SAREGAMANSE19 May 2023

Saregama India Limited has informed the Exchange about Investor Presentation

Saregama India Limited

Date: 19th May, 2023

The Manager, Listing Department, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra – Kurla Complex, Bandra (East), Mumbai – 400 051

The General Manager The Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

Symbol: SAREGAMA

Scrip Code: 532163

Subject: Information Update for the Quarter and Financial Year ended 31st March, 2023

Reference: Audited Financial Results (Standalone and Consolidated) of the Company, for the Quarter and Financial Year ended 31st March, 2023.

Dear Sir/ Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, please find enclosed the following for the Audited (Standalone and Consolidated) Financial Results for the Quarter and Financial Year ended 31st March, 2023:

i. ii. iii.

Press release on Earnings Investor Presentation Corporate Presentation

This information is available on the website of the company www.saregama.com.

You are requested to kindly take the afore-mentioned on record and oblige.

Yours faithfully, For SAREGAMA INDIA LIMITED

Priyanka Motwani Company Secretary and Compliance Officer

SAREGAMA India Limited, 33, Jessore Road, Dum Dum, Kolkata - 700 028, India. Tel: +91 33 2551 2984, Fax: +91 33 2550 0817, Web: www.saregama.com CIN: L22213WB1946PLC014346 Email ID: co.sec@saregama.com

FY23 YoY Growth: Revenue by 29% PAT by 24%

Building IP for Tomorrow

Mumbai, May 19, 2023: Saregama, a RPSG Group company, announced its financial results for the Quarter and Year Ended March 31, 2023.

The Company’s Operating revenue rose 29% YoY at Rs.7,513 Mn in FY23. PAT stood at Rs.1,890 Mn; up 24% YoY

Adjusted EBIDTA grew 21% YoY to reach Rs.2,699 Mn in FY23 from Rs.2,230 Mn in FY22. Adjusted EBIDTA Margin is 36%.

With revenue of Rs.2,074 Mn in Q4FY23, Company posted highest ever quarterly revenue from operation registering a 15% growth compared to same quarter last year.

Music licensing revenue grew at 23% YOY, thereby recording a growth in excess of 20% for 5th year in a row. This is driven by combination of high quality of new content investment and continuing growth of catalogue

Key Operational Highlights:

➢

In Q4FY23 company released 230 film and non-film “Originals” including film music of Nani’s films “Dasara”; Kalyan Ram’s “Amigos”; Ravi Teja’s “Ravanasura” in Telugu; Sivakarthikeyan's Film “Maaveeran”; Gautham Karthik’s “1947” in Tamil and Asif Ali’s “Kasargold” in Malayalam. In non-films Company released chartbuster songs like “Tu Mile Dil Khile” by Stebin Ben; “O Mere Dil ke chain” by Sanam in Hindi; “Nagin” and “Aara Main” by Kesari Lal; Akshara Singh’s “Billo Rani” in Bhojpuri etc.

➢ During the year, Company released 1,000 plus Originals and Premium Recreations across Hindi, Bhojpuri, Gujarati, Punjabi, Tamil, Telugu, Malayalam, Marathi and Bengali languages with 11 songs crossing 100Mn views on Saregama’s official YouTube Channels. Company also released 7,000 plus derivatives (LoFi, Trap Mix, Cover, Acoustic etc.) which is driving the popularity and growth of its catalogue.

➢ The other highlight of the quarter was the use of our songs for the Yash Raj film “Pathan”; Ajay Devgn Film “Bhola”; Mammootty’s film “Nanpakal Nerathu Mayakkam” and for digital content like Ladies Hostel (Amazon Prime), Gulmohar (Hot star), Chor Nikal Ke Bhaaga (Netflix), The Romantics (Netflix) and by brands like ITC, Google Pay, Orient Fans, Nestle KitKat, Spotify, KFC, One Card, Marico, Reliance Trends, Lux Cozy etc. in their ad films.

➢ Carvaan continued to regain its momentum. In FY23, the unit sales grew by 40% YoY, with Carvaan Mobile volumes building up. Overall, Company sold 561k units in FY23 compared to 401k units last year.

➢

In Q4FY23, Company released two Hindi Web-Series “Hunter” starring Suniel Shetty and “United Kacche” starring Sunil Grover. In FY23, Yoodlee released 6 films and web-series across Hindi, Malayalam, Tamil, and Punjabi language.

➢ Company’s TV serials Anbe Vaa, Ilakkiya and Iniya were the Slot Leaders in their respective time slots with “Ilakkiya” rated the No. 1 TV serial in afternoon slot across all Tamil Channels for the second consecutive quarters.

➢

In FY23, Company ventured into Live Events “Saregama's Live” with India’s biggest live Performance star Diljit Dosanjh. Overall, 14 concerts were held across India, USA and Canada. Saregama Live’s stage adaptation of Bollywood’s iconic film – Disco Dancer premiered in London with 6 Live Shows held in FY23.

Avarna Jain, Vice Chairperson Saregama India, said “The digital boom propelled by Govt’s progressive policies and growing income levels is resulting in a huge content demand in the country. Saregama with its enviable legacy and investments in technology, new content and personnel is well set to lead this content demand cycle, and create immense value for its stakeholders”.

Vikram Mehra, MD Saregama India, said “The company is committed to building efficiencies to deliver strong fiscal performance while it continues to diversify its range of businesses. We look forward to the best utilization of new generation technology like Artificial Intelligence and Data Analytics to augment the growth in all respects. We are excited to have marquee projects lined up for release in the coming year which will further strengthen our position as key player in the entertainment sector”

About Saregama India Limited:

Saregama India Limited, formerly known as The Gramophone Company of India Ltd is a RPSG group company owning the largest music archives in India and one of the biggest in the world. The ownership of nearly 50 per cent of all the music ever recorded in India also makes Saregama the most authoritative repository of the country’s musical heritage. Saregama has also expanded into other branches of entertainment - film & series production, live events, and music-based consumer products.

About RPSG Group:

RP-Sanjiv Goenka Group is one of India’s fastest growing conglomerates with a significant global presence. The Group’s businesses include power and energy, carbon black manufacturing, retail, IT- enables services, FMCG, media and entertainment and agriculture.

For further information, please contact: Honey Sheth | honey.sheth@mslgroup.com|9870097011 Krishi Shetty |Krishi.shetty@mslgroup.com | 9518308228

SAREGAMA INDIA LIMITED | QUARTERLY PRESENTATION | Q4 FY23

SAREGAMA STRENGTHS

India’s only entertainment company with IP offerings across media channels (music, films, web series and TV serials), delivery platforms (physical and digital) and business models (licensing and retail)

Large intellectual property portfolio of 150K+ songs, 69 films and web series, 6K+ hours of television content

Strong licensing relationships with streaming applications and platforms for music and video

Increasing IP library with a growing presence in all leading Indian languages

Investments and Capabilities in Data Analytics and Technology for content acquisition and IP protection

Strong financial position with track record of revenue growth, margin expansion and cash flow generation

Experienced and creative leadership through Management Team and Promoter Group

SAREGAMA Key Financial Metrics

Revenue From Operations (INR Mn)

Adjusted EBITDA (INR Mn)

PBT(INR Mn)

23% CAGR

7,513

50% CAGR

2,699

2,230

1,451

59% CAGR

2,537

2,044

1,519

5,806

5,447

5,215

4,420

3,566

2,185

786

763

511

237

847

603

389

159

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY17

FY18

FY19

FY20

FY21

FY22

FY23

Music Licensing. Music Retail. Films & Series. Live Events

1,574

1,024

702

521

476

Film, Events and Series,

Publication

FY19

FY20

FY21

FY22

FY23

21%

17%

FY23 Revenue INR 7513 Mn

60%

* 4,410

* 3,585

* 2,839

* 2,361

1,949

FY19

FY20

FY21

FY22

FY23

* One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn in FY20 are excluded

Music Retail

Music Licensing

2,948

2,062

1,056

861

1,298

FY19

FY20

FY21

FY22

FY23

Strategic Overview

To be a Pure Play Content Company capitalising on the global content consumption boom

driven by the ever-increasing Digitisation

Monetisation of Existing IP

Through licensing to EVERY 3rd party Digital (music, video, social) and TV platform.

Carvaan transitioning from being a Product with only one-time margin to a Platform for Music lovers with recurring advertising, transaction and subscription revenue

Building of New IP

Cementing leadership position with New film and non-film music acquisition across Hindi, Tamil, Telugu, Bhojpuri, Gujarati, Punjabi, Malayalam, Bengali and other regional languages.

Producing Theatrical Films in only Regional languages and Web Series in languages. Revenue secured through pre-licensing to digital all platforms. Scale allowing lower cost of production

150k+ Songs | 69 Movies & Web Series | 6k+ hrs of TV Series | Advantage Saregama

Building Live Music based Events IP, preferably around Saregama owned music

Path to Leadership Position in Music Segment

Disproportionate Share of

New Content across Hindi & Regional Languages

Acquisition of Small & Mid size Music Catalogues using Cash Reserves

Better Monetisation Capability on the back of Catalogue + New Content strength

Investments in Data Analytics & AI

Marketing Muscle

Deeper artiste relationships through play in Artiste Management & Live Events

Strength of Balance Sheet

Decentralised Decision Making

India’s Largest and Most Popular Music Catalogue

Music Segment Revenue from Catalogue Music continues to grow

Annual Growth in Music Licensing Revenue from Saregama owned Songs classified by Decade of Release

FY19

FY20

FY21

FY22

FY23

2001 – 2020

1981 – 2000

Till 1980

47%

32%

24%

18%

23%

18%

27%

20%

19%

All revenue from derivatives of catalogue songs are classified basis original song release date

Music Segment

Saregama is no longer a Catalogue Company

33% of Saregama’s songs were released post 2000, and they contributed to 48% of FY23 revenue

FY23 150k+ songs generated Licensing Revenue INR 4,410 Mn * Era wise Breakup

2021-2023

27%

2001-2020

1981-2000

1961-1980

Till 1960

25%

26%

25%

21%

29%

16%

2.6%

Count of Songs

Revenue

Derivatives of catalogue songs are classified basis derivative song release date *Excluding one time income of INR 84 Mn

48% of Licensing Revenue now comes from 21st century songs

Our growth strategy in Video segment

Pick Films and Cast primarily basis recoveries from Digital and TV licensing

Pick Web Series basis pre-licensing approval from a VoD platform

Volume of Films / Series to drive Cost Optimisation & Licensing Leverage

Greater emphasis on regional movies because of better ROI

Retain IP for Portfolio building & future exploitation

Access to Music Catalogue gives Unique Strength

OUR LICENSING PARTNERS

Streaming Partners Music

Broadcasting Partners Music + Films & Series

Video Streaming Partners Music + Films & Series

uVid

Social Media Platforms Music + Films & Series

Brands Music

OPERATIONAL HIGHLIGHTS

MUSIC SEGMENT POSTED HIGHEST EVER YEARLY REVENUE

Music Segment Revenue Per Quarter (INR Mn)

FY22 – INR 4,643 Mn

FY23 – INR 5,708Mn

1509

1547

1378

1333

1216

1274

1175

1142

1004

919

858

696

Q1 FY21

Q2 FY21

Q3 FY21

Q4 FY21

Q1 FY22

Q2 FY22

Q3 FY22

Q4 FY22

Q1 FY23

Q2 FY23

Q3 FY23

Q4 FY23

Revenue grew 23% Y-o-Y to reach INR 5,708Mn in FY23

* One time income of INR 84Mn in FY23, INR 97Mn in FY22 and INR 155Mn in FY21 are excluded

MUSIC SEGMENT LICENSING : MONETISATION

• Brand Licenses:

ITC, Google Pay, Orient Fans, Nestle KitKat, Spotify, KFC, One Card, Marico, Reliance Trends, Lux Cozy etc.

• Digital Content Licenses:

Ladies Hostel (Amazon Prime), Gulmohar (Hot star), Chor Nikal Ke Bhaaga (Netflix), The Romantics (Netflix) etc.

YOUTUBE VIEWS (Bn) PER QUARTER

• Film Sync Licenses:

Licensed 1 songs for the Yash Raj film “Pathan”; 1 song deal with Ajay Devgn Film “Bhola”; 1 song deal with Mammootty’s film “Nanpakal Nerathu Mayakkam” ; 1 song deal each for Kannada Film “ Spooky College” for Telugu Film “F3” for Malayalam Film ”Thankam” etc.

Q3FY22

Q4FY22

Q1FY23

Q2FY23

Q3FY23

Q4FY23

Includes all views related Saregama IP across it’s owned channels and user generated content on YouTube and YouTube Shorts

MUSIC SEGMENT : CONTENT CREATION Film Albums released in Q4

TELUGU

TAMIL

MALAYALAM

BENGALI

Nani

Kalyan Ram

Sivakarthikeyan

Udhayanidhi Stalin

Sushin Shyam

Savvy

Vishwak Sen

Naga Shaurya

Raghava Lawrence

Gautham Karthik

Asif Ali and Sunny Wayne

Rupankar Bagchi

Ravi Teja

S V Krishna Reddy

Hiphop Tamizha

Vijay Antony

Vineeth Sreenivasan

Argha Deep Chatterjee

MUSIC SEGMENT : CONTENT CREATION 181 Non-Film Songs released in Q4

HINDI

BHOJPURI

GUJARATI

Stebin Ben

Khesari Lal

Kajal Maheriya

Shakti Mohan

Talat Aziz

Arvind Akela

Neelkamal Singh

Rakesh Barot

Saaj Bhatt

Sanam

Akshara Singh

Khesari Lal

Kajal Maheriya

Retail:

• Unit Sales grew 26% Y-o-Y

• Carvaan Mobile volumes building up

MUSIC SEGMENT : RETAIL

Carvaan Sales (units ‘000s)

168

156

141

139

• Margin % similar on all Carvaan variants : base model,

Mini, Mobile, Music Bar

112

Q3-FY22

Q4-FY22

Q1-FY23

Q2-FY23

Q3-FY23

Q4-FY23

Future Outlook

▪ Reliance on Natural Pull from the market

▪ Tight cost controls to continue

FILMS, WEB SERIES & TV SEGMENT

Films and Web Series

• Two Web-Series “Hunter” starring Suniel Shetty and “United Kacche” starring Sunil Grover released during Q4 FY23.

• Veteran Malayalam actor Mammootty is set to star in Yoodlee Films’ upcoming action movie "Bazooka“

TV Segment

• “Ilakkiya” rated the No. 1 TV serial in afternoon slot across all

Tamil Channels.

• New TV serial "Iniya“ stared in Q3 is getting good response and is already rated No.3 TV Serial in prime time across all Tamil Channel.

• All serials Anbe Vaa, Ilakkiya and Iniya were the Slot Leaders

in their respective time slots.

• Saregama TV Shows YouTube channel garnered 464 Mn views

in Q4 FY23

Future Outlook

• Our Film “Agra” directed to is set the Cannes

by Kanu Bhel premiere at Film Festival 2023.

Future Outlook

• Unlocking

value of the existing IP through language new platform remakes, licensing and syndication

FINANCIAL HIGHLIGHTS

CONSOLIDATED

QUARTERLY FINANCIAL SUMMARY

Particulars (INR Mn)

Revenue from Operations

•

Music

Films, Television serials and Events

Publication

Revenue from Operations

Adjusted EBIDTA (EBIDTA excluding Content Charge)

Q4 FY23

Q3 FY23

Q-o-Q Growth

Q4FY22

Y-o-Y Growth

1,461 575 38

2,074

618

1,547 272 35

1,854

735

(6)% 111% 9%

12%

(16)%

1,271 525 6

1,802

644

15% 10% 533%

15%

(4)%

Content Charge include the following charges related to the new content during the year: 1) 4) Content charge does not include any royalty paid post recoupment of the Minimum Guarantee amount.

Amount amortised in case of Royalty based deals 2) Amount amortised against the one-time fee paid in case of Outright purchase-based deals 3) Marketing of new content

Revenue from Operations (INR Mn)

14 156

525

386

341

35 272

575

1,333

1,271

1,274

1,509

1,547

1,461

700

200

Adj. EBITDA (INR Mn) & Adj. EBITDA Margin

42%

38%

37%

40%

36%

30%

629

644

647

699

735

618

Q3-FY22

Q4-FY22

Q1-FY23

Q2-FY23

Q3-FY23

Q4-FY23

Q3-FY22

Q4-FY22

Q1-FY23

Q2-FY23

Q3-FY23

Q4-FY23

Music

Films, TV & Events

Publication

OIBCID

OIBCID Margin

43%

38%

33%

28%

23%

18%

13%

Adjusted EBIDTA to PAT

Particulars (INR Mn)

Q4 FY23

Q3 FY23

Q-o-Q Growth

Q4 FY22

Y-o-Y Growth

Revenue from Operations (A)

2,074

Total Expenses (B)

1,456

Adjusted EBIDTA (C= A-B)

Adjusted EBIDTA Margin (%)

Content Charging Cost (D)

Depreciation (E)

Finance Cost (F)

Other Income (G)

PBT (C-D-E-F+G)

Tax

PAT

PAT Margin (%)

Diluted EPS (Face Value Re.1)

618

30%

182

247

655

163

492

24%

2.56

1,854

1,119

735

40%

159

152

704

181

523

28%

2.71

12%

30%

(16)%

14%

10%

21%

63%

(7)%

(10)%

(6)%

1,802

1,158

644

36%

167

188

643

163

480

27%

2.50

15%

26%

(4)%

57%

13%

31%

FY23 without impact of Change in Useful Life

7,513

4,814

2,699

36%

786

610

2,430

620

1,810

24%

FY22

5,806

3,576

2,230

38%

463

349

2,044

518

1,526

26%

8.42

FY 23

7,513

4,814

2,699

36%

679

610

2,537

647

1,890

25%

9.83

Y-o-Y Growth

29%

35%

21%

47%

30%

29%

75%

24%

25%

24%

• • • •

The management has reviewed the useful life of Music rights with help of benchmarking study done by EY on accounting practices of leading global music labels Given the increased consumption of content along with outlook for the music market, resultant useful life of the newly acquired music rights is longer than the previously estimated life. Starting 1st April 2022, the content cost of music rights is being amortized basis the increased useful life of 10 years As a result of the above revision, the content cost for FY23 is lower by INR 107Mn as compared to the charge based on previous estimates, leading to incremental PAT of INR 80Mn.

BALANCE SHEET

Equity and Liabilities (INR Mn)

As at 31st Mar’ 2023

As at 31st Mar’ 2022

Shareholder's fund

(a) Equity share capital (b) Other equity

Net worth

(a) Non-controlling interest

Non-current liabilities

(a) Financial liabilities (i) Lease liabilities

(b) Employee benefit obligations (c) Deferred tax liabilities (net)

Current liabilities

(a) Financial liabilities

(i) Lease liabilities

(ii) Trade payables

(iii) Other financial liabilities

(b) Other current liabilities (c) Provisions (d) Employee benefit obligations

(e) Current tax liabilities

193

14,577 14,770

193

13,584 13,777

2 47 539

633

584

883 913 9 9

7 42 562

645

431

466 902 8 1

Total

18,432

16,879

Assets (INR Mn)

Non-current assets

As at 31st Mar’ 2023

As at 31st Mar’ 2022

(a) Property, plant and equipment

2,208

2,141

(b) Right-of-use assets

(d) Intangible assets

(e) Intangible assets under development

(f) Financial assets

(i) Investments

(ii) 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) Bank balances other than (iii) above

(v) Loans

(vi) Other financial assets

1,143

1,220

529

573

602

1,453

292

1,687

1,054

2,388 1,512 223

4,916

262

221

321

1,157 18,432

5,308 1,078 1,527

1,710

228

257

1,078 16,879

CASH FLOW STATEMENT

Particulars (INR Mn)

Pre-Tax Profit

Change in other operating activities ( including non-cash Items)

Change in Working capital

Taxes Paid

Net cash generated from Operating Activities (A)

Investment in Fixed Deposits with maturity > 3m

Redemption/(Investment) in Mutual Fund

Net cash used in Fixed assets and other Investing activities

Net cash used in Investing Activities (B)

Net cash (used in)/generated from Treasury Shares

Proceeds from Issue of Share Capital #

Repayment of Lease Liability

Dividend paid

Interest paid

Net cash (used in)/generated from Financing Activities (C)

Net (decrease)/increase in Cash and Cash Equivalent

Cash and Cash Equivalents at the beginning of the period

Effect of Translation of foreign currency cash and cash equivalents

Cash and Cash Equivalents at End of the period

FY23

FY 22

2,537

(499)

(491)

(699)

(3,709)

3,121

(824)

(161)

(9)

(578)

(8)

848

2,044

(139)

(389)

(572)

(718)

(4,995)

(590)

944

(1,412)

(6,303)

7,332

(4)

(577)

(11)

(756)

(1,320)

1,527

16 * 223

6,773

1,414

111

1,527

* Exclude Investment in Bank FD with maturity more than 3 months and Investment in Mutual Funds INR 7,802Mn ( FY22 INR 7013Mn) # Net of Issue expense of INR 168 Mn

FINANCIAL CHARTS (CONSOLIDATED)

Revenue from Operations (Turnover) (INR Mn)

Music Licensing Revenue (INR Mn)

Content Charge (INR Mn)

PAT (INR Mn)

3 1 5 7

7 4 4 5

5 1 2 5

6 0 8 5

0 2 4 4

9 3 8 2

1 6 3 2

9 4 9 1

5 8 5 3

0 1 4 4

9 7 6

3 6 4

0 9 8 1

6 2 5 1

5 3 1 1

6 7 1

9 7 1

9 9

3 4 5

5 3 4

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

* One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn (FY20) are excluded

Adjusted EBIDTA Margin (%)

Return on Equity (ROE) (%)*

Diluted EPS (INR)

% 8 3

% 6 3

% 3 3

% 4 2

% 6 1

% 4 1

% 5 1

Debt to Equity Ratio

Dividend per Share (INR)

0 3

0 2

8 2 0

8 9

4 8

5 6

% 4 1

% 3 1

1 3

5 2

3 0

2 0

3 0 0

- - -

FY19

FY20

FY21

FY22

FY23

FY19 FY20 FY21 FY22 FY23

• ROE = PAT / Shareholders Equity • Shareholders Equity = Equity share capital and free reserves • Since FY22 INR 7500 Mn of fresh fund raise through QIP

added to Shareholders Equity

Previous Years EPS has been restated basis face value of Re.1 per share

Since FY21, Company is debt free

Saregama India Ltd. Disclaimer:

DISCLAIMER

In evaluating our business, we consider and use non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, PAT Margin, Debt to Equity Ratio, Return on Equity, to review and assess our operating performance. These non-GAAP financial measures are not defined under Ind AS and are not presented in accordance with Ind AS. They may not be comparable to similarly titled measures reported by other companies due to potential inconsistencies in the method of calculation. We have included these non-GAAP financial measures because we believe they are indicative measures of our operating performance and are used by investors and analysts to evaluate companies in the same industry. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity reported in accordance with Ind AS. These measures should not be considered in isolation or construed as an alternative to Ind AS measures of performance or as an indicator of our operating performance, liquidity, profitability, or results of operations. The presentation of intended to be considered in isolation or as a substitute for the Standalone/Consolidated Financial Statements.

these non-GAAP financial measures is not

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 Saregama India 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.

I N D I A ’ S L A R G E S T I P C O M P A N Y M U S I C . F I L M S . S E R I E S . L I V E .

A 123-yr old IP-driven Entertainment Company

First recording of an Indian song by Gauhar Jaan.

RPG Group acquired the company

TV Serial production started

Carvaan launched

Started investing in non-film music

1902

1946

1986

2000

2001

2016

2017

2020

2022

Company incorporated as The Gramophone Company (India) Pvt. Ltd.

Products started retailing under ‘Saregama’

Started investing in new Film Music again

Film Production House Launched

Launched Live Events business

SAREGAMA Key Financial Metrics

Revenue From Operations (INR Mn)

Adjusted EBITDA (INR Mn)

PBT(INR Mn)

23% CAGR

7,513

50% CAGR

2,699

2,230

1,451

59% CAGR

2,537

2,044

1,519

5,806

5,447

5,215

4,420

3,566

2,185

786

763

511

237

847

603

389

159

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY17

FY18

FY19

FY20

FY21

FY22

FY23

INDUSTRY OVERVIEW

Global Music Industry continues to Grow on back of Paid Streaming

10% pa

Streaming accounted for 67% of global recorded music revenue in 2022

589

523

443

341

255

176

112

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

Worldwide users of paid music streaming subscriptions at the end of the respective year

Source: IFPI

Source: Statista

Indian Media & Entertainment Sector is expected to grow at 11% pa on the back of Digitisation

Saregama has a play in multiple verticals of the Sector

MUSIC

VIDEO

LIVE EVENTS

INDUSTRY SIZE (2022) : INR 24000 Mn NEXT 3 YEAR GROWTH : 15%

FILM INDUSTRY SIZE (2022) : INR 172000 Mn NEXT 3 YEAR GROWTH : 10%

INDUSTRY SIZE (2022) : INR 73000 Mn NEXT 3 YEAR GROWTH : 22%

DRIVERS

• Easy Access: 750M smart phones • Cheap Data • Fall in Piracy • Streaming turning Pay • Growth in Digital Advertising • Short-format apps inviting Advertising

• 750M smart phones • 22M connected TVs expected to grow to

40M by 2025

• 45M SVOD subscribers • 450M+ YouTube users

• Rising Disposable Income • •

Lack of Entertainment options Improvement in Infrastructure

Biggest driver is Digital Advertising. Grew by 30% last year to INR 499B. This is primarily due to explosion in consumption of content on digital platforms

Source: FICCI-EY Report Apr23

Digitisation Driving Growth

Digital Boom in India

~750M smart phones 22M connected TVs Cheap Data

Anti-piracy Laws Technology assisting Infringement Tracking

Increase in App Usage

Music Streaming Spotify / Saavn / Wynk Social Media YouTube / Facebook Video Streaming Netflix / Amazon / Hotstar Short-format Apps Instagram/ Moj / YT Shorts

driving

Increase in Revenue

driving

SVoD Netflix. Disney. Spotify AVoD YouTube. Jio.Instagram

driving

Increase in Demand for Content

Music Films Web Series TV Series Podcasts 1-min videos

COMPANY OVERVIEW

Music Licensing. Music Retail. Films & Series. Live Events

1,574

1,024

702

521

476

Film, Events and Series,

Publication

FY19

FY20

FY21

FY22

FY23

21%

17%

FY23 Revenue INR 7513 Mn

60%

* 4,410

* 3,585

* 2,839

* 2,361

1,949

FY19

FY20

FY21

FY22

FY23

* One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn in FY20 are excluded

Music Retail

Music Licensing

2,948

2,062

1,056

861

1,298

FY19

FY20

FY21

FY22

FY23

Strategic Overview

To be a Pure Play Content Company capitalising on the global content consumption boom

driven by the ever-increasing Digitisation

Monetisation of Existing IP

Through licensing to EVERY 3rd party Digital (music, video, social) and TV platform.

Carvaan transitioning from being a Product with only one-time margin to a Platform for Music lovers with recurring advertising, transaction and subscription revenue

Cementing leadership position with New film and non-film music acquisition across Hindi, Tamil, Telugu, Bhojpuri, Gujarati, Punjabi, Malayalam, Bengali and other regional languages.

Building of New IP

Producing Theatrical Films in only Regional languages and Web Series in all languages. Revenue secured through pre-licensing to digital platforms. Scale allowing lower cost of production

Building Live Music based Events IP, preferably around Saregama owned music

150k+ Songs | 69 Movies & Web Series | 6k+ hrs of TV Series | Advantage Saregama

Path to Leadership Position in Music Segment

Disproportionate Share of

New Content across Hindi & Regional Languages

Acquisition of Small & Mid size Music Catalogues using Cash Reserves

Better Monetisation Capability on the back of Catalogue + New Content strength

Investments in Data Analytics & AI

Marketing Muscle

Deeper artiste relationships through play in Artiste Management & Live Events

Strength of Balance Sheet

Decentralised Decision Making

India’s Largest and Most Popular Music Catalogue

Our growth strategy in Video segment

Pick Films and Cast primarily basis recoveries from Digital and TV licensing

Pick Web Series basis pre-licensing approval from a VoD platform

Volume of Films / Series to drive Cost Optimisation & Licensing Leverage

Greater emphasis on regional movies because of better ROI

Retain IP for Portfolio building & future exploitation

Access to Music Catalogue gives Unique Strength

MUSIC SEGMENT LICENSING, RETAILING & LIVE EVENTS

Music Segment : Licensing Music Catalogue of the Golden Era across Languages

Share of Saregama’s Songs by language

Others 14%

Bhojpuri 1%

Kannada 2%

Gujrati 3%

Malayalam 5%

Marathi 5%

Punjabi 6%

Hindi 28%

150K+

Telugu 7%

Tamil 9%

Bengali 20%

Music Segment : Licensing Revenue from Catalogue Music continues to grow

Annual Growth in Music Licensing Revenue from Saregama owned Songs classified by Decade of Release

FY19

FY20

FY21

FY22

FY23

2001 – 2020

1981 – 2000

Till 1980

47%

32%

24%

18%

23%

18%

27%

20%

19%

All revenue from derivatives of catalogue songs are classified basis original song release date

Music Segment : Licensing Revenue from Catalogue Music continues to grow

3-pronged strategy to maximize Catalogue Revenue

Releasing Derivatives relevant to younger generation

Encouraging User Generated Cover versions

• LoFi • Trap Mix • Acoustic • Dance videos

• Share Royalty with the

Creator

• Competitions

Occasion based promotion of the Original song

• Instagram • YT Shorts • Streaming Platforms

New Song (derivative of a Catalogue song) gets a fresh Copyright Life

Music Segment : Licensing

But Saregama is no longer a Catalogue Company 48% of Licensing Revenue now comes from 21st century songs

FY23 150k+ songs generated Licensing Revenue INR 4,410 Mn * Era wise Breakup

2021-2023

27%

2001-2020

1981-2000

1961-1980

Till 1960

25%

26%

25%

21%

29%

16%

2.6%

Count of Songs

Revenue

33% of Saregama’s songs were released post 2000, and they contributed to 48% of FY23 revenue

Derivatives of catalogue songs are classified basis derivative song release date *Excluding one time income of INR 84 Mn

Music Segment : Licensing Picking the Right New Content

Data Mining based Predictive Models

Decentralised Decision Making

Partnership with Production Houses having proven track record

Higher Success Ratio

Music Segment : Licensing Chartbuster Songs of 2022

Telugu

Malayalam

Songs Released

Industry 600+

Saregama 130+

songs of Saregama entered Spotify Hyderabad local pulse chart

Songs Released

Industry 350+

Saregama 90+

songs of Saregama entered Spotify Hyderabad local pulse chart

Count of weeks on Spotify Hyderabad Local Pulse weekly charts

Count of weeks on Spotify Kochi Local Pulse weekly charts

--- Songs ----

--- Weeks on chart ---

--- Songs ----

--- Weeks on chart ---

O Tene Palukula

Neetho Unte Chalu

Eeshwarude

Ma Ma Mahesha

Sirivennela - Female Version

Urike Urike

Jaru Mitaya

Dhoom Dhaam

Emundi Ra

Aakashame Nuvvani

Neeli Neeli Meghama

Almost Padipoyindhe Pilla

Varshamlo Vennella

The Panchakattu Song

Entha Chithram

Ante Sundaraniki Promo Song

Aa Merupemito

Like Share Subscribe

Tara Na Tara

Anuragam Ashai

Kannilu Kannilu

Aambale Neelambale

Aadharanjali

Mazha Pattu

Muttathe Mulla

Thiru Thiru Thiruvananthapurathu

Elamalakaadinullil

Puzhayarikathu Dumm

O Manuja

Mandharapoove

Naattu Pappadam

Enth Paangh... Enth Paangh

Khalbile Hoori

Etho Vaathil

Subah

Aaradhana

Kadha Ezhuthiyatharo

Chekuttan

Yamam Veendum Vinnile

Neehaaram Pol

Music Segment : Licensing Chartbuster Songs of 2022

Hindi

Bhojpuri

Songs Released

Industry 1300+

Saregama 65+

songs of Saregama entered Spotify Hyderabad local pulse chart

Songs Released

Industry 1900+

Saregama 180+

songs of Saregama entered Spotify Hyderabad local pulse chart

Count of weeks on Spotify Lucknow Local Pulse weekly charts

Count of weeks on Spotify Patna Local Pulse weekly charts

--- Songs ----

--- Weeks on chart ---

--- Songs ----

--- Weeks on chart ---

Mera Dil Ye Pukare - Tu Aaja - Heartlock…

Jaa Rahe Ho

Iss Baarish Mein

Zara Zara - MTV Unwind

Haye Haye Yeh Majboori

Shikayat

Meri Jaan

Darbadar

Saiyyan Dil Mein Aana Re

Jab Saiyaan

Alvida

Whistle Baja 2.0

Saiyaan Dil Main

Sun Bhi Le

Dil Farebi

Ambe Tu Hai Jagdambe Kali

Iss Baarish Mein - Neeti Mohan Version

Durga Chalisa

Tutt Gaya

Dhage Ishq Ke

Chhoti Bacchi Ho Kya

Tadi Chhan Ke Pilaibu Odhaniya Se

Laal Ghaghra

Aaj Mere Yaar Ki Shaadi Hai - Bhojpuri

Naach Re Patarki 2.0

Bahiyan Jo Hamari Pakadi

Mari Mari Jaib Tohar Kiriya

Chhaudi Dhanbad Wali

Nathuniya

Kamariya Tute Nanadi 2.0

Tabla

Suna Ae Balam

Laga ke Chasma

Kohbar

Khila Ke Pizza

Raat Bhar Nachaibo

Julufiya Pe Jila Hilela

Heroine

Jawani Kya Achaar Dalogi

Baratiya Lafua Laga Ta

Music Segment :Licensing Chartbuster Songs of 2022 YouTube : 100M views Club

325M+

255M+

217M+

187M+

165M+

132M+

130M+

120M+

105M+

135M+

Views from all versions of the song, including lyrical, uploaded on Saregama’s official YouTube channel. Does not include UGC views

11 Saregama songs released in 2022 have crossed 100M views on YouTube

Music Segment : Licensing Our New Music Partners

Music Segment : Licensing Upcoming Film Releases : Hindi

Upcoming Film Releases : Tamil

Upcoming Film Releases : Telugu

Upcoming Film Releases : Malayalam

Making Money from Music Licensing

A. Music Streaming Apps (OTT)

Saregama Music is licensed to multiple Global Platforms • Saregama licenses its music to various OTT platforms for online streaming. This segment has seen >20% YoY growth for Saregama, and is expected to grow even faster with streaming platforms moving towards subscription economy • The growth is driven by both increasing number of users (growth in smartphones) and higher usage (cheaper data) along with falling piracy

• Saregama earns every time a customer listens to Saregama

owned song on any OTT app

Music Streaming Platforms (OTT)

B. Social Media Platforms (incl. Video sharing Apps)

Saregama has 32 channels on YouTube with a cumulative subscriber base of over 84 Mn (i.e. 31% increase from FY22 base of 64 Mn)

YouTube generates advertising revenues on views which are shared with Saregama. This also applies to advertising running on 3rd party lyrics, music content that is using any of Saregama’s IP (song, composition, dialogues) within the video.

Saregama has issued 1-2yrs fixed-fee licenses to other social media to upload videos containing platforms, allowing their users Saregama songs

All views related to Saregama IP across its Owned Channels and User Generated Content on YouTube (in Bn p.a.)

202

FY19

131

104

FY20

FY21

FY22

FY23

Social Media Platforms

IMDb

Dil Bekaraar

Making Money from Music Licensing

C. Video streaming platforms With the rising popularity of video streaming in India, platforms like Netflix, Disney+ Hotstar, Amazon, MX Player, Zee5, Alt etc are aggressively investing in Indian content. Most of these new shows license Saregama owned music, for the global territory, thus creating a rapidly growing revenue stream for the company.

Saregama issues to Program Producers for use of its music in their Programs that they in turn license to Video Streaming Platforms

fixed fee licenses

D. Broadcasting Platforms – TV Channels, Brands

• Saregama Licenses its music to Television Channels for use in various TV serials, reality shows, promotions, etc., and also to Production houses for use in ads running on TV, Digital including Social Media and Radio.

• The Company has built a browser-based search functionality, using the song metadata, helping content creators find the best song fit for their situation.

• Saregama issues 1-2 yrs fixed-fee licenses to TV channels for use

of its music in programs running on their channels

Digital Films/Web series licensing Saregama Music

TV Channels, Brand Advertising

Music Segment : Retailing

India’s most "DIFFERENTIATED" and "PREMIUM" music brand

Convenience of Use

Brand Attributes

35+ Segment

Targeted at Convenience over Control listening experience

the 35+ generation, who value their audio

for

Premium

Nostalgia

The Product • Perfect blend of digital technology and a retro

form factor.

• Available in multiple sizes, price points and languages, including one with Harman Kardon.

• The product is retailed through 20k+ retail outlets and all leading e-commerce platforms

Music Segment : Retailing

Carvaan Volumes (lacs)

9.1

7.4

3.9

3.5

4.0

Product wise Volumes (FY23)

5.6

34%

27%

39%

FY18

FY19

FY20

FY21

FY22

FY23

Carvaan Mini Mobile

Music Segment : Live Events

Started Live Music Events “Saregama Live” with a bang with India’s biggest live Performance star Diljit Dosanjh.

14 concerts were held in FY23 India : Gurgaon, Jalandhar, Mumbai and Jaipur Canada : Vancouver, Calgary, Winnipeg, Toronto

• • • • USA : Newark, Fairfax, Dallas, Houston, California, Oakland

➢ Saregama Live’s stage adaptation of Bollywood’s iconic film – Disco

Dancer premiered in London. 6 Live Shows were held in FY23

➢ Vertical will be in investment mode for first 2-3 years

VIDEO SEGMENT FILMS, SERIES AND TV

Video Segment : Films & Series

• Yoodlee Films is Saregama’s production house focussed on creating content for theatrical

releases and 3rd party digital platforms & TV

• Saregama issues period-based licenses for its movies to these platforms for a fixed-fee

• Yoodlee films, as a studio is positioned as a “Writer’s Studio” focussed on telling powerful stories targeted at younger audiences across the world who primarily consume content on personal devices

• Focus

output the IP remaining with Saregama

deals

generate

assured

revenues

front

but with

Movies & web series

• Symbiotic relationship with the Music business

14 on Netflix 4 on Disney Hotstar 5 on Zee5 2 on Amazon Prime / Mini

Video : Films & Series Upcoming Releases

Video Segment : TV Serials

Tamil TV Serials • Saregama is leading TV series content producer for Southern channels. In the past, it also produced shows for Hindi GECs, but due to IP ownership, it decided to focus on business where the company It now produces TV content in South Indian can retain the IP. languages

• Saregama has created approximately 6k+ hours of content for Sun

TV over the last 20 years

• The IP of all these serials is owned by Saregama

• Saregama is already monetising the serials on Youtube and Facebook and plans to do the same on other video platforms too

The revenue stream is through sale of commercial time (advertising slot). The Company also monetises these serials on digital platforms like YouTube.

Our South TV YouTube channel garnered 2.1 Bn views in FY22

• New TV serials "Iniya“ & “Ilakkiya” launched in Q3 are getting a good response in terms of TRPs. Iniya has already become No.3 rated TV Serial in prime time across all Tamil channels.

• Unlocking the value of existing IP through language remakes, new platform licensing and syndication.

FINANCIALS

Particulars (INR Mn)

Revenue from Operations (A)

Total Expenses (B)

Adjusted EBIDTA (C= A-B)

Adjusted EBIDTA Margin (%)

Content Charge (D)

Depreciation (F)

Finance Cost (G)

Other Income (H)

PBT (E-F-G+H)

Tax

PAT

PAT Margin (%)

Diluted EPS (Face value Re.1)

Financial Summary

FY23

7,513

4,814

2,699

36%

679

610

2,537

647

1,890

25%

9.83

FY22

5,806

3,576

2,230

38%

463

349

2,044

518

1,526

26%

8.42

Y-o-Y Growth

29%

35%

21%

47%

30%

29%

75%

24%

25%

24%

FY21

4,420

2,969

1,451

33%

179

309

1,519

384

1,135

26%

6.50

Content Charge include the following charges related to the new content during the year: 1) 4) Content charge does not include royalty paid post-Minimum Guarantee amount recouped

Amount amortised in case of Royalty based deals 2) Amount amortised against the one-time fee paid in case of Outright purchase-based deals 3) Marketing of new content

Historical Consolidated Balance Sheet

Equity and Liabilities (INR Mn)

FY23

FY22

FY21

Shareholders Fund

(a) Equity Share Capital

(b) Other Equity Equity Attributable to Owners of the Company Non Controlling Interest

Non Current Liabilities

(a) Financial Liabilities

(i) Lease liabilities

(b) Employee Benefit Obligations

Current Liabilities

(a) Financial Liabilities

(i) Lease Liabilities

(ii)Trade Payables

(iii)Other Financial Liabilities

(b) Other Current Liabilities

(d) Employee Benefit Obligation

(e) Current Tax Liabilities (net)

193

14,577

13,584

14,770

13,777

174

4,884

5,058

539

633

584

883

913

562

645

431

466

902

505

563

648

255

709

Total

18,432

16,879

7,840

Assets (INR Mn) Non Current Fixed Assets (a) Property, Plant and Equipment (b) Right to use assets (c) Investment Properties (d) Intangible assets (e) Intangible Assets under development (f) Financial Assets (i) Investments (ii) Other Financial Assets (g) Other Non Current Assets Current Assets (a) Inventories (b) Financial Assets

(i) Investment in Mutual Fund (ii) Trade Receivables (iii) Cash and cash equivalents (iv) Bank Balances other than (iii)

above (v)Loans (vi)Other Financial Assets

FY23

FY22

FY21

2,208

2,141

2,046

1143

602

179

1,220

1,453

1,114

529

573

292

112

1,687

1,054

692

2,388

1,512

223

5,308

1,078

1,527

252

874

111

4,916

1,710

1,338

262

221

321

228

257

197

1,157

1,078 18,432 16,879

719 7,840

Consolidated Cash Flow Statement

Particulars (INR Mn) Pre-Tax Profit

Change in other operating activities ( including non-cash Items)

Change in Working capital Taxes Paid Net cash generated from/(used in) Operating Activities (A)

Investment in Fixed Deposits with Maturity > 3 months

Redemption/(Investment) in Mutual Fund Net cash (used in) Fixed assets and other Investing activities Net cash (used in) Investing Activities (B) Net cash (used in) Treasury Shares Proceeds/(Repayment) of Short-term Borrowing Proceeds from Issue of Share Capital # Repayment of Lease Liability Dividend and taxes thereon paid** Interest Paid Net cash generated from/(used in) Financing Activities ( C ) Net Inc./(Dec.) in Cash and Cash Equivalent Cash and Cash Equivalents at the beginning of the period Effect of Translation of foreign currency cash and cash equivalents

Cash and Cash Equivalents at End of the period *

FY23

2,537

(499)

(491) (699)

(3709)

3,121 (824)

(161) - - (9) (578) (8)

FY22

2,044

(139)

(389) (572)

848

944

(718)

(4,995) (590)

33 - 7,332 (4) (577) (11)

(6,303)

6,773 1,414 111 2

1,527

(1,412)

(756) (1,320) 1,527 16

223

* Exclude Investment in Bank FD with maturity more than 3 months and Investment in Mutual Funds INR 7,802Mn in FY23, INR 7,013Mn in FY22 and INR 1,239Mn in FY21 # Net of Issue expense of INR 168 Mn **dividend paid as on 31 March 2021 include Dividend declared on 23rd March 2021 – INR 349Mn which is paid in FY22

FY21

1,519

(176)

692 (139)

(971)

(250) (139)

(17) (92) 1 (6) (375) (6)

1,896

(1,360)

(495) 41 70 -

111

FINANCIAL CHARTS (CONSOLIDATED)

Revenue from Operations (Turnover) (INR Mn)

Music Licensing Revenue (INR Mn)

Content Charge (INR Mn)

PAT (INR Mn)

3 1 5 7

7 4 4 5

5 1 2 5

6 0 8 5

0 2 4 4

9 3 8 2

1 6 3 2

9 4 9 1

5 8 5 3

0 1 4 4

9 7 6

3 6 4

0 9 8 1

6 2 5 1

5 3 1 1

6 7 1

9 7 1

9 9

3 4 5

5 3 4

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

* One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn (FY20) are excluded

Adjusted EBIDTA Margin (%)

Return on Equity (ROE) (%)*

Diluted EPS (INR)

% 8 3

% 6 3

% 3 3

% 4 2

% 6 1

% 4 1

% 5 1

Debt to Equity Ratio

Dividend per Share (INR)

0 3

0 2

8 2 0

8 9

4 8

5 6

% 4 1

% 3 1

1 3

5 2

3 0

2 0

3 0 0

- - -

FY19

FY20

FY21

FY22

FY23

FY19 FY20 FY21 FY22 FY23

• ROE = PAT / Shareholders Equity • Shareholders Equity = Equity share capital and free reserves • Since FY22 INR 7500 Mn of fresh fund raise through QIP

added to Shareholders Equity

Previous Years EPS has been restated basis face value of Re.1 per share

Since FY21, Company is debt free

Disclaimer

Saregama India Ltd. Disclaimer: In evaluating our business, we consider and use non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, PAT Margin, Debt to Equity Ratio, Return on Equity, to review and assess our operating performance. These non-GAAP financial measures are not defined under Ind AS and are not presented in accordance with Ind AS. They may not be comparable to similarly titled measures reported by other companies due to potential inconsistencies in the method of calculation. We have included these non-GAAP financial measures because we believe they are indicative measures of our operating performance and are used by investors and analysts to evaluate companies in the same industry. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity reported in accordance with Ind AS. These measures should not be considered in isolation or construed as an alternative to Ind AS measures of performance or as an indicator of our operating performance, liquidity, profitability, or results of operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the Standalone/Consolidated Financial Statements.

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

THANK YOU

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