UNO Minda Limited — Investor Presentation 2021

Jun 14, 2021

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Minda Industries Ltd Investor Presentation – June 2021

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Safe Harbor

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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 ancillary 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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Index

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• Financial Information & Recent update

• Technology Trends & EVs Opportunity

• Corporate Social Responsibility & Sustainability

• • Annexures

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4/6

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Financial Information & Recent updates

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Key Highlights for the Quarter

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• Consolidated Revenue of Rs. 2,238 Crores, Y-O-Y growth 49%; Q-O-Q growth 10%

• Consolidated EBITDA of Rs. 302 Crores, Y-O-Y growth 115%; Q-O-Q growth 8%

• • Consolidated PBT of Rs. 190 Crores, Y-O-Y growth of 4.6 times; Q-O-Q growth 8%

• Consolidated PAT (MIL share) at Rs. 140 Crores, Y-O-Y growth of 9.7 times; Q- O-Q growth 22%

• Completion of merger of Harita Seatings Systems Ltd with Minda Industries Ltd

• Increasing stake in Harita Fehrer Limited to 100% by acquiring 49% stake from F.S Fehrer Automotive GmbH, Germany

• Recommended final dividend of Rs. 0.50 per share i.e. 25% of face value. Total dividend for FY21 stands at Rs. 0.85 per share including interim dividend

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Revenue (Rs. Cr)
49%
2,238
252
1,498
159
1,986
1,339
Q4 FY20 Q4 FY21
MIL HSSL
PAT^ (Rs. Cr)
971%
140
13
Q4 FY20 Q4 FY21
MIL Consol
Restated on account of Harita Merger | PBT= PBT less Other Income and Exceptional Items
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Consolidated Financial Highlights – Q4FY21

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Revenue (Rs. Cr) EBITDA (Rs. Cr)
49%
116%
2,238
302
252
1,498 107
159 140 15
1,986
1,339 89 179
22
28
Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21
MIL HSSL PBT Interest Depreciation
PAT^ (Rs. Cr) Margin (%)
971%
140
13.5%
9.3%
6.3%
13 0.9%
Q4FY20 Q4FY21
Q4 FY20 Q4 FY21
MIL Consol EBITDA PAT^
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| ^PAT MIL Share
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Consolidated Financial Highlights – FY21
Revenue (Rs. Cr) EBITDA (Rs. Cr)
2%
8%
6,374
725
6,222 672
650
375
757 340
94 74
5,723
5,465 238 276
FY20 FY21 FY20 FY21
MIL HSSL PBT Interest Depreciation
PAT^ (Rs. Cr) Margin (%)
33%
207
11.4%
10.8%
155
3.2%
2.5%
FY20 FY21 FY20 FY21
MIL Consol
EBITDA PAT^
Restated on account of Harita Merger | PBT= PBT less Other Income and Exceptional Items | ^PAT MIL Share
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Revenue Bridge
Quarter 4 Rs. Crs
2,238
239
93
144
6
205
53
1,339 159
Q4 FY20 Merger Switches Lightings Acoustics Castings Seating Others Q4 FY21
Restatement
Full Year
6,374
-208 160 -49 -17 -107 373
5,465 757
FY20 Merger Switches Lightings Acoustics Castings Seating Others FY21
Restatement
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Division-wise Revenue Mix 9/6
Q4FY20 Q4FY21
Switches
Others
Switches
Others
Seatings 20% 26%
35%
13%
11% Seatings
11%
Castings
Castings
14%
12%
Acoustics Lighting Acoustics Lighting
11% 19% 7% 22%
FY20 FY21
Switches
33%
Others Others
Seatings Switches
12% Seatings 18%
12% 28%
10%
Castings
Castings
12%
12%
Acoustics Lighting Acoustics Lighting
20%
11% 10% 22%
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10/6
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Business Review

• 2W Switch: Acquired new business from leading global OEM

Lighting

• 2W Lighting: Increasing volumes in EV 2 W

• 4W Switch: Anti Pinch Power Window Main & Sub switch, power socket),

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Switches

• 4W Lighting: Additional plant in

• Order for Korean OEM for supply to russia and Indonesia Market

Gujarat

Entry into Global European automaker

• Complete switches i.e.30 Nos for a new model for Japanese OEM

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Acoustics[][Clarton Horn received new ] orders from Japanese & Amercian OEM Casting

Seating

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• 2W alloy wheel 3 Line commissioned. 4th line to commission in Q2 FY22.

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Others

• Capacity expansion for 4W Alloy at Bawal is under progress

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• Sensor Business - Started Manufacturing and supply of Wheel speed Sensor for

Aftermarket

Korea

• Aftermarket achieved sales of Rs 235 Cr during Q4 FY21 i.e. 74% increase YoY

• MKL- Received new Business from Japanese OEM

Segments

• Addition of Alloys wheels & Seatings to product portfolio

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Revenue Breakups

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Q4FY21
FY21
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Geography-wise Breakup

Channel-wise Breakup

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OEM Replacement
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India International
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11%
17%
83%
89%
India International
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India International
OEM Replacement
16% 12%
84%
88%
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Segment -wise Breakup

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2Wheeler 4Wheeler
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49%
51%
2Wheeler 4Wheeler
47%
53%
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Aftermarket- Expanding B2C Business

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Revenue (Rs.Crs)
12% Share
741 in Consolidated 40,000+ 67,000+
Revenue FY 21 Retailers Garages
573 558
504
438 453 4,500+
SKUs (Specific Products)
in Switches, Horns, Lightings, Batteries, Filter,
Braking, Shocks & struts, chain &
sprocket, Lever & Yokes & Accessories
FY16 FY17 FY18 FY19 FY20 FY21
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6 Countries ` Exporting to SAARC, ASEAN, LATAM, MENA & Africa

Key Highlights

• 33% Growth of annual sales despite being impacted by Covid-19 in first half of the year

150+ Cities In India

• Strong brand recall with loyal customer base

• Leadership position in major products categories

• Addition of new products every quarter. Adding alloys wheels & seating to the product portfolio

1,200 Business Partners

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Kit Value* – 2 Wheelers

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Values in INR

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12,336
9,585
9,231
8,457 8,243
7,110 6,966 6,978
6,261
5,209 5,266
4,517
4,085
3,611
3,357
2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
Economy Executive Premium Scooter Moped
Up to 110 CC 110 -135 CC > 135 CC All scooters All Mopeds
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*Potential is calculated on basis that all products manufactured by the group is supplied in the vehicle.

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Kit Value* – 4 Wheeler PVs & Tractor

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1,40,788 Values in INR
1,20,788
80,509
48,078 48,303
43,078 43,303
37,805 37,433
34,095
29,095
25,924
6,873 7904
3,450
2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
Tractor
C
A B E & MUV
Up to Rs. 2.2 Lacs Rs. 2.21 - 4.5 Lacs Rs. 4.5 - 8.3 Lacs >Rs 16 lacs Off Road
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*Potential is calculated on basis that all products manufactured by the group is supplied in the vehicle.

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Technology Trends & EV Opportunity

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Macro Trends in Automotive 16/6
Health and Connected Environment Sharing
Safety Everywhere and Sustainability Economy
Autonomous Connected Car Electric Shared Mobility
ADAS Connected Car Electric Regulations Shared Mobility
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Advent of EVs: Our Hedged Product Portfolio

	Domains	Product Lines	BS VI	EV
		4W Switches & HVAC		
		ChargingSockets		
		Sensors		
		Actuators		
	Electronic & Control Systes	Controllers Seat Belts Shifters Infotainment Systems Cameras	    	    	 We have engine agnostic product portfolio with almost all products can be supplied to Electric
		Telematics & TCU RPAS & ADAS	 	 	Vehicles as well
		SteeringWheel with Airbags		
		BodySealing EA Pad	 	 	 **While the impact on the company is limited, **	EVs
	Safety & Comfort Systems	Air Ducts & Washer Bottle Spoiler	 	 	creates additional opportunities to grow
		Brake Hoses		
		Fuel Hoses		
		Seats		
		Alternate Fuel Systems		
	Lighting &	Horns		
	Accoustics	Lamps		
		Speakers		
		AlloyWheels		
	Light Metal & Power	Casting		
	Train	Air Filteration Systems		
	Battery	Canisters Batteries - Lead Acid	 	 Δ	To continue as it is / Positive Impact

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x Negative Impact

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Group EV Product Portfolio
Sensors for Electric Vehicles LED Lighting & Switches for Electric Vehicles
LED DRL
& Position
Lamp
LED Head
LED Sequential Turn
Light
Indicator Lamp
LED Front
LED Tail Lamp
Turn
Brake Pedal Sensor EV Battery Temperature with Stop
Indicator
for EV Regenerative Sensor Lamp
Braking
LED Front
Position
Lamp
LED Head LED Tail
Light Lamp with
LED Front Stop
Turn Lamp
LED
Indicator
Accelerator Rear
Position Sensor Vacuum sensor for Turn
for EV EV Brake System Indicator
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EV Products Under Development
Low Voltage EV Products (48V to 72V)
On-
Board
Charger
Smart Plug
Body Control Module
(BCM)
DC-DC Converter
Telematics
Battery
Management
System
Under Production
Motor Controller
Under Development
Under Study
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Potential EV Kit Value (2W)

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Values in INR

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Existing
Positive Product
Product Product Product
Impact on Under EV Kit Value
which can under Under
LED Lamps Developme Potential
be fitted in Production Study
& Sensors nt
EV
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Customer Strategy

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Core
OEM
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• Leverage long standing relationship

• • Already supplying existing products for their EV Models and Received orders from leading OEMs for Products under Development

• • Assessment, testing, feedback and approval for our product under development from core OEM

• Continuous engagement with almost all top tier new age OEM

• New Age • Supplied parts for prototypes in past

• OEM • Our products to be made available in aftermarket channel for procurement

• Aftermarket

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22/6
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Strategic Business Update

Harita Seating Systems Merger

• NCLT Orders copy filed with ROC on 1[st] April 2021. Merger is completed.

• Election Notice copy sent to shareholders of all five merging companies for choosing between Equity Shares and Redeemable Pref Shares

• Shareholders of four holding companies have opted for redeemable pref shares

• Harita Fehrer

• Acquiring remaining 49% from JV partner Fehrer for consideration of Rs 115 Crore

• Only one project executed as per TLA with JV partners which has been fully internalised in last few years

• Fully self reliant in technology.

Tokai Roki Minda

• Tokai Rika Minda India Private Limited (hereinafter called as "TRMN") is a Joint Venture company of UNO Minda Group and Tokai Rika Co. Ltd. Japan

• TRMN : Purchase of further 17% completed in March 21. MIL Stake increased to 30% from earlier 13%

Minda TG Rubber

• “Minda TG Rubber” will no longer continue as subsidiary of the company and instead will now be an associate company

• The revised shareholding stake in TGMIN and MTG is as follow : UNO Minda Group 49.9% and TG group - 50.1%.

• MTG will then merge with Toyoda Gosei Minda India Private Limited (TGMIN). Both companies board has also approved the merger

Minda I Connect

• Received approval from exchanges for merger with Minda Industries Ltd

• • Scheme filed with NCLT for their approval.

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Corporate Social Responsibility & Sustainability

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Corporate Social Responsibility

‘’We endeavor to make a society that optimally uses resources for a long term. I hope our employees around the world enrich this dialogue and share the best practices. Thereby contributing towards the creation of a more abundant future society.”

- Nirmal Kumar Minda, Chairman & MD, UNO Minda Group

CSR Initiatives

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Sustainability

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• Group has taken a lot of initiatives like given below which are expected to have environmental benefits and reduce operational costs

• Roof-top solar installation- Installed 8.4 MW rooftop solar cells across 20 plants- ~10% of power requirement of the Group

• Green belt plantation drive- ~40% green area for new plants

Environmental

• Water conservation projects- Reduced water consumption by 10% in 2021

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S.L Minda Memorial Hospital, The Suman Nirmal Minda School (TSNMS),
Bagla – Haryana Near Detroj, Gujrat
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• LED lights implementation, plastic waste reduction, etc.

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Social
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• Vision to enable and empower every member of the society particularly the disadvantaged to live with dignity and happiness

• Samarth - Jyoti was started in 2012 under the aegis of Suman Nirmal Minda Charitable Trust to engage and empower the underprivileged people in the rural areas through education, vocational training and skills enhancement programs.

• In May 2021, 23-bed Uno Minda Covid Care Center (UMCCC) was opened along with the medical service partner- MediBuddy to take care of the health of employees & their families

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Minda Kosei Bawal
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Mindarika Pune

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• Mission to continually enhance the stakeholders’ value through global competitiveness while contributing to society

• Corporate Governance framework ensures effective engagement with our stakeholders and which help us to evolve with changing time

• Corporate Corporate Governance focusses on appropriate size & mix of Board,

• Governance formation of various Board Committees, etc.

• Declared as the winner of "Golden Peacock Award for Excellence in Corporate Governance" for the year 2020 by Institute of Directors

Uno Minda Covid Care Center, Gurgaon

Uno Minda Covid Care Center, Gurgaon

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Annexures

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	Particulars(Rs. Crores)	Q4 FY21	Q4 FY20	YoY%	Q3 FY21	QoQ %	FY21	FY20	YoY%
	Revenue from Operations (Net of Excise)	2,238.3	1,497.8	49%	2,031.2	10%	6,373.7	6,222.0	2%
	Raw Material Employee Cost Other Expenses	1,404.4	904.5 235.2 218.2		1,239.6 272.4 240.3		3,919.3	3,810.3 943.8 796.1
		296.5					981.7
		235.8					747.8
	EBITDA EBITDA Margin	301.6	139.9 9.3%	116% 414 bps	278.9 13.7%	8% (26) bps	725.0	671.8 10.8%	8% 58 bps
		13.5%					11.4%
	Other Income Depreciation	8.9	14.0 89.5		16.6 100.4		47.0	40.5 340.1
		107.2					375.3
	EBIT EBIT Margin	203.3	64.4 4.3%	216% 478 bps	195.1 9.6%	4% (52) bps	396.7	372.2 6.0%	7% 24 bps
		9.1%					6.2%
	Finance Cost	15.1	22.0		20.0		73.7	94.2
	Profit before Share of Profit/Loss of JVs and Tax PBT Margin	188	42 2.8%	343% 558 bps	175.2 8.6%	7% (21) bps	323.1	278.0 4.5%	16% 60 bps
		8.4%					5.1%
	Exceptional Item	1.7	-8.9		-		1.7	-34.5
	Tax	47.6	14.7		47.4		100.5	68.6
	Profit before Share of Profit/Loss of JVs	142.4	18.9	653%	127.7	11%	224.3	175.0	28%
	Share of Profit/Loss ofJVs	21.5	-0.3		8.9		24.2	13.0
	Net profit/(loss) after share of profit/(loss) of associates / joint ventures (A) PAT Margin %	163.8	18.6 1.2%	779% 608 bps	136.6 6.7%	20% 60 bps	248.4	187.9 3.0%	32% 88 bps
		7.3%					3.9%
	PAT attributable to: - Owners of MIL - Non Controlling Interests Other Comprehensive Income		13.1 5.5 1.3	971%	115.4 21.2 3.4	22%		155.2 32.8 -2.1	33%
		140.3					206.6
		23.5					41.8
		8.5					14.8
	Total Comprehensive Income for MIL TCI Margin %	149.1	14.4 1.0%	936% 570 bps	118.5 5.8%	26% 83 bps	220.9	153.3 2.5%	44% 100 bps
		6.7%					3.5%
	Total Comprehensive Income for Non Controlling Interests	23.2	5.5		21.5		42.2	32.6

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Consolidated Balance Sheet

ASSETS (Rs. Crores)	As at 31-Mar-21	As at 31-Mar-20
	(Audited)	(Audited)
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-currentAssets		1,910.87 340.04 165.94 311.44 20.00 285.98 373.37 16.16 10.28 -
	2,050.65
	111.94
	174.93
	289.47
	22.36
	281.72
	528.61
	27.26
	3.70
	-
	26.17	48.07
	39.27	52.76
Total- Non current asset	3,556.08	3,534.91
2. Current Assets Inventories Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balance other than those included in cash and cash equivalents (v) Loans (vi) Others Current Financial Assets Other current assets		609.52 24.95 863.24 263.67 77.24 6.27 39.88 153.68
	750.56
	1.56
	1,198.82
	205.61
	32.57
	2.94
	27.28
	202.01
Total- Current asset	2,421.36	2,038.46
3. Assets held for sale	0.00	7.49
TOTAL ASSETS	5,977.44	5,580.85

EQUITY AND LIABILITIES (Rs. Crores)	As at 31-Mar-21	As at 31-Mar-20
	(Audited)	(Audited)
Equity Equity share capital Other Equity		52.44 1,808.64
	54.39
	2,202.18
Equity attributable to owners of the Company	2,256.58	1,861.08
Non-ControllingInterest	306.45	282.84
Total Equity	2,563.03	2,143.92
LIABILITIES 1. Non-current liabilities Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade Payables (iii) Other financial liabilities		780.32 98.06 0.50 75.13 124.77 41.02
	539.12
	90.55
	-
	89.57
Provisions	135.07
Deferred tax liabilitynet	29.93
Total- Non current liabilities	884.24	1,119.79
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		237.95 18.76 100.32 1,018.18 783.25 121.17 33.18
	313.78
	20.16
	181.68
	1,108.11
	757.37
	110.03
	39.04
Total- Current liabilities	2,530.19	2,312.80
Liabilities related to assets held for sale	0.00	4.34
TOTAL Equity and Liabilities	5,977.46	5,580.85

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Particulars (Rs. Crores)	Full Year Ended 31-Mar-21	Full Year Ended 31-Mar-20
PBT	324.80	243.59
Adjustments	455.67	454.87
Operating profit before working capital changes	780.48	698.46
Changes in working capital	(350.79)	446.40
Cash generated from operations	429.69	1,144.86
Direct taxes paid (net of refund)	(87.00)	(116.82)
Net Cash from Operating Activities	342.69	1,028.04
Net Cash from Investing Activities	(360.95)	(835.22)
Net Cash from Financing Activities	(40.25)	(75.37)
Net Change in cash and cash equivalents	(58.51)	117.44
Foreign currency translation adjustment	0.44	2.78
Cash and cash equivalents pursuant to acquisition	-	22.58
Cash and cash equivalents as at beginning	263.68	120.88
Cash and cash equivalents as at closing	205.61	263.69

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Contact Us

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For further information, please contact:

Investor Relations Advisors : Strategic Growth Advisors Pvt. Ltd. CIN : U74140MH2010PTC204285 Mr. Jigar Kavaiya +91 99206 02034 jigar.kavaiya@sgapl.net www.sgapl.net

Company :

Minda Industries Ltd. CIN : L74899DL1992PLC050333 Mr. Ankur Modi Head Treasury and Investor Relation amodi@mindagroup.com www.unominda.com

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