SFLNSE18 May 2023

Sheela Foam Limited has informed the Exchange about Investor Presentation

Sheela Foam Limited

18th May, 2023

The BSE Limited The National Stock Exchange India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai-400001 Bandra(E), Mumbai-400051 Scrip Code: 540203 NSE Symbol: SFL

Subject: Investor Presentation

Dear Sir/Madam,

Furtherance to our intimation for investor call dated 15th May, 2023 and 17th May, 2023. Please find attached Earning Presentation.

Thanking you,

Yours truly, For Sheela Foam Limited

Md. Iquebal Ahmad Company Secretary & 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 Q4-FY23/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

30-35% 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 Q4-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 (%)

FY23 Revenue Breakup

123,000

MTPA of Total Capacity

30 – 35%

Market share in India

28,656

28,733

Geographical Distribution

Business Segment Distribution

Global Operations

21,291

20,532

23,550

15.46%

14.63%

10.99%

10.35%

3,004

3,642

3,149

2,973

9.90%

2,109

14%

15%

71%

26%

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

74%

40%

Market share in Australia

FY19

FY20

FY21

FY22

FY23

Revenues

EBITDA

EBITDA Margins

India Europe

Australia

Home Comfort

Technical Foam

Earnings Presentation Q4-FY23

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

Q4-FY23/FY23 Performance Highlights

Earnings Presentation Q4-FY23

Q4-FY23/FY23 Financial and Operational Highlights

Q4-FY23 Consolidated Financial Performance

Q4-FY23/FY23 Operational Highlights

INR 775 Mn

EBITDA

INR 458 Mn

Net Profit

INR 7,290 Mn Revenue from Operations

10.63%

EBITDA Margin

6.28%

PAT Margin

INR 4.69 Basic/ Diluted EPS

FY23 Consolidated Financial Performance

EBITDA INR 2,973 Mn

EBITDA

Net Profit INR 2,031 Mn

Net Profit

INR 28,733 Mn Revenue from Operations

10.35%

EBITDA Margin

7.07%

PAT Margin

INR 44.83 Basic/ INR 20.81 Diluted EPS Basic/ Diluted EPS

•

Revenue growth was almost flat both on a QoQ and YoY basis primarily because of a higher base in FY22 due to pent up demand post Covid-19

Consolidated Gross Margins improved from 37% to 39% in Q4-FY23 on a QoQ basis and from 34% to 39% on a YoY, primarily because of lower raw material costs.

EBITDA Margins also improved on a QoQ basis both on Standalone and Consolidated business, indicating an improvement in run rate. This is in- spite of elevated costs relating to marketing and one-time M&A and forex related accounting costs.

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.

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

•

Significant amount of work is done by SFL in the areas of product mix and design. The company will continue to pursue in this direction in addition to focus on diversification

Earnings Presentation Q4-FY23

Quarterly and Annual Geographical Revenues

Australia - Joyce (INR Mn)

Spain - Interplasp (INR Mn)

Consolidated (INR Mn)

1,105

1,066

SFL India (INR Mn)

5,368

5,209

10.25%

11.94%

474

519

20. 00%

18. 00%

16. 00%

14. 00%

12. 00%

10. 00%

8. 00%

6. 00%

4. 00%

1, 195

995

795

595

395

2. 00%

195

0. 00%

- 5

18.15% 86

8.00%

-4

Q4-FY23 EBITDA Margins

Q4-FY22 Revenues

PAT

Q4-FY23 EBITDA Margins

Q4-FY22 Revenues

PAT

20,082

20,198

20. 00%

18. 00%

16. 00%

14. 00%

5, 000

4, 500

4,295

4,379

11.64%

11.00%

1,973

1,949

12. 00%

4, 000

10. 00%

8. 00%

3, 500

3, 000

2, 500

6. 00%

2, 000

4. 00%

2. 00%

0. 00%

1, 500

1, 000

500

12.76%

148

9.29%

8, 000

7, 000

6, 000

5, 000

4, 000

3, 000

2, 000

1, 000

25, 000

20, 000

15, 000

10, 000

5, 000

1, 395

40. 00%

35. 00%

1, 195

30. 00%

25. 00%

20. 00%

15. 00%

10. 00%

5. 00%

995

795

595

395

195

0. 00%

- 5

20. 00%

18. 00%

16. 00%

14. 00%

12. 00%

10. 00%

8. 00%

6. 00%

4, 500

4, 000

3, 500

3, 000

2, 500

2, 000

1, 500

4. 00%

1, 000

2. 00%

0. 00%

500

874

1,022

1.65%

10.10%

-3

Q4-FY22 Revenues

PAT

Q4-FY23 EBITDA Margins

4,300

3,954

7.24% 184

11.27%

242

10, 000

9, 000

8, 000

7, 000

6, 000

5, 000

25. 00%

20. 00%

15. 00%

4, 000

10. 00%

5. 00%

3, 000

2, 000

1, 000

0. 00%

35, 000

30, 000

25, 000

20, 000

15, 000

20. 00%

18. 00%

16. 00%

14. 00%

12. 00%

10. 00%

8. 00%

10, 000

6. 00%

4. 00%

5, 000

2. 00%

0. 00%

7,368

7,290

9.75%

10.62%

493

458

Q4-FY22 Revenues

Q4-FY23 EBITDA Margins

PAT

28,656

28,733

10.99%

10.35%

2,187

2,031

25. 00%

20. 00%

15. 00%

10. 00%

5. 00%

0. 00%

20. 00%

18. 00%

16. 00%

14. 00%

12. 00%

10. 00%

8. 00%

6. 00%

4. 00%

2. 00%

0. 00%

FY22 Revenues

FY23 EBITDA Margins

PAT

FY22 Revenues

FY23 EBITDA Margins

PAT

FY22 Revenues

FY23 EBITDA Margins

PAT

FY22

Revenues

PAT

FY23 EBITDA Margins

Earnings Presentation Q4-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

2,104

2,061

700

664

1,235

1,377

1,269

1,079

Q4-FY22

Q4-FY23

Q4-FY22

Q4-FY23

Q4-FY22

Q4-FY23

Q4-FY22

Q4-FY23

Mattresses (Volumes in 000’s)

Furniture Foam (Volumes in MT)

Technical Foam (Volumes in MT)

Comfort Foam (Volumes in MT)

3,878

3,764

6,283

5,259

566

449

Q4-FY22

Q4-FY23

Earnings Presentation Q4-FY23

1,668

1,516

2,200

1,700

1,200

700

200

Q4-FY22

Q4-FY23

Q4-FY22

Q4-FY23

Q4-FY22

Q4-FY23

Mattresses (INR Mn)

Furniture Foam (INR Mn)

Technical Foam (INR Mn) Technical Foam

Comfort Foam and HC Line (INR Mn)

Annual Business Segment Revenues

8,288

8,190

1,000

100

5,204

4,299

4,813

4,250

2,622

2,491

FY22

FY23

FY22

FY23

FY22

FY23

FY22

FY23

Mattresses (Volumes in 000’s)

Furniture Foam (Volumes in MT)

Technical Foam (Volumes in MT) Technical Foam

Comfort Foam (Volumes in MT)

6,139

5,744

13,422

15,389

22,826

20,736

2,150

1,954

6,200

5,200

4,200

3,200

2,200

1,200

200

FY22

FY23

Earnings Presentation Q4-FY23

FY22

FY23

FY22

FY23

FY22

FY23

Raw Material Prices and Gross Margins (%)

TDI & Polyol Price Trend (INR/KG)

SFL Consolidated Gross Margins (%)

267

227

178

174

248

131

243

119

231

130

33.9%

35.3%

40.0%

37.0%

39.4%

Q4-FY22

Q1-FY23

Q2-FY23

Q3-FY23

Q4-FY23

TDI

POLYOL

Q4-FY22

Q1-FY23

Q2-FY23

Q3-FY23

Q4-FY23

SFL India

Gross Margins (%)

Australia - Joyce

32.5%

34.2%

39.1%

39.5%

35.4%

52.0%

51.3%

49.8%

49.1%

48.1%

Spain - Interplasp

26.0%

20.1%

31.0%

28.8%

22.7%

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

Earnings Presentation Q4-FY23

Particulars (INR Mn)

Revenue from Operations

Operating Expenses

EBITDA

EBITDA Margin (%)

Other Income

Depreciation

Finance Cost

PBT

Tax

PAT

Quarterly Standalone Financial Performance

Q4-FY23

Q4-FY22

5,209

4,586

623

5,368

4,818

550

Y-O-Y

(3.0)%

(4.8)%

13.3%

Q3-FY23

5,154

4,632

522

11.96%

10.25%

171 bps

10.13%

184

102

697

178

519

151

608

134

474

21.9%

18.6%

14.3%

14.6%

32.8%

9.5%

241

670

143

527

Q-O-Q

1.1%

(1.0)%

19.3%

183 bps

(23.7)%

21.4%

(11.1)%

4.0%

24.5%

(1.5)%

PAT Margin (%)

9.96%

8.83%

113 bps

10.23%

(27) Bps

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Earnings Presentation Q4-FY23

552

5.32

(63)

411

4.85

34.3%

9.7%

(45)

482

5.40

14.5%

(1.5)%

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 Q4-FY23

Annual Standalone Income Statement

FY23

20,198

17,975

2,223

11.01%

786

338

2,607

658

1,949

9.65%

(39)

1,910

19.97

FY22

20,082

17,744

2,338

11.64%

702

324

2,645

672

1,973

9.82%

(12)

1,961

20.22

Y-o-Y

0.6%

1.3%

(4.9)%

(63) Bps

12.0%

4.3%

(9.9)%

(1.4)%

(2.1)%

(1.2)%

(17) bps

(2.6)%

(1.2)%

Particulars (INR Mn)

Revenue from Operations

Operating Expenses

EBITDA

EBITDA Margin (%)

Other Income

Depreciation

Finance Cost

PBT

Tax

PAT

Quarterly Consolidated Financial Performance

Q4-FY23

Q4-FY22

7,290

6,515

775

10.63%

174

261

628

170

458

7,368

6,650

718

9.74%

158

237

618

125

493

Y-O-Y

(1.1)%

(2.0)%

7.9%

89 bps

10.1%

1.6%

36.0%

(7.1)%

Q3-FY23

7,609

6,852

757

9.95%

282

224

766

154

612

Q-O-Q

(4.2)%

(4.9)%

2.4%

68 bps

(38.3)%

16.5%

22.4%

(18.0)%

10.4%

(25.2)%

PAT Margin (%)

6.28%

6.69%

(41) Bps

8.04%

(176) bps

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Earnings Presentation Q4-FY23

154

612

4.69

(67)

426

5.05

43.7%

(7.1)%

(60)

552

6.27

10.9%

(25.2)%

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 Q4-FY23

Annual Consolidated Income Statement

FY23

28,733

25,760

2,973

10.35%

865

896

211

2,731

700

2,031

7.07%

125

2,156

20.81

FY22

28,656

25,507

3,149

10.99%

792

808

169

2,964

777

2,187

7.63%

(18)

2,169

22.42

Y-o-Y

0.3%

1.0%

(5.6)%

(64) Bps

9.2%

10.9%

24.9%

(7.9)%

(9.9)%

(7.1)%

(56) Bps

(0.6)%

(7.2)%

Historical Financial Overview

Earnings Presentation Q4-FY23

Historical Standalone Income Statement

FY20

16,344

14,074

2,270

13.89%

413

331

2,271

120

496

1,655

10.13%

(43)

1,612

16.97

FY21

16,117

13,744

2,373

14.72%

474

325

2,435

623

1,812

11.24%

1,833

18.57

FY22

20,082

17,744

2,338

11.64%

702

324

2,645

672

1,973

9.82%

(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 Q4-FY23

FY23

20,198

17,975

2,223

11.01%

786

338

2,607

658

1,949

9.65%

(39)

1,910

19.97

PARTICULARS (INR Mn)

FY21

FY22

FY23

PARTICULARS (INR Mn)

FY21

FY22

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

11,171 2,350 6 184 36 1,967

5,288 778 191 299 46 26 4,911 2,035

840 1,360 143 3 56 282 192 16,082

6,909 2,371 19 163 34 1,967

564 1,223 170 299 67 32 11,142 1,889

7,065 1,640 104 3 6 64 371 18,051

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

Current Tax Liabilities (net)

Other Current Liabilities

10,134 244

9,890

653

12,095 244

11,851

796

13,958 488

13,470

515

502

3 3,423

2,333

381

664

183

503

2 3,191

1,941

413

105

721

149

255

2 3,578

1,827

863

109

754

GRAND TOTAL - EQUITIES & LIABILITES

14,210

16,082

18,051

Earnings Presentation Q4-FY23

Historical Consolidated Income Statement

FY20

20,532

17,528

3,004

14.63%

400

590

130

2,684

120

621

1,943

9.46%

(31)

1,912

19.92

FY21

23,550

19,908

3,642

15.46%

502

729

177

3,238

836

2,402

10.20%

188

2,590

24.62

FY22

28,656

25,507

3,149

10.99%

792

808

169

2,964

777

2,187

7.63%

(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 Q4-FY23

FY23

28,733

25,760

2,973

10.35%

865

896

211

2,731

700

2,031

7.07%

125

2,156

20.81

PARTICULARS (INR Mn)

FY21

FY22

FY23

PARTICULARS (INR Mn)

FY21

FY22

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

15,767 4,355 1,199 1,394 562 2,520

5,288 1 45 78 69 256 7,865 3,145

894 2,694 408 3 56 263 402 23,632

12,775 4,290 2,875 1,086 534 2,740

564 19 52 137 124 354 14,333 3,313

7,120 2,820 423 3 6 10 638 27,108

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

16,087

244

11,599 89 3,068

1,326

1,086

502

244

13,682 76 4,134

2,282

1,057

503

193

488

15,516 83 4,187

2,838

875

259

130

5,694

5,496

6,834

730

201

3,301

531

147

1,096

230

2,854

440

106

1,838

160

2,594

917

205

Other Current Liabilities GRAND TOTAL - EQUITIES & LIABILITES

739 20,694

770 23,632

1,108 27,108

Earnings Presentation Q4-FY23

Consolidated Financial Performance

Revenues (INR Mn)

EBITDA (INR Mn) and EBITDA Margins (%)

PAT (INR Mn) and PAT Margins (%)

28,656

28,733

23,550

20,532

3,642

3,004

3,149

2,973

14.63%

15.46%

10.99%

10.35%

4, 000

3, 500

3, 000

2, 500

2, 000

1, 500

1, 000

500

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

1,943

2,187

2,031

9.46%

10.20%

7.63%

7.07%

30. 00%

25. 00%

20. 00%

15. 00%

10. 00%

5. 00%

0. 00%

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

Net Debt to Equity Ratio (x)

Net worth (INR Mn)

ROE and ROCE (%)

0.26

0.21

16,087

14,002

11,932

0.16

0.12

9,264

21.0%

20.1%

19.2%

19.4%

15.6%

12.9%

12.6%

10.2%

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

Earnings Presentation Q4-FY23

FY20

FY21

FY22

FY23

ROE

ROCE

Capital Market Data 1 year stock performance (As on 31st March 2023)

20%

10%

-10%

-20%

-30%

-40%

-50%

Apr/22

May/22

Jun/22

Jul/22

Aug/22

Sep/22

Oct/22

Nov/22

Dec/22

Jan/23

Feb/23

Mar/23

Sheela

Sensex

Midcap

Shareholding Pattern as on 31st March, 2023

Price Data (As on 31st March, 2023)

Face Value

CMP

52 Week H/L

Market Cap (INR Mn)

No. of Share outstanding (Mn)

1 Year Avg. Trading Volume (000)

INR

5.0

995.6

2,027.0 / 905.5

97,136.3

97.6

21.6

Promoters 72.95%

Mutual Funds 22.22%

Public 1.52%

Foreign Portfolio Investors 3.26%

AIF 0.05%

Earnings Presentation Q4-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 Q4-FY23

THANK YOU

Earnings Presentation Q4-FY23

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