Aditya Birla Nuvo Ltd

BSE: 500303 | NSE: ABIRLANUVO | ISIN: INE069A01017 
Market Cap: [Rs.Cr.] 22,818.77 | Face Value: [Rs.] 10
Industry: Textiles - Manmade

Management Discussions
MANAGEMENT DISCUSSION AND ANALYSIS

Indian economy: GDP growth slows down

During fiscal 2013-14, the Indian economy witnessed many challenges, mainly by way ofpersistently high inflation and high interest rates, which led to slow down in consumptionand investment demand. The steep depreciation of the Indian Rupee added to the problem.Having grown at high single digit over the past few years, India’s GDP growth slowedin CY2013 to a decade’s low of 4.4%.

The Reserve Bank of India hiked the repo rate by 75 bps over the past 8 months tocontain the persistently high inflation. WPI inflation moderated to 5.2% in April 2014.However, CPI inflation remained high at 8.6%.

During the year, the Government of India and the Reserve Bank of India have takensubstantive measures to narrow the external and fiscal imbalances, tighten monetarypolicy, move forward on structural reforms and address market volatility. The currentaccount deficit has been lowered, following a pick-up in exports in recent months andmeasures to curb gold imports.

Going forward, India’s GDP growth is expected to improve to 5.4% in CY 2014(Source: International Monetary Fund). A stable government, strong global growth,improving export competitiveness and implementation of recently approved investmentprojects are expected to be the key contributing factors.

Aditya Birla Nuvo Ltd.: A USD 4 conglomerate

It has been more than a decade since Aditya Birla Nuvo Ltd. (‘ABNL’ or‘the Company’) commenced its transformational journey from a small manufacturingcompany to what is now a USD 4 billion premium conglomerate. With its presence across theFinancial Services, Fashion & Lifestyle, Telecom and Manufacturing businesses,ABNL’s portfolio is truly a mirror image of Indian economy. Most of the businesses ofABNL are leaders in their respective sectors.

In fiscal 2013-14, the Company made significant strides in the following key focusareas:

• Fortifying leadership position across the businesses,

• Exiting from sub scale businesses to ensure greater focus on other businesses,

• Strengthening of the balance sheet.

Fortifying leadership position across the businesses

In line with the Aditya Birla Group’s philosophy of attaining a leadershipposition in the sectors in which it operates, the Company has strengthened its leadershipposition across most of its businesses. The business wise highlights are as follows :

• Aditya Birla Financial Services

• Ranks among the top 5 fund managers in India, excluding LIC.

• Funds under management at USD 20.4 billion (Rs. 122,362 Crore), grew year-on-year by 14%.

• Lending book in the NBFC business reached USD 2 billion (Rs. 11,550 Crore) mark– registering a 44% year on year growth.

• Reported revenue at USD 1.1 billion (Rs. 6,640 Crore) and Earnings before Tax atUSD 124 million (Rs. 745 Crore).

• Generated return on average capital employed of 25% per annum.

• Trusted by about 5 million customers, ABFS has a strong nation-wide presencethrough about 1,500 branches / points of presence and around 130,000 agents / channelpartners.

• Fashion & Lifestyle (Madura, Pantaloons and Jaya Shree)

• ABNL’s Fashion & Lifestyle business is the largest branded apparelplayer in India selling two branded apparels every second.

• Reported revenue at USD 1 billion (Rs. 6,048 Crore) and EBITDA at about USD 100million (Rs. 573 Crore).

• Launched new stores at the run rate of one store per day.

• The nation-wide reach of Madura, Pantaloons and Jaya Shree, combined together,stands expanded to 1,750 exclusive brand outlets / stores spanning across 4.3 millionsquare feet.

• Generated return on average operating capital employed of 28% per annum drivenby strong earnings and working capital management.

Note : USD 1 = Rs. 60; 1 billion = 100 Crore

Note : The financials in the Management Discussion and Analysis have been rounded offto the nearest Rs. 1 Crore.

• Telecom (Idea Cellular)

• Idea has been the biggest revenue market share gainer in India over the past 5years.

• Idea is the seventh largest mobile telecommunications company in the world(based on operations in a single country) in terms of the number of subscribers

(Source : WCIS, December 2013).

• It ranks 3rd in India in terms of revenue market share which grewfrom 15.7% to 16.6%1 in past one year.

• Serving a large customer base of 135.8 million subscribers as on 31stMarch 2014.

• Idea is a USD 8 billion company by market cap (Rs. 48,038 Crore as on 26th June2014) and USD 4.4 billion (Rs. 26,432 Crore for 2013-14) company by revenue size.

• Idea is generating strong cash profit, is distributing dividends and has a soundbalance sheet to support its growth plans.

• ROACE grew from 10% per annum to 12% per annum.

• Manufacturing (Agri, Rayon and Insulators):

• Generated combined revenue of USD 615 million (Rs. 3,678 Crore) and EBITDA ofUSD 64 million (Rs. 383 Crore).

• Earnings in the Agri business were impacted by the discontinuance oftrading in imported P&K fertilisers and a 41 day shutdown of the Urea plant for annualturnaround. The urea plant resumed full operations on 8th April 2014. In fiscal2014-15, the business will benefit from higher fixed cost reimbursement, as per theGovernment policy, and from energy savings initiatives.

• The Rayon business recorded its highest ever earnings led by expandedcapacity and improved VFY and ECU realisations. The new superfine unit attained fullcapacity utilisation in the last quarter of fiscal 2013-14. The complete benefit of thenew capacity will accrue in fiscal 2014-15.

• Driven by increased volumes, higher realisation and enhanced yield, the Insulatorsbusiness posted improved earnings.

Exit from sub scale businesses to ensure greater focus on other businesses

• Considering the sector dynamics, and in order to ensure greater focus on otherbusinesses, your Company has divested the Carbon Black business with effect from 1stApril 2013 and the IT-ITeS business with effect from 9th May 2014 at theEnterprise Value of approx. USD 240 million and USD 260 million respectively subject toworking capital adjustments.

• The divestment proceeds have and will support the balance sheet and the growthplans of ABNL.

Strengthening of the balance sheet

• The standalone balance sheet supported an investment and capex outlay of aboutRs. 2,500 Crore in 2013-14, yet achieved a reduction in net debt by Rs. 434 Crore. Thedivestment of the Carbon Black business and the equity infusion by promoters strengthenedthe Company’s balance sheet. Dividend income / buy back proceeds of about Rs. 320Crore received from Birla Sun Life Insurance and Idea cellular coupled with the release ofnet working capital mainly in the Agri business also contributed.

• Standalone Net Debt to EBITDA improved year-on-year from 3.3 times to 2.6 timesand Net Debt to Equity from 0.53 times to 0.39 times.

• Proceeds from the divestment of IT-ITeS business will further support the growthplans of the Company.

Robust earnings growth

Even under the testing macro-economic environment, ABNL has posted strong earningsgrowth, despite earnings pressure in some of its businesses. This reflects the strength ofits conglomerate model.

• Posted consolidated revenue of Rs. 25,893 Crore.

• Attained highest ever consolidated EBITDA at Rs. 4,937 Crore – growing yearon year by 19%.

• Consolidated Net Profit at Rs. 1,143 Crore grew by 8% over the previous year.Before one-off items, net profit rose by 16% to Rs. 1,226 Crore.

Note1: Based on gross revenue for UAS & Mobile licenses, for January-March 2014quarter, as released by Telecom Regulatory Authority of India ("TRAI")

Consolidated Profit and Loss Account

(Rs. Crore)

2012-13 2013-14
Revenue 25,490 25,893
EBITDA 4,142 4,937
Less: Depreciation and Amortisation 1,295 1,609
Earnings Before Interest and Tax (EBIT) 2,847 3,328
Less: Finance Costs related to NBFC 456 742
Less: Other Finance Costs 865 820
Earnings Before Tax and Exceptional Items 1,526 1,767
Add: Exceptional Gain/(Loss)1 5
Earnings Before Tax 1,526 1,772
Less: Tax Expenses 342 550
Less: Minority Interest and Share of (Profit)/Loss of associates 125 79
Consolidated Net Profit 1,059 1,143
Consolidated Net Profit (before exceptional items and one-time CCDs interest charge) 1,059 1,226

Note1 : Exceptional items represent loss of Rs. 19 Crore on impairmentof goodwill relating to investments in the broking and the wealth management businessesand gain of Rs. 24 Crore on slump sale of the Carbon Black business.

The financial results are not strictly comparable with the previous year on account ofthe slump sale of the Carbon Black business with effect from 1st April 2013 andconsolidation of the Pantaloons business with effect from 1st July 2012.

Consolidated revenue at Rs. 25,893 Crore grew year-on-year by 2%. Ex-Carbon Black,which was divested w.e.f. 1st April 2013, revenue grew by 10%.

• The private sector’s total new business premium de-grew by 5%. Given theadverse macro-economic environment and product transition to meet regulatory guidelines,sales growth was impacted across the industry. BSLI’s revenue de-grew by 7% to Rs.4,702 Crore.

• Revenue of other financial services surged by 55% to Rs. 1,948 Crore led by theNBFC business. The revenue of NBFC business grew by 68% to Rs. 1,203 Crore in line withgrowth in its lending book.

• The combined revenue of the Fashion & Lifestyle business soared by 23% toRs. 6,048 Crore led by Madura Fashion & Lifestyle. Driven by stores expansion andlike-to-like stores sales growth, Madura’s revenue rose by 28% to

Rs. 3,226 Crore. Pantaloons Fashion & Retail Ltd. reported revenue at Rs. 1,661Crore. The revenue of Jaya Shree Textiles grew by 14% to Rs. 1,300 Crore driven byexpansion led volume growth and higher realisation in the linen segment.

• In the Telecom business, a strong 11% growth in total minutes on network and a7% rise in average realisation per minute led to an 18% growth in the top-line at Rs.26,432 Crore (ABNL’s share : Rs. 6,669 Crore).

• The IT-ITeS business posted 18% revenue growth driven by both existing and newclients and favourable currency movement.

• The combined revenue of the manufacturing businesses (Agri, Rayon &Insulators) de-grew by 11% to Rs. 3,678 Crore mainly due to the discontinuance of tradingin imported P&K fertilisers and a 41 day shutdown of the Urea plant for annualturnaround.

Consolidated EBITDA rose by 19% from Rs. 4,142 Crore to Rs. 4,937 Crore. TheFashion & Lifestyle and Telecom businesses were the largest contributors postingEBITDA growth of 23% and 41% respectively.

Consolidated depreciation grew by 24% to Rs. 1,609 Crore largely in the Telecombusiness on account of network expansion and in the Pantaloons business on account ofstores expansion and refurbishments.

Consolidated Revenue - Segmental

(Rs. Crore)

2012-13 2013-14
Financial Services 6,283 6,640
Life Insurance 5,037 4,702
Other Financial Services1 1,258 1,948
Elimination (12) (11)
Fashion & Lifestyle 4,930 6,048
Branded Apparels and Accessories2 3,802 4,759
Textiles 1,144 1,300
Inter-segment Elimination (16) (11)
Telecom3 5,662 6,669
IT-ITeS4 2,466 2,898
Manufacturing5 4,155 3,678
Carbon Black6 2,036
Inter-segment Elimination (42) (39)
Consolidated Revenue 25,490 25,893

1 Note : Other Financial Services include Asset Management (proportionatelyconsolidated at 50%, being a 50:50 JV till 9th October, 2012, and thereafter consolidatedas subsidiary since Aditya Birla Financial Services holds 51% w.e.f. 10th October, 2012),NBFC, Private Equity, Broking, Wealth Management & General Insurance Advisory.

2 Note : Represents Madura Fashion & Lifestyle (division of ABNL) and PantaloonsFashion & Retail Limited (subsidiary of ABNL). In 2012-13, nine months financials ofPantaloons business are included pursuant to its acquisition with effect from theappointed date, i.e., 1st July, 2012.

3 Note : Represents ABNL’s share in Idea’s earnings. Being a joint venture,Idea is consolidated at ~25.3% as per AS-27.

4 Note : Divested w.e.f. 9th May 2014.

5 Note : Manufacturing includes Agri, Rayon and Insulators businesses.

6 Note : Divested through slump sale w.e.f. 1st April, 2013.

Consolidated EBIT surged by 17% from Rs. 2,847 Crore to Rs. 3,328 Crore.

• In the Life Insurance Business, segment EBIT de-grew from Rs. 542 Crore to Rs.371 Crore.

• Higher profitability in other Financial Services was driven by AUM growth in theAsset Management business and expansion of the lending book in the NBFC business.

• In the Fashion & Lifestyle business, strong 28% sales growth of Madura and23% revenue growth in the linen segment of Jaya Shree augmented earnings. Pantaloons is inthe investment phase and hence reported a loss at the segment EBIT level.

• In the Telecom business, segment EBIT grew by 51% to Rs. 3,814 Crore(ABNL’s share: Rs. 962 Crore) led by robust voice and data usage, improved voicerealisation, scale benefits and cost efficiencies.

• Revenue growth and favourable foreign exchange movement improved profitabilityin the IT-ITeS business.

• In the manufacturing businesses, segment EBIT of the Rayon business grew by 12%to

Rs. 172 Crore driven by expansion led volume growth and higher realisations in the VFYand the Chemicals segments. Lower profitability in the Agri business was on account ofplanned annual maintenance shutdown for 41 days and discontinuance of trading in importedP&K fertilisers. Segment EBIT of the Insulators business grew by 54% to Rs. 61 Croreon account of increased volumes, higher realisation and enhanced yield.

(Rs. Crore)

Segment EBIT as per Accounting Standard (gASh)-17 2012-13 2013-14
Financial Services 706 725
Life Insurance 542 371
Other Financial Services1 165 354
Fashion & Lifestyle 299 341
Branded Apparels and Accessories2 170 199
Textiles 129 141
Telecom3 639 962
IT-ITeS4 164 181
Manufacturing5 369 289
Carbon Black6 93
Segment EBIT as per AS 17 2,270 2,498
Add: Unallocated Income/(Expenses) (Net) 8 19
Add: Finance Costs related to NBFC7 456 742
Add: Consolidated Interest Income (Excluding Interest Income of NBFC)7 113 70
Consolidated EBIT 2,847 3,328

1 Note : Other Financial Services include Asset Management (proportionatelyconsolidated at 50%, being a 50:50 JV till 9th October, 2012 and thereafter consolidatedas subsidiary since Aditya Birla Financial Services holds 51% w.e.f. 10th October, 2012),NBFC, Private Equity, Broking, Wealth Management & General Insurance Advisory. Inaccordance with AS-17 on ‘Segment Reporting’, finance cost of NBFC business isreduced from segment EBIT.

2 Note : Represents Madura Fashion & Lifestyle (division of ABNL) and PantaloonsFashion & Retail Limited (subsidiary of ABNL). In 2012-13, nine months financials ofPantaloons business are included pursuant to its acquisition with effect from theappointed date, i.e., 1st July 2012.

3 Note : Represents ABNL’s share in Idea’s earnings. Being a joint venture,Idea is consolidated at ~25.3% as per AS-27.

4 Note : Divested w.e.f. 9th May 2014.

5 Note : Manufacturing includes Agri, Rayon and Insulators businesses.

6 Note : Divested through slump sale w.e.f. 1st April, 2013.

7 Note : In accordance with AS-17 on ‘Segment Reporting’, finance cost ofNBFC business is reduced from segment EBIT, hence, added back- to-arrive at ConsolidatedEBIT. In accordance with AS-17, interest income (excluding interest income of NBFCbusiness) is not included in segment EBIT, hence, added back-to-arrive at ConsolidatedEBIT.

Finance costs related to the NBFC business increased in line with the growth in itslending book. Other finance costs was lower from

Rs. 865 Crore to Rs. 820 Crore mainly on account of the divestment of the Carbon Blackbusiness and release of net working capital in the Agri business owing to thediscontinuance of trading in imported P&K fertilisers. This was partly offset by aone-time interest cost of Rs. 88 Crore relating to the compulsory convertible debentures(CCDs) of Minacs. To aid the balance sheet of Minacs, a sum of Rs. 250 Crore was raisedthrough CCDs in January 2010. Owing to the divestment of Minacs, these CCDs have beenredeemed in March 2014 along with net redemption interest outgo (mainly pertaining toearlier years) of Rs. 88 Crore. This one-time interest charge has been recognized in theconsolidated financials of ABNL in 2013-14. Exceptional items represent a gain of Rs. 24Crore from the slump sale of the Carbon Black business. This was partly offset by a lossof

Rs. 19 Crore on impairment of goodwill relating to investments in the broking (AdityaBirla Money) and the wealth management (Aditya Birla Money Mart) businesses.

Tax expenses increased mainly on account of improved profitability in the standalonefinancials, Telecom and NBFC businesses. ABNL’s consolidated net profit grew by 8%from Rs. 1,059 Crore to Rs. 1,143 Crore. Adjusted net profit (before exceptional gain/lossand one-time interest cost of Rs. 88 Crore) is up by 16% at Rs. 1,226 Crore.

Consolidated Balance Sheet (Rs. Crore)
March 2013 March 2014
Net Worth 9,384 11,189
Total Debt 11,778 10,893
NBFC Borrowings 6,867 9,647
Minority Interest 940 778
Deferred Tax Liabilities (Net) 428 504
Capital Employed 29,397 33,012
Life Insurance Policyholders’ Funds
(Including Funds for Future Appropriation) 21,576 23,557
Total Funds Employed 50,974 56,569
Net Fixed Assets (Including Capital Advances & CWIP) 10,677 13,045
Goodwill 4,825 4,982
Long term Investments 354 410
Life Insurance Investments 22,929 24,764
Policyholders’ Investments

21,559

23,435

Shareholders’ Investments

1,371

1,329

NBFC Lending 8,000 11,550
Net Working Capital 1,773 730
Cash Surplus & Current Investments1 2,415 1,089
Total Funds Utilised 50,974 56,569
Book Value per Equity Share ( Rs.) 781 860
Net Debt2/EBITDA (x) 2.5 2.3
Net Debt2/Equity (x) 1.00 0.88

Note1: Include cash, cheques in hand, remittances in transit, balances with banks,fertilisers bonds and current investments. Note2: Total Debt (excluding NBFC borrowings)less Cash Surplus & Current Investments.

Consolidated balance sheet

Net worth is up by Rs. 1,805 Crore to Rs. 11,189 Crore led by capital infusion of Rs.671 Crore by the promoters and profit earned during the year.

Net debt excluding NBFC borrowings increased from Rs. 9,363 Crore to Rs. 9,804 Croremainly due to the Telecom business while the standalone balance sheet achieved a reductionin net debt by Rs. 434 Crore. Net Debt in the Telecom business rose by Rs. 7,358 Crore(ABNL’s share: Rs. 1,857 Crore) to fund the spectrum acquisition cost of Rs. 10,424Crore during the recently concluded auctions in the 900 MHz and 1800 MHz bands.

Borrowings related to the NBFC business grew in line with its lending book growth.

Deferred tax liabilities have increased primarily in the Telecom business.

Minority interest decreased from Rs. 940 Crore to Rs. 778 Crore mainly on account ofpurchase of an additional 17.87% stake in Pantaloons from minority shareholders during theopen offer.

Net fixed assets have increased due to capital expenditure primarily in the Telecom,Manufacturing and Fashion & Lifestyle businesses.

Goodwill is higher resulting from the acquisition of an additional stake in thePantaloons business.

The increase in long-term investments represents the sponsor commitment of ABNL towardsAditya Birla Private Equity Funds.

Lending book of the NBFC business has grown by 44% to Rs. 11,550 Crore.

Net working capital is lower mainly on account of the divestment of the Carbon Blackbusiness and discontinuance of trading in imported P&K fertilisers in the Agribusiness.

Cash Surplus and Current Investments are lower mainly due to utilization of currentinvestments of Rs. 800 Crore lying in the books of Pantaloons subsidiary as on 31stMarch 2013 for repayment of its debt in April 2013.

Standalone Balance Sheet

To meet its growth capital requirements, the Company had issued 16.5 million warrantsin May 2012 to Promoters / Promoter Group on a preferential basis after being approved bythe shareholders. Of the planned equity infusion of about Rs. 1,500 Crore, a sum of Rs.832 Crore was received in fiscal 2012-13 as 25% application money and on conversion of 6.7million warrants. During 2013-14, the balance 9.8 million warrants were converted intoequity shares for Rs. 671 Crore in November 2013.

Led by the equity infusion and the divestment of the Carbon Black business, standalonebalance sheet supported an investment and capex outlay of about Rs. 2,500 Crore in2013-14, yet achieved reduction in net debt by Rs. 434 Crore.

Standalone Net Debt to EBITDA improved from 3.3 times to 2.6 times and Net Debt toEquity improved from 0.53 times to 0.39 times.

Over the past five years, ABNL has invested more than Rs. 5,500 Crore as long-terminvestments, Capex and working capital to fund the growth of its businesses. However, thenet debt has remained at a similar level while earnings have grown multifold leading tohealthy balance sheet and financial ratios.

A report on the business-wise performance and outlook follows.

FINANCIAL SERVICES (ADITYA BIRLA FINANCIAL SERVICES)

The economic environment in 2013-14 was characterized by persistently high interestrates and inflation coupled with a decline in the GDP growth rate. This had an adverseimpact on demand and growth of financial services and products in the country. Lowerconsumer confidence along with weak financial markets affected the customer’s abilityto commit for the long term. The volatility in the macro-economic scenario may continue inthe short run. However, the long term growth prospects of the financial services sectorremains intact.

India has one of the highest household savings rates in the world. Household savings inIndia as a percentage of GDP have been rising. A large proportion of financial savings isbeing deployed in bank deposits. This offers a huge potential market for non-bankfinancial services and products. In addition, favourable demographics viz., a largegrowing young population, an expanding middle class and rising per capita income signalrobust long-term growth prospects for the Indian financial services sector.

Aditya Birla Financial Services ("ABFS") has created a significantpresence in the Indian financial services industry and is well positioned to tap sectorgrowth opportunities. Even though it is a non bank player at present, ABFS ranks among thetop 5 fund managers in India, excluding LIC. Its assets under management surged year-on-year by 14% to USD 20.4 billion (Rs. 122,362 Crore). It is among the top 5 private lifeinsurers in India in terms of funds under management. Its asset management business is the4th largest in the country. It is a large player in the NBFC space having alending book of about USD 2 billion (Rs. 11,550 Crore) and growing. Anchored by about13,000 employees and trusted by about 5 million customers, ABFS has a nation-wide reachthrough about 1,500 points of presence and around 130,000 agents / channel partners.

Additionally backed by a large customer base, a talented human resource pool, proventrack record of product innovation, customer centric approach and superior investmentperformance, Aditya Birla Financial Services also enjoys a strong parentage brand equity.

In 2013-14, Aditya Birla Financial Services attained growth in most of its businesssegments, except the Life Insurance business. Its consolidated revenue at USD 1.1 billion(Rs. 6,640 Crore) grew year-on-year by 4%. Revenue of the NBFC and the Asset Managementbusinesses rose by 68% and 24% respectively. However, the life Insurance businesswitnessed a de-growth in premium income.

Earnings before tax of ABFS were marginally lower from Rs. 761 Crore to Rs. 745 Croreconsequent to lower profitability in the Life Insurance business. The NBFC and the AssetManagement businesses recorded an impressive growth in profitability.

It generated a healthy return on average capital employed of 25% per annum.

To expand its financial services offerings, Aditya Birla Nuvo had applied for a bankinglicense under the recent RBI guidelines. RBI has presently given licenses to only twoplayers but has proposed a framework for universal as well as differentiated bankinglicenses. The Company believes that the banking sector will be a strategic fit for thefinancial services business as the sector will be both a contributor and a beneficiary ofthe economic growth in India.

Aditya Birla Financial Services will continue to evaluate future growth opportunitiesin the financial services space including banking.

(Rs. Crore)

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Key Information

Key Executives:

Kumar Mangalam Birla , Chairman

Rajashree Birla , Director

P Murari , Director

B R Gupta , Director


Company Head Office / Quarters:

Indian Rayon Compound,
,
Veraval,
Gujarat-362266
Phone : Gujarat-91-2876-245711/248401 / Gujarat-
Fax : Gujarat-91-2876-243220 / Gujarat-
E-mail : abnlsecretarial@adityabirla.com
Web : http://www.adityabirlanuvo.com

Registrars:

Aditya Birla Nuvo Ltd
Indian Rayon Comp., , ,Veraval - 362266

 
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