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Kiri Industries Limited

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November 12, 2018

To, To,
BSE Limited National Stock Exchange of India Limited
1't Floor, Rotunda Building, Exchange Plaza, Bandra Kurla Complex,
B.S. Marg, Fort, Mumbai - 400 001 Bandra (E), Mumbai - 400 051
Scrip Code: 532967 Scrip 10 - KIRIINOUS

Dear Sir/Madam,

Sub: Earning Presentation for Quarter and Half year ended September 30, 2018

In Compliance with Regulation 30 and Part A of Schedule III of SEBI (Listing Obligations and disclosure
Requirements) Regulations, 2015, Please find attached herewith the earning presentation for Quarter
and Half year ended September 30, 2018.

The said presentation is also available on website of the Company at www.kiriindustries.com.

You are requested to kindly note the same.

Thanking you
J
For Kiri Industries Limited

Suresh Gondalia
Company Secretary
Encl: as stated

DYES INTERMEDIATES CHEMICALS

Plot No: 299/1/A& B, Phase-II, Nr. Water Tank, GIDC, Vatva, Plot No: 3961399/403/404, EPC Canal Road, Village: Oudhwada, Plot No: 552-A. 566, 567. 569-71. Village: Dudhwada, Tal. : Padra,
Ahmedabad - 382 445, Gujarat, India. Tal. : Padra, Dist.: Vadodara - 391450. Gujarat, India. Dist.: Vadodara- 391450 Gujarat, India.
Phone: +91-79-25894477 Phone: +91-2662-273444 Phone: +91-2662-273724, 25
Fax : +91-79-25834960 Fax: +91-2662 -273 444 Fax: +91-2662-273726
Email : engage@kiriindustries.comWeb:.MVW.kiriindustries.com Email: inlermediates@kiriindustries.com Web : www.kiriindustries.com Email: intennediates@kiriindustries.comWeb:WININ.kiriindustries.com

REGISTERED OFFICE: 7th Floor, Hasubhai Chamber, Opp. Town Hall, Ellisbridge, Ahmedabad - 380 006. Gujarat (India). Phone: + 91-79-2657 4371-72-73 Fax : + 91-79-26574374
CIN No.:L24231GJ1998PLC034094
Kiri Industries Limited
H1/Q2-FY19|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
4,517
of the largest manufacturers and exporters of a 4,722
3,681
wide range of Dyes, Dyes Intermediates and
4,117
Basic Chemicals from India with ‘Zero Effluent’.
3,377
• KIL is an accredited and certified Key Business
Partner with world’s top Dyestuff majors
across Asia-Pacific, the EU and America. 6,746 7,353 6,473
5,211
3,544

• It provides products and services across the whole value chain in numerous industrial sectors FY14 FY15 FY16 FY17 FY18
(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
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 Dyes, 40%
continents. Dye
Intermediates
• The Company has sizeable manufacturing facility of Dyes Intermediates and Basic chemicals at 57%
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
KIL had acquired DyStar in 2010 along with Zhenjiang Longsheng
presently holding 37.57%.

• 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 reinforces the
company’s position as a specialty chemical manufacturer.
• DyStar’s global presence offers customers reliable access to experts from offices, competence
centres, agencies and production plants spanning over 50 countries.
• DyStar has 16 manufacturing plants with a combined production capacity of 176,000 TPA. It
is a market leader in global dyes market with a market share of over ~21%.
• It has expertise in dyes, dyes solutions, leather solutions, performance chemicals, and custom
manufacturing of special dyes/ pigments.
4
History

DyStar was founded in 1995 as a joint venture between Hoechst AG and Bayer Textile Dyes. In 2000, the textile dyes business from BASF was
integrated. In February 2010, DyStar Group was acquired by Kiri Industries Limited (KIL)

ACQUISITION:
DyStar
5
Value Unlocking in DyStar
Successfully turning around the operations of DyStar.
• The turn around plan was successfully executed by replacing high cost German manufacturing base with
low cost manufacturing in India, China and Indonesia etc

• KIL is entitled to profit share of INR 826 Mn, INR 1,976 Mn, INR 1,700 Mn and INR 1,561 Mn over the 4
fiscal years from FY14 to FY17.

Likely favourable judgement securing the receivables at a fair market value.

• Although DyStar made substantial profits, KIL was neither paid dividend nor was allowed to get benefits
to the operations of DyStar. KIL suffered and intense minority operations conducted by Longsheng along
with DyStar management. Hence, KIL initiated legal proceedings against Longsheng Sub Senda and DyStar
in the Singapore High Court. Later on the suit was transferred to Singapore International Commercial
Court (SICC).A proceeding of trial was completed in March 2018,and judgement was announced on July 3
2018.

• As per Court judgement Senda has to buyout KIL stake at fair market value.

• If KIL’s shares in DyStar is bought out then the valuation would probably be as per the profit earning
capacity of the business. On this basis, KIL would receive substantially higher amount at a fair market
value to be decided under the direction of the Hounrable Court.
6
H1/Q2-FY19 Financial Highlights

Q2-FY19 Financial Highlights (Standalone) H1-FY19 Financial Highlights (Standalone)

• Total Revenue: INR 2,833 Mn • Total Revenue: INR 5,241 Mn
• EBITDA: INR 492 Mn • EBITDA: INR 916 Mn
• EBITDA Margin: 17.37% • EBITDA Margin: 17.48%
• Net Profit: INR 409 Mn • Net Profit: INR 760 Mn
• PAT Margin: INR 14.44% • PAT Margin: 14.5%
• Diluted EPS: INR 7.89 • Diluted EPS: INR 14.66

Q2-FY19 Financial Highlights (Consolidated) H1-FY19 Financial Highlights (Consolidated)

• Total Revenue: INR 3,734 Mn • Total Revenue: INR 7,072 Mn
• EBITDA: INR 733 Mn • EBITDA: INR 1,413 Mn
• EBITDA Margin: 19.63% • EBITDA Margin: 19.98%
• Net Profit: INR 539 Mn • Net Profit: INR 1,045 Mn
• PAT Margin: 14.43% • PAT Margin: INR 14.78%
• Diluted EPS: INR 21.65 • Diluted EPS: INR 38.29
7
Q2-FY19 Operational Highlights
• In Q2-FY19, at the consolidated level, the company reported a top line of INR 3730 Mn, up 39% Y-o-Y and up 12% Q-o-Q, driven by a
strong 24% Y-o-Y sales growth at the standalone level coupled with strong sales reported by its joint venture and subsidiary company.

• Sales at standalone level were up 24% Y-o-Y and up 18% Q-o-Q, driven by strong exports of dyes.

• The Reported Consolidated EBIDTA (Excluding DyStar) margin came in at 19.6%, up 136 basis points Y-o-Y. At the Standalone level, the
EBIDTA margin at 17.4% was consistent with previous quarter and was up 40 basis points Q-o-Q.

• H Acid prices, which stood at an average price of INR 424/kg in Q1-FY19 went up to an average price INR 470/kg in Q2-FY19 and they are
presently hovering in the INR 420-430/kg price range. Vinyl Sulphone prices which stood at an average of about INR 248/kg in Q1-FY19
has shot up to INR 274/kg in Q2-FY19. Currently, VS prices hover at around INR 250-260/kg. Barring unforeseen circumstances,
management is of the view that these prices should remain stable for the foreseeable future.

• The Standalone PAT was up 36% Y-o-Y and 17% Q-o-Q.

• The Consolidated PAT at INR 539 Mn (Excluding DyStar), was up 53% Y-o-Y and up 6.5% Q-o-Q.

• The company has commenced disperse dyes production and sale in the reported quarter, so revenue is higher in this quarter as compared
to previous quarter. The full effect of this expansion will become visible over the coming quarters.
8
Q2-FY19 Operational Highlights
• The company is focused on generating shareholder value through non-dilutive growth and free cash generation at sustainable returns on
capital.

• The Company won a landmark judgement in the SICC in its minority oppression suit against Longsheng Group, China, in July. The
Honourable SICC is scheduled to rule on the valuation timeline and process on its hearing to be held on November.

• DyStar reported very strong topline growth of 13% in 9M-CY18 as compared to 9M-CY17.

• DyStar results for the quarter have several disputed, extraordinary and one-time items, which the company has challenged.

• Excluding the disputed items including impaired inventories, impaired plant & machinery, provision for bad and doubtful debts,
administrative expenses and corporate guarantee fees, DyStar reported strong profit growth. Net Profit before these exceptional items
amounts to USD 84.74 Mn For the quarter and USD 142.91 Mn For the 9 months of CY18.

• The company has incurred in this Quarter and Financial year (as well as preceding financial years), significant legal and related costs,
pertaining to the company's suit against Longsheng Group in SICC Singapore. The profits reported in this quarter and financial year so far,
are after charging these legal expenses.

.
9
Q2-FY19 Standalone Income Statement
PARTICULARS (INR Mn) Q2-FY19 Q2-FY18 Y-o-Y Q1-FY19 Q-o-Q
Total Income* 2,833 2,281 24.2% 2,408 17.6%
Total Expenses 2,341 1,894 23.6% 1,983 18.1%
EBITDA 492 387 27.1% 425 15.8%
EBITDA Margin 17.37% 16.97% 40 Bps 17.65% (28) Bps
Depreciation 66 59 11.9% 60 10.0%
Finance Cost 12 2 NA 9 33.3%
Exceptional Items - - - -
PBT 414 326 27.0% 356 16.3%
Tax 5 25 (80.0%) 5 -
Profit After Tax 409 301 35.9% 351 16.5%
PAT Margin 14.44% 13.20% 124 Bps 14.58% (14) Bps
Other Comprehensive Income - - - - -
Total Comprehensive Income 409 301 35.9% 351 16.5%
Diluted EPS (INR) 7.89 6.64 18.8% 6.76 16.7%

* Includes Other Income

10
Quarterly - Standalone Financial Highlights
Total Revenue (INR Mn) EBITDA (INR Mn)
2,833
3,000 600 492
2,281
387
2,000 400

1,000 200

0 0
Q2 FY-18 Q2 FY-19 Q2 FY-18 Q2 FY-19

PAT (INR Mn) EBITDA Margin & PAT Margin

500 20.00% 16.97% 17.37%

409
400 15.00%
301 14.44%
300 13.20%
10.00%
200
5.00%
100
0 0.00%
Q2 FY-18 Q2 FY-19 Q2 FY-18 Q2 FY-19
EBITDA (%) PAT (%)
11
H1-FY19 - Standalone Income Statement
PARTICULARS (INR Mn) H1-FY19 H1-FY18 Y-o-Y

Total Income* 5,241 4,672 ** 12.2%

Total Expenses 4,325 3,907 ** 10.7%
EBITDA 916 765 19.7%
EBITDA Margin 17.48% 16.37% 111 Bps
Depreciation 126 117 7.7%
Finance Cost 21 5 320.0%
PBT 769 643 19.6%
Tax 9 39 (76.9)%
Profit After Tax 760 604 25.8%
PAT Margin 14.50% 12.93% 157 Bps
Other Comprehensive Income - - NA
Total Comprehensive Income 760 604 25.8%
Diluted EPS (INR) 14.66 13.34 9.9%

* Includes Other Income ** Includes Excise Duty

12
Half Yearly - Standalone Financial Highlights
Total Revenue (INR Mn) EBITDA (INR Mn)
5,400 5,241 950 916
5,200 900
5,000 850
4,800 4,672 800 765
4,600 750
4,400 700
4,200 650
H1 FY-18 H1 FY-19 H1 FY-18 H1 FY-19

PAT (INR Mn) EBITDA Margin & PAT Margin

760
800
604 20.00% 16.37% 17.48%
600
15.00%
400 12.93% 14.50%
10.00%
200 5.00%

0 0.00%
H1 FY-18 H1 FY-19 H1 FY-18 H1 FY-19
EBITDA (%) PAT (%)
13
Q2-FY19 - Consolidated Income Statement
PARTICULARS (INR Mn) Q2-FY19 Q2-FY18 Y-o-Y Q1-FY19 Q-o-Q

Total Income* 3,734 2,682 39.2% 3,338 11.9%

Total Expenses 3,001 2,192 37.0% 2,657 12.9%
EBITDA 733 490 49.6% 681 7.6%
EBITDA Margin 19.63% 18.27% 136 Bps 20.40% (77)Bps
Depreciation 88 78 12.8% 83 6.0%
Finance Cost 14 10 40.0% 12 16.7%
PBT 631 402 57.0% 586 7.7%
Tax 92 50 84.0% 80 15.0%
Profit After Tax 539 352 53.1% 506 6.5%
PAT Margin 14.43% 13.12% 131 Bps 15.16% (73)Bps
Share of Profit of Associates 583 574 1.6% 356 63.8%
Total Comprehensive Income 1,122 926 21.2% 862 30.2%
Dilutes EPS (INR) 21.65 20.45 5.9% 16.64 30.1%

* Includes Other Income

14
Quarterly - Consolidated Financial Highlights
Total Revenue (INR Mn) EBITDA (INR Mn)
4,000 3,734 800 733

3,000 2,682 600 490

2,000 400

1,000 200

0 0
Q2 FY-18 Q2 FY-19 Q2 FY-18 Q2 FY-19

PAT (INR Mn) EBITDA Margin & PAT Margin

600 539
500 25.00% 19.63%
400 352 18.27%
20.00%
300 15.00%
200 13.12% 14.43%
10.00%
100 5.00%
0 0.00%
Q2 FY-18 Q2 FY-19 Q2 FY-18 Q2 FY-19
EBITDA (%) PAT (%)
15
H1-FY19 - Consolidated Income Statement
PARTICULARS (INR Mn) H1-FY19 H1-FY18 Y-o-Y

Total Income* 7,072 5,595 ** 26.4%

Total Expenses 5,659 4,640 ** 22.0%
EBITDA 1,413 955 48.0%
EBITDA Margin 19.98% 17.06% 292 Bps
Depreciation 170 155 9.7%
Finance Cost 26 20 30.0%
PBT 1,217 780 56.0%
Tax 172 83 107.2%
Profit After Tax 1,045 697 49.9%
PAT Margin 14.78% 12.46% 232 Bps
Other Comprehensive Income 940 1,266 (25.8)%
Total Comprehensive Income 1,985 1,963 1.1%
Diluted EPS (INR) 38.29 43.35 (11.7)%
* Includes Other Income ** Includes Excise Duty
16
Half Yearly - Consolidated Financial Highlights
Total Revenue (INR Mn) EBITDA (INR Mn)
7,072 1,413
8,000 1,500
5,595
6,000 955
1,000
4,000
500
2,000

0 0
H1 FY-18 H1 FY-19 H1 FY-18 H1 FY-19

PAT (INR Mn) EBITDA Margin & PAT Margin

1,500
1,045 25.00% 19.98%
20.00% 17.06%
1,000
697
15.00%
14.78%
500 10.00% 12.46%
5.00%
0 0.00%
H1 FY-18 H1 FY-19 H1 FY-18 H1 FY-19
EBITDA (%) PAT (%)
17
Standalone Income Statement
PARTICULARS (INR Mn) FY14 FY15 FY16 FY17 FY18
Total Income* 5,839 7,826 8,967 10,355 9,046
Total Expenses 5,219 7,116 8,064 9,059 7,712
EBITDA 620 710 903 1,296 1,334
EBITDA Margin 10.62% 9.07% 10.07% 12.52% 14.75%
Depreciation 335 202 204 222 250
Finance Cost 773 844 672 80 17
Exceptional Items (288) - 47 - -
PBT (776) (336) 74 994 1,067
Tax (2) 32 (17) 51 42
Profit After Tax (774) (368) 91 943 1,025
PAT Margin (13.26)% (4.70)% 1.01% 9.11% 11.33%
Other Comprehensive Income - - - (1) 1
Total Comprehensive Income (774) (368) 91 942 1,026
EPS (INR per share) (28.92) (12.92) 2.87 25.82 22.33

* Includes Other Income

18
Standalone Balance sheet
PARTICULARS (INR Mn) FY17 FY18 H1-FY19 PARTICULARS (INR Mn) FY17 FY18 H1-FY19
Equity 3,941 5,109 5,868 Non Current Assets 5,289 5,424 5,778
Equity Share Capital 278 302 313 a) Property, Plant and Equipment 3,048 3,485 3,419
Other Equity 3,663 4,807 5,555 b) Other Intangible assets 1 1 1
c) Capital Work In Progress 360 321 596
1,963 1,890 1,760
Non Current Liabilities d) Investment in Subsidiary/Associate 1,650 1,460 1,460
a) Financial Liabilities 1,579 1,432 1,293 e) Financial Assets
b) Provisions 90 122 122 (i) Investments 2 1 1
c) Deferred Tax Liabilities (Net) 294 336 345 (ii) Other financial assets 62 64 79
d) Other Non Current Liabilities - - f) Other Assets 166 92 222

Current Liabilities 1,844 1,639 1,894 Current Assets 2,459 3,214 3,744
a) Financial Liabilities a) Inventories 403 568 781
(i) Borrowings 145 131 206 b) Financial Assets
(ii) Trade Payables 1,457 1,152 1,092 (i) Investments 32 222 160
(iii) Other Financial Liabilities 97 232 348 (ii) Trade Receivables 1,404 1,750 1,727
b) Other Current liabilities 135 110 231 (iii) Cash and Cash Equivalents 36 56 170

c) Provisions 10 14 17 (iv) Bank balances other than above 10 10 10

d) Current Tax Liablities (Net) - - (v) Loans 47 120 146
(vi) Other financial assets 165 102 129
c) Current Tax Assets (Net) 95 106 126
d) Other Current Assets 267 280 495

GRAND TOTAL - EQUITIES & LIABILITES 7,748 8,638 9,522 GRAND TOTAL – ASSETS 7,748 8,638 9,522
19
Consolidated Income Statement
PARTICULARS (INR Mn) FY14 FY15 FY16 FY17 FY18
Total Income* 6,921 9,328 10,427 12,007 11,368
Total Expenses 6,186 8,313 9,173 10,393 9,542
EBITDA 735 1,015 1,254 1,614 1,826
EBITDA Margin 10.62% 10.88% 12.03% 13.44% 16.06%
Depreciation 366 284 269 291 341
Finance Cost 802 863 738 91 35
Exceptional Items (288) - 48 - -
Income from Associate 826 1,976 1,700 1,561 2,313
PBT 105 1,844 1,995 2,793 3,763
Tax 6 29 38 137 183
Profit After Tax 99 1,815 1,957 2,656 3,580
PAT Margin 1.43% 19.46% 18.77% 22.12% 31.49%
Other Comprehensive Income - - - - 1
Total Comprehensive Income 99 1,815 1,957 2,656 3,581
EPS (INR per share) 3.7 63.63 61.88 72.84 77.93
20 Consolidated Balance sheet
PARTICULARS (INR Mn) FY17 FY18 H1-FY19 PARTICULARS (INR Mn) FY17 FY18 H1-FY19
Equity 10,324 14,047 16,018 Non Current Assets 11,615 14,156 15,391
Equity Share Capital 278 302 313 a) Property, Plant and Equipment 3,668 4,033 3,934
Other Equity 10,046 13,745 15,705 b) Other Intangible assets 96 85 77
c) Capital Work In Progress 360 321 596
d) Investment in
2,025 1,945 1,813
Non Current Liabilities Subsidiary/Associate 7,163 9,477 10,416
a) Financial Liabilities e) Financial Assets
(i) Borrowings 1,579 1,432 1,293 (i) Investments 2 1 1
b) Provisions 96 128 128 (ii) Other financial assets 71 74 89
c) Deferred Tax Liabilities (Net) 350 385 392 f) Other Assets 255 165 278
d) Other Non Current Liabilities - -
Current Assets 3,115 4,123 5,092
Current Liabilities 2,381 2,287 2,652 a) Inventories 825 1,191 1,332
a) Financial Liabilities b) Financial Assets
(i) Borrowings 235 157 190 (i) Trade Receivables 1,475 2,093 2,381
(ii) Trade Payables 1,840 1,681 1,631 (ii) Cash and Cash Equivalents 122 125 324
(iii) Bank balances other than
(iii) Other Financial Liabilities 113 249 416 above 34 32 38
b)Other Current liabilities 141 114 232 (iv) Loans 45 118 145
c) Provisions 10 14 17 (v) Other financial assets 177 91 112
d)Current Tax Liablities (Net) 42 72 166 c) Current Tax Assets (Net) 95 106 126
d) Other Current Assets 342 367 634

GRAND TOTAL - EQUITIES & LIABILITES 14,730 18,279 20,483 GRAND TOTAL – ASSETS 14,730 18,279 20,483
21
Consolidated Financial Highlights
Total Revenue (INR Mn) EBITDA (INR Mn) & PAT(INR Mn) & PAT Margins
EBITDA Margins 31.49%
12,007
16.06% 22.12%
11,368 13.44%
12.03% 18.77%

10,427

1,254 1,614 1,826 1,957 2,656 3,580

FY16 FY17 FY18 FY16 FY17 FY18 FY16 FY17 FY18

RoE and RoCE Net Debt : Equity Net Worth (INR Mn)
14,047
ROE (%) ROCE (%) 0.41
31% 10,324
26% 25%
6,354
0.16
11% 11% 9% 0.1

FY16 FY17 FY18 FY16 FY17 FY18 FY16 FY17 FY18

22
Capital Markets
Share Price Data as on 30th Sept, 2018
100% Kiri industries Ltd. Sensex

50%

0%
Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18

Price Data (30th Sept, 2018) INR Shareholding Pattern as on 30th Sept, 2018
Face Value 10.00
Market Price 503.15
Public
52 Week H/L 684.00/ 351.95 38% Promoters
45%
Market Cap (Mn) 1577.07
Equity Shares Outstanding (Mn) 31.34 FII/Banks
DII 13%
1 Year Avg Trading Volume (‘000) 438.72 4%
23
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