Tarsons Products Limited has informed the Exchange about Investor Presentation
Date: 7" August, 2022 r
To, The Manager Listing Department BSE Limited, | Phiroze Jee Jee Bhoy Towers, Dalal Street,
| Mumbai — 400001 | BSE Scrip code: 543399 _ISIN: INE144Z01023
arsons
TRUST DELIVERED
An ISO 9001 & ISO 13485 Certified Company
| To, The Manager Listing Department National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot No. c/1, G Block, Bandra Bandra, Mumbai-400051 NSE Symbol: TARSONS _ ISIN: INE144Z01023
— Kurla Complex,
| | | |
| |
ait
Subject: Investors Presentation- for Quarter ended 30" June, 2022 Dear Sir/Madam,
an wor trreh
Yours Faithfully, For Tarsons Products Limited (Formerly Tarsons Products Private Limited)
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 ended 30" June, 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,
Tarsons Products Ltd., 902, Martin Burn Business Park, BP-3, Sector-V, Salt Lake, Kolkata- 700 091
Santosh Kumar Agarwal Company Secretary and Chief Financial Officer Membership No, 44836
Encl: As above
TARSONS PRODUCTS LIMITED = g@ fsr-sons
Investor Presentation - August 2022
“Saggy TRUST DELIVERED
:
Leading player in the domestic plastic labware market and presence over 40 countries across the Globe
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
Harsons
TRUST DELIVERED
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 product segment
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
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*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
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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
=
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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
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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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abware products & AMONgST top 3 players with a robust market share*
the
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
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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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Syngene International Limited
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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
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Toei Kaisha Limited
50-member Sales Team with deeply entrenched relationships
Our State-of-the-art Manufacturing Facilities...
Jarsons
TRUST DELIVERED
Land Area mts.) (in sq. mrs.
4.
Ownership
Mfg Revenue Contribution (FY22)
530
1,022
515
15,142
4,047
21,550
24,080
Leased
Leased
Leased
Owned
Leased
Owned
Owned
5.0%
6.4%
2.0%
62.1%
24.5%
-
-
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
Company is expanding into new products at upcoming production facility in Panchla, West Bengal
...with widespread Domestic Sales & Distribution network...
§ Parsons
TRUST DELIVERED
Comprehensive Pan-India Distribution Network
oe
Long-standing relationships with Distributors
East: 19% of FY22 Domestic Sales 42 Distributors
North: 20% of FY22 Domestic Sales
42 Distributors = >
West: 23% of FY22 Domestic Sales
18 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
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South: 38% of FY22 Domestic Sales 39 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
¥ As of 315t 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
Export Revenue (INR mn}
Export Revenue Break-up (%)
993
FY19
FY22
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
FY19
FY22
= Branded
=» ODM
Key Overseas Clients (ODM Sales)
(J avantor’
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FC-BIOS
Toei Kaisha
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...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
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
* *
=
0 os
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
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
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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
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2 2 Y F
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s e l b a m u s n o C
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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
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S N O S R A T
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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
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Glimpse of our product portfolio & processes
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WIDE RANGE OF SCIENCE
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Key Business Strategies
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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
\
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 cell culture
‘,
© Increasing presence in overseas markets
X
%
Maintain operational efficiency & profitability | X
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 ~58% PAT CAGR from FY20 to FY22
Continue to invest in automation in order to avoid human error & consequently improve throughput
14
Experienced Board of Director & Managerial Team
§arsons
TRUST DELIVERED
Sanjive Sehgal
;
;
;
. carmen & Managing Director of Tarsons Product
imite Has over 31 years of experience in the company
*
Rohan Sehgal
Gaurav Podar
Non-Executive Nominee Director
*
*
Currently, Director with ADV Partners
Investment professional with 11+ 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 8 years of experience working in the
company
. Sucharita Basu
Independent Director
Santosh Agarwal
*
*
Qualified as a Chartered Accountant & Company Secretary Has over 21 years of experience
* *
Co-founder AQUILAW 21+ 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
15
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
16
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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= 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
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:
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
qgecsons
Q1 FY23 Key Financial Highlights
EE
[
Revenue (in Rs. Crs)
]
[
EBIDTA (in Rs. Crs)
]
[
Profit After Tax (in Rs. Crs)
]
Higher share of Covid related sales _ conventional business
Higher share of
Better throughput and lower costs led to EBITDA uptick
Commodity inflation, Marketing expenses & Investments In manpower to support future growth impacted EBITDA
69.2
68.6
36.8
31.1
QUFY22
QUFY23
QUFY22
QUFY23
QUFY22
QUFY23
[
GP Margin (%)
]
[
EBIDTA Margin (%)
]
[
PAT Margin (%)
]
82.0%
79.1%
53.2%
35.9%
45.4%
29.6%
!
' ' !
:
:
: !
§arsons
TRUST DELIVERED
} QIFY22 i.e. April to June 2021 witnessed higher share of sales on account of second wave of
Covid.
» The Revenue contribution from conventional . the business demand from other life science industry on account of lockdowns and reduced activities.
. in QIFY22 was
lower due
to
> QIFY23 witnessed a normalized quarter with healthy growth and higher contribution from On a like-to-like basis, conventional business. our conventional business has witnessed YoY growth.
> Gross margin in Q1FY23 was impacted due to a change inflationary commodity environment on account of geo- political tensions and supply chain disruptions.
product
and_
mix
in
Q1FY22
Q1FY23
Q1FY22
Q1FY23
Q1FY22
Q1FY23
21
> EBIDTA margins in Q1FY23 were also impacted on account of higher expenses due to traveling and and fare higher investments in manpower to support future growth.
& exhibitions
participation
in
Q1 FY23 Key Operational Highlights
EE
[
Revenue Spilt — Domestic : Export
]
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TRUST DELIVERED
pas),
!
|| Domestic || Exports
nnn nn nnn nnn nnn
1FY22
a
1FY23
a
Domestic revenues for Q1FY23 de-grew by 6%. Exports revenue showed strong resilience and grew by 14% for Q1FY23
Spilt across Domestic : Export revenues stood at 71 : 29 for QIFY23 as compared to 74 : 26 in QIFY22
Our dedicated efforts like participation in various fare & exhibitions to increase our revenues from exports markets is yielding results
Off total exports revenue; 26% was contributed by branded products & 74% was contributed by ODM sales in Q1IFY23 as compared to 30% & 70% in QUFY22
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i I I
I I
I
22
Q1 FY23 Consolidated Profit & Loss Statement
TRUST DELIVERED
§srsons
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
Q1FY23
Q1FY22
68.6
14.4
54.3
69.2
12.4
56.7
79.1%
82.0%
8.3
14.9
31.1
7.6
12.3
36.8
45.4%
53.2%
6.1
2.7
27.7
0.4
27.3
7.0
20.3
4.6
2.0
34.2
0.8
33.3
8.5
24.8
-4.3%
-15.3%
-19.0%
-18.2%
-18.2%
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
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
42.1%
47.6%
46.3%
46.0%
46.2%
Profit After Tax Margin
29.6%
35.9%
33.5%
30.1%
23
Management Commentary
§srsons
TRUST DELIVERED
s
Commenting on the Q1 FY23 performance of the company Mr. Rohan Sehgal Said:
“Revenue for Q1FY23 was muted on account of higher share of Covid related revenues which contributed significantly in QIFY22. However, despite negligible contribution from covid related revenues in QIFY23 your company has been able to deliver revenues at par on Y-o-Y basis.
Rohan Sehgal Whole Time Director
We have been participating in various fare & exhibitions in the exports markets to mark our presence as a leading suppliers of labware products of global standards and quality. We have been receiving positives responses & enquires and are optimistic of higher demand from international markets going forward.
Our expansion of new facilities is on track and progressing well, we believe with the new facilities, addition of new product portfolio and trusted brand for “TARSONS” in the life science community, we are optimistic about the new phase of growth of your company.
Our focus remains on brand building, deliver quality products, automation of processes and improve export presence and we continue to work in that direction.”
24
Historical Consolidated Financial Highlights
§arsons
TRUST DELIVERED
, I
REVENUE (in Rs. Crs)
]
[
EBITDA (in Rs. Crs)
]
[
PAT (in Rs. Crs)
]
_ a
229
176
153
101
103
69
69
41
FY20
FY21
FY22
FY20
FY21
FY22
FY20
FY21
FY22
[
GP Margin
]
[
EBITDA Margin
]
[
PAT Margin
]
676 bps
1,139 bps>
1,042 bps
72.3%
73.1%
79.1%
0,
45.29%
50.8%
0,
30.1%
33.5%
0
39.49 7
23.0%
FY20
FY21
FY22
FY20
FY21
FY22
FY20
FY21
FY22
25
Historical Consolidated Profit & Loss Statement
§srsons
TRUST DELIVERED
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
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%
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
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%
36.7%
676 bps
48.5%
1,139 bps
53.3%
59.4%
57.6%
1,042 bps
26
Historical Consolidated Balance Sheet
farsons
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
WE eyed
Mar-21
Mar-20
Equity & Liabilities (in Rs. Crs)
WE eyed
Feral
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
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
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
3.3
0.0
0.1
3.2
3.3
0.2
197.4
10.7
5.9
0.0
0.1
1.5
3.2
34.9
41.8
40.4
12.3
13.0
0.0
3.5
47
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
544.2
296.0
248.7
Total Equity & Liabilities
544.2
296.0
248.7
27
Historical Consolidated Cash Flow Statement
TRUST DELIVERED
§srsons
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 difference on 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
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
28
Key Ratios
§arsons
TRUST DELIVERED
[
Return on Equity
]
[
Return on Capital Employed
]
[
Return on Asset
]
[
Debt to Equity
]
28.2%
34.3%
23.3%
18.5%
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
]
3.0
135
136
114
104
07
.
0.8
0.6 :
88
FY20
FY21
FY22
FY20
FY21
FY22
FY20
FY21
FY22
FY20
FY21
FY22
*For WC; Debtors & Inventory calculated on Sales & Creditors on COGS
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