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SALUJA Date: 2024.02.14

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Isgec
Heavy Engineering Ltd.
Investor Presentation
Q3 & 9M FY24
Safe Harbour
This Presentation and the accompanying slides (the “Presentation”), which have been prepared by Isgec Heavy Engineering Limited (the
“Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to
purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding
commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document
containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the
Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy,
completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not
contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from this
Presentation is expressly excluded.

This Presentation contains certain forward-looking statements concerning the Company’s future business prospects and business
profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such
forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties
regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India
and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our
international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy.
The Company does not undertake to make any announcement in case any of these forward-looking statements become materially
incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.

2
Table of Contents
 Company Overview

 Q3 & 9M FY24 Performance

Highlights

 Order Book Position

 Annual Performance Highlights

 Annexures
Company
Overview
 Isgec at Glance

Diversified Company Distinguished Board and

(Manufacturing, EPC and Management Team
Sugar & Ethanol)
Technology Partnerships with
Serving Marquee Clients
Leading Global Companies

Robust Order Book & Strong

Global Reach with Credit Profile
equipment supply in 91 (AA Stable and A1+ by ICRA)
Countries

90 Years and Going Strong 5

 90 Years & Going Strong

Incorporated in 1933 as a Sugar Manufacturing Company. Transformed into a Diversified Heavy Engineering Company with 84% Consolidated Revenues*
coming from Engineering Products and Projects

1933 2023
Company (erstwhile Saraswati Company turnover crosses
Sugar Syndicate Ltd.) was INR 60,000 mn.
incorporated. 1946 2021
Indian Sugar & General Engineering Company shares got listed on National
Corporation (Isgec Heavy Engineering Limited) Stock Exchange.
1963 established to address the needs of the Indian 2020 Commissioning of Ethanol Plant at
The Saraswati Sugar Capital Goods Industry. Company turnover crosses Saraswati Sugar Mills, Yamunanagar.
amalgamated with Isgec INR 50,000 mn.
1965 2018
Isgec John Thompson Ltd. (IJT) is Company acquired 100% stake in
formed for designing, supplying, Eagle Press & Equipment Co. Ltd.,
1967 erecting and providing after sales 2016 a Press manufacturing company in
service of Boilers. Canada.
Presses Division formed. JV with Redecam, Italy (51% share with Isgec)

2015
1973 JV with Sumitomo SHI FW Energia, Oy,
Isgec John Thomson Ltd. (IJT) Finland (51% share with Isgec) and TITAN
amalgamated with Isgec 2012 Metal Fabricators, USA (51% share with
Isgec)
JV with Hitachi Zosen Corporation, Japan for
2007 manufacturing specialized and critical process
Design office starts at equipment (51% share with Isgec). Company 2010
Chennai turnover crosses INR 30,000 mn. Design office starts at Pune
2008
New plant at Dahej, Gujarat set up to manufacture
2009
heavier and bigger Process Plant Equipment for New factory for Standard Presses is set up at
the overseas market. Bawal, near Gurgaon (Haryana) India.
Company Turnover crosses INR 20,000 mn.
*FY23 Consolidated Revenue 6
 Diversified Business Model

Process Equipment Sugar Plants &

Distilleries

Air Pollution Control

Iron & Steel Castings Equipment & Projects

Industrial Boilers
Boiler Tubes & Panels
Manufacturing EPC

34% Power Projects

50%
Revenue* Revenue*
Presses Bulk Material handling
Equipment & Projects

Civil Construction including

Contract Manufacturing Factories

Liquified Gas Containers Industrial Wastewater

Treatment Projects

*FY23 Consolidated Revenue

Sugar and Ethanol contributed 16% to Consolidated Revenue in FY23 7
Serving Marquee Clientele across Sectors

8
 Manufacturing Facilities ensuring Pan-India Presence

EPC Offices Manufacturing Facilities

Yamunanagar, Pressure Vessels & Heat
Haryana Exchangers, Presses, Boilers,
Noida, Containers, Castings, Sugar &
Uttar Pradesh Other Industrial Machinery
Rattangarh, Boiler Components, Headers,
Haryana Reactors, Piping
Pune, Bawal, Mechanical Presses and other
Maharashtra Haryana Industrial Machinery
Saraswati Sugar Sugar Mill & Ethanol Distillery
Mills Ltd.,
Yamunanagar,
Haryana

Chennai, Muzaffarnagar, Steel Castings

Uttar Pradesh
Tamil Nadu
Isgec Hitachi Zosen Pressure Vessels, Columns, Heat
Ltd., Dahej, Exchangers, Reactors
Gujarat

Eagle Press & Equipment Co. Ltd., Cavite Biofuel Producers Inc. (CBPI),
Overseas Facilities
Windsor, Canada Philippines
9
 Revenue Diversification across Geographies

Equipements supplied in 91 countries across 6 continents

100%

10% 9%
90%

22% 18% 17%

80%

70%

60%

50%

90% 91%
40%

78% 82% 83%

30%

20%

10%

0%

FY20 FY21 FY22 FY23 9MFY24

Domestic International

International Sales contributed ~9% Revenue in 9MFY24 and ~12% of the Total Order Book as on 31st December 2023

*Consolidated Revenue 10
 Strategic Technology Partnerships

Amec Foster Wheeler, USA NEM Energy B.V., CB&I Technology Inc., Babcock Power Thermal Engineering Fuel Tech Inc.,
(now with Wood Group, UK) Netherlands USA Environmental Inc., International (TEi), USA
USA USA

AP&T, Sumitomo SHI FW BHI FW Corporation,

Sweden Energia Oy, South Korea
Finland

11
Distinguished Board of Directors

Mr. Ranjit Puri Mr. Aditya Puri

Chairman
Education:
B.Sc. Industrial Management from MIT, USA.
Experience:
Over 60 years of rich and versatile experience in the
company. Guiding the Company and its Executive
Management for the past many decades. Has played a
pivotal role in the development of the sugar industry in
India, both as a manufacturer of sugar, as well as a
manufacturer of sugar plants & machinery. On the Board of
other group companies
Managing Director
Education:
B.A. (Hons.) from St. Stephen’s College, India, and M.A.
Economics from Cambridge University, U.K.
Experience:
Over 30 years of experience with the company. Joined the
company as Controller of Finance and has worked his way up
to be the Managing Director. On the Board of other group
companies

Mr. Kishore Chatnani Mr. Sanjay Gulati

Whole-time Director and Whole-time Director and
Chief Financial Officer Head – Manufacturing Units
Education:
Education: B.E (with specialization in Industrial Production Engineering)
B.E (with specialization in Industrial Production Engineering) from SGSITS, Indore, India
from University of Nagpur, India and MBA (with specialization
in Finance), from IMS, Indore University, India Experience:
Over 30 years of experience in marketing, exports,
Experience: manufacturing, projects and planning, HR & administration,
Over 30 years of experience in finance, operations, treasury, greenfield projects, joint ventures, and team leadership. Is
investment management, M&A. With the Company since also the Managing Director of Isgec Hitachi Zosen Ltd., a JV
1998 company

12
Distinguished Board of Directors

Mr. Vishal Kirti Keshav Marwaha Mr. Sidharth Prasad

Independent Director Independent Director
Education: Education:
C.A and B.Com (Honours) from the University of Delhi, India B.Com from Lucknow University, and an Executive MBA from
IIM, Lucknow
Experience: Experience:
Over 25 years of experience, especially in Private equity and Over 40 years of experience as an Industrialist, running Sugar
Investment Banking Plants and Hospitality businesses. Is also on the Board of
various other companies

Mr. Arvind Sagar Mrs. Rashi Sikka

Independent Director Independent Director

Education:
B.Tech. in Mechanical Engineering from IIT (Banaras Hindu
University), Varanasi, and PGDBM in Operations & Marketing
from XLRI Jamshedpur
Experience:
Over 30 years of experience in process excellence, change
management, business consulting, program management &
operations, and supply chain management
Education:
PGD in Management (Finance) from IIM, Kolkata, and B.Com
(Hons.) from Delhi University
Experience:
Over 5 years of work experience in Banking and Credit Rating.
Expertise in financial management, financial investments,
financial control, taxation, and HR development

13
Performance
Highlights
Q3 & 9M FY24
 9MFY24 Snapshot

0.2% 62.7%
Revenue Growth YoY PAT Growth YoY

28.7% 3.8%
EBITDA Growth YoY Key Financials Segmental EPC
Revenue Growth YoY

4.6% 25.1%
Manufacturing Sugar & Ethanol
Revenue Growth YoY Revenue Growth YoY

*Consolidated Financials 15
 Key Financial Highlights – Q3 & 9M FY24 (in Rs. Mn)

Revenue EBITDA & EBITDA Margin (%) PAT & PAT Margin (%)
2,500
2,000

8.1% 8.3% 8.3% 9.3% 8.6% 1,800

4.1% 4.5% 3.8% 4.3% 4.5%
2,000
1,600

1,400

1,500 1,200

1,000

20,484
1,000 800

15,980 14,767 14,978 1,700

13,988 600

1,287 1,371 1,287

500
1,166 400
932
659 637 666
200
525
0 0

Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24
2,800

6.8% 8.8% 2.6% 4.2%

2,300

4,000

1,800
3,500

3,000

1,300

43,633 43,733
2,500

3,824
2,000

1,828
800

1,500

2,972
1,000

1,124
300

500

9MFY23 9MFY24 9MFY23 9MFY24

0 -200

9MFY23 9MFY24
*Consolidated Financials 16
 Segmental Highlights – Q3 & 9M FY24 (in Rs. Mn) Revenue & EBIT Margin (%)

Manufacturing EPC Sugar & Ethanol (Excludes Ethanol Plant

under construction)
8,000

5.1% 8.1% 9.9% 11.9% 9.2% 4.4% 3.8% 4.0% 4.0% 3.6% 7.5% 14.1% 12.3% 14.8% 8.2%
7,000

12,000

12,000

6,000

10,000

10,000

5,000

8,000

8,000

4,000

6,000

6,000
3,000

10,884
4,000
8,352 8,465
4,000

8,154 7,733 8,012 2,000

3,797
5,575 5,588 5,649
2,000

3,981 2,000
1,000

2,040 2,431 2,271 2,132

0 0 0

Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24

6.3% 10.4% 4.6% 3.9% 8.1% 11.8%

30,000 0.2

0.18

25,000

0.16

10,000

0.14

16,000 0.15

20,000

9,000

14,000 0.13 0.12

8,000

12,000 0.11

9,126
7,000
15,000 0.1

10,000 0.09
23,313 6,000

24,210 0.08

5,000

8,000 0.07
10,000

0.06
4,000

6,000 0.05

6,833
4,000
14,555 15,218 0.03
5,000
0.04
3,000

2,000

0.02

2,000 0.01
1,000

- -0.01 - 0

9MFY23 9MFY24 9MFY23 9MFY24 9MFY23 9MFY24

*Consolidated Financials 17
Order Book
Position
 Robust Order Book (Consolidated)

Orders Booked during the Quarter (in Rs. Mn) Order Book as at end of Quarter/Financial
Year (in Rs. Mn)

83,210 85,840
69,350 73,220
24,820 67,650

13,880 15,450
13,650
11,520

Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 FY20 FY21 FY22 FY23 9MFY24

19
 Order Book Composition (Consolidated)

Sector wise Geography wise Segment wise

12%

34% 29%

71%
66%

88%

PSU & Government Private International Domestic Projects Manufacturing

Order Book Rs. 85,840 Mn (as on 31ST December 2023)

20
 Diversified across Sectors

Consolidated Order Book Rs. 85,840 Mn *

Railways Power Fertilizer Cement Mines Ports Oil & Gas Steel

Chemical Space Automobile Defence Sugar Distillery Paper Water Treatment

Composition by Industry

28% 17% 13% 14% 16% 6% 6%

Refineries Power Steel, Sugar Chemicals, Automobile Others
Cement & Petrochemicals
Aluminium & Fertilizers

Comfortably placed to counter the Cyclicality of any specific industry

* as on 31st December 2023
21
Annual
Performance
Highlights
 Key Financial Highlights – Annual (in Rs. Mn)

Revenue EBITDA & EBITDA Margin (%) PAT & PAT Margin (%)

6.0% 9.3% 5.9% 7.3% 2.5% 4.6% 2.1% 3.2%

64,117
59,142
54,773 55,126
5,067 4,673
3,567 3,246 2,531
2,055
1,491
1,150

FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23

*Consolidated Financials 23
 Segmental Highlights – Annual (in Rs. Mn) Revenue & EBIT Margin (%)

Manufacturing EPC Sugar & Ethanol

25000

35000 0.15

50000

0.14

5.2% 10.5% 6.9% 6.9% 3.9% 5.0% 2.9% 4.4% 0.14

8.3% 13.1% 9.2% 9.2%

45000

0.13

30000

20000 0.12

40000 0.12

0.11

25000

35000

0.1

0.1

0.09

15000

30000

20000

0.08

0.08

0.07 25000

39,290 34,577 34,012 33,919

15000

10000 0.06
20000 0.06

0.05

22,907 15000

10000

0.04
0.04

16,126 15,628 16,982 0.03

10000 11,166
5000

5000 0.02
7,856 7,292 0.02

5,844
0.01

5000

0 0

0 -0.01

0 0

FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23

*Consolidated Financials 24
Annexures
 Corporate Structure (Subsidiaries & Joint Ventures)

Cavite Biofuel Isgec Titan JV with Titan Metal

Bioethanol Plant under
Producers Inc., Metal Fabricators, USA
construction in the
Philippines * Fabricators to manufacture corrosion
Philippines
Pvt. Ltd., India resistant Process
Equipment
JV with Hitachi Zosen
Isgec Hitachi Corp., Japan
Zosen Ltd., to manufacture
India specialized & critical
Process Equipment
With cane crushing JV with Amec Foster
Saraswati
capacity of ~ 10000 TCD, 90% 51% Isgec SFW Wheeler (now Sumitomo
having highest sugar Boilers Pvt. SHI FW Energia, Oy,
Sugar Mills
recovery in Punjab and Ltd., India Finland) to engineer their
Ltd., India
Haryana for the past 10 Global Boiler Projects
years, Recently added
100 KLPD Ethanol unit Isgec Redecam
JV with Redecam, Italy to
Enviro
manufacture, test, &
Eagle Press & JV with Hitachi Zosen Solutions Pvt.
commission of Bag Filters
Equipment Co. Corp., Japan Ltd., India
Ltd., Canada to manufacture 100%
specialized & critical
Process Equipment

*Stepdown Subsidiary of Isgec Investments Pte. Ltd. 26

 Shareholders Information

Shareholding structure – 31st December 2023 Shareholder Information as on 31st December 2023
BSE Ticker 533033
25.31% NSE Symbol ISGEC

Market Cap (in Rs. Mn) 72,161.9

% Free- float 37.6%

0.70%
62.43% Free Float Market Cap (in Rs. Mn) 27,111.2
3.53%
Shares Outstanding (Mn) 73.5

8.03% 3M ADTV (Shares) 1,62,343

3M ADTV (in Rs. Mn) 139.1

Promoter Mutual Fund FPIs AIF/FI/Banks/Insurance Companies Others

Industry Industrial Machinery

27
 Isgec as a good Corporate Citizen has been addressing ESG topics since a long time

Transitioning to a comparatively clean fuel Utmost importance to the health and safety for
(shift from Diesel to RLNG) at our factories everyone working at the site or factory

Over the years, increased the mix of Ensuring no human rights get violated
renewable energy in total capacity across operations

Significantly decreased the water Regular trainings on skill upgradation and

consumption other aspects

Managing the water waste efficiently Formulating policies on all good

through STP cum ETP governance aspects

Promoting circular economy by Appropriate systems and processes in

reusing scrap and minimising the amount place to address grievance of all
of waste stakeholders

28
 Thank You
Isgec Heavy Engineering Limited, INDIA
chatnani@Isgec.com | www.isgec.com

Registered Office
Radaur Road, Yamunanagar - 135001, Haryana,
India CIN No.: L23423HR1933PLC000097

For more information contact:

Ernst & Young LLP

Rohit Anand I Riddhant Kapur
rohit.anand4@in.ey.com I riddhant.kapur@in.ey.com