Fiem Industries Ltd
NSE:FIEMIND
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Fiem Industries Ltd
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Ladies and gentlemen, good afternoon and welcome to the Fiem Industries Limited Q4 and FY '22 Earnings Conference Call, hosted by Monarch Networth Capital Limited. This conference call may contain forward-looking statements about the company, which are based on belief, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict.
I now hand the conference over to Mr. Sahil Sanghvi. Thank you, and over to you, sir.
Yes. Hello. Thank you, Diksha. Good evening, everyone. On behalf of Monarch Networth Capital, I welcome you all to the Q4 and FY '22 Conference Call of Fiem Industries Limited. We will start the call with the initial comments about the result and the future outlook of the company and then we'll open the floor for question-and-answers. So without much delay, now I hand over the call to Mr. J.K. Jain, Chairman and MD of the company. Over to you, Jain, sir.
Thank you. Good afternoon, everyone. I welcome you all to the FY '22 earnings call of Fiem Industries Limited. Along with me I have on the call today, Mr. Rahul Jain, Director; Mr. O.P. Gupta, CFO; Mr. Arvind Chauhan, Company Secretary and other members of the finance team. The results and the investor presentation has been uploaded on the stock exchange and the company website, which I'm sure that you all have gone through. Your company has recorded its highest ever total income of INR 1,575 crores this year and has thus not only surpassed pre-COVID levels, but received highest revenue recorded in its history. Profits have doubled to touch an all-time high INR 95 crores. This has been achieved against a significant headwind that 2-wheeler industry faces.
For the full year FY '22, the overall 2-wheeler industries declined by 3.5%. The decline in the industry has impacted our key customers like [ SMSI ] and others. However, we have been able to outperform the industries and our sale grew to 29% year-on-year basis. The LED share of the auto lighting has increased to 44% for the year as against 40% in the previous year. This outperformance we have always maintained is due to our superior products and customer mix.
During FY '22, we worked with our key OEM customers and developed several new projects across lamp, mirrors and other products. Work is underway similarly for the current year and we have a very healthy pipeline of more than 80 projects over the next few years. I am also pleased to inform you that the progress with the Hero Motor Corp is going very well and we expect 3 new models to roll out in FY '24. This is an important step in our journey.
Our Yamaha business continued to outperform well, driven by the export market. We have added significant new products and our business has grown by 89% for the year. We expect the momentum to continue this year driven by the new products in geographies like Japan, Europe and Thailand. We have thus closed FY '22 on a good note and remain optimistic about the current year.
Let me turn my attention to the EV segment, the 2-wheeler EV segment saw a [ 454% ] increase in the volume during FY '22. While this is an on small base, the trend points towards healthy increase in this segment. Fiem Industries work with all the major players in the EV segment. We are supplying to Ola, Okinawa, [ Revolt ], Sero Electric and several others. Work is [ bound ] to adding few more OEMs as well. We expect to grow significantly in this segment during the year. Our leadership position in this segment would drive our growth over the next few years as EV penetration increases.
Overall, I believe that the worst is behind the 2-wheeler industries and I expect the industry to get back on its growth path. Your company has demonstrated its instance in this difficult time with the improving environment and our product mix and the customer positioning, we are well poised for the next level of the growth.
With this, I hand over to Mr. Gupta, our CFO and the finance team to update on operational performance and retail numbers. Thank you.
Thank you, sir. Good afternoon to everyone. I will present the quarter 4 results, after which I will cover the full year FY '22. The company has registered its highest quarterly sales of INR 483.52 crore in Q4 of FY '22, representing a growth of 16.52% over same quarter last year. The EBITDA was INR 62.78 crore translating into an EBITDA margin of 12.98% as compared to INR 53.33 crores and EBITDA margin of 12.85% in line with higher sales, correct, of the company increased to INR 32 crore as compared to INR 25.49 crore in Q4 of FY '21, representing an increase of 25.54%.
Now I will briefly cover the numbers for full financial year '21 - '22. During FY '22, the company has achieved highest ever sales of INR 1,558 crore as compared to INR 1,207 crore in FY '21, representing a growth of 29%. EBITDA stood at INR 193.45 crore being 12.42% as compared to INR 130.6 crore being 10.82% during FY '21. This is a jump of over 48%, driven by higher sales. PAT of the company has more than doubled to INR 95.26 crore as compared to INR 47.12 crore during FY '21.
During the FY '21 - '22, the company has paid INR 31 crore of debt and balance INR 20 crore will be paid by September in the current financial year. Additionally, I would like to update you on our joint venture company, Aisan Fiem Automotive India Private Limited. We had informed you in last time of our decision to exit this venture. This agreement has been formalized and payment is expected within this week. I'm pleased to inform you that the Board of Director has recommended a final dividend of INR 20 per share, that is 200% for the FY '21 - '22.
With this, I end the financial brief and now the floor is open for question and answers. Thank you.
[Operator Instructions] We take the first question from the line of Ashutosh Tiwari from Equirus Securities.
Congrats on a very good performance. I think this ever -- EBITDA despite by the industry is down almost like 30% versus the peak. So firstly, if I look at your revenue and breakup, other customers like that are almost like grown up by 70%, 80% in this year versus FY '21. So are these mainly the new age OEMs related to the OEMs is it contributing or is there something else as well over here?
Now this is predominantly the new customers that we've been adding over the last couple of years, they have contributed to this growth.
So this is mainly your electric to OEMs only or there are some other customers as well in this?
Yes, so it's a combination. There is EV segment volumes as well and then there are the other smaller segments also which have grown. But EV is a large part of it as well.
Okay. Okay. And secondly, Yamaha as well as -- was probably the biggest contributor to our performance over the last 2, 3 years. So I think we did around INR 290 crores sales last year to them. How do you see this revenue ramp up over the next 2, 3 years with Yamaha, are they more modest to come up, some highlight on there?
Yes. Hello. This is Arvind. Yamaha business is growing and we have a very good strong pipeline of new projects that we put in Yamaha.
Can we highlight a pipeline and how many models you're supplying as of now? And how many can be added over next 2, 3 years in terms of development work which you're doing?
So this is very difficult to disclose actually, but there is very good number because you can understand how Yamaha business is growing over the years. So we have very good relationship, it is growing stronger.
Sir, just on this, like say, I think last quarter, revenue with them was INR 90 crores. So is this kind of run rate sustainable going ahead? Or there's some one-off in that?
No, no one off actually, no one-off.
And...
It depends on the...
Yes, please. Sounded optimistic of 2-wheeler demand in this year. So how are we seeing schedules of production over next 2, 3 months with different wheeler OEMs?
See, look, as far as our customers are concerned, means, we are getting very good savings. But even the customer specific, it is very difficult because some...
No, in generally -- generally I will compare to what it was, say, last 6, 9 months or one year, are we seeing much better schedules over the next 3, 4, 5 months?
I think overall, I think what we believe is that the worst of the industry is behind us. So I -- so what we are seeing also in April, May on what we are hearing from the OEMs, I think it should gradually only ease out. So overall trend is optimistic for the year.
Okay. And how much CapEx we are planning for this year?
There is overall -- there is a large CapEx spend is being planned at our 2 plants, which is running at similar capacity. So there is a INR 30 crores to INR 40 crores CapEx that will go into Hosur. That would be the big one for the year. Others will be the regular CapEx.
Total how much roughly we'll do?
INR 50 crore for the year.
Oh, INR 50 crores to INR 60 crores for the year? Okay. Okay. Okay. And LED has already I think is almost like 40%, 44% you mentioned for the full year, I think last quarter was even higher in lighting mix. So going ahead, how do you see this proportion of LED in total lighting over the next say 2, 3 years perspective?
So I think we've maintained that -- this is heading higher with intermediate you saw a couple of quarters last year when it has paused, but otherwise the trend is higher. This year, it's gone up from 39.8% to close to 44%. So over the next 3 years, this should only inch higher towards 55%, 60%.
And as it goes up in our sale basically lighting share would rightly increase, right, share lighting sales should increase?
That's right.
And lastly on one of the products you did well in mirrors last year, I think the revenue has gone up from some INR 145 crores to INR 175 crores, I think INR 145 crores to INR 175 crores. So any particular reason behind why mirrors is doing so well? Have we added new customers over there?
So with the new customers, we are also not only the lighting we are also I think the mirrors. So this is the reason.
Mirrors and plastic parts.
Mirrors and plastic parts, yes.
We take the next question from the line of Pritesh Chheda from Lucky Investment Managers Private Limited.
Yes, sir. Sir, in your light growth, what is the mix-led growth because of this rising share from 39% to 44% in LED? And what is the volume growth, if you could just give that bifurcation?
See, regarding your first question, how this reached 40% -- 39% to 44% of the LED, all new products which are under development and largely last 6 months or so most of them are LED. So the percentage increased. And you know, LED is at least 2 heads of the convention. It is higher rather and most of that…
On that part I know in the 35% growth, how much is the mix led growth? Will it be 10% or more than that? I just want to know the volume price led growth and the mix light-growth bifurcation.
This is more about the value growth. It is a mix of volume and value, but it's more about the value.
Okay. And when we look at FY '23, will this mixed led growth continue because your mix led growth will be higher than your value and the volume growth will add, right? So if, let's say, this year 15% to 20% is mixed led growth and we have to add this 15%, 20% with the volume growth?
Yes, correct.
Correct.
Correct, right?
Correct.
So considering that plus have you got any more customer wins in molded parts and mirrors, have you got any more customer wins?
Yes, whatever the new customers -- some customers are also -- so major -- majorly our customers we are also supplying the mirrors and some customers are also making both the plastic parts.
Plastic and cheap metal parts.
Cheap metal parts.
So can we -- yes, please go ahead.
So normally, you can say with the led when the relations get stronger, we add more products.
So if the mix led growth is so strong this year with 4% increase in LED sale, will the share increase by another 3%, 4% next year?
May be possible because the trend is increasing as you -- which we already said is very good.
Very clear.
So if that's the case then can we look at 25% top line growth this year because 2 wheeler volume didn't do so well this year. If the 2-wheeler volume do next year, then we can look for [indiscernible] [ 25% ] top line growth?
So to answer your question, I think our current year has been a mix of many things. We highlighted how Yamaha has done better, even our export business too hardly had gone up. We had replacement market growing. So it's a combination, but overall we think 15%, 20% growth is definitely possible for the year. And if market supports let's...
And last year we have done 29% growth.
Yes. On the margin side, we are at about 12%, 12.5%, is this sustainable? Or do you see any changes in the margin?
No, we have always guided around this level of market around the range of 12%, 12.5%, around [ 12.5% ] and that would be the thing.
We take the next question from the line of Jyoti Singh from Arihant Capital Markets Limited.
Sir, my question on the other expense side. So as we saw the rise in Q-on-Q basis, it's almost 50%. So is company doing any cost control and also on the margin side, we are continuously maintaining in the range of 11% to 12%. So as you guided around 12.5% -- 12% to 12.5%, so can we expect more margin in FY '23, '24? And third question on the PLI side, if you can comment on the PLI approved product of Fiem?
This is Arvind. So let me answer your last question first about the PLI. Actually, our products are not part of the PLI. So we are not availing that scheme. And can you repeat your first question, sir, this is not clear, there was some disturbance.
Okay. My first question, yes. My first question on the other expense side, as we saw the rise in the other expense Q-on-Q basis, so is company doing any cost control?
See the cost control and all these internal efficiencies is very much part of our good management. This is the reason you can see the higher EBITDA margin. But as far as other expenses you are asking, nothing specific about this thing.
Okay, sir.
I think if you're referring to EBITDA margin or you're talking about the...
She's talking about the other expenses. All other expenses...
So on the margin side...
Yes, what we would like to tell you that all other expenses are monitored on monthly basis. And even when the sales are increased, your percentage of other expenses definitely comes down, which has a direct impact on improvement of EBITDA margin. So it is not that your other expenses -- you see here that other expenses are not increased and they are kept -- even in spite of increases there, they are under control and monitored regularly, so that is what is we are getting right now.
Okay, sir. And sir, my another question on the debt side. So what would be your future debt profile? And how much we are planning to repay our debt going forward?
Actually, if you see the balance sheet as of 31st March '22, there is hardly any debt, it is a debt of INR 20 crores lying in the balance sheet, it was a debt of INR 50 crores, INR 30 crores company has already paid. This INR 20 crores will be paid by September 2022. And by '22, this will be absolutely a debt free company, suppose we are having lot of money as cash then I will spend in mutual fund and company is not planning for any debt increase, no the company is not planning for any future debt.
We take the next question from the line of [ Sourav Dutta ].
I had a couple of questions on the EV side of the business. So first question, really, it would be helpful to understand what percent of your revenues came from EVs in the fourth quarter? And what was the percent in the third quarter? And where would you model the revenue contribution from EVs for the full year FY '23 and FY '22?
So regarding this your EV question, you understand better and you know better that this EV has just started. So we are having very big customers and very big in our revenue division. And as and this EV industry sales increases, 2-wheeler sales increase, our sales will be increased because we are working with all the major new OEM customers.
In last quarter about...
So put together last year was around INR 40 crore.
Okay. So the third quarter -- the third quarter...
No, we are not giving on quarterly basis, this last year figure was INR 40 crores for all EVs put together.
Okay. Okay. And where would you model this contribution from the EVs for FY '23, FY '24, the full year?
See, if you look at it right now, we are maybe at very low -- we are probably at 3-odd percent crore. This -- if the growth does come in the industry, which you could see month-over-month, March has been good, April the figures are better. So I -- if that trend sustains, I think we can easily do 3x of this revenue or the spike and grow that much, but it is based on the environment, but there is -- it seems to be heading towards the positive territory. So we -- I mean, we could guide you around 3x of where we are right now.
We are expecting during this financial year.
Okay. For FY '23?
Yes.
Second question, what would be the content per vehicle for Ola in the fourth quarter? Any guidance?
Sir, we don't take specific question for the customers. So we have given you the overall...
Overall [indiscernible] we have given, [ 42 ].
Please excuse us for it.
We take the next question from the line of [ Anika Mittal from Nvest Research ].
Sir, what is the current capacity utilization level?
So capacity utilization, we would remind, it is -- there is no one specific number because it is dependent on product mix as the LED share increases, again things you could probably do more sales with it. But we think it is probably close to 78% to 80% right now.
Okay, sir.
And we've already answered that given that the CapEx that we are planning, we mentioned about Hosur, should take care of our future product line.
We take the next question from the line of [ Mayur Patra ].
Yes, combinations for the -- it's an unset of numbers. So I have 2 questions. The first is related to this capacity utilization, a follow-up question on that. So when you say that our 2 plants are working at full capacity and we intend to income maybe INR 40 cr CapEx. So can you tell me after making this expense, how much will be our capacity addition?
The capacity utilization is probably a decisive number. So if you look at it, if you go through in it within the -- if you go into detail, you cut it on product-wise, segment-wise. And I think the real key to look at is that from here on if we have to achieve our growth targets, what we can see over the next 2 years how much CapEx will we yield. And for example, if we add the Hosur plant, the way we are thinking, then that add significant amount to our capacity because we could just add a few lines and it would sort of ensure that we are -- we have sufficient capacity to go up.
So while we are at 80%, as I mentioned 80%, we think INR 2,000 crores, INR 2,200 crores even on the current mix is possible. But as the current mix changes, even more is doable because as more LED gets done, there is more sales coming from that side. So I think it's a combination of many factors. But as I said, over the next 2 years, we think what the CapEx that we are planning should be able to sustain our revenue aspiration, the growth aspiration.
Based on the models in the hand, I think that will be sufficient for us.
Yes, I understand, just wanted to have this clear idea that about the turnover and the turnover we can achieve with the additional CapEx. My second question is on the working capital, especially on the inventory and the receivables side. So if you look at the current financial vis-a-vis FY '21, there is significant increase from our receivables and inventory. So is there any change in the credit policy or any reason for that?
Actually, if you see the balance sheet, it is not only the change in debt, it is equally the change in credit. So what we see is how much money is left in the working capital. So our net working capital on account of increase in debtors and on the account of increase in creditors consecutive being the same. If at all there is an impact or increase in working capital because of increase in some amount of stock, which company is maximally holding because of this...
[indiscernible].
Okay. That's a conscious decision taken to focus on a few components and hence the inventory is probably slightly more than what we generally...
Left on the company.
Especially in the case of electronic components, we are keeping sufficient stock to run the lines of the company.
Okay. Because even in receivables also there is a significant increase, significant jump is there, more than double actually?
Yes, it is -- that is what is the arrangement in the customers with not only the debt rate and whatever is the increase the same is given to other places. So if you see the debtor end showing together, you will not find that increase in demand.
No, actually I'm looking at both the figures, the debtor end almost doubled and creditors are 50% higher.
No, if you see the debt, it has grown by, say, INR 70 crore, INR 80 crore, but if you see the creditor, it has also gone by INR 80 crore, INR 90 crore, see the figures.
And my last question is, in the last investor meet, you said that you're looking at some joint ventures especially for the 4 wheeler business segment. So is there any development on that front?
Yes, basically, we are in the process, but due to the COVID things are all delayed because nobody was taking any action and nothing is possible to go out. So the matter is pending and we are very much working on it.
[Operator Instructions] We take the next question from the line of [ Nirav Jain ].
Yes, congratulations on a good set of numbers, sir. Sir, just a couple of questions from my end. Just one, when will the LED Luminaries receivable come?
But if you see the LED Luminaries, most of the receivers have come, our net investment in this segment business has [Technical Difficulty] if you see our -- in LED, it is only left INR 9 crores, which is fully recoverable and we are recovering regularly.
Last year, we have recovered more than INR 7 crores from [ ESL ].
As on March '22, it is nothing but INR 9 crores.
Okay. Sir, my next question is regarding of Maruti setting up a capacity in Sonipat. So any plans happening in the 4-wheeler revenues?
We will try our best and we hope to get that business.
Okay. Sir, just want to check, sir, how many projects are we executing right now for Yamaha, Piaggio and [indiscernible]?
Yes, basically, we have about more than 80 project all put together. We are working on for next 2, 3 years.
Okay. Sir, any idea if HMS is coming out of EV, indicated anything electric vehicle?
No, sorry, they are saying, but we can't declare at the moment because it is once they declare, definitely you'll come to know.
We take the next question from the line of Pritesh Chheda from Lucky Investment Managers Private Limited.
Sir, what is the progress on Hero as account?
Pardon?
What is the progress on Hero Motor?
Hero, we have already told you that the development is going on and we expect 3 models to come out in 2024.
Okay. Okay.
And we are working very closely with this.
And this INR 50 crores CapEx that we're doing, where -- which all area are we doing? Does it more to end the capacity...
We have told...
Sir, you are asking about the locations?
No, no. So first of all, where are we spending, in which areas? And does it lead to any capacity expansion?
Yes, yes.
Basically land building and merchant risk.
So it's a new plant?
Yes, extension of the existing plant, the new leads adjacent to the existing plant.
And how much capacity your asset turn will it come at?
We are expecting around INR 300 crores to INR 400 crores capacity.
So 400, 300 is 6x basically 6x asset term?
Yes, yes.
I mean, I don't think...
Because we are buying the land, basically depend on the business expansion. So we can add on machines like we are doing in the adjacent companies.
But sir this INR 60 crores will generate you INR 300 crores or you have to spend more to generate INR 300 crores?
No, no...
See, you don't make up -- this is an extension of the existing plant. So there is a Hosur plant which we have, this is an extension while we will take additional land around it, but you have to look at it as the overall project, which is part of the overall Hosur project because you can't take it separate.
And moreover, based on the -- every year requirement based on the customer, it will be increased.
Okay. So I'll put it differently, if you are putting a greenfield plant today in LED, what is the asset term that it would come at?
Almost 2x.
2x? Okay, sir. Okay, sir.
We take the next question from the line of [ Bijal Shah from RTL Investments ].
My question is on the fact that you have this LED manufacturing capacity which you are right because you are planning to come on the consumer side on the LED Luminaire side. Now does this backward integration give you any advantage compared with some of the other lighting players who are kind of your lighting players and sources from outside? I just wanted to get a sense on that.
So I think LED Luminaries segment that you're talking about is something that we've kind of -- it's not a focus area. It is actually in a mode where we are kind of winding it down. So that is a project where, in fact, whatever assets we had that side that is being utilized for the normal automotive segment now. So it is in that wind-down mode. So I don't think it any...
In rest of the machines, we are in the process of selling it down. And secondly with -- yes please.
What I was saying, what I understand that you're in the process of basking that business down, what I was saying that you had entered into kind of manufacturing. So it seems to me at least and correct me if I'm wrong that you have a higher level of backward integration compared to some of your other -- is that right?
Yes, as we have told earlier, we were the first in India to put up the SMT plant way back in 2002, where at that time nobody was knowing what is LED. So we started with automotive labs in Europe. So that was our beginning, naturally and we put up -- now today, we have the 7 SMT relying machines with us. So we have hedge over our competitors, yes.
So does that kind of result in the form of -- for you because they must be sourcing from outside some of the products where you are backward integrated?
See, for the LED luminaries, clearly, we had a competitive advantage as we went into it. But that is not a segment that we were able to make headway because it was more government sales than consumer. So if you're talking about -- and that is being wound down. Now the competitive advantage of that -- I mean automotive segment is different, right?
So let me answer your question, this is Arvind. I think you are asking that when we advanced on the LED, PCB and SOP lines way ahead in 2002 and means maybe 15 years back, this has really give us advantage in our automotive because we started with automotive. And you know, we are the first who introduced the first LED headlamps in India. And then we -- this is because of our in-house R&D and designing capability in the LED that we got this whole advanced headlamp. And you can refer our presentation, we got this world's smallest LED headlamp with double head for Yamaha, that is for their worldwide model.
So your question that what kind of...
Moreover, we have also that wholly owned company in Italy, where we are doing all this designing work, designing and R&D work, so that is also giving us a good support. And with that, we are definitely much better situation for the customers.
And does this also on the other way around, like, for example, what we saw on the consumer side was that suddenly LED prices crash and whoever had put in capacity got negatively impacted because of that. So would it work in a similar way because you have a higher level of backward integration if prices were to go down dramatically?
No, no basically these 2 sectors segment is totally different because that segment was governed by the government and this segment is governed by the latest technology. So there that technology was not that later because there the cost is very important. Here, you have a different technology, every day the technology is changing. So both are different segments. So we can't compare one is to one.
Sure. And just a follow-up on the answer that you gave, I know you will not be able to disclose the models, but are these models in the mass segment or are they niche models where you have kind of got orders for FY '22?
No, basically, this -- sorry, this we can't disclose at the moment.
[Operator Instructions] We take the next question from the line of Mr. Sahil Sanghvi from Monarch Networth Capital.
So just a very basic question I wanted to understand, like you have guided for the new facility, what could be the turnover, from the existing facilities, what could be the maximum revenue and turnover that we can expect?
Basically, as we told earlier, it is important, it depend on the product mix. As currently with the capacity, we can go to INR 1,000 crores to INR 2,200 crores. So depend on the more LEDs, the more sale will be different.
[Technical Difficulty]
But our order book is very strong and we are very strong. We hope that we will do very well in coming years.
Okay. Sir, you said INR 2,000 crores, right? How much did you say?
No, basically, it depends, product mix is more LED then it can go to INR 2,200 crores.
Okay.
This is all approximately.
Okay. Got it, sir. And sir, would you -- is it possible for you to share the wallet share that we have in our different customers?
Yes, I'm sharing the wallet share in our top 4 customers. SME side, headlamp 40%, tail lamp 76%, winker 85% and RBM we are sole suppliers 100%. Then TVS...
TVS 73% head lamp...
And tail lamp 69%, winker is 82% and RBM is 55%.
Okay.
For Yamaha, this head lamp is 91%, tail lamp is 64%, winker is 5% and RBM is 32%. For Suzuki, head lamp is 80%, tail lamp is 80%, winker is 23% and RBM is 100%.
Got it, sir. Got it. So there is a attempt also made to increase wallet share every other time, I mean on these fronts?
Yes, yes.
Thank you so much. As there are no further questions, I now hand the conference over to the management for their closing comments.
Thank you, everyone for participating in the con call. I hope we have been able to reply all your queries adequately. We are available for any additional questions you may have, thanks and good day.
Thank you. On behalf of Monarch Networth Capital, that concludes this conference. Thank you for joining us and you may now disconnect your lines.
Thank you.