VALIANTORGNSE1 February 2023

Valiant Organics Limited has informed the Exchange about Investor Presentation

Valiant Organics Limited

February 01, 2023

To, To, Listing/Compliance Department Listing/Compliance Department BSE LTD National Stock Exchange of Phiroze Jeejeebhoy Towers, India Limited Dalal Street, “Exchange Plaza”,Plot No.C/1, Mumbai- 400 001. G Block Bandra-Kurla Complex, Bandra (E), Mumbai- 400 051. BSE Code-540145 NSE Symbol- VALIANTORG

Sub: Investor Presentation. Ref: Regulation 30 of SEBI (LODR) Regulations, 2015.

Dear Sir / Madam,

Please find attached herewith Q3FY23 Results presentation of the Company for your records.

Kindly take the same on your record.

Thanking You,

Yours Faithfully, For Valiant Organics Limited

Avani D. Lakhani Company Secretary ICSI M.NO: A47118

E a r n i n g s P r e s e n t a t i o n | Q 3 / 9 M - F Y 2 3

SNAPSHOT

One of the largest chlorophenol derivatives manufacturer globally

One of the leading manufacturer of Benzene derivatives products

One of the largest domestic PNA manufacturer

One of the few commercial players in Ortho Anisidine and Para Anisidine

Amongst 1st few domestic PAP Manufacturers

Diversified client base across Pharmaceuticals, Dyes & Pigments, Agrochemicals and specialty chemicals.

6 Manufacturing units across 5 Locations

5 Zero Liquid Discharge plants

Total Production Capacity of 70,000 TPA

850+ Employees

Company Overview

Valiant Organics Limited was incorporated in 1984 by first generation technocrats and is headquartered out of Mumbai, India.

The company is focused on the manufacturing and marketing of specialty chemicals which find usage in a variety of industries, including agrochemicals, pharmaceuticals, dyes, pigments, and veterinary medications.

Key chemistries include Chlorination, Hydrogenation, Ammonolysis, Acetylation, Sulphonation, Methoxylation amongst others.

Over the years the company has primarily focused on manufacturing specialty chemicals that have a high demand but low supply and are primarily dependent on imports.

The company is listed on both the BSE and NSE with a market capitalization of INR 16,182.76 Mn as on 31st December, 2022

Operating Revenue (INR Mn) and EBITDA Margin (%)

FY22 Revenue Break-up – Chemistries

FY22 Revenue Break-up – End user Industry

14000

12000

10000

8000

6000

4000

2000

6,749

7,548

11,533

7,804

26.71%

27.19%

17.77%

14.35%

FY20

FY21 Revenue

FY22 EBITDA Margin

9M-FY23

50.00%

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Others, 9%

Ammonolysis, 31%

Chlorination, 29%

Hydrogenation, 31%

Dyes & Pigments, 29%

Pharmaceuticals, 17%

Specialty Chemicals, 14%

Agro Chemicals, 40%

Valiant Organics Limited |February 2023

Chemistries And Product Basket

Ammonolysis

Key Products: • •

Para Nitro Aniline Ortho Chloro Para Nitro Aniline

Industries Served: • •

Dyes Pigments

9M-FY23 Revenue Share

46%

Hydrogenation

Ortho Anisidine Para Anisidine IPPCA

Key Products: • • • • Meta Chloro Aniline • Para Amino Phenol • Ortho Amino Phenol

Industries Served: • • • •

Dyes Pigments Pharmaceutical Agro Chemicals

Others Acetylation Key Products: • • •

6 Acetyl OAPSA OA Acetanilide PA Acetanilide

Industries Served: • Dyes

Sulphonation Key Products: • OT5SA • 4B Acid • 2B Acid

Methoxylation Key Products: • •

Ortho Nitro Anisole Para Nitro Anisole

Industries Served: • Dyes • Pigments

29%

Valiant Organics Limited |February 2023

19%

Chlorination

Key Products: • • • • •

Para ChloroPhenol (PCP) Ortho ChloroPhenol (OCP) 2,4 Di Chlorophenol (2,4 DCP) 2,6 Di ChloroPhenol (2,6 DCP) 2,4,6 Tri ChloroPhenol (2,4,6 TCP)

Industries Served: • Agro Chemicals • Cosmetics • Veterinary • Pharmaceuticals

Manufacturing Footprint

CHLORINATION – SARIGAM • Capacity: 18,000 MTPA • Products: PCP, OCP, 2,4 DCP, 2,6 DCP, 2,4,6 TCP

AMMONOLYSIS - VAPI • •

Capacity: 10,000 MTPA Products: PNA, OCPNA

AMMONOLYSIS - TARAPUR • Capacity: 6,600 MTPA • Products: PNA

HYDROGENATION & METHOXYLATION- JHAGADIA UNIT 1 • •

Capacity: 28,800 MTPA Products: ONA/OA, PNA/PA, IPPCA, CONVERSION PRODUCTS

HYDROGENATION – JHAGADIA UNIT 2 • •

Capacity: 12,000 MTPA Products: PAP, PHARMA INTERMEDIATES

ACETYLATION & SULPHONATION – AHMEDABAD • •

Capacity: 1,800 MTPA Products: 6 ACETYL OAPSA, OA/PA ACETANILIDE, OT5SA

Valiant Organics Limited |February 2023

Key Strengths

Domain expertise and broad process understanding in a variety of chemistries. The executive team is made up of first-generation technocrats with more than 50 years of collective expertise.

Wide supply chain provides the continuous availability of adequate and high-quality raw materials and manufacturing.

Plant locations are strategically located near ports to provide a competitive advantage, significant logistical cost savings, and faster delivery times.

Robust Business Model

Integrated Operations

Strong Customer Relations

Distinct Product Portfolio

Domain Knowledge

Widespread Supply Chain

Strategic Location of Plants

Diverse product range and client base across numerous industries and countries provides a sustainable business model in multiple chemistries by lowering product, industry, and geographical risk.

Multi-use and backward integrated plants to produce a wide range of products and tailor them to meet the diverse needs, technical qualifications, batch sizes, and delivery schedules of our clients.

Established multi-year relationships with clients in both domestic and international markets due to high-quality standards, innovative production capabilities.

Manufacturing a diverse range of intermediates as well as value-added products for a variety of industries.

Valiant Organics Limited |February 2023

Capex Projects

Product

Commissioned

Project Status

Remarks

Para Nitro Aniline (PNA) & Ortho Chloro Para Nitro Aniline (OCPNA)

Completing phase-wise

• Expansion from 550 TPM to 750 TPM at Vapi plant • Full capacity addition in progress

Ortho Nitro Anisole (ONA)

Completed in Q4 FY’20

• Backward integrated for existing product Ortho Anisidine

Para Nitro Anisole (PNA)

Completed in Q4 FY’20

• Captive use towards manufacture of Para Anisidine

Para Anisidine (PA)

Completed in Q4 FY’20

• Currently mostly being imported in India • Valiant will be one of the major producers in India

Ongoing Projects

Para Amino Phenol (PAP)

Completed in Q4 FY’21

• Currently, limited availability domestically and mostly imported • Due to technical difficulties in achieving the desired specification, the actual production delayed • Ramp up in process for batch operations on-going. • Simultaneous work on-going towards continuous process

Ortho Amino Phenol (OAP)

Pharma Intermediates

Phase 1 production to commence by end of FY’23

• Currently, entirely imported in India • Part of the production will be utilized as forward integration for one of company's existing products • Trial run successful

Production commenced from January 2023

• Multi-purpose plant for forward integration within Group Company • Manufactures N-1, N-2 raw materials for API products • Approvals received in January 2023

Valiant Organics Limited |February 2023

Q3/9M-FY23 HIGHLIGHTS

Valiant Organics Limited |February 2023

CONSOLIDATED FINANCIAL HIGHLIGHTS

Q3-FY23 Consolidated Financial Highlights

9M-FY23 Consolidated Financial Highlights

INR 383 Mn Operating EBITDA

INR 261 Mn Profit After Tax

INR 7.85/ Share EPS

INR 2,504 Mn Operational Revenue

15.30% Operating EBITDA Margin

10.42% PAT Margin

INR 1,120 Mn Operating EBITDA

INR 686 Mn Profit After Tax

INR 20.86/ Share EPS

INR 7,804 Mn Operational Revenue

14.35% Operating EBITDA Margin

8.79% PAT Margin

Valiant Organics Limited |February 2023

Q3/9M-FY23 Operational Highlights

• Q3-FY23 was a subdued quarter mainly due to low demand from dyes & pigment intermediates.

Q3-FY23 Revenue Break-up – Chemistries

• Margins improved marginally despite the drop in volume & revenue from the previous quarter.

• On a standalone basis, PAT has increased by 8% over the previous quarter. This increase includes

profit from sale of land to subsidiary company for future expansion.

Others, 5%

Ammonolysis, 24%

Chlorination, 23%

•

For the quarter, PAP monthly production average was 400+ MT/mo and is expected to reach 500 MT/mo in the coming quarter.

Hydrogenation, 48%

Pharma intermediates project received its approval operational.

in January 2023 and the plant is now

9M-FY23 Revenue Break-up – Chemistries

Others, 6%

Ammonolysis, 29%

Chlorination, 19%

Hydrogenation, 46%

Valiant Organics Limited |February 2023

Key Chemistries

Chlorination

Hydrogenation

Ammonolysis

Others

) n M R N

I (

S E U N E V E R

) T M

( S E M U L O V S E L A S

800

700

600

500

400

300

200

100

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

730

501

411

Q3-FY22

Q2-FY23

Q3-FY23

4,017

2,639

1,962

797

740

545

Q3-FY22

Q2-FY23

Q3-FY23

3,192

2,984

2,591

1,106

1,076

943

Q3-FY22

Q2-FY23

Q3-FY23

4,845

4,613

4,448

1,150

1,100

1,050

1,000

950

900

850

4,900

4,800

4,700

4,600

4,500

4,400

4,300

4,200

900

800

700

600

500

400

300

200

100

3,500

3,000

2,500

2,000

1,500

1,000

500

199

155

107

Q3-FY22

Q2-FY23

Q3-FY23

330

320

187

250

200

150

100

350

300

250

200

150

100

Q3-FY22

Q2-FY23

Q3-FY23

Q3-FY22

Q2-FY23

Q3-FY23

Q3-FY22

Q2-FY23

Q3-FY23

Q3-FY22

Q2-FY23

Q3-FY23

Valiant Organics Limited |February 2023

Quarterly Consolidated Financial Performance

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

Exceptional Items

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/ Diluted EPS (INR)

Q3-FY23

Q3-FY22

2,504

2,121

383

15.30%

347

261

10.42%

269

7.85

2,884

2,382

502

17.41%

437

115

322

11.17%

323

10.70

Y-o-Y

(13.2)%

(11.0)%

(23.7)%

Q2-FY23

2,641

2,222

419

(211) bps

15.87%

(44.0)%

(5.2)%

100.0%

(20.6)%

(25.2)%

(18.9)%

(75) bps

(16.7)%

(26.6)%

341

256

9.69%

256

7.49

Q-o-Q

(5.2)%

(4.5)%

(8.6)%

(57) bps

(26.3)%

1.4%

4.0%

1.8%

1.2%

2.0%

73 bps

5.1%

4.8%

Valiant Organics Limited |February 2023

YTD Consolidated Financial Performance

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

Exceptional Items

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/ Diluted EPS (INR)

Valiant Organics Limited |February 2023

9M-FY23

7,804

6,684

1,120

14.35%

212

931

245

686

8.79%

689

20.86

9M-FY22

8,056

6,578

1,478

18.35%

212

1,270

362

908

11.27%

913

29.39

Y-o-Y

(3.1)%

1.6%

(24.2)%

(400) bps

0.0%

62.5%

(26.7)%

(32.3)%

(24.4)%

(248) bps

(40.0)%

(24.5)%

(29.0)%

Quarterly Standalone Financial Performance

Q3-FY23

Q3-FY22

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

Exceptional Items

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Valiant Organics Limited |February 2023

2,176

1,893

283

13.01%

245

185

8.50%

(2)

183

6.62

2,608

2,162

446

17.10%

373

276

Y-o-Y

(16.6)%

(12.4)%

(36.5)%

(409) bps

(56.3)%

(9.2)%

92.3%

(34.3)%

(38.1)%

(33.0)%

10.58%

(208) bps

277

9.87

(33.9)%

(32.9)%

Q2-FY23

2,323

2,009

314

13.52%

227

171

7.36%

171

6.11

Q-o-Q

(6.3)%

(5.8)%

(9.9)%

(51) bps

75.0%

1.5%

8.7%

7.9%

7.1%

8.2%

114 bps

7.0%

8.3%

YTD Standalone Financial Performance

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

Exceptional Items

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/ Diluted EPS (INR)

Valiant Organics Limited |February 2023

9M-FY23

6,844

5,985

859

12.55%

201

654

160

494

7.22%

(9)

485

17.66

9M-FY22

6,579

5,373

1,206

18.33%

200

1,006

248

758

11.52%

763

27.09

Y-o-Y

4.0%

11.4%

(28.8)%

(578) bps

(50.0)%

0.5%

65.2%

(35.0)%

(35.5)%

(34.8)%

(430) bps

(36.4)%

(34.8)%

HISTORICAL FINANCIAL OVERVIEW

Valiant Organics Limited |February 2023

Historical Consolidated Income Statement

Particulars (INR Mn)

Operational Income

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

Exceptional Items

PBT

Tax

Profit After Tax

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR per share)

*FY21 onward figures as per Ind AS

Valiant Organics Limited |February 2023

FY20

6,749

4,946

1,803

26.71%

158

1,685

423

1,262

18.70%

1,264

44.32

FY21*

7,548

5,496

2,052

27.19%

212

1,849

540

1,309

17.34%

1,378

40.97

FY22*

11,533

9,484

2,049

17.77%

296

1,762

483

1,279

11.09%

1,285

40.51

9M-FY23*

7,804

6,684

1,120

14.35%

212

931

245

686

8.79%

689

20.86

FY22

H1-FY23

Particulars (INR Mn)

Consolidated Balance Sheet (IND – AS)

Particulars (INR Mn)

EQUITY

a) Equity Share Capital

b) Other Equity

c) Optionally Convertible Preference Shares

d) Non Controlling Interest

LIABILITIES

Non-Current Liabilities

Financial Liabilities

a) Borrowings

b) Lease Liabilities

c) Provisions

d) Deferred Tax Liabilities (Net)

Current Liabilities

a) Financial Liabilities

(i) Borrowings

(ii) Trade Payables

(iii) Other Financial Liabilities

(iv) Lease Liabilities

b) Other Current Liabilities

c) Provisions

FY21

5,086

272

4,747

6,489

272

5,856

357

6,816

272

6,121

419

971

1,340

1,317

751

203

2,706

1,330

1,072

253

1,058

1,011

266

4,018

2,568

1,238

161

289

3,409

1,974

1,171

181

Non-Current Assets a) Property, Plant and Equipment b) Capital Work In Progress c) Right-Of-Use Assets d) Goodwill e) Goodwill on Consolidation f) Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets g) Other Non-Current assets Current Assets a) Inventories

b) Financial Assets

(i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Other Bank balances (v) Loans (vi) Other financial assets

c) Other Current Assets

d) Current Tax Assets (Net)

FY21

5,731 4,967 459 6 - 123

23 59 - 94 3,032 722

40 1,568 128 182 5 2 363

FY22

6,652 5,303 1,116 8 - 123

33 58 - 11 5,195 1,136

46 3,209 251 203 5 3 233

109

H1-FY23

7,000 5,375 1,358 9 - 123

26 60 - 49 4,542 974

570 2,444 116 3 5 3 324

103

GRAND TOTAL - EQUITIES & LIABILITES

8,763

11,847

11,542

GRAND TOTAL – ASSETS

8,763

11,847

11,542

Valiant Organics Limited |February 2023

Historical Standalone Income Statement

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

Exceptional Items

PBT

Tax

Profit After Tax (After Merger)

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR per share)

*FY21 onward figures asper Ind AS

Valiant Organics Limited |February 2023

FY20

5,836

4,103

1,733

29.69%

130

1,645

406

1,239

21.23%

1,241

44.32

FY21*

5,742

4,170

1,572

27.38%

169

186

1,520

374

1,146

19.96%

1,215

40.98

FY22*

9,484

7,834

1,650

17.40%

273

1,369

340

1,029

10.85%

1,037

36.81

9M-FY23*

6,844

5,985

859

12.55%

201

654

160

494

7.22%

(9)

485

17.66

Standalone Balance Sheet (IND – AS)

Particulars (INR Mn) EQUITY a) Equity Share Capital b) Other Equity

c) Optionally Convertible Preference Shares

LIABILITIES Non-Current Liabilities Financial Liabilities a) Borrowings b) Lease Liabilities c) Provisions d) Deferred Tax Liabilities (Net) e) Other Non-Current Liabilities Current Liabilities a) Financial Liabilities (i) Borrowings (ii) Trade Payables (iii) Other Financial Liabilities (iv) Lease Liabilities b) Other Current Liabilities c) Provisions

d) Current Tax Liabilities (Net)

FY21 5,023 272 4,747

FY22 6,031 272 5,755

H1-FY23 6,240 272 5,964

962

1,215

1,190

748 2 15 197 - 2,071

736 1,042 244 3 20 26

940 2 10 263 - 3,583

2,110 1,271 154 2 22 24

893 3 11 283 - 2,957

1,569 1,149 168 2 35 34

Particulars (INR Mn) Non-Current Assets a) Property, Plant and Equipment b) Capital Work In Progress c) Right-Of-Use Assets d) Financial Assets (i) Investments in Subsidiaries (ii) Other Investments (iii) Other Financial Assets e) Other Non-Current assets Current Assets a) Inventories b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents

(iv) Other Bank balances

(v) Loans (vi) Other financial assets c) Other Current Assets

d) Current Tax Assets (Net)

FY21 5,798 4,771 459 4 - 395 24 52 93 2,258 660

1 1,166 86

5 2 257

FY22 6,787 5,085 1,102 4 - 501 32 52 11 4,042 973

1 2,532 230

5 3 217

H1-FY23 7,094 5,143 1,328 5 - 489 26 53 50 3,293 891

2 1,899 113

5 3 274

102

GRAND TOTAL - EQUITIES & LIABILITES

8,056

10,829

10,387

GRAND TOTAL – ASSETS

8,056

10,829

10,387

Valiant Organics Limited |February 2023

Consolidated Financial Highlights

Operational Revenue (INR Mn)

EBITDA (INR Mn) & EBITDA Margins (%)

PAT (INR Mn) & PAT Margins (%)

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0.6

0.5

0.4

0.3

0.2

0.1

0.0

11,533

6,749

7,548

7,804

2,052

2,049

1,803

26.71%

27.19%

17.77%

2,100

1,800

1,500

1,200

900

600

300

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

1,400

1,100

800

500

200

-100

1,120

14.35%

FY20

FY21

FY22

9M-FY23

FY20

FY21

FY22

9M-FY23

Net Debt to Equity (x)

Net Worth (INR Mn)

0.49

0.42

0.35

0.28

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

6,489

6,816

5,086

4,008

35.00%

30.00% 25.00%

20.00% 15.00%

10.00% 5.00%

0.00%

1,282

1,309

1,279

686

18.70%

17.34%

11.09%

8.79%

FY20

FY21

FY22

9M-FY23

Return on Capital Employed & Return on Equity (%)

33.33%

31.49%

30.41%

25.73%

22.39%

19.71%

ROCE

ROE (%)

FY20

FY21

FY22

H1-FY23

FY20

FY21

FY22

H1-FY23

FY20

FY21

FY22

Valiant Organics Limited |February 2023

Capital Market Information

Share Price up to 31st December, 2022

30% 20% 10% 0% -10% -20% -30% -40% -50% -60%

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Valiant Organics - Closing Price

Sensex

Price Data (As on 31st December, 2022)

Face Value

Market Price

52 Week H/L

Market Cap (Mn)

Equity Shares Outstanding (Mn)

1 Year Avg Trading Volume (‘000)

INR

10.00

596.05

1,358.95/504.50

16,182.76

27.15

111.72

Shareholding pattern (As on 31st December 2022)

AIF, 0.31%

Promoters, 38.41%

Public, 59.08%

FII, 0.57%

DII, 1.63%

Valiant Organics Limited |February 2023

Disclaimer

Valiant Organics Limited No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Valiant Organics Limited (“Company”), 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 details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91-22-49039500 Email: valiant@valoremadvisors.com

Valiant Organics Limited |February 2023

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Valiant Organics Limited |February 2023

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