PI Industries Ltd.

Investor Presentation
Q4 FY23 Results

1
 AGENDA

CDR India
Siddharth Rangnekar
• Financial Performance
siddharth@cdr-india.com
Nishid Solanki • CSM Exports
nishid@cdr-india.com
Tel: +91 22 6645 1221 /1209 • Domestic Agri Brands
Fax: +91 22 6645 1213

PI Industries Limited • Business Model and Strategy

Rajnish Sarna
r.sarna@piind.com • ESG Credentials
Manikantan Viswanathan
manikantan@piind.com • CSR Update
Tel: +91 124 6790000
Fax: +91 124 4081247

Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements,” including those relating to general business plans and
strategy of PI Industries Limited (“PIIL"), its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Such forward looking
statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause the actual results to differ
materially from those contemplated by the relevant forward-looking statements. This could also differ due to a number of other factors, including future changes or developments in PIIL's
business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes. This presentation does not constitute a prospectus, offering
circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for
or purchase any of PIIL's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be
deemed to constitute an offer of or an invitation by or on behalf of PIIL. This presentation should be read in conjunction with the financial statements included herein.
PIIL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness
of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. PIIL assumes no
responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in
this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance
is not indicative of future results. PIIL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.
This presentation may not be copied and disseminated in any manner. PIIL will not be in any way responsible for any action taken based on such forward-looking statements.
THE INFORMATION PRESENTED HERE IS NOT AN OFFER OR SOLICITATION OF ANY OFFER TO PURCHASE OR SELL ANY EQUITY SHARES OR ANY OTHER SECURITY OF PI INDUSTRIES LTD. 2
Another year of robust overall performance..
Figures in Rs Million

Revenue EBITDA PAT

Q4FY23 15,656 12% 3,440 13% 2,806 37%

FY23 64,920 23% 15,489 35% 12,295 46%

Capital efficiency Commercialised Top Decile

in terms of Net four new Ranking of Uptick in CSM ~3X increase in
sales to Fixed products in CSA Exports Order cashflow from
Assets at all time Exports and and Book to USD ~1.8 operating activities
high of seven in Domestic Gold billion
~2.4x Agri Brands

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Demand traction in exports driving growth in Q4FY23
CONSOLIDATED

Fig in Rs Million Q4FY22 Q4FY23 % YOY ▪ Overall 12% Y-o-Y revenue growth

Revenue 13,952 15,656 12% ▪ 15% growth in Exports led by price, currency and favourable
product mix of ~17% offset by volume decrease of ~2%
Gross Margin 44% 45% 74 bps
Overheads 3,098 3,589 16% ▪ Domestic growth @ 1% YoY is driven by a volume increase of ~2%
offset by a price decrease of ~1%
EBITDA 3,056 3,440 13%
EBITDA as % of ▪ Gross margin improved on account of a favourable product mix
22% 22% 7 bps
Revenue
▪ 37% increase in PAT attributable to EBITDA growth despite higher
Net Profit 2,044 2,806 37% depreciation
15% 1% 13% 37% ▪ Cash generated from operations before tax during Q4FY23 is Rs
3,440 5,729 million (Q4FY22 Rs. 2,640 million)
12,814
2,806
11,142 3,056
▪ Trade working capital was reduced by Rs. 2,237 million during
2,044 Q4FY23

▪ The Board proposed a final dividend for FY22-23 of Rs 5.50 per

2,810 2,842
share, aggregating to a total dividend for FY22-23 of Rs 10.00 per
share
Exports Domestic EBITDA PAT
Q4FY22 Q4FY23 Q4FY22 Q4FY23

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Annual financial performance exceeding updated guidance
Revenue growth ~23% , EBITDA growth ~35%
CONSOLIDATED

Fig in Rs Million FY22 FY23 % YOY ▪ 26% growth coming from Exports due to scale up of existing
products and introduction of 4 new products
Revenue 52,995 64,920 23%
o Volume growth of ~11% and ~15% from price, currency and
Gross Margin 45% 45% 43 bps favourable product mix
Overheads 12,343 13,972 13% ▪ 12% growth in the Domestic segment
EBITDA 11,460 15,489 35% o Volume growth of ~8% and price increase of ~4%
EBITDA as % of o Newly launched brands such as Distruptor®, Brofreya®,
22% 24% 223 bps
Revenue Sectin®, Provide®, Dinoace™, Taurus®, Tomatough® getting
good traction and acceptance
Net Profit 8,438 12,295 46%
▪ Efficiencies and price increases in Exports and Domestic offset
26% 12% 35% 46% rising input costs.
15,489
50,304 ▪ Favourable product mix and a significant increase in operating
39,902 11,460
12,295 leverage reflected in an improvement in EBITDA margin to ~24%
8,438 ▪ Net profit improved by 46% YoY due to EBITDA growth and
lower ETR
14,616
13,093
▪ Cash generated from operations before tax during FY23 of Rs
17,572 million (FY22 Rs. 7,038 million) including efficient NWC
Exports Domestic EBITDA PAT management leading to significant improvement
FY22 FY23 FY22 FY23

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Strong Balance sheet with improved capital efficiency..
CONSOLIDATED

Fig in Million Mar-22 Mar-23 Highlights of FY23

Shareholders Fund 61,204 71,985
Non Current Liabilities 3,225 994 ▪ Total capex for FY23 is Rs. 3,385 million (FY22 Rs. 3,204 million)
Long term borrowings 1,699 0
Other long term liabilities 1,526 994
o Actual capex spend is in line with the plan
Current liabilities 13,482 11,818 o A key focus of driving higher capacity utilisation by improving
Short term borrowings 979 0
throughput
Trade payables 9,242 8,380
Other current liabilities 3,261 3,438
▪ Operating profit before working capital changes is Rs. 15,522 million
Total 77,911 84,797
(FY22 Rs. 12,314 million)
Non Current Asset 28,272 28,174 ▪ Inventory levels reduced in terms of Days of Sales to approx. 79 days
Net Fixed Asset 24,842 26,551
Goodwill 828 828
to Rs. 13,976 million
Non current investments 448 313 ▪ Improved working capital cycle to 79 days as on 31-Mar-23 vs. 103
Other assets 2,154 482
days as on 31-Mar-22
Current Assets 49,639 56,623
Inventories 14,234 13,976 ▪ Cash flow from operating activities is Rs 15,014 million (FY22 Rs.
Trade receivables 10,018 8,381 5,287 million)
Cash, Bank & Investments 22,650 32,272
Other assets 2,738 1,994 ▪ Surplus cash net of debt is Rs. 32,343 million. QIP funds remained
Total 77,911 84,797 invested into deposits and debt mutual funds with SLR philosophy
Key Ratios (%) Annualised
while final deployment aligned with PI’s longer term growth strategy
Net Sales to Trade Working Capital 3.53 4.64
Debt/ Equity Ratio 0.04 Nil is underway.
Net Sales to Fixed Assets 2.06 2.37 ▪ Capitalised PI Health Sciences Ltd. (PIHS) for planned acquisitions and
ROCE 21.1% 25.5%
capacity build up
• ROCE excluding unutilised QIP funds and related income 6
Continued trend of stellar financial performance with a focus on
enhancing shareholder value
Figures in Rs Million
Revenue EBITDA PAT

64,920 12,295
CAGR: 23.0% CAGR: 28.0% 15,489 CAGR: 31.6%
52,995
45,770
11,460 8,438
33,665 10,166 7,383
28,409
7,186 4,566
5,764 4,102

Exports

FY19 FY20 FY21 FY22 FY23 Domestic FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

Fixed Assets Net Worth EPS

81.1
CAGR: 18.9% 25,669 27,379 71,985
24,257 55.7
61,204 49.9
21,282 CAGR: 33.2% 53,424 CAGR: 28.5%

33.1
13,685 29.7
22,854 26,191

FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
FY19 FY20 FY21 FY22 FY23
Basic EPS in INR 7
Global megatrends supporting long-term growth prospects for
agriculture and allied sectors
Global food security will India on track to becoming an economic
Secular growth in Global Agchem industry
remain at the core powerhouse
Global Agrochemical Market Value YoY Growth %
Values in (USD Bn)

6.2%
4.7%
5.9% -0.8% 2.7%
3.1%

58 61 61 62 65 69

2017 2018 2019 2020 2021 2022

A growing population will need 50%+ Climate change and significant loss of India is emerging as the 3rd largest
more food to meet accelerating
demand by 2050. 1 arable land per capita will require
improvement in farm productivity to 2 economy; to create growth
opportunities in the domestic market
and a global supply hub.
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ensure food security.
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Several tailwinds to drive demand growth in the domestic Agri input sector

India usage per ha is low Climate Change

India’s Agchem consumption ~600 gm • Yield is dropping and food shortage
compared to US ~4.5 Kg • Shorter duration crop
• Pest profile is changing
Significant Investments in pipeline • Droughts, floods, and extreme weather events
> ₹100,000 cr Agri Infra fund, Drones, etc.

E-commerce to takeoff
₹ 250,000 cr to ₹ 300,000 cr E-commerce market Tailwinds Headwinds
Shortage of Key Crops
Online offtake Online farm inputs Digital logistics
Fruits Processing Demand 2X
from current processing levels
(~22 mn MT)

₹ cr 140,000 65,000 80,000 Projected Shortfall of ~50 Million

MT of Fruits & Vegetables by 2030

Large # of startups are entering the arena FRUITS VEGETABLES

Gap: ~15 Gap: ~35
• 3rd largest # of Agtech startups in the world
• US$ 30 to US$ 35 billion opportunity in Agritech Million MT Million MT

Investments are being stepped up

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 World class R&D set up and technological capabilities enabling future
business pipeline

State-of-the-art Specialized department of IT Kilo Lab & Pilot Plant

R&D experts focusing on advanced Kilo Lab and Pilot Plant
R&D Lab at Udaipur
data management

NABL ISO 17025 Accredited and

500+ GLP certified
Scientists & Researchers
incl. 120+ Doctorates
40+ Products at different
development stages
145+ ~25% of the new enquiries
Patents filed
from non-agchem space
Fulfilling 15+ multicapacity
In-house library with a Customer needs for reactors with various
4 New Products Semi-commercial Production
vast array of knowledge Commercialized in FY23 MOCs (SS-316, MSGL,
resources for Product Development etc.)
and scale-up

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Continued thrust on best-in-class manufacturing practices to ensure
uninterrupted scale-up
Fully integrated state-of-art manufacturing Digital Edge
facilities
Adaptive Controls to optimize Yield, Quality, Energy &
Throughput
15 MPPs ISO 9001: 2015
Fully DCS automated plants certification for Quality Sensor-based Data Capturing for KPI Monitoring in Utilities

2 new process innovation commercialized at KL/ PP stage

• Expanding Manufacturing • Backward Integration of Key
Infrastructure and Products for Sustainability
Capabilities for non-agchem and Cost Competitiveness
vertical
For PI Industries,
ESG Anchored sustainability means more
World class infrastructure for Environment Management than just countering risks.
Moving Bed Biological Reactor Online Analysis of Effluent Treatment We view sustainability as a
source of competitive
Installed rooftop solar plant in Udaipur to reduce CO2 emissions advantage and key to our
business continuity &
Increase in Renewable Energy consumption success.
S&P Global Corporate Sustainability Assessment (CSA) ranking We closely monitor global
improved to 93 percentile trends, align our strategic
approach with evolving
• Working to improve EcoScale of products to reach top bracket.
best practices.
More than 60% products falling in Green category.

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Robust product portfolio for all major crops

HORTICULTURE RICE

SOYBEAN WHEAT

CHILLI COTTON

CORN

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Strong product pipeline of exclusive solutions to improve farm productivity
Momentum for the introduction of new products to continue

Revolutionary insecticide:
Herbicide with pre-emergence to Combination Fungicide with JIVAGRO:
Bringing technological
post-emergence application on Dual action insecticide for Cotton excellent curative control against Novel mode of action
advancement
Cotton Downy mildew & late blight
for Indian Farmers

Biological product which

Nematicide for nematode control
enhances plant health and
in vegetable crops
induces tolerance to viruses 5
innovative
products to be
launched in
FY24

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Progressing on strategic path with Twin Acquisitions into Pharma CDMO space
committed to building a differentiated pharma play

Large addressable global market Acquisitions mark a solid and accelerated beginning..
• Both acquisitions are being made through PI Health Sciences Ltd. (PIHS), a 100% subsidiary of PI.
CDMO market by service (CAGR:7.8%) • PIHS will combine the acquired businesses' R&D capabilities with the brand-new integrated pharma
research centre being developed in IKP Hyderabad for CRO and CDMO offerings.
196 204
174 185 17
148 161 16
16
15 43
120 134 13
14
37
39 41
12 34
11 31
28
25
130 138 144
113 122
94 104
84

2020 2021 2022 2023 2024 2025 2026 2027

API Mfg Drug product manufacturing (inc. dosage and Packaging Hyderabad Research Centre, INDIA Therachem Research Medilab, Archimica S.p.A. ITALY
formulation development) • Brand new integrated pharma INDIA & USA
research centre being • Archimica is an Italy-based,
Differentiated play across pharma value chain developed in IKP Hyderabad for • TRM is an innovative, chemistry- highly reputable small
CRO and CDMO offerings to a driven solution provider in molecule API manufacturer
CRO Services CDMO Services

wider set of customers across medicinal chemistry research, and CDMO operating for
the entire Pharma value chain process research and last 75 years in Europe
Drug Discovery Development
Intermediate & API
Production
Formulation
• 115,000 sq. ft. built up area. development, specialising in the
ground plus 2 floors Rare Disease area. • Servicing over 60 marquee
Solids
Extraction
• Manufacturing facilities in India
Target identification Drug Development
customers in more than 30
Lead discovery Scale Up Synthesis Semi-solids and R&D facilities in India and the countries
US.
Service Offering focus

Non-sterile
Fermentation:
• Works closely with marquee
Medical Chemistry Tech transfer liquids
small molecules

Pre-clinical studies: in
vitro
Process analytics
development
Fermentation: Sterile liquids publicly listed US biotech
large molecules
Other Finished
Dosage forms
companies and big pharma
High Potency
Pre-clinical studies: in
vivo
High Potency API
API
(FDF)
companies
Peptides Peptides
Formulation
development

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Reconstitution of the Board and Committees solidifying governance score

• 50% of Board are Independent Directors

Mr. Narayan K. Seshadri Mr. Mayank Singhal • 25% Women Directors
Non-Independent Non-Executive Vice Chairperson and
Chairperson Managing Director • Audit, NRC, CSR, Stakeholder Relationship
Committees Chaired by Independent
Directors
Mr. Rajnish Sarna Ms. Lisa J Brown
Joint Managing Director Independent Director • No Executive Director in the NRC and
Audit Committee
• Separation of role for MD and Chairperson
Mr. Shobinder Duggal Dr. T.S. Balganesh
Independent Director Independent Director • Non-Executive Chairperson
• Business CEOs not members of the Board
Mr. Arvind Singhal
Ms. Pia Singh • External evaluation of Board performance
Non-Independent
Independent Director
Non-Executive Director • Improved governance score by proxy
agencies

Diverse Board with deep financial acumen, technical & scientific expertise guiding next round of growth
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 Outlook remains positive…

• Growth to be driven by portfolio of new product launches and the products launched over the last few years
Domestic:
• “Dual growth engine” with focusing on horticulture segment with enhanced portfolio
Focus on portfolio
diversification with launch of • Strong pipeline of Biologicals and Biostimulant products at different stages of development
novel offerings
• Cautious optimism despite climate change forecast of El Niño and dropping prices of generic products

• Continued scale up in demand of the existing and newly commercialised products

CSM Export: • Solid R&D pipeline – 4 to 5 products to be commercialized every year
R&D focused approach to drive
• Capacity expansion in line with plan
incremental business
• Momentum in new enquiries and conversion to continue

• Forayed into pharma with twin acquisitions and build up of Hyderabad research center
Progressing on strategic
• Working with global advisors for integration and transformation for value creation over time
initiatives in line with plan
• Discussions continues with global innovators for development partnership of promising R&D leads

…targeting to achieve 18%-20% revenue growth with continued improvement in margins and returns
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 Performance underpinned by PI’s Compass

Purpose Reimagining a healthier planet

Vision Lead with science, technology and human ingenuity to create transformative
solutions in life sciences
Capabilities Partner centric First to identify and deliver on latent needs of our customers and partners

Science & Technology driven Sustainable solutions by early adoption of cutting-edge sciences/technologies

Digital edge Integrated digital solutions to gain competitive advantage

People first Best opportunities for employees to learn and grow

ESG anchored ESG as a way of life

Values Courageous Curious Creative Caring

• Think and act boldly • Question conventional wisdom • Connect unseen dots to • Be transparent
differentiate
• Act with integrity • Be open-minded and adaptable • Trust each other
• Collaborate and experiment
• Be accountable • Develop intellectual curiosity • Bring the best out of people
• Create an environment to
• Embrace sustainability
execute ideas with speed and
excellence for skills 17
Presence across the Agchem value chain
Strong focus on customer needs and continuous innovation

Domestic Agri
CSM Exports
Brands
Regulatory services Marketing &
Discovery Development Scale-up Manufacturing Evaluation & Trials
& Registrations Distribution

Customer Needs Business Strategy

Consistent Quality
Cost Competitiveness
Speed of execution, delivery
Reliable & Adaptable
Real-time monitoring & review
Continuous improvement innovatively

Quality Efficiency Throughput Environment & Safety Innovation

• Objective to be high • Target driven • Ensure consistent, • To set benchmarks • Protect and build IP
quality producer • Ownership at sub- reliable delivery • Address at source
• Control all functional level • Continuous • Safety first culture
processes that de-bottlenecking
impact quality of • Automation
the end product

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Business model built on the principles of respect for IP and established
relationships

Leading Agchem Distribution

India’s largest CRAMS Company
Company in India with
Domestic Brand Market with majority revenue from Exports Market
leading market share in
Patented Products
certain crops
Leveraging our Pan India network,
Leveraging on chemistry process research
demonstrating brand building capabilities and
and manufacturing capabilities catering to
experienced team to deliver in- licensed, R&D
Global Innovators; Partnering for IP Creation.
branded generics & co-marketed products Partnership
SYNERGISTIC APPROACH
IN-LICENSING Custom Synthesis & Manufacturing
• Introducing new products, partnering with • Early stages of their life cycles
global innovators Common Infrastructure • ComplexChemistries
• Ensure longer product cycles by brand building Developknowledge, • Process development
• Develop solutions for the Indian Ag-chem products, processes and experience in • IP Protection & Generation
Industry with the partnership approach different complex chemistries
Cross-Selling Opportunities

• State of the Art R&D facilities • To service its customers • 3 Global locations
– 500+ researchers and • 1 R&D Facility • Japan for business • Consistent track record of
scientists
– Accredited for GLP and ‘Norms • 4 ManufacturingSites development activities financial performance
on OECD Principles’ by NGCMA • Domestic Brand Distribution
• China for Sourcing
– 25 stock points
– 10,000+ distributors • Germany for Knowledge
– 80,000+ retail points Management

Non conflicting business model … well respected by Global Innovators as Partners

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Pursuing Multi-pronged growth strategy..

Build
Market
Build • Asset
Explore and exploit • Customers Value-chain
• Expansion
• Customer relationship – Add Products
• Creation Customer Intimacy untapped chemistry
Management – Digitization
• Segments Product &
areas
• Process – Strategic tie ups
Customer-centric
services
• Operation excellence
approach Deepening our technological capabilities to open new
• Brands
Organic horizons
Grow Smart De-risk Process Digital
• Manufacturing • Chemistry • Information
Inorganic IP concentration
• Block Builders integration
• Value added Technology • New formulation of
De risk & Create
existing products • Process engineering • Decision tools
• Products Assets • Flow
• Biological
• Niche vertical with a future
Pharma / Specialty chemical Create
• High growth application areas Inorganic • Process Innovation
having synergy Value creation • Biological process development
• Disruptive technologies in • Formulation Combinations with Partners
chemistry & process • New formulations -
engineering • Digital Customer engagement

Prudent financial management in place to ensure that long term shareholder value creation remains at the heart of the strategy
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Our Pillars of Growth

Committed &
Application Adoption Talent Strategy
Empowered
modernization of Cloud and Planning
Workforce

SD WAN Performance
Digital Analytics People Leadership
connectivity Management
Edge First

Culture &
Learning &
24 x 7 Access S4/ HANA Employee
Development
Engagement

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PI’s focus on ESG principles is winning accolades.. ranked among the best
ESG rated companies globally

• Progressing well on the Sustainability • Continued commitment towards UN guiding

S&P Global Corporate principles of business and human rights.
Sustainability Development Goals for 2025.
• Delivering on the Bio-diversity commitment by • Increased women participation in STEM
Assessment (CSA)
developing ~15 acres green cover in and positions and KMPs.
ranking improved to
93 percentile around manufacturing units with plantation of • Nil incidents of non-compliance or fines, or
endangered species of trees. settlements reported related to anti-
• ~3x increase in renewable energy competitive business practices , corruption and
consumption. bribery.
• Specific CO2 emissions reduced by ~ 17%. • Capacity Building Programs for suppliers to
broaden the horizon of their understanding on
• Reduced specific water consumption by ~ 10%.
ESG Commitments.
• ~2x increase in employee learning and
• 400+ children treated under special Project
Retained Ecovadis development hours for skill enhancement.
Vriddhi.
Gold medal in • >60% increase in average training hours per
employee. • Initiated project focusing on improving health
sustainability
• ~95% employees trained on Code of Conduct and nutrition status of children and adolescents.
achievement 2022
with 97 percentile and information security policy. • Treated 73 children born with congenital heart
ranking • Conducted series of ESG Strategic workshops to disease in underprivileged families.
integrate ESG initiatives into business and
• 1,200+ people benefited from skill development
functions.
training on income generating activities.
• Conducted Strategic workshop on Risk
Awareness, Identification and Assessment with
top management.

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Rewards and Recognition

Promising Business Leader Golden Peacock Golden Peacock Karkhana Suraksha

National CSR Award 2022 Quality Award 2022 Puraskar Award 2023
MR. MAYANK SINGHAL A testament to PI’s constant innovation and A testimony to the
recognized by PI’s successful quality standards set the exceptional safety
The Economic Times as purpose-driven and benchmark in the industry standards PI consistently
Asia's Promising Business innovative CSR maintains
Leader 2021-2022 interventions

India's Best CEO

PI Industries features This Award was based MR. MAYANK SINGHAL

amongst India’s TOP 500 on ESG. PI Industries Vice Chairman & MD,
Companies 2022 in a was also conferred the PI Industries Ltd. is India‘s
Dun & Bradstreet listing Corporate Award 2022 Best CEO in Agriculture &
for Outstanding Allied Sector in the Business
Performance Today - PWC Ranking
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Our CSR efforts focused on community welfare & environment

CSR policy directed towards inclusive development that creates value for the society,
especially around our plant and farmers across the country

Health, Hygiene Women Skill Sustainable

Agricultural Education
and Sanitation Empowerment Development
Practices
• Preventive Healthcare • ASMITA Project - • 90% placement of • Improved Learning
Improved access to students trained at • Operation Nalla Tamara
through 3 Mobile Outcomes in 135
credit and livelihood Employability-linked Purugu: An integrated
Health vans, treated Government
initiatives in 20 villages Skill Development approach for Chilli Black
over 90,000 patients Elementary Schools of
of Jambusar & Panoli Centre, Jambusar Thrips Management
• Organized Free Health 82 villages covering
area impacting over impacting over 2,000
Camp on Eye, ~15,000 children
7,000 women farmers including women
Dermatology & Dental
farmers
hygiene in Jambusar

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Thank You

25