India Ratings and\r\nResearch (Ind-Ra) has affirmed Hella Infra Market Private Limited’s (Hella)\r\nLong-Term Issuer Rating at ‘IND A’ while resolving the Rating Watch Negative\r\n(RWN). The Outlook is Negative. The instrument-wise rating actions are given\r\nbelow:
ANALYTICAL\r\nAPPROACH:\r\nInd-Ra continues to take a consolidated view of Hella and its wholly-owned\r\nsubsidiaries, Hella Infra Market Retail Private Limited, Hella Chemical Market\r\nPrivate Limited, RDC Concrete India Private Limited (RDC; ‘IND A-’/Stable), Hella\r\nInfra Market Singapore Pte. Ltd., Trinitymaterial Market Place Pvt Ltd and Sociam\r\nEquipment Solutions Private Limited , as\r\nthe companies operate in the same line of business and have strong operational\r\nand strategic linkages among them.
The\r\nRWN resolution follows Ind-Ra’s assessment of the impact of the search conducted\r\nby the income tax (IT) department in March 2022 on the operational performance,\r\nfinancial profile and liquidity of Hella.
The Negative Outlook reflects Ind-Ra’s\r\nexpectation of a weaker-than-previously expected profitability and credit\r\nmetrics of Hella in the near term.
Impact of IT Proceedings: Post the search conducted by the IT department\r\nbetween 9 March 2022 and 12 March 2022 at the company’s premises and the\r\nresidences of its co-founders, there was no disruption in the company’s\r\noperations. Furthermore, the management has informed Ind-Ra that till date no\r\ndemand was raised by the tax authorities and accordingly no contingent\r\nliability is likely to appear in the FY22 financials. The IT department\r\nhad, in March 2022, made observations regarding company’s receipt of\r\nforeign funding at high premiums, allowability of certain expenses of about\r\nINR2.2 billion owing to some goods and services tax-related\r\nmismatches, and evidence of a network of some Mumbai and Thane-based shell\r\ncompanies. The agency will continue to monitor the developments closely\r\nand any adverse development will be a key rating monitorable.
Foray into New Territories Impacts EBITDA Margins; Gradual\r\nRecovery Likely with Ramping up of Scale: Hella’s monthly revenue run rate increased to\r\nINR8 billion in June 2022 (June 2021: INR3.8 billion,\r\nDecember 2021: INR5.8 billion,) led by an expansion of its product\r\nportfolio across various construction materials, along with geographical\r\nexpansion. However, the expansion into new cities/segments/products resulted in\r\nthe company generating EBITDA margins of less than 5% since January 2022,\r\nfalling to 4.1% in 1QFY23 (1QFY22: 7.0%, FY22: 5.5%, FY21: 5.2%), against\r\nInd-Ra’s earlier expectations of a stable-to-improving margin profile. As a result,\r\nthe EBITDA came in at INR1 billion in 1QFY23 (1QFY22: INR0.7 billion), despite the\r\nmore than doubling of revenue.
This follows a robust performance in\r\nFY22, wherein the consolidated revenue grew to INR62.3 billion (FY21:\r\nINR12.4 billion) with a consistent increase in the monthly run-rate led by\r\nan expansion of the product portfolio across various construction materials,\r\nalong with geographical expansion. The EBITDA margins inched up to 5.5% during\r\nFY22 (FY21: 5.2%), supported by the increased revenue contribution of\r\nhigh-margin products such as chemicals and admixtures, and own branded\r\nproducts, resulting in the EBITDA growing to INR3.4 billion (INR0.6 billion).\r\nFY22 financials are provisional.
Ind-Ra believes with contribution margin\r\nremaining relatively stable at around 10% in 1QFY23 (1QFY22: 10.9%), the profit\r\ncontribution from the new geographies/segments could gradually pick-up as the\r\ncompany establishes it presence and ramps-up its sales to enable better\r\nabsorption of costs incurred, resulting in some recovery in the overall EBITDA\r\nmargins, which will be a key monitorable. Thereafter, Hella’s margins are\r\nlikely to remain rangebound in the medium term owing to the limited value\r\naddition; although, an increase in sales through tie-ups and own brand can aid\r\nprofitability.
Increase in Debt Weakens Credit Metrics; Equity Infusion Key to\r\nNear-Term Improvement: During\r\nFY22, Hella’s gross debt increased to INR19.4 billion at FYE22 (FYE21: INR2.3\r\nbillion), mainly on account of increasing working capital requirements, as the\r\ncompany was generating a negative cash flow from operations to fund the rapid\r\nrevenue growth in addition to the debt of around INR7.5 billion to fund\r\ninorganic expansions. The company, in FY22, has invested about INR7.3 billion\r\n(enterprise value) and INR2.7 billion in RDC and Shalimar Paints, respectively,\r\nwhich was partly funded through debt and the remaining from existing cash\r\nbalances. This resulted in the company turning net debt positive to\r\nINR13.5 billion, (FY21: net cash position) with the net leverage rising to 3.9x\r\n(negative 2.0x) and the net interest coverage deteriorating to 2.4x (5.0x).\r\n
While the debt funding was likely to be\r\nan interim funding arrangement, the net debt remained high at INR15.1 billion\r\nin 1QFY23, resulting in trailing 12 months leverage of 4.1x, while the net\r\ninterest coverage declined to 1.6x (1QFY22: 3.3x). Management is in discussion\r\nwith the investors for hybrid funding, which could materialise over the next\r\nfew months and Ind-Ra will continue to monitor the developments in this regard.\r\nHowever, in the absence of a sizeable equity infusion in the near term, the net\r\nleverage is likely to remain above Ind-Ra’s negative rating sensitivity of 2.5x\r\nin the near term. Management has informed Ind-Ra that inorganic expansions will\r\nbe funded only through fresh equity infusion.
Liquidity Indicator - Adequate: Hella had free cash and cash equivalents of\r\nINR4.8 billion in August 2022 (FY22: INR2.5 billion) in addition to undrawn\r\nworking capital lines and encumbered fixed deposits of about INR2.5 billion\r\neach. The resultant available liquidity of about INR7.2 billion provides\r\ncomfort for servicing of the company’s debt repayment obligations of around\r\nINR4.7 billion for FY23 (including INR1.9 billion towards potentially\r\nrenewable lines). A large part of the repayment is towards the debt acquisition\r\nand would not be met from EBITDA generation. With supply chain disruptions\r\naffecting export cycle, coupled with an increase in commodity prices affecting\r\nthe overall liquidity environment, Hella witnessed a stretch in its debtor\r\ncollection period since January 2022 with the annualised receivable days rising\r\nto 103 days in June 2022 from an average of 65-70 days in 1HFY22. This, coupled\r\nwith a continued growth in operations, led to an increase in the net working\r\ncapital to INR20.7 billion in June 2022.
With the increase in working capital\r\nrequirements, the company’s working capital utilisation increased to about 70%\r\nduring the 12 months ended June 2022. During 1HFY23, Hella received an\r\nequity funding of USD13.75 million from its existing investors to support the company’s\r\nbusiness requirements and debt servicing. Hella has also raised USD50\r\nmillion through convertible instruments in its Singapore-based subsidiary\r\nduring 1HFY23 in addition to additional sanction of around INR1.4 billion at\r\nthe consolidated level in 1QFY23.
The exponential growth plans, and the\r\nresultant constant requirement for working capital will keep the cash flow from\r\noperations negative in the near term. Thus, Ind-Ra will continue to monitor the\r\nfinancial flexibility of Hella as indicated by increase in sanctioned\r\nlimits, reduction in spreads and cash collateral margin in addition to the\r\nability to raise equity. Furthermore, management informed Ind-Ra that it is in discussions\r\nto raise additional equity as necessary to improve the liquidity. The proceeds\r\nfrom the infusion could significantly boost the company’s liquidity and remains\r\na key rating monitorable.
Diversified Product Mix and Reducing Concentration towards Metro\r\nCities: Hella is expanding its presence in\r\ngrowing segments such as chemicals, admixtures and water-proofing solutions in\r\naddition to its other construction materials such as cement, steel, plywood and\r\nboards, and electricals. The revenue base is well diversified with steel and metals\r\naccounting for 20%-25% of the revenue in FY22, followed by chemicals and cement\r\n(15%-20%). The company launched new segments namely flooring\r\nand plumbing in FY22, and has other new segments in its pipeline.\r\nMoreover, the revenue base is diversified in terms of end-customers, which\r\ncomprises both small- and large-scale manufacturers, infrastructure companies,\r\nreal estate developers, and some proportion of exports.
Hella’s revenue reliance on home-city\r\nMumbai continued in FY22 at about 40% of revenue, down from about 50% in FY21\r\ndue to the increasing scale of operations in other geographies. The share of Bengaluru\r\nremained 10%-15% while that of Pune, National Capital Region and Hyderabad\r\nremained 5%-10% of the revenue in FY22. To reduce the revenue concentration\r\nfrom metro/tier 1 cities and diversify geographical concentration, the company\r\nhas expanded to new states in the north and east of India, which have large\r\nunorganised markets and lower brand penetration.
RDC Acquisition Strengthens Market Position in RMC: Hella completed the acquisition of\r\nRDC from its promoters True North Trusteeship Private Limited (True North, 100%\r\nowner) in December 2021. The acquisition has strengthened Hella’s market\r\nposition, making it the second-largest player in India in the ready-mix\r\nconcrete (RMC) business. Over the years, RDC has gradually diversified its\r\ngeographic reach from predominantly being a southern India RMC player to a\r\npan-India player with a significant presence in south (54% of sales in FY21),\r\nfollowed by western (19%), eastern (14%) and northern (13%) regions.\r\nThe acquisition also results in synergies with respect to raw material\r\nsourcing, access to newer geographies and customers of RDC. Its EBITDA rose to\r\nINR0.7 billion in FY22 (FY21: INR0.3 billion), as margins grew to 6.9%\r\n(4.3%), on the back of increased volumes resulting in better economies of\r\nscale, despite an increase in cement and aggregate prices.
Significant PE Funding from Reputed Investors: Over the last couple of years, Hella\r\nhas demonstrated its ability to raise equity from reputed investors.\r\nDuring August 2021, the company raised series D funding of INR9.3 billion\r\nfrom Tiger Global, via its Singapore-based investment affiliate Internet\r\nFund V Pte Ltd, in the form of compulsorily convertible preference shares. This\r\nfollowed Series C funding of INR7.3 billion received over 4QFY21-1QFY22,\r\nwith a total of INR12.9 billion raised in FY22, which was significantly higher\r\nthan Ind-Ra’s expectation. With completion of Series D funding, the\r\ncompany has successfully raised four rounds of equity of about\r\nINR20 billion over FY20-FY22 to aid the continued growth, with\r\nthe valuations increasing to about USD2.5 billion in the last fund raise.
The presence of reputed investors\r\nincluding Accel via Accel India V (Mauritius) Limited, Tiger Global (via a\r\nSingapore-based investment affiliate Internet Fund V Pte Ltd), Nexus Ventures\r\nPartners and Evolvence Group, a Dubai-based investment firm (via Evolvence\r\nIndia Fund III Limited) and their board participation not only support the\r\ncompany financially but also provides strategic guidance and operational\r\noversight while ensuring high standards of corporate governance\r\npractices.
Limited Track Record; High Competitive Intensity: The company was established and\r\ncommenced its operations from 2016. The company is promoted by first-generation\r\npromoters, Aaditya Sharda and Souvik Sengupta, who individually have a decade\r\nof industry experience. The company faces intense competition from\r\nthe presence of a large number of dealers and traders in the construction\r\nmaterial supply market, along with the entry of large building material\r\nmanufacturers into business to consumer/online retailing, thereby limiting its\r\nbargaining power with its customers.
Standalone Performance: Hella’s standalone revenue grew to INR32.5 billion\r\nin FY22 (FY21: INR10.6 billion) while EBITDA margin improved slightly to 5.3%\r\n(5.1%). The net debt stood at INR7.1 billion at FYE22 (FYE21: negative INR1.9\r\nbillion), resulting in the net leverage of 4.1x from a net cash position in\r\nFY21. The increase in debt led to a reduction in the gross interest coverage to\r\n1.6x in FY22 (FY21: 3x).
\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Positive: A sustained improvement in the\r\ngroup’s EBITDA margins and working capital cycle, resulting in an improvement\r\nin the credit metrics and liquidity profile could lead to the Outlook being\r\nrevised back to Stable.
Negative:\r\nLower-than-expected EBITDA and/or a stretch\r\nin the working capital cycle resulting in a weakening of the liquidity position\r\nand/or the net leverage sustaining above 2.5x, could lead to a negative rating\r\naction.
Incorporated in 2016, Hella provides a\r\ncomprehensive range of construction materials including RMC, aggregate,\r\nfly-ash, paints, construction chemicals, steel and cement. The company’s\r\nbusiness model includes cloud manufacturing, catering to business-to-business\r\nclients, and direct retailing of its own contract manufactured products and\r\nother branded products. The company provides contract manufacturing through\r\nnon-branded manufacturers under INFRA.MARKET brand by utilising the idle\r\ncapacity of various plants in India. It also has distributors for various\r\nbranded manufacturers and manages the supply chain.
CONSOLIDATED FINANCIAL\r\nSUMMARY
\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
| \r\n Particulars | \r\n \r\n 1QFY23 | \r\n \r\n FY22 (Provisional) | \r\n \r\n FY21 | \r\n
| \r\n Revenue (INR billion) | \r\n \r\n 23.9 | \r\n \r\n 62.3 | \r\n \r\n 12.4 | \r\n
| \r\n EBITDA (INR billion) | \r\n \r\n 1.0 | \r\n \r\n 3.4 | \r\n \r\n 0.6 | \r\n
| \r\n EBITDA margin (%) | \r\n \r\n 4.1 | \r\n \r\n 5.5 | \r\n \r\n 5.2 | \r\n
| \r\n EBITDA interest coverage (x) | \r\n \r\n 1.6 | \r\n \r\n 2.4 | \r\n \r\n -2.0 | \r\n
| \r\n Net leverage (x) | \r\n \r\n 3.8* | \r\n \r\n 3.9 | \r\n \r\n 5.0 | \r\n
| \r\n Source: Hella, Ind-Ra * annualised | \r\n
Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.
","participationDisclosures":null,"disclaimer":"ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: https://www.indiaratings.co.in/ratingdefinitions. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.
","metaTags":null,"effectiveDate":"Aug 29, 2022 | Hella Infra Market Limited (Formerly Hella Infra Market Private Limited)","effectiveDateTime":"0001-01-01T00:00:00","dateOfCreation":"Aug 29, 2022","isDeleted":false,"isMigratedData":false,"viewCount":2087,"facebookShareCount":0,"linkedInShareCount":0,"googlePlusShareCount":0,"twitterShareCount":0,"ratingCriteriaReportsIDs":"2,5,10,145","pressReleaseStatus":"Publish","activity":"Created By UserID: 59482","lastActivityDate":"8/29/2022 1:23:22 PM","currentRatings":"| \r\n Instrument Type | \r\n \r\n Date of Issuance | \r\n \r\n Coupon Rate (%) | \r\n \r\n Maturity Date | \r\n \r\n Size of Issue (million) | \r\n \r\n Rating/Outlook | \r\n \r\n Rating Action | \r\n
| \r\n Working capital facility | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n INR7,500 | \r\n \r\n IND A/Negative/IND A1 | \r\n \r\n Affirmed; off RWN | \r\n
| \r\n Non-convertible debentures\r\n (NCDs)# | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n INR7,570 | \r\n \r\n IND A/Negative | \r\n \r\n Affirmed; off RWN | \r\n
| \r\n Proposed long term debt ^ | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n INR4,430 | \r\n \r\n IND A/Negative | \r\n \r\n Affirmed; off RWN | \r\n
# Details in annexure
^ The proposed long-term debt may be\r\nissued as term loans/NCDs.
| \r\n Instrument\r\n Type | \r\n \r\n Current\r\n Rating/Outlook | \r\n \r\n Historical\r\n Rating/Rating Watch/Outlook | \r\n ||||||
| \r\n Rating Type | \r\n \r\n Rated Limits\r\n (million) | \r\n \r\n Rating | \r\n \r\n 28 March 2022 | \r\n \r\n 23 December\r\n 2021 | \r\n \r\n 11 October 2021 | \r\n \r\n 10 May 2021 | \r\n \r\n 4 February 2021 | \r\n |
| \r\n Issuer rating | \r\n \r\n Long-term | \r\n \r\n - | \r\n \r\n IND\r\n A/Negative | \r\n \r\n IND A/RWN | \r\n \r\n IND A/Stable | \r\n \r\n IND A-/RWE | \r\n \r\n IND A-/Stable | \r\n \r\n IND\r\n BBB+/Positive | \r\n
| \r\n Working\r\n capital facility | \r\n \r\n Long-term/short-term | \r\n \r\n INR7,500 | \r\n \r\n IND\r\n A/Negative/IND A1 | \r\n \r\n IND A/RWN/IND\r\n A1/RWN | \r\n \r\n IND\r\n A-/Stable/IND A1 | \r\n \r\n IND\r\n A-/RWE/IND A1/RWE | \r\n \r\n IND\r\n A-/Stable/IND A1 | \r\n \r\n IND\r\n BBB+/Positive/IND A2+ | \r\n
| \r\n NCDs | \r\n \r\n Long-term | \r\n \r\n INR7,570 | \r\n \r\n IND\r\n A/Negative | \r\n \r\n IND A/RWN | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n
| \r\n Proposed long-term debt | \r\n \r\n Long-term | \r\n \r\n INR4,430 | \r\n \r\n IND\r\n A/Negative | \r\n \r\n IND A/RWN | \r\n \r\n IND A/Stable | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n
| \r\n ISIN | \r\n \r\n Date of Issuance | \r\n \r\n Coupon Rate (%) | \r\n \r\n Maturity Date | \r\n \r\n Size of Issue (million) | \r\n \r\n Rating/Outlook | \r\n
| \r\n INE06E507041 | \r\n \r\n 24 December 2021 | \r\n \r\n 13.0 | \r\n \r\n 24 December 2024 | \r\n \r\n INR4,000 | \r\n \r\n IND A/Negative | \r\n
| \r\n INE06E507058 | \r\n \r\n 25 January 2022 | \r\n \r\n 11.75 | \r\n \r\n 25 January 2025 | \r\n \r\n INR2,250 | \r\n \r\n IND A/Negative | \r\n
| \r\n INE06E507066 | \r\n \r\n 22 February 2022 | \r\n \r\n 11.0 | \r\n \r\n 22 August 2024 | \r\n \r\n INR1,320 | \r\n \r\n IND A/Negative | \r\n
| \r\n Instrument Type\r\n | \r\n\r\n Complexity Indicator\r\n | \r\n
|---|---|
| \r\n Working capital facility\r\n | \r\n\r\n Low\r\n | \r\n
| \r\n NCDs\r\n | \r\n\r\n Low\r\n | \r\n
| \r\n Proposed long-term debt\r\n | \r\n\r\n Low\r\n | \r\n
India Ratings and Research (Ind-Ra) is India's SEBI registered credit rating agency committed to providing India's credit markets accurate, timely, and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market.
\r\nInd-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance companies, urban local bodies, and structured finance and project finance companies.
\r\nHeadquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India and the Reserve Bank of India.
\r\nInd-Ra is a 100% owned subsidiary of the Fitch Group.
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