Investor Presentation. February 2012
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- Laurel Dean
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1 Investor Presentation February 2012
2 Industry Overview The Indian FMCG industry at INR 1300 bn (around USD 30bn) accounts for 2.2% of the GDP (growing g at robust 9%) In the last decade, the sector grew by 11% annually The FMCG industry is expected to grow at a base rate of atleast 12% annually to become an INR 4000 bn (around USD 90bn) industry by Historical Growth of FMCG Industry 1 Accelerating Premiumization 4 Rapid Globalisation 2 Evolving Categories 5 Many Indias 3 Goldmine at BOP 6 Growing Modern Trade GDP growth of ~ 5% annually Golden years for FMCG Industry; GDP growth of ~ 8%, rural markets opened up INR 1300 bn FMCG sector Environment 7 Eco consciousness 8 Game changing Technologies 9 Enabling Policies Key Trends shaping the FMCG markets in India Source: Industry Reports 2
3 Key Drivers of the FMCG industry in India Source: Industry Reports 3
4 Low penetration.big opportunity 100.0% 90.0% 95.6% 92.3% 88.6% 80.0% 74.2% 70.0% 0% 64.3% 60.0% 50.0% 0% 55.7% 51.6% 40.0% 30.0% 20.0% 17.1% 10.0% 0.0% Toilet Soap Washing Powders Detergent Bar Hair Oil Toothpaste Shampoo Talcum Powder Fairness Cream 17% 1.7% 1.3% Antiseptic Cream Cold Cream Low penetration of major segments indicates long term growth story Source: Industry Reports 4
5 Company Overview Emami Limited, the flagship company of the Emami Group, is a leading FMCG player in India The Company is promoted by Mr. R.S. Agarwal and Mr. R.S. Goenka Emami has been in the health, beauty and personal care since the last 35 years and has sustained its prominent position in Ayurvedic products Aided by state-of-the-art R&D, it has developed power brands like Navratna, BoroPlus and Fair and Handsome About 80% of the Company s production comes from tax exempt zones Gross revenue of over Rs 12 bn ($245mn) in FY 2011 with a CAGR of 26% over last 5 years To make people Healthy and Beautiful, naturally 5
6 Shareholding Pattern MFs / FIIs, 17.1% Others, 10.2% Promoters 72.7% Listed on the NSE, BSE and Kolkata stock exchanges Market capitalisation of around Rs. 56 bn (USD 1.14bn) Return to investors of around 140% following its QIP in July
7 Board of Directors S.N. Promoter Directors S.N. Independent Directors 1 Sri R. S. Agarwal 8 Sri Viren j. Shah, Industrialist, ex Governor of West Bengal 2 Sri R. S. Goenka 9 Sri K. N. Memani, ex Country Head of E&Y, India 3 Sri S. K. Goenka 10 Sri Y. P. Trivedi, eminent tax expert & advocate, Rajya Sabha member 4 Sri Mohan Goenka 11 Sri S. K. Todi, Industrialist 5 Sri A. V. Agarwal 12 Sri Amit Kiran Deb, ex Chief Secretary, Govt. of West Bengal 6 SriH. V. Agarwal 13 SriS.B. S. Ganguly, Industrialist 7 Smt. Priti Sureka 14 Vaidya Suresh Chaturvedi, Ayurvedacharya, Padmashree 7
8 The Journey. Crossed Net Sales 8
9 Strategy Aggressive promotion through celebrities Expand distribution reach rural Differentiated Value For Money products Product innovation to enter new categories Brand extensions Entry in new geographies drive exports Leveraging existing distribution network Drive Revenue Benchmark A&P spends to industry Stabilization of new launches and brands Continuous Cost control initiatives Fiscal efficiency for manufacturing facilities in tax exempt zones Grow Net profit Foray into new categories and International business to drive revenue growth 9
10 Snapshot of Power Brands Power Brand Segment Market Size (INR in Millions) Market Size (USD in Millions) Emami s Market Share in % Navratna Oil Cooling oil 6, Boroplus Cream Antiseptic Cr. 3, Zandu & Mentho Balm 6, * 56 Plus Balm Fair & Handsome Men's fairness cream 2, Boroplus Powder Prickly heat 2, powder Navratna Cool Talc Cool Talc 3, Fast Relief Pain reliever 4, Sona Chandi & Zandu Chyawanprash 2, # 15 Source: AC Nielsen * Only Menthoplus # Only Sona Chandi 10
11 Domestic Reach Strong foothold in rural India Nation-wide domestic distribution network distributors, 500,000+ retail outlets, Brand reach 3mn outlets t Team of 2500 front line sales force Domestic Sales on cash basis North, 29% East, 22% South, 23% West, 26% Geographical breakup of Sales Initiated t Project Swadesh to reach all 5000 population towns by
12 Global Reach 12
13 International business contributes around 14% of the total revenue Growing at a CAGR of 34% over last 5 years CIS, 11% Others, 3% Africa, 35% GCC, 21% SAARC, 30% Internationally, products available in 75 countries strong growth coming from Middle East, CIS and SAARC 13
14 Research Capabilities Focus: Product innovation, product differentiation, cost control and maintaining excellent product quality Team comprises qualified Ayurvedacharyas and specialized Ayurveda scientists; advisory panel comprising top Ayurvedic experts A modern fully equipped laboratory with cgmp practices State-of-the-art Himani Ayurvedic Science Foundation in Kolkata Setting up a 30,000 sq. ft. State-of-the-art ultra modern R&D centre in Kolkata Also set up a Market intelligence and innovation centre in Kolkata 14
15 Celebrity Endorsements 15
16 New Launches The new launches like Navratna Cool Talc, Boroplus Body Lotion, Navratna Extra Thanda Oil, Malai Kesar Cold Cream and Vasocare Petroleum Jelly are performing very well Launched Boroplus Healthy and Fair Winter Cream last winter, Navratna Coconut Cool Oil and Boroplus Sun Protection Lotion in this year Continue to launch 2-3 innovative products / brand extensions every year Ayurvedic healthcare, Hair care and Skin care will be the focus area Strong pipeline of new products 16
17 Navratna Oil o Market size of Rs mn ($136 mn) o Market leader with 54% market share o Grew by 20% in FY11 o Growing at CAGR of 15% in last 6 years o Commissioned some of the most visible brand ambassadors (Amitabh Bachchan, Shahrukh Khan, and Mahesh Babu, Chiranjeevi and Upendra for South) o Navratna Brand has been ranked 3 rd among India s most trusted brands in hair oil category by Brand Equity Survey, 2011 o Two major line extensions of Navratna, Navratna Extra Thanda Oil and Navratna Cool Talc are receiving encouraging market response. An ayurvedic therapeutic cooling oil providing physical and mental stress relief, protection and nourishment 17
18 Boroplus Antiseptic Cream o Market size of Rs mn ($62 mn) o Leader in the antiseptic cream market with a 75% share o Largest selling antiseptic cream not only in India but also in Ukraine, Russia and Nepal o Sales grew by 9 in FY11 o Growing at CAGR of 17% in last 6 years o Boroplus Brand ranked 21 st among India s most trusted brands in Personal care category by Brand Equity Survey, 2011 o Launched brand extension Body Lotion and Healthy and Fair winter cream An ayurvedic antiseptic and protective cream ideal for harsh winter conditions and minor skin problems (chapped, cracked and dry skin) 18
19 Fair & Handsome Fairness Cream o Launched in October 2005; first fairness cream for men in India o Market size at Rs mn ($58 mn) with a market share of 57% o Fair and Handsome ranked 26 th among India s most trusted brands in Personal care category by Brand Equity Survey, 2011 o Sales grew by 11% in FY11 o Launched 7ml and 15ml LUPs. Five power formula contains double-strength peptide complex (patented in US) for tougher male skin 19
20 Zandu & Menthoplus Balm o Market size of Rs mn ($124 mn) o Zandu, a dominant player in pain management category o Zandu ranked 3 rd among India s most trusted brands in OTC Personal care category by Brand Equity Survey, 2011 o Sales grew by 22% in FY11 o Market share of 56% o CAGR of 20% over the last 6 years in Menthoplus Relief from headaches, body aches and cold 20
21 Zandu & Sona Chandi Chyawanprash o Market size of Rs mn ($43 mn) o Market share of 15% o Grew by 12% in FY11 o Sona Chandi endorsed by Shah Rukh Khan, Sunny Deol and Dharmendra. Immunity builder Surakshit tan aur tez dimag 21
22 Navratna Cool Talc o Market size of Rs mn ($68 mn) o A new launch in the talcum powder category; with cooling properties o Market share at 17% o Growing by over 100% since last 2 years Brings the much required cool and icy sensation in the scorching summers 22
23 Fast Relief o Market size of Rs mn ($89 mn) o Market share of 8% o Grown at a CAGR of 18% in last 6 years. o Brand revamped with enhanced formulation in new packaging as Himani Fast Relief ultra fast formula o Launched Fast Relief Max in cream based non sticky format o Amitabh Bachchan is the Brand Ambassador o Widely accepted in the states of Delhi, UP and Punjab Provides instant relief from backache, muscle pain and other joint pains 23
24 Operations 7 manufacturing facilities; 2 in Guwahati and 1 in Pantnagar, Uttaranchal enjoying fiscal benefits Most of the facilities are cgmp and ISO 9000 compliant. Units follow highest standards of safety and environment protection 24
25 Summarised Balance Sheet As at March 31, 2011 LIABILITIES Rs. in USDin ASSETS Rs. in USDin Millions Millions Millions Millions Share Capital & Reserves 6, Net Fixed Assets 2, Deferred Tax Goodwill 2, Loan Funds 2, Investments Less : Cash & Bank Bal (2,105.0) (43.0) Net Current Assets 2, , ,
26 Net Sales Aggressive 14,000 Growth continues 12,000 10, % 22.2% 12.7% 30.3% 35.5% 10,380 In Millions 12, % 8,000 7,662 Growt th 6,000 4,000 4,269 5,217 5,881 2, Consolidated Growing at CAGR of 25% over last 5 years 26
27 PAT 2, % In Millions 2,287 2, % 34.0% 36.2% 1, % 1, % Growt th 1, Growing at CAGR of 36% over last 5 years Consolidated 27
28 A&P Expenses 2400 A&P Expenses A&P Expenses as a % of Sales In Millions 26% % 21.2% % 22% Rs in Millions % 20% % 18% 18.0% 16% 14% % Higher A&P spends well reflecting in revenue growth 10% 28
29 Dividend 350% Dividend % Pay Out % 43.1% 43.4% 300% 250% 36.3% 3% 300% 350% 50% 45% 40% Divide end (%) 200% 150% 200% 225% 225% 31.3% 3% 27.0% 35% 30% 25% Pay Ou ut (%) 100% 20% 50% 15% 0% Stock Split from Rs. 2/ per share to Rs. 1/ per share in FY11 10% 29
30 Market Capitalization Market Cap (Rs s. in Mn) Public issue of 5 mn shares at Rs. 70/ each QIP of 10 mn shares at Rs. 310/ each Present price of Rs. 370/ per share after split from Rs. 2/ to Re.1 each 30
31 H1FY12 Update SALES EBITDA EBITDA, +19.7% PAT, EBITDA, % PAT, 921 H1FY11 H1FY12 H1FY11 H1FY12 SALES EBITDA/PAT 31
32 H1FY12 Results Rs. in Millions Particulars H1FY12 % of H1FY11 % of Growth FY11 % of Sales Sales % Sales Net Sales % % 19.7% % Other Income % % 213.1% % Materials Cost % % 31.0% % A&P % % 14.0% % Staff Cost % % 30.1% % Admn & Other Exp % % 19.7% % EBITDA % % 6.1% % Interest (Net) % % 23.7% % Depreciation i % 9.8% % 21% 2.1% % 9.1% Transfer from General Reserve % % 0.0% % Exceptional Item-Forex Loss % % % % PBT % % 9% -2.6% % 1% Tax % % -48.0% % PAT % % 4.0% % EPS - Rs %
33 Ratings, Awards & Recognitions Corporate Emami among Asia's 'Best Under A Billion' 2010 list of companies compiled by the Forbes magazine Ranked 144 th among BT-500 Most Vl Valuable Companies of India in private Sector (Business Today) Ranked 272 nd among Fortune 500 India s largest Corporations on Profitability in 2010 Rated (by CARE) PR1+ (highest rating) for Short Term borrowings signifying highest safety. Upgraded to AA+ for Long Term borrowings. Brands Zandu ranked 3 rd in OTC Personal Care category; Navratna ranked 3 rd in Hair Oil category; Boroplus ranked 21 st, Emami ranked 24 th and Fair and Handsome ranked 26 th in the Personal Care category by Brand Equity Survey, 2011 Navratna was awarded the best packaging award by Paper Film & Foil Converters Association Operations Abhoypur unit also accredited with ISO 14001:2004 and ISO 18001:2007 accreditation signifying compliance with Environment management system and Occupational health and safety management system Internal Audit Division awarded ISO 9001:2008 accreditation 33
34 Received INDIASTAR 2010 NATIONAL AWARDS forexcellence in packaging in : Emami VasoCare Petroleum Jelly in In Built Flip Top Cap Zandu Balm 10 G Pack in Bi Colour Container and Cap Emami 5 in 1 shampoo Sachet Emami Hairlife Single Piece Carton Individual Recognition Mr. Naresh Bhansali, CEO Finance, Strategy and Business Development, has been awarded CFO 100 Roll of Honour an award that recognises the top 100 senior finance professionals in India who have made a difference with their acumen, who brilliantly managerisk, construct a safety net and yet drive growth. Mr. Vikram Saxena, AVP IT, has been consistent winner of CIO 100 since last 4 years CII awarded 1 st Prize for sustained level of High Productivity in Eastern Region to Amingaon unit. 34
35 Key Investment Highlights g One of the fastest growing FMCG company Niche category player + innovator in Therapeutic and Ayurvedic segment - strong entry barriers for the competition Key brands are strong market leaders in their respective categories With the acquisition of Zandu, we have one the strongest Ayurvedic Brand in our portfolio Bigger basket of power brands and entry in new segments Over 80% of the business comes from Wellness categories. Focus on each Brand with patience and continuous investment. Superior gross margins in the industry EBITDA margin before A & P at 39% Production from tax free zones 35
36 Thank You
Investor Presentation. December 2012
Investor Presentation December 2012 Industry Overview The Indian FMCG industry at INR 1300 bn (around USD 30bn) accounts for 2.2% of the GDP In the last decade, the sector grew by 11% annually The FMCG
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