iifl enterprising india investors‟ conference...
TRANSCRIPT
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IIFL Enterprising India Investors‟ Conference
Mumbai
February 25, 2013
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Disclaimer
This presentation may contain statements which reflect Management’s
current views and estimates and could be construed as forward looking
statements. The future involves certain risks and uncertainties that
could cause actual results to differ materially from the current views
being expressed. Potential risks and uncertainties include such factors
as general economic conditions, foreign exchange fluctuations,
competitive product and pricing pressures and regulatory
developments.
Responses can only be given to questions which are not price
sensitive.
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The Asian Paints Group Today…
India‟s largest paint company for over four decades
Group gross revenue of over ` 10,000 crores (USD 2 Bn) in FY 2012
Operates in 17 countries with 23 paint manufacturing facilities
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Business Operations – Consolidated
Paints India
Decorative Coatings – India
Industrial Coatings – India
APPG (PPG AP)
AP PPG
Chemicals India
International Operations
•50% of APPG considered since it is a 50:50 JV with PPG Inc.
• Business of APICL/ APCO now part of AP PPG
81%
4%
3%
12%
APL APPG APICL/APCO International
Sales Composition – March 2012
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Decorative Coatings - India
Strong presence throughout the country across all product segments
Introduced many innovative concept in the Indian paint industry like Small packs
Exterior segment
Home Solutions (painting solution service)
Colour Next (prediction of Colour Trends through in-depth research)
Special Effects / Textured paints
Signature Store
Colour Ideas
Samplers
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Industrial Coatings - India
Asian Paints participates in the Industrial Coatings segment, through two
50:50 JVs with PPG Inc. of US
PPG AP (For Auto Coatings)
The Auto segment is catered through our JV (PPG AP)
Second largest supplier to the auto segment in India
Now, the largest player in auto refinish segment, post acquisition of ICI India‟s 2k
auto refinish business in 2007
Commissioned a 3,200 KL / year plant in Chennai, Tamil Nadu in 2008
AP PPG (For Non Auto Industrial)
Protective coatings, floor coatings, road marking paints and powder coatings
segment catered to by thisJV
Services customers in the sectors of Infrastructure, Oil & Gas, Power Plants,
White Goods, etc.
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Chemicals
Asian Paints also manufactures Phthalic Anhydride (PAN) and
Pentaerythritol
PAN is manufactured in Gujarat and Penta in Tamil Nadu
More than 50% consumed internally
Chemicals business contributes about 1% to the group’s consolidated
revenue
Its contribution to the group‟s revenue has been continuously decreasing
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The New Brand Identity
Signifies our intent to establish a deeper connect with our
customers
Ensure that the Asian Paints brand is able to stir the consumer‟s
imagination, ignite their creativity as well as expand their vision to
a new vista of possibility
The new logo conveys these elements with the flowing ribbon
formation that creates the „AP‟ design highlighting the easy flow,
smoothness, dynamism and possibility that our solution and
offerings will provide.
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Corporate Brand Positioning
“To be the fore runner of inspiring décor and to actively
empower customers to create their dream homes”
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International Operations
Contributes about 12% to the group
turnover
Began by establishing presence in Fiji in
1978
Presence in 16 countries spread over 4
regions
Middle East
Caribbean
South Pacific Islands
Asia* Asia includes Sri Lanka, Nepal, Bangladesh and Singapore operations
14.2%
48.8%
28.9%
8.2%
Caribbean
Middle East
Asia
South Pacific
% sales contribution of each region – FY 2012
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Caribbean
South East Asia
Singapore
UAE, Bahrain & Oman
Middle East
Jamaica, Barbados, Trinidad & Tobago
South Asia
Sri Lanka,Nepal & Bangladesh
South Pacific
Fiji, Tonga, Vanuatu, Samoa & Solomon Islands
Egypt
International Operations - Brands
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Presentation structure
Performance: Q3 & 9M FY 2012-13
Review of Business Units
Macro Environment - Outlook and Risks
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Sales Performance Q3 FY 2012-13
Standalone
Net Sales and Operating Income at ` 2536.96 crores; grew by 20.0%
Consolidated
Income from operations at ` 3052.9 crores; grew by 18.9%
28.9%
25.5%
20.3%
28.9%
25.7%
6.7%
16.2%
20.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Q1-FY12 Q2-FY12 Q3-FY12 Q4-FY12 FY2012 Q1-FY13 Q2-FY13 Q3-FY13
Standalone Net Sales & Operating Income
Gr
rate
over
the s
am
e p
eri
od
of
LY
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Profit performance Q3 FY 2012-13
Standalone:
PAT at ` 312 crores; grew by 24.6%
EBIT at ` 455.3 crores; grew by 25.3%
Consolidated:
PAT after Minority Interest at ` 335.2 crores; grew by 30.5 %
EBIT at ` 504.7 crores; grew by 29.2%
18.9%
16.6%
18.5%16.8%
18.3%
21.0%
16.0%
18.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Q1-FY12 Q2-FY12 Q3-FY12 Q4-FY12 FY2012 Q1-FY13 Q2-FY13 Q3-FY13
Standalone Paint Segment EBIT Margins
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Sales & Profit Performance 9M FY 2012-13
Standalone:
Income from operations Up by 14.4% to Rs 6739.19 crores
PBDIT up by 17.6 % to Rs 1193.25 crores
Net profit up by 13.5% to Rs. 810.44 crores
Consolidated:
Income from operations up by 16.2% to Rs 8237.3 crores
PBDIT up by 18.4% to Rs 1338.6 crores
PAT after Minority Interest up by 18.3% to Rs 862.8 crores
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Presentation structure
Performance : Q3 & 9M FY 2012-13
Review of Business Units
Macro Environment - Outlook and Risks
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Review of Business Units
Decorative Business - India
Industrial Operations - India
International Operations
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Decoratives Business - India
Demand Conditions
Good demand for decorative coatings across the country during festive season
Cumulative price increase for 9M FY13 is 5.3%
No Price revision effected in Q3 FY13
Announced 0.2% price cut on select product categories w.e.f Jan 2013
Input Cost
Witnessed Softening in prices of Titanium Dioxide and some other chemicals
Material price Index for 9M FY 13 was 105.56 (taking FY 11-12 base as 100 )
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Decoratives Business - India
Sales & Marketing
The total number of Colour Worlds have crossed 23,500
Tremendous response to the “Happy Painting Guide” campaign
Colour Idea stores continue to receive a very good response
80 Colour Ideas stores in operation
Expansion Plans
Khandala project construction progressing well
Phase I – 3,00,000 KL to be commissioned in Q4 of FY 2012-13
The Plant can be further scaled up to 4,00,000 KL
Capex
Capex for the year estimated to be around ` 750 crores
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Review of Business Units
Decorative Business - India
Industrial Operations - India
International Operations
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Industrial Operations
Auto (PPGAPP) and Non-Auto Industrial (AP PPG)segments
Auto refinish and General Industrial segments have shown relatively better
growth
Challenging demand conditions due to poor demand from projects business
and slowdown in OEM segment
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Review of Business Units
Decorative Business - India
Industrial Operations - India
International Operations
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23
International Operations
Good growth witnessed in Middle East and Asia Region
Regions YTD Dec 12 YTD Dec 11 Gr %
Caribbean 160.50 134.10 20%
Middle East 557.94 439.90 27%
Asia 301.77 237.33 27%
South Pacific 86.14 66.67 29%
Total 1,106.35 878.00 26%
Net Sales (` in Crores)
Regions YTD Dec 12 YTD Dec 11 Gr %
Caribbean 11.42 10.50 9%
Middle East 70.88 55.00 29%
Asia 27.94 16.30 71%
South Pacific 12.92 9.13 42%
Total 123.17 90.93 35%
PBIT (` in Crores)
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Presentation structure
Performance : Q3 & 9M FY 2012-13
Review of Business Units
Macro Environment - Outlook and Risks
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Macro Environment
While there are reasons to be concerned because of lower Gross Domestic Product
(GDP) numbers, poor industrial production figures and weak external demand; easing
inflation numbers provide some relief to the overall long term structural growth story
RBI‟s decision to cut Repo rates and CRR by 25 bps is expected to give a boost to the
liquidity by providing liquidity and making the borrowings cheaper
Global economy exhibited mixed trends wherein on one hand US is showing some
signs of improvement, UK on the other hand is exhibiting signs of a double dip
recession
Key events to shape the outlook for next year
Annual Budget
Elections
RBI‟s stance on balancing growth and inflation
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Outlook and Risks
Any further fall in GDP growth rate might impact demand in India
Weak consumer sentiments may lead to slowdown in discretionary spending in
urban areas
Commodity prices are softening but a trend reversal may raise a concern
Further depreciation in rupee will make imports more costly
Politically uncertainty and slow growth throughout the emerging economies may
draw the attention of the world away from BRIC economies
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Thank you...
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Annexure
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29
Consolidated P&L : Q3 FY2012-13
Particulars 31.12.2012 31.12.2011 Gr %
Income from operations
Net Sales/Income from operations (Net of excise duty) 3,037.14 2,558.86 19%
Other operating income 15.78 8.13 94%
Total income from operations (net) 3,052.92 2,566.99 19%
Expenses
Material Cost 1,813.33 1,551.35 17%
Employee benefits expense 153.17 131.79 16%
Depreciation and amortisation expense 36.61 30.67 19%
Other expenses 575.99 478.71 20%
Total Expenses 2,579.10 2,192.52 18%
Profit from operations before other income and finance costs (1-2) 473.82 374.47 27%
Other income 30.91 16.07 92%
Profit from ordinary activities before finance costs (3+4) 504.73 390.54 29%
Finance costs 7.85 10.65 -26%
Profit from ordinary activities before tax (5-6) 496.88 379.89 31%
Tax expense 146.56 113.47 29%
Net Profit from ordinary activities after tax (7-8) 350.32 266.42 31%
Minority Interest 15.09 9.56 58%
Net Profit after taxes and minority interest (9-10) 335.23 256.86 31%
Quarter Ended
(` in Crores)
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Standalone P&L : Q3 FY2012-13
(` in Crores)
Particulars 31.12.2012 31.12.2011 Gr %
Income from Operations 2,536.96 2,114.18 20%Material Cost 1,482.40 1,253.30 18%Employee Remuneration 97.56 83.22 17%Other Expenses 505.77 410.18 23%PBDIT 451.23 367.47 23%Depreciation 30.08 24.88 21%Profit from Operations before Other Income and
Interest421.15 342.59 23%
Other Income 34.12 20.80 64%PBIT 455.27 363.39 25%Interest 5.97 6.20 -4%PBT 449.30 357.19 26%Curr. & Def Tax 137.27 106.70 29%PAT 312.03 250.49 25%EPS 32.53 26.11
Quarter Ended
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Consolidated P&L : 9M FY2012-13
Particulars 31.12.2012 31.12.2011 Gr %
Income from operations
Net Sales/Income from operations (Net of excise duty) 8,192.34 7,060.66 16%
Other operating income 44.96 28.71 57%
Total income from operations (net) 8,237.30 7,089.37 16%
Expenses
Material Cost 4,868.60 4,255.69 14%
Employee benefits expense 463.47 390.56 19%
Depreciation and amortisation expense 105.75 89.75 18%
Other expenses 1,566.60 1,312.30 19%
Total Expenses 7,004.42 6,048.30 16%
Profit from operations before other income and finance costs (1-2) 1,232.88 1,041.07 18%
Other income 76.59 64.61 19%
Profit from ordinary activities before finance costs (3+4) 1,309.47 1,105.68 18%
Finance costs 30.88 25.99 19%
Profit from ordinary activities before tax (5-6) 1,278.59 1,079.69 18%
Tax expense 377.93 323.83 17%
Net Profit from ordinary activities after tax (7-8) 900.66 755.86 19%
Minority Interest 37.89 26.61 42%
Net Profit after taxes and minority interest (9-10) 862.77 729.25 18%
Nine Months Ended
(` in Crores)
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Standalone P&L : 9M FY2012-13
(` in Crores)
Particulars 31.12.2012 31.12.2011 Gr %
Income from Operations 6,739.19 5,888.36 14.4%Material Cost 3,913.36 3,494.04 12.0%Employee Remuneration 299.74 256.30 16.9%Other Expenses 1,332.84 1,122.69 18.7%PBDIT 1,193.25 1,015.34 17.5%Depreciation 86.86 73.98 17.4%Profit from Operations before Other Income and
Interest 1,106.39 941.36 17.5%
Other Income 82.44 92.81 -11.2%PBIT 1,188.83 1,034.17 15.0%Interest 23.71 17.14 38.3%PBT 1,165.12 1,017.02 14.6%Curr. & Def Tax 354.68 303.22 17.0%PAT 810.44 713.81 13.5%EPS 84.49 74.42
Nine Months Ended
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Key Ratios
% to Sales & Op. Inc. YTD Dec 12 YTD Dec 11 YTD Dec 12 YTD Dec 11
Material Cost/Net Sales 58.4% 59.5% 59.4% 60.3%
PBDIT/Net Sales 19.0% 17.6% 16.3% 16.0%
PBT/Net Sales 17.4% 17.3% 15.6% 18.1%
PAT/Net Sales* 12.1% 12.1% 11.0% 12.6%
* For Consolidation results, PAT is before Minority Interest
Standalone Consolidated