Key Highlights

For FY 19, around 52.6% of total revenue came from Metering which grew by 16% YoY, around 20% of revenue came from switchgear segment which grew by 17% YoY and 18% came from lighting which grew by 15% YoY while around 10% of revenue came from wires and cables segment which declined by 17% YoY. Wiring & Cables business declined on a higher base of FY18 which included specialty cable project orders

Orders for 20M meters worth around Rs 2000 crore are in the pipeline from State and Central government. Also government wants 25 crore of smart meters in next 4-5 yrs which is another huge opportunity for metering going forward.

Around 52% of total sales in FY 19 came from B2B segment (includes Metering Revenues from Utilities and EESL) while rest form B2C segment (includes Non-utility Metering, Switchgear, Lighting and Wires & Cables Segment Revenues).

Order book as on May 19 stands at Rs 575 crore as compared to Rs 450 crore on May 18. Of this, metering order book stands at Rs 554 crore. Enquiry base for Metering tenders are at a healthy level, which provides good visibility and positive outlook for the coming quarters.

11.5% Ebidta margins in FY 19 as compared to 10.6% in FY 18. Lower plastic costs have helped the margins in H2 FY 19. Outlook for the margins remains positive which will be driven by volumes, centralized purchase etc. Expects 11.5% Ebidta margin should remain as savings will be used on brand building exercise.

Advertising & Promotion expense as % of B2C revenues increased to 5.1% in FY19 compared to 2.7% in FY18. The company spent around Rs 30 crore in FY 19 as compared to Rs 15 crore in FY 18 in IPL.

Receivable days stood at 148 days for FY 19 (165 days in FY 18) and inventory days stood at 130 days (149 days in FY 18).

Debt equity of 0.69. Net debt Rs 444 crore as on Mar 19.

Rs 26 crore capex in FY 19 and around Rs 30 crore planned for FY 20.

Expects around 15% net sales growth in FY 20.