A global air conditioning and engineering services · PDF fileUniversal Voltas LLC – an...
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A global air conditioning and engineering services Company
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Voltas’ Organization of businesses(around its 3 core competencies)
� Segment A : Electro-mechanical Projects & Services
� Domestic and international MEP solutions (including HVAC) in infrastructure, built and industrial environment.
� Water management and treatment
� Segment B : Engineering Products & Services
� Mining and Construction Equipment, Materials Handling and Textile Machinery – supply of equipment, maintenance service, spares and accessories.
� Segment C : Unitary Cooling products for comfort and commercial use
� Room air conditioners
� Commercial refrigeration products
� Segment A : Electro-mechanical Projects & Services
� Domestic and international MEP solutions (including HVAC) in infrastructure, built and industrial environment.
� Water management and treatment
� Segment B : Engineering Products & Services
� Mining and Construction Equipment, Materials Handling and Textile Machinery – supply of equipment, maintenance service, spares and accessories.
� Segment C : Unitary Cooling products for comfort and commercial use
� Room air conditioners
� Commercial refrigeration products
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Voltas’ Key Subsidiaries/JVs
Segment A: Electro-mechanical Projects & Services
� Weathermaker Ltd. – a company manufacturing ducts and allied products, based in
Jebel Ali Free Trade Zone, UAE. (100%)
� Rohini Industrial Electricals Ltd. – an electrical contracting company based in
Mumbai, India (67.33%)
� Universal Voltas LLC – an MEP contracting company based in Abu Dhabi, UAE
(49%)
� Universal Weathermaker Factory LLC – a duct manufacturing company based in
Abu Dhabi, UAE (49%)
Segment C: Unitray Cooling Products for Comfort and Commercial Use
� Universal Comfort Products Ltd. – a company manufacturing Unitary air-
conditioners, both window and split units, with manufacturing facility based in Pant Nagar, India (100%)
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Voltas’ Key Achievements
� Leading in India as a trusted air conditioning and engineering services company, with over 50 years of experience.
� India’s largest exporter of electro-mechanical projects – having executed multi-million dollar projects in over 30 countries.
� No 2 brand in the Indian air conditioner market.
� No 1 brand in the Indian commercial refrigeration market
� Leading provider of textile machinery in India; with 65% MS in the spinning segment.
� Premier provider of mining & construction equipment in India
� One of the largest manufactures of forklifts in India
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Rs. in Crores (US$ Mn)
� Sales & Services 4824 1068
� Operating Profit 507 112
� Profit/(Loss) After Tax 385 85
� Total Assets 1134 251
� Net Worth 1085 240
� Share Capital 33 7
� No.of Shareholders 330884740 -
Voltas LimitedFINANCIAL HIGHLIGHTS 2009-2010
(Consolidated
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VOLTAS LIMITEDFINANCIAL HIGHLIGHTS
FY 02 - 10
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957
13421438
1551
2598
3264
4374
4830
2023
4484
5747
51475096
53905848
7378
10657
9627
0
1000
2000
3000
4000
5000
6000
2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-10
0
2000
4000
6000
8000
10000
12000
Sales and Services - Rs.Crores Number of Employees
(USD Mn)
(86)
(107)
(82)
(60)
(45)
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1.30
2.19
2.80
3.373.64
5.04
5.635.30
7.53
0
1
2
3
4
5
6
7
8
9
10
2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
PAT % to Sales
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12.41
15.8
18.76
23.827.14
30.9231.85
29.35
33.52
-5
5
15
25
35
45
55
65
75
2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
PAT % to Shareholders' Funds
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0.5
0.63
0.5
0.64
0.37
0.28
0.13
0.24
0.03
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-09 2009-2010
Debt/Equity Ratio - %
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0.78 0.891.22
1.58
2.23
6.09 6.28
7.6
11.51
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-09 2009-2010
Earnings per Share
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18 2530
5060
100
135
160
200
-30
20
70
120
170
220
2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-09 2009-2010
Dividend % on Equity Capital
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10.6 12.4
14.7
17.4
33.2 32.4
42.4
35.5
44.7
0
10
20
30
40
50
60
2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
ROCE %
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(0.33)1.13 3.60
9.37
24.5024.54
30.00
19.00
25.00
(10.00)
(5.00)
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
EVA %
(*Consolidated Figures)
*
*
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Profit before Tax and Exceptional ItemsYear 2005-06 - 2009-10
50677
11546
24864
34692
10297
33533
19154
2514627767
7816
14744
20746
955315512
6382
3280 8116
11788
2565 5477
-5000
5000
15000
25000
35000
45000
55000
Cumulative Quarters
Rs
. in
La
kh
s
2009-10 (Consol) 11546 24864 34692 50677
2008-09 10297 19154 25146 33533
2007-08 7816 14744 20746 27767
2006-07 3280 6382 9553 15512
2005-06 2565 5477 8116 11788
Jun Sep Dec Mar
Note : Current year results are Consolidated. Previous period results are Stand-alone since there is no significant
difference.
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VOLTAS LIMITED
FINANCIAL HIGHLIGHTS
Results for year ended 31st March 2010
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Highlights of Consolidated Results for year ended 31st March, 2010
CY PY CY PY
Increase in TO 4% NA 11% NA
EBITDA Margin 10.7% 7.3% 11.4% 9.6%
Increase in Profit before Exceptional Items 64% NA 38% NA
Increase in PBT 82% NA 31% NA
Increase in PAT 86% NA 33% NA
Increase in Profit after Minority Interest and
Share of Profit of Associate 87% NA 32% NA
Taxation as percentage of PBT 29% 30% 31% 32%
Positive EVA 21% 18% 21% 18%
EPS (Re.) 2.29 1.23 7.40 5.59
EPS before Exceptional items net of tax (Re.) 2.06 1.23 7.10 5.08
Return on Net Worth (w/o Exceptional Items) 26% 22% 31% 28%
Debt / Equity ratio 0.04 0.22 0.04 0.22
Quarter Cumulative
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Electro-mechanical Projects & Services
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ELECTRO-MECHANICAL PROJECTS & SERVICES
� Contributes 61% to the Company’s TO
� Segment Revenue grew by 13, Segment Results grew by 45%
� Domestic business contributes 22% of the Company’s TO
� International business contributes 39% of the Company’s TO.
� The consolidated order book stands at Rs 4700 Cr. ($1040mn) (As on March 2010)
International business:
� Contributed significantly to the Company’s profitability
� Won laurels for the Company's role in successfully completing:
� the Formula 1 Race Track, Abu Dhabi, a project of world-class quality, executed within demanding time-lines.
� Burj Kalifa, Dubai, the world’s tallest man-made structure.
� Won an order of Rs 800 Cr.($177mn): Central Market project, Abu Dhabi.
� The consolidated order book stands at Rs 3200 Cr.($709m)
Performance Highlights
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ELECTRO-MECHANICAL PROJECTS & SERVICES
Performance Highlights
International business: Contd.
�Major current projects under execution
� Sidra Medical and Research Centre
� Barwa City Project (Doha, Qatar)
� Ferrari Experience (Abu Dhabi)
� Central Market Project T2 & T3 Towers (Abu Dhabi)
�Entered into a JV operation with Mustafa Sultan Group, Oman for execution of electro-mechanical projects in Oman.
� To shortly sign a JV agreement with a reputed company in SA, which will lead Voltas’ foray into SA market, which has the largest potential amongst the GCC countries.
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ELECTRO-MECHANICAL PROJECTS & SERVICES
Performance Highlights
International business: (contd.)
�Track record built on successful execution of iconic projects
� Hongkong International Airport
� Emirates Palace Hotel
� Mall of the Emirates
� Bahrain City Centre
� Sentosa Bay District Cooling Plant (Singapore)
� District Cooling Plant at the Dubai International Financial Centre
� Burj Khalifa (Dubai)
� Formula 1 Racing Track (Abu Dhabi)
� Etihad Towers (Abu Dhabi)
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ELECTRO-MECHANICAL PROJECTS & SERVICES
� Domestic business:
� Impacted by:
� The general economic uncertainty and slowdown
� Over-supply in commercial buildings sector, which resulted in reduced pace of implementation of projects
� To mitigate this impact the Company focused on:
� opportunities in the industrial sector, building up capabilities and
technical pre-qualification.
� Completed the execution of the single largest VRF installation in India, with a capacity of 3000 TR, for TCS’ Kensington IT Park, at Powai
� Domestic order book has grown by 19% and stands at Rs.1500 Cr ($332m) as of 31st March 2010
Performance Highlights
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ELECTRO-MECHANICAL PROJECTS & SERVICES
Performance Highlights (contd)
Established the expanded scope of solutions offered as an EPC
contractor in the domestic market, offering:
� HVAC, Integrated Building Management, Indoor Air Quality
� Electrical & Power management, Fire and Security
� Public Health Engineering including Water Treatment & Management
� Process refrigeration
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ELECTRO-MECHANICAL PROJECTS & SERVICESPerformance – Megavol Years
CAGR : Revenue: 27.6%; Results : 45.9%
148%158%NA43%102%ROCE
9.9%7.7%6.7%4.8%5.8%Operating Margins
309.09 213.42 116.99 68.61 68.28 Results
3113.40 2766.79 1744.86 1438.29 1175.12 Revenue
2009-20102008-20092007-20082006-20072005-2006
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ELECTRO-MECHANICAL PROJECTS & SERVICES
� Renewed investments and growth in major GCC countries from the 2nd half of last year.
� Abu Dhabi (with its large share of oil reserves), Qatar (with plentiful natural
reserves) and Saudi Arabia (which has the largest economy within GCC) are territories of growth.
� Renewed investments in Oman, Singapore and HK
� The good consolidated order book yields visibility for the next 18 months
OUTLOOK – INTERNATIONAL BUSINESS
The Voltas Advantage• Well-established track record of executing iconic & multi-million dollar projects• A provider of choice in the Middle East for EPC electro-mechanical projects• Known for quality and timely delivery of challenging/pioneering projects• Proven Human Resources – multi-cultural
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ELECTRO-MECHANICAL PROJECTS & SERVICES
OUTLOOK – DOMESTIC BUSINESS• Economic recovery to bring in renewed investments and growth in several domestic markets
• Major opportunities lie in segments such as healthcare; urban infrastructure -metro rail, airports and ports; Industry – power, steel, and manufacturing sectors; education and research institutions
• New opportunities lie in the growing industrial focus on energy-efficiency, reduction of carbon footprint and on ‘Green buildings’ in the commercial sector, as mandated by the Govt.
The Voltas Advantage• One-stop-electro-mechanical shop – one-window solution
• Well-established track record of executing iconic projects • A provider of choice for HVAC projects – leader in HVAC• High penetration in Indian industry• A trusted Company that shares the Tata values• Proven nation-wide sales and service network
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ENGINEERING PRODUCTS & SERVICES
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ENGINEERING PRODUCTS & SERVICES
• Contributes 13% to the Company's TO.
• Has seen a pick-up in activity during the year in both Textile Machinery and Mining & Construction Equipment businesses.
• The Materials Handling business was still under economic pressure
• Segment Revenues showed a 14% dip in TO.
• Segment Results improved by 40%, due to larger contribution from Agency businesses
• Agency business contributes to 25% of the segment Revenue compared to 20% last year.
• Agency businesses are expected to grow faster than manufacturing-led businesses in the future.
Performance Highlights
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ENGINEERING PRODUCTS & SERVICESPerformance – Megavol Years
CAGR : Revenue: 17.8%; Results : 2.5.%
80%49%144%121%249%ROCE
16.4%11.6%20.5%23.6%28.6%Operating Margins
76.84 62.64 113.62 98.42 69.70 Results
468.03 542.19 553.49 416.21 243.35 Revenue
2009-20102008-20092007-20082006-20072005-2006
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ENGINEERING PRODUCTS & SERVICES
• It is expected that investments in capital goods and engineering products will be sustained in the next few years as the Indian economy regains its growth path.
- Promoting investments in infrastructure projects such as airports, ports, and roads and manufacturing industries such as textiles
- Providing good opportunity and demand for mining and construction equipment, materials handling and textile machinery
• Company has pending orders from large mining equipment from coalprojects as well as ongoing parts and service contracts
• Demand for crushing and screening equipment and cranes is also expected to be strong for infrastructure and road projects
Outlook
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� The market for materials handling equipment is beginning to revive with increased investment in manufacturing sectors, especially in two wheelers, automobiles, general engineering and power.
- Leading to additional requirements in forklifts, cranes and warehousing equipment
� New projects are now being planned in the spinning sector yielding good demand for spinning machinery and services
� The post-spinning sector – processing and finishing – also has a number of projects on the anvil.
� Agency businesses is expected to grow faster than the manufacturing business, for the next few years, leading to improved profitability
ENGINEERING PRODUCTS & SERVICES
Outlook (contd.)
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UNITARY COOLING PRODUCTS
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UNITARY COOLING PRODUCTS
Performance Highlights
• Contributes 23% to the Company's TO
• Second best contributor to the Company’s profitability
• Segment Revenues grew by 29%. Segment Results grew by 119%
• Cooling appliances sales grew by 30% in volume.
• Growth drivers were:
• Significant pick-up in the consumer durables sector – AC industry grew by 25% per annum
• Change in consumer sentiments – resumed spending
• Growth was fuelled by –
• expansion of distribution channel
• improved supply chain management
• better product-mix
• aggressive advertising strategy
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UNITARY COOLING PRODUCTS Performance – Megavol Years
CAGR : Revenue: 26.8%; Results : 1014%
85%34%46%2%- veROCE
10.1%6.0%6.7%0.4%- veOperating Margins
120.29 55.03 55.31 2.58 (33.72)Results
1187.09 922.28 825.94 595.73 459.58 Revenue
2009-20102008-20092007-20082006-20072005-2006
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UNITARY COOLING PRODUCTSOutlook- room air conditioner business
� Indian room air conditioner industry is expected to grow by 25-30% over the next few years� driven by
- air conditioners being a necessity due to rising middle-class
aspirations and increasing impact of climate change
- low penetration levels
- growing disposable income
- affordability - initial and running costs
- health consciousness
- Segment’s volume is expected to grow more than the market growth rate
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UNITARY COOLING PRODUCTSOutlook - Commercial Refrigeration business
� Indian Commercial Refrigeration industry is expected to grow by 35% over the next few years� driven by
- growing need for cold chain solutions in Indian- growing demand-gap in the user industries - retail, dairy, ice
cream, and brewery- need for quality infrastructure
The Voltas Advantage• Brand synonymous with air conditioners and refrigeration market in India
• A trusted Tata Brand• Brand hold an high ground on ‘Value for Money’ proposition• A flexible business model – low on cost and high on return• Growing dealer reach – currently over a total of 3500 sales counters through distributors, dealers, retailers
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Subsidiaries & JVs - OUTLOOK
Domestic: Total order book of 250 Cr.($55m)
• Universal Comfort Products Ltd. India
• Well placed to cater to growing demand for air conditioners and refrigeration in India. – AC and Commercial Refrigeration markets are expected to grow at30% and 35%, respectively.
• Will also benefit from growing demand for locally manufactured ACs
• Rohini Industrial Electricals, India
• Well placed (on its own and through Voltas) to cater to growing
needs/investments in Indian industry and infrastructure projects in electricalsand instrumentation.
Performance of Subsidiaries & JVs
For the year ended 31st March 2010
� Revenue contribution to consolidated Revenue is Rs. 265crs ($58m)
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Subsidiaries & JVs – OUTLOOK (contd)
International: Total order book of 200 Cr.($43mn)
• Weathermaker Ltd. UAE• Pioneers in pre-fabricated duct manufacturing; well-placed to cater to demands in UAE
• Universal Voltas, Abu Dhabi• Caters to the growing demand for pre-fabricated ducts and accessories in the Abu Dhabi market
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Thank you.
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Voltas Subsidiaries and Joint Ventures
� Segment A : Electro-mechanical Projects & Services
� Weathermaker Ltd., UAE,
� Rohini Industrial Electricals, India
� Saudi Ensas Co for Engg. Services KSA
� Naba Diganta Water Management Ltd., India
� Universal Weathermaker Factory, Abu Dhabi
� Universal Voltas, Abu Dhabi
� Segment B :Engineering Products & Services
� None
� Segment C :Unitary Cooling products for comfort and commercial use
� Universal Comfort Products Ltd.
� Others
� Lalbuksh Voltas Engg. Services and Trading, Oman
� Unallocated
� Investment Companies, viz., Simto, VIL Overseas Enterprises, Voice Antilles NV.
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Sidra Medical and Research Centre, Doha, QatarSidra Medical and Research Centre, Doha, Qatar
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Barwa City Project, Doha, QatarBarwa City Project, Doha, Qatar
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Ferrari Experience, Abu DhabiFerrari Experience, Abu Dhabi
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Central Market Project T2 & T3 Towers, Abu DhabiCentral Market Project T2 & T3 Towers, Abu Dhabi
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New Hong Kong International AirportNew Hong Kong International Airport
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Emirates Palace Hotel, Abu DhabiEmirates Palace Hotel, Abu Dhabi
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Mall of the EmiratesMall of the Emirates
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Bahrain City CentreBahrain City Centre
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Burj Khalifa, DubaiBurj Khalifa, Dubai
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Formula 1 Racing Track, Abu DhabiFormula 1 Racing Track, Abu Dhabi
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