CMSINFO/2401/008 January 24, 2024

To
BSE Limited National Stock Exchange of India Limited
Listing Department, Exchange Plaza, C-1, Block-G,
1st Floor, PJ Towers, Dalal Street, Bandra Kurla Complex, Bandra (East),
Fort, Mumbai – 400 001 Mumbai – 400 051

Scrip Code: 543441 Symbol: CMSINFO

Sub: Earnings Call Presentation for the quarter and nine months ended December 31,
2023

Dear Sir/Madam,

Further to our letter no. CMSINFO/2401/004 dated 19th January 2024 and pursuant to
Regulation 30 of Listing Regulations, please find attached Investor Presentation on
Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter
and nine months ended December 31, 2023 which will be discussed during the ensuing
Earnings Conference Call with the Senior Management team of the Company, scheduled to
be held on Thursday, January 25, 2024 at 01:00 PM (IST) (‘the Call’).

For details on how to join the Call, please refer to the invite issued by us along with the
aforesaid letter.

You are requested to kindly take the same on your record.

Thanking You,

Yours faithfully,

For CMS Info Systems Limited

Debashis Digitally signed by
Debashis Dey

Dey Date: 2024.01.24

22:02:10 +05'30'
Debashis Dey
Company Secretary & Compliance Officer

Encl: a/a

Regd. Office: T-151, 5th Floor, Tower No.10, Sector-11, railway station complex, CBD Belapur, Navi Mumbai- 400 614 | T: +91-22-4889 7400 | F: +91-22-4889 5177
CMS Info Systems Limited |CIN: L45200MH2008PLC180479 | www.cms.com | E: contact@cms.com
Earnings
Presentation
Q3/9M-FY24
Q3/9M-FY24
FINANCIAL
OVERVIEW
 Integrated Business Services Platform Catering To BFSI & Retail Sectors

Cash Logistics Managed Services and Tech Solutions

60% revenue share in Q3-FY24 40% revenue share in Q3-FY24(1)
(78% in FY19) (22% in FY19)

7 business offerings; 6 >INR 100 Crore revenue

3
(1) For Q3-FY24; Managed services revenue comprises of Managed services, Cards (other business) and Tech solutions revenues
 Q3/9M-FY24 Financial Highlights
Revenue Adjusted EBITDA Adjusted PAT
(INR Mn) (INR Mn)
19% (INR Mn) 22%
5,823 16%
40% 960
Q3-FY24

4,883 200 1,634

1,412 786
123 2,126
1,565

28.9% 28.1% 16.1% 16.5%

3,195 3,497

Q3-FY23 Q3-FY24 Q3-FY23 Q3-FY24 Q3-FY23 Q3-FY24

Cash Mgmt. Managed Card
Services Services Services
EBITDA PAT PAT Margin (%)

16% 16,376 16% 23%

620
14,133
301 2,751
5,589 4,722
9M-FY24

4,582 2,235
4,055

28.7% 28.8%
9,250 10,166 15.8% 16.8%

9M-FY23 9M-FY24 9M-FY23 9M-FY24 9M-FY23 9M-FY24

Cash Mgmt. Managed Card
EBITDA PAT PAT Margin (%)
Services Services Services

EBITDA and PAT adjusted for ESOP/Share based payment to employees

4
 Quarterly Operational Highlights: Cash Logistics Business
Revenue EBIT
INR Mn INR Mn
Cash Logistics: Operational Highlights
11% 14%
3,750 • Added 4,000 business points, 10% growth YoY
Q3-FY24

976
3,383 854

• Compliance status: 85% ATMs compliant; Cassette

Swap implementation 15%
25.2% 26.0%

• Infrastructure upgrade: 500 vans added in 9M-FY24

Q3-FY23 Q3-FY24 Q3-FY23 Q3-FY24

EBIT EBIT %

Business Points – Cash Logistics

11% #, as of date
10,862 133 k
18% 129 k
9M-FY24

9,756 2,867 124 k

113 k 115 k
2,429

26.4%
24.9%

9M-FY23 9M-FY24 9M-FY23 9M-FY24 Mar'22 Sep'22 Mar'23 Sep'23 Dec'23

EBIT EBIT %

5
 Quarterly Operational Highlights: Managed Services + Card Services Business
Revenue EBIT
INR Mn INR Mn

38% Managed Services: Operational Highlights

27% 411
2,326
• New business wins of INR 600 crore in the quarter
Q3-FY24

324
1,688
• 9M-FY24 new business wins now at INR 1,250 Cr

19.2% • Won mandate for ALGO AIoT Remote Monitoring

17.7%
Solution for 2,000 new sites
Q3-FY23 Q3-FY24 Q3-FY23 Q3-FY24
EBIT EBIT %

Orderbook trend
(INR Crore, as of date)
27% 22% 4,400
3,800
9M-FY24

6,210 1,140
3,150
4,883 937 2,800
2,200

19.2% 18.4%

9M-FY23 9M-FY24 9M-FY23 9M-FY24 Mar'22 Sep'22 Mar'23 Sep'23 Dec'23

EBIT EBIT %

6
 Strong Growth and Compounding Track Record
Revenue Adj. EBITDA Adj. PAT(1)
(INR Mn) (INR Mn) (INR Mn)
Y23)
R ( FY21-F 19,147 23) 23)
21% CAG
Y2 1-FY Y 21-FY 3,040
469 16,376 R (F 5,510 (F 2,751
15,897
% CAG 4,722 % CAGR 2,290
6,111 620 35 34
13,061 413 4,080
459 4,896 5,589 1,700
3,641
3,040
15.88% 16.80%
14.41%
28.78% 28.84% 13.02%
25.66%
12,567 23.27%
10,588 10,166
8,961

FY21 FY22 FY23 9M-FY24 FY21 FY22 FY23 9M-FY24 FY21 FY22 FY23 9M-FY24
Cash Mgmt. Services Managed Services Cards Serv.

Net Cash Flow From Operating (2) Adj. EPS Return On Equity
(INR Mn) (INR / Equity Share of INR 10 Face value (Basic))
)
Y23
) Y23
21- F Y21-F 21.1%
(FY 4,068 (F 19.76 20.0%
CAG
R CAGR 17.70 18.4%
48% 31% 15.40
2,565
11.51
1,854
1,098

FY21 FY22 FY23 H1-FY24 FY21 FY22 FY23 9M-FY24 FY21 FY22 FY23
EBITDA and PAT adjusted for ESOP/Share based payment to employees

(1) PAT margin has been calculated as PAT / Total income (Revenue from operations + Other income) (2) Higher inventory of ATM equipment (due to more
orders in hand & Covid-19 induced delay in installations) resulted in lower cash flow in FY21
7
 Our Journey: Transforming into a Business Services Platform
600
Revenue: ₹ 1,915 Cr
500 9x Revenue growth Adj. PAT Margin : 15.9%

400 11x EBITDA growth

300

200
Revenue: ₹ 216 Cr
Adj. PAT Margin: 10.5%
100

Restructure Growth Resilience Accelerated expansion

0
2008-09 2011-12 2015-16 2019-20 2022-2023

Established a strong core Grew TAM by expanding High growth

in Cash Logistics into Managed Services Launched AIoT business

Demonetization
Industry

•
• in Pvt bank outsourcing • in PSU bank outsourcing
• NPA crisis; PSU bank
• 4x ATM market growth • COVID pandemic
mergers
• Market players doubled • Industry consolidation
• RBI standards

8
COMPANY
OVERVIEW
 Market Leadership Translating into Strongg Financial Metrics

Key highlights

Only Integrated Banking #1 across Cash PAN India Footprint; Servicing leading Highly qualified and
Solutions provider Logistics, AIoT in 16K+ Pin codes banks like SBI, experienced management
with end-to-end offerings Banking and Algo MVS covered HDFC, ICICI & Axis supported by diverse
board

Key statistics

INR 12.70 Tn 28.8% 24.2%

Currency handled in FY23 FY23 Adj. EBITDA Margin FY23 ROCE

150,000+ 28% Zero Debt

Company for 4 years with AA
Servicing Business Points FY20-23 PAT CAGR
credit rating

4,000+ INR 4,500 Mn 76%

Cash Vans March’2023 Cash (1) FY23 OCF / EBITDA

10
(1) Cash & Investments is inclusive of Cash & Cash Equivalents, Bank balance & Investments
 Highly Qualified Management With A Diverse Board And Strong Governance

Shyamala Gopinath Tapan Ray Ms. Manju Agarwal Krzysztof Jamroz

Former Deputy Governor, RBI MD & Group CEO of Gift City Former DMD, SBI Executive Chairman at Roadrunner
Experienced
Directors

Sayali Karanjkar Jimmy Mahtani Ashish Agrawal

Non-Executive Independent Partner at BPEA EQT Partner at BPEA EQT
Director, Co-founder of Paysense

Rajiv Kaul
Pankaj Khandelwal Anush Raghavan
Executive Vice Chairman, Whole
President & CFO President – Cash Management
Time Director & CEO
27+ years of industry experience 15+ years of industry experience
30+ years of industry experience
Strong
Management
With Deep
Industry Manjunath Rao Sanjay Singh Rajeev Bhatia
Know-How President – Managed Services Chief Human Resources Officer (CHRO) Chief Information Officer (CIO)
35+ years of industry experience 30+ years 20+ years of industry experience

11
Leader In Cash Logistics Services In India

ATM Cash Retail Cash Management Cash-in-Transit (CIT)

Management (RCM) #1 Player*
#1 Player* #1 Player*

36% market share(1) 26% market share(1)

Cash Logistics Revenue Cash Logistics EBIT & EBIT Margin

(INR Mn) 13,263 (INR Mn)
11,108 3,363
9,776 10,862
9,094 2,654 2,867
2,040 26.4%
25.4%
1,666 23.9%
22.4%
17.0%

FY20 FY21 FY22 FY23 9M-FY24 FY20 FY21 FY22 FY23 9M-FY24
EBIT EBIT Margin

*As per company estimates 12

Our Cash Logistics Network
World class scale, quality and risk management

• Revenue model linked to # of visits per ATM (<2% variance)

ATM • Annuity revenue model, >90% fixed
• 72,000+ ATMs, Replenished every alternate day, Avg. ₹ 1.4 Cr / ATM per month

• Partner with Transaction banking to offer solutions for corporates & retail (Cash-X)
RETAIL • Annuity revenue model linked to volume & points; >70% fixed
• 52,000+ business commerce points, Avg. ₹ 37 L collection & processing per month

• Bulk currency transit across the banking network

CIT • Revenue model: 80% fixed; 3-5 year contracts
• 12,000+ bank branches served every day

13
One Of The Few Integrated Players In India With A Strong Technology Edge
Banking Automation Software Solutions AI based Remote Monitoring
ATM As-a-Service
Solutions #1 in ATM #1 in ATM

Managed Services Revenue Managed Services EBIT & EBIT Margin

(INR Mn) 6,581 (INR Mn)
6,210 1,243
5,309 1,140

684 18.9%
4,056 4,100 842 18.4%
16.9%
585 15.9%

14.3%

FY20 FY21 FY22 FY23 9M-FY24 FY20 FY21 FY22 FY23 9M-FY24
EBIT EBIT Margin

Managed Services + Card Services (as per Segment Result)

14
Our Capabilities across Managed Services and Technology Solutions
India is the World’s 3rd Largest ATM market

Banking ALGO • MVS – Unified & dynamic

Automation • ATMs, Currency recyclers, Self- Software interface and management
service kiosks
• ATM access security software
• 1:2 branch to ATM ratio
• SaaS-like business model
• Product sale + 7-10 yr
maintenance revenue • License sale + 7-10 yr
maintenance rev.

ATM-as-a- • 60% bank owned, 3-5 yrs fixed

Service revenue AIoT
Remote • <40% ATMs and <30% branches
• 40% BLA; 7-10 yrs, txn-based
Monitoring secured today
revenue
• CMS: 20-25% revenue fixed rate; • 100% fixed recurring
~30% of BLA at bank branches
(high predictability)

15
 Favourable macro-economic and industry trends

Fastest growing large economy: 6.1% avg. growth forecast next 5 years

Growth in domestic consumption: drives 2/3rd of GDP

Banks at the center of growing economy: in expansion mode

Retail growth and formalization to fuel consumption

Cash based payments have a large share in loans, insurance, retail, ecommerce

Source: Bain & Co, BCG, WEF , World Economics' QIES & CLSA 16
Mid-term growth drivers

Cash • 100,000 ATMs yet to be outsourced for Cash Mgmt.

Logistics • Growth in organised retail; Direct2Retail and Cash-X solutions

ATM • PSU banking refresh cycle: 80,000+ ATM refresh cycle

Managed • Pvt. Sector branch expansion: 20,000+ new ATMs
Services • Total outsourcing deals: ~100,000 ATMs will shift from bank capex to BLA

AIoT • >60% of ATMs & bank branches

Remote • Expansion to NBFC, Insurance, Retail
Monitoring • Legacy base refresh cycle

• Track record of programmatic M&A: Rs. 250 Cr in 6 acquisitions with <3 year payback
Inorganic • Industry consolidation
• M&A areas: Business Services, Fintech, Financial Inclusion

17
 Market Growth: Higher outsourcing create a large TAM Opportunity

INR Crore

2.6x ₹ 22,000 Cr CAGR**

3,000
BFSI
Remote 25%
Monitoring

11,620
ATM-as-a-
17%
Service

₹ 8,500 Cr 4,600
6,200-6,500 Banking
19%
4,570 Automation

1,650 1,800-2,000 7,900

Cash
2,730 3,500-3,700 19%
Logistics
FY21 FY27

Total TAM is lower than gross sum because of some overlap between Cash Management and BLA **CAGR between FY21 and FY27

18
Our Playbook: Accelerating growth & market expansion

Lowest unit economics Establish right-to-

Scale & productivity win Integrated
offerings

Strengthen Strong cashflow

Expand
Drive innovation Large & complex projects
Talent & Tech Core generation TAM Customer engagement

World class Invest in

Quality benchmarks Adjacencies &
Tech

19
HISTORICAL
FINANCIAL
OVERVIEW
 Quarterly Consolidated Financial Performance
Particulars (All figures in INR Mn) Q3-FY24 Q2-FY24 Q-o-Q Q3-FY23 Y-o-Y
Operating Income 5,823 5,437 7.1% 4,883 19.3%
Expenses 4,315 3,980 8.4% 3,529 22.3%
Operating EBITDA 1,508 1,457 3.5% 1,354 11.4%
Adj. EBITDA 1,634 1,573 3.6% 1,412 15.4%
EBITDA Margins (%) 25.90% 26.80% (91)Bps 27.73% (183)Bps
Adj. EBITDA Margins (%) 28.06% 28.93% (87)Bps 28.91% (85)Bps
Finance costs 39 41 (4.9)% 46 (15.2)%
Depreciation and amortisation expense 377 364 3.6% 324 16.4%
Other Income 78 83 (6.0)% 48 62.5%
Profit before tax 1,170 1,135 3.1% 1,032 13.4%
Tax 299 291 2.7% 274 9.1%
Profit After Tax 871 844 3.2% 758 14.9%
Adj. Profit After Tax 960 923 4.0% 786 22.1%
PAT Margins (%) 14.96% 15.52% (56)Bps 15.52% (56)Bps
Adj. PAT Margins (%) 16.49% 16.97% (48)Bps 16.09% 40Bps
Other Comprehensive income for the year (1) 2 NA 0 NA
Total Comprehensive Income for the year 870 845 3.0% 758 14.8%
Earning per equity share (nominal value of share Rs 10) – Diluted 5.37 5.24 2.5% 4.74 13.3%
EBITDA and PAT adjusted for ESOP/Share based payment to employees and non-operating IPO related expenses written off in FY20

21
 YTD Consolidated Financial Performance
Particulars (All figures in INR Mn) 9M-FY24 9M-FY23 Y-o-Y
Operating Income 16,376 14,133 15.9%
Expenses 11,936 10,196 17.1%
Operating EBITDA 4,440 3,937 12.8%
Adj. EBITDA 4,722 4,055 16.4%
EBITDA Margins (%) 27.11% 27.86% (75)Bps
Adj. EBITDA Margins (%) 28.84% 28.69% 15Bps
Finance costs 122 141 (13.5)%
Depreciation and amortisation expense 1,105 964 14.6%
Other Income 229 101 NA
Profit before tax 3,442 2,933 17.4%
Tax 885 760 16.4%
Profit After Tax 2,557 2,173 17.7%
Adj. Profit After Tax 2,751 2,235 23.1%
PAT Margins (%) 15.61% 15.38% 23Bps
Adj. PAT Margins (%) 16.80% 15.82% 98Bps
Other Comprehensive income for the year 0 2 NA
Total Comprehensive Income for the year 2,557 2,175 17.6%
Earning per equity share (nominal value of share Rs 10) – Diluted 15.82 13.60 16.3%
EBITDA and PAT adjusted for ESOP/Share based payment to employees and non-operating IPO related expenses written off in FY20

22
 Historical Consolidated Income Statement
Particulars (All figures in INR Mn) FY20 FY21 FY22 FY23 9M-FY24
Operating Income 13,832 13,061 15,897 19,147 16,376
Expenses 11,293 10,125 11,900 13,770 11,936
Operating EBITDA 2,539 2,936 3,997 5,377 4,440
Adj. EBITDA 2,640 3,040 4,080 5,510 4,722
EBITDA Margins (%) 18.36% 22.48% 25.14% 28.08% 27.11%
Adj. EBITDA Margins (%) 19.09% 23.27% 25.66% 28.78% 28.84%
Finance costs 73 82 144 196 122
Depreciation and amortisation expense 566 635 918 1,318 1,105
Other Income 50 158 79 147 229
Profit before tax 1,951 2,378 3,014 4,010 3,442
Tax 604 692 774 1,038 885
Profit After Tax 1,347 1,685 2,240 2,972 2,557
Adj. Profit After Tax 1,440 1,700 2,290 3,040 2,751
PAT Margins (%) 8.21% 12.89% 14.09% 15.52% 15.62%
Adj. PAT Margins (%) 10.41% 13.02% 14.41% 15.88% 16.80%
Other Comprehensive income for the year (11) (1) 4 4 0
Total Comprehensive Income for the year 1,336 1,684 2,244 2,976 2,557
Earning per equity share (nominal value of share Rs 10) – Diluted 8.87 11.09 14.33 18.67 15.82
EBITDA and PAT adjusted for ESOP/Share based payment to employees and non-operating IPO related expenses written off in FY20

23
 Historical Consolidated Balance
Historical Consolidated Balance Sheet
(All figures in INR Mn)

Sheet
FY22 FY23 H1-FY24 (All figures in INR Mn) FY22 FY23 H1-FY24
Assets Equity share capital 1,531 1,544 1,565
Non-current assets Other equity 11,030 14,081 15,469
Property, plant and equipment 3,470 4,697 4,464 Total equity attributable to
12,561 15,625 17,034
Capital work-in-progress 436 203 213 equity holders
Right-of-use assets 1,800 1,826 1,644 Liabilities
Goodwill 2,061 2,061 2,061 Non-current liabilities
Other Intangible assets 173 109 86 Financial liabilities
Intangible assets under Lease liabilities 1,468 1,528 1,364
1 0 2
development Provisions 201 211 219
Financial assets Other Liabilities 9 6 2
Investments 0 338 265 Total of Non-current liabilities 1,678 1,745 1,585
Other financial assets 331 319 380
Deferred tax assets (net) 304 369 380 Current liabilities
Income tax assets (net) 226 196 188 Financial liabilities
Other non-current assets 210 112 198 Lease liabilities 461 505 512
Trade Payables
Total of Non-current assets 9,012 10,230 9,881
Dues of micro enterprises and
Current assets 80 52 58
small enterprises
Inventories 635 742 690 Dues of creditors other than
Financial assets micro enterprises and small 2,379 2,200 2,474
Investments 1,235 2,455 2,897 enterprises
Trade receivables 4,993 5,260 6,786 Other financial liabilities 1,066 597 538
Cash and cash equivalents 643 963 745 Provisions 36 32 45
Bank balances other than Other current liabilities 296 256 288
774 599 792
above Income tax liabilities (net)
Other financial assets 276 30 76
Other current assets Total of Current liabilities 4,318 3,642 3,915
989 733 667
Total of Current assets 9,545 10,782 12,653 Total Liabilities 5,996 5,387 5,500
Total Assets 18,557 21,012 22,534 Total Equity & Liabilities 18,557 21,012 22,534

24
 Historical Consolidated Cash Flow
Historical Consolidated Cash Flow Statement
(All figures in INR Mn) FY22 FY23 H1-FY24 (All figures in INR Mn) FY22 FY23 H1-FY24

Statement
Cash flow from operating activities: Cash flow from investing activities
Profit before tax 3,014 4,010 2,272 Proceeds from sale of property, plant and
7 20 12
Adjustments to reconcile profit before tax to net cash flow: equipment
Depreciation and amortisation on Property, plant and Purchase of property, plant and equipment,
581 899 515 Intangible assets (including CWIP and capital (2,840) (1,933) (411)
equipment and Intangible asset
Depreciation on Right-of-use assets 338 419 213 advances)
Unrealised foreign exchange (gain) / loss (1) (1) (0) Purchase consideration paid on acquisition
- - -
Lease rent concession (2) (3) (5) of business
Impairment allowance for bad and doubtful receivables and Investment in mutual funds (8,304) (11,578) (5,963)
595 848 180
deposits Proceeds from redemption of mutual funds 8,217 10,400 5,676
Advances written off - - -
Loan given to Others (144) - -
Bad debts written off 204 137 256
Debit balance written off 21 - - Investment in deposits with banks (844) (1,072) (598)
(Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Proceeds from maturity of deposits with
646 937 652
Sundry balances written back (8) (20) (2) banks (including interest)
Impairment for doubtful claims receivables 8 4 13 Net cash flow (used in) / from investing
(3,262) (3,226) (632)
Bad debts written back - - - activities
Insurance claims receivables written off 14 12 5
Finance income (33) (70) (68) Cash flows from financing activities
Profit on sale of current investments (20) (30) (18) Proceeds from Issue of Equity Shares 637 157 325
Net change in fair value of current investments measured at
(4) (12) (49) Dividend paid (226) (154) (743)
FVTPL
Employee stock option compensation cost 61 93 139 Finance costs (0) - -
Finance costs 144 196 83 Finance costs on lease liability (144) (184) (83)
Operating profit before working capital changes 4,907 6,471 3,525 Payment of principal portion of lease
Movement in working capital (262) (341) (183)
liabilities
Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Net cash flow (used in) financing activities 5 (522) (684)
Increase / (Decrease) in provisions 21 12 22
(Increase) in inventories 265 (107) 52
Net (decrease) / increase in cash and cash
(1,961 (692) 320 (218)
(Increase) in trade receivables (724) (1,252) equivalents
)
Cash and cash equivalents at the beginning of
(Increase) / Decrease in other assets and prepayments (507) 853 (233) 1,335 643 963
the year
Cash flow generated from operations 3,541 5,153 1,688 Cash and cash equivalents at the end of the
Direct taxes paid (net of refunds) (976) (1,085) (590) 643 963 745
year
Net cash flow from operating activities 2,565 4,068 1,098 25
 Capital Markets Information
(BSE - CMSINFO | 543441, NSE – CMSINFO)
Share Price Movement (Up to 31st December, 2023)

35.00%

15.00%

-5.00%

-25.00%
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
CMS BSE Sensex BSE Small Cap

Share Price Data (As on 31st December, 2023) Shareholding Pattern (31st December, 2023)
Face value (INR) 10.0 AIF 2.84% FII 23.76%

Market Price (INR) 382.20

Mutual Funds
52 Week H/L (INR) 421.05/261.10 20.58%

Market Cap (INR Mn) 59,818.48

Others 26.13%
Equity Shares Outstanding (Mn) 15.65 BPEA EQT
Private Equity
Avg. trading volume (‘000) 959.88 26.69%

26
 Disclaimer
CMS Info Systems Limited Disclaimer:
No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or
opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation
may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of CMS Info
Systems Limited (CMS), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future
financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements
of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements,
including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is
not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-
looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This
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in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

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Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data
which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed
on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the
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For further details, please feel free to contact our Investor Relations Representatives:

Mr. Anuj Sonpal

Valorem Advisors
Tel: +91-22-4903-9500
Email: cms@valoremadvisors.com

27
THANK YOU