SAPPHIRENSE9 February 2023

Sapphire Foods India Limited has informed the Exchange about Investor Presentation

Sapphire Foods India Limited

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Sapphire Foods

Date: February 09, 2023

To,

National Stock Exchange of India Limited

BSE Limited

Exchange Plaza, Block G, C/1, Sandra Kurla

Phiroze Jeejeebhoy Towers,

Complex, Sandra (E), Mumbai - 400051

Dalal Street, Mumbai - 400001

Symbol: SAPPHIRE

Scrip Code: 543397

Dear Sir /Madam,

S.ubject: Outcome of the Meeting of the Board of Directors of Sapphire Foods lnd'ia Limited

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and

Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform that the

Board of Directors of Sapphire foods India Limited ("the Company") at its meeting held today, i.e.

on Thursday, February 09,2023, inter-alia, has considered and approved the following:

1) Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter

and nine months ended December 31, 2022, duly considered and recommended by the Audit

Committee along with the Limited R-eview Reports issued by M/s. S R 8 C & Co. LLP,

Chartered Accountants, Statutory Auditors of the Company.

Please find enclosed herewith the copies of the Unaudited Financial Results (Standalone and

Consolidated) along with the Limited Review Reports on the aforesaid Financial Results

issued by Statutory Auditors of the Company.

2) In connection with the aforesaid, Press (Investor) Release and Earnings Presentation is

enclosed herewith with this outcome letter.

3) Renaming of the existing 'Corporate Social Responsibility Committee' ("CSR Committee") of

the Board of Directors as "CSR & ESG Committee" and further enhanced its scope to

additionally accommodate the scope of Business Responsibility and Sustainability Reportin

("BRSR")/ Environment, Social and Governance ("ESG") framework.

Sapphire Foods India Limited (formerly knewn as Sapphire Foods India Private Limited) CIN: L55204MH2009PLC 197005

it +91 022 67522300 • info@sapphirefoods.in @) www.sapphirefoods.in 9 702, Prism Tower, A-Wing,, Mindspace, Link Road, Goregaon 01'1), Mumbai 400062

SapphireFoods

The meeting of Board of Directors commenced at 11.45 a.m. and the Board approved the

aforementioned Unaudited Financial Results, inter-alia, at 01.15 p.m. The meeting of the Board of

Directors is continuing for rest of the routine business matters.

Request you to kindly take the same on record.

Thanking you,

For Sapphire Foods India Limited'

Sas_ Company Secretary and Compliance Officer

Encl.: a/a

S R B C & CO LLP

Chartered Accountants

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India

Tel : +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Sapphire Foods India Limited

We have reviewed the accompanying statement of unaudited standalone financial results of Sapphire Foods India Limited (the "Company") for the quarter ended December 31, 2022 and year to date from April O 1, 2022 to December 31, 2022 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For SR BC & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

per Vikram Mehta Partner Membership No.: 105938 UDIN: 23105"9Si BCt-:XGFK.!~ Mumbai, February 09, 2023

Page 1 of 1

SR BC & co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd Office: 22, Camac Street, Block '8', 3rd Floor, Kolkata-700 016

0 SapphireFoods

Sapphire Foods India Limited Registered address :702, Prism Tower, A-Wing, Mindspace, Link Road, Goregaon (W), Mumbai- 400062, India

CIN: L55204MH2009PLC197005, Email: info@sapphirefoods.in, Website: www.sapphirefoods.in

Statement of Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2022

Quarter ended

Nine Months Ended

Year ended

(Rs. in Million except per share data)

Particulars

31.12.2022

30.09.2022

31.12.2021

31.12.2022

31.12.2021

31.03.2022

(Unaudited)

(Audited)

Income

a) Revenue from operations

b) Other income

Total income [1 (a)+ 1 (bl]

Expenses

a) Cost of materials consumed

b) Employee benefits expense

c) Finance costs

d) Depreciation and amortisation expense

e) Other expenses

Total expenses [2(a) to 2(e)]

Profit before tax [1 - 2]

Tax expense

a) Current tax

b) Deferred tax

Total Tax expense [4(a) + 4(b)]

Profit after tax [3 - 4]

Other comprehensive income/ (loss)

a) Items that will not be reclassified to profit or loss

i) Remeasurements gainl(losses) of net defined benefit plan

ii) Tax effect on above

b) Items that will be reclassified to profit or loss

Total Other comprehensive income/ (loss) [6(a) + 6(b)]

Total comprehensive income [5 + 6]

Paid-up equity share capital [Face Value - Rs. 10/- per share]

Other equity (excluding revaluation reserve)

Earnings per equity share (of Rs. 10/- each) (not annualised)

a) Basic(Rs.)

b) Diluted (Rs )

5,143.69

4,872.87

4,146.81

14,749.52

9,998.27

13,981.54

70.22

70.97

74.10

199.44

243.42

340.93

5,213.91

4,943.84

4,220.91

14,948.96

10,241.69

14,322.47

1,625.59

1,562.78

1,261.18

4,649.51

2,977.76

4,189.06

599.71

195.01

611 .77

628.42

188.57

563 02

503.23

164.11

432.22

1,787.07

1,609.96

2,116,83

564.87

485.41

667.33

1,717.42

1,308.50

1,801.48

1,865.65

1,760.35

1,463.85

5,328.91

3,810.08

5,299.70

4,897.73

4,703.14

3,824.59

14,047.78

10,191.71

14,074.40

316.18

240.70

396.32

901.18

49.98

248.07

. . .

316.18

(3 .64)

(3.64)

312.54

635.43

- - - 240.70

0.14

- 0.14

240.84

635.43

- - - 396.32

- - - 901.18

. . .

49.98

- - - 248.07

0,68

1.77

(16.16)

(16.25)

. .

0.68

397.00

635.43

- .

1.77

902.95

635.43

- .

(16.16)

33.82

635.43

(16.25)

231.82

635.43

9,780.88

4.97

4.91

3.79

3.74

6.24

6.18

14.18

14.03

0.86

0.85

4.16

4.12

SIGNED FOR IDENTIFICATION

BY JI

SR BC & CO LLP MUMBAI

0 SapphireFoods

Notes to Standalone financial results:

1. The above standalone financial results have been reviewed and recommended by the Audit Committee

and approved by the Board of Directors at their meetings held on February 09, 2023.

2. These standalone financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) Rules, 2016.

3. The Board of Directors ("the Board") of the Company at its meeting held on February 11, 2022 has inter-alia, subject to requisite approvals/consents, considered and approved the Scheme of Merger by Absorption between Sapphire Foods India Limited (the "Transferee Company" or "Company") and wholly owned subsidiaries namely Gamma Pizzakraft Private Limited (Transferor Company I) and Gamma Pizzakraft (Overseas) Private Limited (Transferor Company 2") under Sections 230 to 232 of the Companies Act, 2013 ("Scheme"). The Scheme is subject to necessary statutory and regulatory approvals including the approval of Hon' ble National Company Law Tribunal (NCLT), Mumbai bench. The Appointed Date of the Scheme is April 1, 2022. The scheme / application was filed and admitted with National Company Law Tribunal (NCL T), Mumbai Bench on May 5, 2022.

4. The Company is in the business of operating restaurants and has only one reportable operating segment

as per Ind AS 108 - Operating Segments.

5. The Company holds Investment and has advanced Inter Corporate deposits to its subsidiary Gamma Pizzakraft Overseas Pvt. Limited (GPOPL) who has further invested in its subsidiary Gamma Pizzakraft (Lanka) Private Limited (GPLPL). GPLPL primarily operates Pizza Hut brand in Sri Lanka. Sri Lanka has been facing macroeconomic challenges on account of rising prices, depletion of forex reserves, depreciation of Sri Lankan currency to INR and other inflationary pressures though the forex rates started stabilizing during the quarter ended 31 st December 2022, the management has considered all internal and external sources of information including economic forecasts and estimates from market sources as at the date of the approval of these financial results in determining the recoverable value for such investment held in GPOPL. On the basis of the evaluation and current indicators of future economic conditions, the Company has concluded that the carrying value of such Investments and Inter Corporate deposits is recoverable. Management will continue to monitor the situation.

For and on behalf of the Board of Directors Sa

ire Foods India Limited

eTi DIN: 001 Place: Mumbai Date: February 09, 2023

I -~!G~IED FOR IDENTiFICATION ' ✓

S R B C & CO LLP I _ ___ M---.:U:....:M.:...:...B=:.:A:....:.:._I __ _J

S R B C& CO LLP

Chartered Accountants

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India

Tel : +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Sapphire Foods India Limited

L We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Sapphire Foods India Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter ended December 31, 2022 and year to date from April 01, 2022 to December 31, 2022 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Information Performed by

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDl/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

4_ The Statement includes the results of the following entities :

Parent Company:

Sapphire Foods India Limited

Subsidiaries : i. Gamma Pizzakraft (Overseas) Private Limited ii. Gamma Pizzakraft Private Limited iii. Gamma Pizzakraft (Lanka) Private Limited iv. French Restaurants Private Limited v. Gamma Island Food Private Limited

SR BC & CO LLP, a limited liability Partnership with LLP Identity No. AAB-4318 Regd Office: 22. Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

S R B C & CO LLP

Chartered Accountants

Sapphire Foods India Limited Limited review report for consolidated financial results

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of 5 subsidiaries whose unaudited interim financial results include total assets of Rs 2151.44 million as at December 31, 2022, total revenues of Rs 817.64 million and Rs. 2302.13 million, total net profit after tax of Rs. 22.96 million and Rs 98.84 million, total comprehensive income of Rs.36.02 million and Rs. 43.72 million, for the quarter ended December 31, 2022 and the period ended on that date respectively as considered in the Statement which have been reviewed by their respective independent auditors.

The independent auditor's reports on unaudited interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement in respect of matters stated in para 6 above is not modified with respect to our reliance on the work done and the reports of the other auditors .

For SR BC & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

per Vikram Mehta Partner Membership No. : 105938 UDIN: 2i!OSS3'6!3G-'lCGfLB'.!-~ Mumbai: February 09, 2023

0 SapphireFoods

Sapphire Foods India Limited Registered address :702, Prism Tower, A-Wing, Mindspace, Link Road, Goregaon (W), Mumbai- 400062, India

CIN: L55204MH2009PLC197005, Email: info@sapphirefoods.in, Website: www.sapphirefoods.in

Statement of Unaudited Consolidated ~inancial Results for the quarter and nine months ended December 31 , 2022

Particulars

31 .12.2022

30.09.2022

31 .12.2021

31 .12.2022

31 .12.2021

31 .03.2022

(Unaudited)

(Audited)

Quarter ended

Nine Months Ended

Year Ended

(Rs. in MIiiion except per share data)

Income

a) Revenue from operations

b) Other income

Total income [1(a) + 1(b)J

Expenses

a) Cost of materials consumed

b) Employee benefits expense

c) Finance costs

d) Depreciation and amortisation expense

e) Other expenses

Total expenses [2(a) to 2(e)] Profit before tax [ 1 - 2 J Tax expense/ (Income)

a) Current tax

b) Deferred tax Total Tax expense/ (Income) [ 4(a) + 4(b) J Profit after tax [ 3 - 4 J Other comprehensive income/ (loss)

Items that will not be reclassified to profit or loss

i) Remeasurements gain/(losses) of net defined benefit plan

ii) Tax effect on above

Items that will be reclassified to profit or loss

i) Exchange difference on translation of foreign operations

Total Other comprehensive Income /(loss) [6(a)+6(b)]

Total Comprehensive income [ 5 + 6 J

Total Comprehensive income/ (loss) for the period/ year attributable to.

Equily holders of the parent

Non-controlling interest

Profit/ (Loss) for the period/ year attributable to.

Equily holders of the parent

Non-controlling interest

Other comprehensive Income/ (loss) for the period/ year attributable to.

Equily holders of the parent

Non-controlling interest

(3.64) .

13.06

9,42

336,39

33562

077

326.13

0 84

949

(0.07)

5,961.32

5,627.66

5,075.42

17,051.65

12,247.46

17,215.72

66.68

71 .37

78.46

197.00

282.00

379,78

6,028.00

5,699.03

5,153.88

17,248.65

12,529.46

17,595.50

1,963.66

1,890.22

1,565.13

5,610.04

731.15

217.06

680.62

2,099.78

5,692.27

335.73

8.17

0.59

8.76

746.96

205.66

628.17

1,958.60

5,429.61

269.42

1.73

(1 .00)

0.73

326.97

268.69

683.68

184.84

513.41

2,161 .76

619.91

1,918.20

1,681 .34

5,977.31

3,723,29

2,061.62

547.61

1,558.74

4,410.20

4,628.40

16,287.22

12,301.46

525.48

961 .43

228.00

29.06

(13.56)

15.50

509.98

0.10

0.17

(5.12)

(4.85)

0.14 .

3.23

3.37

272.06

505.13

272.89

(0,83)

268.88

(0.19)

4.01

(0.64)

505.57

(044)

510.36

(0 38)

(4.79)

(0.06)

17.29

(32.95)

(15.66)

977.09

1.77 .

(55.12)

(53.35)

923.74

925.72

(1 .98)

977.67

(0.58)

(51 .95)

(1.40)

63543

47.10

(13,98)

33.12

194.88

(15,40)

0.26

1.70

(13.44)

181.44

186.26

(4,82)

199.48

(4 60)

(13.22)

(0.22)

635.43

5,277.97

2,739.94

780.93

2,135.21

6,147.60

17,081 .65

513.85

64.42

(10.42)

54.00

459.85

(20.16)

0.76

(208.61)

(228.01)

231.84

237.11

(5.27)

464.60

(4 75)

(227.49)

(0.52)

635,43

9,436.04

7.78

7.72

Paid-up equity share capital [Face Value - Rs. 10/- per share]

635.43

Other equily (excluding revaluation reserve)

Earnings per equity share (of Rs. 10/- each) (not annualised)

a) Basic (Rs.)

b) Diluted (Rs.)

5.14

5.08

4.23

4 .18

8,03

7.96

15,39

15,22

3.41

3.39

SIGNED FOR IDENTIFICATION BY

SR BC & CO LLP MUMBAI

0 SapphireFoods

Notes to Consolidated financial results:

1. The above consolidated financial results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on February 09, 2023.

2. These consolidated financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) Rules, 2016.

3. The Board of Directors ("the Board") of the Parent Company at its meeting held on February 11, 2022 has inter-alia, subject to requisite approvals/consents, considered and approved the Scheme of Merger by Absorption between Sapphire Foods India Limited (the "Transferee Company" or "Company") and wholly owned subsidiaries namely Gamma Pizzakraft Private Limited (Transferor Company I) and Gamma Pizzakraft (Overseas) Private Limited (Transferor Company 2") under Sections 230 to 232 of the Companies Act, 2013 ("Scheme"). The Scheme is subject to necessary statutory and regulatory approvals including the approval of Hon' ble National Company Law Tribunal (NCL T), Mumbai bench. The Appointed Date of the Scheme is April 1, 2022. The scheme/ application was filed and admitted with National Company Law Tribunal (NCL T), Mumbai Bench on May 5, 2022. This scheme has no impact on consolidated financial results of the group.

4. The Group is in the business of operating restaurants and has only one reportable operating segment

as per Ind AS 108 - Operating Segments.

5. The consolidated financial results of the Group include financial results of one of the subsidiary Gamma Pizzakraft (Lanka) Private Limited (GPLPL) which operates Pizza Hut brand in Sri Lanka. Sri Lanka has been facing macroeconomic challenges on account of rising prices, depletion of forex reserves, depreciation of Sri Lankan currency to INR and other inflationary pressures though the forex rates started stabilizing during the quarter ended December 31, 2022, the management has considered all internal and external sources of information including economic forecasts and estimates from market sources as at the date of the approval of these consolidated financial results. On the basis of the evaluation and current indicators of future economic conditions, the Group has concluded that no adjustments are required in respect to Goodwill and other assets pertaining to Sri Lanka operations. Management will continue to monitor the situation. Further, during the nine months ended December 31, 2022, the Group incurred Other comprehensive loss on account of exchange difference on translation of the foreign operation amounting to Rs. 52.20 million and during the quarter ended December 31, 2022, the Group had Other comprehensive gain on account of exchange difference on translation of the foreign operation amounting to Rs. 13 .21 million due to movement of forex rates in Sri Lanka.

Fol~~nF~~half of the Board of Directors

Sa~ ods :ra Limited

Sanjay Purobff<. Whole Time Di DIN:0011 7 6 Place: Mumbai Date: February 09, 2023

SIGNED FOR IDENTIFICATIO~J BY \),i

SR BC & CO LLP MUMBAI

Investor Release

Despite challenging demand conditions, Sapphire Foods Consolidated Revenue grows 17% wherein India Business grows by 24%

Mumbai, 9th February, 2023 – Sapphire Foods India Ltd, a franchisee of Yum Brands in the Indian subcontinent announces its Unaudited Financial Results for the Quarter and 9 months ended 31st December 2022.

* Note: YoY comparison is with Normalized numbers for Q3 & 9M FY22 (Normalized for additional incentive from Yum in FY22) PAT including additional incentive for Q3 FY 22 was ₹ 510Mn at 10.1% and 9M FY 22 was ₹ 195Mn at 1.6%.

Despite softening of demand post Diwali, our Q3 FY23 Consol Revenue (₹ 5,939 Mn) grew by 17%, wherein India Revenue delivered robust growth of 24%

Consol Restaurant EBITDA grew YoY* by 5% at 18.1% ( 210 bps) primarily due to adverse Sri Lanka impact. India Restaurant EBITDA grew YoY* by 19% ( 90 bps)

Consol EBITDA (₹ 1167 Mn, 19.6%) grew YoY* by 8% ( 190 bps) | Consol Adj. EBITDA (₹ 738 Mn, 12.4%) was flat YoY* ( 220 bps)

Consol PAT (₹ 327 Mn, 5.5%) declined YoY* by 23% ( 290 bps)

KFC overall Revenue grew YoY by 26% with SSSG of 3%. Despite the headwinds, KFC delivered healthy Restaurant EBITDA of 20.2% ( 100 bps YoY*), on account of cost efficiencies and gross margin recovery ( 90 bps over sequential quarter).

Pizza Hut overall Revenue grew by 20% and SSSG declined by 4%. Due to negative leverage and continued inflationary pressures (gross margin  30 bps over sequential quarter), Restaurant EBITDA was at 14.1% ( 80 bps YoY*).

* Note: YoY comparison is with Normalized numbers for Q3 FY22 (Normalized for additional incentive from Yum in FY22)

FY22Q3 FY22Q3 FY239M FY229M FY23Restaurant Sales ₹ mn 17,1545,0555,93917%12,21216,97839%Adj. EBITDA ₹ mn *1,6157377380%1,0012,084108% % 9.4%14.6%12.4%-220 bps8.2%12.3%410 bpsEBITDA ₹ mn *3,0541,0841,1678%2,0413,31362% % 17.8%21.5%19.6%-190 bps16.7%19.5%280 bpsPAT ₹ mn *266424327-23%249773971% % 1.6%8.4%5.5%-290 bps0.2%5.8%560 bpsRestaurant Additions1426857113136Change YoYChange YoYWhile operating conditions in Sri Lanka have stabilised, consumers wallets have been impacted by high inflation and taxes. While same-store transactions declined, overall Revenue grew by 39% in LKR terms ( 15% in INR terms) with SSSG of 18% in LKR terms. Restaurant EBITDA margins were at 14.6% ( 930 bps YoY*).

We continued our pace of new restaurants expansion with total addition of 57 restaurants in Q3 FY23 (24 KFC, 25 Pizza Hut in India and 6 Pizza Hut & 2 Taco Bell in Sri Lanka)

About Sapphire Foods:

Sapphire Foods started operations in September 2015, by the acquisition of about 270 KFC and Pizza Hut Stores in India and Sri Lanka, by a group of leading Private Equity firms and is managed by a team of professionals.

Sapphire Foods is a leading YUM franchisee operator in the Indian subcontinent with presence in India, Sri Lanka and Maldives. We are the largest international QSR chain in Sri Lanka in terms of revenue and number of restaurants operated as of March 31, 2021. (Source: Technopak Report). As of Dec 31, 2022, we own and operate 325 KFC and 274 Pizza Hut restaurants in India, 105 Pizza Hut and 9 Taco Bell restaurants in Sri Lanka and 1 KFC and Pizza Hut each in Maldives.

We aspire to be India’s best restaurant operator by serving customers great food with great experience at great value. We operate our restaurants in high traffic and high visibility locations in key metropolitan areas and cities across India and develop new restaurants in new trade areas in existing and new cities as part of our brand and food category expansion.

Contact Details

Company

Investor Relations: Orient Capital

Name: Mr. Rahul Kapoor

Name: Mr. Nachiket Kale

Email: rahul.kapoor@sapphirefoods.in

Email: nachiket.kale@linkintime.co.in

CIN: L55204MH2009PLC197005

Tel : +91 99209 40808

www.sapphirefoods.in

www.orientcap.com

Safe Harbor Statement

Any forward-looking statements about expected future events, financial and operating results of the Company are based on certain assumptions which the Company does not guarantee the fulfilment of. These statements are subject to risks and uncertainties. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Company’s operations include a downtrend in the industry, global or domestic or both, significant changes in political and economic environment in India or key markets abroad, tax laws, litigation, labour relations, exchange rate fluctuations, investment and business income, cash flow projections, interest, and other costs. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

technological changes,

Sapphire Foods India Limited SAPPHIRE FOODS INDIA LIMITED 3Q FY22 Earnings Presentation Q3 AND 9M FY23 EARNINGS PRESENTATION February 2022 FEB 2023

SAFE HARBOR

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sapphire Foods India 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 what so ever. 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 Restaurant Sales, 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.

KEY HIGHLIGHTS Q3 FY23

➢ Despite softening of demand post Diwali, our Q3 FY23 Consol Revenue (₹ 5,939 Mn) grew by 17%, wherein India Revenue delivered

robust growth of 24%

➢ Consol Restaurant EBITDA grew YoY* by 5% at 18.1% ( 210 bps) primarily due to adverse Sri Lanka impact. India Restaurant EBITDA

grew YoY* by 19% ( 90 bps)

➢ Consol EBITDA (₹ 1167 Mn, 19.6%) grew YoY* by 8% ( 190 bps) | Consol Adj. EBITDA (₹ 738 Mn, 12.4%) was flat YoY*

( 220 bps)

➢ Consol PAT (₹ 327 Mn, 5.5%) declined YoY* by 23% ( 290 bps)

➢ KFC overall Revenue grew YoY by 26% with SSSG of 3%. Despite the headwinds, KFC delivered healthy Restaurant EBITDA of 20.2%

( 100 bps YoY*), on account of cost efficiencies and gross margin recovery ( 90 bps over sequential quarter).

➢ Pizza Hut overall Revenue grew by 20% and SSSG declined by 4%. Due to negative leverage and continued inflationary pressures

(gross margin  30 bps over sequential quarter), Restaurant EBITDA was at 14.1% ( 80 bps YoY*).

➢ While operating conditions in Sri Lanka have stabilised, consumers wallets have been impacted by high inflation and taxes. While same- store transactions declined, overall Revenue grew by 39% in LKR terms ( 15% in INR terms) with SSSG of 18% in LKR terms. Restaurant EBITDA margins were at 14.6% ( 930 bps YoY*).

➢ We continued our pace of new restaurants expansion with total addition of 57 restaurants in Q3 FY23 (24 KFC, 25 Pizza Hut in India

and 6 Pizza Hut & 2 Taco Bell in Sri Lanka)

* Note: YoY comparison is with Normalized numbers for Q3 FY22 (Normalized for additional incentive from Yum in FY22)

TABLE OF CONTENTS

THE SAPPHIRE STORY

Q3 & 9M FY23 CONSOLIDATED FINANCIAL HIGHLIGHTS

BUSINESS PERFORMANCE

▪ ▪ ▪

KFC INDIA PIZZA HUT INDIA SRI LANKA

ESG

Page 5

Page 6-13

Page 14-23 Page 24-33 Page 34-43

Page 44-45

THE SAPPHIRE STORY

Two global brands (KFC & Pizza Hut) with Scale & PAT profitability among Top 3 QSR operators

Capability and capital to rapidly drive organic and inorganic growth plans

Value based work culture, high on governance enabled by professional management, board and promoters

Execution Mindset Great Customer experience along with Superior Back-end operational excellence

Optimal capital allocation drives new restaurant expansion model - focus on smaller sized omni-channel restaurants

Q3 & 9M FY23

CONSOLIDATED FINANCIAL HIGHLIGHTS

SUMMARY CONSOLIDATED FINANCIALS Q3 & 9M FY23 VS NORMALIZED Q3 & 9M FY22

* Note: YoY comparison is with Normalized numbers for Q3 & 9M FY22 (Normalized for additional incentive from Yum in FY22)

RESTAURANT COUNT

KFC India

Pizza Hut India

Sri Lanka

RESTAURANT DISTRIBUTION ACROSS INDIAN SUBCONTINENT

250

209

Dec'21

550*

263

219

Mar'22

579*

325

274

114

Dec'22

715*

RESTAURANT ADDITION

KFC India

Pizza Hut India

Sri Lanka

Q3 FY22

13 10 6 Q4 FY22

16 3 Q1 FY23

14 8

Q2 FY23

Q3 FY23

KFC – 9 PH – 7

KFC – 15 PH – 36

KFC – 13 PH – 7

KFC – 6 PH – 3

KFC – 77 PH – 63

KFC – 77 PH – 42

Pizza Hut, KFC Pizza Hut, Taco Bell

Pizza Hut only

KFC only

Maldives

KFC 1 PH 1

Sri Lanka

PH – 105 TB – 9

* Includes 2 restaurants in Maldives

CONSOLIDATED FINANCIAL HIGHLIGHTS Q3 & 9M FY23

RESTAURANT SALES (₹ MN)

17,154

▲17%

5,939

5,055

17,154

12,212

▲39%

16,978

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

INDIA Restaurant Sales grew by 24%

INDIA Restaurant Sales grew by 47%

GROSS MARGIN (%)

69.6%

69.4%

69.6%

69.8%

67.3% ▼210 bps

67.4% ▼240 bps

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

CONSOLIDATED FINANCIAL HIGHLIGHTS Q3 & 9M FY23

RESTAURANT EBITDA (₹ MN / %)#

18.7%

3,219

21.9% [20.2%]*

18.1%

▼210 bps*

20. 0%

1,109

1,070

15. 0%

10. 0%

5.0 %

0.0 %

-5.0%

-10.0%

▼4%

18.7%

3,219

18.9% [17.5%]*

2,307

17.8%

▲30 bps*

20. 0%

3,019

15. 0%

10. 0%

5.0 %

0.0 %

▲31%

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

INDIA Restaurant EBITDA % declined YoY* by 90 bps (grew 19% in absolute value) INDIA Restaurant EBITDA margin declined YoY* by 90 bps (grew 19% in absolute value)

INDIA Restaurant EBITDA% grew YoY* by 150 bps (grew 60% in absolute value)

10.5%

1,808

ADJ. EBITDA (₹ MN / %)#

16.3% [14.6%]*

18. 0%

16. 0%

12.4%

▼220 bps*

14. 0%

10.5%

1,808

823

738

12. 0%

10. 0%

8.0 %

6.0 %

4.0 %

2.0 %

0.0 %

▼10%

9.6% [8.2%]*

1,172

12.3%

▲410 bps*

14. 0%

2,084

▲78%

12. 0%

10. 0%

8.0 %

6.0 %

4.0 %

2.0 %

0.0 %

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

# Restaurant & Adj. EBITDA is before Ind-AS 116 adjustments *3M & 9M FY22 EBITDA% Normalized for additional incentives accrued in that period

CONSOLIDATED FINANCIAL HIGHLIGHTS Q3 & 9M FY23

EBITDA (₹ MN / %)

18.9%

3,248

23.2% [21.5%]*

25. 0%

19.6%

▼190 bps*

20. 0%

15. 0%

10. 0%

5.0 %

0.0 %

= flat

1,170

1,167

18.9%

3,248

2,212

18.1% [16.7%]*

19.5%

▲280 bps*

20. 0%

3,313

19. 5%

19. 0%

18. 5%

18. 0%

17. 5%

17. 0%

▲50%

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

2.7%

460

10.1%

[8.4%]*

510

FY22

Q3 FY22

Q3 FY23

# Restaurant EBITDA and Adj. EBITDA is before Ind-AS 116 adjustments *3M & 9M FY22 EBITDA% Normalized for additional incentives accrued in that period

PROFIT AFTER TAX (₹ MN / %)

5.5%

▼290 bps*

2.7%

327

▼36%

460

FY22

1.6%

[0.2%]*

195

9M FY22

5.8%

▲560 bps*

977

▲401%

9M FY23

CONSOLIDATED FINANCIAL HIGHLIGHTS REVENUE & ADJ. EBITDA TREND

REVENUE (₹ MN) & ADJ. EBITDA (%)

* 14.6%

12.9%

13.3%

12.3%

12.4%

11.1%

* 9.4%

17,154

16,978

5.0% 13,284

3.8% 10,160

5,055

4,943

5,436

5,604

5,939

FY 20

FY 21

FY 22

YTD Dec 22

Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23

* Q3 FY22 and FY22 EBITDA% after Normalizing additional incentives in that period

CONSOLIDATED PROFIT & LOSS STATEMENT

Particulars (In Rs mn)

FY22

Q3 FY22 Q3 FY23

YoY % 9M FY22 9M FY23

YoY %

Restaurant Sales

17,154.46

5,055.18 5,938.76 17.5%

12,211.55 16,978.41 39.0%

Other operating income

61.26

20.24

22.56

35.91

73.24

5,277.97

1,565.13 1,963.66

3,723.29 5,610.04

11,937.75

3,510.29 3,997.66 13.9%

8,524.17 11,441.61 34.2%

Employee Expenses

2,739.94

683.68

731.15

5,950.27

1,656.19 2,099.78

69.6%

69.4%

67.3%

69.8%

67.4%

2,061.62 2,161.76

4,250.67 5,967.10

3,247.54

1,170.42 1,166.73

-0.3%

2,211.88 3,312.75 49.8%

18.9%

23.2%

19.6%

18.1% 19.5%

2,135.21

513.41

680.62

1,558.74 1,918.20

780.93

182.45

513.85

54.00

459.85

184.84

217.06

53.31

66.68

547.61

619.91

122.47

186.79

525.48

335.73 -36.1%

228.00

961.43 321.7%

15.50

8.76

33.12

-15.66

509.98

326.97 -35.9%

194.88

977.09 401.4%

2.7%

10.1%

5.5%

1.6%

5.8%

COGS

Gross Profit

Gross Margin%

Other Expenses

EBITDA

EBITDA Margin %

Depreciation

Finance Cost

Other Income

PBT

Tax Expense

PAT

PAT Margin %

Figures are regrouped/reclassified for the purpose of presentation

KFC India Business Performance

KFC INDIA Q3 & 9M FY23 - CHANNEL SALES CONTRIBUTION

Delivery

Takeaway

Dine IN

Delivery

Takeaway

Dine IN

44%

22%

34%

37%

20%

43%

36%

19%

45%

23%

32%

36%

19%

45%

FY22

Q3 FY22

Q3 FY23

9M FY22

9M FY23

KFC INDIA BRANDING & PROMOTION

CELEBRATION BUCKET

KFC INDIA BRANDING & PROMOTION

OUTDOOR CAMPAIGN IN KEY CITIES

KFC INDIA BRANDING & PROMOTION

KFC INDIA NEW RESTAURANT LAUNCHES

AKOLA, MAHARASHTRA

SAMASAVLI, VADODARA

GUINDY, CHENNAI

BHATINDA GREEN CITY DT, PUNJAB

KFC INDIA Q3 & 9M FY23

AVERAGE DAILY SALES (₹ ‘000)

SSSG

31%

130

29%

144

136

SSSG

31%

130

70%

129

20%

138

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

Rest. Count

263

250

325

263

250

325

Average daily sales is for all restaurants including new additions during the period

KFC INDIA Q3 & 9M FY23

Rest. Addition

Rest. Count

10,349

FY22

263

RESTAURANT SALES (₹ MN)

Rest. Addition

▲26%

3,810

3,031

Q3 FY22

Q3 FY23

250

325

Rest. Count

10,349

FY22

263

▲47%

10,838

7,384

9M FY22

9M FY23

250

325

KFC INDIA Q3 & 9M FY23

68.4%

68.0%

68.4%

68.5%

66.5%

GROSS MARGIN (%)

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

▼150 bps

▼200 bps

RESTAURANT EBITDA# (%)

22.5%

[21.2%]*

19.5%

20.2%

19.5%

19.7%

[18.6%]*

19.5%

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

▼100 bps*

▲90 bps*

# Restaurant EBITDA figures are Pre-IND AS 116. *3M & 9M FY22 EBITDA% Normalized for additional incentives accrued in that period

KFC INDIA ADS & RESTAURANT EBITDA TREND

ADS (INR’ 000) AND EBITDA %

* 18.7%

19.5%

20.3%

20.2%

17.9%

21.2%

19.0%

132

13.2%

14.0%

130

106

130

138

144

134

136

FY 20

FY 21

FY 22

YTD Dec 22

Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23

* Q3 FY22 and FY22 EBITDA% after Normalizing additional incentives in that period

Pizza Hut India

Business Performance

PIZZA HUT INDIA Q3 & 9M FY23 - CHANNEL SALES CONTRIBUTION

Delivery

Takeaway

Dine IN

Delivery

Takeaway

Dine IN

57%

17%

26%

49%

50%

16%

34%

15%

35%

60%

17%

24%

49%

16%

35%

FY22

Q3 FY22

Q3 FY23

9M FY22

9M FY23

PIZZA HUT INDIA BRANDING & PROMOTION

FACEBOOK/INSTAGRAM

SAAVN

SHARECHAT

YOUTUBE

PIZZA HUT INDIA BRANDING & PROMOTION

SOCIAL MEDIA CAMPAIGN

PIZZA HUT INDIA BRANDING & PROMOTIONS

PIZZA HUT INDIA NEW RESTAURANT LAUNCHES

BAVDHAN, PUNE

WESTFORT THRISSUR, KERALA

LAKEFRONT TELIBANDHA, RAIPUR

KASARVADAVALI, THANE

PIZZA HUT INDIA Q3 & 9M FY23

AVERAGE DAILY SALES (₹ ‘000)

22%

-4%

SSSG

Q3 FY22

Q3 FY23

209

274

42%

FY22

219

62%

18%

9M FY22

9M FY23

209

274

SSSG

Rest. Count

42%

FY22

219

Average daily sales is for all restaurants including new additions during the period

PIZZA HUT INDIA Q3 & 9M FY23

RESTAURANT SALES (₹ MN)

Rest. Addition

3,710

Rest. Addition

▲20%

1,364

1,134

3,710

2,678

3,993

▲49%

Rest. Count

FY22

219

Q3 FY22

Q3 FY23

209

274

Rest. Count

FY22

219

9M FY22

9M FY23

209

274

PIZZA HUT INDIA Q3 & 9M FY23

GROSS MARGIN (%)

75.5%

75.4%

74.4%

75.5%

75.8%

74.8%

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

▼100 bps

13.4%

17.3%

[14.9%]*

14.1%

13.4%

14.1%

[11.5%]*

14.7%

RESTAURANT EBITDA# (%)

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

▼80 bps*

▲320 bps*

# Restaurant EBITDA figures are Pre-IND AS 116. *3M & 9M FY22 EBITDA% Normalized for additional incentives accrued in that period

PIZZA HUT INDIA ADS & RESTAURANT EBITDA TREND

ADS (INR’ 000) AND EBITDA %

14.7%

14.9% *

14.8%

15.1%

14.1%

* 11.4%

11.5%

7.3%

5.0%

FY 20

FY 21

FY 22

YTD Dec 22

Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23

* Q3 FY22 and FY22 EBITDA% after Normalizing additional incentives in that period

Sri Lanka Business Performance

SRI LANKA BUSINESS Q3 & 9M FY23 - CHANNEL SALES CONTRIBUTION

Delivery

Takeaway

Dine IN

Delivery

Takeaway Dine IN

56%

31%

13%

FY22

49%

35%

15%

36%

29%

35%

38%

35%

27%

61%

29%

10%

Q3 FY22

Q3 FY23

9M FY22

9M FY23

SRI LANKA BUSINESS BRANDING & PROMOTIONS

SRI LANKA BUSINESS NEW PRODUCT LAUNCHES

SRI LANKA BUSINESS PIZZA HUT NEW RESTAURANT LAUNCHES

PH AVISSAWELLA

PH KIRINDIWELA

PH WELIWERIYA

PH KONDAVIL

SRI LANKA BUSINESS TACO BELL NEW RESTAURANT LAUNCHES

TACOBELL PILIYANDALA

TACOBELL KURUNEGALA

SRI LANKA BUSINESS Q3 & 9M FY23

AVERAGE DAILY SALES (LKR ‘000)

SSSG%

31%

44%

298

327

18%

336

SSSG%

31%

40%

33%

LKR

298

290

336

Rest. Count

FY22

108

Q3 FY22

Q3 FY23

114

FY22

9M FY22

9M FY23

114

AVERAGE DAILY SALES (INR ‘000)

121

108

INR

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

Average daily sales is for all restaurants including new additions during the period Note: LKR to INR conversion rate of 0.37 for Q3 FY22 and 0.225 for Q3 FY23

Average daily sales is for all restaurants including new additions during the period Note: LKR to INR conversion rate of 0.367 for 9M FY22 and 0.22 for 9M FY23

SRI LANKA BUSINESS Q3 & 9M FY23

Rest. Addition

8,229

Rest. Count

FY22

2,983

RESTAURANT SALES (LKR MN)

Rest. Addition

▲39%

LKR

8,229

5,630

2,356

3,282

▲65%

9,299

Q3 FY22

Q3 FY23

114

Rest. Count

FY22

9M FY22

9M FY23

114

RESTAURANT SALES (INR MN)

2,983

INR

▼15%

858

731

2,066

2,049 ▼1%

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

SRI LANKA BUSINESS Q3 & 9M FY23

GROSS MARGIN (%)

66.2%

67.2%

66.2%

66.8%

57.3%

57.1%

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

▼990 bps

▼970 bps

23.2%

26.4%

[23.9%]*

RESTAURANT EBITDA# (%)

23.2%

22.6%

[21.4%]*

14.6%

▼930 bps*

15.0%

▼640 bps*

FY22

Q3 FY22

Q3 FY23

FY22

9M FY22

9M FY23

Absolute Rest. EBITDA declined by 23 % in LKR terms ( by 53% in INR terms)

Absolute Rest. EBTDA grew by 9 % in LKR terms (by 34% in INR terms)

# Restaurant EBITDA figures are Pre-IND AS 116. *3M & 9M FY22 EBITDA% Normalized for additional incentives accrued in that period

SRI LANKA BUSINESS ADS & RESTAURANT EBITDA TREND

ADS (INR’ 000) AND EBITDA %

23.9%

24.4%

22.0% *

19.5%

16.2%

15.0%

15.5%

15.0%

14.6%

108

121

112

FY 20

FY 21

FY 22

YTD Dec 22

Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23

* Q3 FY22 and FY22 EBITDA% after Normalizing additional incentives in that period

ESG

First in the Indian QSR Industry to publish ESG Report aligned with GRI, SASB and BRSR standards

GRI – Global Reporting Initiatives, SASB – Sustainability Accounting Standards Board, BRSR – Business Responsibility a Sustainability Report

ESG

Materiality Assessment

✓ Diagnostic conducted to review our strategy,

operating model, and culture in order to drive the ESG agenda

✓ Materiality assessment done with 165 internal and external stakeholders to identify our ESG priorities: 12 themes prioritized

✓ Granular ESG action plan being developed across our Food, People, Planet and Governance aspects

Based on this assessment, the following 12 material themes have been prioritized

THANK YOU

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