222.44
Domestic
105.84
102.14 97.54 103.25 104.67
Export
2017 2018 2019 2020 2021
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• Our exports are focused in growing and fast-growing regions of furniture consumption markets

• Two star export house recognition by DGFT, Ministry of Commerce and Industry, Government of India

• Exports destinations – fastest growing markets of North America, Asia Pacific, Middle East

*** Source: Global Market Insights**

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Awards & Recognition

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Mr. Krupesh G. Thakkar, Chairman of Company has three decades of experience in trading and manufacture of plywood, laminates and allied products. He has been conferred with accolades which include “Rajiv Gandhi Shiromani Award” and "Indira Gandhi Shadbhavna Award" in year 2007, acknowledging his achievement in their field of work and contribution to Nation. He was President of Indian Laminate Manufacturers Association

Our Company has been awarded with ISO 9001:2000 for Quality Assured, ISO 18001:1999 for Health and Safety and ISO14001:2004 for Environmental System for all units

Our Company operates in competitive environment were generating and maintaining brand recognition is significant element of our business strategy

Unlimited Unnati Pvt. Ltd. provided its prestigious leadership award to Mr. Krupesh G. Thakkar, Managing Director, Rushil Décor Limited – for his vision, Commitment and belief in power of I CAN I WILL IDEOLOGY. Shri Shyam Taneja, Founder Director of Unlimited Unnati awarded Shri Krupesh G. Thakkar with this award for showcasing his Unmatched Leadership Qualities towards achieving Quantum Growth

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Industry Overview

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Furniture of the Future: Made with MDF

• Regional Demand for MDF in India Others,

• ▪ Made from wood, fibres and resin 10%

• ▪ Sourced through agroforestry ▪ West, Machine dried and pressed to 15%

• produce dense, stable sheets

• ▪ DIY (Do-it-yourself) trends gaining South, traction 45%

• ▪ More stable than solid wood ▪ Withstands changes in heat and humidity better

• ▪ Millennials want furniture compatible North, with their lifestyle 30%

• ▪ Easy on pocket Global Size of MDF market*

• In $ Bn

• Huge penetration opportunity India’s 102

• MDF consumption Plywood replacement

• 2.8 million CBM opportunity - MDF 61.3 Total Indian Plywood market: INR 180 billion

• The Plywood Substitution Opportunity - MDF 2019 2027

MDF v/s Plywood Consumption Plywood MDF 30% 65% 70% 35%

GLOBAL INDIA China’s MDF consumption 50 million CBM

The Plywood Substitution Opportunity - MDF

*** Source: grandviewresearch.com**

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Huge opportunity in MDF and PVC from surge in demand

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Laminates Industry Snapshot

• Industry size – INR 5,000 crore

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Percentage share of organized/
unorganized furniture industry
Organized,
30%
Unorganized,
70%
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• Consumption of Indian panel products has grown at CAGR of 15-20% for organised segment

• 40% organized sector

• ▪ 60% unorganized sector

▪ Increasing consumerism and urbanization are key growth drivers

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• Industry size – INR 3,000 crore

MDF Industry Snapshot

• ~33% of India’s requirement met through imports from China, Malaysia, Thailand and Sri Lanka

• CAGR of 20% presently

• Significant advantages over plywood spurring popularity

Consumer in furniture industry

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Contract,
15%
▪
PVC Industry Snapshot Industry size – INR 1,000
Office, crore
20% ▪ Globally preferred alternative to wood and wood ▪ CAGR of 10.7% between
Household,
products
65% 2016 and 2021
▪ LEED certification (green building) & enhanced
recycled content credit
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Indian

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The Agro-Forestry Edge

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Win-win for Farmers & RDL

What is agroforestry?

Land use system which integrate trees and shrubs on farmlands and rural landscapes to enhance productivity, profitability, diversity and ecosystem sustainability.

• Active participation in government-sponsored agroforestry projects

• Farmers in coffee growing regions of South India growing trees on their farmland. Singapore Green Label

• Fast growing trees such as eucalyptus, acacia, silver oaks

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• Require timely cutting to protect plantations

• RDL strategically sources Agro-forestry wood from farmers

Ecomark

• Farmers gain second source of income

Impact

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Improvement in productivity

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Farmer income and livelihood opportunities for rural smallholder farmers

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Conservation of natural resources and forest

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Environmental protection security

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Increasing forest / tree cover

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Financial Highlights

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Management Comment

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“In the quarter ended June 2021, we reported 85.43% YoY growth in revenue, with EBITDA growing 11.88% to Rs. 1.51 crore. This quarter’s performance is a good indication of our recovery in terms of revenue. This is mainly due to substantial increase in sales of laminates and MDF Boards. It also includes additional sales from new facility.

Commenting on the results, Shri Krupeshbhai G. Thakkar, Chairman, Rushil Décor Limited said:

The Company has started its new manufacturing unit for MDF Boards in Vishakhapatnam, Andhra Pradesh in March 2021. It has an installed capacity of 800 CBM per day or 2,40,000 CBM per annum and is expected to reach 50% capacity utilization by end of FY22. This new facility will help us increase market share in the fast-growing MDF industry and help us penetrate more and new markets and geographies. MDF is gaining momentum in the changing and ever evolving lifestyle of the youths who prefer buying strong, trendier products that are wallet friendly. The general ideology has shifted from buying products which are long term to buying stylish products and changing it with time and changing trends.

Our team has been the most important asset and the members have shown great responsibility and sense of belonging by keeping each other motivated in recent challenging times. I would like to take this opportunity to thank each member of the Rushil Decor family. I would also like to thank our Clients, Creditors, Banks, Financial Institutions, and all other Stakeholders. Their faith & support in us has made it easier for us to strive and excel.”

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Financial Highlights – Quarterly

Segmental Revenue (Rs. Crs)*

Sales Volume

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8,56,184
8,09,585 48.88 49.66 48.92 49.52
7,67,040 48.19
45.16
41.76 41.84
6,00,123
28.14
4,36,346
20.81
22,628
11,378226 344 19,780407 20,020554 19,971148 1.16 1.78 1.89 2.83 0.84
Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22
Laminates (Nos.) MDF(cbm) PVC (cbm) Laminates (Nos.) MDF(cbm) PVC (cbm)
Segmental Realizations (in Rs.)
EBITDA# (Rs. Crs) / Margin (%) PAT (Rs. Crs) / Margin (%)
56,757
51,327 14 13.72% 16% 8 7.17% 5.76% 8%
5.26%
12 11.01% 14% 6 6%
10.48% 12% 4 4%
10 6.82
5.33 5.19
10% 2 2%
8
24,741 8% 0 0%
13.05
18,237 6 9.70 10.88 6% -2 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 -2%
4 2.74% 1.65% 4% -4 -3.62 -7.58 -4%
622 679 2 1.35 1.51 2% -6 -6%
0 0% -8 -7.38% -8%
-10 -10%
Q1 FY21 Q1 FY22 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 -8.33%
Laminates/sheet MDF/cbm PVC/cbm
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*Revenue includes inter segment revenue #EBITDA excluding other income

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	Financial Highlights – Quarterly	Financial Highlights – Quarterly	Financial Highlights – Quarterly	Financial Highlights – Quarterly	Financial Highlights – Quarterly
	Rs. Crore	Q1 FY22*	Q1 FY21	Y-o-Y(%)	Q4 FY21*
	Total Income	90.99	49.07	85.43%	98.75
	Raw Materials	43.40	27.11		53.96
	Employee Cost	9.59	5.27		6.59
	Other Expenses	36.50	15.35		27.32
	Total Expenditure	89.49	47.72		87.87
	EBITDA	1.51	1.35	11.88%	10.88
	EBIDTA Margin(%)	1.65%	2.74%	(109 bps)	11.01%
	Other Income	0.18	0.39		2.94
	Depreciation	5.90	2.17		3.17
	Interest	5.88	3.26		3.40
	Exceptional Item(Gain) /Loss	0.00	0.00		0.00
	Profit Before Tax	(10.09)	(3.70)		7.25
	Tax	(2.50)	(0.07)		2.06
	Profit After Tax	(7.58)	(3.62)	(109.42%)	5.19
	Other Comprehensive Income	(0.06)	0.09		(0.51)
	Net Profit	(7.64)	(3.53)	(116.40%)	4.68
	Net Profit Margin %	(8.40%)	(7.20%)	(120 bps)	4.74%
	Basic EPS in Rs.	(3.81)	(2.43)	(56.79%)	3.07

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▪ Increase in Income by 85.43% Y-o-Y mainly due to substantial increase in sales of laminates and MDF Boards. It also includes additional sales from new facility

▪ Other expenses include total foreign exchange fluctuation loss of Rs. 4.35 crores (net) for the quarter ended 30th June, 2021 ▪ Recently commenced operations in AP plant leading to higher cost which will gradually taper down with increasing utilization

*Company came out with Rights Issue in Sept’20 to raise Rs. 24.89 cr by issuing 50 lakh shares

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Financial Highlights – Annual

Sales Volume

Segmental Revenue (Rs. Crs)*

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31,60,266 31,49,648
29,98,974
27,78,474 28,69,155
84,526 79,585 83,225 73,806
77,276 71 1,243 1,416
1,531
FY17 FY18 FY19 FY20 FY21
Laminates (Nos.) MDF(cbm) PVC (cbm)
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177.22 181.33 182.93 175.60
172.52 163.37 167.07
156.74 156.46 155.92
0 0.41 6.38 7.12 7.66
FY17 FY18 FY19 FY20 FY21
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Segmental Realizations (in Rs.)

EBITDA# (Rs. Crs) / Margin (%)

PAT (Rs. Crs) / Margin (%)

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50,280 50,061
20,074 21,126
588 612
FY20 FY21
Laminates/sheet MDF/cbm PVC/cbm
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35 9.02% 10%
60 20% 8.13%
15.72% 16.44% 30
6.87% 8%
50
11.00% 25
15%
40 10.66% 10.43% 20 6%
4.17% 4.09%
30 56.49 10% 15 30.98 4%
48.14 24.89 23.05
20 36.65 36.91 34.97 10
5% 14.34 13.72 2%
10 5
0 0% 0 0%
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
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*Revenue includes inter segment revenue

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	Financial Highlights – Annual	Financial Highlights – Annual	Financial Highlights – Annual	Financial Highlights – Annual	Financial Highlights – Annual	Financial Highlights – Annual
	Rs. Crore	FY17	FY18	FY19	FY20	FY21*
	Income from Operations	332.11	350.98	343.74	335.60	335.44
	Excise Duty	25.99	7.46	0.00	0.00	0.00
	Total Income	306.12	343.52	343.74	335.60	335.44
	Raw Materials	167.80	180.86	191.75	174.70	181.63
	Employee Cost	18.48	20.98	25.62	29.32	26.82
	Other Expenses	71.70	85.19	89.72	94.66	92.02
	Total Expenditure	257.98	287.03	307.09	298.68	300.47
	EBITDA	48.14	56.49	36.65	36.91	34.97
	EBIDTA Margin (%)	15.72%	16.44%	10.66%	11.00%	10.43%
	Other Income	2.92	2.71	8.49	3.54	4.32
	Depreciation	6.89	7.53	8.63	8.69	9.73
	Interest	10.37	8.70	13.59	12.04	12.42
	Exceptional Item (Gain) / Loss	0.00	0.00	0.00	0.00	1.52
	Profit Before Tax	33.80	42.96	22.92	19.72	18.66
	Tax	8.91	11.98	8.58	(3.33)	4.95
	Profit After Tax	24.89	30.98	14.34	23.05	13.72
	Other Comprehensive Income	(0.39)	(0.17)	(0.03)	0.33	(0.24)
	Total Comp. Income for theperiod	24.50	30.81	14.30	23.38	13.48
	Net Profit Margin%	8.00%	8.97%	4.16%	6.97%	4.02%
	Basic EPS in Rs.	17.28	21.30	9.61	13.64	8.11

*Company came out with Rights Issue in Sept’20 to raise Rs. 24.89 cr by issuing 50 lakh shares

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Balance Sheet as on 31[st] March 2021

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Rs. Crore	As on 31st March 2021	As on 31st March 2020		Rs. Crore	As on 31st March 2021	As on 31st March 2020
Equity	264.15*	228.40		Non-current Assets	615.92	592.68
EquityShare Capital	19.73	14.93		Property,Plant and Equipment	587.18	197.20
Other Equity	244.41	213.47		Capital WIP	1.04	338.47
				Other Intangible Assets	0.03	0.06
Non-Current Liabilities	343.49	381.07
				Financial Assets
LongTerm Borrowings	295.21	338.85
				Investments	0.01	0.01
Other Financial Liabilities	9.59	8.67
				Trade Receivables	2.37	2.31
Provisions	2.38	2.13
				Loans	0.08	0.10
Deferred Tax Liabilities(Net)	28.30	23.49
				Other Non- Current Assets	25.20	54.52
Other Non-Current Liabilities	8.01	7.94
				Current Assets	192.51	193.12
Current Liabilities	200.79	176.33
				Inventories	84.27	85.58
Short Term Borrowings	53.65	58.32
				Financial Assets
Trade Payables	102.56	95.79
				Trade Receivables	57.54	61.16
Other Financial Liabilities	30.95	10.09
				Cash & Cash Equivalent	1.56	0.66
Other Current Liabilities	2.84	3.21
				Bank Balance other than Cash	10.07	5.17
Provisions	10.79	5.15		Loans	0.00	0.00
Current Tax Liability (Net)	0.00	3.77		Other Current Assets	39.07	40.56
Total Equity & Liabilities	808.43	785.80		Total Assets	808.43	785.80

*Company came out with Rights Issue in Sept’20 to raise Rs. 24.89 cr by issuing 50 lakh shares

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Balance Sheet Ratios

Working Capital Days

Total Debt to Equity

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1.77
1.43
1.19
0.74
0.59
2017 2018 2019 2020 2021
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78 76 1.43
73
1.19
57
44 0.74
0.59
2017 2018 2019 2020 2021
2017 2018 2019 2020 2021
Return on Equity (%) Return on Capital Employed (%)
19.80% 20.23%
19.03%
18.15%
10.09%
8.10%
6.96%
5.19% 5.01% 4.84%
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
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RoCE = EBIT/(Shareholders fund + long term borrowing + short term borrowing-Non current investment); RoE = Net Profit/Net Worth; Total Debt to Equity = Total Debt/Net Worth Company came out with Rights Issue in Sept’20 to raise Rs. 24.89 cr by issuing 50 lakh shares

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Way Ahead

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Strategies for Growth – in line with Company’s Vision

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Brand Enhancement & Increasing Market Reach
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Diversifying Product Portfolio by Strengthening Infra Support
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• Focus on expanding distributor network - opening new marketing offices, appointment of new distributors

• Enrich product portfolio of MDF products by introducing Wood PVC (WPVC) boards and marble board panels as an extension of its MDF panel product

• Tapping smaller towns considered to be new emerging realty hubs for development of residential and commercial complexes, and we intend to position ourselves to capitalize on these emerging opportunities

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In-depth Market Penetration, New Product Infusion coupled with additional capacity to fuel next level of growth and
profitability for Rushil Decor Limited
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Impact Of Government Sponsored Mission

• Demand for plywood, MDF boards and laminates is likely to remain strong with Government’s focus on infrastructure and lowcost housing

• India – 3rd largest consumer market globally driving demand

LEED certified Green Buildings (picking up in India) can only use MDF + PVC and no plywood

Impetus to Make in India programme on global platform gives indigenous manufacturers an inherent advantage

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Growth Outlook - 4f Focus : Favourable Furniture Fundamentals

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Fundamentals of Growth

Future of Furniture

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• Product Penetration through multiple customer channels

• MDF & PVC led Value engineering

Demand Drivers for Furniture Industry – Global & Local

• Housing Deficit & Macro demand

• Quality performance

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• Design integrity & thinking

Tourism Demand

• Capacity Expansion

• Tourism world’s largest commercial industry

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• Demand for mid-market hotels increasing in India

4F Strategy

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02
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Commercial Space Demand

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04
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03
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• Demand for office spaces in top 8 cities of India alone equals 27 million square feet (MSF)

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Housing Demand

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• By 2030, World will need at least 300 million new housing units and largescale investments (World Bank 2016)

Financial & Geographic Stronghold

The Agro Forestry Edge

• Responsible sourcing of wood

• Strong financial performance

• Access to low-cost raw material

• Regional Leadership (South India)

• Second income for farmers

• Expanding in other markets (East India)

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• Average Revenue per User

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Thank You

For further information, please contact:

Mr Amit Sharma / Ms Disha Shah . Bridge Investor Relations Pvt. Ltd Tel: +91 9867726686 / +91 9699060134 Email: amit@bridge-ir.com, disha@bridge-ir.com Website : www.bridge-ir.com

Mr. Vipul Vora Chief Financial Officer Rushil Decor Ltd Email: vipul@rushil.com Website: www.rushil.com

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