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Sat Industries Ltd Management Discussions

Jul 15, 2024|03:32:21 PM

Sat Industries Ltd Share Price Management Discussions

The global economy in the past year has experienced both ups and downs due to various factors affecting economic growth. In 2022, global growth was estimated to be 3.4%, which is projected to fall to 2.9% in 2023 and then rise again to 3.1% in 2024. This is attributed to the rise in central bank rates to combat inflation and ongoing Russia-Ukraine conflict, which continue to impact economic activity across major economies like Europe. However, the recent reopening of economies has paved the way for a faster-than-expected recovery. As a result, global inflation is expected to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, but still above pre-pandemic levels of about 3.5%.

In 2022, global growth was estimated to be 3.4%, which is projected to fall to 2.9% in 2023 and then rise again to 3.1% in 2024.

While the balance of risks remains tilted to the downside, the risks have moderated, with the possibility of a stronger boost from pent-up demand in numerous economies or a faster fall in inflation being plausible. Despite the positive projections, the rise in central bank rates to fight inflation, ongoing geopolitical conflicts, and the possibility of tighter global financing costs could worsen debt distress and financial markets could suddenly reprice in response to adverse inflation news. Therefore, in most economies, achieving sustained disinflation remains a priority, necessitating the deployment of macro-prudential tools and the strengthening of debt restructuring frameworks to maintain financial and debt stability.

In conclusion, the global economy is gradually recovering from the impact of the pandemic, with positive projections for inflation and growth in the coming years. However, the ongoing geopolitical and economic challenges continue to pose risks to the economy. To mitigate these risks, it is necessary to adopt effective measures, providing better- targeted fiscal support, and strengthening multilateral cooperation to preserve the gains from the rules-based multilateral system and achieve sustainable economic growth.

Indian economy

Following an 8.7% growth in FY22, the Indian economy has shown resilience in the face of global challenges and is expected to grow at a rate of 7% in real terms for FY2023. Despite the shocks of the COVID-19 pandemic, the Russian- Ukraine conflict, and central banks policy rate hikes to curb inflation, India remains the fastest-growing major economy, owing to bolstered private consumption and capital formation, all of which have been the driving forces behind Indias economic growth, leading to a rebound in production activity and higher capital expenditure.

Credit growth to the micro, small, and medium enterprises (MSME) sector has been remarkable, averaging over 30.5% during Jan-Nov 2022. Additionally, the strengthening of corporate balance sheets, well-capitalised public sector banks ready to increase credit supply, and the governments production-linked incentive schemes are expected to further support economic growth.

Additionally, the GOIs efforts to accelerate COVID-19 vaccinations have enabled people to spend on contact- based services, such as restaurants, hotels, shopping malls, and cinemas, leading to an increase in private consumption. Furthermore, the return of migrant workers to cities to work in construction sites has led to a significant decline in housing market inventory, boosting capital formation. Despite the positive projections for growth, inflation remains a concern, with the Reserve Bank of India projecting headline inflation at 6.8% in FY23. In response, the government and RBI have taken measures to mitigate inflationary pressures, including macroprudential tools and strengthening debt restructuring frameworks to maintain financial and debt stability.

Economic overview

Global economy

The global economy in the past year has experienced both ups and downs due to various factors affecting economic growth. In 2022, global growth was estimated to be 3.4%, which is projected to fall to 2.9% in 2023 and then rise again to 3.1% in 2024. This is attributed to the rise in central bank rates to combat inflation and ongoing Russia-Ukraine conflict, which continue to impact economic activity across major economies like Europe. However, the recent reopening of economies has paved the way for a faster-than-expected recovery. As a result, global inflation is expected to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, but still above pre-pandemic levels of about 3.5%.

India is expected to witness a GDP growth of 6.0-6.8%, supported by the expansion of public digital platforms and various path-breaking measures.

In 2022, global growth was estimated to be 3.4%, which is projected to fall to 2.9% in 2023 and then rise again to 3.1% in 2024.

Looking ahead to 2023-24, India is expected to witness a GDP growth of 6.0-6.8%, supported by the expansion of public digital platforms and path-breaking measures such as PM GatiShakti, the National Logistics Policy, and the Production-Linked Incentive schemes to boost manufacturing output. The Indian economy is well- positioned to continue on its growth trajectory, and private capex is expected to play a leadership role in job creation in the coming years.

Growth drivers in the Indian stainless steel hose market:

The demand for flexible flow solutions made with stainless steel corrugation has been driven by the industrial sector and the burgeoning demand in heating, ventilation and air conditioning applications. However, the transition from traditional flexible hoses to flexible flow solutions made with SS corrugation has resulted in a favorable demand landscape for the product.

Some of the major growth drivers boosting the demand in the country are as follows:

Rising infrastructure spending and government initiatives to curb carbon emissions and promote clean energy are expected to drive the growth of Flexible Flow Solutions made with Stainless Steel Corrugation in key end- user industries such as electric automobiles, renewable water heating applications, and energy- efficient electrical appliances.

Emerging user segments such as renewables, lithium-ion battery applications, semiconductor manufacturing, and robotics are expected to expand the addressable market for the product, driving demand in the coming years.

Emergence of new application sectors

In the forthcoming years, there will be a growing demand from sectors that are either in their early stages or have yet to establish themselves in India. The emergence of these new user segments will significantly expand the addressable market for the product. Noteworthy sectors that will drive this new demand include renewables, primarily solar heating; applications of Lithium-Ion batteries, encompassing electric vehicles (EVs) as well as other battery applications; semiconductor manufacturing; and robotics.

Industry overview

Global stainless steel flexible hose market

The global market for stainless steel flexible hoses was valued at approximately USD 25 Bn in 2020, out of which the SS corrugated hose market is estimated to be at USD 12.5 Bn or 50% of the total SS flexible hose market. This is projected to grow at a CAGR of 7.5% and 6.3% respectively, over the coming decade, during the forecast period 2020-2030.

This growth can be attributed to the increasing demand for corrosion-resistant products, the growing need for energy conservation, and increasing industrialisation across different regions globally. The demand for SS flexible hoses is being driven by rapid urbanisation, which has accelerated the pace of infrastructure development and real estate construction. This, in turn, has triggered the demand for HVAC systems and translated into a promising outlook for SS flexible hoses. The flexible hoses segment is expected to dominate the stainless steel hose market throughout the forecast period due to their applications in various industries such as automotive, chemical, air conditioning & refrigeration, piping, and home appliances.

Completion of over 1,840 manufacturing projects between FY18 and first 9 months of FY23 has created a large user base, supporting strong demand for Flexible Flow Solutions made with Stainless Steel Corrugation.

Moreover, large-scale industrialisation and modernisation in agriculture and key manufacturing sectors are fueling the demand for SS corrugated hoses. The piping industry accounts for the largest market share among all end-users, while Asia Pacific accounted for the largest share of the global stainless steel flexible hose market, followed by North America. In the coming years, Asia Pacific is expected to grow at the highest CAGR, driven by healthy economic growth in China and India.

Overall, the promising outlook for the global stainless steel hose market is driven by favorable product attributes and increasing demand for corrosion-resistant and energy- efficient products. With the rapid pace of urbanisation and industrialisation, this market is poised for substantial growth in the coming years.

Source: Dun & Bradstreet

The progress on industrial automation for operational optimisation and cost control in the manufacturing sector is believed to have a positive impact on Flexible Flow Solutions made with Stainless Steel Corrugation.

Indian packaging industry

The Indian packaging industry is one of the fastest growing sectors in the country, and is currently one of the largest sectors in the Indian economy. The industry was valued at $373.6 billion in 2021, and is likely to grow with a CAGR of 12.6% between 2022 and 2027. This can be attributed to the robust economic growth of the nation, coupled with the booming e-commerce sector. Despite this growth, the flexible packaging industry is expected to see a subdued revenue growth of 5% in FY23, owing to the volatility in raw material prices and lower realisation. However, the industrys capacity is expected to rise by 30%, by the end of FY23, with operating margins stabilising as the industry comes out of severe disruptions in supply chain, input costs volatility in post-Covid era.

The Indian government recognises the potential of the packaging industry and has released policies to further incentivise innovation and sustainability in the sector. These policies include the implementation of a single use plastic ban, a focus on recycling and biodegradability, and the adoption of the National Packaging Initiative. The packaging sector has a much wider exposure to other sectors of the economy, and the growth of these sectors in the coming decade will have a combined effect to take the packaging industry to new heights.

The Indian packaging industry is poised for growth, and with the right policies and initiatives in place, the sector will keep on fostering innovation and is expected to continue to be a major contributor to the nations economy.

Global FIBC market

The global FIBC market is expected to show significant growth in the forecast period of 2022 to 2032, with a projected CAGR of 5.3%. This can be attributed to the increasing demand for lightweight containers and bulk packaging solutions, especially in industries such as food and pharmaceuticals. FIBCs are being increasingly used to transport products like grains, rice, and liquid chemicals used in biological products, further driving demand for the market.

Europe is the largest producer of FIBCs, accounting for a production market share of approximately 29%. Asia is the second largest producer, with a production market share of around 25%. On the other hand, North America is the largest consumer of FIBCs, with a consumption market share of almost 38%.

The FIBC market is expected to continue growing as manufacturers focus on introducing new, innovative, and lighter FIBC solutions. In addition, the growing demand for cost-effective and sustainable bulk packaging solutions is expected to fuel market growth in the coming years. The market is also expected to witness increased demand from various end-use industries such as agriculture, chemicals, and construction, among others, which will further drive market growth.

Leading end-use segements

• The chemicals and fertilisers sector is anticipated to dominate the global FIBC market, in terms of end-use applications.

• Sales of FIBC in this industry is likely to grow at a CAGR of 5.8% in the global market.

Indian FIBC market

Over the last decade, the FIBC market in India has grown by an impressive 38%, according to the FIBC Association. This growth is largely attributed to the increasing demand for food grade FIBC, which has been experiencing prominent growth rates. In 2021, FIBC production in India reached 306,996 MT, with food grade FIBC accounting for nearly 28% of the total production.

The Indian FIBC market has seen a significant increase in total export sales, which have tripled in the past decade and reached $708.5 million in FY21. This growth is driven by the expansion of various industries, such as food products & agriculture, pharmaceutical products, and chemicals and fertilisers, which have experienced substantial industrialisation. This is largely due to increased international commerce and several favourable measures by the Indian Government, including Make in India initiatives and industry- specific incentives, which have boosted the establishment of numerous manufacturing enterprises in India.

As a result of this growth, the demand for FIBC for effective storage and transportation of goods is surging, particularly among these end-user industries. With the Indian Governments continued support for industrialisation and trade activities, the Indian FIBC market is expected to continue its growth trajectory in the coming years.

Indian startup ecosystem

Indias startup ecosystem has grown significantly over the past decade, propelled by digital technologies and a rising number of young entrepreneurs. Despite macroeconomic concerns and a challenging funding environment, the ecosystem continues to thrive, with nearly 14,000 new startups joining the ranks across 555 districts in fiscal year 2022. Indian startups raised a cumulative $24 billion across 1,021 deals in 2022, with investments into the ecosystem more than twice that of 2020 and 2019, although 33% lower than the hyper-funding cycle of 2021.

With the third-largest startup ecosystem in the world,

India is poised to become a global entrepreneurial hub, particularly in sunrise sectors such as green energy, health tech, deep tech, and clean mobility. These sectors present significant growth opportunities and can help drive the countrys economic progress. In addition, the government has implemented initiatives such as the Startup India program, Atal Innovation Mission, and Production-Linked Incentive schemes (PLI) to support the success and growth of startups.

As of February 2023, India has nearly 27,000 active tech startups, with 1,300 added in fiscal year 2023. These startups are diverse, encompassing domains ranging from health and climate tech to clean energy and deep tech. They have the potential to create innovative solutions and new business models that can address critical issues such as environmental degradation, depletion of natural resources, and social and economic inequalities, making sustainable development a key focus for the ecosystem.

However, while significant progress has been made to boost the startup ecosystem, more needs to be done for India to fully realise its potential as a global entrepreneurial hub.

The government can expand incentivisation schemes to fast-track the adoption of emerging technologies in other sectors, introduce policy frameworks to guide companies operating in upcoming sectors, and create dedicated funds and skill development programs to extend the startup wave to Tier 2, Tier 3, and rural areas. By doing so, Indian startups can help create a more sustainable future for all while driving economic growth and progress.

Indian startups raised a cumulative $24 billion across 1,021 deals in 2022, with investments into the ecosystem more than twice that of 2020 and 2019, although 33% lower than the hyper-funding cycle of 2021.

Company overview

SAT Industries Limited is a trailblazing business entity and group with a 38-year legacy of cultivating disruptive and early-stage startups, while simultaneously flourishing in established industries such as flexible flow solutions, packaging materials, and wire rods. The innovative Company boasts a global presence, catering to clients in over 80 countries, with offices located in Mumbai, Dubai and London. SATs well positioned, and strategically built business model strikes a perfect balance between core cash-flow generating businesses, and investments in high-growth startups to create a distinctive competitive edge.

Through its subsidiaries, Aeroflex Industries Limited and Sah Polymers Limited, SAT offers an impressive range of cutting- edge solutions to multiple industries across the globe. With its recent foray into wire rods manufacturing, the Company is rapidly emerging as one of the growing in the SS wire rods industry. Additionally, SAT actively invests in early-stage startups with innovative business models, having backed over 125 companies across 37 sectors such as food-tech, ed-tech, e-commerce, and digital media portals, among others.

As a sector-agnostic but strong investment-philosophy based angel investor, SAT continues to invest in pre-seed and seed stage startups, tracking their progress on a regular basis, and ultimately backing them to grow bigger for larger value creation for its stakeholders. SAT remains committed to its vision of driving growth and transformation through bold investments in conventional cash-flow generating businesses and disruptive new-age startups.

Financial Performance Discussion

The Company maintained resilient performance in FY23, despite various macro headwinds on account of geopolitical events, rising raw material prices, tightening global liquidity, among others. Revenue from Operations registered a 34.47% growth, reaching K 466.24 Crores compared to K 346.73 Crores in FY23. Operating Profits improved to K 70 Crores as compared to K 63 Crores in the previous year, an increase of 11% year on year. Profit after Taxes for the year stood at K 45 Crores, as compared to K 39 Crores in the previous year, registering an increase of 16% over the previous year.


As the dawn of a new financial year breaks, SAT Industries unrelenting focus on growth and innovation, both in its core businesses and high-growth startups, continues to pave the way for a bright future. Sah Polymers and Aeroflex Industries, the Groups flagship subsidiaries, are set to ride on a wave of significant growth opportunities, CAPEX projects in pipeline, and constant scouting for strategically placed inorganic growth opportunities.

Standalone Financial Ratios

Ratios FY23 FY22 % Change
Current ratio Current assets/ Current Liabilities 2.07 2.44 Increase in short term borrowings to meet temporary paucity of funds
Debt equity ratio Total Debt/ Shareholders Equity 0.29 0.25 Increase in borrowings mainly offset by improved shareholders equity due to increase in profits
Debt Service EBITDA/ Debt Service 2.36 0.66 Increased in operating profit against lower debt obligations
Coverage ratio during the year.
Return on Equity Net profit after taxes/ Average Shareholders equity 6.31% 4.44% Increase in profit realisation per rupee of equity investment
Inventory turnover ratio Cost of Goods Sold/ Average Inventory 23.42 6.43 Improved turnaround of inventory holding period
Trade Receivables turnover ratio Net credit sales/ Average Trade Receivable 17.86 8.55 Improvement in collection efforts
Trade payables turnover ratio Net Credit purchase/ Average Trade Payables 14.95 6.75 Better credit terms negotiated
Net capital turnover ratio Net Sales/Working capital 2.35 0.39 E_cient utilisation of available working capital by the management
Net profit Margin Net profit/Net sales 6.92% 26.32% Decrease in net margin due to venturing into stainless steel manufacturing business
Return on Capital employed Earning before interest and taxes/ Capital Employed 8.89% 6.37% Increase in profit realisation per rupee of investment
Return on investment Income generated from investment/ Time weighted average investment N.A. N.A. Not calculated as investments in startups are made with a long term view which do not give returns immediately. The same holds true for investments in subsidiary companies which are made with the purpose of acqusition of business.

Looking ahead, SAT Industries plans to double down on investments in its current sectors of interest while exploring new opportunities in sectors with promising growth potential.

Aeroflex Industries, in particular, is committed to staying at the forefront of technological advancements within its industry, focusing on emerging applications of its product portfolio, continuously designing and developing advanced products for critical applications in industries such as green energy, semiconductors, and aerospace. Meanwhile, Sah Polymers & Aeroflex Industries are actively exploring inorganic growth opportunities in India and abroad, with an aim to expand its product range and customer base. With a robust demand environment and strategic investments in place, the outlook for SAT Industries and all its group companies remains positive for the foreseeable future.

Internal control and adequacy

The Company places utmost emphasis on maintaining a robust system of internal control, which effectively safeguards its valuable assets against any unauthorised use or disposition. All transactions are duly authorised, meticulously recorded, and appropriately reported to ensure utmost transparency and accountability. The Companys unwavering commitment to deploying a highly effective mechanism ensures optimum and efficient utilisation of resources, seamless operations, diligent monitoring, and adherence to applicable laws.

Moreover, the auditors have expressed their unequivocal satisfaction with the Companys internal control systems, which are deemed to be both adequate and satisfactory. Such an unwavering commitment to upholding rigorous standards of financial and operational transparency testifies to the Companys unyielding dedication to maintaining its reputation as a responsible and trustworthy entity in the market.

Human resources development and industrial relations

At SAT Industries, the management is well aware of the pivotal role that human resources play in propelling the Company towards unprecedented success. Therefore, the Group has made considerable efforts to engage its employees in honing their skills and enriching their knowledge base.

To ensure its sustained growth and maintain its position in the market, SAT Industries has invested extensively in developing its brand value, with a view to attract and retain the finest talent in the industry.

The Company maintains a harmonious relationship with its employees, with employee relations continuing to be cordial and productive at all levels. As the business progresses, the management is resolute in cultivating an environment that is conducive to imaginative thinking, augmented productivity, and progressive advancement.

As of March 31, 2023, SAT Industries boasts a workforce of 1,066 total people, including 531 permanent employees, spread across its diverse group of companies. The Group remains committed to nurturing its human resources, a critical enabler in its ongoing journey towards sustained success.

Risk & Risk Mitigation

The Companys risk mitigation policy encompasses a comprehensive approach to identify and assess risks throughout all levels of business operations while aligning with the organizations objectives. It includes diligent monitoring of risk response effectiveness in addressing strategic, operational, financial, and compliance risks. However, the company acknowledges the presence of significant uncertainties such as global events, geopolitical tensions such as the Russia-Ukraine conflict, global trade disputes, inflationary & increasing interest rate environment, fluctuations in commodity prices, and volatile foreign exchange movements.

Furthermore, the management maintains a vigilant oversight of domestic and international markets related to the Companys products and required raw materials. They also stay attuned to socio-economic changes worldwide and fluctuations in currency exchange rates to minimize risks. The Board is of the opinion that there are no risks that pose a threat to the companys existence. However, the Company proactively evaluates and mitigates risks typically encountered in the normal course of business, including economic risks, technological risks, fluctuations in foreign exchange rates, and raw material prices.


Our manufacturing facility is subject to various stringent safety laws and regulations. Nonadherence to process and workforce safety requirements, safety laws and regulations may impact business continuity and reputation. COVID-19 contagion poses risk to workforce health and safety, and may lead to business disruptions.

SAT Industries has a robust governance mechanism for safety, health, environment and sustainability where reviews are undertaken at multiple levels. To help inculcate a best in-class safety culture amongst our workers, we have taken up several initiatives to mitigate hazards and reduce risks. The Company has implemented various safety procedures related to handling machines, installing and using suitable tools and equipment through regular inspection at plant locations, and providing training and awareness across the workplace. The Company, through its subsidiaries, has conducted a COVID Vaccination drive to ensure that all the employees are fully vaccinated, and regular medical check-up is duly undertaken to ensure the safety of all employees.


Our operations are governed by various statutes encompassing law and regulations for environment and climate change, trade measures, competition, taxes, mining and others. Any deviation in compliance and adherence has the potential to not only impact our operating performance but also dent our reputation.

The continuously evolving regulatory scenario, resulting in changes of the statutory provisions and introduction of newer ones, make compliance more complex.

At SAT, we make sure that the law of the land is fully complied with. In addition, we update our teams internally on all the regulatory amendments and ensure that there is no non-compliance.


The Companys performance is closely linked with that of the steel industry. Any material changes in demand-supply scenarios within the steel sector, in India or abroad, may impact its performance.

We have been running a structured cost reduction journey for the past few years to improve profitability and mitigate the risk of commodity price inflation. However, we do not put our production cycle at risk for the sake of buying inputs at lower prices.


The supply chain network is subjected to physical and environmental destruction, trade restrictions due to geopolitical tensions and disruptions of supplies. The developing rail, road, port infrastructure, handling facilities and dependence on outsourced partners may lead to disruption of operations.

The Company focuses specifically on the resilience of its supply chain and the efficiency of launching its models to market. We work closely with our suppliers to define inventory maintenance norms, build safety stocks, and explore localisation and alternative sources, among others.

We continue to maintain and develop strong partnerships with key strategic suppliers to ensure a stable future supply of components. We have been taking steps to find substitutes, protect volatility by way of hedging and take price increases in a calibrated manner to mitigate the impact of price rises.


The Companys debt servicing capabilities could get affected due to major volatility in financial markets and in a changing interest rate scenario. Further, the Company is also exposed to currency risks arising due to a considerable amount of import and export of goods it undertakes

The Company has kept a broader outlook on the markets, covering not only the foreign exchange risks but also other risks associated with the financial assets and liabilities, such as interest rate and credit risks. The management aims to:

• Create a sustainable business planning environment by reducing the impact of currency and interest rate fluctuations on the Companys business plan.

• Achieve greater predictability of earnings by determining the financial value of the expected earnings in advance • The risk of fluctuation in foreign currency exchange rates is mitigated through a natural hedge as the group imports and exports in foreign exchange for its export business.


The company invests in various startups in disruptive sectors, which result in capital loss in some cases and would have a severe impact on its profitability

Disclaimer :

"Aeroflex Industries Limited a material subsidiary of our Company has filed a Draft Red Herring Prospectusdated March 31,

2023 ("DRHP") with Securities and Exchange Board of India ("SEBI"). In connection to the same,investments in equity and equity- related securities involve a degree of risk and investors should not invest anyfunds in the proposed offer of Aeroflex Industries Limited ("Issuer Subsidiary") unless they can afford to take therisk of losing their entire investment. Investors are advised to read the risk factors carefully before taking aninvestment decision in the proposed Offer of the Issuer Subsidiary. For taking an investment decision, investorsmust rely on their own examination of the Issuer Subsidiary and the Offer, including the risks involved. TheEquity Shares have not been recommended or approved by the SEBI, nor does SEBI guarantee the accuracy oradequacy of the contents of the DRHP. Specific attention of the investors is invited to chapter titled "Risk Factors"on page 37 of the DRHP.

The Company has established clear goals, making it easier to decide which assets to invest in. The Company has a diversified portfolio of investments in startups in various sectors, which will help in mitigating the risk. In addition, the Company has a robust internal team of professionals with relevant expertise to understand the market situations and take decisions for investing the funds.

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