Kiri Industries Limited

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June 30, 2020

To, To,
BSE Limited National Stock Exchange of India Limited
p t Floor, Rotunda Building, Exchange Plaza, Bandra Kurla Complex,
B.S. MJrg, Fort, Mumbi:li 400 001 Bandra (E), Mumbai - 400 051
Scrip Code: 532967 Scrip ID - KIRIINDUS

Dear Sir/Madam,
Sub: Intimation of Earnings Conference Call and Presentation for Q4-FY20.
With regards to above and in compliance with SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015, we are pleased to enclose herewith invitation for
Conference Call scheduled on Wednesday, July 01, 2020 at 3.00 p.m. to discuss the
Financial Performance of the Company for the quarter and year ended on March 31,
2020.
Please also find attached herewith the Q/J-FY20 Earnings Presentation.
The said invitation and Earnings Presentation is also available on website of
the Company at www.kiriindustries.com.
You are requested to kindly note the same.
Thanking you

Suresh Gondalia
Company Secretary
Encl: as stated

DYES INTERMEDIATES CHEMICALS

PfotNo:299/1/A& 8, Phese-11,Nr WaterTank,GIOC, Vatva. PlolNo· 396/399/403/404, EPC Cenal Road, Vtllege: Dudhwada, Plot No'. f.52-A. 566,567, 569-71, Village: Dudhwada, Tai. Padra,
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Phone: +91•79--2589«77 Phone: •91·2662-2734 « Phone: +91-2662-273n4, 25
Fu: •91 79 25831860 Fox:+01 2662 273444 fa,: •01 2662 273726
Emall:engage0knndustne1 com Web: wwwklnlndustries com Em1II : inlermediates@lunlnduslnes com Web : www.kimndu1ltln com Email: lntennedlatos@ldritndustnet com Web : www kln1ndustries com

REGISTERED OFFICE: 7th rloor, ltasubhai Chamber, Opp. Town Hall, Ellisbridge, Ahmedabad - 380 006. Gujarat Qnrlia). Phone: + q1-1q-26�7 4�71-TJ-7� Fax + 91-79-2657 4374
CIN No.:L24231GJ1998PLC034094
 Earnings Con-call Invite

VALOREM ADVISORS
is pleased to invite you for a Conference Call
to discuss FY20 / Q4-FY20 earnings of

on Wednesday 01st July, 2020 at 3:00 pm (IST)

Kiri Industries Limited’s Management will be represented by:

Mr. Manish Kiri – Managing Director

Mr. Jayesh Hirani – Senior Manager (Accounts and Finance)
Mr. Suresh Gondalia – Company Secretary

Dial in details
Primary Access Number: 07039003556
India Toll Free Number: 1800 270 1825

International Numbers
USA Toll Number: +1-215 645 5007
UK - Toll Number: +44-330 606 0062
Singapore Toll Number: +65-3158 5033

Accessible from all carriers.

Phone: +91-22-49039500 | Email: research@valoremadvisors.com | Website: www.valoremadvisors.com

Kiri Industries Limited
FY20/Q4-FY20|EARNINGS PRESENTATION
2
Company Overview
• Established in 1998, Kiri Industries Limited (KIL), Consolidated Revenue Break-up (INR Mn)
is based out of Gujarat and has emerged as one 6,625
of the largest manufacturers and exporters of a 6,499
4,629
wide range of Dyes, Dyes Intermediates and 3,681 4,879
Basic Chemicals from India with ‘Zero Effluent’.
• KIL is an accredited and certified Key Business
Partner with world’s top Dyestuff majors
across Asia-Pacific, the EU and America. 7,461 7,378 6,489 7,340 6,607

• It provides products and services across the whole value chain in numerous industrial sectors FY16 FY17 FY18 FY19 FY20

(apparel, hosiery, automotive, carpets, leather, paper, home upholstery, industrial fabrics, etc.) Domestic International

• In the 20 years of the Company’s corporate journey, KIL has been focusing on providing
Revenue Breakup (FY20)
products of high quality standards, executing collaborations and strategic acquisitions, Basic
implementing environmentally aligned R&D, finding innovative solution centric and all- Chemicals
encompassing customer care 3%

• All initiatives taken by KIL has enabled it to set its footprints in over 50 countries across 7
Dye Dyes
continents. 45%
Intermediates
• The Company has sizeable manufacturing facility of Dyes Intermediates and Basic chemicals at 52%
Padra (Baroda, Gujarat) and to strengthen its competitive edge in dyes vertical, KIL formed a
joint venture with Longsheng (China) and set up a manufacturing facility for dyes.
3
About DyStar
Total Revenue (USD Mn)
KIL acquired Dystar in 2010, along with Zhenjiang 1,129
1,016 1057
Longsheng holding 37.57% presently 938 898
822 871

• The DyStar Group is a leading dyestuff and chemical manufacturer and solution provider,
offering a broad portfolio of colorants, specialty chemicals, and services to customers
across the globe.
• With a heritage of more than a century in product development and innovation for the
textile industry, DyStar also caters to multiple sectors including paints, coatings, paper
and packaging industries. Its expansion into food and beverages and personal care sectors CY13 CY14 CY15 CY16 CY17 CY18 CY19
reinforces the company’s position as a specialty chemical manufacturer.
• DyStar’s global presence offers customers reliable access to experts from offices, Profit after Tax (USD Mn)
competence centres, agencies and production plants spanning over 50 countries. 148
• DyStar has 16 manufacturing plants with a combined production capacity of 176,000 TPA. 119
It is a market leader in global dyes market with a market share of over ~21%. 103 97
84
• It has expertise in dyes, dyes solutions, leather solutions, performance chemicals, and 76
custom manufacturing of special dyes/ pigments. 50

CY13 CY14 CY15 CY16 CY17 CY18* CY19*

* Includes disputed provisions / write off in CY18 and CY19 of USD 113.02 Mn and USD 26.56 Mn respectively
4
History

COLORATION
SPECIALIST
FOUNDATION
JOINT
VENTURE OF: ACQUISITION:
Bayer AG and Emerald
Hoechst AG Performance
(Textile dyes, ACQUISITION: FOUNDATION: Materials
SOLUTION Ind. Color Solutions ACQUISITION: Sustainable Specialities
SUSTAINABILITY
LEADER PROVIDER Mitsubishi) International Texaniab Textile Solutions Group

1995 2000 2002 2004

- 2007 2010 2012 2013 2016
2006

DyStar was founded in 1995 as a JOINT VENTURE LAUNCH: ACQUISITION ACQUISITION:

joint venture between Hoechst AG OF: Bayer AG, econfidence BY KIL Lenmar
Hoechst AG, program Chemicals
and Bayer Textile Dyes. In 2000, the BASF AG (Textile (Business and
textile dyes business from BASF was ACQUISITION:
dyes, Ind. Yorkshire Assets)
integrated. In 2010, DyStar Group ICI/Zeneca dyes Americas, Rotta
was acquired by Kiri Industries and Mitsui Group and
Limited (KIL). Boehme Group
5
Q4-FY20 Financial Highlights

Q4-FY20 Financial Highlights (Standalone) Q4-FY20 Financial Highlights (Consolidated)

• Operational Revenue: INR 2,125 Mn • Operational Revenue: INR 2,982 Mn
• EBITDA: INR 109 Mn • EBITDA: INR 307 Mn
• EBITDA Margin: 5.13% • EBITDA Margin: 10.30%
• Net Profit: INR 0.3 Mn • Net Profit: INR 182 Mn
• PAT Margin: 0.01% • PAT Margin: 6.10%
• Diluted EPS: INR (0.06) • Diluted EPS: INR 21.49

FY20 Financial Highlights (Standalone) FY20 Financial Highlights (Consolidated)

• Operational Revenue: INR 9,690 Mn • Operational Revenue: INR 13,054 Mn
• EBITDA: INR 961 Mn • EBITDA: INR 1,861 Mn
• EBITDA Margin: 9.92% • EBITDA Margin: 14.26%
• Net Profit: INR 502 Mn • Net Profit: INR 1,157 Mn
• PAT Margin: 5.18% • PAT Margin: 8.86%
• Diluted EPS: INR 9.61 • Diluted EPS*: INR 72.34

* After considering Share of Profit of Associates and disputed provisions of DyStar

6
FY20 Standalone Operational Highlights
• The company faced total lockdown between March 21, 2020 and April 27, 2020, after which the plants were partially allowed to
operate gradually. Initially, during May 2020, the company was allowed to fulfill its export commitments by operating its dyes
manufacturing facility partially, and lately since June 2020, the company has been allowed to resume normalized operations and
execute domestic sales also.
• Covid-19 Pandemic and global meltdown during the fourth quarter impacted turnover of the company which decreased by 9% Y-O-
Y basis.
• The lockdown impacted revenues and correspondingly the fixed overheads could not be absorbed impacting EBIDTA by 469 bps Y-
O-Y basis.
• The Standalone EBIDTA of FY2019-20 is backed with gross margins of 37.6%, an increase of 262 bps Y-O-Y basis.
• Finance Costs increased on account of increase in finance charges pertaining to discounting of LCs and other bank charges.
• Operational expenses of INR 872.89 Crore include a significant amount of Legal & Professional fees related to the Singapore courts
legal costs.
• The Working Capital Cycle has been under tight vigil and the average cycle has been controlled where the collection period of
account receivable has remained consistent. The trade payables period has been around 105 days whereas the collection of
receivables has been around 70 days in FY2019-20. The company is holding inventory of around 36 days during FY2019-20.
• Kiri’s standalone property, plant and equipment have increased by INR 110.13 Crore, which during the preceding year had
increased by INR 114.60 Crore.
7
FY20 Consolidated Operational Highlights
• In FY2019-20 consolidated total revenue amounted to INR 1310.68 Crore with an EBIDTA of INR 191.35 Crore.

• The earnings before interest, depreciation, tax and amortization (EBIDTA) has marginally reduced by 213bps during FY2019-20, mainly on
account of 6% reduction in revenue which was impacted by the lockdown during the last 10 days of FY2019.20.

• The consolidated Net Profit of the company after adding back the disputed wrongful write-downs/exceptional provisions, expenses and claims
in DyStar (Associate Company of Kiri) amounts to INR 445.33 Crore. Kiri Standalone contributed INR 49.82 Crore, JV Company, Lonsen Kiri
Chemical Industries Limited (LKCIL) has contributed INR67.19Crore.

• The Consolidated Basic EPS of Kiri after adding back disputed write downs/exceptional provisions in DyStar is INR 135.78 and Diluted EPS is
INR 85.91. If the disputed write downs/exceptional provisions are not added back, the Consolidated Basic EPS of Kiri is INR 114.33 and Diluted
EPS is INR 72.34.

• During CY 2019 (12 months period ending on December 31, 2019), DyStar has earned profit of USD 121.41Mio before considering exceptional
expenses, provisioning and write offs of USD 25.86 Mio.

• The Board of Directors of the company have recommended dividend of INR 0.50 per equity share of INR10 each.
8
Update on Kiri’s Minority Oppression suit in the matter of DyStar
• The ongoing trial at the Singapore International Supreme Court (SICC) for Valuation of Kiri’s stake of 37.57% in DyStar was completed on April 6,
2020, and the relevant hearings got completed, which were held in two tranches during last quarter of FY2019-20. The final hearing for oral
closing and related arguments shall now be held on June 30, 2020 and July 1, 2020. The valuation of stake of Kiri in DyStar shall be crystalized on
the basis of the financial position existing as on effective date of July 3, 2018 (valuation date) as per the Order of Singapore International
Supreme Court (SICC). The financial performance of DyStar post July 3, 2018 shall not be of relevance for the valuation of Kiri’s stake in DyStar.

• The SICC had delivered their judgment against the Company and Manish Kiri for payment of total damages to USD 678,480.50, which was about
half of the original claim amount, and cost of S$245,877.52 to DyStar in DyStar’s claim for violation of non-compete clause of Share Subscription
and Shareholders Agreement (“SSSA”) with respect to solicitation of DyStar’s customer(s) in Morocco and Sri Lanka on March 3, 2020. The
Company has filed an appeal with Court of Appeal against the said order dated March 3, 2020. The appeal is expected to hear by Court of Appeal
sometime in September 2020.

• Very recently, DyStar has initiated a new suit against the Company and Mr. Manish Kiri for alleged violation of SSSA with respect to competition
by the Company with DyStar through solicitation of customers of DyStar in Bangladesh, Pakistan, Iran and Brazil. The Company has filed defense
and also filed counterclaim on June 8, 2020 against the claim of DyStar. The customers which are alleged by Dystar in their new claim, have been
in business with the Company prior to execution of SSSA i.e. 31 January 2010. Hence, Kiri Management does not foresee any payment of
damages to DyStar.
Q4-FY20 Financial Highlights
10
Q4-FY20 Standalone Income Statement
PARTICULARS (INR Mn) Q4-FY20 Q4-FY19 Y-o-Y Q3-FY20 Q-o-Q

Revenue from Operations 2,125 3,049 (30.3)% 2,267 (6.3)%

Total Expenses 2,016 2,705 (25.5)% 2,042 (1.3)%
EBITDA 109 344 (68.3)% 225 (51.6)%
EBITDA Margin(%) 5.13% 11.28% (615) Bps 9.93% (480) Bps
Other Income 19 16 18.8% 13 46.2%
Depreciation 103 83 24.1% 90 14.4%
Finance Cost 14 12 16.7% 9 55.6%
PBT 11 265 (95.8)% 139 (92.1)%
Tax 11 46 (76.1)% 26 (57.7)%
Profit After Tax 0.3 219 (99.9)% 113 (99.7)%
PAT Margin(%) 0.01% 7.18% (717) Bps 4.98% (497) Bps
Other Comprehensive Income (4) (2) NA - NA
Total Comprehensive Income (3) 217 NA 113 NA
Diluted EPS (INR) (0.06) 4.20 NA 2.19 NA
11
Q4-FY20 Standalone Financial Highlights

Operational Revenue (INR Mn) EBITDA (INR Mn)

3,049
344

2,125

109

Q4-FY20 Q4-FY19 Q4-FY20 Q4-FY19

PAT (INR Mn) EBITDA Margin & PAT Margin

219
11.28%

5.13%
7.18%

0.3
0.01%
Q4-FY20 Q4-FY19 Q4-FY20 Q4-FY19
EBITDA (%) PAT (%)
12
FY20 Standalone Income Statement
PARTICULARS (INR Mn) FY20 FY19 Y-o-Y

Operational Income 9,690 10,619 (8.7)%

Total Expenses 8,729 9,055 (3.6)%
EBITDA 961 1,564 (38.6)%
EBITDA Margin (%) 9.92% 14.73% (481) Bps
Other Income 41 28 46.4%
Depreciation 366 285 28.4%
Finance Cost 45 44 2.3%
PBT 591 1,263 (53.2)%
Tax 89 63 42.9%
Profit After Tax 502 1,200 (58.3)%
PAT Margin 5.18% 11.30% (612) Bps
Other Comprehensive Income (4) (2) NA
Total Comprehensive Income 498 1,198 (58.4)%
Diluted EPS (INR) 9.61 23.12 (58.4)%
13
FY20 Standalone Financial Highlights

Operational Revenue (INR Mn) EBITDA (INR Mn)

10,619
9,690 1,564

961

FY20 FY19 FY20 FY19

PAT (INR Mn) EBITDA Margin & PAT Margin

1,200
14.73%

9.92%
502 11.30%

5.18%

FY20 FY19 FY20 FY19

EBITDA (%) PAT (%)
14
Q4-FY20 Consolidated Income Statement
PARTICULARS (INR Mn) Q4-FY20 Q4-FY19 Y-o-Y Q3-FY20 Q-o-Q
Revenue from Operations 2,982 3,860 (22.7)% 3,151 (5.4)%
Total Expenses 2,675 3,389 (21.1)% 2,734 (2.2)%
EBITDA 307 471 (34.8)% 417 (26.4)%
EBITDA Margin 10.30% 12.20% (190) Bps 13.23% (293) Bps
Other Income 22 13 69.2% 19 15.8%
Depreciation 114 107 6.5% 112 1.8%
Finance Cost 15 11 36.4% 10 50.0%
PBT 200 366 (45.4)% 314 (36.3)%
Tax 18 103 (82.5)% 73 (75.3)%
Profit After Tax 182 263 (30.8)% 241 (24.5)%
PAT Margin 6.10% 6.81% (71) Bps 7.65% (155) Bps
Share of Profit of Associates 937 (520) NA 1,127 (16.9)%
Total Comprehensive Income 1,114 (259) NA 1,368 (18.6)%
Dilutes EPS (INR)** 21.49 (5.00) NA 26.40 (18.6)%
** After considering share of profit of associates and disputed provisions of DyStar
15
Q4-FY20 Consolidated Financial Highlights

Operational Revenue (INR Mn) EBITDA (INR Mn)

471
3,860
307
2,982

Q4-FY20 Q4-FY19 Q4-FY20 Q4-FY19

PAT (INR Mn) EBITDA Margin & PAT Margin

263
12.20%
10.30%
182

6.10% 6.81%

Q4-FY20 Q4-FY19 Q4-FY20 Q4-FY19

EBITDA (%) PAT (%)
16
FY20 Consolidated Income Statement
PARTICULARS (INR Mn) FY20 FY19 Y-o-Y
Operational Income 13,054 13,938 (6.3)%
Total Expenses 11,193 11,628 (3.7)%
EBITDA 1,861 2,310 (19.4)%
EBITDA Margin 14.26% 16.57% (231) Bps
Other Income 53 27 (96.3)%
Depreciation 444 376 (18.1)%
Finance Cost 49 51 (3.9)%
PBT 1,421 1,910 (25.6)%
Tax 264 334 (21.0)%
Profit After Tax 1,157 1,576 (26.6)%
PAT Margin 8.86% 11.31% (245) Bps
Share of Profit of Associates 2,598 65 NA
Other Comprehensive Income (5) (2) NA
Total Comprehensive Income 3,750 1,639 128.8%
Diluted EPS (INR) 72.34# 31.62# 128.8%
# After considering share of profit of associates and disputed provisions of DyStar
17
FY20 Consolidated Financial Highlights

Operational Revenue (INR Mn) EBITDA (INR Mn)

13,054 13,938 2,310

1,861

FY20 FY19 FY20 FY19

PAT (INR Mn) EBITDA Margin & PAT Margin

1,576
16.57%
14.26%
1,157

11.31%
8.86%

FY20 FY19 FY20 FY19

EBITDA (%) PAT (%)
HISTORICAL FINANCIALS
19
Standalone Income Statement
PARTICULARS (INR Mn) FY18 FY19 FY20

Revenue from Operations 9,013 10,619 9,690

Total Expenses 7,712 9,055 8,729
EBITDA 1,301 1,564 961
EBITDA Margin 14.43% 14.73% 9.92%
Other Income 33 28 41
Depreciation 250 285 366
Finance Cost 17 44 45
PBT 1,067 1,263 591
Tax 42 63 89
Profit After Tax 1,025 1,200 502
PAT Margin 11.37% 11.30% 5.18%
Other Comprehensive Income 1 (2) 0
Total Comprehensive Income 1,026 1,198 498
Diluted EPS (INR per share) 22.33 23.12 9.61
20
Standalone Balance sheet
PARTICULARS (INR Mn) FY19 FY20 PARTICULARS (INR Mn) FY19 FY20
Equity 6,307 6,730 Non Current Assets 6,922 7,665
Equity Share Capital 313 336 a) Property, Plant and Equipment 4,290 4,635
Other Equity 5,994 6,394 b) Other Intangible assets 1 -
c) Capital Work In Progress 377 767
Non Current Liabilities 1,662 1,124 d) Investment in Subsidiary/Associate 1,402 1,402
a) Financial Liabilities e) Financial Assets
(i) Borrowings 1,488 960 (i) Investments 1 1
(ii) Trade Payables 36 1 (ii) Trade Receivable 36 20
(iii) Other Financial Liabilities 8 10 (ii) Other financial assets 90 108
b) Provisions 127 135 f) Other Assets 725 732
c) Deferred Tax Liabilities (Net) 3 18 g) Deferred Tax Assets - -
d) Other Non Current Liabilities - - Current Assets 3,721 3,210
a) Inventories 1,083 970
Current Liabilities 2,674 3,021 b) Financial Assets
a) Financial Liabilities (i) Investments - -
(i) Borrowings 6 6 (ii) Trade Receivables 2,085 1,887
(ii) Trade Payables 1,602 1,798 (iii) Cash and Cash Equivalents 94 55
(iii) Other Financial Liabilities 349 779 (iv) Bank balances other than above 12 13
b) Other Current liabilities 517 350 (v) Loans 181 146
c) Provisions 16 18 (vi) Other financial assets 51 31
d) Current Tax Liabilities (Net) 184 70 c) Current Tax Assets (Net) 11 -
d) Other Current Assets 204 108
GRAND TOTAL - EQUITIES & LIABILITES 10,643 10,875 GRAND TOTAL – ASSETS 10,643 10,875
21
Consolidated Income Statement
PARTICULARS (INR Mn) FY18 FY19 FY20

Revenue from Operations 11,352 13,938 13,054

Total Expenses 9,542 11,628 11,193
EBITDA 1,810 2,310 1,861
EBITDA Margin (%) 15.94% 16.57% 14.26%
Other Income 16 27 53
Depreciation 341 376 444
Finance Cost 35 51 49
PBT 1,450 1,910 1,421
Tax 183 334 264
Profit After Tax 1,267 1,576 1,157
PAT Margin (%) 11.16% 11.31% 8.86%
Income from Associate 2,313 65 2,598
Other Comprehensive Income 1 (2) 5
Total Comprehensive Income 3,581 1,639 3,750
Diluted EPS (INR per share) 77.93# 31.62# 72.34#
# After considering share of profit of associates and disputed provisions of DyStar
22
Consolidated Balance sheet
PARTICULARS (INR Mn) FY19 FY20 PARTICULARS (INR Mn) FY19 FY20
Equity 15,673 19,334 Non Current Assets 15,673 18,919
Equity Share Capital 313 336 a) Property, Plant and Equipment 4,769 5,062
Other Equity 15,360 18,998 b) Other Intangible assets 70 56
c) Capital Work In Progress 377 785
Non Current Liabilities 1,725 1,164 d) Investment in Subsidiary/Associate 9,542 12,140
a) Financial Liabilities e) Financial Assets
(i) Borrowings 1,488 960 (i) Investments 1 1
(ii) Trade Payable 36 1 (ii) Trade Receivable 36 20
(iii) Other Financial Liabilities 7 10 (iii) Other financial assets 99 120
b) Provisions 134 145 f) Other Assets 779 735
c) Deferred Tax Liabilities (Net) 60 48 g) Deferred Tax Assets (Net) - -
d) Other Non Current Liabilities - - Current Assets 4,910 5,119
a) Inventories 1,685 1,427
Current Liabilities 3,185 3,539 b) Financial Assets
a) Financial Liabilities (i) Trade Receivables 2,536 3,204
(i) Borrowings 6 6 (ii) Cash and Cash Equivalents 190 124
(ii) Trade Payables 1,976 2,182 (iii) Bank balances other than above 36 29
(iii) Other Financial Liabilities 358 783 (iv) Loans 180 144
b)Other Current liabilities 528 449 (v) Other financial assets 50 31
c) Provisions 17 20 c) Current Tax Assets (Net) 11 -
d)Current Tax Liablities (Net) 300 99 d) Other Current Assets 222 160
GRAND TOTAL - EQUITIES & LIABILITES 20,583 24,038 GRAND TOTAL – ASSETS 20,583 24,038
23
Consolidated Financial Highlights
Operational Revenue (INR Mn) EBITDA (INR Mn) & PAT(INR Mn) & PAT
13,938 EBITDA Margins (%) Margins(%)
13,054
11,983 11,352
11,119 15.94% 16.57%
13.27% 14.26%
11.14%
11.16%11.31%
9.14% 8.86%
2.50%
1,239 1,590 1,810 2,310 1,861 257 1,095 1,267 1,576 1,157

FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20

RoE# and RoCE# Net Debt : Equity Net Worth (INR Mn)
ROE (%) ROCE (%) 0.41
19,334
31% 15,673
26% 25% 14,047
19% 10,324
0.16
11% 11% 9% 10% 0.1 6,354
7% 0.08
0.04
11%

FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20

# After considering share of profit of associates and disputed provisions of DyStar

24
Capital Markets
Share Price Data as on 31st March 2020
20%

0%

-20%
Kiri
-40%
Sensex
-60%

-80%
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Price Data (31st March, 2020) INR Shareholding Pattern as on 31st March, 2020
Face Value 10.0 Public
32%
Market Price 269.5
52 Week H/L 652.8/188.1 Promoters
42%
Market Cap (Mn) 9,060.8
Equity Shares Outstanding (Mn) 33.6
DII
1 Year Avg Trading Volume (‘000) 164.0 2%
FII/Banks
24%
25
Disclaimer
Kiri Industries Limited Disclaimer:
The information contained in this presentation is only current as of its date. All actions and statements made herein or otherwise shall be subject to the applicable laws and regulations as amended from time to time.
There is no representation that all information relating to the context has been taken care off in the presentation and neither we undertake any obligation as to the regular updating of the information as a result of
new information, future events or otherwise. We will accept no liability whatsoever for any loss arising directly or indirectly from the use of, reliance of any information contained in this presentation or for any
omission of the information. The information shall not be distributed or used by any person or entity in any jurisdiction or countries were such distribution or use would be contrary to the applicable laws or
Regulations. It is advised that prior to acting upon this presentation independent consultation / advise may be obtained and necessary due diligence, investigation etc may be done at your end. You may also contact
us directly for any questions or clarifications at our end. This presentation contain certain statements of future expectations and other forward-looking statements, including those relating to our general business
plans and strategy, our future financial condition and growth prospects, and future developments in our industry and our competitive and regulatory environment. In addition to statements which are forward looking
by reason of context, the words ‘may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue and similar expressions identify forward looking statements. Actual results,
performances or events may differ materially from these forward-looking statements including the plans, objectives, expectations, estimates and intentions expressed in forward looking statements due to a number
of factors, including without limitation future changes or developments in our business, our competitive environment, telecommunications technology and application, and political, economic, legal and social
conditions in India. It is cautioned that the foregoing list is not exhaustive This presentation is not being used in connection with any invitation of an offer or an offer of securities and should not be used as a basis for
any investment decision

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable,
but Valorem Advisors and 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. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details, please feel free to contact our Investor Relations Representatives:
Mr. Anuj Sonpal
Valorem Advisors
Tel: +91-22-3006-7521 / 22 / 23 / 24
Email: kiri@valoremadvisors.com
THANK YOU