SFLNSE3 February 2023

Sheela Foam Limited has informed the Exchange about Investor Presentation

Sheela Foam Limited

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To The Secretary (Listing Department) The BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai-400001

Date: February 03, 2023

The Manager, The National Stock Exchange India Limited Exchange Plaza, Bandra Kurla Complex Bandra(E), Mumbai-400051

BSE Scrip Code: 540203

NSE Symbol: SFL

Subject: Investor presentation

Dear Sir/ Madam,

Furtherance to our communication and results for the quarter and Nine months ended 31st December, 2022. Please find attached investor presentation on results.

Thanking you. Yours faithfully,

For Sheela Foam Limited

(Md. Iquebal Ahmad) Company Secretary and Compliance Officer

SHEELA FOAM LTD.

#14, Sleepwell Tower , Sector 135, Noida- 201301 Ph: Int-91(0)-120-4162200 • Fax: Int-91-(0)-120-4162282, 4162283 • Email: contactus@sheelafoam.com

Regd. Office: 604 Ashadeep, 9 Hailey Road, New Delhi-110001, India • Ph: Int-91(0)-11-22026875-76 Toll Free: 1800 103 6664 • www.sleepwellproducts.com • www.sheelafoam.com CIN-L74899DL1971PLC005679

Sheela Foam Ltd.

Earnings Presentation Q3/9M-FY23

Company Snapshot

Experienced Management

‘Sleepwell’ mattresses a household Brand and one of the most trusted brands in India

Backward Integrated Player with a wide product basket

Largest manufacturers of PU Foam in India

20-25% Market Share in the Mattresses segment

40% market share in Australia

Presence across multiple geographies

Low Gearing ratio

Consistent Positive cash flow generation

Strategic move to focus on high margin products

Earnings Presentation Q3-FY23

Marquee Investors

Proven track record in Acquisitions and Integration

•

35, 000

30, 000

25, 000

20, 000

15, 000

10, 000

5, 000

Company Overview

Incorporated in 1971, Sheela Foam is the market leader and the largest manufacturer of Polyurethane Foam (PU) in India.

India Operations

The Company manufactures various foam-based home comfort products like mattresses, Furniture cushions, as well as technical grades of polyurethane foams for end-use in a range of industries like automobile, acoustics, etc.

The flagship household brands include: ‘Sleepwell’ for mattresses and home comfort, ‘Feather Foam’ a pure PU Foam and ‘Lamiflex’ a polyester foam for lamination.

Manufacturing Plants

The company has a global manufacturing footprint with 11 nationwide manufacturing plants in India, 5 in Australia, and 1 in Spain.

It has a strong presence and market share in Australia through its wholly-owned subsidiary, Joyce Foam Pty Ltd. and also in Spain through its subsidiary, Interplasp S.L..

The company has an integrated manufacturing facility 123,000 MTPA with a robust distribution network of 100+ exclusive distributors, 5,400+ exclusive brand outlets, and 7,850+ multi-brand outlets.

Revenue, EBITDA (INR Mn) and EBITDA Margins (%)

9M-FY23 Revenue Breakup

123,000

MTPA of Total Capacity

20 – 25%

Market share in India

Geographical Distribution

Business Segment Distribution

Global Operations

21,414

21,736

24,372

14.94%

29,818

22,683

9.85%

2,109

13.82%

10.56%

3,004

3,642

3,149

9.69%

2,199

13%

15%

19%

72%

81%

FY19

FY20

FY21

FY22

9M-FY23

Revenues

EBITDA

EBITDA Margins

India Europe

Australia

Home Comfort

Technical Foam

Earnings Presentation Q3-FY23

Manufacturing plants in Australia with a capacity of 11,000 MTPA

40%

Market share in Australia

Manufacturing plant in Spain with a capacity of 22,000 MTPA to cater to European and US markets

Q3/9M-FY23 Performance Highlights

Earnings Presentation Q3-FY23

Q3/9M-FY23 Financial and Operational Highlights

Q3-FY23 Consolidated Financial Performance

Q3/9M-FY23 Operational Highlights

INR 757 Mn

EBITDA

INR 612 Mn

Net Profit

INR 8,170 Mn Revenue from Operations

9.27%

EBITDA Margin

7.49%

PAT Margin

INR 6.27 Basic/ Diluted EPS

9M-FY23 Consolidated Financial Performance

EBITDA INR 2,199 Mn

EBITDA

Net Profit INR 1,573 Mn

Net Profit

INR 22,683 Mn Revenue from Operations

9.69%

EBITDA Margin

6.93%

PAT Margin

INR 44.83 Basic/ INR 16.12 Diluted EPS Basic/ Diluted EPS

Earnings Presentation Q3-FY23

• Decline in quarterly revenues primarily attributed to weaker than expected demand and a higher base in FY22 due to pent up demand driven by Covid-19.

•

The secular trend of unorganised to organised shift, coupled with focus on long term strategic initiatives and execution ensured growth in SFL mattress and foam market share.

• Decline in EBITDA Margins due to elevated costs relating to marketing and one-time M&A and forex related accounting costs.

• Benefit of declining raw material prices not fully reflected in Gross Margins in Q3-FY23 due to inventory holdings at higher levels.

• Overall business outlook remains positive provided by India’s GDP forecasts, coupled with secular themes of formalisation and consolidation, which remain relevant to the Indian Mattress market.

• With significant amount of work in the areas of product mix and design done by SFL, the company will continue to pursue in this direction in addition to focused diversification opportunities.

Quarterly and YTD Geographical Revenues

SFL India (INR Mn)

Australia - Joyce (INR Mn)

Spain - Interplasp (INR Mn)

Consolidated (INR Mn)

8, 000

7, 000

6, 000

5, 000

4, 000

3, 000

2, 000

1, 000

18, 000

16, 000

14, 000

12, 000

10, 000

8, 000

6, 000

4, 000

2, 000

6,511

5,692

11.12%

593

9.16%

527

20. 00%

18. 00%

16. 00%

14. 00%

12. 00%

10. 00%

8. 00%

6. 00%

4. 00%

1, 400

1, 200

1, 000

800

600

400

2. 00%

200

0. 00%

1,206

1,219

12.00%

10.29%

Q3-FY22 Revenues

PAT

Q3-FY23 EBITDA Margins

Q3-FY22

Q3-FY23

Revenues

PAT

EBITDA Margins

15,647

16,170

11.68%

20. 00%

18. 00%

16. 00%

14. 00%

12. 00%

10. 00%

4, 000

3, 500

3, 000

3,190

3,372

9.89%

8. 00%

2, 500

1,500

1,430

6. 00%

4. 00%

2. 00%

0. 00%

2, 000

1, 500

1, 000

500

10.90%

9.54%

10, 000

9, 000

8, 000

7, 000

25. 00%

20. 00%

6, 000

15. 00%

5, 000

4, 000

10. 00%

3, 000

2, 000

1, 000

5. 00%

0. 00%

1,144

1,006

9.48% 71

11.49%

Q3-FY22 Revenues

PAT

Q3-FY23 EBITDA Margins

3,427

2,933

8.66%

187

25, 000

20, 000

15, 000

10, 000

5, 000

20. 00%

18. 00%

16. 00%

14. 00%

12. 00%

10. 00%

8. 00%

6. 00%

4. 00%

2. 00%

0. 00%

11.68%

219

1, 400

1, 200

1, 000

800

600

400

200

20. 00%

18. 00%

16. 00%

14. 00%

12. 00%

10. 00%

8. 00%

6. 00%

4. 00%

2. 00%

0. 00%

4, 000

20. 00%

3, 500

18. 00%

16. 00%

14. 00%

3, 000

2, 500

12. 00%

2, 000

10. 00%

8. 00%

1, 500

6. 00%

1, 000

4. 00%

2. 00%

0. 00%

500

8,830

8,170

10.95%

674

9.27%

612

Q3-FY22

Q3-FY23

Revenues

PAT

EBITDA Margins

22,198

22,682

25. 00%

20. 00%

15. 00%

10. 00%

5. 00%

0. 00%

11.13%

1,694

9.69%

1,573

9M-FY22 Revenues

9M-FY23 EBITDA Margins

PAT

9M-FY22 Revenues

PAT

9M-FY23 EBITDA Margins

9M-FY22

9M-FY23

9M-FY22

9M-FY23

Revenues

PAT

EBITDA Margins

Revenues

PAT

EBITDA Margins

Earnings Presentation Q3-FY23

Mattresses (INR Mn)

Furniture Foam (INR Mn)

Technical Foam (INR Mn) Technical Foam

Comfort Foam and HC Line (INR Mn)

Quarterly Business Segment Revenues

2,664

2,328

866

703

1,214

1,315

1,435

1,655

Q3-FY22

Q3-FY23

Q3-FY22

Q3-FY23

Q3-FY22

Q3-FY23

Q3-FY22

Q3-FY23

Mattresses (Volumes in 000’s)

Furniture Foam (Volumes in MT)

Technical Foam (Volumes in MT)

Comfort Foam (Volumes in MT)

4,299

3,861

6,868

5,460

652

529

1,932

1,576

2,200

1,700

1,200

700

200

Q3-FY22

Q3-FY23

Q3-FY22

Q3-FY23

Q3-FY22

Q3-FY23

Earnings Presentation Q3-FY23

Q3-FY22

Q3-FY23

Mattresses (INR Mn)

Furniture Foam (INR Mn)

Technical Foam (INR Mn) Technical Foam

Comfort Foam and HC Line (INR Mn)

YTD Business Segment Revenues

6,531

6,597

2,031

1,969

4,122

3,235

3,816

3,447

9M-FY22

9M-FY23

9M-FY22

9M-FY23

9M-FY22

9M-FY23

9M-FY22

9M-FY23

Mattresses (Volumes in 000’s)

Furniture Foam (Volumes in MT)

Technical Foam (Volumes in MT)

Technical Foam

Comfort Foam (Volumes in MT)

4,471

4,228

9,544

11,625

16,543

15,477

1,584

1,505

4,700 4,200 3,700 3,200 2,700 2,200 1,700 1,200 700 200

9M-FY22

9M-FY23

Earnings Presentation Q3-FY23

9M-FY22

9M-FY23

9M-FY22

9M-FY23

9M-FY22

9M-FY23

Raw Material Prices and Gross Margins (%)

TDI & Polyol Price Trend (INR/KG)

SFL Consolidated Gross Margins (%)

212

203

267

227

178

174

248

131

243

119

39.2%

37.4%

39.8%

44.6%

42.2%

Q3-FY22

Q4-FY22

Q1-FY23

Q2-FY23

Q3-FY23

TDI

POLYOL

Q3-FY22

Q4-FY22

Q1-FY23

Q2-FY23

Q3-FY23

SFL India

Gross Margins (%)

Australia - Joyce

39.9%

40.3%

37.0%

44.4%

42.7%

50.1%

52.0%

51.3%

49.8%

48.1%

Spain - Interplasp

24.0%

20.1%

26.0%

31.0%

28.8%

Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23

Earnings Presentation Q3-FY23

Particulars (INR Mn)

Revenue from Operations

Operating Expenses

EBITDA

EBITDA Margin (%)

Other Income

Depreciation

Finance Cost

PBT

Tax

PAT

Quarterly Standalone Financial Performance

Q3-FY23

Q3-FY22

Y-O-Y

(12.6)%

(10.7)%

(27.8)%

Q2-FY23

5,334

4,704

630

11.10%

(193) Bps

11.81%

5,692

5,170

522

9.17%

241

670

143

527

6,511

5,788

723

223

837

243

594

8.1%

(3.4)%

(59.1)%

(20.0)%

(41.2)%

(11.3)%

14 Bps

(21.2)%

(11.2)%

Q-O-Q

6.7%

9.9%

(17.1)%

(264) Bps

21.1%

6.3%

(64.0)%

(7.6)%

(30.2)%

1.3%

199

725

205

520

9.75%

(49) Bps

528

5.33

(8.7)%

1.3%

PAT Margin (%)

9.26%

9.12%

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Earnings Presentation Q3-FY23

(45)

482

5.40

612

6.08

PARTICULARS (INR Mn)

Operational Revenue

Operating Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR)

Earnings Presentation Q3-FY23

YTD Standalone Income Statement

9M-FY23

16,170

14,570

1,600

9.89%

602

236

1,910

480

1,430

8.84%

(71)

1,359

14.66

9M-FY22

15,647

13,819

1,828

11.68%

511

238

2,037

537

1,500

9.59%

1,550

15.37

Y-o-Y

3.3%

5.4%

(12.5)%

(179 Bps

17.8%

(0.8)%

(12.5)%

(6.2)%

(10.6)%

(4.7)%

(75) Bps

(12.3)%

(4.6)%

Quarterly Consolidated Financial Performance

Particulars (INR Mn)

Revenue from Operations

Operating Expenses

EBITDA

EBITDA Margin (%)

Other Income

Depreciation

Finance Cost

PBT

Tax

PAT

Q3-FY23

Q3-FY22

8,170

7,413

757

9.27%

282

224

766

154

612

8,830

7,863

967

10.95%

260

199

970

296

674

PAT Margin (%)

7.49%

7.63%

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Earnings Presentation Q3-FY23

(60)

552

6.27

691

6.9

Y-O-Y

(7.5)%

(5.7)%

(21.7)%

(168) Bps

8.5%

12.6%

(15.5)%

(21.0)%

(48.0)%

(9.2)%

(14) Bps

(20.1)%

(9.1)%

Q2-FY23

7,222

6,439

783

Q-O-Q

13.1%

15.1%

(3.3)%

10.84%

(157) Bps

225

205

753

217

536

7.42%

632

5.49

25.3%

9.3%

(2.0)%

1.7%

(29.0)%

14.2%

7 Bps

(12.7)%

14.2%

PARTICULARS (INR Mn)

Operational Revenue

Operating Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR)

Earnings Presentation Q3-FY23

YTD Consolidated Income Statement

9M-FY23

22,683

20,484

2,199

9.69%

691

636

151

2,103

530

1,573

6.93%

(29)

1,544

16.12

9M-FY22

22,221

19,751

2,470

11.12%

595

571

148

2,346

652

1,694

7.62%

1,743

17.36

Y-o-Y

2.1%

3.7%

(11.0)%

(143) Bps

16.1%

11.4%

2.0%

(10.4)%

(18.7)%

(7.1)%

(69) Bps

(11.4)%

(7.1)%

Historical Financial Overview

Earnings Presentation Q3-FY23

Historical Standalone Income Statement

FY20

17,548

15,278

2,270

12.94%

413

331

2,271

120

496

1,655

9.43%

(43)

1,612

16.97

FY21

16,939

14,566

2,373

14.01%

474

325

2,435

623

1,812

10.70%

1,833

18.57

FY22

21,244

18,906

2,338

11.01%

702

324

2,645

672

1,973

9.29%

(12)

1,961

20.22

PARTICULARS (INR Mn)

Operational Revenue

Operating Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT

Exceptional Items

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR)

Earnings Presentation Q3-FY23

9M-FY23

16,170

14,570

1,600

9.89%

602

236

1,910

480

1,430

8.84%

(71)

1,359

14.66

PARTICULARS (INR Mn)

FY21

FY22

H1-FY23

PARTICULARS (INR Mn)

FY21

FY22

H1-FY23

Historical Standalone Balance Sheet

ASSETS

Non-current Assets Property, Plant & Equipment Capital Work In Progress Right of Use Assets Investment Property Investment In Subsidiaries Financial Assets (a) Investments (b) Loans (c) Other Financial Assets (d) Investment in Preference Shares Non-current Assets (Net) Other Non Current Assets Current Assets Inventories Financial Assets (a) Investments (b) Trade Receivable (c) Cash And Cash Equivalent (d) Other Bank Balances (e) Loans (f) Other Current Fin Assets Other Current Assets GRAND TOTAL – ASSETS

8,497 2,536 12 201 38 2,137

3,036 486 21 - 3 26 5,713 2,283

1,060 1,630 350 5 56 87 241 14,210

11,159 2,350 6 184 36 1,967

5,288 778 180 299 45 26 5,079 2,035

840 1,516 143 3 56 293 194 16,238

10,020 2,354 15 178 35 1,967

3,955 949 184 299 45 40 6,659 2,185

2,141 1,551 204 3 54 221 300 16,679

EQUITY & LIABILITIES

Equity

(A) Share Capital

(B) Other Equity

Non-current Liabilities

Financial Liabilities

(A) Borrowings

(B) Lease Liabilities

Provisions

Deferred Tax Liabilities (Net)

Other Non Current Liabilities

Current Liabilities

Financial Liabilities

(A) Borrowings

(B) Lease Liabilities

(D) Other Current Fin Liabilities

Provisions

Other Current Liabilities

10,134

12,095

12,972

244

9,890

653

502

244

11,851

12,728

877

183

503

141

805

176

417

139

3,423

3,266

2,902

2,333

2,095

381

664

413

722

1,905

436

520

GRAND TOTAL - EQUITIES & LIABILITES

14,210

16,238

16,679

Earnings Presentation Q3-FY23

Historical Consolidated Income Statement

FY20

21,736

18,732

3,004

13.82%

400

590

130

2,684

120

621

1,943

8.94%

(31)

1,912

19.92

FY21

24,372

20,730

3,642

14.94%

502

729

177

3,238

836

2,402

9.86%

188

2,590

24.62

FY22

29,818

26,669

3,149

10.56%

792

808

169

2,964

777

2,187

7.33%

(18)

2,169

22.42

PARTICULARS (INR Mn)

Operational Revenue

Operating Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT

Exceptional Items

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR)

Earnings Presentation Q3-FY23

9M-FY23

22,683

20,484

2,199

9.69%

691

636

151

2,103

530

1,573

6.93%

(29)

1,544

16.12

PARTICULARS (INR Mn)

FY21

FY22

H1-FY23

PARTICULARS (INR Mn)

FY21

FY22

H1-FY23

Historical Consolidated Balance Sheet

ASSETS

Non-current Assets Property, Plant & Equipment Capital Work In Progress Right of Use Assets Investment Property Intangible Assets Financial Assets (a) Investments (b) Loans (c) Other Non Current Fin Assets Deferred Tax Assets Non-current Assets (Net) Other Non Current Assets Current Assets Inventories Financial Assets (a) Investments (b) Trade Receivable (c) Cash And Cash Equivalent (d) Other Bank Balances (e) Loans (f) Other Current Fin Assets Other Current Assets GRAND TOTAL – ASSETS

12,381 4,300 326 1,418 590 2,631

3,036 2 52 - - 26 8,313 3,153

1,070 3,021 574 7 56 69 363 20,694

15,589 4,355 1,199 1,394 562 2,520

5,288 1 45 78 67 80 8,214 3,145

894 2,850 408 3 56 264 594 23,803

14,794 5,568 599 1,249 548 2,516

3,955 8 37 114 98 102 9,690 3,322

2,197 2,686 509 3 54 203 716 24,484

EQUITY & LIABILITIES

Equity

(A) Share Capital

(B) Other Equity Non Controlling Interest Non-current Liabilities

Financial Liabilities

(A) Borrowings

(B) Lease Liabilities

Provisions

Other Non current Liabilities

Deferred Tax Liabilities (Net)

Current Liabilities

Financial Liabilities

(A) Borrowings

(B) Lease Liabilities

(D) Other Current Fin Liabilities

Provisions

Current Tax Liabilities (Net)

11,932

14,002

14,995

244

11,599 89 3,068

244

13,682 76 4,215

1,326

1,086

502

2,282

1,057

503

274

244

14,672 78 4,235

2,612

901

417

172

131

5,694

5,586

5,255

730

201

3,301

531

147

1,096

230

3,013

454

1,206

201

2,373

736

128

Other Current Liabilities GRAND TOTAL - EQUITIES & LIABILITES

739 20,694

768 23,803

599 24,484

Earnings Presentation Q3-FY23

Revenues (INR Mn)

29,818

24,372

21,736

22,683

Consolidated Financial Performance

EBITDA (INR Mn) and EBITDA Margins (%)

PAT (INR Mn) and PAT Margins (%)

4, 000

3, 500

3, 000

2, 500

2, 000

1, 500

1, 000

500

3,642

3,004

3,149

13.82%

14.94%

2,199

10.56%

9.69%

30. 00%

25. 00%

20. 00%

15. 00%

10. 00%

5. 00%

0. 00%

3, 000

2, 500

2, 000

1, 500

1, 000

500

2,402

2,187

1,943

1,573

8.94%

9.86%

7.33%

6.93%

30. 00%

25. 00%

20. 00%

15. 00%

10. 00%

5. 00%

0. 00%

FY20

FY21

FY22

9M-FY23

FY20

FY21

FY22

9M-FY23

FY20

FY21

FY22

9M-FY23

Net Debt to Equity Ratio (x)

Networth (INR Mn)

ROE and ROCE (%)

0.21

0.22

14,002

14,995

0.16

0.12

11,932

9,264

FY20

FY21

FY22

H1-FY23

FY20

FY21

FY22

H1-FY23

Earnings Presentation Q3-FY23

21.0%

20.1%

19.2%

19.4%

15.6%

12.9%

FY20

FY21

FY22

ROE

ROCE

Capital Market Data 1 year Stock Performance (As on 31st December 2022)

30%

20%

10%

-10%

-20%

-30%

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Sheela Foam

Midcap Index

Sensex

Shareholding Pattern as on 31st December, 2022

Price Data (As on 31st December, 2022)

Face Value

CMP

52 Week H/L

Market Cap (INR Mn)

No. of Share outstanding (Mn)

1 Year Avg. Trading Volume (000)

INR

5.00

1,297.7

2,027 / 1,204

126,610

97.6

24.8

Promoters 72.95%

Public 1.44%

Foreign Portfolio Investors 3.19%

AIF 0.11%

Mutual Funds 22.31%

Earnings Presentation Q3-FY23

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 Sheela Foam Limited (“Company” or “Sheela Foam Ltd.”), 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. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The 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, including the United States. 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. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and 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. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further information please contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: sheela@valoremadvisors.com

Earnings Presentation Q3-FY23

THANK YOU

Earnings Presentation Q3-FY23

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