SIRCANSE28 July 2022

Sirca Paints India Limited has informed the Exchange about Investor Presentation

Sirca Paints India Limited

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SIRCA PAINTS INDIA TIMITED I G-82, KirtiNagar, Delhi-110015 L 011-42083083 X info@sircapaints.com J wwwsircapaints.com

Cl N NO : L24219DL2O0óPLC1 45092

TO, LISTING DEPARTMENT NATIONAT STOCK EXCHANGE OF INDIA tTD EXCHANGE PLAZA, sTH FIOOR, PLOT NO. C/1 G-BIOCK BANDRA-KURLA COMPLEX, BANDRA (E) MUMBAI - 4OOO51

Date: 28/07 /2022

SUB: SUBMISSION OF INVESTOR PRESENTATION

Dear Sir/Ma'am,

SYMBOT.SIRCA

Pursuant to Regulation 30 of the SEBI (tisting Obligations & Disclosures Requirements) Regulation, 2015, please find enclosed herewith Earnings Presentation of Q1& FY23 of the Company.

This is for your information and record.

Thanks & Regards, For Sirca Paints India Limited

secretary & Compliance officer

Place: Delhi

Encl: As above

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Your ltalian Autogrâph.o.

NSE: SIRCA | Bloomberg: SIRCA:IN CIN: L24219DL2006PLC145092

Q1FY23

Earnings Presentation

J U L Y 2 0 2 2

INSIDE

Introduction

Sirca at a Glance

Sirca’s Value Proposition

Brand Portfolio

Sirca’s Footprint & Distribution

Customer Segments

Manufacturing Facilities

Marketing & Promotional Activity Industry

Contractor Loyalty Program

Indian Paints Industry

Wood Coatings & Finishes

Board of Directors

5Y Financial Summary

Q1FY23 Result Discussion

Get in Touch

Disclaimer

Company Profile

C O M P A N Y P R O F I L E

INTRODUCTION

About Sirca Paints India Limited • Sirca Paints India Limited (SPIL) is among the country’s leading manufacturers of wood coating

products. With its history dating back to more than 2 decades, today the company fulfils emerging aesthetic wood finishes needs of lakhs and adds extra mileage to India’s growing furnishing market. • The company is engaged in the manufacturing, sales and exports of wood coatings and other decorative

paints under the brands ‘Sirca’, ‘Unico, and others.

• With its newly commissioned manufacturing facility, SPIL is progressing on its journey to become a

leading brand in the Indian wood coatings & paints market.

• The company is recognized for its hallmark of superior quality wood finishes. With a vision to have a global footprint, the company is working towards exporting its products to neighboring countries i.e. Nepal, Bangladesh and Sri Lanka catered by its state-of-the-art manufacturing facility at Sonipat.

About Sirca S.P.A (Italy) Founded in the 1973, Sirca is an integral part of the Durante Group. It is among the leaders in the field of Italian wood paints, with a widespread presence in 85+ countries, 300+ employees, 4 production plants, and a turnover of €120+ million. Sirca is a research and development-oriented organization, employing more than 20% of its personnel in technical areas, such as analysts, testers, colorists, and applicators.

Sirca's value proposition revolves around premium Italian wood coatings & finishes, which are developed in collaboration with Italy’s most prestigious furniture brands.

Exclusive licensee products to Nepal, Bangladesh & Sri Lanka

Newly commissioned manufacturing facility

85+ Countries

300+ Employees

4 Production Plant

€120+ Turnover

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SPIL AT A GLANCE

EXCLUSIVE LICENSEE Of Globally Established ‘Sirca’ brand for India, Nepal, Bangladesh and Sri Lanka

MARKET LEADER Among the Top 3 Premium wood coatings brand in India

Market Leader in North India

OEM VENDOR Preferred OEM Vendor on its way to become a Dominating Retail Brand

395 Team Strength

2,167 Nodes* in Distribution Network

12 Branches & Depots

19 Sirca Studios

* Inc l udi ng OE M ’ s

02 Manufacturing Facilities

587 OEM’s Clientele

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VALUE PROPOSITION

The promise and quality of ‘Made in Italy’ blended with innovation, research and development to provide the most sophisticated and customized products and services in the paints industry.

CORE OFFERING :

Premium Italian Wood Coatings

Metal Coatings

Glass Coatings

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C O M P A N Y P R O F I L E

VALUE PROPOSITION

Portfolio Expansion

Wall Paints Range

Recent Additions

Wood Coatings MASS MARKET RANGE • Nitrocellulose (NC), Melamine, PU Coatings and Thinners

• Hygiene Plus Additives

Wall Paints & others • San Marco Portfolio

(Decorative, Solid Colour Finishes, and Texture Coatings) • DuranteVivan Portfolio

(Adhesives)

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BRAND PORTFOLIO

Sirca • Luxury Italian Wood

Coatings

• High-end Wall Paints

Unico • Mass-market Wood Coatings products

San Marco • High-end Decorative, Solid Colour Finishes and Texture Coatings

DuranteVivan • Adhesives Product Portfolio

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T N O C B U S

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E N T R Y- L E V E L

E C O N O M I C

L U X U R Y

* Inc l udes Indi a, B angl ades h, Nepal and S r i Lank a

P R I C I N G

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C O M P A N Y P R O F I L E

SIRCA’S FOOTPRINT

MOHALI

KARNAL RAI & SONIPAT

DELHI

GURUGRAM

INDORE

NAGPUR

MUMBAI

THRISSUR

JAGADHARI

AMBALA

NOIDA DEHRADUN NEPAL

SILLIGURI

GUWAHATI BANGLADESH KOLKATA

RAIPUR

CHENNAI

SRI LANKA

1,496 Dealers

19 Sirca Studios

Key

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12 Branches & Depots

02 Manufacturing Facilities

BRANCHES

MANUFACTURING FACILITIES

SIRCA STUDIOS

EXPORT MARKETS

C O M P A N Y P R O F I L E

CUSTOMER SEGMENTS

~70% Revenue Contribution

1,580 Aggressively growing Distribution Network with 1,580* nodes

Growth Strategy

• Chain of studios being opened across India,

currently 19 studios & 12 branches are operational. • Creating a wider and self-sufficient product portfolio to

expand & strengthen distribution network.

* E x c l udi ng OE M ’ s

CUSTOMER SEGMENTS

~30% Revenue Contribution

APPROACH

• Dealing in Premium products. • Providing strong technical support and after sales

services to OEM’s.

Clientele (of 587 OEM’s)

• Key Clientele includes : Godrej, Jindal Stainless,

Indoline, Space Wood, Pyramid, MAS Furniture, Alsorg, Soundarya Decorators, etc.

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MANUFACTURING FACILITIES

COMMISSIONED

In Nov’2019, Sirca commissioned a manufacturing facility for Nitrocellulose, Melamine, Economical PU products, and PU thinner at Rai, Sonipat (NCR).

~33.20 CRORES

This unit has been established with a total CAPEX of ~33.20 Crores, as a primary ‘Object of Issue’ from our initial public offer in 2018.

COMISSIONED WALL PAINT & WALL PUTTY MANUFACTURING

PRODUCTION CAPACITY

This Company has a production capacity of:

In Q1FY21 the company shifted it’s wall paint manufacturing unit to a new, bigger premises in response to higher than originally anticipated demand.

~225 CRORES

MAXIMUM CAPACITY

8,000 Tonnes

For NC, Melamine and Economical PU products

4,000 Tonnes

For PU Thinner and above-mentioned products

At peak capacity utilization this manufacturing facility has a capacity to generate ~225 Crores in revenue with an optimal product-mix.

48 Lakh Liters

Wall Paints

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MARKETING AND PROMOTIONAL ACTIVITIES

INCREASE EXPENDITURE ON ADVERTISEMENTS

To achieve a greater brand-recall for ‘Sirca’, the company is increasing its expenditure on advertisements, marketing, and sales promotion efforts.

IMPLEMENTED 360° MARKETING CAMPAIGN

The company has implemented a 360° marketing campaign in its target markets, especially in the newly tapped regions.

Radio commercials & tv commercials in regional languages

Increase expenditure on Advertisements

TV COMMERCIALS IN REGIONAL LANGUAGES

TV commercials have been launched in Hindi and other regional languages, along with advertisements in movie theaters. Recently also launched Radio City campaign in NCR.

INCREASED DEALER NETWORK

To strengthen Sirca’s outdoor presence, the company is installing shop boards at its dealer network. At present, a total of ~1,150 shop boards have been installed.

Implemented 360° Marketing Campaign

Shop Boards & Hoardings at Dealer Network

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MARKETING AND PROMOTIONAL ACTIVITIES

Sirca studios for a class-apart consumer experience

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MARKETING AND PROMOTIONAL ACTIVITIES

~1,150 shop board installed for enhanced visibility. Refreshed brand positioning as “Your Italian Autograph”.

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CONTRACTOR LOYALTY PROGRAM

Sirca Parivar App Highlights

8,000+ Contractors Registered

3,000+ Average Daily Scans

10,000+ Application Downloads

Sirca Parivar App Highlights

The main objective of this app is to automate the process of contractor loyalty program and streamline the process of rewards and redemption.

How does it work?

• Contractor registration • Respective details are added (like sites, architect, etcetera)

• Mapping material dispatch • Product QR code scanned • Points added to contractor’s account • Contractor claim requests • Payments to contractors processed & approved by

back-end team

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INDIA PAINT INDUSTRY

55,000 CRORE MARKET The Indian Paints industry is estimated to be a 55,000 Crore market annually

PAINT INDUSTRY IS BROADLY DIVIDED INTO

3/4th

1/4th

Decorative Paints & Coatings

Industrial Paints & Coatings

Decorative Paints constitute almost 3/4th of the market share while the rest 1/4th lies with Industrial Paints.

2/3rd SHARE IN INDIA WITH ORGANIZED INCUMBENTS In between the organized and unorganized incumbents, the former holds the majority of 2/3rd share in the India paint industry, while the rest lies with unorganized incumbents.

~12% CAGR DECORATIVE SEGMENT GROWTH IN BETWEEN FY09-19

The decorative segment is the relatively faster- growing segment of the paints industry. It had maintained a growth CAGR of ~12% between FY09- 19, this was led by strong demand from the rural and tier-II, tier-III cities and reduced repainting cycle from the consumers.

PAINT INDUSTRY IS EXPECTED TO GROW AS:

• An increase in disposable income. • Rising urbanization & rural economy.

• Increasing trend of nuclear families. • Reduction in average repainting cycle on

account of improvement in disposable income and improving lifestyles.

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C O M P A N Y P R O F I L E

WOOD COATINGS & FINISHES SEGMENTS

Overview

Market Trends

• Wood coatings are used for their

adhesion, anti-corrosion, durability, appearance enhancing & aesthetics features on wooden furniture.

• In the last decade, India has shaped

up to be one of the largest markets for wood coatings products in the Asia-Pacific region.

• Indian furniture industry, which

happens to be a key demand driver of wood coatings products, is estimated to be a USD 5 billion market in 2018- 19, with nearly USD 1.5 billion in exports and USD 0.6 billion in imports, respectively.

• The wood coatings product category is facing a shift in consumer preferences from toxic and environmentally harmful products to eco-friendly and non-toxic products.

• There is a shift underway from harmful products like Nitrocellulose

(NC) and Melamine coating products to high-quality Polyurethane (PU) coatings on account of multiple factors such as:

•

Increasing health-consciousness and awareness about the harm-full effects of these degrading wood coatings,

• Growing awareness about environment-friendly products, • Greater artistic and aesthetic value, • Other factors include - lower emission of odour, increased durability

and resistance which make these products more preferable. • The increasing value of aesthetics and expenditure towards the

furnishing segment is supporting this transition. In the long-run, an increase in disposable income and a shift towards higher-end wood coating products in the value chain will be the leading growth driver for the wood coatings market.

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C O M P A N Y P R O F I L E

BOARD OF DIRECTORS

Mr. Sanjay Agarwal

CHAIRMAN AND MANAGING DIRECTOR

Mr. Apoorv Agarwal

JOINT MANAGING DIRECTOR

Mr. Gurjit Singh Bains

NON-EXECUTIVE DIRECTOR

Mr. Ugo Pelosin

NON-EXECUTIVE DIRECTOR

Mr. Agarwal is one of the co-founders of Sirca Paints India Limited, he has been working the Paints & Coatings industry for more than two decades. Under his able leadership, Sirca has risen the ranks as one of the most prominent brands of luxury wood coatings in the country. A Chartered Accountant by qualification, Mr. Agarwal currently looks after the finance and strategy functions of the organization.

Mr. Agarwal has holds a bachelor's degree from Delhi University and a masters degree in Finance & Marketing from IIPM. He has a decade of experience & training in the Italian furnishing and Italian wood coatings space. He has worked with prominent Italian furnishing brands like B&B Italia, Reflex, Laura Meroni, Simon Cenedese, and many others. At Sirca Paints India, he looks after the Sales and Marketing functions. He has also been bestowed with the responsibilities of establishing Sirca's presence through its distribution network across the country.

Mr. Gurjit Singh Bains is one of the co- founders of Sirca Paints India, he has more than two decades of experience in wood coatings and the Italian furniture industry. He was among the early introducers & promoter of branded Italian furniture in India.

Mr. Pelosin has more than two decades of experience in exporting wood coatings globally. Apart from being the Non-Executive Director of Sirca Paints India, he is also the Export Director of Sirca S.p.A (Italy). He was appointed as the Non-Executive Director of the company in 2018, nominated by Sirca S.p.A (Italy) as per the Shareholder Agreement entered between the companies.

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BOARD OF DIRECTORS

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Mr. Shyam Lal Goyal

NON-EXECUTIVE & INDEPENDENT DIRECTOR

Mr. Anil Kumar Mehrotra

NON-EXECUTIVE & INDEPENDENT DIRECTOR

Mrs. Anu Chauhan

NON-EXECUTIVE & INDEPENDENT DIRECTOR

Mr. Sanjay Kapoor

NON-EXECUTIVE & INDEPENDENT DIRECTOR

Mr. Goyal was the Audit and Finance Advisor at Ghazanfar Bank. He leads each firm’s lines of business - Banking Sector and FMCG industries in an expeditious manner. He holds experience of over 30 years and has held various senior positions in India and abroad. His experience in global financial operations, Corporate Governance, Enterprise-wide systems, and Financing is a proven asset.

Mr. Mehrotra is an experienced professional who has worked as a CFO in the Automotive and FMCG industry for over 30 years in 4 different countries. His area of expertise includes - business strategy and financial planning, international operations, acquisitions, corporate governance controllership and taxation, business unit restructuring & integration systems.

Mrs. Chauhan has a vast experience of over a decade in management and team leadership skills. She has a proven track record of running successful operations and nurturing & growing businesses. Her core area of expertise includes - business management, directing and planning, supervising multi- disciplinary teams, processes, documentation, business Control checks, audits, and vendor management.

Mr. Kapoor is a doctor by profession, he has an MBBS and DCH (Diploma of Child Health) with over 20 years of experience in the pediatrics department. He was appointed on the Board of the company in 2017.

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5Y Financial Summary

5 Y F I N A N C I A L S U M M A R Y

5Y PROFIT & LOSS SUMMARY

PARTICULARS

Revenue from Operations

Total Income

Total Operating Expenses

EBITDA (Excluding OI)

EBITDA (Excluding OI) %

Interest Cost

Depreciation & Ammortisation

Profit Before Taxes

Profit After Taxes

Note: 1. Figures up till FY18 and not as per Ind AS 2. FY20 EBITDA (Excluding OI) & Total Operating Expenses adjusted for one-time impairment loss of 0.76 crores 3. FY21 EBITDA (Excluding OI) & Total Operating Expenses adjusted for net-loss of fire incident

FY22

FY21

FY20

200.02

204.43

162.27

37.76

18.9%

0.08

4.13

37.95

27.73

143.18

157.32

121.37

21.81

15.2%

0.10

3.65

22.58

16.61

135.05

140.66

103.26

31.78

23.5%

0.08

2.39

34.18

25.15

(₹ in crores)

FY18

89.22

93.57

63.26

25.96

29.1%

0.18

0.59

29.54

19.38

FY19

125.34

131.46

93.81

31.53

25.2%

0.11

0.93

31.97

22.23

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5 Y F I N A N C I A L S U M M A R Y

5Y BALANCE SHEET SUMMARY

PARTICULARS

Shareholders Fund

Non Current Liabilities

Current Liabilities

- Trade Payables

Total

Non Current Assets

Current Assets

- Inventories

- Trade Receivables

Total

Note: 1. Figures up till FY18 and not as per Ind AS

FY22

225.15

0.05

37.16

31.40

262.37

57.47

204.90

69.69

45.63

262.37

FY21

201.60

0.28

52.88

34.84

254.75

45.89

208.86

64.95

43.05

254.75

FY20

184.65

0.18

24.98

20.29

209.82

52.83

154.13

51.44

45.59

209.82

(₹ in crores)

FY18

67.63

0.33

26.57

6.93

94.56

22.43

72.11

14.85

33.53

94.56

FY19

167.84

0.48

22.45

17.02

190.79

36.74

154.04

26.77

39.7

190.79

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5 Y F I N A N C I A L S U M M A R Y

5Y CASH FLOW SUMMARY

PARTICULARS

Cash from Operating Activities

Cash from Investing Activities

Cash from Financing Activities

Net Cash Flow

Net Cash at Beginning of Year

Net Cash at End of Year

Note: 1. Figures up till FY18 and not as per Ind AS

FY22

FY21

FY20

FY19

FY18

(₹ in crores)

35.16

-11.06

-17.38

6.73

38.46

45.18

19.24

14.74

-0.10

33.87

4.59

38.46

-7.56

4.81

-8.45

-11.21

15.79

4.58

12.34

-71.28

68.36

9.42

6.37

15.79

-18.28

-12.87

15.5

1.31

13.33

14.65

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Q1FY23 Result Discussion

Q 1 F Y 2 3 R E S U L T D I S C U S S I O N

PROFIT & LOSS SUMMARY

Standalone

(₹ in crores)

PARTICULARS

Q1FY23

Q4FY22

Q1FY22

YoY %

QoQ %

Revenue from Operations

Total Income

Total Operating Expenses

EBIDTA (Excluding OI)

EBIDTA (Excluding OI) %

Interest Cost

Depreciation & Ammortisation

Profit Before Taxes

Profit After Taxes

Earnings Per Share (₹)

61.35

62.57

45.99

15.35

54.10

54.92

44.68

9.41

32.13

33.03

29.26

2.87

90.9%

89.4%

57.2%

434.8%

13.4%

13.9%

2.9%

63.1%

25.0%

17.4%

8.9%

+1,609 bps

+763 bps

0.01

1.14

15.42

11.67

4.26

0.01

1.16

9.06

6.19

2.26

0.02

0.78

2.98

2.21

0.81

-32.2%

47.3%

417.7%

427.5%

425.9%

0.8%

-1.3%

70.1%

88.7%

88.5%

Li nk to Fi nanc i al Res ul ts

Note: Interest Cost figures have been rounded-off to 2 decimals. Interest Cost for Q1FY23 is 1.24 Lakhs, Q4FY22 is 1.23 Lakhs and Q1FY22 is 1.83 Lakhs.

90.9%

Q1FY23 Revenue from Operations at 61.35 Crores compared to 32.13 Crores in Q1FY22

434.8%

Q1FY23 EBITDA at 15.35 Crores compared to 2.87 Crores in Q1FY22

427.5%

Q1FY23 PAT at 11.67 Crores compared to 2.21 Crores in Q1FY22

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Q 1 F Y 2 3 R E S U L T D I S C U S S I O N

MANAGEMENT COMMENTARY

Q1FY23 Result Discussion

Sirca Paints continues to report strong performance on all fronts. Revenue from Operations for Q1FY23 stood at 61.35 Crores, up 13.4% QoQ and 90.9% YoY, albeit on a lower base of Q1FY22. It is noteworthy to mention that the first quarter is typically a muted one compared to the last quarter of the financial year; nonetheless, Sirca Paints has started the new financial year on a solid footing. On the profitability front, the Company witnessed a significant improvement in EBITDA margins due to a couple of factors. First, gross margins have improved as the price hikes in previous quarters have come into effect, further elevated prices of certain raw materials have come down, and lastly, the Company has benefited due to a depreciating Euro for its imported Italian PU products. The Company has also streamlined certain cost structures, which have aided operating profitability. As a result, the EBITDA margin for the quarter stood robust at 25.0%, compared to 17.4% in Q4FY22 and 8.9% in Q1FY22 (a one-off impact due to the second wave of Covid-19).

On the Balance Sheet front, the Company maintains a good liquidity position supported by healthy Cash Flow from Operation. Inventories continue to remain elevated, as the Company carries higher buffer inventories to avoid any supply disruption of imported products. In addition, channel financing has come into effect for a select few dealers & distributors and will be rolled out further in the coming quarters.

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Q 1 F Y 2 3 R E S U L T D I S C U S S I O N

MANAGEMENT COMMENTARY (Cont.)

Business Update

Product Portfolio Performance

• The Company has achieved a balanced performance across all product segments. • Unico is receiving a good response among the newer product categories. Production at the facility is increasing every quarter, and Unico is expected to increase its revenue contribution in the coming quarters.

• The Company has also been receiving an exceptional response on its Wall Paints category, which has been performing well, including our premium category textured finishes from San Marco. • The Company has ordered a container of hot-melt glue from its Durante-Vivan adhesives portfolio,

which will be supplied to OEMs in the coming quarter. Italian PU continues to remains the core product category for the Company.

•

Adding Resins Manufacturing at Sonipat Facility

In efforts to establish more control and achieve consistency in quality, the Company has decided to set up a manufacturing line for resins (a key starting material for wood coatings) at its existing Sonipat facility. Work on this project has already commenced, and the Company is expecting to commercialise this project in August and begin trial productions. These resins are for the Unico range of products. In addition, it will contribute to better margins, which is expected to start contributing from Q3 onwards.

Other Updates

• The Company has postponed its South India wood coatings facility by a couple of quarters. Once better on-ground marketing & distribution is achieved the Company will go ahead with this. In the interim, North India facility is catering to the South India markets.

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Q 1 F Y 2 3 R E S U L T D I S C U S S I O N

RECENT PROMOTIONAL ACTIVITIES

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GET IN TOUCH

Mr. Suraj Singh COMPANY SECRETARY AND COMPLIANCE OFFICER

Sirca Paints India Limited cs@sircapaints.com

Mr. Sayam Pokharna

TIL Advisors Private Limited sayam@theinvestmentlab.in +91 94266 60791

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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 Sirca Paints India Limited (“Company” or “Sirca”), 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. this presentation are cautioned not to place undue reliance on these forward-looking statements. The Given these risks, uncertainties and other factors, viewers Of 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 presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. This presentation may not be copied or disseminated, in whole or in part, and in any manner.

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