2000 5000 Imo Company Update 20230215

Ahluwalia Contracts
(India) Limited
Engineering, Designing & Construction
E-mail-On-line
Date: 15-02-2023
To,
Compliance Department Compliance Department Compliance Department
BSE Limited. National Stock Exchange of India Ltd. Calcutta Stock Exchange Ltd
25th Floor, P.J. Towers 5th Floor, Exchange Plaza, 7, Lyons Range, Dalhousie,
Dalal Street, Mumbai - 400001 Bandra Kurla Complex, Murgighata, B B D Bagh,
Kolkata, West Bengal – 700001
Bandra (East) Mumbai- 400051
Sub: Out-Come of Conference call under Regulation 46(2) of the SEBI (LODR)
Regulations, 2015
Dear Sir/Madam,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing

Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed
out-come of Analyst/Institutional Investor Meetings on 14-02-2023 at 4.00 p.m.:
Audio Link Information as under:

URL: https://ccreservations.com/recordings/select_recordings.php
Recording Id : ANA0220230214145978
The above details are also being made available on the Company’s website at
www.acilnet.com
This is for your information and record please.
For Ahluwalia Contracts (India) Ltd

VIPIN KUMAR Digitally signed by VIPIN KUMAR
TIWARI
TIWARI Date: 2023.02.15 15:16:40 +05'30'
(Vipin Kumar Tiwari)

Company Secretary
Encl.: As above
Registered. Office: A-177, Okhla Industrial Area, Phase-I, New Delhi-110020

Phone: 011-49410502, 517 & 599 Fax: 011-49410553
Email ID: cs.corpoffice@acilnet.com; Website: www.acilnet.com
(Corporate Identification Number: L45101DL1979PLC009654)
{nn"n alloys ttd ISO 900i : 2008 CCMPANY
Registered Office: ldeal Centre,4th Floor

9, A.J.C. Bose Road, Kolkata - 700 017
T (033) 4063 2393 F (033) 2290 0383
E offi ce@maithanalloys.com
l5r February, 2023
W wwwmaithanalloys.com
CIN : 127'101W81985P1C039503
1l The Secretary 2l Listing Department
The Calcutta Stock Exchange Limited National Stock Exchange of India Ltd.
7, Lyons Range Exchange Plaza, Bandra-Kurla Complex,
Kolkata - 700 001 Bandra (E), Mumbai - 400 051
Scrip code: 10023915 Scrip code; MAITHANALL
Sub : Outcome of the meeting of Board of Directors
Dear Sir/Madam,
Pursuart to Regulation 30 of the_securities and Exchange Board of India (Listing Obligations

and
Disclosure Requirements) Reg rlations, 2015, (hereinJter referred as rLting "negulltio*;,
hereby inrorm that the Board of Directors of the Company at its meeting h"id oni+* -"
"Mr. rebruu.y,
2023 have inter-alia considered a'.d approved the re-appointrnent of vivek Kaul (DIN:
00345022), as an Independent Dirertor of the Company for a second term, comprising
of 3
consecutive years, with effect from 20h June, 2023, subject to approval of shareholders.
Further, the Board of Directors has arso authorrsed to seek approval of members by convening
a
General Meeting for the re-appointment of Mr. Vivek Kaul.
Further, this is to con-firm that Mr. Vivek Kaul is not debarred from holding the
office of Director
by virtue of a',y order of the securities and Exchange Board of Indla (srit) or any other
such
authority.
The Board Meeting commenced at 12:30 p.m. and concluded at 6:35 p.m.
The details as required under Regulation 30 of Listing Regulatiors read with Schedule
III of the
said Listing Regulations and SEBI circular no. cIR/cFb/cMD/ 4/ 2o1i dated.96 september,
2015
are provided in Arurexure A (as enclosed).
This is for your information and appropriate dissemination.
Thanking you,
Yours faithfully,
For Maithan Alloys Limited

RAJESH K Digitally signed by
RAJESH K SHAH
SHAH Date: 2023.02.15

14:22:36 +05'30'
Rajesh K Shah
Company Secretary
Encl: a/a
cc:
The Corporate Relationship Department
BSE Limited
1st Floor, Rotunda Building, p.J. Towers
Dalal Sneet, Fort, Mumbai - 400 001.
Scdp Code: 590078
Works : Unit-l : PO. Kalyaneshwari - 713 369, Disl paschim Bardhaman (Vvest Bengal)
Unit-ll : E.Pl.P, Byrnihat, Dist. Ri-bhoi-7g3 101 (Nrteghataya)
Unit-lll: Plot No 42 & 43, APSEZ, pO. Atchutapuram, Dist. Visakhapatnam - S31 011 (A.p)
Knn"n alloys ltd
ISO 9001 : 2008 COMPANY
Registered Office : ldeal Centre, 4th Floor

9, A.J.C. Bose Road, Kolkata - 700 017
T (033) 4063 2393 F (033) 2290 0383
E office@maithanalloys.com
W www.maithanalloys.com
CIN : 12710'lWB'1985P1C039503
Annexure A
Reason for Change Re-appointment of Mr. Vivek Kaul as an hrdependent Director
Date of Re- 2Qt Jpne,2023

apDointrlent
Term of Re- 3 (tluee) consecutive yeats
appointment
Brief Profile Mr. Vivek Kaul has extensive experience of mole than tluee decades in
manufacfuring, franchised distribution and service sectors. He achieved
significant success in furnaround of a fabrication unit manulacfuring
mining wagons and material handling equipment. He also developed
the entire review and reporting system in a multi-functional, multi-
location business and helped to develop new applications of high
polymer products developed for chemical process industries relevant to
Indian conditions, work culture and work practices.
Mr. Kaul was invited by the Director (Tourism) of the Assam

Government in 1990 to develop the Travel and Tourism blueprint fol
the State of Assam.
He has also researched the fields of entrepreneutship and

entrepreneurship ecosystems and presented a research papel at the First
International ConJerence On Entrepreneurship and New Venfure
Creation at IIM, Bangalore in December, 2011 and offered a course for
MBA students at IIM Calcutta, 'Thinking Across the Entuepreneurship
Life Cycle" based on his experience and research.
Among other achievements, Mr. Kaul was appointed as Director,

Kolkata Chapter, IIM Bangalore Alumni Association (IIMBAA), in
March 2017. During his tenure as Director and therea{ter as Chapter
Head, Mr. Kaul was among the alumni heading Chapters of IIMBAA,
having significant impact both nationally and internationally.
Among Not-for-Profit initiatives, Mr. Kaul was part of a core alumni

team of the St. Xavier's School Kolkata which was mandated to frame
the Core Purposes and Values of the Alumni Association for the
21st century.
Relationship with other None
Directors
Works : Unill : PO. Kalyaneshwari- 713 369, Dist Paschim Bardhaman (Vvesl Bengal)
Unit-ll r E.Pl.P, Byrnihat, Oist. Ri-bhoi-7g3 101 (Meghalaya)
Unit-lll : Plot No. 42 & 43, APSEZ, PO. Atchutapuram, Dist. Visakhapatnam - 531 011 (A.p)
(formerly known as Commercial Engineers & Body Builders Co Limited)
(CIN No – L28100MP1979PLC049375)
Date – 15th February 2023
To,
The Corporate Relationship Department, The Manager, Listing Department,
BSE Limited, National Stock Exchange of India Limited,
Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex,
Dalal Street, Bandra (E), Mumbai - 400 051.
Mumbai - 400 001. NSE Symbol: JWL
Security Code: 533272
Dear Sir/ Madam,
Sub: Intimation of Analyst / Investor Meeting Dated – 17th February 2023
Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended from time to time (“Listing Regulations”) read
with SEBI circular dated September 09, 2015, bearing reference no. CIR/ CFD/ CMD/ 4/ 2015
(“Disclosure Circular”).
Dear Sir,
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
we would like to inform that the Company will be holding call with Analysts / Investors as under:
DATE OF MEETING TYPE OF MEETING MODE

Friday, 17th February 2023 at Analysts / Investors - Audio / Conference Call
04:30 PM (IST) Q3 & 9M Results – 2022-23
Note: Date is subject to changes due to exigencies on the part of investors/company
Kindly take the same on your record.
Thanking You
Yours Faithfully
For Jupiter Wagons Limited
(formerly Commercial Engineers & Body Builders Co Limited)
Deepesh Digitally signed
by Deepesh Kedia
Kedia Date: 2023.02.15

15:01:02 +05'30'
Deepesh Kedia
Company Secretary
Regd. Office : 48, Vandana Vihar, Narmada Road, Gorakhpur, Jabalpur (M.P.) – 482001
Email Id – cs@jupiterwagons.com, Website – www.jupiterwagons.com, Tel – 0761-2661336
Corp. Office : 4/2, Middleton Street, Second Floor, Kolkata (W.B.) 700071 IN
Factory (Unit I) : 21,22,33,34, Industrial Area Richhai, Jabalpur - 482010 M.P.,
Factory (Unit II) : NH12-A, Village Udaipura, Teh. Niwas, Distt. Mandla - 481661 M.P.,
Factory (Unit III) : Plot No. 690 to 693 & 751 to 756, Sector III, Industrial Area, Pithampur, Distt. Dhar,
Factory (Unit V) : Plot No. 742, Asangi Phase Area, Saraikela, Jharkhand – 932109,
Factory (Unit VI) : 118, Village Imlai, Near Deori Railway Station, P.O. Panagar, Jabalpur – 483220
Bandel Unit : G.T. Road, Sahagunj, Chinsurah, Hoogly – 712104, West Bengal, India
SYSTEMATIX INSTITUTIONAL EQUITIES
Invites you to participate in
Q3FY23 Results Conference Call of
Jupiter Wagons Limited

On Friday, 17th February 2023 at 04:30 PM (IST)
The management will be represented by
Mr. Vivek Lohia Mr. Sanjiv Keshri
Managing Director Chief Financial Officer
 Dial-in-number
Location Dial Number Location Toll Free Number
USA : 1 866 746 2133
Primary Number +91 22 6280 1297
UK : 0 808 101 1573
Secondary Singapore : 800 101 2045
+91 22 7115 8198
Number Hong Kong : 800 964 448
Click here for your Diamond Pass™

https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=6356801&linkSecurityString=20092deacd
DiamondPass™ is a Premium Service that enables you to connect to your conference call without having to wait for an operator.
For more information, please contact:
Jigar Kamdar Pearl Pillay

Contact No: +91 93231 30303 Contact No: +91 91674 66762
jigarkamdar@systematixgroup.in pearlpillay@systematixgroup.in
Earnings Update: Q3 & 9MFY23
14th February 2023
Safe Harbour
Certain statements and opinions with respect to the anticipated future performance of Jupiter Wagons Ltd (JWL) in the
presentation (“forward-looking statements”), which reflect various assumptions concerning the strategies, objectives and
anticipated results may or may not prove to be correct. Such forward-looking statements involve several risks, uncertainties
and assumptions which could cause actual results or events to differ materially from those expressed or implied by the
forward-looking statements. These include, among other factors, changes in economic, political, regulatory, business or
other market conditions. Such forward-looking statements only speak as at the date the presentation is provided to the
recipient and JWL is not under any obligation to update or revise such forward-looking statements to reflect new events or
circumstances. No representation or warranty (whether express or implied) is given in respect of any information in this
presentation or that this presentation is suitable for the recipient’s purposes. The delivery of this presentation does not
imply that the information herein is correct as at any time after the date hereof and JWL has no obligation whatsoever to
update any of the information or the conclusions contained herein or to correct any inaccuracies which may become
apparent subsequent to the date hereof
2
Q3 & 9M FY23 Key Highlights –Standalone (Rs. in Lakh)
Revenue EBITDA PAT
116% 238% 407%
64,443 8,261 4,638
29,865 12.8%
2,441
7.2%
915
8.1%
3.0%
Q3 FY22 Q3 FY23
Q3 FY22 Q3 FY23 Q3 FY22 Q3 FY23
Revenue EBITDA PAT

66% 94% 135%
8,460
1,35,655 16,499
81,575
8,522 12.1% 3,604
4.4% 6.2%
10.4%
9M FY22 9M FY23 9M FY22 9M FY23 Q3 FY22 Q3 FY23

3
Standalone Profit & Loss statement (Rs. in Lakh)
Particulars Q3FY23 Q3FY22 Y-o-Y (%) 9MFY23 9MFY22 Y-o-Y (%)
Revenue 64,443 29,865 116% 1,35,655 81,575 66%

Cost of Raw Material 49,680 23,367 113% 1,02,519 61,326 67%
Employee Cost 1,072 848 27% 2,992 2,436 23%
Other Expenses 5,621 3,395 66% 14,054 9,526 48%
Total Operating Cost 56,374 27,610 104% 1,19,564 73,288 63%
EBITDA 8,261 2,441 239% 16,499 8,522 94%
EBITDA% (Inc. Other Income) 12.8% 8.1% +470 bps 12.1% 10.4% +170 bps
Other Income 192 186 3% 408 236 73%
Depreciation 614 590 4% 1,876 1,745 8%
Finance Cost 743 475 57% 2,016 1,334 51%
Tax 2,266 461 391% 4,147 1,840 125%
PAT 4,638 915 407% 8,460 3,604 135%
PAT% 7.2% 3.0% +420 bps 6.2% 4.4% +180 bps
4
Q3 & 9M: Key Financial Highlights
Q3FY23 Q2FY23 Q3FY22 9MFY23 9MFY22

Particulars
In no.s In no.s In no.s In no.s In no.s
Railway Wagons 1,427 862 603 2,815 1,825
CMS Crossing 167 400 441 1,211 1,389
Commercial Vehicle Bodies & Components 1,898 1,490 2,323 5,455 5,707
Containers 307 424 60 1,088 60
o Order Book of Rs. 5,70,283 Lakh as on Dec 31, 2022
5
MD’s Message
Commenting on the Q3 & 9MFY23 Results, Mr. Vivek Lohia - Managing Director, said, “We are
pleased to report revenues of Rs. 64,634 lakh in Q3FY23, higher by 115% on a year-on-year
basis. Growth momentum remains strong in established businesses as we are steadily
ramping up monthly wagon production and witnessing improving traction in our business
line of truck bodies. We are focused on scaling up newer business lines of high-speed
braking and container manufacturing. EBITDA was higher by 239% to Rs. 8,261 lakh while
the EBITDA margin expanded by 470 bps to 12.8%.
The launch of our Electric LCV at the Auto Expo in New Delhi was met with a very favourable
response, expected to commercially launch by Q3 2024 and we are in discussion with several
potential partners to strengthen our market reach. We are making steady progress towards
further enhancing the breadth and diversity of our portfolio that encompasses
comprehensive mobility solutions.”
He added, “We continue to enjoy high visibility of growth on the back of a robust order
backlog. The outlook is favourable in view of the ambitious targets by the Indian Railways.”
6
Electric Vehicles: Entering New Market
o JWL enter the electric mobility market with the launch of ‘Jupiter Electric Mobility’
(JEM) focusing on commercial EVs.
o JEM has entered a strategic alliance with North America based GreenPower Motor
specializing in ECVs (Electric Commercial Vehicles) in the passenger transportation
and freight transport markets.
o In Auto Expo 2023 JWL launched e-LCVs – JEM TEZ of 2.2 and EV STAR CC of 7 Ton
GVW
o Electric vehicles accounted for 1.1% of total vehicle sales and is expected to account
for 39% of total automotive sales by CY27 growing at a ~68% CAGR over the next 5
years.
o The majority growth in EVs is expected to come from the travel segment, especially
E3Ws and E2Ws due to fixed duty cycle and companies (E-commerce, groceries,
shops) committing to going completely electric in their last mile deliveries.
o The Company plans to commercially launch the product in Q3 CY2023
o The company plans to have a complete bouquet of electric vehicles from LCV, MCV,
HCV, and Bus in the future.
7
Update on Joint Venture between JWL and Kovis
o The Foundry is in the final stage and pre-commissioning activities are underway. Production trials are scheduled in March 2023.
o The Machining Centres have been successfully commissioned. Machining production is underway and started supply to cater to
existing orders from Indian Railways.
o 3D Co-ordinate Measurement Machine for high precision inspection has been commissioned.
8
THANK YOU
Mayank Vaswani / Richa Singh

Citigate Dewe Rogerson
Tel: +91 98209 40953 / +91 91677 72135
Email: mayank@cdr-india.com / richa@cdr-india.com
Mi
Hlectrovics
Mart lata Lionted
BAJAJ
ELECTRONICS
To,
Listing Manager The Secretary
The National Stock Exchange of India Ltd., BSE Limited
Exchange Plaza, Plot No: C/1, G Block, PJ Towers
Bandra Kurla Complex- Bandra(E), Dalal Streets
Mumbai - 400 051 Mumbai- 400001
Symbol: EMIL
Series: EQ Scrip Code: 543626
ISIN: INEO2YR01019
Subject: Disclosure of transcript of Earnings Conference Call for Third Quarter and
Nine Months ended 31% December 2022 held on 10 February 2023.
Dear Sir/ Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, we hereby inform you that the transcript of earnings conference call held
on 10" February 2023 to discuss the Unaudited financial Results for the Third quarter and Nine
Months ended 31*t December 2022. The same is available on the website of the Company at
https://www.electronicsmartindia.com.
We request you to take this information on record.
Thanking You,
For and on behalf of Electronics Mart India Limited
oe Digitally signed
Raj IV by Rajiv Kumar
Date:
2023.02.15
Ku m a r 12:32:37 +05'30°
Rajiv Kumar
Company Secretary and Compliance Officer
Date: 15" February 2023

Place: Hyderabad
Bajaj Electronics is a Trademark of ELECTRONICS MART INDIA LIMITED

CIN L52605TG2018PLC126593
Regd. Office : 6-1-91, Shop No. 10, Ground Floor, Next to Telephone Bhavan, Secretariat Road, Saifabad, Hyderabad-500004
Corp. Office : M.No. 6-3-666/A1 to 7, 1st Floor, Opp. NIMS Hospital, Punjagutta Main Road, Hyderabad-500082. Ph : 040-23230244
E-mail : communications@bajajelectronics.in | Website : www.bajajelectronics.com
Electronics Mart India Limited i
“Electronics Mart India Limited Q3 & 9M FY23

Earnings Call”
February 10, 2023
Disclaimer: E&OE - This transcript is edited for factual errors. In case of discrepancy, the
audio recordings uploaded on the stock exchange on 10" February, 2023 will prevail.
ENMI> cos Gp: -°

Electronics Mart India Limited
MANAGEMENT: MR. KARAN BAJAJ —CEO

MR. PREMCHAND DEVARAKONDA — CFO
Page 1 of 17
EMI>
February 10, 2023
Moderator: Ladies and gentlemen, good day, and welcome to the Q3 & 9M FY23 Eamings Conference Call
of Electronics Mart India Limited.
This conference call may contain forward-looking statements about the Company which are
based on the belief, opinions, and expectations of the company as on date of this call. These
statements are not the guarantees of future performance and involve risks and uncertainties that
are difficult to predict.
As a reminder, all participants’ lines will be in the listen-only mode, and there will be an
opportunity for you to ask questions after the presentation concludes. Should you need assistance
during the conference call, please signal an operator by pressing “*” then “0” on your touch-
tone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Karan Bajaj - CEO of Electronics Mart India Limited.
Thank you, and over to you, sir.
Karan Bajaj: Thank you. Good evening, and a warm welcome to everybody present on the call. Along with
me I have Mr. Premchand Devarakonda — CFO and Strategic Growth Advisor, our Investor
Relationship Advisor.
We have uploaded our ‘Results and Investor Presentation’ for the quarter and 9 months on the
Stock Exchange and the Company's website today. Hope everyone had a chance to go through
the same.
On 17 October '22, Electronics Mart India Limited got listed on BSE and NSE. It was a
momentous day for all of us. And thank you to all the stakeholders who have believed in us.
In the 9 months of FY '23, we have opened 19 new stores. Currently, we have 122 stores, 109 of
which are multi-brand stores and, 13 are exclusive brand outlets. Out of 122 stores, 102 stores
are leased, 12 are owned, and 8 are partly owned and partly leased. As on date, we are present
in 38 cities across four states, and we have recently entered Kerala as well.
We continue to focus on deepening our presence in the regions we operate in before venturing
into the new market, which has led us to establish brands present in Telangana and Andhra
Pradesh markets. This enables the target customers to identify with our brands as well as with
the product portfolio and helps our understanding of the market segment and the customer
demand preferences. We believe this approach also enables us to achieve significant market
share and dominate in the market we operate in.
We plan to continue to deepen our store network in Andhra Pradesh and Telangana, and also
gradually plan to expand our network in the new region that we ventured, that is Delhi NCR in
pursuing our defined cluster focused expansion strategy. We plan to open 26 MBOs in NCR, 22
MBOs and 10 exclusive brand outlets in Andhra Pradesh and Telangana in the coming future
Page 2 of 17
EMI>
February 10, 2023
and adopt a methodological approach in evaluating and selecting locations. We believe that our
local market knowledge, supply chain efficiencies and effective inventory management have
enabled us to attain higher cost competitiveness and consistent profitability. Our customized
product assortment and comprehensive product portfolio enable us to achieve better visibility,
brand recognition, deeper market penetration and an increased customer base.
We have 9 large centrally located warehouse facilities now, which are backed by individual
storage areas at store levels of varying sizes to cater to individual stores or a group of stores.
Coming to Q3, we have delivered strong growth of 17% revenue year-on-year at Rs. 1,482 crores
compared to 1,265 crores of last year, with a 17% growth and 32% year-on-year for the 9 months
FY '23 at 4,118 crores.
On account of investments made to open new stores in the new geography that is NCR, the
company had increased investment in brand building, sales, and marketing. And these
investments have lowered the EBITDA margin, which is expected to improve as the revenue
throughput from new geographies increases.
To conclude, I would like to say that after having established a leadership position in the Andhra
Pradesh and Telangana region electronic market, we have now entered Delhi NCR where we
plan to capture significant market share over the few years.
In the southern region, we plan to expand our footprint in places like Vijayawada, Tenalli,
Guntur, Kurnool, Nellore, and more Tier-2, and Tier-3 cities in the existing clusters by the
cluster-based distribution network, diversified product portfolio, strategically located logistic

warehousing facility which overall would give us a competitive advantage in the existing market
as well.
With this, I request our CFO Mr. Premchand Devarakonda to update you on the financial
performance of the company. Thank you.
Premchand Devarakonda: Thank you, Karan sir. Good evening, and a warm welcome to all the participants. Now, I would
like to present the financial overview of Q3 of FY '23.
The total revenue for Q3 of FY '23 stood at 1,482 crores as against 1,265 crores of Q3 FY '22,
with a growth of 17% year-on-year. For nine months of FY '23, our revenue stood at 4,118 crores
as against 3,119 crores of 9 months FY '22 with a growth of 32% year-on-year.
EBITDA for Q3 of FY '23 stood at 72.8 crores as against 77 crores of Q3 of FY '22. There isa
degrowth of 5% year-on-year, whereas for 9 months of FY '23, EBITDA stood at 245.2 crores
as against 203.2 crores of the corresponding period of FY '22. There has been a growth of 21%
year-on-year. EBITDA margins for Q3 of FY '23 stood at 4.9, whereas for 9 months, it stood at
6%.
Page 3 of 17
Electronics Mart India Limited /
February 10, 2023
As already mentioned by our CEO, our initial operating and branding expenses while expanding
our operations in the new territory, that is NCR, have impacted these margins.
PAT for Q3 of FY '23 stood at 21.9 crores as against 27.7 crores of Q3 FY '22, a degrowth of
21% year-on-year. And for 9 months of FY '23, PAT stood at 86.7 crores as against 68.6 crores
of this period. It had a growth of 26% year-on-year.
Annualized ROCE and ROE for 9 months of FY '23 stood at 12.7% and 9.8% respectively. The
working capital days as on 31% December stood at 49 days. The gross debt to equity is 0.4x, and
the net debt to equity is at 0.1x, which was considerably improved on account of the IPO.
Our net debt to EBITDA stood at 0.66x. Our cash flow from operations before working capital
changes for 9 months of FY '23 stood at Rs. 244 crores, which is almost equivalent to our
EBITDA.
During the reporting period, our same-store sales growth rate stood at 23.5%. During nine
months period, the composition of sales of electronic and consumer durables has been 48% from
large appliances, 37% from mobiles, and 15% from small appliances, IT products and others.
Out of the total sales, around 98% has been from the retail segment, and the top five brands
contributed around 64% to our sales revenue.
With this, I would like to open the floor for questions. Thank you one and all.
Moderator: Thank you very much. We will now begin the question-and-answer session. The first question
is from the line of Krisha Kansara from Molecule Ventures PMS. Please go ahead.
Krisha Kansara: Sir, my first question is regarding Delhi NCR. So, if you could just give a brief about the size
and the number of stores opened in this new geography? Also, sir, what is the current run rate
of sales coming from Delhi NCR? And have we achieved breakeven now? That is my first
question.
Karan Bajaj: Delhi NCR, as we talk, we are operating 12 stores there, 8 stores were launched on the 14" of
August, and 4 other stores were launched on 22" of October. Right now we would look at these
stores performing after certain gradual growth that we would be expecting. Post Diwali we saw
these stores stabilizing a little bit, and then the biggest season there is summer, which will start
off from April.
So, Delhi on a whole, as a scenario right now, usually when we look at 12 to 14 months
breakeven in the existing market, Delhi, we were assuming that Delhi would be breakeven for
us in the period of 18 to 20 months, a little higher because of the new geography and a new brand
altogether.
Page 4 of 17
EMI>
February 10, 2023
But what we expect for a store to perform on a year one average of 25 plus crores. So, the
throughput on those lines are in track, and once we churn the summer season, that is when we
would be looking at the initial growth of year one, year two and year three, which would be
higher, and then the store stabilizing and maturing after year four onwards. So, that is the
trajectory that we have seen in the past in the existing market, and we are hoping that in the
Delhi market also, we would be on the same track.
Krisha Kansara: Currently, like what percentage of sales would be coming from this Delhi NCR stores?
Karan Bajaj: In Q3, the sales percentage that have added up was around 54 crores, and for the first nine months
because there were few weeks of Q2 also that added up, so the first nine months, the total revenue
from Delhi that we generated around 84 crores.
Krisha Kansara: And sir, so you have recently opened a few kitchen stores, specialized stores. So, currently, how
much do they contribute to the top line?
Karan Bajaj: Kitchen Stories is a specialized store format, and we have one store in Vishakapatnam and two
in Hyderabad. And we have recently taken over the operations of the Kerala store as well, but
the stores that we are about to launch will be launching in the month of Apmil. So, technically
today, the store is not operational in Kerala, but we are booking sales there. But apart from that
the existing stores that we have in Hyderabad and Visakhapatnam, they deliver a very miniscule
share, because it is specialized store only for very high-end categories of this kitchen appliances.
And it is a tie up between the German modular kitchen brand Hacker. So, for that reason, these
are all incubation stores where the gross margins are much higher than our regular stores, but
here we would look at, you know, lesser throughput. So, the average stores would do around 15
crores to 18 crore rupees for these specialized store formats.
Krisha Kansara: 15 crores to 18 crores per store?
Karan Bajaj: Yes.
Krisha Kansara: And sir, how many more such stores do you plan to open in near future?
Karan Bajaj: We are not looking at opening more of these stores, because this has to do with the tie-up for the
kitchen as well. So, probably, one or two more stores in the coming few years. Nothing on the
plan to expand this store format.
Krisha Kansara: And sir, last question. So, currently, the contribution from mobile is around close to 40%. So, I
just want to understand how has this contribution changed over the years. And can we easily
expect that this contribution will remain in the range of 30% to 40% going forward also? Or in
your opinion, will it increase?
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Karan Bajaj: No. So, what happened is few months like if suppose it is the quarter of summer, where the
cooling products like refrigerators, air coolers and air conditioners are a category will start
delivering more, automatically mobile as a category, the penetration, the percentage of share of
these products has to reduce, whereas few months where like December or November or post-
summer, few of the months you would look at a higher share of this category. The lowest would
be as low as 32%, 33%. And again, the highest would be around 40%. If we average it out on an
annual basis for the nine months, it comes to around 35% or 36%. That is the number that we
look at for a mobile category to contribute to the total revenue.
Krisha Kansara: And sir, are we seeing any demand slowdown in this segment?
Karan Bajaj: In Mobile, not at all. In fact, we are just about to launch the Samsung S23 as well, and we are
seeing quite a good demand coming in for that model. We saw good demand coming in for the
14 series of Apple as well. Suppose the 5G launch completely we were expecting, you know,
there will be a lot of churn in the next coming few quarters which would bring in little more
growth in this category in terms of ASP going up because the 5G devices are going to be on the
higher price segment. But one advantage that we had in the last stx months is we have been
already selling a major number of 5G devices. So, we are already there, you know, showcasing
the 5G technology in our stores. So, you know, we believe that post the rollout of SG completely
in the existing markets that we are operating, we would look at definitely a churn coming in for
devices from 4G to converting to 5G devices.
Krisha Kansara: So, in your presentation, it's mentioned that currently, you have just 12 owned stores, right? So,
how will this number move going ahead? Like, will we be opening more such owned stores? Or
will those be on lease only?
Karan Bajaj: Yes. It is more like a 80-20 split right now, whereas the 80 properties are approximately leased.
Around 20 properties, around 12 properties are completely owned by us, and 8 properties are
partly owned, which means that if suppose we have two stores in that building, one is owned
and one is leased, when you are operating the stores, and out of that, seven to eight stores are
what we have actually decided to buy in Delhi NCR. It was a major investment that we made in
the last 12 months, out of which 3 stores are operational.
Five more stores of the property that we have bought are yet to be operational in Delhi, which
will get operational in the next few quarters. So, going forward, it is going to be a mix. You
know, the majority is a mix of lease-out properties, and very few selective locations we would
be buying out. The Delhi expansion was planned on buying out the bigger ones, and we have
already done the buying out in Delhi. So, we don't see a major requirement for buying out
properties in the existing markets.
Moderator: Thank you. The next question is from the line of Deepak Poddar from Sapphire Capital. Please
go ahead.
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February 10, 2023
Deepak Poddar: Sir, I just wanted to understand, I mean, you mentioned that this margin decline this quarter was
because of the increased investment. So, is it possible to kind of quantify the investment that we
would have done in brand building or sales and marketing in this particular quarter?
Karan Bajaj: Yes, Deepak. One major change that we did compared to the last year was 4.5 crores of cashback
that we had paid out for the financing and the cashback that we do in the stores during the festival
period. So, that was a major expenditure that we made of 4.5 crores. And if you look historically,
what is the marketing spend that we made, that was another major spend that would include the
Delhi launch and all the lucky draws and all the other offers that we do. So, those were two
major spendings that we did. And given all calculated when it comes to Delhi, it was expected
to burn a little initially because it takes a little time for the stores to stabilize.
But what I can say is that in terms of what our expectations were in stabilizing the stores, I think
we are on track on doing that. And once we open a few more stores in Delhi and stabilize there,
the marketing cost again would be in hands with our sale revenue. We are not expecting anything
out of the box to go wrong in Delhi right now. Everything is under control there. The spending
majorly would be pertaining to the cashback of 4.5 crores approximately and the marketing. So,
that is the effect on EBITDA.
Deepak Poddar: So, what would that total be? So, 4.5 crores is the cashback, and the Delhi launch, the incremental
investment would be how much?
Karan Bajaj: Sir, only Delhi incremental. It was an incremental in our spend in the Tier-2, Tier-3 cities in
Andhra and Telangana as well. The bifurcation would be given to you. I will ask the team to
send you the bifurcation as well. But the total amount was around 10 crores rupees spent between
the existing markets and Delhi which was an incremental cost in that quarter.
Deepak Poddar: So, total marketing spend is about 7 crores, right?
Karan Bajaj: Sorry?
Deepak Poddar: The total sales and marketing spend is about 7 crores. Out of that about Delhi launch would be
included there.
Karan Bajaj: No, it would be much higher. It is not 7 crores. It is much higher.
Deepak Poddar: Total spend was around 42.
Karan Bajaj: 45 crores, yes, for nine months.
Deepak Poddar: No, I was just trying to understand the third quarter, not the nine months. Third quarter what is
the spending?
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Karan Bajaj: Third quarter was around 22 crores.
Deepak Poddar: 22 crores. So, that is our marketing spend, right? And that would include our Delhi launch.
Karan Bajaj: Yes.
Deepak Poddar: And how much was this spend in the second quarter?
Karan Bajaj: Second quarter spend was around Rs. 10 crores.
Deepak Poddar: So, incremental we can say that 12 crores would have come, right? I mean, on a quarter-on-
quarter basis.
Karan Bajaj: The 10 crores which I have told you that is the incremental spend that we did.
Deepak Poddar: And addition to that would be 4.5 crores cash back, right? That would be additional.
Karan Bajaj: There was a cashback of 4.5 crores. We didn't carry out any cashback last year for the same
period. So, we didn't come out with cashback. And majorly, this marketing is even for Andhra
and Telangana stores, because that is where we are not stabilized and the stores are maturing.
So, we had started spending in those territories as well. And these Tier-2 markets and all are
very heavy on vernacular newspapers majorly. So, that is the only major medium for us and
theatres. And these are two expensive mediums. We don't have too many options in terms of
marketing because we don't have outdoor hoardings and radio in these Tier-2, Tier-3 cities. So,
the major spend goes through and marketing goes through either theatres or through the
newspaper. Both are quite heavy in terms of the money required for advertising.
Deepak Poddar: And, sir, this margin front, I mean, we have always been saying that 7% is a kind of a steady
state EBITDA margin for us, right? Now this quarter was around 5%. So, I mean, this journey
towards 7%, would you expect that to kind of achieve in FY '24 as a whole? I mean, some
understanding on that would help.
Karan Bajaj: Deepak, if you look at the 9-month number, it is around 6%. So, we don't see a drastic drop
there. In FY '23 Q4 also, I would say that because we have already passed 3/4" of the quarters,
and we know significantly how the product mix is going, and how the demand for cooling
products is coming in. And then you can check historically how Q4 would deliver. So, we are
on track on achieving the numbers that we had given out in the market earlier in terms of our
estimation, and FY '24 also, we are expecting because the stores in Andhra, Telangana will
mature. We will be opening new stores as well. Delhi also would be stabilizing by Q2 after the
April, May, and June summer period. So, we were expecting that things would be in line for FY
'24 as well.
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Deepak Poddar: So, fourth quarter as well as FY '24 we are expecting that 7% EBITDA martin band, would that
be fair to kind of understand?
Karan Bajaj: Sir, I would not say that. I am not exactly pointing out at a certain number. But what I would say
it would be in line with what our expectations are, and it would not be a drastic jump or high or
a low in that number. But we would definitely try to achieve this because it would depend on
the product mix as well, where the cooling products like AC, refrigeration and air coolers would
give us a higher gross margin. And that would automatically help us increase the number.
Deepak Poddar: And my last question is on your revenue. I mean, we have been talking about when you were
20%, 25% revenue CAGR, right? I mean, two to three years. So, we are holding on to that?
Karan Bajaj: Yes. If you look at the first 9-month number, we are upwards of 32% growth through the Q3 of
FY '23 was at 17%, but post Diwali, if you see the markets were down really bad. But we were
still able to achieve good throughput during December as well. And we have got confident in all
the operations stabilizing across the newer geographies also. I think we are on track for that as
well.
Deepak Poddar: On track for that, okay.
Moderator: Thank you. The next question is from the line of Sameer Gupta from IIFL Securities. Please go
ahead.
Sameer Gupta: The first question is the SS growth of 10.5% this quarter that you have clogged. So, we are
basically witnessing a slowdown across consumer discretionary categories, especially after
Diwali. So, just trying to understand this 10.5% SSS growth in that context. Is it because, like
after October, the sales for you are anyways very low in this quarter, and that is why you are not
seeing any slowdown brunt? Or is it that you have bugged that trend and performed really well?
Karan Bajaj: Yes, the 10% approximate same-store growth has come in for Q3 alone. But that is not being
there for Q2 and QI. I mean, April, Q4 also, we would look at a different trajectory, but
definitely, yes, it was a major slowdown. Usually, we would see a slowdown for a couple of
weeks after Diwali, but then this time, that got a little more delayed for another three or four
weeks. So, it went up till almost December first week. But then we were averaging out what
numbers we could do. That brought down the SSG as well during that period. But then I don't
see that one-off incidence happening during that period, but we are back on track again in Q4.
So, we would see a much higher SSG coming in the future as well.
Sameer Gupta: Just a follow up on this. So, are you seeing any sort of, see, SS growth Y-o-Y can be misleading
because there is an Omicron in the base and all those anomalies are there, but on a sales per
store, something like, a metric which is better to track, are you seeing any better traction in the
fourth quarter or things are more or less similar?
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Electronics Mart india Limited . .
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February 10, 2023
Karan Bajaj: See, there would be a different trajectory coming in for Q4 because we’ve already passed 6
weeks, so we know what is happening and most of the stores, there was nothing additionally
done apart from the Delhi stores as an expansion. The SSG eventually, the majority of them
would be coming from the matured stores. So, we are quite happy with what we're delivering.
And we see a performance coming in from a matured store as well as for the new stores. Once
the new stores stabilize, we’ll definitely be looking at a much higher SSG coming in the near
future.
Sameer Gupta: Second question is this 5% margin that you have reported? And my sense is that a large part of
this is because of the Delhi 12 stores that you have added during the year. Now, out of the 19
stores that you have added, 12 are in Delhi and you just mentioned that a Delhi store typically
would take 18 to 20 months for breakeven versus the normal 12-month trajectory for your other
stores. Now, with the growth construct being similar, going forward that two-thirds of the
additions will be in Delhi, how are you so confident that you will get back to the 6.5% EBITDA
margin trajectory. I mean, just by the math of this bigger breakeven period for Delhi should
actually skew the margin to the lower side, right?
Karan Bajaj: But Sameer, see, initially, there might be a drop off of1 percentage or 2 percentage in the gross
margin levels in Delhi operations. But then, not necessarily that Delhi is contributing to a much
higher revenue number coming in from there initially. And Sameer, one more thing is that the
product mix in Delhi initially today, when you compare to our existing market, where we see a
35% plus mobile phone contribution, which is one of the lowest gross margin categories with
7% coming from IT, whereas we have the larger product selling better in Delhi today for us and
we’ve not even completed the summer season which is one of the largest contributing seasons
in Delhi as a region. So, only after we complete one season of summer or one complete year of
different seasons of all 4 quarters, that is where we will be able to completely in depth analyze
and tell you the complete detail of that. It is too early for us to comment, it has hardly been 5-
1/2 months of operations for 8 stores and 3-1/2 months for 4 stores. So, it will be too early for
us to comment. But what we can look at right now in Delhi as an overall strategy is that we are
able to achieve a certain decent throughput for us to be on the path of achieving Rs. 25 crores
plus for every store. So, that is more important for us initially where you know the extraction is
there. And it is not a burn per se, but it is an extraction that we're looking at right now. And then,
it will eventually stabilize and then create a market presence for itself. So, that is what's
important for us initially.
Sameer Gupta: Sorry, I didn't get that number; Rs. 25 crores sales per store on an annual basis in Delhi, that's
what you're targeting?
Karan Bajaj: Yes Sameer, historically, what we look at is whenever we open a new store, how we look at the
calculation of breakeven is that if it is an existing market, we look at a Rs. 30 crores throughput
for year 1, then gradually increasing in year 2, then year 3 and stabilizing or maturing after year
4 onwards. So, it will take around 4 years for it to mature. But in the existing market, at Rs. 30
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crore number, we would break even between 12-14 months. That is the number historically what
we’ve delivered. So, looking at that, Delhi, because it’s a newly competitive market, we'll
position ourselves to Rs. 25 crores for year 1, so that is the number that we look at. And because
the throughput being Rs. 25 crores, we look at a higher breakeven period, which is around 18 to
20 months. So, that is why these numbers were given out and these are all conservative numbers,
but on track, like few of those stores might achieve that much sooner, few of the stores might
take a month or 2 later, but in line with what we will be looking at.
Moderator: Next question is from the line of Rakesh from HDFC Mutual Fund. Please go ahead.
Rakesh: Sir, to understand this other expenses line here slightly this is roughly about Rs. 21 crores
increase on a quarter-on-quarter basis and roughly about Rs. 22 crores if I look at your third
quarter last year, right? So, you can help us understand how much of this has been in terms of
breakup marketing; what has contributed to this increase? Maybe that will help us understand
your margin profile slightly better.
Karan Bajaj: I will give you a detailed break up on this. The major numbers that we looked at where the
expenses have increased, a few of them are directly proportionate to the sales itself, which are
sales promotions, the dealer finance charges, credit card charges and all, which have increased
around Rs. 7 crores. And marketing expenses have increased a little bit. Maintenance, power
and fuel because you added new stores, so electricity costs, fuel cost for generators and all that,
that has increased a little bit, that is around Rs. 1.7 crores. Other expenses, which would include
all of these other things like sales promotion, DBD, credit card charges, and cashback offers, all
of that put together has brought in the major increase, out of which 50% of the major increase
has only come in from the marketing and advertising front.
Rakesh: So, 50% is the extra spend that you have done. Would that be a fair understanding of how the
cost is working out?
Karan Bajaj: Sir, if I give you the first 9-month number, around Rs. 28 crores of profitability was the
marketing spend for the first 9 months, which is adding to Rs. 45 crores. So, this would include
the lucky draws Rs. | crore cash prize, the cars, the Rs. 50 lakh cash prize that we started in
Delhi also. So, from Rs. 28 crores, directly a jump to Rs. 45 crores was in marketing itself and
the sales promotion costs on say, Rs. 71 crores increased to Rs. 106 crores. So, that was another
major spend around Rs. 30 crores, which is directly proportional to the sales because now cash
transaction have reduced a lot. Customers are buying everything on credit cards and debit cards.
So, for every transaction, there is a MDR charges the bank charges around 1.2%. Then all
cashbacks on the UPI payments and all of that. So, all of these include in the sales promotion.
Even the paper financing costs that we bear, which is interest cost, and the dealer buydown cost.
So, these costs have gone up in the expense report.
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Rakesh: So, can you help us understand slightly better in the sense that what is the cost, which is, let’s
say, not proportional to your sales, which has gone higher because of which the margins became
lower and what would be the normal trajectory going-forward? So, if look at cost, right, as a
percentage of sales or other expenses as a percentage of sales, it’s roughly about 5.6% to 5.8%,
third quarter or for the previous quarter, and currently sitting at 6.3%, there’s about 50 basis
point or 70 basis point increase, if I look at it on a like-to-like basis, year-on-year basis, right?
What has contributed to the 70 basis point of incremental spend, because that will not be limited
to the proportion of sales?
Karan Bajaj: Correct. Not 100% of it, but different heads over the smaller portion, but the majority of them is
what I told you. I will ask Prem sir, our CFO, to get in detail with you on that right away on the
call and explain it to you.
Premchand Devarakonda: Power and fuel are one of the major expenditures that are for the 9-month period. This has been
0.69% of the revenue during the current financial year as against 0.6% of the previous financial
year. Then another major expenditure is maintenance. So, that includes housekeeping as well as
watch and ward. During the 9-month period of the current financial year, it is 0.66% as against
0.63% of the previous year of the revenue. Then advertisement has already been mentioned, it
has been 1.19% of the revenue as against 0.95% of the previous financial year. Then we have
business promotion expenses, which are nothing but for that lucky draws and other launching
activities which we carried out. So, that has been 0.22% during the current 9-month period as
compared to 0.09% of the previous financial year. And apart from that, sales promotional
expenses which have been 2.81% during the current 9-month period which has been 2.46%
during the previous financial year.
Rakesh: Going forward, how should we look at these 3 bigger items advertisement and promotions,
business promotions and the affiliated marketing, right? All of these costs have gone higher in
this quarter. So, what I'm trying to understand is going forward what could be normal trajectory.
If you see the third quarter what you have seen last year, this year, it’s going to be a normal
trajectory going forward. Do you expect these numbers to come down as a percentage of sales?
Premchand Devarakonda: That’s right, sir. Once the store throughput improves in Delhi NCR, obviously, these costs as a
percentage of sales will come down.
Rakesh: So, in that scenario, I mean how would you achieve 7% EBITDA margin in rest of ’24.
Karan Bajaj: Sir, costs like rental, manpower, and advertising expenses, they are directly proportional to the
sales throughput per store. Right now, a lot of the rental cost that we proportion, for example the
advertising cost or sales promotion, all of these work for a limited number. So, say, for example,
if I'm doing a Rs. 50 lakhs draw next year in the same quarter, I would have 25 stores in Delhi
or 20 stores in Delhi, the number of spend or the number of advertising that we would do in the
same quarter would remain the same but would get divided on the increase of stores would give
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us a higher throughput or a higher revenue overall. So, in that proportion, will definitely come
down. But initially, because Diwali and Dussehra, it was a period during that quarter, we were
new market players, we had to be at par with advertising with the larger players. So, we could
not step back on that. So, this is all calculated initially when we started our operations in Delhi.
So, in Hyderabad, in AP, Telangana, the existing market, there was not an incremental increase
in advertising. Just to give you a number there, the proportion that we spent on advertising and
all other aspects of marketing was definitely much lower than what our sales percentage would
be. So, that is in line. So, anything would happen in Delhi, but not probably this quarter, probably
next year in the same quarter; we would definitely look at a similar spend with a higher
throughput coming out from that market.
Rakesh: And one last question. What is the seasonality in your business, especially in terms of gross
margin? So, this quarter gross margin is 13%. Last year, same time was 13.3 percent but that
was also I believe was our lowest quarter during the 4 quarters. How should we generally think
of gross margin seasonality going forward for the 4 quarters, which quarters would be higher,
typically what trend so that they get some sense of what is the normalized margin? I would
assume that you're still guiding 14% gross margin for the year.
Karan Bajaj: Rakesh, sir, majorly, the highest grossing category or the product category that we sell is AC
and cooler. This season, AC and cooler will sell automatically, we had a higher gross margin
during that period. But summer would again, or the weather would again play a very important
role for us. For example, this year, we would say in FY24, Q1, we would look at a longer summer
for us, because Delhi also would add up to numbers coming in, not very big number but some
numbers coming in from that region as well, because the summer is elongated there, and will go
as long as June-July. So, if we are lucky enough with the weather supports us, we'll be able to
deliver a higher throughput for AC, cooler as a category. So, we would look at the quarter where
the cooling products would give us a higher GP. So, blended GP for those quarters would
definitely be higher. If you look at historical data also, number 1.
Number 2, Diwali or festival period definitely on paper would give you a higher margin, but
then again, that is one of the only periods where the discounting becomes the highest as well
because it is the most competitive, cutthroat market that happens from customers point of view
where everybody's got an ad, everybody's running an offer. So, though you get an extra margin
or an extra benefit during the festive period from the brands will negotiate better, but then
eventually, it boils down to discounting that on the floor. So, otherwise, cooling product
category, AC, cooler, and refrigerator would be the highest grossing product category at any
time for us.
Moderator: The next question is from the line of Tushar Sarda from Athena Investments. Please go ahead.
Tushar Sarda: You mentioned that Delhi will achieve breakeven at around Rs. 25 crores sales per store. So, if
you can explain the store level economics of Delhi and also from the Delhi cluster, how the
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economics would work out because some of the costs like advertisement and marketing would
be common. So, if you can just broadly explain, that would be helpful.
Karan Bajaj: So, sir, if | have understood your question correctly, so Delhi market, though the market size of
Delhi is much bigger than our existing market that we've been in, that was one of the reasons
that we entered that market. Rs. 25 crores were a very conservative number that we calculated
our breakeven at because obviously you didn't want anything to go out of line because the
margins that we control is not in our hands, but the expenses what majorly we can control. So,
we didn't want to take a very high rental or a very high manpower cost strategy there in Delhi.
So, we want to make sure that everything is in line till the time the brand stabilizes there. And
then we can look at avenues of increasing our margins in that region. So, night now, Rs. 25 crores
are what we look at for the delivery happening in year 1, and our costs are all calculated against
that. So, that is why we calculated an 18-month breakeven period where even if our margins or
gross margins which are 13%, 14% are lower to 11%, 12% or so in year 1, we’re still able to
deliver a breakeven in 18 to 20 months. That is the calculation, sir. That would increase the
Capex as well as the Opex.
Tushar Sarda: What is your store cost in Delhi individually? Roughly, should we assume Rs. 2 crores a year,
Rs. 3 crores a year including rentals and salaries and other overheads?
Karan Bajaj: Yes, sir. You're talking about the gross profit per store there in Delhi?
Tushar Sarda: Yes.
Karan Bajaj: It will be in that line, sir. But asI told you that only after we complete the summer season because
AC and cooler are a longer period season. Only we understand that period once because we have
not gone through that period in Delhi and cooling products being one of the highest grossing
product categories for us, so once we go through that churn, we see how the market is reacting,
we see how competitive the market is, whether we're still able to deliver a much higher gross
margin that we would do in Hyderabad or in AP & Telangana, how the competitive scenario
there is. Those things would only play out after the end of QI or Q2 in FY24. So, once we do a
complete churn, year churn, we’ll be able to understand the market better and then comment
better on that market, sir.
Tushar Sarda: So, you have 12 stores now in Delhi, right?
Karan Bajaj: 12 stores, the 13th, soft launch is done for that store in Noida Sector 18, where the official launch
will be happening in the next couple of weeks, sir.
Tushar Sarda: And how much do you plan to spend on marketing next year in Delhi?
Karan Bajaj: Sir, the Delhi marketing plan would be in line with the revenue that we would generate. It would
be around in the line of Rs. 10 crores to Rs. 12 crores.
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Moderator: The next question is from the line of action Akshat Mehta from Sameeksha Capital. Please go
ahead.
Akshat Mehta: So, my question was on your operating expenses. As you said that your advertising expense is
around, Rs. 10 crores to Rs. 12 crores on average. And this quarter also your ad expenses have
been around Rs. 22 crores. So, that forms around 1.5% to 2% of your overall revenues. But if
you look in the past data in 2021, ‘22, our ad expense forms more than 3%. So, I mean, why is
there a declining trend in advertising expenses? Or is that because of Delhi that we are spending
less amount there? Or what is the scenario there?
Karan Bajaj: Mr. Mehta, I didn’t understand your question. Can you repeat it once again, please?
Akshat Mehta: My question was that the numbers that you've given right now for quarter 2, quarter 3, your ad
expenses in those quarters, it forms around 1.5% to 2% of your own revenues for the quarter.
But in the past few years, 2021 and ‘22, your ad expenses in your Annual Report have been more
than 3% of your revenues. So, why is there a fall in advertising expense as a percentage of your
revenue going forward? I mean, is this something because of the Delhi side that we're spending
less in terms of as a percentage of revenues marketing in Delhi? Or what is the trend here?
Karan Bajaj: No, Mr. Mehta, in fact, the advertising expenses of previous historical years have been around
0.85, 0.9%. In fact, the COVID year, we spent one of the lowest amounts in advertising. If you
look at our advertising cost for FY22 versus the revenue, it should be around 0.8%, 0.9%. I don't
know, could be some added under the FY22 number where you're seeing a 3% advertising spend.
Whereas as you correctly said now, because of Delhi being added, the marketing spend from
0.8%, 0.9% would be looking at upwards of 1.3% to 1.4% for this and for the financial year.
Premchand Devarakonda: Sir, you must have added sales promotion to our advertisement because sales promotion is not
our advertisement. The sales promotion expenses include dealer buydown charges and other
incidental expenses.
Akshat Mehta: So, what would be the quantum of that in these 2 quarters, if you can share that?
Karan Bajaj: Mr. Mehta, ifI tell you like FY22 for the first 9 months, we spent Rs. 27.8 crores on advertising;
for the first 9 months of this year, we spent Rs. 45.1 crores. So, you could see a drastic change
in advertising and promotion compared to 9 months for FY22 and 9 months of FY23. If I give
you a quarter-on-quarter number, Q3 of FY22 spend Rs. 16 crores versus Q3 FY23. We spent
Rs. 22.3 crores on marketing and advertising.
Akshat Mehta: No, I was asking for sales promotion.
Karan Bajaj: Sales promotion from Rs. 71 crores in FY22 for the first 9 months, it went up Rs. 106 crores for
the first 9 months of FY23. And this is directly proportional to the credit card, debit card
financing, paper financing charges that we bear at the store level for customers.
Page 15 of 17
EMI>
February 10, 2023
Akshat Mehta: And my second question was on your gross margins, I mean your gross margin in the past for
like 4 years, it was Rs. 15.1 in around FY19; from there, it has come down to Rs. 13.7 crore in
FY22. And now it is in the first 3 quarters also it is coming down to 13%. So, what is driving
that reduction in gross margins currently?
Karan Bajaj: Definitely, yes. We were also a little surprised by 0.5% on Q3 numbers, because right after the
Diwali, we saw a major drop in the revenues for the first couple of weeks, which we had to take
an impact on. How 0.5% margin in our books would directly hit the bottom line is because your
other fixed expenditure remains the same, your rentals, your manpower cost, your cost of
inventory, borrowing costs and all remaining the same, but that 0.5% also would impact us in
terms of the number looking much higher or lower. Whereas historically in °19, ’18, ‘17 or that
kind of period, the contribution coming from IT, mobile sales were quite low whereas IT was
never higher and in FY19, also IT contribution was not more than 3%. IT contribution today
stands at 7%, which is one of the lowest gross margin categories and even mobile phones. Mobile
phones also stand at 35%, 36% today. If you look at the first 9 months number, the blended, the
gross margin level look at much higher compared to the Q3 gross margin level. Once we cross
in the Q4 period, which is Jan-Feb-March, when some are setting early, we would look at the
cooling products to start delivering a higher margin. That is why we are a little confident on how
the Q4 would turn up and that would eventually help us deliver the annual number for ‘23.
Akshat Mehta: I understand this is primarily on account of the changing mix, your product mix that has changed
a bit towards mobile as well as towards IT and other smaller appliances, correct?
Karan Bajaj: Yes, Mr. Mehta, you’re getting it right.
Moderator: The next question is from the line of Preet Jain from Blue Jersey capital. Please go ahead.
Preet Jain: How is the response from Delhi NCR category? Are we facing any major competition there?
Karan Bajaj: Sir, Delhi NCR is one of the most competitive markets in the country, and there is no fun in not
competing in the market if you are there. So, we are getting, but it is not like a backlash that we
can't maintain or have to undercut a lot. But it is quite a reasonable market there because you
have to look at expenses and also because the retail scenario is a little different there compared
to other Southern or Western organized markets. So, you're competing a lot with brand stores
and with a lot of mom-and-pop stores. You have to make sure that you can deliver better
throughput and margin. Initially, yes, we were expecting it to be 10 basis points lower than what
we would expect in our existing market. But then once we cover up all the seasons, once we
understand the market, once we understand the preferences of the customers, then that is where
we will tweak our strategy and for the future, we should be ready for it.
Preet Jain: And sir, my second question is, can you provide us the segmental margin profile of large
appliances, small appliances and mobile segments?
Page 16 of 17
EMI>
Electronics Mart india Limited . .
oo.
February 10, 2023
Karan Bajaj: Yes, sure. Mobile phones give us a margin of around 9%, large appliances will give us if I
bifurcate televisions, televisions would give us around 17%, washing machines, refrigerators
would give us around 18%, ACs and coolers would give us around 20% That is the historical
gross margin that we generate out of each category.
Moderator: Ladies and gentlemen, this will be the last question for today. I would now like to hand the
conference over to the management for closing comments.
Karan Bajaj: I thank everybody for joining the call today. And I want to give a little flavor of how things are
working out. So, the revenue that we've generated for Q3, though we had a little downfall, the
market was a little slower in November and December, but we were still able to achieve our
projected numbers for Q3. And the first 9 months, we are on track. And January and February
we've already crossed January and 2 weeks of February. So, Q4 is also in control with us in
terms of what is happening. And we're quite confident that once the summer sets in a little early,
March quarter should be a good month for us. And eventually, we would be able to deliver a
suggested number that we'd given out during the IPO roadshows going forward as well. So,
thank you, everybody. And I'd like to thank our IR as well on the call. Thank you, everybody.
Moderator: Thank you. On behalf of Electronics Mart India Limited, that concludes this conference. Thank
you for joining us and you may now disconnect your lines.
Page 17 of 17
15th February, 2023
National Stock Exchange of India Limited

Exchange Plaza Bandra-Kurla Complex
Bandra (E), Mumbai-400051
Scrip Code: TWL (EQ)
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai-400001
Scrip Code: 532966
Dear Sirs,
Sub: Corporate Presentation – December 2022 (Q3 FY 2022-2023)
Dear Sirs,
Please find attached the “Corporate Presentation – December 2022 (Q3 FY 2022-2023)” which
is self-explanatory.
Please take the above on record.
Thanking you,
Yours faithfully,
For TITAGARH WAGONS LIMITED
RAVI
Digitally signed by RAVI PRAKASH MUNDHRA
DN: c=IN, st=West Bengal,
2.5.4.20=82e80e8fcc76301ceffdddc8659c01f55925
1da783487bf56a0a018f59e5f134,
PRAKASH
postalCode=712245, street=20 Sarada Pally Sector
2 Uttarpara Kotrung Makhla Hooghly,
pseudonym=0995da630011ca24ff034c418a7657b
8,
MUNDHRA
serialNumber=7dd862a2e7a15ceb191f1b24c18773
40b7fd0c047af2f69d023d7d123130232a,
o=Personal, cn=RAVI PRAKASH MUNDHRA
Date: 2023.02.15 14:18:07 +05'30'
Ravi Prakash Mundhra

Company Secretary
Encl.: As above
Titagarh Wagons Ltd
(BSE:532966 ; NSE:TWL)
Earnings Presentation
Q3 FY2023 1
Key Highlights
Rs. 10,130 Cr Delivered highest

quarterly revenue of
Order Book Rs. 766 cr
❖ Highest ever budget allocation towards Railways – The Government has made its highest ever budgetary allocation in the recent budget
towards the Railways to the tune of Rs. 2.40 lakh crores.
❖ Supply of traction motor – The company has attained major success through supply of first traction motor from the company’s state of the art
facility at Uttarpara in the month of November, 2022. There is a huge market potential which can be tapped into and the same can also be used for
captive production of metro cars which will result in substantial cost benefit.
❖ Existing capacity utilization in freight wagons – As against the stated target of 700 wagons p.m., the company has achieved production of 630-
650 wagons p.m.
❖ Participation in Vande Bharat Tender – TWL participated in the Vande Bharat tender in November 2022. The tender is for supply of 200 trains
along with maintenance for 35 years. The contract will be awarded to 2 lowest bidder in the ratio of 120:80 trains. The estimated value of the
tender is roughly 72,000 cr.
❖ Participation in Forged Wheels Tender – TWL in partnership with Ramkrishna Forgings Limited (RKFL) have submitted a joint bid in response
to Indian Railways' expression of interest for companies to set up a steel forged wheel manufacturing unit. The purpose of this initiative is to
produce forged wheelsets in India and to reduce the dependence on imported wheels from China and other nations.
2
Q3 FY2023 : Financials
Rs. In Crores
Total Income and Profit Before Tax showed robust year-on-year growth of 101% and 112%, respectively
Total Income EBITDA* Profit Before Tax*
101% 75% 112%
777 83
55
47
387
26
10.7% 12.2% 7.0% 6.7%
Q3FY23 Q3FY22 Q3FY23 Q3FY22 Q3FY23 Q3FY22
• EBITDA of Rs. 83 Crores showed a year-on-

• The company’s Total Income increased by year growth of 75%, indicating strong • Achieved a 112% increase in profit before
101% compared to the corresponding financial performance tax on a year-on-year basis with a margin of
quarter of the previous year, driven by a 7.0%
robust order pipeline and efficient • EBITDA margin performance was 10.7%
performance across all business segments • *Before exceptional items
• *Including other Income
3
Order Book
Order Book as of December 2022: Rs. 10,130 crore
TWL India Order Book Breakup
341,
3%
1,176,
12% • Well diversified order book across the three segments
Freight Rolling
Stocks
~Rs. 10,130 Cr Passenger Rolling
Dec 2022 • Demand outlook for freight wagons from private customers is
Stocks
very positive and the total order book from the same is
Ship Building, ~Rs. 1200 cr (~2900 wagons)
Bridges and Defence
8,613,
85%
4
Financial Performance
Delivered Highest ever quarterly revenue of Rs. 766 crore with growth of 101% and 25% on Y-o-Y and sequential basis
Q3 y-o-y Q2 q-o-q 9 Months y-o-y

Rs. Crores
FY2023 FY2022 Growth (%) FY2023 Growth (%) FY23 FY22 Growth (%)
Total Income 777 387 100.6% 622 24.8% 1,842 1,087 69.4%
EBITDA 83 47 75.3% 71 16.6% 204 138 48.6%
Margin (%) 10.7% 12.2% - 11.5% - 11.1% 12.7% -
Profit Before Tax and

55 26 111.8% 46 18.6% 130 83 56.1%
Exceptional Items (PBT)
Margin (%) 7.0% 6.7% - 7.4% - 7.1% 7.7% -
Profit After Tax (PAT) 39 19 111.8% (12) nm 50 27 87.2%
Margin (%) 5.0% 4.8% - (1.9%) - 2.7% 2.5% -
Basic EPS (Rs.) 3.3 1.6 111.6% (1.0) nm 4.2 2.3 87.1%
5
Segment Performance
All the Business verticals has delivered strong growth on a Y-o-Y basis contributing to profitability with
increase contribution from Non-Wagons
Q3 YoY Q2 QoQ 9 Months YoY

Rs. Crores
FY2023 FY2022 Growth FY2023 Growth FY2023 FY2022 Growth
Freight Rolling Stock
Revenue 591 316 86.8% 472 22.8% 1,387 880 57.6%
PBT 59 40 49.7% 50 18.3% 142 120 17.6%
Margin (%) 10.1% 12.5% 10.7% 10.2% 13.7%
Passenger Rolling Stock
Revenue 155 62 151.4% 126 25.3% 363 157 131.5%
PBT 5 1 400.7% 4 18.3% 12 4 200.7%
Margin (%) 3.3% 1.7% 3.4% 3.3% 2.5%
Shipbuilding, Bridges and Defence
Revenue 21 8 167.2% 8 144.8% 56 36 54.6%
PBT 3 4 (12.6)% 2 130.7% 9 8 9.6%
Margin (%) 16.8% 51.4% 16.2% 16.0% 22.6%
6
Industry Outlook
Indian Railways plans to expand the Vande Largest installed capacity of 8,400
Bharat train network and the National Rail wagons per annum
NRP aims to create a "future ready" Plan predicts a 2.5x increase in passenger
railway system by increasing the modal demand by 2051, requiring significant Private wagon market, which accounts
share of railways in freight traffic from capacity expansion and technological for 10-15% of the total wagon
22% to 45% advancements in passenger handling and market, has picked up and the company
coach improvement As per the National Rail Plan, 2020 and
has been able to monetize the same.
the government’s aim to increase the
New Dedicated Freight Corridors,
railway freight traffic, the railways will
including the East-West, North-South,
need 30,000 wagons per year over the
East Coast, and Southern Dedicated
next decade
Freight Corridors, as proposed in the
national budget to help achieve the above
Higher
Infrastructure Spend Wagons Growth
by Government Driver
Future Demand
National Rail Plan
(NRP)
Titagarh
Growth Drivers
7
Transforming Business to Future Potential
Transforming Business by Creating Distinguished Freight and Passenger Rolling Stocks Segment
• Well established business segment with strong order book of ~Rs. 8,613 cr at the end of December, 2022
Freight Rolling • As against the stated target of 700 wagons p.m., the company has achieved production of 630-650 wagons p.m.
Stocks
• Significant capex had been done over the years to streamline the processes for better and effective execution of projects which is now
fructifying and giving due results
• Strong order book of ~Rs. 1,176 cr at the end December 2022

Passenger • In India, currently 15 cities have operational metro networks. New metro Projects are underway & is expected to bring vast changes in
Rolling Stocks 20+ Indian cities
• Increasing urbanization and rising income are driving growth in passenger segment. the metro rail network is likely to witness 2.7
times expansion in the next five years.
• Order book of ~Rs. 341 Cr comprising of Shipbuilding, Specialized equipment's for India defense at the end of December 2022
Shipbuilding, • In order to further expand its shipbuilding business, the company plans to set-up a state-of-the-art shipyard at Falta acquired by
Bridges and the company last year which will enable the company to participate in tenders for larger ships going forward
Defense
8
Disclaimer
This presentation contains statements that are “forward looking statements” including, but without limitation, statements relating to the
implementation of strategic initiatives, and other statements relating to Titagarh Wagons’ future business developments and economic
performance. While these forward looking statements indicate our assessment and future expectations concerning the development of our
business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from
our expectations.
These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency
exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing
with us, legislative developments, and other key factors that could affect our business and financial performance.
Titagarh Wagons undertakes no obligation to publicly revise any forward looking statements to reflect future/ likely events or circumstances.
For further information, please contact:
Anil Agarwal Anvita Raghuram/ Bhushan Khandelwal

Chief Financial Officer Churchgate Partners
Titagarh Wagons
T: +91 33 4019 0800 T: +91 22 6169 5988

E: anil.agarwal@titagarh.in E: Titagarh@churchgatepartners.com
9
Titagarh Wagons Limited
Kolkata Registered & Corporate Oﬃce
Titagarh Towers, 756,
Anandapur, E.M. Bypass
Kolkata – 700107, West Bengal, India
T: +91 33 4019 0800
F: +91 33 4019 0823
E: corp@titagarh.in
CIN: L27320WB1997PLC084819
Ref. No. CS/S/L-643/2022-23 15th February, 2023
To: To:
The Listing Department The Corporate Relationship Department
NATIONAL STOCK EXCHANGE OF INDIA LIMITED THE BSE LTD
“Exchange Plaza” Phiroze Jeejeebhoy Towers,
Bandra Kurla Complex, Dalal Street, Mumbai – 400 001
Bandra (E ), Mumbai – 400 051 Scrip Code: 534976
Scrip Code: VMART Fax: 022-22723121
Fax: 022-26598120 Email: corp.relations@bseindia.com
Email: cmlist@nse.co.in
Ref: Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
Subject: Schedule of Conference Calls
Dear Sir/Madam,
Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosures
Requirements) Regulations, 2015, as amended, schedule of proposed Analysts/Institutional Investors
meetings are as under:
Date Details Analysts/ Institutional Investors/ Conference Venue

15th February, 2023 Investor Meet Emerge capital Gurgaon
16th February, 2023 Investor Call Amansa Capital Virtual
24th February, 2023 Investor Meet Alquity Investment Management Ltd Gurgaon
We request you to kindly take the above information on record.
Thanking You,
Yours Truly
For V-Mart Retail Limited
MEGHA Digitally signed by
MEGHA TANDON
TANDON 13:54:23 +05'30'

Date: 2023.02.15
Megha Tandon
(Company Secretary & Compliance Officer)
No. GMDC/CS/NSE/BSE/ 728 /2023 Dt. 15.02.2023
To, To,
BSE Limited National Stock Exchange of India Ltd,
PJ. Towers, Dalal Street Exchange Plaza, Bandra Kurla Complex,
Mumbai-400001 Bandra (East), Mumbai -400051
Script Code: 532181 Script Code: GMDCLTD
Dear Sir/ Madam,
Sub: Intimation of Schedule of Analysts/ Investors Meet
We wish to inform you, pursuant to Regulation 30(6) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, we give the below schedule of Analysts/ Investors meet for your
information.
Date Type of Interaction Interaction to

Thursday,
th
16 February, 2023 Audio Conference Call Discuss the company’s Q3 & 9MFY23 results
4.00 PM
The discussion will be mainly on the results and will not involve any unpublished price sensitive
information. The Analysts/ Investors Meet is subject to changes due to any exigency on behalf of the
analysts / investors or the company.
You are requested to take note of the same.
Thanking you,
Yours faithfully,
For Gujarat Mineral Development Corporation Limited
JOEL Digitally signed by JOEL SHANTILAL EVANS
DN: c=IN, o=Personal, title=3367,
pseudonym=13309698826739412822TiNhM2jFTVz1,
SHANTILAL
2.5.4.20=679d182fa8ae27be0c404c7b825532c7536f8f6
535040388744cc7ca466e93c1, postalCode=382024,
st=Gujarat,
serialNumber=8b86926900107847f40bf1f3d22ff23615
EVANS
ae7c347d5747a63b75150af6aeb7b3, cn=JOEL
SHANTILAL EVANS
Date: 2023.02.15 13:36:41 +05'30'
(Joel Evans)
Company Secretary
_____________________________________________________________________________________
Gujarat Mineral Development Corporation Limited
(A Government of Gujarat Enterprise)
CIN : L14100GJ1963SGC001206
“Khanij Bhavan”, 132 Ft. Ring Road, Near University Ground, Vastrapur, Ahmedabad 52
Phone: 2791 3200/2791 3501
e-mail:cosec@gmdcltd.com,website:www.gmdcltd.com
Gujarat Mineral Development Corporation Limited
Q3& 9MFY23 Earnings Call
To discuss the company’s Q3 & 9MFY23 results
Thursday, 16thFebruary 2023 at 04:00 p.m.
Gujarat Mineral Development Corporation Limited the largest merchant seller of lignite in
India, invites you to the conference call for the investors and analysts on Thursday, 16th
February 2023 @ 04:00 p.m. to discuss the company’s Q3 & 9MFY23 financial performance.
The management will be represented by -
1. Shri. Roopwant Singh, IAS, Managing Director,

2. Shri L Kulshrestha, CGM & CFO
3. Shri H K Joshi, Sr. Gen. Manager (Tech-1)
4. Shri A K Makadia, Sr. Gen. Manager (Tech-2)
5. Shri R K Dash, Gen. Manager (Marketing & Sales)
6. Shri Swagat Ray, Gen. Manager (PP & D)
7. Smt. A K Iyer, Gen. Manager (Accounts)
8. Shri J N Dave, General Manager (Power)
9. Shri P R Shah, Gen. Manager (Geology)
10. Shri Joel Evans, CS
The conference call will be initiated with a brief management discussion on financial results
for the thirdquarterand nine monthsended on December 31st, 2022 which will be
announced on Tuesday, 14thFebruary 2023.
DETAILS OF THE CONFERENCE CALL ARE AS FOLLOWS
Timing 04:00 p.m. IST on Thursday, 16thFebruary 2023
Conference dial-in Primary number +91 22 6280 1341 / +91 22 7115 8242
Hong Kong Toll-FreeNumber 800964448
Singapore Toll-Free Number 8001012045
UK Toll-Free Number 08081011573
USA Toll-Free Number 18667462133
Express Join with Diamond Pass™ No Wait Time
https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=6403684&lin
kSecurityString=20460bfb78
About Gujarat Mineral Development Corporation Limited: (gmdcltd.com; BSE: 532181;

NSE: GMDCLTD)
Gujarat Mineral Development Corporation Limited is one of the leading mining players in
India. It is the State Public Undertaking of the Government of Gujarat. The state-owned
company currently has five operational lignite mines located in Kutch, south Gujarat, and
the Bhavnagar region. It is purportedly the largest merchant seller of lignite in the country.
Shri Joel Evans

(Company Secretary) Shri Gaurav Girdhar/ Geetanjali Singh
GMDC Limited Concept Investor Relations
Mob. No.: +91 97277 92514 Mob. No.: +91 7798232425/ 8058062213
E-mail:
E-mail: cosec@gmdcltd.com gaurav.g@conceptpr.com/geetanjali.s@con
ceptpr.com
HeidelbergCement India Limited
CIN: L26942HR1958FLC042301
Registered Office
2nd Floor, Plot No. 68, Sector-44,
Gurugram, Haryana 122002, India
Phone +91-124-4503700
Fax +91-124-4147698
Website: www.mycemco.com
HCIL: SECTL:SE:2022-23 15 February 2023
BSE Ltd. National Stock Exchange of India Ltd

Listing Department Listing Department,
Phiroze Jeejeebhoy Towers Exchange Plaza, C/1, Block G,
Dalal Street, Fort, Bandra Kurla Complex, Bandra (E)
Mumbai - 400001 Mumbai - 400 051
Scrip Code:500292 Trading Symbol: Heidelberg
Dear Sir,
Sub: Presentation for Conference Call – Regulation 30(6)
This has reference to our letter dated 14 February 2023 informing about conference call
being organised by PhillipCapital (India) Pvt. Ltd. Further to our aforesaid letter please find
attached a presentation to be made to analysts and the institutional investors at the
conference call scheduled today.
After the conference call, a transcript of the discussion shall also be posted on the website
of the Company, www.mycemco.com for information of the investors.
Thanking you,
Yours faithfully,
For HeidelbergCement India Ltd.
RAJESH Digitally signed by
RAJESH RELAN
RELAN Date: 2023.02.15

13:33:26 +05'30'
Rajesh Relan
Sr. Vice President- Corporate Affairs &
Company Secretary
Encl.: a.a
HeidelbergCement India Ltd.
Dec’22Q Investor Presentation
15 Feb 2023
Dec’22Q Key messages
Environmental, Social and Governance
Operational and financial performance
Awards and Accolades
Outlook
Dec’22Q Key messages
✓ Share of green power increased to 33% as against 20%
in Dec’21Q
✓ Continues to produce 100% blended cement
✓ Volume increased by c. 10% q/q
✓ Volume decrease of c. 3% y/y driven by low demand
during festive season
✓ Cost increase by c. 9% partially offset by 2% price
increase
✓ EBITDA of ₹ 339 per tonne, c. -44% y/y mainly due to
increase in fuel prices
✓ Continue to operate on negative net operating working
capital
✓ Net cash at c. ₹ 1.5 billion
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Increasing green power share
Green power % of total power
Jhansi – Solar Power, 15MW long- 34

term agreement 33
30
22 22 22 23
20
17
Narsingarh – with the help of 12 MW
WHR and 5.5MW Solar Plant,
9
increasing Green power
Sep’22Q
Jun’22Q
Dec’22Q
FY17
FY18
FY19
FY20
FY21
FY22
FY16*
Ammasandra - consistently operating
> 90% Green power
*Damoh WHRS was commissioned in Mar’16Q
4 HeidelbergCement India Limited | Dec’22Q IR Presentation | 15 February 2023 INDIA

Mass Plantation Drive at Damoh plant
On MP Sthapana Divas Drip Irrigation System with 900 M pipeline

Biodiversity at Jhansi Plant

CSR Initiatives
Damoh - Renovation of Govt. Primary School Jhansi - Renovation of Govt. Primary School
Jhansi – Health Camp

INCOME STATEMENT AND EBITDA PER TONNE BRIDGE
Subdued profitability due to a significant increase in fuel costs

Mio ₹
Quarter ended 9 months ended
Particulars Change Change
31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21
Revenue 5,401 5,445 -0.8% 16,361 16,769 -2.4%
Operating Expenses 5,030 4,761 5.7% 14,564 13,609 7.0%
EBITDA 371 684 -45.8% 1,797 3,160 -43.1%
Depreciation/amortization 287 283 1.5% 849 841 0.9%
Other income 106 123 -14.2% 318 367 -13.2%
EBIT 189 524 -64.0% 1,267 2,686 -52.8%
Interest and financial charges* 109 99 10.2% 396 313 26.5%
Profit Before Tax 80 425 -81.2% 871 2,373 -63.3%
Tax Expenses 24 121 -80.0% 229 786 -70.9%
Profit After Tax 56 304 -81.7% 642 1,587 -59.5%
KPIs
Sales voulme (Mio T) 1.09 1.13 -2.9% 3.21 3.54 -9.5%
Gross realisation (INR/t) 4,933 4,828 2.2% 5,103 4,733 7.8%
Total cost (INR/t) 4,594 4,221 8.8% 4,542 3,841 18.3%
EBITDA (INR/t) 339 607 -44.2% 561 892 -37.2%
EBITDA% of revenue 6.9% 12.6% -570 bps 11.0% 18.8% -786 bps
PAT% of revenue 1.0% 5.6% -456 bps 3.9% 9.5% -554 bps

INCOME STATEMENT AND EBITDA PER TONNE BRIDGE
Decrease in Dec’22Q EBITDA/t mainly due to increase in fuel cost
-44%
33
105
607
303
94
339
9
₹ per tonne
Dec’21Q GSR Raw Material Power & Fuel Freight Others* Dec’22Q
Note: Change in inventory has been apportioned in the ratio of 30:70 between Raw Material and Power and Fuel expenses.
*Other expenses include other operating income, employee cost and miscellaneous expenses.

BALANCE SHEET
Cash and Bank balances
< ----- Repayment Schedule ----->

2,346
336
629
2,346
3,845 694
687
Mio ₹
1,499
Total FY23 FY24 FY25 FY26

Bank balance Debt# Net cash
31-Dec-22*
*Bank balance excluding loan to be received back from Zuari Cement Limited during Mar’23Q.
#Debt represents actual amounts to be paid. As the loan is interest-free in nature, the values for accounting purposes are represented as per Ind-AS 109.
60 Mn T Limestone Block in Central India - Sukha Satpara
▪ The Company has been declared as preferred bidder of

c. 60 Mn T Limestone Mines block at Sukha Satpara
Vill- Satpara
adjoining to its existing Patharia mines in Central India
▪ Addition of the limestone deposit enhances the useful

life of the mines and shall create an opportunity for
expansion
▪ Premium to be paid 100.5% of the limestone value

assessed by IBM
▪ Overall timeline for mining lease execution : 24-30

months

SHARE OF VOLUME
Dec’22Q share of volume
49% road 34% coal,

volume, -3549bps
+379 bps y/y y/y
Premium
product
share 40% 76% trade
of trade sales,
volume, -158 bps y/y
+70% y/y
Continuously increasing premiumization and optimizing towards the appropriate mix

AWARDS AND ACCOLADES
Jhansi Plant - 2nd Consecutive Apex India Safety Award-2022

OUTLOOK
Outlook
▪ India remains one of the fastest-growing economies

▪ Cement demand from Govt. projects is expected to increase in 2023; 33% increase in infrastructure
development capex (₹ 10 Lakh Crores) in a pre-election year argues well for cement consumption
▪ Hardening of interest rates has led to inflation reduction; may reduce/defer discretionary spending in
the near term
▪ Rabi crop had a good start expected to increase rural spending
▪ Fuel prices are softening, although at a gradual pace
▪ Increase in cement capacities to keep the sector utilization levels range-bound
▪ GST council (fitment committee) may consider revising 28% GST on Cement

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ASTRA MICROWAVE PRODUCTS LIMITED
12(P), Kothaguda Post,
Regd. Office : ASTRA Towers, Survey No.
500084
Kondapur, Hitechcity, Hyderabad, Telangana, INDIA -
Tel : + 91 4046618000, 46618001, Fax : + 91 4046618048
Email : mktg@astramwp.com , website : www.astramwp.com
CIN: L29309TG1991PLC013203
February 15, 2023
To To
The General Manager The Vice President,
Department of Corporate Relations Listing Department
BSE Limited The National Stock Exchange of
Sir Phiroze Jeejeebhoy Towers, India Limited
Dalal Street, Fort, Exchange Plaza
Mumbai -400 001 Bandra Kurla Complex, Bandra (East)
Mumbai 400 051
Scrip code: 532493 Scrip code: ASTRAMICRO
Dear sir,
Sub: Conference call transcript.
We are sending herewith Conference call transcript held with analysts on 10th
February, 2023.
This information is also uploaded on the website of the Company

www.astramwp.com .
Thanking you,
Yours faithfully,
For Astra Microwave Products Ltd
Digitally signed by
ANJANEYULU ANJANEYULU
THALLAPALLI
THALLAPALLI Date: 2023.02.15
12:54:46 +05'30'
T .Anja neyu I u
G.M - Company Secretary
Works:
0,
Unit 1: Plot No. 12, ANRICH Industrial Estate, Boilaram, Medak Dist., Telangana State - 502 325
MIMM) Unit 2 : Plot No. 56A, ANRICH industrial Estate. Bollaram, Medak Dist., Telangana State - 502 325
Unit 3 : Sy. No. 1/1 ,lmarath Kancha. Raviryala (Vii). Maheshwaram (Mdi) R.R. Dist., Telangana State - 500 005
Unit 4 : Sy. No. 1/1, Plot No. 18 to 21, imarath Kancha. Hardware Park, Raviryala (V). Maheshwaram (M) R.R. Dist.. IS. - 500 005
Inte r e k R&D Centre : Plot No. 51 P. Bengaluru Aerospace Park(KIADB).Survey Nos Parts of 36 to 40. Bengaluru North, K.S. - 562 149.
“Astra Microwave Products Limited Q3 FY23 Earnings
Conference Call”
February 10, 2023
Disclaimer: E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio
recordings uploaded on the stock exchange on 10th February 2023 will prevail
MANAGEMENT: MR. S.G. REDDY - MANAGING DIRECTOR, ASTRA

MICROWAVE PRODUCTS LIMITED
MR. M.V. REDDY- JOINT MANAGING DIRECTOR,
ASTRA MICROWAVE PRODUCTS LIMITED
Page 1 of 17
Astra Microwave Products Limited
February 10, 2023
MR. ATIM KABRA – DIRECTOR (STRATEGY &

BUSINESS DEVELOPMENT), ASTRA MICROWAVE
PRODUCTS LIMITED
Page 2 of 17
February 10, 2023
Moderator: Ladies and gentlemen, good day, and welcome to the Astra Microwave Products Limited Q3 FY
'23 Earnings Conference Call.
This conference call may contain forward-looking statements about the Company, which are
based on the beliefs, opinions and expectations of the company as on the date of this call. These
statements are not the guarantees of future performance and involve risks and uncertainties that
are difficult to predict.
As a reminder, all participants’ lines will be in listen-only mode, and there will be an opportunity
for you to ask questions after the presentation concludes. Should you need assistance during the
conference call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone.
Please note that this conference is being recorded.
I now hand the conference over to Mr. S. G. Reddy – Managing Director. Thank you, and over
to you, sir.
S. G. Reddy: Thank you, Vikram, and good afternoon to everyone. A warm welcome to all the participants to
the fourth earnings call of our Company.
I am with my colleague, Mr. M.V. Reddy – Joint Managing Director; and Mr. Atim Kabra –
Director (Strategy & Business Development); and SGA, our Investor Relations advisers.
The results and Investor Presentation for the 3rd Quarter ended are uploaded on our website and
the stock exchanges. I hope you have an opportunity to look at it.
I am happy to inform you that we have reported another quarter of stellar performance and
recorded our highest ever quarterly profitability. We achieved a record EBITDA and PAT of
453 crores and 30 crores, respectively, for the quarter ended December. For 9 months period,
we have delivered 86 crores of PBT, which is our guidance for the entire year.
This quarter is a good quarter, not only in terms of sales and profitability, but also in terms of
products delivered by the company. We have delivered the following systems to our customers
during the quarter. Radiation mode test and evaluation facility, 7.3-meter antenna system for
ITR, ST Radar for Calcutta University and PATM 2 for ITR.
We expect to deliver about 270 crores of sales during quarter four and reach an overall top line
of about 825 crores. Bottom line at the PBT level will be about 110 crores. We expect to end the
year with an open order book of about 1,750 crores. For the next financial year, we are confident
to book about 900 plus crores orders and deliver top line of about 950 crores and the bottom line
at PBT level of about 135 crores.
Long-term view for the next 5 years ending 2028, we are confident to deliver accumulative top
line of about 8,000 crores and carry over order book of 6,000 crores at the end of 2028. During
these years, we are confident to deliver bottom line at PBT level of 15% to 18% of revenue.
Page 3 of 17
February 10, 2023
Before I open this discussion for question and answers, I introduce my new colleague, Mr. Atim
Kabra, who joined our Board as a whole-time director taking off looking after business and
strategy development from 1st January 2023. Atim, I warmly welcome you.
Atim Kabra: Thank you, S. G. And hello, everybody. As a fellow shareholder in my mind, I represent all
shareholders. And I am very excited by what I see in potential business at Astra. My desire is
that we delight Astra with radars, that we know that our company is a key enabler in electronic
warfare, and a key enabler of missile subsystems.
We know Astra as being a key player in satellite space. And lastly, its products in meteorology
and weather segments are important for the nation. We are looking at a significant growth phase
for the company, which has delivered a very healthy return to its shareholders with a 5, and we
are looking at a 5-year cumulative sales execution for cost of close to $1 billion in gross sales.
To put it in perspective, that's nearly 10 times our current sales trajectory cumulatively. And we
hope to grow our order book alongside to a very, very healthy number at the closing of year 5.
Even better is that we expect this rear-ended sales growth to be with improving margins and
rising return ratios.
Kudos to our R&D team, which is developing multiple exciting products under the leadership
of our Founder, Director, Mr. Chitrakar. And as Astra continues to go up the value chain, we are
right up there in systems and solutions already.
We are proud to be a part of Aatma Nirbhar Bharat. While we continue to work with our valued
partners from overseas and progress in our ARC JV with Rafael, Israel is a proof of this besides
our esteemed export partners. That's our vision. That's our very simple story. And we will explain
as we go along in the question-and-answer session. S.G., M.V.?
S. G. Reddy: Yes. Now this forum is open for question and answer.
Moderator: Ladies and gentlemen, we will now begin the question-and-answer session. We have our first
question from the line of Hitanshu Bhatia from Gandhi Securities. Please go ahead.
Hitanshu Bhatia: Congratulations on a great set of numbers Sir, I have two questions. One is on the 31st page of
the investor presentation, you mentioned NavIC and GPS receivers. So, could you throw some
more light on the prospects of it?
And the second would be that we have bid for the tender alongside some private players like
Alpha Design, Elena Geosystems and also Manjeera Digital Systems. So, what was the outcome
of that tender with regards to the NavIC and GPS I am talking about? Has it been awarded to
us?
And I mean also, I believe we have a customer relationship with the company Manjeera Digital
Systems. So, could you also elaborate on our relationship with Manjeera as well?
Page 4 of 17
February 10, 2023
M. V. Reddy: So, this is regarding NavIC systems. As we have mentioned in last investor call, we have
invested in a startup company called Manjeera Systems with their professional in this VLSI
design and all. So, they are developing baseband chip and for NavIC products. And with using
that chip, we are developing subsystems like receivers for various applications, and also tracking
units, like vehicle tracking unit center, which are in development phase. So, currently, the
baseband chips are in the final stages, and we expect these particular chips to get qualified from
ISRO in the next one month timeframe. So, probably in the 6 months to 8 months timeframe,
we should be, you know, demonstrate these subsystems for NavIC applications. This is what we
have a road map as far as NavIC is concerned.
Hitanshu Bhatia: So, the potential in the NavIC and GPS receiver, if you could throw some more light on it?
M. V. Reddy: Huge potential is there. In fact, with the kind of applications which we are targeting, next 5
years, we should have at least about 2,000 crores worth of business, minimum business, what I
am talking about from the different sectors.
S. G. Reddy: I will add to this that to the best of our knowledge, there are only 2 companies in India, which
are developing this chip. So, around this chip, once it is approved, there will be not only us, but
other guys also who would be developing the subsystems, which are the receiver models, which
M.V. is talking about.
We will initially compete probably with imported chips. And we are very well placed in terms
of our costing and margins over there. So, this could be a very huge business as the business, as
the story translates into real-life applications.
Hitanshu Bhatia: So, the only doubt that I have is that if you have a customer relationship with Manjeera and you
would be competing with them on the same tender, so how would that go out?
M. V. Reddy: See, basically, initially, we competed. But now we are working together.
Hitanshu Bhatia: So, now there would be no conflict of interest with Manjeera and us then?
M. V. Reddy: Yes.
Hitanshu Bhatia: And with regards to the tender that we...
M. V. Reddy: Actually, if you look at that, we have a relationship with only for 1 particular product. Other
products even within NavIC feature, we may compete.
Hitanshu Bhatia: And in regards to the tender that we had bid, so have we won the NavIC tender with the Ministry
of Electronics affairs? Or what's the outcome of that tender, sir? Has the result come out yet?
M. V. Reddy: No. We on price front, actually, we are not there. But as I mentioned, Manjeera won the first
order, where we are invested in a particular product to get developed. But otherwise, the second
tender where we have participated on the price front, we lost it. .
Page 5 of 17
February 10, 2023
Moderator: Thank you. Your next question from the line of Riya Verma from NR Securities. Please go
ahead.
Riya Verma: I just had two questions. Firstly, on the gross margin side, as there is an increase in our quarterly
margin for two consecutive quarters now, I just wanted to understand the sustainability of these
margins. So, if you could please elaborate a bit on the reason for this margin improvement, and
how sustainable these factors are in the future?
S. G. Reddy: The margins delivered by the company at the end of Q3 are sustainable for the future. In fact,
you can see an increment from now on. Your other question is, how the change in margins has
occurred? I didn't get your first question.
Riya Verma: Sir, I was just saying this margin improvement, what are the factors behind this? And is it
sustainable?
S. G. Reddy: Yes. It is sustainable that I already answered. In fact, it can improve. But the improvement is
coming in because of the change in the sales mix of the company. As explained in the past many
times, the domestic sales carry a higher margin compared to the export sales. Up to now, the
export sales are almost equivalent or more than the domestic sales. Going forward, the mix is
skewed towards domestic. Therefore, the increase in margins is happening. Improvement in the
margins is happening.
Riya Verma: And one more question. What would be the long-term sustainable PAT margin levels according
to you?
S. G. Reddy: So, PBT levels, I already said. Probably 15% to 18% is the one which is sustainable.
Moderator: Thank you. The next question is from the line of Vignesh Iyer from Sequent Investments.
Vignesh Iyer: Sir, I heard you are saying like revenue of 950 crores is expected, you are expecting around for
FY '24. And you mentioned 135 crores, what number did you mention 135 crores?
S. G. Reddy: Yes, you heard it correctly.
Vignesh Iyer: 135 crores of what? I mean, is it the PBT levels?
S. G. Reddy: PBT levels.
Vignesh Iyer: All the commentary on order book that you are expecting around 900 crores, can you explain to
us, what is the area you are targeting, and you are expecting to get majority of the orders from?
Like, say, if you could just say, if it's from the missiles, or which area of the defense? Just a
ballpark number will do.
M. V. Reddy: For next year, close to 1,000 crores we are targeting to book. Out of 1,000, 930 are from the
domestic sector. In that, Defense and Aerospace together close to 750 crores, and from space
Page 6 of 17
February 10, 2023
sector about 100 crores. Meteorology and Hyderology put together about 80 crores. And the
exports, we have planned to book 150 crores.
Vignesh Iyer: And in exports also, we have almost like a similar margin profile to domestic?
M. V. Reddy: No. In exports, out of 150 crores, 50 crores is from BTS, again is BTS contracts, and 100 crores
BTP, which is of low margin.
Moderator: Thank you. We have next question from the line of Ketan Gandhi from Gandhi Securities.
Please go ahead.
Ketan Gandhi: Sir, as a follow-up on NavIC, the tender which we have lost, is it in L5 band or L5 and S dual
band module?
M. V. Reddy: There's a dual band.
Ketan Gandhi: So, now we are working on L5 or S-band?
M. V. Reddy: Yes, L5.
Ketan Gandhi: L-5, okay. And government, is there any mandatory fitment of the NavIC chip into mobile
telephone and all the other equipment?
M. V. Reddy: Yes. We expect these policies to be out. I think, government, in fact, what we heard is
government working towards that. And the only thing is that waiting for the more manufacturer
in this particular domain. Like, you know, only limited players have come with the indigenous
development. Now, once we see a greater number of players will be there, then I think probably
policies can be made. That is what we heard about from different agencies.
Ketan Gandhi: And sir, in ISRO document, it's written that L5 band's expected cost per unit is around Rs. 5,000
and L5 and S dual band is around Rs. 10,000 per unit. Is that understanding correct?
S. G. Reddy: Yes, you're right.
Moderator: Thank you. We have the next question from the line of Pulkit Jhunjhunwala an Investor.
Pulkit Jhunjhunwala: Just wanted to get some clarification on the fundraising that we had proposed to raise 400 crores.
Any ideas on that? Could you give us some clarity?
S. G. Reddy: Sure, we are on the job. Right now, the members voting is going on. And yes, we are on it.
Probably, you will come to know more developments maybe in the next fortnight.
Pulkit Jhunjhunwala: And is it like an issue of shares? Or like which model are we going for in order to raise that 400
crores. There will be dilution.
Page 7 of 17
February 10, 2023
S. G. Reddy: Yes, it will be dilution.
M. V. Reddy: Just to clarify, the resolution is for up to 400 crores.
Pulkit Jhunjhunwala: And just while we are on it, I would just like to get the management's perspective on why do we
need this capital at this point in time? Is it for working capital for future orders?
S. G. Reddy: No, it is a mix of both. Primarily, as you know, the Defense Procurement Policy, there is a drastic
changes have come in where the government is encouraging the private sector to take the risk,
invest in new product development, get the product developed, so that the companies can
compete as and when this business is available.
And also because of this import embargo, a good amount of opportunities available for the
private sectors to identify their key areas where they have the expertise. And we should be able
to take that financial risk in developing those products and be ready for demonstration as and
when those opportunities arises.
The majority of this QIP or the fund raise is to make the company financially strong so that it
can invest in these technologies and develop their products. A small portion of that, of course,
is there for working capital. But I would say that the majority of that is for this kind of new
product developments.
Moderator: Thank you. We have the next question from the line of Subrata Sarkar from Mount Intra Finance.
Please go ahead.
Subrata Sarkar: Sir, couple of questions. First, sir, can you clarify one more the target which you have given for
2000 like after next 5 years, what kind of revenue and order book we were expecting that you
told like can you redo it once more, sir, for better understanding?
S. G. Reddy: For the next 5 years, starting from the financial year '24, we should be able to do a cumulative
sales of about 8,000 crores. Cumulative sales of about 8,000 crores. And at the end of the year
2028, we should have an order book of about 6,000 crores.
Subrata Sarkar: Sir, now from our presentation in 27 or slide 27, you have mentioned like we have expertise in,
you have given the expertise of various players across segment. And there we have mentioned
like we have system expertise. So, can you just elaborate a little bit, like which systems we are
talking about, and what is the potential of that system, sir?
S. G. Reddy: In fact, first of all, no, your voice is not very clear. It is breaking away. If we have heard it
correctly, you would like to know what kind of expertise we have in the systems. Am I right?
Subrata Sarkar: Yes, sir. You have mentioned like we have system expertise. So, I just wonder a little bit more
elaboration on that.
Page 8 of 17
February 10, 2023
M. V. Reddy: Systems, you know, we have already started delivering radar systems. And we build a systems
group within Astra addressing radar and electronic warfare.
In Electronic Warfare segment, we just initiated designing the systems for airborne applications
and as well as for the ground application, whereas in radar, we are already delivering this
telemetry tracking radars and also small range surveillance radar. And we are developing
counter-drone radar. And also, we are planning to develop bird detection radar kind of radars we
have in pipeline.
So, likewise, we have developed the system expertise within the company. And apart from that,
in the future, going forward, in space domain also, we are trying to build payloads, satellite
payloads.
Subrata Sarkar: Last question, you have mentioned about like media purpose of this fundraising is major part
will go for new product development. So, if you can elaborate again a little bit more, like which
area, or which specific product we want to be prepared with so that there is a new opportunity
comes from the government side, defense side, we can explore that? So, if you throw some light
on what are the areas and new products we are trying to develop with these new funds?
S. G. Reddy: There are many projects which we could see having good potential, you know, in future and
which have been already come under import embargo. So, there we have picked up few projects.
And also based on the responses what we have sent and what we are having that confidence to
develop, so we could take the few projects development, which are basically in domain of radar
and electronic warfare in defense. And as far as the satellite is concerned, we are also getting
into the defense payloads. These are the few important projects which we picked up.
M. V. Reddy: Yes, we will not be able to share the names of the product.
S. G. Reddy: You know the negative list, which have come out, right? There are more than 400 items are in
the negative list.
Subrata Sarkar: Yes, that's a major list.
S. G. Reddy: Out of more than 400 items in the negative let, we are right now operating in probably 40, 45
items only, which are in our domain, out of those 400 plus, of which we are operating currently
in around 15 which leaves us with a huge amount of products and which we can fill in, in the
negative list alone, while we are developing a whole range of other products in the segments
which M. V. Reddy just mentioned.
Moderator: Thank you. We have next question from the line of Viraj Shah from Shah Investments. Please
go ahead.
Viraj Shah: Just wanted to know, are we expecting any orders from Hindustan Aeronautics with respect to
the new helicopter plant?
Page 9 of 17
February 10, 2023
M. V. Reddy: From HAL, we are expecting orders for that LCA, Uttam radar, and also going forward, other
airborne radars what we are going to develop for the airborne platforms.
Moderator: Thank you. We have next question from the line of Amit Dixit from ICICI Securities. Please go
ahead.
Amit Dixit: First of all, congratulations for a good set of numbers. I have couple of questions. The first one
is essentially, if you look at the Q4 results of, you know, other companies like HAL, BEL, even
BDL, they were tagged low on execution. So, going forward, do we see a risk of some of the
orders that we were expecting getting delayed in FY '24 for BEL in particular?
M. V. Reddy: As of now, whatever the numbers which we have mentioned, I think, we have a good probability
in booking these orders. And this is as on date, whatever visibility we have, with that only we
are presenting this. I think we should be in a position to book this 1,000 crores order in next
year.
Atim Kabra: But Amit, we are not a quarterly driven company. Amit, we are not a quarterly driven company.
Right? So, I think you have to look at this on a rolling quarter basis. There may be delays. Some
critical components may be delayed coming, etc., etc.
So, I think this company is not a company where you can put in place a quarterly number and
expect that we will hit that number every possible time, right? I think M. V. Reddy and S. G.
Reddy have done a tremendous job in terms of exceeding the targets which have been set out,
you know.
But be cognizant that there could be delays in the system itself, which can sometimes push the
numbers out. And sometimes, maybe we can get lucky also. And we can be getting some
excellent orders, which we may not have anticipated.
You are aware that recently, there are four Doppler radars were dedicated to the nation. The
minister came out and said that he is expecting Doppler radars to be installed all over the country.
Now that's a massive business, which we had not anticipated. But we will be getting a product.
We have delivered 10 Doppler radars to the country at this point in time. And that's a significant
piece of business, which is evolving, which was not anticipated also.
Amit Dixit: The second question is essentially, if it is possible to provide the breakup between BTS and BTP
orders, I mean, as far as the execution is concerned in this quarter? And going forward, what
would be the mix that you would be targeting between BTS and BTP?
M. V. Reddy: For the current quarter, we don't have any BTP exports order. But going forward, next year, as I
mentioned, out of the 150 crores, which we are expecting from the export segment, 50 crores
from the BTS and 100 crores from the BTP. Rest all in domestic, as you know, all are BTS
orders. We don't have any BTP in the domestic business.
Page 10 of 17
February 10, 2023
Moderator: Thank you. We take the next question from the line of Bhavik Shah from MK Ventures. Please
go ahead.
Bhavik Shah: Sir, I just wanted to understand the developments on the anti-drone front. So, you are going to
demonstrate it by January or February, if I am not wrong, you have mentioned in the last call.
So, sir, any update on that front?
M. V. Reddy: Yes. We are going to demonstrate it very soon. I think it's in the final testing stage. Definitely,
we will hear good news in the next few weeks' time.
Bhavik Shah: And sir, now could we sense what opportunity could this be for the company? Or we still need
to wait for that?
M. V. Reddy: Opportunity is there. Like we have participated a few tenders recently from Air Force and Army.
I think we are gearing up for a demonstration of this particular product. Once we are through,
then I think we will be in a position to inform you exactly how much business we can get in this.
But otherwise, opportunity wise, yes, we have a good amount of opportunity for this particular
radar.
Bhavik Shah: And sir, any developments on the space front? Like the last couple of years were not that good
for the space end. So, like, how do you see space going ahead?
M. V. Reddy: Yes. As you know that barring communication satellite sector, which, in fact, been open for
industries to take up plus ISRO is continually working on the strategic segment from which we
can expect the subsystem order from ISRO. And ISRO, I think, definitely, with some kind of a
business we can get for the couple of years. Apart from that, as I mentioned just now, we are
also trying to build satellite payloads for the strategic applications. That is something which we
are launching soon.
Bhavik Shah: And sir, any update on the CAPEX front, like what is our CAPEX till 9 months? And what could
be the CAPEX going ahead?
S. G. Reddy: Yes, for this financial year, the overall CAPEX will be about 25 crores. And up to 9 months, I
think we have spent close to about 15 crores.
Bhavik Shah: And any guidance on the CAPEX front for next year?
S. G. Reddy: Yes, for upgrading the existing requirements, probably we may be spending about 10 crores to
15 crores. But we have a larger plan in terms of creating facilities for the overall systems,
whatever we are planning for. Those details probably we can share with you in the next call once
this accuracy process gets over.
Moderator: Thank you. We have next question from the line of Shuja Sidiqque, an Investor. Please go ahead.
Page 11 of 17
February 10, 2023
Shuja Sidiqque: So, my question is that there is a massive opportunity in defense today. The question to the
company is, what are the constraints that's stopping the company from either executing more
from the order book that is already there and getting more orders going forward? How do you
create the machine, which continues to be on the treadmill of getting more orders and executing
more orders?
S. G. Reddy: See, we are doing that. If you look at the profile of the products delivered by the company, it is
largely components and subsystems what we are doing. This product base has its own limitations
in terms of execution. But going forward, that is what we are sharing with you.
The overall environment is also changing where in the private sector has to be more aggressive
in terms of bidding for the projects which we are planning to do. Therefore, you see more
accelerated action coming in from the company in the near future.
Shuja Sidiqque: Are you in a position to share something at the moment about your future strategy?
S. G. Reddy: Future strategy, we have already shared. See, we are planning to raise some capital resources so
that we will be investing in new product developments so that we can compete with other people
when the market is actually opening.
Yes, that is what we are. We are graduating from a subsystem company to a systems company
in a bigger way. And accordingly, we are planning our actions so that we will be there to take
that market as and when it is open.
Shuja Sidiqque: Do you need some strategic tie-ups or anything like for you to develop more products and get
more strategic high-value products or you will develop all of this on your own?
M. V. Reddy: No, few products we are working with some foreign OEMs. One is that with joint ventures. We
have one joint venture with Rafael where we have added three other product lines apart from
that SDR what we are manufacturing in JV, like we have added electro-optics and all.
Similarly, we have some other products which we are discussing with some few OEMs. And
you will see a few announcements in the coming year or so. So, I don't want to reveal it at this
time.
Moderator: Thank you. We take the next question from the line of Vignesh Iyer from Sequent Investments.
Please go ahead.
Vignesh Iyer: I just wanted to know what is on the semiconductor side, how is the availability as compared to
the earlier quarters? And if you could tell me what is our receivable days and working capital
cycle as on quarter three?
M. V. Reddy: As far as the availability of semiconductors is slightly improved as compared to the last quarter.
I think the lead times are coming like in a normal mode. But still, yes, it's not so comfortable as
Page 12 of 17
February 10, 2023
we enjoyed pre-COVID situation. But, I think, maybe next one or two quarters, we expect that
should come in a normal mode. And as far as working capital, I think S. G. will answer.
S. G. Reddy: Yes, we have receivables of about 300 crores. Domestic is about 289, and exports is about 28
crores. In terms of the working capital days, it is typical to semiconductor industry where, I
mean, RF and microwave industry, where the stocking of inventory is one of the critical items
for execution of the projects on time. And also, these semiconductor devices, which is a very
critical input is available only from specific markets for actually the global leaders.
Therefore, we are forced to place orders in advance and sort the material for the entire project
duration cycle. Because of these factors, our working capital days are fairly high compared to
the normal industry. And currently, it is around 300 plus number of days is the working capital
days.
Vignesh Iyer: So, I think, if I am not wrong, our peak quarters as it comes to is around quarter three and quarter
four, and with how things are spanning out, are we still looking to front load the inventory going
ahead? Or we might see some inventory days coming down?
S. G. Reddy: No, I don't see in terms of inventory management, I don't see any major changes happening. As
it is now, we are struggling for availability of the semiconductor devices. Therefore, as and when
they are available, we have to buy and stock it. Therefore, at least in the near future, I don't see
any major changes coming in.
Vignesh Iyer: And sir, at the start of the call, you said that current quarter margins of like 23% is you are
comfortable, and you feel like this could be sustainable. So, when you say that, I mean, EBITDA
margins for the entire FY '23 you see it is more or less at the same level, right?
S. G. Reddy: No, I am only talking at PBT level. The current year, we are likely to end about 13% to 13.5%
of PBT. On a top line of about 825 crores, we are projecting we have a PBT of about 110 crores.
I said that these margins are sustainable, and there is a fairly good chance of improvement over
this.
Moderator: Thank you. Your next question from the line of Abhishek Dave from Bright Securities. Please
go ahead.
Abhishek Dave: I had one question. Sir, based on your current order book, can you give some guidance for the
next year?
S. G. Reddy: It's already done. At the top line, we will do about 950 crores, and bottom line will be close to
about 135 crores at PBT level.
Moderator: Thank you. We take next question from the line of Ashit Koti, an investor. Please go ahead.
Ashit Koti: My question is, sir, with drone technologies getting commercialized, is our Company planning
to get into providing sensors or any products or subsystems to this particular category?
Page 13 of 17
February 10, 2023
M. V. Reddy: You mean to say sensors for drone?
Ashit Koti: Yes. I mean, sensors also would be required there also, right?
M. V. Reddy: But we are not addressing drone market. We are only addressing drone detection, like, you know,
on the drone system, but not in the drones. We are not operating in drones.
Ashit Koti: No, I got your point. My question was basically, since you are already anti-drone devices kind
of thing, so, alternately, when the drone technology being exploited commercially for
commercial applications, not the defense part of it. So, over there, there could be a need for so
many other things apart from, I mean, one of the major things would be sensors.
M. V. Reddy: No, we may not enter into that market as of now.
Ashit Koti: So, not so lucrative enough for us to look into it?
M. V. Reddy: No.
Moderator: Thank you. We take next question from the line of Simardeep from Negen Capital Services.
Please go ahead.
Simardeep: Just a little bit more strategic. Sir, could you just highlight some risks going forward in the
business? Like chip shortages, which was happening through Taiwan and some other ones, if
you can highlight some?
M. V. Reddy: See, the major risks are like timing of the orders. Based on the visibility what we have and the
information what we gather from our customers, we have been projecting, yes, there could be
delays here and there based on the PRTs and based on the delays on overall projects from OEM
and also from the user end. So, those kind of delays are always there in the defense market. As
you know, it is not something new.
And apart from that, on the execution front, yes, see, though the situation of the components,
especially in the semiconductor and power supplies, you know, we have been facing severe
shortage, that I think probably is slightly improved compared to the last two quarters, but still
lot more improvement is required in that particular domain. And because of that, probably, on
the execution front, like this current year also, we will be short of 20 crores as compared to the
original guidance. But we have factored all these points, but we will hope for the better situation
in the components industry going forward in the next year.
Simardeep: Sir, one last question. Sir, could you help me with some sort of more from the same clients, can
you get some more work? Or are you diversifying into more geographies as well?
S. G. Reddy: We are already there in the international market, apart from service in domestic industry.
Page 14 of 17
February 10, 2023
M. V. Reddy: See, one is that, like, you know, in fact, Mr. Atim Kabra is looking after this particular area.
Like, we are trying to develop solutions for the countries by using our particular systems, what
we have today. And we are trying to sell the complete solution. It's too early to disclose about
these solutions. I think probably in maybe after, I think next investor call, probably we can share
in a detailed this thing road map for this. But otherwise, yes, we are trying to explore exports,
like international business, with a different concept.
Apart from that, from the existing product line, as I mentioned, my customers who are giving us
BTP business already started giving us BTS orders. We have initiated a couple of good inquiries,
which are trying to be materialized in the first quarter of next year. And we are discussing with
many companies for this BTS business as they are planning to develop systems for the Indian
market.
Atim Kabra: I was just adding that there, once you get into systems, there is an international market, which is
there for us to compete in. But it works not on a tender basis, but on a slightly different sales
process. It will take time. You should be aware that we have products which are identified. And
strategies are being put in place as we speak to explore those markets. And these are fairly big,
sizable numbers. But it might take time. So, we would rather come across to you and share the
good news to you when we have clear orders in sight on these markets from these markets. So,
this is a sizable opportunity where we can make a big difference to our client and to our bottom
line also.
Moderator: Thank you. We take the next question from the line of Pulkit Jhunjhunwala, an investor. Please
go ahead.
Pulkit Jhunjhunwala: I was just wondering as an investor when we see our peers were in this space, we find ourselves
in a situation where our top line is maybe twice theirs, and maybe they trade at a sales to market
cap of maybe 20x, and whereas we are less than 1. And we feel that although the management
has done some great work, the operating margins are increasing. But when we do a brief
comparison, the operating margins that they are trading at, I mean, they are having about 14%
(45.30) kind of operating profit margin.
So, I am sure we heard so many things about what is in the pipeline from this call. I was just
wondering, is there anything that you can share now, where we can understand that our top line
is bigger, our technical skills is better from what I am understanding? So, where are we lacking?
Like do you think something is some, I mean, the opportunities are there for the taking? So,
could you just elaborate on that please?
M. V. Reddy: The opportunity set is there. We are now more proactive in communicating our story. You have
seen how we have been, you know, how forthcoming we have been in the last few investor calls.
And as the story gets out, I am sure there will be a set of investors, incremental set of investors
who would be interested in us to invest.
Page 15 of 17
February 10, 2023
Why somebody, you know, this is a big market. So, we don't want to comment on why somebody
is being valued slightly higher. Okay? Maybe they have communicated the story better. Maybe
they are better in the perception of the folks.
We are fairly confident about our story. We are confident, as we have very clearly mentioned to
you and committed, that this is a rising, sustainable margin story. We are RF guys. Our BOM is
already there. As we increase in size, maybe there will be efficiencies, which will be coming in.
So, you know, suffice to say that we can only communicate to you that this is increasing sales,
significantly increasing sales story with sustainable increasing margin story. The return ratios
will obviously look better. So, where you value somebody in the food chain is not for us to
comment, you know. But it's a big market for everybody to operate. And I am sure everybody is
equally competent.
Moderator: Thank you. We take next question from the line of Ashit Koti, an investor. Please go ahead.
Ashit Koti: Sir, just continuing with the earlier questions where the explanation was given with regards to
the export market, that the process is a bit different. It is not a tender system. If you could throw
some more light, is it more on joint venture? Is it more on tie-ups? How exactly we are exploring
the market, export market?
M. V. Reddy: Export markets don't work on tenders typically. If you are looking at the civilian industry, right,
you are looking at ROI-based kind of an approach, which is where you define what the
investments are for others, and you are trying to capture the enhanced returns of the savings
which they make. And therefore, explaining to the buyer what exactly is this ROI, right? So,
that's one thing.
In a G2G tender, there is a very different dynamic, which is at work, right? So, depending on
where exactly we see maximum sales impact and sales effort impact coming in, we would be
employing a variety of strategies.
It's too early to say whether we would be partnering in any joint venture format with somebody
else or not. But definitely, we will require partners across the globe as, you know, for local
implementation. What form it will take? We don't know. It's very early days right now. Am I
answering your question?
Ashit Koti: To an extent, yes. It would have been better. I mean, if you would have thrown some more detail,
but maybe it's not possible.
M. V. Reddy: We can't. Let's save something for some surprise, right? Positive surprise. It's very early days.
It's very early.
Moderator: Thank you. We have got last question from line of Ashit Koti. Sir, please go ahead.
Page 16 of 17
February 10, 2023
Ashit Koti: Sir, as far as we have come a long way from OTCI lifting in '90s to where it is today. So, if we
have to look at Astra microwave as from year onwards through next decade?
S. G. Reddy: Yeh, I think we have already gave a picture for the half decade. Probably now looking at one
decade, it is too early now. So, we will take it forward from that.
M. V. Reddy: I would say, defense industry as a sector has established itself. You are aware of Aatma Nirbhar
Bharat. That is becoming a reality. You are aware of BEL, HAL making great strides.
You are aware that they are tracking or they are beginning to track the export market. There are
multiple defense sector industries itself, which are coming of age and with increasing visibility
and increasing certainty about business. The earnings stream in itself is becoming more
predictable and sustainable.
I think these are the ingredients for an industry which is becoming mature, will become more
mature as we go further. And I think it's such a sizable industry in terms of micro numbers that
there is going to be a huge amount of business, which should be coming across all participants.
We have to make sure we are conservative enough in terms of our balance sheet management
and be prepared for the long haul. That's our vision. That's what we are playing at.
So, thank you for highlighting our journey from when we started. And I think as an analogy,
which I like to say, is that we have lifted off the runway. We are gaining altitude. And I think
we will be at a cruise stage very soon. And that will be a very nice moment for all of us who
have believed in the story.
Moderator: Thank you. As there are no further questions from the participants, I would now like to hand the
conference over to Mr. S. G. Reddy, Managing Director, for closing comments. Over to you, sir.
S. G. Reddy: Thank you for being there with us for one hour. I hope to see you at the end of Q4. Thank you.
Moderator: Thank you very much, sir. Ladies and gentlemen, on behalf of Astra Microwave Products
Limited, that concludes this conference. Thank you for joining us. You may now disconnect
your lines.
Page 17 of 17
Date: 15th February 2023

BSE Scrip Code: 533293 NSE Scrip Code: KIRLOSENG

To To
Corporate Relationship Department Listing Department
BSE Limited National Stock Exchange of India Ltd.
1st Floor, Rotunda Building, Exchange Plaza, C ‐1, Block G,
Dalal Street, Fort, Bandra‐Kurla Complex, Bandra (E),
Mumbai – 400 001 Mumbai – 400 051

Dear Sir/Madam,

This is to inform you that:

Pursuant to Regulations 30 of the SEBI (Listing Obligations and Disclosure Requirements)
2015 including amendments thereunder and in continuation of earlier communication
vide letter dated 1st February 2023 and 10th February 2023, we hereby inform that the
Transcript of the Conference Call for Investors and Analysts held on Friday,
10th February 2023 at 04:30 p.m. IST to discuss the Un‐audited Financial Results of the
Company for the quarter ended 31st December 2022, has been uploaded on the website
of the Company, viz. www.kirloskaroilengines.com.

You are requested to take the same on your record.

Thanking you,

Yours faithfully,
For Kirloskar Oil Engines Limited
Digitally signed by Smita Arun Raichurkar
Smita
Arun
DN: c=IN, o=Personal,
2.5.4.20=35a3e5f29ca0ccb1f6340c2033ee
5368ed0a22db764a0b6420868359ce1150
04, postalCode=411021, st=Maharashtra,
Raichurkar
serialNumber=0a4ca58d116a72f60c65afb
50d7636fc73f75f07ae309c44de9e4ef367b
5f63e, cn=Smita Arun Raichurkar
Date: 2023.02.15 13:05:27 +05'30'
Smita Raichurkar
Company Secretary and Head Legal

Ahluwalia Contracts
(India) Limited
Engineering, Designing & Construction
Date: 15-02-2023
To,
Compliance Department Compliance Department Compliance Department
BSE Limited. National Stock Exchange of India Ltd. Calcutta Stock Exchange Ltd
25th Floor, P.J. Towers 5th Floor, Exchange Plaza, 7, Lyons Range, Dalhousie,
Dalal Street, Mumbai - Bandra Kurla Complex, Murgighata, B B D Bagh,
Kolkata, West Bengal – 700001
400001 Bandra (East) Mumbai- 400051
Sub: Copy of News Paper cutting extract of un-audited financial results for Q3 ended
December 31, 2022
Dear Sir/Madam,
In compliance to Regulation 47(1)(b) of SEBI Listing Regulations, 2015 as amended. Please

find enclosed herewith copy of News Paper cutting extract of un-Audited Financial Results
for the Q3 quarter and nine months ended December 31, 2022 as approved by the Board
Meeting held on Monday February 13, 2023 published in Financial Express (English) and
Jansatta (Hindi) on February 15th, 2023.
Kindly take the same on your record and oblige.
Yours faithfully,
For Ahluwalia Contracts (India) Ltd
VIPIN Digitally signed by
VIPIN KUMAR
KUMAR TIWARI
Date: 2023.02.15
TIWARI 12:08:24 +05'30'
(Vipin Kumar Tiwari)

Company Secretary
Encl.: as above
Registered. Office: A-177, Okhla Industrial Area, Phase-I, New Delhi-110020

Phone: 011-49410502, 517 & 599 Fax: 011-49410553
Email ID: cs.corpoffice@acilnet.com; Website: www.acilnet.com
(Corporate Identification Number: L45101DL1979PLC009654)
Date: 15.02.2023
The General Manager, The Vice-President,

Listing Department Listing Department
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, “Exchange Plaza”,
Dalal Street, Mumbai 400 001 Bandra Kurla Complex, Bandra (E),
Mumbai – 400 051
Scrip Code : 533160 Scrip Symbol : DBREALTY
Fax No.: 022 – 2272 3121/ 2039 Fax No.: 022 – 26598237/38
Dear Sir/ Madam,
Sub: Update on Outcome of the Board meeting held on 14th February, 2023 & financial results for
the quarter and nine months ended 31st December, 2022
In furtherance to the Outcome of the Board meeting held on 14th February, 2023 (“Original Outcome”)
& financial results for the quarter and nine months ended 31st December, 2022 submitted /filed with
the stock exchanges yesterday, it has been observed that due to human error and inadvertence, the
designation of Mr. Shahid Balwa (DIN:00016839) (who has signed the aforesaid financial results) has
been mentioned as Chairman & Managing Director in place of Vice - Chairman & Managing Director
and accordingly in the Original Outcome & financial results, the designation of Mr. Shahid Balwa be
read as Vice- Chairman & Managing Director.
All other contents of the Outcome, except as mentioned in this update shall remain unchanged.
Kindly take the same on your records and oblige.
Thanking you,
Yours faithfully,
For D B Realty Limited

JIGNESH Digitally signed by
JIGNESH
HASMUKHL HASMUKHLAL SHAH
Date: 2023.02.15
AL SHAH 12:18:02 +05'30'
Jignesh Shah
Company Secretary
Date: - February 15, 2023
Listing Department/ Department of Corporate Relations,

The Bombay Stock Exchange Limited,
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai, Fax- 022-22722037/39/41/61/3121/22723719
Scrip Code: 532524
Listing Department
The National Stock Exchange of India Limited,
Exchange Plaza, C-1, Block G,
Bandra- Kurla Complex, Bandra (East),
Mumbai- 51, Fax- 022-26598237/38- 022-26598347/48
Company Code: PTC
Sub: - Investor Presentation for Q3 & 9M FY23
Dear Sir,
Please find enclosed the Investor Presentation of PTC India Limited for Q3 & 9M FY23
Thanking you,
For PTC India Limited

Digitally signed
RAJIV KUMAR by RAJIV KUMAR
MAHESHWAR MAHESHWARI
I Date: 2023.02.15
12:05:45 +05'30'
Rajiv Maheshwari
Company Secretary
FCS- 4998
Encl: as above
PTC India Limited

(Formerly known as Power Trading Corporation of India Limited)
CIN : L40105DL1999PLC099328
2nd Floor, NBCC Tower, 15 Bhikaji Cama Place New Delhi - 110 066 Tel: 011-41659138, Fax: 011-41659142
E-mail: info@ptcindia.com Website: www.ptcindia.com,
INVESTOR PRESENTATION
PTC INDIA LIMITED Q3 & 9M FY23
01
Company Overview
02
Financial Overview
CONTENTS
COMPANY OVERVIEW
4 PTC: Milestones
o Tolling as business started

o Adding Bangladesh as Client
o Operationalization of ST renewable transaction
o 87 Billion Units of
o Creation of Subsidiaries – PFS & 2012 o
electricity trading
PAT of ₹ 552 Crores
PEL
o Hydro power from Bhutan
in 2003-04
2006 2022
o Renewable Trading of
1050 MW long Term
2017 o 1900 MW thermal Medium
Term Trading
o Company got incorporated.
1999 o
o
Cross Border business
Listing on bourses in 2004
Investor Presentation
5 PTC – “First” in Trading Market
Electricity Trading concept introduced by PTC and was first to start trade in 2002.
Amongst first to get trading license after EA -2003
Introduction of Short Term Market
Tolling agreement with generator

Bellwether in
Co- Promoter of India’s first electricity exchange (IEX) & now Hindustan Power
Power
Exchange (HPX)
Market
Long Term PPA to IPPs – [leading to ~40% of generation capacity owned by Private Sector]
Development
Long term PPA to Renewable Sector (Wind)
Cross Border Trade (Nepal, Bhutan & Bangladesh)
6 Strategic Intent
Vision To be a Frontrunner in developing a vibrant Power Market and striving to correct market distortions
o Promote Power Trading to optimally utilize the existing resources

Mission o Develop Power Market for market based investments into the Indian Power Sector
o Facilitate exchange of power with neighboring countries
o Transparency
o The Customer is always right
Core Values o Encouraging Individual initiative
o Continuous Learning
o Teamwork
7 PTC: Capability Profile
An Integrated Energy Service Company
POWER TRADING ADVISORY SERVICES RENEWABLE ENERGY INVESTMENTS
3
1
o Trading of 1050 MW ISTS
connected wind power projects 4
o
o
Domestic OTC market;
Short/Medium& Long-term
2 o 288.8 MW Wind Energy Projects
under PTC Energy Limited
trades (utilities) o RE Solutions for C&I Consumers o Early stage support as Equity
o Retail (Open Access Investor / co-developer
o Energy Portfolio Management
consumers)
o PTC India Financial Services
o Energy efficiency Ltd.
o Cross Border trade implementation
o PTC Energy Limited –Wind
o Project Management Services Power Projects
* - Investment related business primarily through subsidiaries

8 New Business Models & Way Ahead
Energy Portfolio Project Management

Sustainability Solutions Exchange Platform
Management Services
Round the clock portfolio PMS for Transmission and Supporting clients in Received the approval for
management services to Distribution for Deemed meeting their sustainability running and operating
Discoms, SEZs and C&I Licensees, Ports and other targets and reducing carbon electronic exchange platform
consumers for power C&I consumers. footprints through turnkey (Hindustan Power Exchange)
procurement planning, Providing bouquet of solutions for Sourcing in association with ICICI
optimization, forecasting, Services including O&M, Renewable Energy, energy Bank and Bombay Stock
scheduling & capacity Feasibility, Cost Estimation, efficiency solutions including Exchange
building Survey, Engineering, Bid feeder audits, energy audits
Process Management, for C&I consumers
supervision, etc.
9 Key Metrics - Financials
Vol CAGR of 14% in last 6 years
40%+ Dominant Market Leader with over 40% market

87
share Total traded power: 87 BUs (FY-22) 80
62 66
57
48
42
28 Supplying power to 28 States/UTs

FY 16 FY 17 FY18 FY19 FY20 FY21 FY22
PAT in ₹ Crores
Cross Border Trading: Trading power with Nepal, 410
425
3 Bhutan & Bangladesh, Total Traded power-7.4

BUs (FY-22) 291
319 320
262
234
203
700+ Over 700 Industrial (Retail) Customers
FY15 FY 16 FY 17 FY18 FY19 FY20 FY21 FY22
Financial Overview
Q3 FY23 (Standalone)
11 Q3FY23 (Standalone) - Financials
Amount in ₹ Crores
P BT ( I N R C R O R ES ) PAT (INR CRORES)

79
105.97
105.19 78
Q3FY22 Q3FY23 Q3FY22 Q3FY23
TOTA L C O M P R E H E N S IV E I N C O M E ( I N R C R O R E S) Trading Margin (Paisa / unit)

79.29 3.09
3.50
77.33 3.00
2.51
2.50
2.00
1.50
1.00
0.50

12 Q3 FY23 (Standalone) - Financials
Total Operating Margin Consulting Income

135.00 18.00
131.10 16.00
15.44
130.00
127.55 14.00
12.00
125.00
10.00
9.22
8.00
120.00
6.00
4.00
115.00
2.00
110.00 -
Net Surcharge Net Rebate

58.11 35.00
55.00
52.44 29.85
30.00
50.00
25.00
21.42
45.00
20.00
40.00
15.00
35.00
10.00
30.00
5.00
25.00
-

13 Q3FY23 (Standalone) - Business
Amount in ₹ lakhs
Total Volumes (Mus) Volume Mix

25,000
120%
20,000
19,483 100%
15,530 80%
15,000
62% 57%
60%
10,000
40%
6% 3%
20%
32% 40%
5,000
0%
-
Q3FY22 Q3FY23
Q3FY22 Q3FY23 Short Term Medium Term Long Term
Short Term Vol in MUs LO N G & M E D I U M T E R M I N M U S

14,000
7,345
12,138
12,000
6,716
10,000
8,814
8,000
6,000
4,000
2,000

Financial Overview
9M FY23 (Standalone)
15 9M FY23 (Standalone) - Financials
PBT (INR Crores) PAT (INR Crores)

400.00
360.61 300.00
268.92
350.00
289.32 214.40
250.00
300.00
200.00
250.00
200.00 150.00
150.00
100.00
100.00
50.00
50.00
- -
9MFY22 9MFY23 9MFY22 9MFY23
Total Comprehensive Income (INR Crores) Trading Margin (Paisa / unit)

300.00
268.82
3.40
3.28
3.20
214.04
250.00
200.00
3.00
2.91
2.80
150.00
2.60
100.00
2.40
50.00
2.20
- 2.00
9MFY22 9MFY23 Q3FY22 Q3FY23

16 9M FY23 (Standalone) - Financials
Total Operating Margin Consulting Income

437.02
500.00 45.00
450.00
40.00
38.90
400.00
362.40 35.00
350.00
30.00
28.50
300.00
25.00
250.00
20.00
200.00
15.00
150.00
10.00
100.00
5.00
50.00
- -
Net Surcharge N E T R E B AT E
160.00
149.43 83.54
140.00
120.00
105.18 79.11
100.00
80.00
60.00
40.00
20.00

17 9M FY23 (Standalone) - Business
Total Volumes (Mus) Volume Mix

70,186
80,000
120%
70,000
100%
60,000
54,220
51%
80%
50,000 57%
60%
40,000
3%
40%
6%
46%
30,000
20,000
20%
37%
0%
10,000
-
9MFY22 9MFY23
9MFY22 9MFY23 Short Term Medium Term Long Term
Short Term Vol in MUs LO N G & M E D I U M T E R M I N M U S

45,000
40,562
40,000
29,624
35,000
30,000 27,644
25,000
26,576
20,000
15,000
10,000
5,000

Financial Overview
Q3 & 9M FY23 (Consolidated)
19 Q3FY23 (Consolidated) - Financials

141.82 104.48
160.00 120.00
140.00
100.00
120.00
80.00
100.00
84.42 62.91
80.00 60.00
60.00
40.00
40.00
20.00
20.00
- -
Total Comprehensive Income (INR Crores) Earnings Per Share

3.10
120.00 3.50
103.70
3.00
100.00
2.50
80.00
2.04
63.23 2.00
60.00
1.50
40.00
1.00
20.00
0.50
- -

20 9MFY23 (Consolidated) - Financials

394.56
528.86
540.00 400.00
377.81
390.00
530.00
380.00
509.32
520.00
370.00
510.00
360.00
500.00
350.00
490.00
340.00
480.00
330.00
470.00
320.00
460.00
310.00
450.00 300.00
Total Comprehensive Income (INR Crores) Earnings Per Share

410.00 403.79 12.50
12.09
12.00
390.00
377.77 11.50
11.11
370.00 11.00
10.50
350.00
10.00
330.00 9.50
9.00
310.00
8.50
290.00 8.00

P&L Statement
Q3 & 9M FY23
22 P&L (Standalone) (Figures in Rs Lakh)
Standalone
Particulars Quarter Dec 2022 Quarter Sep 2022 Quarter Dec 2021 9M FY 2022-23 9MFY 2021-22 %
Revenue from operations
Revenue from operations 2,80,899 4,56,939 2,99,014 11,24,688 12,56,626 -10%
Other operating revenue 7,890 3,305 6,490 25,997 23,401 11%
Total revenue from operation 2,88,789 4,60,244 3,05,504 11,50,685 12,80,027 -10%
Other Income 599 269 227 1109 401 177%
Total Income 2,89,388 4,60,513 3,05,731 11,51,794 12,80,428 -10%
Expenses
Purchases 2,73,955 4,47,390 2,91,148 10,98,966 12,27,867 -10%
Operating expenses 819 810 551 12163 6185 97%
Employee benefit expenses 1721 1530 1305 4588 3976 15%
Finance costs 721 863 999 2644 2477 7%
Depreciation and amortization expenses 91 95 103 275 267 3%
Other expenses 1562 1379 1028 4226 3595 18%
Total expenses 2,78,869 4,52,067 2,95,134 11,22,862 12,44,367 -10%
Profit before exceptional items and tax 10,519 8,446 10,597 28,932 36,061 -20%
Exceptional items - - - -
-
Profit Before Tax 10,519 8,446 10,597 28,932 36,061 -20%
Tax expenses
Current tax (including deferred tax) 2,727 2,194 2,668 7,492 9,169 -18%
Net Profit for the period 7,792 6,252 7,929 21,440 26,892 -20%
Total other comprehensive income, net of tax -59 -5 0 -36 -10 260%
Total comprehensive income for the period 7,733 6,247 7,929 21,404 26,882 -20%
23 P&L (Consolidated) (Figures in Rs Lakh)
Consolidated
Particulars Quarter Dec 2022 Quarter Sep 2022 Quarter Dec 2021 9M FY 2022-23 9MFY 2021-22 %
Revenue from operations
Revenue from operations 3,01,644 4,84,220 3,24,237 11,99,588 13,45,386 -11%
Other operating revenue 12,241 5,661 8,121 34,977 30,105 16%
Total revenue from operation 3,13,885 4,89,881 3,32,358 12,34,565 13,75,491 -10%
Other Income 806 303 1482 1384 1782 -22%
Total Income 3,14,691 4,90,184 3,33,840 12,35,949 13,77,273 -10%
Expenses
Purchases 2,73,955 4,47,390 2,91,148 10,98,966 12,27,867 -10%
Impairment of financial instrument 2,282 719 8,342 4,221 11,894 -65%
Operating expenses 1948 1864 1732 15432 9245 67%
Employee benefit expenses 2351 2051 1902 6309 5671 11%
Finance costs 15034 14983 18034 46162 56961 -19%
Depreciation and amortization expenses 2550 2546 2549 7624 7577 1%
Other expenses 2266 2048 1674 6078 5159 18%
Total expenses 3,00,386 4,71,601 3,25,381 11,84,792 13,24,374 -11%
Profit before exceptional items and tax 14,305 18,583 8,459 51,157 52,899 -3%
Exceptional items - - - - -
Profit Before Share of Profit/(Loss) of Associates and Tax 14,305 18,583 8,459 51,157 52,899 -3%
Share of Profit / (Loss) of Associates -123 -17 -17 -225 -13 1631%
Profit Before Tax 14,182 18,566 8,442 50,932 52,886 -4%
Tax expenses
Current tax (including deferred tax) 3,734 4,743 2,151 13,151 13,430 -2%
Net Profit for the period 10,448 13,823 6,291 37,781 39,456 -4%
Total other comprehensive income, net of tax -78 5 32 -4 923 -100%
Total comprehensive income for the period 10,370 13,828 6,323 37,777 40,379 -6%
Thank You
S-Ancial Technologies Pvt. Ltd

PTC India Limited (Investor Relations)
2nd Floor, NBCC Tower 215, Shivshakti Industrial Estate, J.R
15 Bhikaji Cama Place Boricha Marg, Lower Parel (E)
New Delhi – 110066 Mumbai - 400011
Tel. No. – +91-11-41659500, 41595100, 46484200
Fax No. – 91-11-41659144,41659145
Abhilash Agrawal
abhilash@s-ancial.com
+91 7000923013
Dated : J 4th February, 2023
The National Stock Exchange of India Limited The BSE Limited
Exchange Plaza, C - 1 . Block-G Phiroze Jeejeebhoy Towers
Bandra Kurla Complex, Dalal Street, Fort
Bandra (E), Mumbai - 400 00 l
M u m b a i - 400 051
Sub: Presentation to be released before investors and Analysts:-
Ref: Scrip- EQ, Code: 533104
Dear Sir,
In terms of Regulation 30 and other applicable provisions of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2 0 1 5 , we are attaching herewith a copy
of the earnings presentation to be released before Investors & Analysts.
Kindly take note of the same & acknowledgement the receipt of the same.
Thanking you,
Yours faithfully,
Globus Spirits Limited

(Corporate Identity Number: L74899DL 1993PLC052177)
Registered & Corporate Office:
F"O, Ground Floor, The Mira Corporate Suites, Plot No. 1 & 2, lshwar Nagar, Mathura Road, New Delhi 110065 Tel.: +011-66424400
Works(1): Village: Shyampur, Tehsil: Behror 301701 Dist!.: Alwar (Rajasthan) Tel.: +91-08003592097
Works{2): Haryana Organics (A Unit of Globus Spirits Limited) 4 KM., Chulkana Road, Samalkha 1 3 2 1 0 1 Distt.: Panipat (Haryana) Telefax: +91-180-2570122
Works(3): Associated Distilleries (A Unit of Globus Spirits Limited) Hisar Bye-Pass, National Highway, Hlsar 125044 (Haryana) Tet.: +91-09896398187
Works(4): Village: Dhandua, Tehsil: Jandaha, Hajipur 844505 Distt.: Vaishali (Bihar) Tel.: +91-9917437425
Works(5): Plot No. B-7, Panagarh Industrial Park, Panagarh 713420 Distt.: Burdwan (West Bengal) Tel.: +91-9800297777
Works(6): Village: O!da, Block Baharagora, Tehsil: Ghatshila, Post: Borsol, Distt: East Singhbhum, Jharkhand Mob.: +91-9717844388
E-Mail: corpoffice@globusgroup.inWeb:www.globusspirits.com
Result Presentation | Q3 FY23
GSL - A Well Entrenched Distillation Business
01 ▪
▪
Strong economy portfolio
Disruptive IMFL portfolio

02 ▪ Products ranging from
Rs 100 – Rs 3000
Well ▪ Presence in 7 strategic
Widest ▪ Covering rural
entrenched markets product consumption and
consumer portfolio in aspirational urban
business industry consumption
03 ▪ Healthy pipeline of
products based on local
tastes and preferences
04 ▪ Strong operational
platform
Innovations
▪ Relationships with key
dedicated ▪ Allow business to react Hedged alcohol buyers
towards quickly as well as set distillation
consumption trends business ▪ Ethanol play to ensure
patters capacity utilization
2
Consumer Business Strategy Fructifying with IMFL Poised to
Propel Growth
Particulars Q3FY23 Q3FY22 YoY% 9MFY23 9MFY22 YoY%
Sales Volume (Mn Cases)
IMFL Segment 0.08 0.002 4402% 0.16 0.01 1200%
- Prestige & Above 0.08 0.002 4402% 0.16 0.01 1200%
- Regular & Others 0 0 0 0
Value and Value Plus 3.97 3.73 6% 11.03 10.90 1%
Total Consumer Volumes 4.05 3.73 9% 11.19 10.91 3%
IMFL as % of total consumer volume 2% 0% 1% 0%
Net Revenue (Rs Mn)
IMFL Segment 149 23 549% 265 34 677%
- Prestige & Above 149 23 549% 265 34 677%
- Regular & Others 0 0 0 0
Value and Value Plus 1,989 1,725 15% 5,444 5,075 7%
Total Consumer Revenue 2,139 1,748 22% 5,709 5,109 12%
IMFL as % of Consumer Revenue 7% 1% 5% 1%
Consumer Revenue (% of Operating Revenue) 36% 50% 36% 46%
IMFL – will take 2 years to break even in a new State.

3
Geared up for Product and Packaging development
Vodka Two variants in Vodka
IMFL segment ready for launch in

Rum
Q2FY24.
New
New Products Whisky 3 different types of whisky to be
Markets & launched in the segment of Single
Malt
Packaging
Flavour
ed Rum Under development
Innovating packaging for IMFL
underway Craft
Gin
New Variants under dev in Craft Gin
4
IMFL – Brand
building
initiatives
5
Value and Value Plus – GSL is One of the Largest Player
Product innovation by investment in R&D and focus on brand building enabled growth
Select Product Portfolio Value and Value Plus Segment
Globus Regal Revenue (Rs Mn)

White Lace Black Lace County Club
Green Estate
5,444
1,868 1,989
1,587
Q1FY23 Q2FY23 Q3FY23 9MFY23
6
Q3FY23 – Benefitted from Fully Operational 140 KLPD Jharkhand
facility effective 30-Sep-22
Manufacturing Rs 3,785 mn Consumer Rs 2,139 mn

(64% share) 120% YoY & 19% QoQ (36% share) 22% YoY & 31% QoQ
▪ Bulk Alcohol revenue at Rs. 2,993 Mn, up 142% YoY and ▪ IMFL segment continuing growth – revenue share
18% QoQ, led by enhanced capacities and improved increased to 7% in Q3FY23 and 5% in 9MFY23.
realizations.
▪ Haryana – Maintaining the incremental margin of Rs 26
▪ Highest ever quarterly bulk alcohol sales of 5.02 Cr litres, per case due to the seasonal impact. Overall consumer
up 114% YoY and 16% QoQ, backed by expanded sales grew 130% QoQ to 5.94 lac cases in Q3FY23
capacity (West Bengal and Jharkhand capacity addition)
▪ Rajasthan – Value Plus segment which was lower in
▪ Improved bulk alcohol realisations at ~Rs 60 per litre, up Q2FY23 due to policy change, corrected in Q3Y23 due to
13% YoY and 2% QoQ. Of this, ENA realisation increased the seasonal impact, along with growing Value segment
by 11% YoY and 2% QoQ to an average of Rs 62 per litre sales. Overall consumer sales grew 18% QoQ to 31.20
lac cases in Q3FY23
▪ Ethanol Allocation for ESY 22-23 has been given for 9.24
Cr litres
Net Revenue at Rs 5,924 Mn grew 71% YoY and 23% QoQ

7
Margin Focus continues- Operating Margin in Q3FY23
Reported EBITDA Margin at 10.1% – Factors that Contributed Positively
▪ Higher Bulk Alcohol realization from ~Rs. 58.5 in Q2FY23 to ~Rs. 60 per litre in Q3FY23
▪ Higher Consumer segment realization from ~Rs 510 per case in Q2FY23 to ~Rs. 527 per case in Q3FY23 on account of better
mix (improved Value Plus and IMFL segment sales) and lower trade spends in Haryana
▪ AFS sale prices moving towards Industry expected range of Rs 29-32 per kg
▪ Power & Fuel cost showing signs of a softening trend; Tracking trend for Q4FY23
▪ Cost reduction initiatives like procuring grain from FCI, reduction of energy consumption , backward integration for PET
Bottles, continue to help mitigate part of the rise in costs
Operating EBITDA Margin (excl. IMFL loss and suboptimal Samalkha) at ~14%
Additional EBITDA
▪ IMFL operations which is in growing Q3FY23 GSL GSL for Samalkha if
Adj EBITDA after
phase, included a fixed cost of Rs 8-9 Cr IMFL Improvement of
(Rs Mn) Reported ex IMFL operated
Samalkha
in Q3FY23 relating to manpower, optimally
marketing and other operating costs Net Revenue 5,924 150 5,774 0 5,774
▪ Capacity utilization at Samalkha facility EBITDA 601 -80 681 120 801
was below optimal level, although
EBITDA Margin 10% 12% 14%
improving QoQ. (Capacity utilization Q3
FY 22- 54%; Q2 FY 23- 67% &
8 Q3 FY23-79%)
Deployment of Cash Flow from Operations for Growth - 9MFY23
Capex - Rs. 1,384 Mn. Working Capital- Rs. 1,134 Mn.
413 504
971 630
Equity-70% Debt-30% Equity-56% Debt-44%
IMFL Funding on WC – Rs. 381 Mn
9
Manufacturing Business – Strong Backbone
Capacity utilisation at ~91% in 9MFY23 with an expanded capacity
Bulk Alcohol (ENA and Ethanol) – Revenue Trend (Rs. Mn )
2,993 7,870
2,343 2,534
4,159
Q1FY23 Q2FY23 Q3FY23 9MFY22 9MFY23
Bulk Alcohol Bulk Alcohol
Bulk Alcohol sales in Q3FY23 at 50.26 Mn litre (up 114% YoY and 16% QoQ), on account of new capacity at West Bengal effective Q4FY22
and Jharkhand effective Q2FY23.
Average realization in Q3FY23 at Rs 59.6 per litre (up 13% YoY and 2% QoQ), on account of Ethanol price hike and better ENA realization
10 Note : Manufacturing segment includes revenue from Bulk Alcohol, Franchise Bottling, Hand Sanitisers and Others (by-products)
Q4 FY21
Status | Performance Highlights
of Projects
Capacity Addition Total Capacity

Location Status
(KLPD) after Completion
1 West Bengal – II 140 240 Completed Q4FY22
2 Jharkhand 140 140 Completed Q2FY23
3 West Bengal - III 60 300 Q1FY24
4 Jharkhand - II 60 200 Q1FY24
5 Bihar 19 110 Q4-FY23
6 Orissa - greenfield 200 - Approvals in process.
7 Uttar Pradesh - greenfield 200* - Approvals in process
* To be finalised after approvals are in place.
▪ At end of Q3FY23 total installed capacity is 765 KLPD
▪ Strategically expanding capacities into new geographies which allows participation in the Consumer market
of that state while ensuring capacity utilization through offtake of ethanol and ENA.
▪ Post the expansion (by FY25), we will have access to 100 Mn cases per annum Consumer market (combined
market size of all the GSL states).
11
State-of-the-Art Manufacturing Units (1/3)
Rajasthan Facility
Capacity: 54.4 Mn Ltrs
Products: Value, Value Plus, IMFL Liquor; ENA, Ethanol and Other By-products (mainly AFS)
12
West Bengal Facility Haryana Facility

Capacity: 81.6 Mn Ltrs (scale up to 102.0 Mn Ltrs by Q1FY24) Capacity: 47.6 Mn Ltrs
Products: Value, Value Plus, IMFL Liquor Franchisee IMFL; Products: Value, Value Plus, IMFL Liquor, Franchisee IMFL;
ENA, Ethanol and Other By-products (mainly AFS) ENA, Ethanol and Other By-products (mainly AFS)
13
Bihar Facility Jharkhand Facility
Capacity: 28.9 Mn Ltrs (scale up to 35.4 Mn Ltrs by Q1FY24) Capacity: 47.6 Mn Ltrs (scale up to 68 Mn Ltrs by Q1FY24)
Products: Ethanol and Other By-products (mainly AFS) Products: ENA, Ethanol and Other By-products (mainly AFS)
14
Financials
Profit & Loss Highlights | Q3 & 9MFY23
Particulars (Rs Mn) Q3FY23 Q3 FY22 YoY (%) Q2FY23 QoQ (%) 9MFY23 9MFY22 YoY (%)
Gross Revenues 8,091 5,450 48.5% 6,335 27.7% 21,255 16,896 25.8%
Less- Excise duty 2,167 1,980 9.5% 1,532 41.5% 5,574 5,898 -5.5%
Net Revenues from Operations 5,924 3,471 70.7% 4,803 23.3% 15,681 10,997 42.6%
Other Income 12 22 -42.9% 21 -40.7% 50 48 4.6%
Total Income 5,936 3,492 70.0% 4,824 23.1% 15,732 11,046 42.4%
Total Expenditure 5,336 2,887 84.8% 4,354 22.6% 13,958 8,555 63.1%
Consumption of Material 3,555 1,798 97.7% 2,829 25.6% 9,305 5,610 65.9%
Employee Cost 182 105 73.0% 137 32.5% 461 357 28.9%
Other Expenditure 1,599 984 62.5% 1,388 15.3% 4,193 2,589 62.0%
EBITDA 601 605 -0.8% 470 27.8% 1,774 2,490 -28.8%
Depreciation 149 105 42.4% 129 15.3% 404 313 29.1%
EBIT 451 500 -9.8% 341 32.5% 1,370 2,178 -37.1%
Finance Cost 50 24 113.6% 25 100.8% 98 87 12.4%
PBT 401 477 -15.9% 316 27.1% 1,273 2,091 -39.1%
Tax Expense (Current, Deferred) 131 172 -23.5% 94 39.2% 409 705 -41.9%
PAT (From ordinary activities) 270 305 -11.6% 221 21.9% 863 1,386 -37.7%
EPS 9.36 10.58 -11.6% 7.68 21.9% 29.98 48.19 -37.8%
16
Key Ratios | Q3 & 9MFY23
Particulars (% of Total Income) Q3FY23 Q3 FY22 Q2FY23 9MFY23 9MFY22
Other Income (% of Net Revenue) 0.2% 0.6% 0.4% 0.3% 0.4%
Raw material 59.9% 51.5% 58.6% 59.1% 50.8%
Employee Cost 3.1% 3.0% 2.8% 2.9% 3.2%
Other Expenditure 26.9% 28.2% 28.8% 26.7% 23.4%
Total Expenditure 89.9% 82.7% 90.3% 88.7% 77.5%
EBITDA 10.1% 17.3% 9.7% 11.3% 22.5%
Depreciation 2.5% 3.0% 2.7% 2.6% 2.8%
Finance Cost 0.8% 0.7% 0.5% 0.6% 0.8%
Tax Expense (% of PBT) 32.8% 36.0% 29.9% 32.1% 33.7%
PAT 4.5% 8.7% 4.6% 5.5% 12.6%
Gross Margin at ~40% was largely maintained on a QoQ basis, on account of Higher Bulk Alcohol realization and Higher Consumer
segment realization (incremental contribution from IMFL segment sales)
17
Annual | Profit & Loss Statement
Particulars (Rs Mn) FY20* FY21 FY22
Gross Revenues 12,674 16,721 23,438
Less- Excise duty 986 4,414 7,647
Net Revenues from Operations 11,688 12,308 15,791
Other Income 37 66 66
Total Income 11,726 12,373 15,858
Total Expenditure 10,441 9,756 12,506
Consumption of Material 7,176 6,532 8,384
Employee Cost 343 384 501
Other Expenditure 2,922 2,840 3,621
EBITDA 1,285 2,618 3,352
Depreciation 380 407 426
EBIT 905 2,211 2,926
Finance Cost 236 188 114
PBT 669 2,023 2,812
Tax Expense (Current, Deferred) 172 583 940
PAT (From ordinary activities) 497 1,440 1,872
EPS 17.33 50.01 65.06
Note: * Restated to include the effect of the merger of Unibev with Globus Spirits Limited
18
Annual | Key Ratios
Particulars (% of Total Income) FY20 FY21 FY22
Other Income (% of Net Revenue) 0.3% 0.5% 0.4%
Raw material 61% 53% 53%
Employee Cost 3% 3% 3%
Other Expenditure 25% 23% 23%
Total Expenditure 89% 79% 79%
EBITDA 11% 21% 21%
Depreciation 3% 3% 3%
Finance Cost 2% 2% 1%
Tax Expense (% of PBT) 26% 29% 33%
PAT 4% 12% 12%
19
Annual | Balance Sheet
Liabilities (Rs mn) Mar-21* Mar-22 Sept-22 Assets (Rs mn) Mar-21* Mar-22 Sept-22
Networth 5,907 7,723 8,230 Fixed assets (incl. CWIP) 6,269 7,676 8,170
LT borrowings 1,067 1,105 1,247 Investments 0 0 0
Provisions 30 33 37 Other financial assets 176 189 328
Deferred tax liabilities 494 887 1,013
Income tax assets 10 10 55
Other non-current liabilities 77 67 64
Other non-current assets 438 534 724
Total Non Current Liabilities 7,575 9,816 10,591
Total Non Current Assets 6,892 8,410 9,277
ST borrowings 721 635 1,239

Inventories 1,021 1,085 1,465
Trade payables 1,187 1,383 1,708
Trade receivables 879 1,180 1,843
Provisions 68 67 65
Cash & cash equivalents 581 820 590
Other financial liabilities 48 147 283
Other financial assets 50 76 204
Current tax liabilities 10 24 55
Other current liabilities 322 294 439 Other current assets 506 794 1,003
Total Current Liabilities 2,355 2,549 3,790 Total Current Assets 3,037 3,955 5,104
Total Liabilities 9,930 12,365 14,381 Total Assets 9,930 12,365 14,381
20
Enhanced Net Cash Flow from Operations
The business mix and focus on costs have led to strong operating cash flow generation
Net Cash Flow from Operations (Rs Mn)… …Driven by the Following Key Factors
2,187
▪ Growth in business and improved profitability

1,354 1,416
▪ Lower Finance costs due to paring of debt & lower

cost of debt
306
FY19 FY20* FY21* FY22
21 Note: * Restated to include the effect of the merger of Unibev with Globus Spirits Limited
Key Financial Ratios
Consistent focus on reducing debt from business cashflow; improving return ratios
Long Term Borrowing (Rs Mn) Net Debt/Equity (x)
1,759
1,517 0.35
1,242
0.20
0.11
FY20* FY21* FY22 FY20* FY21* FY22
Finance Cost (Rs Mn) and Avg. Cost of Debt (%) Return Ratios (%)
RoE RoCE
12.5%
8.78% 29% 30%
236 24% 24%
188 3.9%
12% 14%
114
FY20* FY21* FY22 FY20* FY21* FY22
• Restated to include the effect of the merger of Unibev with Globus Spirits Limited
22 • Note: Cost of debt is less due to lower interest rate

Shareholding Pattern
Total outstanding equity shares as of December 31, 2022, stand at 28.8 Mn shares
Non-Institutuion
41.22%
Promoter Group
51.01%
Institutuion
7.77%
23
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Globus Spirits Limited (the “Company”), solely for information purposes and do
not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall not form the basis or be relied on in connection with any contract or
binding commitment whatsoever. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information
contained is subject to change without notice and past performance is not indicative of future results. No offering of securities of the Company will be made except by means of a
statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the
Company considers reliable, but 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. Certain matters discussed in this Presentation may contain
statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements
are not guaranteeing of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties
include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and
worldwide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes
and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks.
You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis
and be solely and completely responsible for forming your own view of the potential future growth and performance of the Company. The Company will not be in any way
responsible for any action taken based on such statements and undertakes no obligation to publicly update, amend, modify or revise these forward-looking statements to reflect
subsequent events or developments. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or
implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statement/s and
projection/s made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statement/s and
projection/s. The contents of this presentation have not been reviewed by any regulatory authority in any jurisdiction where such presentation has been made or distributed.
24
Let’s Connect
Mr. Bhaskar Roy

Globus Spirits Limited
Phone: +91 11 6642 4600
Email: broy@globusgroup.in
Ms. Pooja Sharma / Mr. Suyash Samant

Stellar IR Advisors Pvt. Ltd.
Phone: +91 22 6239 8024
Email: pooja.sharma@stellar-ir.com / suyash@stellar-ir.com

Regd. & Head Office Phone : 0824-2228222
P. B. No.599, Mahaveera Circle E-Mail : comsec@ktkbank.com
Kankanady Website : www.karnatakabank.com
Manaaluru - 575 002 CIN : L85110KA1924PLC001128
SECRETARIAL DEPARTMENT
15.02.2023
HO:SEC:284:2022-23
1. The Manager 2. The General Manager

Listing Department BSE Limited
National Stock Exchange of India Limited Corporate Relationship Dept
Exchange Plaza,C-1, Block G Phiroze Jeejeebhoy Towers
Bandra-Kurla Complex, Bandra (E) Dalal Street
MUMBAI-400 051 MUMBAI-400 001
Scrip Code: KTKBANK Scrip Code: 532652
Dear Sir,
We enclose copy of the press communique released by us for your kind information.
Thank You,
Yours faithfully,
Digitally signed
SHAILESH by SHAILESHA
BARVE
A BARVE Date: 2023.02.15
10:49:17 +05'30'
Shailesha Barve
ASST. COMPANY SECRETARY &
COMPLIANCE OFFICER
Regd . & Head Office Phone : 0824-2228424
P. B. No.599, Mahaveera Circle E-Mail : pr@ktkbank.com
Kankanady W ebsite : www.karnatakabank.com
Mangaluru - 575 002 CIN : L85110KA1924PLC001128
BRANCH BANKING AND DIGITAL CHANNELS DEPARTMENT
PRESS RELEASE February 15, 2023
Karnataka Bank wins 'Prathista Puraskar - Digidhan Award' from MeitY for highest
percentage in BHIM-UPI transactions.
Karnataka Bank was awarded with 'Prathista Puraskar' under ' Digidhan Awards
2021-22' by Ministry of Electronics and Information Technology (MeitY), Govt of
India for achieving target with highest percentage in BHIM-UPI transactions in
Private Sector Bank category.
Speaking on the achievement Shri. Mahabaleshwara M.S, Managing Director & CEO
of Karnataka Bank said "We are happy to receive this award from the Govt. of India
and consider it as a recognition for our efforts to carry out our Nation's vision to
strengthen the Digital Payment Ecosystem in the Indian econom y. Labelled as
'KBL-NxT', the Bank is currently undertaking an accelerated digital drive under its
Transformation Journey 'KBL VIKAAS 2.0'. This award is an ideal tribute to the
founding fathers of this great institution as Karnataka Bank is stepping into its 100 th
year of its fruitful existence."
1
Representing the Bank, Shri. Gokuldas Pai, Chief Business Officer and Shri.
Jagadeesh K S, Deputy General Manager, Delhi-Region received the award from
Shri. Ashwini Vaishnaw, The Minister for Electronics & Information Teclmology,
Communications and Railways, Govt of India in a function held at New Delhi.
~
athyanarayanan P.V
CHIEF MANAGER
2
EL/SEC/2022-23/96
February 15, 2023
Corporate Relationship Department The Manager, Listing Department

BSE Limited National Stock Exchange of India Limited
1st Floor, New Trading Ring Rotunda "Exchange Plaza', C-1, Block G
Building, P J Towers, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E),
Mumbai - 400 001 Mumbai - 400 051
Script Code: 543533 Symbol: EMUDHRA
Dear Sir/Madam,
Sub: Schedule of Analyst/ Institutional Investor Meeting
Pursuant to the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015, we hereby inform you that the officials of the Company will be
meeting the investors/analysts and the details of the same are provided hereunder:
Sl. No Dated Name of Investor/Analyst Place
1 February 15, 2023 Electrum capital eMudhra Digital Campus –

Registered Office
The Schedule of the above Analyst/ Investor’s Meeting are subject to change, which may happen
due to exigencies on the part of Analyst/ Investor/ Company.
This is for your information and records.
Thanking you
Yours faithfully,
For eMudhra Limited
Digitally signed
JOHNSO by JOHNSON
XAVIER
N XAVIER Date: 2023.02.15
10:33:56 +05'30'
Johnson Xavier
Company Secretary & Compliance Officer
Membership No. A28304
Date: 15th February, 2023
The Secretary,Listing Department, The Manager, Listing Department,

BSE Ltd., National Stock Exchange of India Limited,
Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1,
Dalal Street, Fort, Mumbai-400001. G Block, Bandra Kurla Complex,
Scrip Code: 533080 Bandra (E), Mumbai-400051.
Symbol: MOLDTKPAC - EQ
Dear Sir/Madam,
Sub: Intimation of Schedule of Analyst / Institutional Investor Meeting under the SEBI
(Listing Obligations and Disclosure Requirements), Regulations, 2015.
This has reference to Regulation 30(6) read with Para A of Part A of Schedule III of the SEBI
(Listing Obligations and Disclosure Requirements), Regulations, 2015 (the ‘Regulations’).
In accordance with the said Regulation(s), please find below the details of the scheduled meeting
with Fund/Broking House/Company/Analysts/Institutional Investors:
Date Name of Fund/Broking Venue/Mode Type of

House/Company/Analysts/Institutional Meeting
Investors
15-02-2023  Mirabilis Investment VC/OAVM through Group
 Canara Robeco AMC Zoom Software
 ICICI Pru AMC Program
 Sundaram MF
 SBI General
Note: The schedule of the aforesaid meeting is subject to change. The changes may happen due to
exigencies on the part of Fund/Broking House/Company/Analysts/Institutional Investors.
Thanking you,
Yours faithfully,
For Mold-Tek Packaging Limited

SUBHOJEET Digitally signed by
SUBHOJEET
BHATTACHA BHATTACHARJEE
Date: 2023.02.15
RJEE 10:47:26 +05'30'
Subhojeet Bhattacharjee
Company Secretary & Compliance Officer
SEIL/Sec./SE/2022-23/73 February 15, 2023
The Manager The Secretary

Listing Department BSE Limited
National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers,
Exchange Plaza, Bandra Kurla Complex Dalal Street
Bandra (East), MUMBAI 400 051 MUMBAI 400 001
Fax # 022-2659 8237/8238/8347/8348 Fax # 022-2272 3121/2037/2039
Symbol: SCHNEIDER Scrip Code No. 534139
Sub: Disclosure pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
Dear Sir(s),
In continuation of our letter(s) no. SEIL/Sec./SE/2022-23/69 dated February 8, 2023 regarding intimation
of schedule of investor conference call, please find below the link of the audio recording of the
conference call held on February 14, 2023, for discussing the earning performance of 3rd quarter and
nine months ended December 31, 2022.
https://infra-in.se.com/en/investor/annual-reports-financials.jsp?dfg
The above is for your kind information and records.
Thanking you.
Yours Sincerely,
For Schneider Electric Infrastructure Limited

Digitally signed by BHUMIKA
BHUMIKA SOOD SOOD
Date: 2023.02.15 08:41:00 +05'30'
(Bhumika Sood)
Company Secretary and Compliance Officer
Schneider Electric Infrastructure Limited

Corp. Office: 9th Floor, DLF Building No.10.Tower C, DLF Cyber City, Phase II, Gurgaon – 122002, India; Tel: +91 124 7152300; Fax.: +91 (0) 124-422 2036; www.schneider-infra.in
Regd. Office: Milestome-87, Vadodara - Halol Highway, Village Kotambi, Post Office Jarod Vadodara -391510, Gujarat; Tel: +91 02668 664300 Fax: +91 664621; CIN: L31900GJ2011PLC064420

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Ahluwalia Contracts

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing

Audio Link Information as under:

This is for your information and record please.

For Ahluwalia Contracts (India) Ltd

(Vipin Kumar Tiwari)

Registered. Office: A-177, Okhla Industrial Area, Phase-I, New Delhi-110020

Registered Office: ldeal Centre,4th Floor

Sub : Outcome of the meeting of Board of Directors

Pursuart to Regulation 30 of the_securities and Exchange Board of India (Listing Obligations

This is for your information and appropriate dissemination.

For Maithan Alloys Limited

SHAH Date: 2023.02.15

Registered Office : ldeal Centre, 4th Floor

Reason for Change Re-appointment of Mr. Vivek Kaul as an hrdependent Director

Date of Re- 2Qt Jpne,2023

Mr. Kaul was invited by the Director (Tourism) of the Assam

He has also researched the fields of entrepreneutship and

Among other achievements, Mr. Kaul was appointed as Director,

Among Not-for-Profit initiatives, Mr. Kaul was part of a core alumni

Date – 15th February 2023

Dear Sir/ Madam,

Sub: Intimation of Analyst / Investor Meeting Dated – 17th February 2023

DATE OF MEETING TYPE OF MEETING MODE

Kindly take the same on your record.

Kedia Date: 2023.02.15

Jupiter Wagons Limited

Click here for your Diamond Pass™

For more information, please contact:

Jigar Kamdar Pearl Pillay

Revenue EBITDA PAT

9M FY22 9M FY23 9M FY22 9M FY23 Q3 FY22 Q3 FY23

Particulars Q3FY23 Q3FY22 Y-o-Y (%) 9MFY23 9MFY22 Y-o-Y (%)

Revenue 64,443 29,865 116% 1,35,655 81,575 66%

Q3FY23 Q2FY23 Q3FY22 9MFY23 9MFY22

CMS Crossing 167 400 441 1,211 1,389

Containers 307 424 60 1,088 60

o Order Book of Rs. 5,70,283 Lakh as on Dec 31, 2022

o The Company plans to commercially launch the product in Q3 CY2023

Mayank Vaswani / Richa Singh

Dear Sir/ Madam,

Date: 15" February 2023

Bajaj Electronics is a Trademark of ELECTRONICS MART INDIA LIMITED

“Electronics Mart India Limited Q3 & 9M FY23

February 10, 2023

ENMI> cos Gp: -°

MANAGEMENT: MR. KARAN BAJAJ —CEO

cluster-based distribution network, diversified product portfolio, strategically located logistic

contributed around 64% to our sales revenue.

from Delhi that we generated around 84 crores.

Krisha Kansara: 15 crores to 18 crores per store?

Karan Bajaj: Yes.

look at for a mobile category to contribute to the total revenue.

investment would be how much?

Deepak Poddar: So, total marketing spend is about 7 crores, right?

Karan Bajaj: Sorry?

Deepak Poddar: Total spend was around 42.

Karan Bajaj: 45 crores, yes, for nine months.