TARSONSNSE28 May 2022

Tarsons Products Limited has informed the Exchange about Investor Presentation

Tarsons Products Limited

An ISO 9001 & ISO 13485Certified Company

Date: 28th May, 2022

To, The Manager listing Department BSELimited, Phiroze Jee Jee Bhoy Towers, Dalal Street, Mumbai - 400001 India Maharashtra,

BSEScrip code: 543399 ISIN: INE144Z01023

To, The Manager listing Department National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra - Kurla Complex, Bandra Maharashtra, Mumbai-400051, NSESymbol: TARSONS ISIN: INE144Z01023

India

Subject: Investors Presentation-

for Quarter and Year ended 31st March, 2022

Dear Sir/Madam,

Pursuant

to Regulation 30(6) of

the SEBI (Listing Obligations and Disclosure Requirements),

Regulations, 2015, we are enclosing herewith an Investors Presentation on the Operational & Financial

Highlights for the quarter and year ended 31st March, 2022.

The Presentation will also be uploaded on the Company's website at www.tarsons.com.

We request you to kindly take the same on your records.

Thanking you,

Yours Faithfully, For Tarsons Products Limited

Santosh Kumar Agarwal Company Secretary and Chief Financial Officer Membership No. 44836

End: As above

Tarsons Products Ltd., 902, Martin Burn Business Park, BP-3, Sector-V, Salt Lake, Kolkata- 700 091 Tel: + +91 33 3522 0300

Website: www.tarsons.com Mail:

info@tarsons.com CIN # L51109WB1983PLC036510

TARSONS PRODUCTS LIMITED Investor Presentation - May 2022

Leading player in the domestic plastic labware market and presence over 40 countries across the Globe

Safe Harbor

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

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

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

Incorporation of TPPL with manufacturing of reusable plastic products

Expanded product line by initiating manufacturing of Centrifuge Tubes

Became an ISO 9001 certified manufacturing entity

Obtained ISO 13485:2016/NS- EN certificate for manufacturing facility

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

1983

1984

1987

2002

2009

2012

2018

2019

2021- 2022

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

Set up line for PCR products in Jalan Industrial Complex at Jangalpur

Leading Indian Labware Supplier

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 labware products & amongst the top 3 players with a robust market share*

Ability to offer differentiated, user friendly, reliable quality & cost-effective products has enabled strong brand recognition & customer loyalty

Individual product brands like Maxipense, Spinwin, Cryochill are well- recognized by the scientific community

Pioneered the first fully automated plant for manufacturing molecular biology consumables

In-house engineering team driving innovation & ensuring exceptional liquid handling performance across the liquid handling products

Source*: As per Frost & Sullivan Industry Report 2021

Our Competitive Edge

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

Catering to diversified End User Industry…

Academic Institutes & Research Organization

National Centre for Biological Sciences

Indian Institute of Chemical Technology

Rain Forest Research Institute

KIIT University

Pharmaceutical Industry

Dr. Reddy's Laboratories Limited

Enzene Biosciences Limited

Contract Research Organization

Syngene International Limited

Veeda Clinical Research Limited

TCG Lifesciences Private Limited

Diagnostics Industry

Dr Lal Pathlabs Limited

Metropolis Healthcare Limited

Molbio Diagnostics Private Limited

Agappe Diagnostics Limited

Mylab Lifesolutions Private Limited

Toei Kaisha

Exports Market

Avantor, Inc

FC-BIOS SDN BHD

iCell INC

Toei Kaisha Limited

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

Wide Range of Products

50-member Sales Team with deeply entrenched relationships

Our State-of-the-art Manufacturing Facilities…

Land Area (in sq. mts.)

Ownership

Mfg Revenue Contribution (FY22)

530

1,022

515

15,142

4,047

21,550

24,080

Leased

Owned

Leased

Owned

5.0%

6.4%

2.0%

62.1%

24.5%

Units

Burroshibtolla I

Burroshibtolla II

Kasba

Jangalpur

Dhulagarh

Panchla

Amta

Upcoming Facility

Key Highlights of the High Precision Manufacturing Process

✓ 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 & 3rd-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…

Comprehensive Pan-India Distribution Network

Long-standing relationships with Distributors

North: 20% of FY22 Domestic Sales 42 Distributors

East: 19% of FY22 Domestic Sales 42 Distributors

West: 23% of FY22 Domestic Sales 18 Distributors

South: 38% of FY22 Domestic Sales 39 Distributors

Data as on FY22

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

…with huge underlying Export Market Potential…

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

✓ As of 31st March 2022, 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

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

Export Revenue (INR mn)

Export Revenue Break-up (%)

993

FY19

FY22

480

35%

43%

65%

57%

Established Indian players can further expand export market share on back 0 of high-quality & reliable products with 4 enhanced R&D and independent design & customization capabilities

Domestic companies in India can take advantage of their competitive pricing 0 in order to capture larger share of global market 3

FY19

FY22

Branded

ODM

Key Overseas Clients (ODM Sales)

Toei Kaisha

…offering Wide Range of High-Quality Products…

Our products are made from high-quality medical grade DMF registered resins which are selected to minimize additives & reduce potential leachables

Consumables

63% of FY22 Revenues

• Portfolio of products under this category

include: • Centrifuge ware • Cryogenic ware (tubes & accessories) • PCR consumables (tubes, plates, and

strips) • Petri dish • Pipettes

Reusables

33% of FY22 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

Others

4% of FY22 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

Offering a Wide Range of Products enabling its end-customers to source most of their product needs from a Single Source

…diversified product portfolio of Plastic Labware

Pipette Tips

Centrifuge Tubes

Petri Dishes

Cryo Vials

Storage Vials

Mostly used in research work for transferring small volume of liquids with high precision

for versatile applications, Perfect these are used for storage, spinning down & separation of colloidal solution

•

• Mostly used in the culture of microbes and sensitivity assays Typically used once and discarded which optimizes time consumed in washing and sterilizing

storage of biological Used for materials at temperatures as low as -196°C (vapour phase of liquid nitrogen) and up to 121°C

Storage vials are designed for use 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

• Used

for

containment, protection and transportation of various kinds of reagents Leakproof, strong and durable

•

Used for media formulation and mixing, aseptic protocols, stirring and storage of intermediates

• Used for mixing; graduations are approximate and not intended for accurate liquid measurement Economical enough to discard after one use, or strong enough to reuse

•

Used to measure the volume of a chemicals, and solutions liquids, during daily lab work

• Wide

instrumentation

variety products which include vortex

benchtop shakers, centrifuges, pipettors Enable molecular works of cell collection, extraction, simple spin-down and f-tube separation

•

) s e l a S 2 2 Y F f o % 3 6 (

s e l b a m u s n o C

) s e a S 2 2 Y F f o % 7 3 (

s r e h t O & s e b a s u e R

Glimpse of our product portfolio & processes

Video link – Click here

For more information & videos please visit www.tarsons.com/video-new

Key Business Strategies

• Focus on branding & promotion to enhance visibility in the labware industry to increase

brand awareness & loyalty

Enhance existing & expand product portfolio

• 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-à-vis exports

•

Enhance manufacturing capacities to leverage growth

• 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:

Increasing presence in overseas markets

• 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

Maintain operational efficiency & profitability

•

Implemented strategic cost-saving and efficiency improvement processes such as advanced automation solutions to improve productivity which resulted in a ~58% PAT CAGR from FY20 to FY22

• Continue to invest in automation in order to avoid human error & consequently improve

throughput

Experienced Board of Director & Managerial Team

Sanjive Sehgal Chairman & Managing Director

• Chairman & Managing Director of Tarsons Product

Limited

• Has over 30 years of experience in the company

Rohan Sehgal Whole Time Director

• Whole-time Director of the company • Has over 7 years of experience working in the

company

Santosh Agarwal Chief Financial Officer & Company Secretary

• Qualified as a Chartered Accountant & Company

Secretary

• Has over 20 years of experience

Gaurav Podar Non-Executive Nominee Director

• Currently, Director with ADV Partners •

Investment professional with 10+ years of experience

Girish Vanvari Independent Director

•

Founder of Transaction Square – a Tax, Regulatory & Business Advisory Firm

• Qualified as a Chartered Accountant

Sucharita Basu Independent Director

• Co-founder AQUILAW • 20+ years of experience in commercial & corporate

agreements, capital markets & real estate

Viresh Oberai Independent Director

• 22+ years experience with Tata Steel • Conferred with “Udyog Rattan” award from Indian Economics

Society

Contribution towards Environmental, Social & Governance

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 Hazardous materials consumed

NO litigations faced for pollution or degradation of environment over the past five years

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

Industry Update

Plastic Labware Market

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

FY20

FY25

FY20

FY25

Labware

Only Plasticware

Certrifuge ware

14.0%

26.0%

Liquid handling

6.0%

Bottles & Carboys

Cryoware

▪ Centrifuge & Liquid Handling market dominate the Laboratory equipment market

41.0%

PCR & Cell/ Tissue Culture

▪ The automated liquid handling market is anticipated to witness a significant market growth during the forecast period

▪ Expected increase in investments by various pharmaceutical majors to advance research

into various chronic diseases treatment

▪ COVID-19 pandemic has led to an increase in long term demand for laboratory

investigations, vaccine development activities and clinical trials

Diagnostic Labs

▪ Key growth drivers of the Indian market include:

Others

4.0%

24.0%

31.0%

Academia/ Research

−

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

Highly underpenetrated healthcare sector provides significant room for growth

Growth in pharmaceutical R&D outsourcing to India will serve as a huge catalyst for the labware space

IVF Clinics

3.0%

11.0%

CROs

27.0%

Pharmaceutical

▪ PCR product segment has seen a strong growth lately due to high demand on account of the pandemic

▪ 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

Rapid Shift from Glassware to Plasticware in India

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

59.0%

41.0%

2015

23.5

48.0%

52.0%

2020

34.2

25.0%

75.0%

2025

Glassware Products

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-à-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)

3,279 332 1,253 1,622

2015

120

4,945

548 1,883

2,395

2020

10,050

247

1,167

3,698

4,938

2025F

1,132

1,083

2015

1,833 95 1,738

2020

3,161

133

3,028

2025F

Centrifuge Ware

Liquid Handling

Cryoware

Others

Bottles, Beakers, Flasks & Carboys

Others

3,105

257

2,848

2015

5,473 398 5,075

2020 PCR, Cell Culture

Others

12,544

825

11,719

2025F

▪ Centrifuge ware is largest segment within consumables with 48% market share ▪ Increased investments in life sciences sector including omics research, advanced 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

▪ India being price sensitive country prefers plastic reusables as they have long shelf life in addition to being unbreakable and inexpensive as compared to glass

▪ 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

▪ Cell / Tissue Culture is high end, large & growing market in India with huge

potential for growth

▪ Increase in R&D in field of cell engineering is also expected to propel growth

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

Q4 & FY22 Financial Highlights

Q4 & FY22 Key Financial Highlights

REVENUE (in Rs. Crs)

EBITDA (in Rs. Crs)

PAT (in Rs. Crs)

+31%

301

229

+48%

153

103

+46%

101

+26%

+27%

+25%

Q4FY21

Q4FY22

FY21

FY22

Q4FY21

Q4FY22

FY21

FY22

Q4FY21

Q4FY22

FY21

FY22

GP Margin

EBITDA Margin

PAT Margin

76.5%

77.7%

73.1%

79.1%

51.6%

52.2%

50.8%

45.2%

34.9%

34.7%

33.5%

30.1%

Q4FY21

Q4FY22

FY21

FY22

Q4FY21

Q4FY22

FY21

FY22

Q4FY21

Q4FY22

FY21

FY22

Q4 & FY22 Key Operational Highlights

Revenue Spilt – Products

Revenue Spilt – Domestic : Export

FY21

FY22

34%

33%

61%

63%

+26%

+31%

23.7%

30.9%

229

153

31.4%

31.3%

Consumables

Reusables

Others

Domestic

Exports

Q4FY21

Q4FY22

FY21

301

202

FY22

➢ Domestic revenues for Q4FY22 & FY22 grew by 23.7% & 31.4% respectively. Exports revenue showed strong resilience and grew by 30.9%

and 31.3% for Q4FY22 and FY22 respectively

➢ Spilt across Domestic : Export revenues stood at 67 : 33 for Q4FY22 & FY22

➢ Off total exports revenue; 43% was contributed by branded products & 57% was contributed by ODM sales in FY22 as compared to 38% &

62% respectively for FY21

➢ For FY22, Consumables contributed 63%, Reusables contributed 33% & Others contributed 4% of total revenues

Q4 & FY22 Consolidated Profit & Loss Statement

Profit and Loss (in Rs. Crs)

Q4FY22

Q4FY21

YoY

25.7%

27.6%

Q3FY22

70.7

15.6

55.1

77.7%

76.5%

116 bps

77.9%

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

84.9

19.0

66.0

67.6

15.9

51.7

8.6

13.0

44.3

6.3

10.5

34.8

52.2%

51.6%

7.2

2.6

39.7

0.5

39.2

9.8

29.5

3.4

0.7

32.1

0.6

31.6

8.0

23.6

27.2%

62 bps

23.5%

24.3%

25.1%

-18 bps

Q-o-Q

20.2%

19.8%

-29 bps

33.8%

7.5

14.4

33.1

46.9%

531 bps

5.3

2.5

30.2

1.4

28.9

7.4

21.5

31.2%

35.8%

37.2%

30.4%

430 bps

FY22

300.8

62.9

237.9

79.1%

31.4

53.8

152.7

50.8%

22.0

8.5

139.2

4.2

135.0

34.3

100.7

33.5%

FY21

228.9

61.5

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

YoY

31.4%

42.1%

596 bps

47.6%

558 bps

46.3%

46.0%

46.2%

30.1%

338 bps

Profit After Tax Margin

34.7%

34.9%

Management Commentary

Rohan Sehgal Whole Time Director

Commenting on the Q4 & FY22 performance of the company Mr. Rohan Sehgal Said:

“We finished the year on a high note, with strong revenue and profit growth for FY22 as a result of improved product mix and operational efficiencies. Revenue grew by 31% and PAT grew by 46% for FY22 on Y-o-Y basis.

Our company has grown rapidly, with higher demand for our products and increased wallet share among customers year after year. We continue to grab market share across segments and strengthen our geographical presence, we are optimistic that our performance will be in line or higher with our historical growth pace. Our domestic and exports revenue grew by 31.4% and by 31.3% in FY22 respectively on y-o-y basis.

We are seeing strong demand for our products on the strength of our quality of our deliverables and strong technical capabilities. Our capex plans are in adherence to the robust demand scenario ahead of us and strong response for our products from our customers which we expect to come on stream by middle of FY23.

Our diverse quality product portfolio, ongoing capacity expansion, and long-standing relationships and goodwill with consumers, suppliers, and other stakeholders are expected to result in strong performance in the coming years.

As growth of our Company is quality driven and increased automation & efficiency, we continue to invest our time and energy to improve upon it.”

Historical Consolidated Financial Highlights

REVENUE (in Rs. Crs)

EBITDA (in Rs. Crs)

PAT (in Rs. Crs)

+31%

229

301

176

153

+48%

103

101

+58%

FY20

FY21

FY22

FY20

FY21

FY22

FY20

FY21

FY22

GP Margin

676 bps

72.3%

73.1%

79.1%

EBITDA Margin

1,139 bps

45.2%

50.8%

39.4%

PAT Margin

1,042 bps

30.1%

33.5%

23.0%

FY20

FY21

FY22

FY20

FY21

FY22

FY20

FY21

FY22

Historical Consolidated Profit & Loss Statement

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

Finance Cost

Profit before Tax

Tax

Profit After Tax

Profit After Tax Margin

FY22

300.8

62.9

237.9

79.1%

31.4

53.8

152.7

50.8%

22.0

8.5

139.2

4.2

135.0

34.3

100.7

33.5%

FY21

228.9

61.5

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

FY20

175.9

48.7

127.2

72.3%

20.1

37.9

69.3

39.4%

14.2

4.2

59.2

6.1

53.1

12.6

40.5

30.1%

23.0%

CAGR

30.8%

36.7%

676 bps

48.5%

1,139 bps

53.3%

59.4%

57.6%

1,042 bps

Historical Consolidated Balance Sheet

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

(i) 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 (ii)

Other Financial Assets

Other Current Assets

Total Assets

Mar-22

Mar-21

Mar-20

Equity & Liabilities (in Rs. Crs)

Mar-22

Mar-21

Mar-20

299.7

181.4

32.2

0.7

6.7

0.0

5.9

2.5

70.3

244.5

82.4

65.2

77.4

8.4

0.1

11.1

544.2

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

0.0

15.9

296.0

128.9

87.6

19.3

0.0

4.4

0.0

2.2

1.8

13.5

119.8

48.7

38.2

25.3

0.9

0.0

6.7

Total Equity

Share Capital

Other Equity

Non-Current Liabilities

Financial Liabilities

(i) Borrowings

(ii) Lease Liabilities

(iii) Other Financial Liabilities

Other Non Current Liabilities

Deferred Tax Liabilities

Current Liabilities

Financial Liabilities

(i) Borrowings

(ii) Trade Payables

(iii) Lease

(iv) Other Financial Liabilities

Other Current Liabilities

Provisions

489.9

10.6

479.2

19.5

9.3

0.0

0.1

5.6

4.4

244.3

197.6

0.2

244.1

9.8

0.2

197.4

10.7

3.3

0.0

0.1

3.2

3.3

5.9

0.0

0.1

1.5

3.2

34.9

41.8

40.4

12.3

13.0

0.0

3.5

4.7

1.5

30.2

30.0

6.0

0.0

2.7

1.4

1.5

5.9

0.0

1.9

1.5

1.1

248.7

Total Equity & Liabilities

544.2

296.0

248.7

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 Increase/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

FY22

135.0

23.7

158.7

-41.8

116.8

-33.4

83.5

-137.9

129.6

75.1

2.3

0.0

77.4

FY21

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

FY20

53.1

20.0

73.1

6.4

79.5

-15.3

64.2

-25.4

-13.8

25.0

0.5

-0.2

25.3

Key Ratios

Return on Equity

Return on Capital Employed

Return on Asset

Debt to Equity

28.2%

34.3%

23.3%

0.2

20.5%

20.6%

25.4%

27.2%

16.3%

18.5%

0.1

FY20

FY21

FY22

FY20

FY21

FY22

FY20

FY21

FY22

FY20

FY21

FY22

0.0

Current Ratio

Working Capital (in Rs. Crs)

Working Capital Days*

Asset Turnover

7.0

209.6

136

114

104

0.7

0.8

0.6

3.0

2.7

79.4

71.0

FY20

FY21

FY22

FY20

FY21

FY22

FY20

FY21

FY22

FY20

FY21

FY22

*For WC; Debtors & Inventory calculated on Sales & Creditors on COGS

Key Takeaways

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

Long-standing relationships with 04 distributors catering to a diverse set of end-customers pan-India

Highly automated state-of-the-art manufacturing facilities churning out quality products

Well-placed to grow domestic & export business through launch of new products & capacity expansion

Thank You

Tarsons Products Limited

CIN: L51109WB1983PLC036510 Mr. Santosh Agarwal – Chief Financial Officer santosh@tarsons.in

Strategic Growth Advisors Private Limited

CIN: U74140MH2010PTC204285 Mr. Sagar Shroff/Mr. Pratik Shah sagar.shroff@sgapl.net / p.s.shah@sgapl.net +91 98205 19303 / +91 98700 30585

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