UNO Minda Limited — Interim / Quarterly Report 2020

Nov 14, 2019

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Minda Industries Ltd Quarterly Results Update (Q2 FY`20) November 2019

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Safe Harbor

This presentation and the accompanying slides (the “ Presentation”), has been prepared by Minda Industries Limited (the “ Company”), 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 whatsoever. 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 auto ancilliary 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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Quarterly Update Presentation

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Performance Highlights for the Quarter

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Favourable Factors

• Improved profit contribution from Associates and JV

Cost Management and Austerity measures kept overheads in check.

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Un-Favourable Factors

• Volumes impacted due to depressed demand.

Lower capacity utilization

• New Products have started contributing to the top line

• Benefit from corporate Tax reduction

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Business Review

Secured additional Business from MSIL new Model Switches 01 HBA business is restructured with one 2W OEM Got additional business in Renault and MSIL (S-Presso) Lighting 02 Sales in line with OE, Maintained EBIDTA Y-o-Y Domestic business maintained despite volume cuts by OEM Acoustics 03 Clarton Horn volume is lower on account of tepid European market Better operational efficiency & New orders from MSIL and M&M Light Metal Technology 04 Highest rating ( Purple) accorded to MKA from M&M for QCDD performance RPAS (TTE DAPS) has Turned around Others 05 iSYS , Katolec and KPIT have contributed to top line growth.

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Consolidated Financial Highlights

Revenue (Rs. Cr)

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-11%
1,522
1,360 Adjusted growth
(9.7)%
(27) Cr HBA
restructuring
Q2 FY19 Q2 FY20
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PAT* (Rs. Cr)

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-32%
73
49
Q2 FY19 Q2 FY20
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EBITDA (Rs. Cr)

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-16%
189
162
56
15 74
24
118
64
Q2 FY19 Q2 FY20
PBT Interest Depreciation
12.44%
11.89%
4.78%
3.64%
Q2 FY19 Q2 FY20
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Margin (%)

EBITDA PAT

• PAT = PAT ( MIL Share )

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Revenue Bridge – Q2 FY20

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1,523 48 (21)
(18) (53)
(121)
1.360
Q2 FY19 Lighting Others Acoustics Light Metal Switches Q2 FY20
Technology
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Quarter 2
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(28)
95
(86)
2,955
24
(162)
2,799
H1 FY19 Lighting Others Acoustics Light Metal Switches H1 FY20
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H1
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Light Metal Switches H1 FY20 Technology

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Business wise Revenue Mix

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Revenue – Q2FY19
Revenue – Q2FY20
Others
Others
10%
14%
Switches
Switches
39%
36%
LMT
17%
LMT
15%
Acoustics
Acoustics
12%
12%
Lighting
Lighting
23%
22%
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Business wise EBITDA Mix

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EBITDA – Q2 FY19

EBITDA - Q2 FY20

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Others Others
11% 10%
Switches
Switches
35%
38%
LMT
26% LMT
32%
Acoustics
Lighting Lighting
7%
Acoustics
18% 17%
7%
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Revenue Mix – Q2 FY20

Geography-wise Breakup

India International

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17%
83%
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Channel-wise Breakup

OEM Replacement

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10%
90%
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Segment -wise Breakup

2Wheeler 4Wheeler

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54%
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Diversification across Categories and Geographies

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Mergers & Acquisitions: Status Update

Harita Seating Sytems Merger

Shareholder and creditor meeting is being convened by NCLT Delhi on November 19, 2019

Shareholder and creditor meeting is being convened by NCLT Delhi in the second week of Merger of 4 WOS December 2019 and on 16th December by NCLT Mumbai

DELVIS Acquisition Expected to be completed by December 2019

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Shareholding Pattern

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Corp Bodies / Corp Bodies /
Others Others
Retail Retail
5.2% 5.1%
8.5% 7.3%
Insitutions
16.8%
Institutions
15.5%
Mar ‘19 Sep ‘19
Promoters
Promoters
70.8%
70.8%
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Consolidated Profit & Loss Statement

Particulars(Rs. Cr)	Q2 FY20	Q2 FY19	YoY %	Q1 FY20	QoQ %	FY19
Revenue from Operations(Net of Excise)	1,359.58	1,521.72	-11%	1,439.75	-6%	5,908.09
Raw Material Employee Cost Other Expenses	814.71	937.62 195.28 199.48		872.16		3,622.48
	208.39			215.13		791.29
	174.86			180.26		769.14
EBITDA EBITDA Margin	161.62	189.34 12.44%	-15% (56)bps	172.2	-6% (61)bps	725.18
	11.89%			11.96%		12.27%
Other Income Depreciation	5.07	4.76 56.09		6.92		27.03
	73.95			71.2		234.38
EBIT EBIT Margin	92.74	138.01 9.07%	-33% (225)bps	107.92	-14% (67)bps	517.83
	6.82%			7.50%		8.76%
Finance Cost	23.84	15.05		23.81		63.15
Profit before Share of Profit/Loss of JVs and Tax PBT Margin	68.9	122.96 8.08%	-44% (301)bps	84.11	-18% (77)bps	454.68
	5.07%			5.84%		7.70%
Exceptional Item
Tax	17.16	38.73		27.68		134.07
Profit before Share of Profit/Loss of JVs	51.74	84.23	-39%	56.43	-8%	320.61
Share of Profit/Loss of JVs	6.35	4.55		5.9		18.87
Net profit/(loss) after share of profit/(loss) of associates / joint ventures (A) PAT Margin %	58.09	88.78 5.83%	-35% (156)bps	62.33	-7% (6)bps	339.48
	4.27%			4.33%		5.75%
PAT attributable to: - Owners of MIL - Non Controlling Interests Other Comprehensive Income		72.72 16.06 4.5244	-32%		-8%
	49.44			53.48		285.62
	8.65			8.85		53.86
	-2.66			-0.47		-0.68
Total Comprehensive Income for MIL TCI Margin %	47.07	77.09 5.07%	-39% (160)bps	52.97	-11% (22)Bps	284.91
	3.46%			3.68%		4.82%
Total Comprehensive Income for Non ControllingInterests	8.36	16.21		8.89		53.89

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Consolidated Balance Sheet

ASSETS	As at 30-Sep-2019	As at 31-Mar-2019
1. Non-current assets Property, Plant and Equipment Capital work-in-progress Right-of-use assets Intangible Assets Intangible Assets Under Development Goodwill on Consolidation Financial Assets (i) Investments (ii) Loans (iii) Others Deferred tax assets (net) Other Tax Assets Other Non-current Assets
	1,583.89	1,629.40
	184.2	131.52
	122.54	0.00
	79.34	66.84
	25.32	18.61
	164.92	164.92
	367.5	355.58
	20.54	21.21
	8.66	9.66
	7.42	0.00
	22.74	33.05
	120	67.10
Sub-total - Non-Current Assets	2,707.07	2,497.89
2. Current Assets Inventories Financial Assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balance other than those included in cash and cash equivalents (iv) Loans (v) Others Current Financial Assets Other current assets
	536.63	560.97
	776.81	899.22
	114.97	92.77
	35.16	17.29
	1.82	2.01
	30.92	22.00
	130.92	138.48
Sub-total - Current Assets	1,627.23	1,732.74
TOTAL - ASSETS	4,334.30	4,230.63

LIABILITIES	As at 30-Sep-2019	As at 31-Mar-2019
EQUITY AND LIABILITIES Equity
Equity share capital	52.44	52.44
Other Equity	1727.57	1,651.72
Equity attributable to owners of the Company	1780.01	1704.16
Non-ControllingInterest	268.61	266.71
Total Equity	2048.62	1,970.87
LIABILITIES 1. Non-current liabilities Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities Provisions Deferred tax liabilitynet
	625.95	606.34
	101.21	0.00
	79.98	75.58
	116.71	99.64
	-	0.62
Total- Non current liabilities	923.85	782.18
2. Current Liabilities Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) Total outstanding dues of micro & small enterprises (b) Total outstanding dues of creditors other than micro & small enterprises (iv) Other financial liabilities Other current liabilities Provisions
	275.84	349.15
	12.21	0.00
	54.88	64.61
	680.85	733.21
	226.69	231.15
	87.53	77.90
	23.83	21.56
Total- Current liabilities	1361.83	1,477.59
TOTAL Equity and Liabilities	4,334.30	4,230.63

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Consolidated Cash Flow Statement

Particulars (Rs in Cr)	30-Sep-2019	30-Sep-2018
PBT	153.01	237.07
Adjustments
Operating profit before working capital changes	349.28	372.94
Changes in working capital	91.01	-200.56
Cash generated from operations	440.29	172.38
Direct taxes paid (net of refund)	-42.64	-61.32
Net Cash from Operating Activities	397.65	111.06
Net Cash from Investing Activities	-294.23	-420.63
Net Cash from Financing Activities	-81.84	273.81
Net Change in cash and cash equivalents	21.58	-35.76

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Contact Us

For further information, please contact:

Company : Investor Relations Advisors : Minda Industries Ltd. Strategic Growth Advisors Pvt. Ltd. CIN : L74899DL1992PLC050333 CIN : U74140MH2010PTC204285 Mr. Tripurari Kumar Mr. Jigar Kavaiya GM Finance +91 99206 02034 tripurarik@mindagroup.com jigar.kavaiya@sgapl.net www.unominda.com www.sgapl.net