gocl corporation limitedgulfoilcorp.com/reportspdf/report57e4d586a4003.pdf · the company...
TRANSCRIPT
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Annual General Meeting22nd September 2016
GOCL Corporation Limited
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With the demerger and transfer of the Lubricants Division to a separate listed company, Gulf Oil Lubricants India Limited, it was necessary to make a change in the name of your Company
On 12th October 2015, Your Company Name was changed to
GOCL Corporation Limited with a new logo
Change in Company’s Name
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Market Capitalisation
- Unlocking Shareholders’ Value
675
1462
500
1000
1500
Market Cap. GOCL
2015
2016
117%
Rs.
in c
rore
s
Market Cap : Rs. 675 crores ( + GOLIL Rs. 2459 cr ) ( as on 23rd Sep 2015 )
Market Cap : Rs. 1462 crores ( + GOLIL Rs. 3495 cr ) ( as on 19th Sep 2016 )
@ Rs.136 @Rs. 484
@ Rs. 295 @Rs. 705
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Investments in GOCL
Date : 25 May 201362
100No of
SharesMarket
Price
Investments 6200
GOCLDate : 19 Sep 2016
295
50No of
SharesMarket
Price
Investments 14750
GOLILDate : 19 Sep 2016
705
50No of
SharesMarket
Price
Investments 35250
Investments Returns20162013
Total Investment Rs. 6,200
% Gain 706 %
Unlocking Shareholders’ Value Price / value are in Rs.
Current value ofInvestment
Rs. 50,000
( Date of announcement of Demerger )
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Promoter of the Company – increased
Shareholdings
Hinduja Power Limited, Mauritius (HPL) acquired the shareholding of the Company from the previous promoter (Gulf Oil International (Mauritius) Inc.) as part of internal restructuring during the earlier year
The promoter continued to reinforce their confidence in the long term prospects of the Company by increasing their shareholding to 69.87% (Previous year 64.94 %)
5
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Debt Free
Your Company’s Long Term obligation is at Rs. 0.46 crore, to be paid over 2 years
Short term loans decreased from Rs. 9.36 crores to Rs. 3.19 crores during the year
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ICRA rating from Stable to Positive
Your Company received improved Credit Ratings as follows :
Long term Rating- Outlook improved from [ICRA] BBB (stable)
to [ICRA] BBB (Positive)
Short term RatingReaffirmed to [ICRA] A3 +
The short Term Rating is to the captioned Line of Credit (LOC)Short term of the company reduced from Rs. 9.36 cr to Rs.3.19 cr
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Overview of
Financial Performance
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Financial Overview
Standalone Consolidated
Turnover : Rs. 108 cr Rs. 537 cr
EBIDTA : Rs. 29 cr Rs. 109 cr
PBT : Rs. 26 cr Rs. 39 cr
PAT : Rs. 18 cr Rs. 27 cr
EPS : Rs. 3.55 Rs. 5.43
26
39
0
10
20
30
40
50
Standalone Consolidated
PBT Rs. In Crore
Figures rounded off for presentation purposes
( Subsidiaries : IDL Explosives Limited, IDL Buildware, HGHL Holdings, Gulf Carosserie )
Year 2015-16
18
27
0
10
20
30
Standalone Consolidated
PAT Rs. In Crore
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Divisionwise Performance
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Energetics
Turnover : Rs. 74 crores ( Rs. 86 crores )( Includes Exports of Rs. 16 crores )
Price decline of 30% - 40% on specific products in the tender-driven domestic market
The Trade Market was sluggish( Sluggish activity in the infrastructure, irrigation and hydelsectors)
Detonator Production increased by 16% over previous year
Innovation, improved processes & products helped maintain contributions
61 58
2516
0
25
50
75
100
2015 2016
Exports Domestic
8674
Turnover
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Energetics ( Contd… )
Focused on value added products such as Raydet, e-DET, Cord Relay and Boosters
The Company along with its subsidiary is servicing the large orders
- Coal India of Rs. 450 crores over 2 years- Singareni Collieries of Rs.152 crores over
2 years
In addition secured orders from large key coal companies in private sector
Raydet
Cord Relay
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Energetics…
Caters to Defence and Space organisationrequirements, maintained a steady growth
New products were developed indigenously during the year as per the specifications provided by the customer
Gearing to provide critical support to Indian Defence and supporting “Make in India” initiative
Made a significant breakthrough in a major missile project of DRDO
Acquired technology from DRDO for several other projects
Special Products Group - SPG
( Major customers )
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Mining & Infrastructure
Turnover : Rs. 20 crores (Rs. 19 crores )
7% growth in demand from the Coal sector
Demand from the metal-mining and limestone sectors continued to be stagnant
Policy announcements from Government and Supreme Court are awaited for receipt of orders from 2 major iron ore mines
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Mining & Infrastructure
Focused in Eastern India with large Corporate for mining contracts
Infrastructure project in Visakhapatnam was completed during the year
Another infrastructure project in Bengaluruis under progress
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IDL Explosives Limited
Wholly Owned subsidiary
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IDL Explosives Ltd – WOS*
The Company manufactures cartridge explosives and bulk explosives
The WOS has 7 plants and 9 Regional / Marketing offices spread across the country
The manufactured products are mostly sold to institutional customers like Coal India and its subsidiaries , Public companies and large private companies
The Company also markets GOCL make Initiating Systems & Devices
* Wholly Owned Subsidiary
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IDL Explosives - WOS
The Subsidiary was in innovation and expansion mode for last few years, and wiped out all its past losses
Several new products and processes have been developed and commercialised
Capacity utilisation has been improved and products have become competitive
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Financial Overview
Rs. In crores
450
10.13 6.62
0
20
40
60
80
100
120
140
160
Turnover PBT PAT
IDL Explosives Limited
400
300
200
100
2015-16
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Outlook for 2016 - 2017
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Indian economy is expected to grow @ 7.5% during the year 2016-17
Infrastructure and automobiles will receive a renewed thrust, whichwould further generate demand for power and steel in the country
Structural reforms like Goods and Service Tax (GST), power sectorreforms , reforms in land acquisition and labour markets will play key rolein further increasing India’s growth potential
Outlook
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The Central Government identified the Mining and Infrastructure sectors as the major focus areas of growth for the next few years
Mining contribution to GDP : 2.3 %
Domestic coal production is expected to remain steady
These factors are expected to boost demand for the products and services of the Company
Outlook ( Contd… )
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Civil Explosives market is growing at around 7-8% per annum
The Indian demand for energetics / explosives products is directlyproportionate to the growth in the country’s coal mining, metalmining and infrastructure sectors
With growth of the Indian economy expected at 7.5% and increaseddemand for steel, power and minerals, demand pattern forexplosives and accessories is expected to grow steadily in coal andmetal sectors
Outlook
Energetics
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1. Value added products like Electronic detonators and Non-Electric detonators and Boosters. Plan to expand business in Trade markets
2. Special Products for Defence & Space- Has several technology transfers from Defence Organisations in the pipeline
- Strategic partnerships to enable larger business in the Defence sector
3. Increased exports
Outlook
Energetics ( Contd… )
Focus Areas :
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The mining scenario in the country is expected to grow at a healthy pace after nearly five years of downtrend due to regulatory issues of Mine Developer & Operator (MDO) mines
The Government is expected to clarify and modify policies relating to mine allocation/leases, regulation of mining activities and mineral exploration
A few actions are already visible but will take time to yield results
Outlook
Mining & Infrastructure
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Division is already quoting / submitting expressions of interest forprojects over the last few months and expect to finalise a few ofsuch projects during the year
Looking forward to opportunities as a Mine Developer andOperator ( MDO )
With the Government focus on Infrastructure, the Division is indiscussions for larger infrastructure projects
Outlook
Mining & Infrastructure ( Contd… )
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Realty Division
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Realty Division
2015-16 Rs. 15.11 crores
2014-15 Rs. 13.48 crores
Figures rounded off for presentation purposes
Segment Revenue
2015-16 Rs. 14.63 crores
2014-15 Rs. 13.27 crores
Segment Profit
13.27
14.63
12.5
13
13.5
14
14.5
15
Segment Result2015 2016
Rs.in crores
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In the “Ecopolis” project, located at Yelahanka, Bengaluru, out of the total built-up area of about 77.31 lakh sq. ft., the construction by the Developer Company ( “HRVL” ) has been completed to the extent of 14.54 lakh sq. ft.
Realty
Bengaluru
Block 3A / 3B& MLCP
Entrance
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This comprises of one Main Building (Block 3) plus a Multi-Level Car Park (MLCP) space
The main trunk road within the site from Express way (NH-7) till Block 3A, 3B & MLCP is completed
Occupation Certificate for Block 3A / 3B and MLCP in the SEZ section received recently. Marketing of lease space is planned for 2016-17
Realty
Bengaluru ( Contd… )
Block 3A / 3B
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Realty
Bengaluru ( Contd… )
Construction has been undertaken for the second Building (Block 2) of 10.06 lakhs sq. ft. comprising of 3 Basements, Ground Floor plus 10 Levels of Office floor
Civil works have been completed for three Basements and up to six floors
Construction work is in full swing
Block 2
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Realty
Bengaluru ( Contd… )
Preconstruction approvals for start of construction work for third building (Block 4) been initiated
The Block 4 will have a built-up area of 6.33 Lakh sq. ft.
Fire – NOC has already been obtained
Building Plans are in the process of submission
Block 4
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The Realty sector in Hyderabad has stabilised
Several residential projects have started mainly in city suburbs
Demand has shown slight improvement
Unabsorbed office space has started moving
Realty
Hyderabad
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The Master Plan has been submitted to Greater Hyderabad MuncipalCorporation ( GHMC ) for obtaining approval
Commercial / IT/ ITES and Residential developments are being planned for the first phase of development
Realty
Hyderabad ( Contd… )
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Realty
Hyderabad ( Contd… )
In the meantime, the Company has received Rs. 27.72 crores outof which Rs. 14.50 crores was received in the current year. Theseamounts are from the Developer for sale of TransferrableDevelopment Rights ( TDR ) to the Developer Company andtowards remission of Impact Fees required to be paid for high-risebuildings
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Properties held by the Company, other than for factory and under development, are :
36
Location Area Estimated Value
Lands
Hyderabad 80 acres Rs. 500 cr
Bhiwandi 88 acres Rs. 610 cr
Visakhapatnam 0.5 acres Rs. 5 cr
Flats
Flats at Mumbai and Bengaluru Rs. 30 cr
Total Rs. 1145 cr
Property Holdings
Note : Valuations are indicative in nature
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37
Strategic Investment in the last quarter of 2012 was through our 100%subsidiary, HGHL Holdings Limited, UK as sweat equity and is free of allobligations. The target company Houghton International Inc., USA hasreported a turnover of $782 million and adjusted EBIDTA of $125million as on 31 Dec 2015
The median multiple of Quaker Chemical Corporation in 2016, theclosest industry peer, is approx. 10.4x
The investment was made when the Company had a LubricantsDivision. With the demerger of the division the Company is seekingways to monetise this investment
Strategic Investment
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In Conclusion
Given the current economic scenario and Governmentinitiatives for further energising the economy, the futurelooks encouraging. We expect positive impact as well asgrowth opportunities in the Mining, Infrastructuresectors of the economy for our 3 Divisions and ourWOS -- IDL Explosives Limited
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Safe Harbor Statement
This document may include predictions, estimates or other information that might be consideredforward-looking. While these forward-looking statements represent current judgment on what thefuture holds, they are subject to risks and uncertainties that could cause actual results to differmaterially. GOCL disclaims any obligation to update / revise or publicly release any revision to theseforward-looking statements in light of new information or future events.
This material was used by GOCL Corporation Limited during an oral presentation; it is not acomplete record of the discussion. No part of this presentation is to be circulated, quoted, orreproduced for any distribution without prior written approval from GOCL Corporation Limited.
Thank you