Tarsons Products Limited has informed the Exchange about Investor Presentation
” February.7, 2022
arsons
TRUST ORLIVERLD An 180 9901 & 180 13485 Certified Company
Listing Compliance National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block Bandra-Kurla Complex Bandra (E), Mumbai - 400 051 Scrip Code: TARSONS
Doparimont of Corporate Servicas BSE Limited Floor 25, Pd Towors, Dalal Street Mumbal = 400 001 Scrip Code: 543399
Dear Sir/ Madam,
Sub: Investor Presentation — Q3 & SMFY22
Pursuant to Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 20.15, we enclose herewith Investors Presentation on the Operational & Financial Highlights for the quarter and nine months ended 31st December 2021.
The Presentation www.tarsons.com
has
also
been
uploaded
on
the Company’s website
viz.,
Thanking you,
Yours faithfully, For Tarsons Products Ltd
Sa Boa Ary
Santosh Agarwal CFO
>
TRUST DELIVERED
| Jarsons
| TRUST DELIVERED
TARSONS PRODUCTS LIMITED
Investor Presentation
February 2022
Safe Harbor
farsons
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Tarsons Products Limited (the “Company”), have been prepared 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. 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 guarantees 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 world-wide, 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. 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 statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness
Tarsons — at a Glance
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One of the leading Indian labware company engaged in the designing, development, manufacturing and marketing of consumables, reusables and others (including benchtop equipment & instruments)
Products used in laboratories across research organizations, academia institutes, pharmaceutical companies, CROs, diagnostic companies and hospitals
39+ years of experience in the life sciences industry delivering trusted high-quality products.
Robust market share in the highly fragmented Indian labware market*
Diversified product portfolio with 1,700+ SKUs across 300 products
5 vertically integrated manufacturing facilities in West Bengal
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y,
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Pan-India distribution network with long-standing relationships with the distributors
One of the few players in India to have a global reach* in the labware market with 45+ authorized distributors & partners supplying products to over 40 countries
*Approximately 9-12% as per Frost & Sullivan Industry Report 2021 #As per Frost & Sullivan Industry Report 2021
Our Journey
Sik
Incorporation of TPPL with manufacturing of reusable plastic products
Expanded product line by initiating manufacturing of Centrifuge Tubes
Became an ISO 9001 certified manufacturing
Obtained ISO 13485:2016/NS- EN certificate for manufacturing facility
ar
larsons
TRUST DELIVERED
Acquired 5 acres of land in Panchla & 6 acres of land in Amta to develop another facility for capacity expansion, introduction of new product lines, backward integration & fulfillment center
Got listed on Stock Exchanges
Commenced production of Pipette Tips, thereby creating a high-quality import substitute
=
)
Pioneered the first fully robotic clean room plant for manufacturing molecular biology consumables
Setup manufacturing facility expanding into production of fully automatic centrifuge tubes, and cryogenic vials in Dhulagarh
hes
ee
Set up line for PCR products in Jalan Industrial Complex at Jangalpur
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Leading Indian Labware Supplier
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TRUST DELIVERED
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Trusted Brand for high quality
products in the plastic labware market with 39+ years vintage in the industry
Expertise in
production of a wide range
of
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n,
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ith ‘
abware products & AMONgST top 3 players with a robust market share*
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Ability to offer differentiated, user friendly, reliable quality & cost-effective products has enabled strong brand
recognition & customer loyalty
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Individual product brands like
Pioneered the first fully
In-house engineering team
Maxipense, Spinwin, Cryochill are well- recognized by the scientific community
automated plant for manufacturing molecular biology consumables
driving innovation & ensuring exceptional liquid handling performance across the liquid handling products
Source*: As per Frost & Sullivan Industry Report 2021
Our Competitive Edge
g=rsons
TRUST DELIVERED
Geographical Presence
Wide geographic reach through a strong sales & distribution network
State of Art Facilities
Well-equipped and advanced automation driven manufacturing facilities
Diversified Customers
Long-standing relationships with a diverse set of key end-customers
Brand & Quality
Leading Indian supplier to the life sciences sector with strong brand recognition and high- quality diversified products across varied customer segments.
Experienced Management Team
Experienced promoter supported by a highly competent management team and backed by board of directors comprising of industry veterans
Financial Stability Financial track record with efficient capital , allocation & streamlined operations ensuring consistent high profitability
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:
Catering to diversified End User Industry...
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TRUST DELIVERED
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Academic Institutes & Research Organization
National Centre for Biological Sciences
Indian Institute of Chemical Technology
Rain Forest Research Institute
KIT University
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Pharmaceutical Industry
Contract Research
Organization
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Dr. Reddy's Laboratories Limited
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Enzene Biosciences Limited
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Syngene International Limited
Veeda Clinical Research Limited
TCG Lifesciences Private Limited
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Mylab Lifesolutions
Measures to strengthen customer relations
Regular Feedback from Customers on quality, delivery & cost
Maintaining leading industry & Regulatory Compliance Standards
Product Customization as per the customer’s specific needs
Adherence to Quality standards & Safety Protocols in place
Diagnostics Industry
Dr Lal Pathlabs Limited
Metropolis Healthcare Limited
Molbio Diagnostics Private Limited
Agappe Diagnostics Limited
Mylab Lifesolutions Private Limited
Wide Range of Products
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Exports Market
Avantor, Inc
FC-BIOS SDN BHD
iCell INC
Toei Kaisha Limited
50-member Sales Team with deeply entrenched relationships
Our State-of-the-art Manufacturing Facilities...
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TRUST DELIVERED
Land Area mts.) (in sq. mrs.
4.
Ownership
Mfg Revenue Contribution (FY21)
530
1,022
515
15,142
4,047
21,550
24,080
Leased
Leased
Leased
Owned
Leased
Owned
Owned
4.5%
5.9%
3.2%
57.8%
28.6%
-
-
Units
Burroshibtolla |
Burroshibtolla II
Kasba
Jangalpur
Dhulagarh
Panchla
Amta
Upcoming Facility
Key Highlights of the High Precision Manufacturing Process
v
Vertically integrated manufacturing capabilities with design & development being carried out in-house
Automated manufacturing with use of robotics & other technologies developed in collaboration with overseas partners
Production process free from human touch & thus helps to achieve the desired levels of purity required for use in life sciences products
Manufactured in clean aseptic environment; manufacturing process is carried out in fully-validated & 3"_party certified ISO 8 clean rooms
Quality Certifications: ISO & CE certifications
Company is developing a new fulfillment center with in- house sterilization capability in Amta, West Bengal, for which the land has been acquired
...with widespread Domestic Sales & Distribution network...
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TRUST DELIVERED
Comprehensive Pan-India Distribution Network
Long-standing relationships with Distributors
Oe North: 18% of FY21 Domestic Sales
42 Distributors
Central: 6% of FY21 Domestic Sales Sn
18 Distributors
, ,
West: 24% of FY21 Domestic Sales dl
11 Distributors
East: 13% of FY21 Domestic Sales
34 Distributors
South: 39% of FY21 Domestic Sales
Data as on FY21
"as is" without warranty or any representation of accuracy, timeliness or completeness
All Maps used in the presentation are not to scale. All data, information, and maps are provided
36 Distributors
...with huge underlying Export Market Potential...
§arsons
TRUST DELIVERED
Huge Export Opportunity Market
One of the very few players to have a Global Reach
Demand for plasticware expected to grow at 10% CAGR for developing markets like APAC & MEA, developed markets like Americas & Europe also expected to grow healthy
Factors such as supplier reliability, cultivating new relationships, deepening existing relationships and meeting demands in timely manner will enhance the export market share
Rapid increase in demand for plasticware is providing platform for Indian players to expand share of export revenues while continuing import substitution at home
Established Indian players can further expand export market share on back of high-quality & reliable products with enhanced R&D and independent design & customization capabilities
Domestic companies in India can take advantage of their competitive pricing in order to capture larger share of global market
¥ As of 315t December 2021, the company sold its products to 40+ countries via 45+
distributors
¥ Export operations are a blend of branded and ODM sales
¥ Under the ODM model, the product is independently designed & developed by the
company as per the requirements given & then sold to the respective brand owners
Export Revenue (INR mn}
Export Revenue Break-up (%)
FY19
nf ©
Fy19
FY21
= Branded
= ODM
FY21
Key Overseas Clients (ODM Sales)
(J avantor’
— icell
FC-BIOS
Toei Kaisha
10
...offering Wide Range of High-Quality Products...
§arsons
TRUST DELIVERED
Our products are made from high-quality medical grade DMF registered resins which are selected to minimize additives & reduce potential leachables
Consumables
61% of FY21
Revenues
*
Portfolio of products under this category include: * * *
Centrifuge ware Cryogenic ware (tubes & accessories) PCR consumables (tubes, plates, and strips) Petri dish Pipettes
* *
=
0 os
Others
5% of FY21
Revenues
Products under this category includes benchtop instrumentation such as:
* * *
Vortex shakers Centrifuges Pipettors
These products enable molecular works of cell collection, extraction, simple spin-down and f-tube separation
Reusables
34% of FY21
Revenues
*
Portfolio of products under this category include: * * ¢ * * ¢
Bottles & Carboys Beakers Measuring cylinders Racks Others (jars, desiccators etc.) High quality standards maintained to ensure the products are leakage proof through specially designed lip-sealing geometry
ee
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S N O S R A T
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Offering a Wide Range of Products enabling its end-customers to source most of their product needs from a Single Source
11
... diversified product portfolio of Plastic Labware
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TRUST DELIVERED
Pipette Tips
Centrifuge Tubes
Petri Dishes
Cryo Vials
Storage Vials
) s e l a S
1 2 Y F
f o
% 2 6 (
s e l b a m u s n o C
) s e l a S
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s e l b a s u e R
Mostly used in research work for transferring small volume of liquids with high precision
for
Perfect applications, versatile these are used for storage, spinning down colloidal solution
separation
of
&
of
the
used
culture in Mostly microbes and sensitivity assays Typically used once and discarded which optimizes time consumed in washing and sterilizing
of
for
storage
Used biological materials at temperatures as low as -196°C liquid (vapour nitrogen) and up to 121°C
phase
of
are designed for
use Storage vials with samples from -80°C to 121°C. Used for storage of PCR reagents, enzymes diagnostics, biochemical reagents or samples
other
and
Bottles
Carboys
Beakers
Cylinders
Benchtop
Instruments
—
S N O S R A T
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i
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for
Used containment, protection and transportation of various kinds of reagents Leakproof, strong and durable
for media aseptic
Used mixing, and storage of intermediates
protocols,
formulation
and stirring
Used for mixing; graduations are approximate and not intended for accurate liquid measurement Economical discard enough after one use, or strong enough to reuse
to
Used to measure the volume of a
liquids, during daily lab work
chemicals,
and
solutions
which like
include vortex
variety
products
instrumentation
Wide benchtop shakers, centrifuges, pipettors Enable molecular works of extraction, separation
simple spin-down and
cell collection, f-tube
12
Key Business Strategies
forsons
TRUST DELIVERED
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Enhance existing & expand product portfolio
XY
Focus on branding & promotion to enhance visibility in the labware industry to increase brand awareness & loyalty
Manufacture New Products in the cell culture & robotic handled consumables and expand into the import dominated markets of these products
Leverage the advantage of “Make in India” and grow our domestic sales vis-a-vis exports
Key Business Strategies
7
B
Enhance manufacturing capacities to leverage growth
\
‘,
© Increasing presence in overseas markets
X
%
Maintain operational efficiency & profitability | X
Expand manufacturing capacities in popular product categories such as liquid handling, centrifuge ware, and cryo ware through investment in additional machines, moulds and ancillary infrastructure Recently acquired 5 acres of land to develop a new manufacturing facility in Panchla, West Bengal to expand & enter into the new product segment comprising of PCR, cell culture, Serological Pipettes among others
Plans to export to ~120 countries in the next 5-10 years through the extensive experience and proven track record of catering to overseas customers Two-pronged approach:
¢ Branded sales targeting emerging markets such as Asia Pacific, Middle East and South America
* ODM sales to supply products to developed markets such as USA and Europe
Implemented strategic cost-saving and efficiency improvement processes such as advanced automation solutions to improve productivity which resulted in a ~33% PAT CAGR from FY19 to FY21
Continue to invest in automation in order to avoid human error & consequently improve throughput
13
Experienced Board of Director & Managerial Team
§arsons
TRUST DELIVERED
Sanjive Sehgal
;
;
;
. carmen & Managing Director of Tarsons Product
imite Has over 30 years of experience in the company
*
Rohan Sehgal
Gaurav Podar
Non-Executive Nominee Director
*
*
Currently, Director with ADV Partners
Investment professional with 10+ years of experience
Girish Vanvari
¢
*
Founder of Transaction Square — a Tax, Regulatory & Business Advisory Firm Qualified as a Chartered Accountant
* *
Whole-time Director of the company Has over 7 years of experience working in the
company
. Sucharita Basu
Independent Director
Santosh Agarwal Chief Financial Officer
*
*
Qualified as a Chartered Accountant & Company Secretary Has over 20 years of experience
* *
Co-founder AQUILAW 20+ years of experience in commercial & corporate agreements, capital markets & real estate
Viresh Oberai
* *
22+ years experience with Tata Steel Conferred with “Udyog Rattan” award from Indian Economics Society
14
Contribution towards Environmental, Social & Governance
forsons
TRUST DELIVERED
Clean room conditions eliminates all chances of
contamination
Productivity optimisation with use of high automation
Use of Medical Grade
Plastics. Products are designed to withstand critical use
NO litigations faced for pollution or degradation of environment over the past five years
NO Hazardous materials consumed
NO impact of Climate change
Employee Welfare: Multi- pronged approach towards employee development.
Company has NOT witnessed any employee unrest / strikes or lockouts since inception
The Board has an optimum combination of Executive and Non-
Executive directors
Company has Clean Track
Record of Liability payments to various stakeholders
Some of the CSR activities has been directed towards TATA Cancer Hospital & Narayana Hrudayala
Regular Review & Updation of policies for change requirements.
Whistleblower policy implemented
15
Delivering Value to Stakeholders
gz. Sons
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Special heartfelt thanks from Tarsons Products for always being there for us throughout our journey so far...
DATE OF LISTING : NOVEMBER 26TH, 2021
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v Listi ng d one on BS E & NS E
Y Objects of the Issue
*
*
Repayment or prepayment of certain borrowings - ~Rs. 78.5 crs.
=
Borrowings already been paid, Net Debt free company as on February 2022
Funding capital expenditure for proposed expansion
="
Construction of a new manufacturing facility in Panchla, West Bengal, targeting to commission the new facility by middle of 2023
DELIVERING TRUST
Industry Update
Plastic Labware Market
garsons
TRUST DELIVERED
Indian plastic labware market is expected to grow at 16% CAGR from 2020-2025
Split of Global Market Size of Plastic Labware (2020)
Global Laboratory Equipment Market Size (INR Bn)
Indian Laboratory Equipment Market Size (INR Bn)
1,131
589
1,437
969
24
34
26
Certrifuge ware
Liquid handling
26.0%
Centrifuge & Liquid Handling market dominate the Laboratory equipment market
PCR & Cell/ Tissue Culture
The automated liquid handling market is anticipated to witness a significant market growth during the forecast period
FY20
FY25
FY20
FY25
Labware
[J Only Plasticware
Bottles& Carboys
Cryoware
PCR product segment has seen a strong growth lately due to high demand on account of the pandemic
=
=
=
-
—
-
Expected increase in investments by various pharmaceutical majors to advance research into various chronic diseases treatment
Others
COVID-19 pandemic has led to an increase in long term demand for laboratory investigations, vaccine development activities and clinical trials
Key growth drivers of the Indian market include:
Urbanization & growing middle class coupled with sedentary lifestyles are resulting in increasing incidence of chronic diseases which in turn drive healthcare research & demand for labware products
Diagnostic Labs
IVF Clinics
Academia/ Research
Highly underpenetrated healthcare sector provides significant room for growth
CROs
Growth in pharmaceutical R&D outsourcing to India will serve as a huge catalyst for the labware space
Pharmaceutical
The Academia/Research and
Pharmaceutical segments contribute to majority of the end use making up ~60%
With strong increase in outsourcing by pharma companies, CROs are expected to grow strongly
Diagnostic labs are expected to grow at a robust pace on account of increasing awareness and need of testing
Source: As per Frost & Sullivan Industry Report 2021
18
Rapid Shift from Glassware to Plasticware in India
larsons
TRUST DELIVERED
Indian Laboratory Equipment Market (Breakup of Glassware and Plasticware segments)
Market Size
INR 10.8 bn INR 7.5 bn
INR 11.3 bn INR 12.2 bn
INR 8.4 bn INR 25.8 bn
18.3
23.5
34.2
2015
2020
2025
MN) Glassware Products [J Plasticware Products
.
Key reasons for the shift:
= ="
=
=
=
=
Increased Applicability: Superior ability to handle radioactive isotopes, hazardous & carcinogenic chemicals or substances Enhanced Safety: Inherent characteristics of plasticware including thermo-stability & safety of laboratory personnel in case of accidents
Less Contamination: Samples stored in glass containers are prone to contamination due to leaching of inorganic ions into aqueous solutions or exposure to light in case of light-sensitive materials; thus, making plasticware a preferred choice vis-a-vis glassware
Ease of Handling : Plastic Labware is significantly lighter in weight and much easier to handle over long hours than glassware
Durability: Plastic equipment is unbreakable & has a longer shelf life as well allowing for better use & flexibility to scientists & researchers
Cost Effective: Plastic Labware is more cost effective than glassware
India Plasticware Laboratory Consumables Market by Product Type (INR mn)
India Plasticware Laboratory Reusables Market by Product Type (INRmn)
India Plasticware Laboratory PCR/Cell Culture Market by Product Type (INR mn)
; CAGR: 8:
8.6%
4,945
10,050
%
3,161
1,833
2015 2025F 2020 mCentrifuge Ware m Liquid Handling mCryoware mOthers
2015
2020
2025F
@ Bottles, Beakers, Flasks & Carboys
@ Others
CAGR:
+ 18.4%
112.2%
5,473 398
aaa
2020 m PCR, Cell Culture
@ Others
12,544 1
11,719
2025F
3,10
257
ye f ts)
2015
= Centrifuge ware is largest segment within consumables with 48% market share ; = Increased investments in life sciences sector including omics research, advanced:
© : _ Shelf life in addition to being unbreakable and inexpensive as compared to
= India being price sensitive country prefers plastic reusables as they have long! i
= Cell / Tissue Culture is high end, large & growing market in India with huge
potential for growth
healthcare, microbiology, drug development, and clinical diagnostics are key factors supporting higher usage of laboratory products
= India being a vaccine manufacturing hub is also a driving point for use of laboratory ware especially consumables for quality testing and approvals
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glass
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= Increase in R&D in field of cell engineering is also expected to propel growth
= Increase in automation in biotech & diagnostic labs will boost demand for
— plasticware reusables where storage and machine handling requires products with better flexibility and dexterity
eee een eeu eeee en gen eeeeneeeeneeeeemaeenmee en enee eens eens eee eee eee eee eee
:
of cell culture supplies market
= Stringent license and accreditation procedures involved with maintaining
cell cultures allow only specific companies to operate in the market
: ;
«
Source: As per Frost & Sullivan Industry Report 2021
19
RELIABILITY
Q3 & IMF Y22 Financial Highlights
Qjzcsons
Q3FY22 Key Financial Highlights
TRUST DELIVERED
4 Marsons
Revenue from Operations
Rs. 71 crores
y”
NX
17% v-ov
Gross Profit
Rs. 55 crores
EBIDTA
Rs. 33 crores
Profit after Tax
Rs. 22 crores
y”
NX
20% y-0-v
y”
NX
8% y-0-v
y”
NX
2% Y-0-V
Gross Profit (%) 78%
y
149 bps
EBIDTA (%) 47% SP (404) we
[
Revenue Spilt — Domestic : Export
]
Revenue contribution from exports has increased from 31% in Q3FY21 to 41% in Q3FY22
| Domestic
| Export
21
9MFY22 Key Financial Highlights
4 Marsons
TRUST DELIVERED
Revenue from Operations
Rs. 216 crores
Mrmr 34% vor
Gross Profit
Rs. 172 crores
EBIDTA
Rs. 108 crores
y”
NX
49% v-0-Y
y”
NX
58% y-o-y
Gross Profit (%) 80%
EBIDTA (%) 50%
y”
~<
793 bps
y”
NX
769 bps
Profit after Tax
Rs. 71 crores
y”
NX
57% v-ov
Profit after Tax (%) 33% ard 490 vvs
[
Revenue Spilt —- Domestic : Export
]
SMFY21
OMFY22
Achieved full year FY21 profitability in 9M FY22 & Growing
| Domestic
| Export
FY21
QMFY22
MW
eBipTA
FY21
OMFY22
Wl pat
22
Consolidated Profit & Loss Statement
§srsons
TRUST DELIVERED
Profit and Loss (in Rs. Crs)
Q3FY22
Q3FY21
so) aed
1 eae
Revenue from Operations
Cost of Goods Solds
Gross Profit
Gross Profit Margin
Employee Cost
Other Expenses
EBITDA
EBITDA Margin
Depreciation
Other Income
EBIT
Finance Cost
Profit before Tax
Tax
Profit After Tax
70.7
15.6
55.1
60.2
14.2
46.0
19.6%
77.9%
76.5%
149 bps
75
14.4
33.1
46.9%
5.3
2.5
30.2
1.4
28.9
7.4
21.5
6.1
9.3
30.7
50.9%
3.5
1.8
29.0
0.7
28.3
7.2
21.0
8.0%
(404 bps)
4.2%
2.2%
2.0%
215.9
43.9
171.9
79.7%
22.8
40.8
108.4
50.2%
14.7
5.9
99.5
3.8
95.8
24.6
71.2
161.4
45.6
115.7
48.6%
71.7%
793 bps
18.1
29.0
68.6
58.0%
42.5%
769 bps
10.3
4.7
63.0
2.1
60.9
15.6
45.3
57.9%
57.3%
57.1%
167.4
73.1%
24.4
39.5
103.4
45.2%
13.7
5.4
95.2
2.7
92.4
23.6
68.9
Profit After Tax Margin
30.4%
35.0%
(456 bps)
33.0%
28.1%
490 bps
30.1%
23
Management Commentary
§srsons
TRUST DELIVERED
Rohan Sehgal Whole Time Director
Commenting on the Q3 & 9MFY22 performance of the company Mr. Rohan Sehgal Said:
“We are delighted to post strong revenue & profitability growth for Q3 & JMFY22 on the back of strong demand for our products across the end user industry. Revenue for 9WFY22 grew by 34% and PAT for 9MFY22 grew by 57% on Y-o-Y basis.
Our domestic business witnessed strong momentum with demand for our products and wallet share addition across customers increasing on month on month basis. Our export business also grew by ~42% for 9MFY22 as compared to the same period last year.
Going forward, we are optimistic of the demand scenario from the domestic and the overseas market and our product diversification strategy coupled with addition of wallet share from the existing customers helps us to maintain a positive outlook on the revenue growth and profitability.
Our expansion plans with new facility and upgradation of capabilities in the existing plants is on track and should be operational by middle of FY23
At Tarsons, we believe in Trust & Quality which will help us to capture higher market share in the growing plastic labware market
Moving forward, we also reiterate our confidence in our ability to sustain Company’s delivery of outstanding shareowner value”
24
Historical Consolidated Financial Highlights
§arsons
TRUST DELIVERED
[
REVENUE (in Rs. Crs)
]
[
EBITDA (in Rs. Crs)
]
[
PAT (in Rs. Crs)
]
BI Fg
:
716
Gos !
108
FY19
FY20
FY21
| 9MFY22
FY19
FY20
FY21
| 9MFY22
FY19
FY20
FY21
OMFY22
[
GP Margin
]
[
EBITDA Margin
]
[
PAT Margin
]
79.7%
72.3%
71.5%
73.1%
33.0%
FY19
FY20
FY21
| 9MFY22
FY19
FY20
FY21
QMFY22
FY19
FY20
FY21
| 9MFY22
25
Historical Consolidated Profit & Loss Statement
T jarsons
Profit and Loss (in Rs. Crs)
Revenue from Operations
Cost of Goods Solds
Gross Profit
Gross Profit Margin
Employee Cost
Other Expenses
EBITDA
EBITDA Margin
Depreciation
Other Income
EBIT
EBIT Margin
Finance Cost
Exceptional Item Gain / (Loss)
Share in Profit/(loss) in JV and Associates
Profit before Tax
Profit before Tax Margin
Tax
Profit After Tax
Profit After Tax Margin
a ah
228.9
61.5
167.4
73.1%
24.4
39.5
103.4
45.2%
13.7
5.4
95.2
41.6%
2.7
0.0
0.0
92.4
40.4%
23.6
68.9
30.1%
FY20
175.9
48.7
127.2
72.3%
20.1
37.9
69.3
39.4%
14.2
4.2
59.2
33.7%
6.1
0.0
0.0
53.1
30.2%
12.6
40.5
23.0%
FY19
178.7
51.0
127.8
71.5%
16.1
40.0
71.7
40.1%
14.6
6.0
63.1
35.3%
7.2
0.0
0.0
55.8
31.2%
16.9
39.0
21.8%
26
Historical Consolidated Balance Sheet
§srsons
TRUST DELIVERED
Assets (in Rs. Crs)
Non - Current Assets
Property Plant & Equipment's
CwIP
Other Intangible assets
Right of use asset
Intangible Assets under development
Financial Assets
Other Financial Assets
Current Tax Assets (Net)
Other Non Current Assets
Current Assets
Inventories
Financial Assets
(i) Trade receivables
(ii) Cash and cash equivalents
(iii) Bank balances other than (iii)
Other Current Assets
Total Assets
Mar-21
WE leval)
Mar-19
Equity & Liabilities (in Rs. Crs)
Mar-21
Mar-20
Mar-19
183.1
113.7
21.5
0.0
6.8
0.6
3.1
2.4
35.1
112.8
46.7
47.0
2.3
0.8
15.9
296.0
128.9
87.6
19.3
0.0
44
0.0
2.2
1.8
13.5
119.8
48.7
38.2
25.3
0.9
6.7
114.8
84.5
6.6
0.0
45
0.0
2.5
1.0
15.8
97.1
46.4
44.6
0.5
0.4
5.1
Total Equity
Share Capital
Reserves & Surplus
Non-Current Liabilities
Financial Liabilities
(i) Borrowings
(iii) Lease Liabilities
(iv) Other Financial Liabilities
Other Non Current Liabilities
Deferred Tax Liabilities
Current Liabilities
Financial Liabilities
(i) Borrowings
(ii) Trade Payables
(iii) Lease
(iii) Other Financial Liabilities
Other Current Liabilities
Current tax liabilities (net)
Provisions
244.3
0.2
244.1
9.8
3.3
0.0
0.1
3.2
3.3
197.6
0.2
197.4
10.7
5.9
0.0
0.1
1.5
3.2
135.3
0.2
135.1
22.7
18.7
0.0
0.1
0.0
3.9
41.8
40.4
54.0
30.2
30.0
45.8
6.0
0.0
2.7
1.4
0.0
1.5
5.9
0.0
1.9
1.5
0.0
1.1
2.0
0.0
1.8
2.2
1.4
0.8
248.7
212.0
Total Equity & Liabilities
296.0
248.7
212.0
27
Historical Consolidated Cash Flow Statement
Particulars (in Rs. Crs)
Net Profit Before Tax
Adjustments for: Non -Cash Items / Other Investment or Financial Items
Operating profit before working capital changes
Changes in working capital
Cash generated from Operations
Direct taxes paid (net of refund)
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net Decrease in Cash and Cash equivalents
Add: Cash & Cash equivalents at the beginning of the period
Exchange differenceon translation of foreign currency
Cash & Cash equivalents at the end of the period
TRUST DELIVERED
§srsons
i eae
92.4
15.8
108.2
-16.0
92.2
-24.1
68.2
-63.9
-27.2
-23.0
25.3
0.0
2.3
53.1
20.0
73.1
6.4
79.5
-15.3
64.2
-25.4
-13.8
25.0
0.5
25.3
55.8
21.3
77.1
-8.8
68.4
-17.0
51.3
-33.6
-18.2
1.0
0.0
0.5
28
Key Ratios
¢Harsons
TRUST DELIVERED
[
Return on Equity
]
[
Return on Capital Employed
]
[
Return on Asset
]
[
Debt to Equity
]
28.8%
28.2%
34.3%
23.3%
18.4%
0.2
0.1
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
[
Current Ratio
]
[
Working Capital (in Rs. Crs)
]
[
Working Capital Days
]
[
Asset Turnover
]
57 :
79.4
171
71.0
0.7
08 .
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
29
Key Takeaways
Srsons
TRUST DELIVERED
Leading Indian manufacturer of
labware with an established brand & ——®@
focus on high-quality products
Financial profile with 45%+ EBITDA margins & 30%+ ROCE coupled with double-digit growth rates
Presence in an industry with double- digit growth potential and multiple growth drivers
———_@
j
“SONS
ELIVERED
TRUST D
Highly automated state-of-the-art manufacturing facilities churning out quality products
Long-standing relationships with distributors catering to a diverse set of end-customers pan-India
e
Well-placed to grow domestic & export business through launch of new products & capacity expansion
30
Thank You
+91 98205 19303 / +91 98700 30585
CIN: L51109WB1983PLC036510 Mr. Santosh Agarwal — Chief Financial Officer santosh@tarsons.in
CIN: U74140MH2010PTC204285 Mr. Sagar Shroff/Mr. Pratik Shah sagar.shroff@sgapl.net / p.s.shah@sgapl.net
SG A Strategic Growth Advisors
Strategic Growth Advisors Private Limited
Tarsons Products Limited
TRUST DELIVERED