Segment Analysis

Values In CR
Source AR 16 AR 17 AR 18 AR 19
Segmented Gross Revenue FY 15 FY 16 FY 17 FY 18
FMCG – Cigarettes 31,856 34,063 35,878 24,848
FMCG – Others 9044 9739 10,524 11339
Hotels 1,241 1,345 1,400 1,480
Agri Business 5,566 4,257 5,314 4,474
Paperboards, Paper and Packaging 3,558 3,753 3,733 3,695
Others 1,494 1,534 1,440 1,525
Segment Total 52,759 54,691 58,288 47,363
Excise Duty 14,326 15,623 15,928 4,240
Other Operating Revenue

Segmented Net Revenue FY 15 FY 16 FY 17 FY 18

Net FMCG cigrattes (Excise Duty Excluded) 17,530 18,440 19,950 20,608
FMCG – Others 9044 9739 10,524 11339
Hotels 1,241 1,345 1,400 1,480
Agri Business 5,566 4,257 5,314 4,474
Paperboards, Paper and Packaging 3,558 3,753 3,733 3,695
Others 1,494 1,534 1,440 1,525
Segment Total 38,433 39,068 42,360 43,123

Hotels busines having cagr of 9%

talking abot cigrattes it is contributing maximum to the revenue but contribution is decreasing
and fmcg others is the real growth driver with cagr of 9%

EBIT FY 15 FY 16 FY 17 FY 18
FMCG – Cigarettes 11,637 12,348 13,204 14,128
FMCG – Others 31 57 26 171
restructuring lifestyle - - - -
Hotels 52 61 117 145
Agri Business 904 934 926 841
Paperboards, Paper 921 908 966 1,042
Others 232 166 103 127
Segment Total 13,778 14,474 15,342 16,454

Segment Assets FY 15 FY 16 FY 17 FY 18
FMCG - Cigarettes 8,647 8,531 8,574 8,508
FMCG - Others 4,922 6,238 7,258 7,760
Hotels [Refer Note 10( 5,226 5,470 5,850 6,565
Agri Business 2,879 3,231 3,256 3,693
Paperboards, Paper 5,920 6,020 6,314 6,731
Others 855 810 772 901
Segment Total 28,449 30,301 32,022 34,158

Segment Liabilities FY 15 FY 16 FY 17 FY 18
FMCG - Cigarettes 2,301 2,755 2,561 4,756
FMCG - Others 871 1,187 1,412 1,909
Hotels 370 364 447 619
Agri Business 602 519 724 808
Paperboards, Paper 496 510 624 787
Others 223 219 210 230
Segment Total 4,863 5,554 5,977 9,109

Segment CAPEX FY 15 FY 16 FY 17 FY 18
FMCG - Cigarettes 614 256 262 96
FMCG - Others 719 815 1,157 836
Hotels 985 384 472 919
Agri Business 214 130 161 93
Paperboards, 154 350 561 910
Others 93 28 10 16
Segment Total 2,779 1,963 2,624 2,870

Segment Equity (Net Assets) FY 15 FY 16 FY 17 FY 18

FMCG - Cigarettes 6,346 5,777 6,013 3,752
FMCG - Others 4,051 5,051 5,846 5,851
Hotels 4,856 5,106 5,403 5,945
Agri Business 2,277 2,712 2,532 2,886
Paperboards, 5,424 5,510 5,690 5,944
Others 632 591 562 671
Segment Total 23,587 24,747 26,046 25,049

Pre Tax ROCE (Assuming No debt) FY 15 FY 16 FY 17 FY 18

FMCG - Cigarettes 183.4% 203.7% 224.0% 289.4%
FMCG - Others 0.8% 1.3% 0.5% 2.9%
Hotels 1.1% 1.2% 2.2% 2.6%
Agri Business 39.7% 37.4% 35.3% 31.1%
Paperboards, 17.0% 16.6% 17.2% 17.9%
Others 36.6% 27.2% 17.8% 20.6%
Segement Total 58.4% 59.9% 60.4% 64.4%
AR 20 AR 20
FY 19 FY 20 CAGR
22,913 23,679 -6%
12517 12844
1,728 1,912 4%
6,075 5,913 7%
4,230 4,499 9%
1,884 2,122 1%
49,348 50,969 5%
1,509 1,989 7%

Contribution Analysis
FY 19 FY 20 CAGR FY 15 FY 16 FY 17 FY 18
21,404 21,690 4.4% 46% 47% 47% 48%
12517 12844 7.3% 24% 25% 25% 26%
1,728 1,912 9.0% 3% 3% 3% 3%
6,075 5,913 1.2% 14% 11% 13% 10%
4,230 4,499 4.8% 9% 10% 9% 9%
1,884 2,122 7.3% 4% 4% 3% 4%
47,839 48,980 5% 100% 100% 100% 100%

Looking at cagr and contribution we come to a conclusion that FMCG other contributi

FY 19 FY 20 CAGR 2015 2016 2017 2018

15,412 15,838 6.4% 84.5% 85.3% 86.1% 85.9%
326 425 68.6% 0.2% 0.4% 0.2% 1.0%
70 - 0.0% 0.0% 0.0% 0.0%
186 154 24.0% 0.4% 0.4% 0.8% 0.9%
793 830 -1.7% 6.6% 6.5% 6.0% 5.1%
1,239 1,305 7.2% 6.7% 6.3% 6.3% 6.3%
172 291 4.7% 1.7% 1.1% 0.7% 0.8%
18,199 18,843 6% 100.0% 100.0% 100.0% 100.0%

FY 19 FY 20 CAGR FY 15 FY 16 FY 17 FY 18
8,864 7,484 -3% 30% 28% 27% 25%
8,225 8,810 12% 17% 21% 23% 23%
7,302 7,563 8% 18% 18% 18% 19%
4,191 4,334 9% 10% 11% 10% 11%
6,961 6,817 3% 21% 20% 20% 20%
902 1,602 13% 3% 3% 2% 3%
36,444 36,609 5% 100% 100% 100% 100%

FY 19 FY 20 CAGR FY 15 FY 16 FY 17 FY 18
 4,889 4,149 16% 47% 50% 43% 52%
2,021 2,123 18% 18% 21% 24% 21%
637 830 12% 8% 7% 7% 7%
785 972 5% 12% 9% 12% 9%
755 764 9% 10% 9% 10% 9%
296 376 6% 5% 4% 4% 3%
9,384 9,214 14% 100% 100% 100% 100%

FY 19 FY 20 Total Contribution FY 15 FY 16 FY 17 FY 18
171 139 1,539 10% 22% 13% 10% 3%
1,325 860 5,711 37% 26% 41% 44% 29%
936 857 4,554 30% 35% 20% 18% 32%
54 58 710 5% 8% 7% 6% 3%
259 248 2,481 16% 6% 18% 21% 32%
22 143 313 2% 3% 1% 0% 1%
2,768 2,305 15,308 100% 100% 100% 100% 100%

FY 19 FY 20
3,975 3,335
6,204 6,687
6,665 6,733
3,406 3,361
6,205 6,053
605 1,226
27,060 27,395

FY 19 FY 20
398.9% 433.3% Highest ROCE
5.4% 6.6% Low Conclusion
2.9% 2.3% Lowest This results in conclusion that Capital allocation is not great as capex is done in segm
25.2% 24.5% Decent Putting money in hotels is even poor as no roce also which is taking 30% of capex
20.4% 21.3% Decent When it come to fmcg other , it has helped the overall busniess to grw and margins
27.0% 31.8% Decent mgmt is growth hungry….compromising on ROCE
69.8% 69.2% Overall Roce has increased but the segments where capex is done more like FMCG-o
 FY 19 FY 20
45% 44%
26% 26%
4% 4%
13% 12%
9% 9%
4% 4%
100% 100%

lusion that FMCG other contributing 26% to the total revenue and also having cagr of 9% is The GROWTH DRIVER

EBIT MARGIN
2019 2020 2015 2016 2017 2018 2019 2020
84.7% 84.1% 66.4% 67.0% 66.2% 68.6% 72.0% 73.0%
1.8% 2.3% 0.3% 0.6% 0.2% 1.5% 2.6% 3.3%
0.4% 0.0%
1.0% 0.8% 4.2% 4.5% 8.4% 9.8% 10.7% 8.1%
4.4% 4.4% 16.2% 21.9% 17.4% 18.8% 13.1% 14.0%
6.8% 6.9% 25.9% 24.2% 25.9% 28.2% 29.3% 29.0%
0.9% 1.5% 15.5% 10.8% 7.1% 8.3% 9.2% 13.7%
100.0% 100.0% 35.8% 37.0% 36.2% 38.2% 38.0% 38.5%

FY 19 FY 20
24% 20%
23% 24%
20% 21%
12% 12%
19% 19%
2% 4%
100% 100%

FY 19 FY 20
 52% 45%
22% 23%
7% 9%
8% 11%
8% 8%
3% 4%
100% 100%

FY 19 FY 20
6% 6%
48% 37%
34% 37%
2% 3%
9% 11%
1% 6%
100% 100%

Conclusion
not great as capex is done in segments generating low roce's (hotels,fmcg_others
o which is taking 30% of capex
rall busniess to grw and margins have been in improving trend

e capex is done more like FMCG-others and Hotels with lowest ROCE
Product Level Revenue Extraction exercise
In Crores 100

FY 15 FY 16 FY 17 FY 18 FY 19 FY 20
ATBS/NATBS 350 268 279 377 638 589
Growth (Y-o-Y) -23% 4% 35% 69% -8%
IBB 232 178 160 161 207 162
Growth (Y-o-Y) -23% -10% 0% 29% -22%
Revenue From Core Products 582 446 439 538 845 748
Net Total Revenue 772 631 641 729 1,108 1,011

Contributon to total Revenue % FY 15 FY 16 FY 17 FY 18 FY 19 FY 20

ATBS/NATBS 45% 42% 44% 52% 58% 58%
IBB 30% 28% 25% 22% 19% 16%
Total Contribution 76 77 66 74 75 74

806
886.6

401
364.545455

365
553.030303

64
100
 ar 16

FY 21 FY 22 FY 23
377 806 886.6
-36% 123% 10% -36%
122 210 401
-24% -34% 110%
499 1,016 1,288
942 1,613 2,077

FY 21 FY 22 FY 23
40% 50% 43%
13% 13% 19% AR 19
63 63 62

100
110

110 concal 2019

100

66
100

377 care oct 9 2023

589.0625

6-Oct-22

oct 1 2021