Timex Group India Ltd — Investor Presentation 2024

Oct 24, 2024

Digitally signed by DHIRAJ KUMAR MAGGO DN: c=IN, o=PERSONAL, pseudonym=6901c8f2750549e88eda69809517bf0e, 2.5.4.20=264595c5fc6f12cef830e761398a444d451cc50bb6b b208a553072dccb0fd972, postalCode=110035, st=DELHI, serialNumber=21ec5f2b8c452b692ce15d146c9d4036572b3 70ced98d10f00fb86f8afb78f7d, cn=DHIRAJ KUMAR MAGGO Date: 2024.10.24 18:18:38 +05'30'

DHIRAJ KUMAR MAGGO

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Timex Group India Limited

Investor Presentation

October 24, 2024

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Disclaime ~~r~~

This presentation may contain certain forward looking statements concerning Timex’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements.

The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to implement strategy and manage growth, competition (both domestic and international), market demand for products, successful operation of our sales channels, price of our raw materials, economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, time and cost over runs, our ability to manage our operations, government policies and actions with respect to investments, fiscal deficits, regulations, etc., inflation, foreign exchange rates, interest and other fiscal costs generally prevailing in the economy.

Past performance may not be indicative of future performance. We do not undertake to publicly update our forward-looking statements to reflect subsequent events or circumstances. Timex will not be responsible in any way for any action taken based on such statements.

This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Timex or any of its group companies or any other invitation or inducement to engage in investment activities, neither shall this presentation nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. The numbers & the contents in this presentation are purely indicative and subject to change.

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Business ~~Update~~

Timex Group India Ltd reports the best-ever quarter in its history

• Brand Ambassador for Timex, Ananya Panday, continued to star in the Waste More Time campaign gathering significant media attention.

• Revenue growth momentum continued with 37% growth over the same quarter last year.

• The Company launched a slew of smartwatches within the Timex Smart and iConnect by Timex collections.

• Growth was led by the luxury segment, e-commerce and trade channel.

• In terms of brands, growth was led by Timex, Guess and Versace.

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Q2’FY25 Highlights

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Waste More Time – with Brand Ambassador Ananya Panday

Waste More Time campaign continues through the quarter with a brand new creative and story

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Timex x J ~~acquie Aiche Collab~~

Love & Time Know no limits

LA-based jewelry designer Jacquie Aiche has always had a free-spirited nature about her. Every creation is inspired by the endless beauty found in Mother Nature and is designed to be a talisman of energy, empowering both men and women.

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Timex x P ~~anAm Collab~~

A classic watch that embodies the spirit of American ingenuity The Timex x Pan Am® collection is a nostalgic collaboration that harkens back to one of aviation's most evocative periods.

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P ~~hilipp Plein Event~~

Philipp Plein brand activation with actor Babil Khan at Just Watches store (Mall of Asia Bangalore)

Collection showcase in the presence of key media & Lifestyle influencers; 60 guests including influencers, content creators, and representatives from key media including Deccan Herald, The Hans India, Udayawani, Vishwavani, SanjeSamachar, and more.

Influencers experienced the brand and exquisite watch collection along photo op with the actor

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Guess 40[th] Anniversary

Guess celebrates 4 decades of being the original fashion watch brand

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Versace New Launches

Versace dominated with luxurious new collections that captivated the imagination of consumers and partners alike

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Launch Timex Smart NexGen

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Financial Performance Q2’FY25

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TGIL Fin ~~ancial Performance Q2 & Half Year FY2024-25~~

Improvement in financial performance over last year

• Total Income at Rs. 17,417 lacs (grown by 37%) during the quarter as compared to Rs. 12,693 lacs last year. During the half-year revenue has grown by 21% over last year.

• EBITDA at Rs. 2,522 lacs during the quarter as compared to Rs. 1,667 lacs last year. EBITDA for half-year is at Rs. 2,998 lacs as compared to Rs. 2,436 lacs last year.

• Profit before tax for the quarter is at Rs. 2,385 lacs as compared to Rs. 1,470 lacs last year. Profit before tax during the half-year is at Rs. 2,710 lacs as compared to Rs. 2,037 lacs last year.

• Other expenses include advertising & sales promotion expenses of Rs. 1086 lacs during the quarter as compared to Rs. 984 lacs to last year same quarter.

• Other expenses also include Royalty of Rs. 702 lacs during the quarter on net sales of specific brands as per Intellectual Property License Agreement effective from April 1, 2024.

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TGIL Fina ~~ncial Performance – Quarter ended 30th Sep 2024~~

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Total Income - Quarter EBITDA
20000
3000 15.0%
17417
EBITDA EBITDA %
14.5%
2500 14.5%
15000
12693
2000 14.0%
10000 1500 13.5%
13.1%
1000 13.0%
5000
500 12.5%
1667 2522
0 12.0%
0
Q2 Q2
Q2 Q2
23-24 24-25
23-24 24-25
Rs. in lakhs
Rs. in lakhs
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TGIL Fina ~~ncial Performance – Half Year ended 30th Sep 2024~~

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Total Income – Half Year EBITDA
4000 11.0%
EBITDA
30000 28336
3500
EBITDA %
10.8%
25000 23359 3000
10.6%
2500
20000 10.6%
2000 10.4%
15000
10.4%
1500 2998
10000 2436
1000
10.2%
5000 500
0 0 10.0%
H1 H1 H1 H1
FY23-24 FY24-25 FY23-24 FY24-25
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TGIL Fina ~~ncial Performance – Total Income Trend~~

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Total Income
45000
42168
40000 38378
35000
30000
26554
25229
25000
20000
14211
15000
10000
5000
0
2019-20 2020-21 2021-22 2022-23 2023-24
Rs. in lakhs
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Company’s operations and financial results for FY21 and FY22 were adversely impacted by Covid-19 due to which results are not strictly comparable.

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TGIL Fina ~~ncial Performance – EBITDA Trend~~

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EBITDA
4500
3859
4000
3517
3500
3000
2500
2000
1500
869
1000
397
500
0
2019-20 2020-21 2021-22 2022-23 2023-24
-500 -238
Rs. in lakhs
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Company’s operations and financial results for FY21 and FY22 were adversely impacted by Covid-19 due to which results are not strictly comparable.

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TGIL Fina ~~ncial Performance – EBITDA % Trend~~

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EBITDA %
12.0%
10.1%
10.0%
8.3%
8.0%
6.0%
3.3%
4.0%
1.6%
2.0%
0.0%
2019-20 2020-21 2021-22 2022-23 2023-24
-2.0%
-1.7%
-4.0%
-6.0%
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Company’s operations and financial results for FY21 and FY22 were adversely impacted by Covid-19 due to which results are not strictly comparable.

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Financial ~~Performance – Profit Before Tax Trend~~

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Rs. in lakhs
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PBT
3500
2967
3000 2776
2500
2000
1500
1000
500 322
0
2019-20 2020-21 2021-22 2022-23 2023-24
-180
-500
-1000 -811
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Company’s operations and financial results for FY21 and FY22 were adversely impacted by Covid-19 due to which results are not strictly comparable.

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Sharehol ~~ding Pattern~~

Shareholding Pattern

	**30-Sep-21 **	**31-Dec-21 **	31-Mar-22	30-Jun-22	**30-Sep-22 **	**31-Dec-22 **	31-Mar-23	30-Jun-23	30-Sep-23	**31-Dec-23 **	31-Mar-24	30-Jun-24	30-Sep-24
Promoters	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%
Institutional Investors	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.38%	0.38%	0.38%	0.78%	0.92%	0.63%	0.23%
Public & other shareholding	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	24.69%	24.69%	24.69%	24.29%	24.15%	24.44%	24.84%
Total	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Total no. of shareholders	43,472	46,244	49,230	48,412	47,167	46,371	45,725	46,297	46,220	45,866	45,986	46,735	46713

Number of Shareholders

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50,000
49,230
49,000 48,412
48,000
47,167
47,000 46,735
46,297
46,000 46,244 46,371 45,725 46,220 46,713
45,866 45,986
45,000
44,000 43,472
43,000
30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24
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Market C ~~apitalization~~

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Market Capitalization Timex Share Price vs. BSE Small Cap
6-year CAGR: 18%
58000
175
170
1,60,000 1,54,100 56500
165
1,40,000
1,39,210
1,20,000 1,10,439 160
55000
1,00,000 155
80,000
150
53500
60,000 52,343 47,850
35,585 145
40,000
25,187
20,000 140 52000
Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 01-Jul-24 15-Jul-24 29-Jul-24 12-Aug-24 26-Aug-24 09-Sep-24 23-Sep-24
Timex BSE Small Cap
Market Capitalisation (Rs. in lakh)
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Note: The market capitalization is based on BSE closing prices at the end of the period

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About Timex Group

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An Introduction to the Most Consumer-focused Watch & Jewelry Maker in the World ESTABLISHED 1854

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We are America’s oldest watchmaker. In 1854, as the Waterbury Clock Company, we combined traditional European watchmaking with American industrial ingenuity to disrupt a 300 year-old industry and make quality attainable for millions.

For generations, we’ve brought consumer focus, innovative craftsmanship and thoughtful design to market. Today, we design, manufacture and distribute watches and jewelry for the world’s most iconic brands.

15+ Global Brands

2.7 Billion Accessories Sold

120 Distributors

3,000 Global Employees

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Waterbury Clock Tower

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Our Experience and Market Behavior Differentiate us From our Competitors in Partnering with Top Global Brands

Selective Brand Portfolio

Private ownership with long-term view serving high-quality and selective brand portfolio

Dedicated Teams

Dedicated brand marketing and product teams create unique design concepts and tell brand stories

Custom Distribution

Deliberate route-to-market on our network of affiliates and distributors aligned with brand positioning

End-to-End Control

Tight end-to-end control of distribution standards and inventories avoids over-distribution and excessive promotions

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Our Unique Capabilities Set us Apart in Crafting Beautiful Accessories and Bringing Them to the World

Best-in-Class Design Brand Management & Storytelling Powerful Distribution Network Superior Quality & Agile Supply Chain

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Courage is the Catalyst that Transforms an Ordinary Creation into an Extraordinary Masterpiece.

–Giorgio Galli, Chief Creative Director

For over 20 years, Giorgio Galli has been one of the most dynamic watch designers in the industry, his name synonymous with innovation, originality and imagination. His success comprises his passion for graphics and design, the ability to create strong, unique identities and a focus on pioneering technology.

Giorgio Galli might be Timex Pushes considered the Jony Ives Boundaries with of modern watch design. Giorgio Galli S2

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The Giorgio Galli Galli set his sights not collection takes the on what had been, but concept to another level. what was to come.

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Design Fuses Consumer Expectations with the Brand DNA

Immersed in brand DNA and connected to consumer expectations, the design team focuses on individuality and relevance to bring brands to life. Every piece tells a story, written to excite consumers and take them on a journey. The perfect accessory can lift you up and make you feel anything is possible. For consumers, each piece is cherished part of their identity and we strive to ensure it is more than the sum of its parts.

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Our Unique Capabilities Set us Apart in Crafting Beautiful Accessories and Bringing Them to the World

Best-in-Class Design Brand Management & Storytelling Powerful Distribution Network Superior Quality & Agile Supply Chain

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We Engage Consumers Worldwide with Compelling Marketing Stories

We believe every accessory is a tangible icon of a brand’s story. We fully integrate marketing across the globe and across channels to bring brands to life. Accessories give consumers the opportunity to make the brand part of their story, by amplifying yours.

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The Art and Science of Marketing Fuses Consumer Experience, Storytelling and Performance Marketing

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Newsroom & Social Media

POS Execution

Enrich content and product stories for superior editorial coverage & integrated marketing execution

Drive global brand consistency and visibility with flawless execution on and offline

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Digital & Performance Marketing

Amplify storytelling through digital performance marketing

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Our Unique Capabilities Set us Apart in Crafting Beautiful Accessories and Bringing Them to the World

Best-in-Class Design Brand Management & Storytelling Powerful Distribution Network Superior Quality & Agile Supply Chain

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Our Comprehensive Network of Brand Distribution Provides Global Reach and Localization

5 Regional Hubs

9 Global Affiliates

120+ Global Distributors

22,000+ Points of Sale

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We have Unparalleled Partnerships and Access to the Right Distribution in Each Market

• Our own affiliates provide portfolio leverage and control in critical markets

• We utilizes more than one distributor in many markets to ensure account access is matched to brand positioning

• Our Distributors have brand portfolios that match and elevate the positioning of our brands

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Our Unique Capabilities Set us Apart in Crafting Beautiful Accessories and Bringing Them to the World

Best-in-Class Design Brand Management & Storytelling Powerful Distribution Network Superior Quality & Agile Supply Chain

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We Have 170 Years of Experience and a Modern Global Supply Chain

Each product starts with an idea and raw materials. From movement R&D through the entire supply chain process, we have fully integrated capabilities to ensure control, innovation and legendary quality at every stage.

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Middlebury, USA
Timex Group HQ Besancon, France
Movement Production
India
Manufacturing Cebu, Philippines
Manufacturing
Pforzheim, Germany
Research and Development
Lugano, Switzerland
Watchmaking
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We’ve Built our Agile Supply Chain around Unique Brands and Changing Consumers

Rapid Design and Planning Increases Speed to Market without Sacrifice

We’ve Optimized Manufacturing Lead Times, and Minimum Quantiles

Reimagined Inventory and Lines Provide ‘Never Out of Stock’ Fast Replenishment

Our robust and integrated S&OP process allows for development timelines as quick as 2 weeks. Proprietary digital product development systems provide, rapid qualified designs, immediate BOMs, and sample-free selling

Agile manufacturing lines allow for immediate change-over and small quantities to react to trends and consumer demands. Made-to-order pieces and ad-hoc dial printing and plating allow for low quantity customization for regions, retailers and individual consumers.

Watch Studios enable full watch assembly by a sole craftsperson allow rapid style switching. A lean inventory pull system ensures fast replenishment of top styles and enables ‘Never out of Stock’ sales inventory management.

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Timex Group Atelier is at the Center of Swiss Production Excellence

In the heart watchmaking, Ticino, Switzerland, Timex Group Atelier creates our most precious timepieces. Forty watchmakers and support staff combine traditional Swiss craftsmanship with modern innovation to bring the unquestioned quality and allure of “Swiss-Made” to any brand in the group. Timex Group Atelier serves as a center of innovation within the group and an anchor of forward thinking in the region with ISO 14001 accreditation for Environmental Management and an in-house watchmaking school.

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About Timex Group India Limited

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About TG ~~IL~~

Timex Group India Limited (TGIL) is a group company of Tanager Group B.V. (formerly known as Timex Group B.V.)

Having entered India in 1988, Timex Group India today has one of the most powerful portfolios of brands in the watch industry. With technological innovation and cuttingedge design, we recognize the tremendous opportunity to leverage the reach and appeal of each brand’s individual identity, personality, and customer base.

Locations

Noida [Headquarters], New Delhi [Registered Office] Baddi, Himachal Pradesh [Factory]

Regional Sales Offices – Noida, Mumbai, Kolkata, Bangalore, Chennai

1988-1990 Joint venture between Timex Group and Jayna Times Industries Ltd.

1990-2000 Joint Venture with Titan Company. JV ended in 2000.

Since 1994 Public Limited Company listed on Bombay Stock Exchange.

Since 2000 Subsidiary of Timex Group Luxury Watches B.V.

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TGIL Boar ~~d of Directors~~

David Thomas Payne | Chairman

Experience: 24+ years

Qualification: B. Sc. (Computer Science) - University of Alabama & a Juris doctorate from Washington & Lee University

Deepak Chhabra| Managing Director

Experience: 28+ years

Qualification: Footwear technologist & Marketeer

Marco Zambianchi| Non-Executive Director

Experience: 30+ years Qualification: An Electrical Engineer and a Masters in Business Administration

Meeta Makhan | Independent Director

Experience: 25+ years

Qualification: BA in Economics from Delhi University, MBA from IIM Lucknow

Sanjeev Kumar | Independent Director

Experience: 36+ years

Qualification: BA in Political Science (Honours) from St. Xavier’s College, Ranchi, MBA in Personnel Management & Marketing from BIT, Mesra, Ranchi and a Diploma in Performance and Talent Management from Harvard Business School, Boston, USA

Dhanashree Bhat | Independent Director

Experience: 28+ years

Qualification: Master’s degree in Telecommunications & Software Architectures from BITS, Pilani, a Bachelor’s degree of Engineering in Electronics and Telecommunications from College of Engineering, Pune

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Brand Portfolio

One of the strongest portfolios in the watch industry across consumer segments

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Powerful ~~Distribution Network~~

A strong network of sales touchpoints that enable TGIL to reach consumers across the country

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Multi Brand Large Format Defence Canteen Retail Luxury Retail
5211 362 440 46 137
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Baddi Pla ~~nt: Superior Watchmaking & Supply Chain~~

A state of the art, SA8000: 2014 and ISO 45001:2018 certified, watch assembly unit

in Baddi, Himachal Pradesh, India

Assembly of watches from piece parts to complete watch. Currently handling over 150 types of movements and a wide array of cases / dials / attachment types.

Includes assembly of Analog Quartz, Mechanical, Digital, Ana-Digi, Intelligent Quartz, Activity trackers & Connected watches.

The unit produces around 3 million watches annually, with capacity to go up to 4 million.

Online and Offline Assembly capability to accommodate both high & low volume movements.

Timex is Government e-Marketplace (GeM) registered.

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TGIL After Sales Service

Pan India locations supported by a Customer Care Call Centre service

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