Sahyadri Industries Limited has informed the Exchange about Investor Presentation
Date: 07th August 2023
To, To, The Listing Manager The Manager Department of Corporate Services Listing Department Bombay Stock Exchange National Stock Exchange of India Limited P. J. Towers, Dalal Street, “Exchange Plaza”-C1,Block G Mumbai – 400001 Bandra-Kurla Complex , Bandra (E) Mumbai 400 051
Scrip Code:532841 SYMBOL:SAHYADRI
Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
Dear Sir/Mam,
Please find attached herewith Investors Presentation for the quarter ended on 30th June 2023.
Please take the same on record and disseminate to the stakeholders.
Thanking you,
Yours Faithfully, FOR SAHYADRI INDUSTRIES LIMITED
RAJIB K. GOPE COMPANY SECRETARY & COMPLIANCE OFFICER M. NO: F8417
Investor Presentation August 2023
Investor Presentation November-2019
Safe Harbour
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sahyadri Industries Limited. (herein after read as “Sahyadri Industries”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.
2
COFEE BREAK
Q1 FY24 Update
Management Commentary
Commenting on the results and performance for Q1FY24, Mr Satyen Patel, Managing Director of Sahyadri Industries Limited, said:
“The rural economy has witnessed a growth at a slower pace over last few quarters and the current operating environment has presented significant challenges for the businesses in this industry. The raw material prices are on the higher side and it will now be the new normal in the industry. Also, higher expenditure on account of the stabilization of operations at the Perundurai plant has impacted in Q1.
Despite all the ongoing challenges, we have demonstrated a resilient performance in Q1 of the current income witnessed a growth of 18.2% on a YoY basis and a sequential financial year. The total improvement of 34.7%, respectively. The growth is primarily attributed towards volume uptick coupled with the 5% to 6% hike in product prices.
EBITDA and profitability continue to be impacted on a YoY basis mainly due to raw material costs still being at elevated levels. However, stabilization of operations at Perundurai plant will give positive impact
Our Capacity utilisation for the quarter stood at 94%. Currently, the demand continues to be sluggish at an Industry level; however, we expect demand to improve going forward on the back of favourable monsoon across the country which will boost the rural economy.”
4
Q1FY24 – Performance Highlights
Total Income* (Rs in Cr)
EBITDA* (Rs in Cr)
PAT (Rs in Cr)
226.0
36.7
21.8
191.2
167.7
28.5
15.4
15.1
4.7
Q1FY23
Q4FY23
Q1FY24
Q1FY23
Q4FY23
Q1FY24
Q1FY23
Q4FY23
Q1FY24
* Includes other income
5
Capex Update
Location
Orissa
Maharashtra
Product Type
Asbestos Corrugated Sheet
Non-Asbestos Cement Boards
Capacity (MTPA)
CAPEX (Rs in Cr)
1,20,000
95
72,000
95
Source of Fund
Internal Accruals & Debt
Internal Accruals & Debt
Maharashtra
Orissa
Products Catering to
East Market
Western & North India
Remarks
Rational
• Company is in process of setting
up a new unit
To enter unrepresented markets of Orissa, Jharkhand, West Bengal & Bihar
• Activities related to setting up a new unit for manufacturing of Non-Asbestos Cement Boards have been initiated
•
Land has been identified and acquisition is in process
To expand its existing market in Western India, Exports and to enter unrepresented market of North India
Note – Maps not to scale. All data, information, and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness
6
Profit & Loss Statement
Particulars (Rs. Cr)
Total Income*
Cost of Goods Sold
Gross Profit
Gross Profit Margin
Employee Cost
Other Expenses
EBITDA*
EBITDA Margin
Depreciation
EBIT
EBIT Margin
Finance Cost
Profit before Tax
Profit before Tax Margin
Tax
Profit After Tax
Profit After Tax Margin
EPS
* Total Income & EBITDA is inclusive of other income
Q1FY24
Q1FY23
226.0
142.6
83.4
36.9%
10.3
44.6
28.5
12.6%
5.8
22.7
10.0%
2.5
20.2
8.9%
5.1
15.1
6.7%
13.81
191.2
103.8
87.5
45.7%
9.3
41.5
36.7
19.2%
5.3
31.4
16.4%
1.4
30.0
15.7%
8.2
21.8
11.4%
19.92
YoY
18.2%
-4.6%
-22.4%
-27.8%
-32.7%
-30.7%
QoQ
34.7%
21.8%
85.0%
141.9%
200.9%
219.5%
Q4FY23
167.7
99.2
68.5
40.8%
10.3
42.8
15.4
9.2%
6.0
9.4
5.6%
2.7
6.7
4.0%
2.0
4.7
2.8%
4.32
FY23
597.2
318.6
278.6
46.6%
37.7
156.5
84.4
14.1%
23.8
60.6
10.2%
9.0
51.6
8.6%
14.5
37.1
6.2%
33.90
7
COFEE BREAK
Company Overview
Sahyadri Industries – A Niche Player in the Construction Industry
Product Portfolio Sahyadri's product portfolio includes innovative, specialized, and futuristic products capable of addressing today's challenges
The product portfolio of the company comprises of Roofing Sheets, Fibre Cement Boards, and Flat Sheets
Distribution Network The Company has robust distribution network of 3,000+dealers across India
Sahyadri has catered to 1 million+ customers so far since inception
Geographic Reach The Company has expanded its reach within India and overseas
Sahyadri caters to a broader clientele base spanning across India, Africa and Middle East
Sahyadri Industries
Making Difference Sahyadri Industries is a building solutions pioneer, providing a comprehensive range of products for interior and exterior building systems, as well as roofing solutions
The Company’s products such as Swastik roofs, Cemply flat sheets and EcoPro Fibre Cement Board are widely utilized for building robust structures
Rich Legacy A flagship company of the Patel Group with 70+ years of group legacy
Experienced management with deep understanding of the building materials industry
Certification Quality manage system as per EN ISO 9001: 2015 Environment management system EN ISO 14001:2015 & ISO 45001:2018 for safety It Is for all plants and HO
9
A Trusted Brand… built over the years
The Company was originally incorporated under ‘New Sahyadri Industries Private Limited’
Established first plant at Chinchwad, Maharashtra commenced with production of Asbestos Corrugated Sheet
and
Reverse merger between ‘Swastik Roofing Limited and New Sahyadri Industries Limited’
The Company was ‘Sahyadri industries Limited’
renamed
to
Sahyadri had set up plants at Mahuvej, Gujarat and Vijaywada, Andhra Pradesh for Asbestos Corrugated Sheet
1991- 1995
2001- 2005
2011- 2015
1996- 2000
2006- 2010
2016- 2023
Established second plant at Kedgaon, Maharashtra and started with production of Asbestos Corrugated Sheet
The Company’s status changed from Private Limited to Public Limited’
The Company expanded its presence in South India by setting up a plant in Perundurai, Tamil Nadu for Asbestos Corrugated Sheet
Listed on Bombay Stock Exchange
Commenced with the production of Non-Asbestos Flat Sheet at Chichwad plant
Merger between Poonam Roofing and Sahyadri Industries completed
Capacity Expansion at Perundurai plant completed
Listing on National Stock Exchange
10
Experienced Board of Directors and Management Team
Jayesh Patel – B.Com, MBA Chairman & Whole Time Director Leading face of SIL was on board since 1999. More than 30 years of experience in the field of Building Material Manufacturing
Satyen Patel – B.Com, PGPBA Managing Director Young and Dynamic face of SIL since 1998. Broadening horizon, innovation, strategic thinking, felicitated with "Achiever of Maharashtra " Award. More than 20 years of experience in Building Materials industry
Suresh Joshi – B.Com, LLB, CA Whole Time Director Associated with board since 2006. More than 40 years of rich experience in the field of Taxation, Corporate Legal Matters, Corporate Finance, M&A, JV, Accounts & Audit
Ankem Sri Prasad Mohan – B.com, CA Independent Director
Appointed on board in 2021. More than 23 years of experience in the field of FP&A, Taxation, Finance controller, M&A, Corporate Finance, Audit, Compliance
Moushmi Shaha – B.Com, CA Independent Director Appointed in 2021. More than 16 years of experience in Finance, Accounts, Audits & Financial Trainings
Ved Saxena – BE (Mechanical) Independent Director Appointed on board in 2020. More than 40 years of experience of rich and dedicated business management experience in BD, managing HR to its usage & General Operations
Tuljaram Maheshwari – B.Com , CA WTD, CEO & CFO Appointed on board in 2020. More than 39 years of experience with a large organization in the field of Sales, Operations, Strategic Planning, Corporate Finance, M&A, JV and Accounts & Audit
Shrikant Malegaonkar – MBA, LLB Independent Director Appointed on board in 2017. More than 35 years of experience in Labour laws and Industrial Relations & Practicing Advocate at Pune Labour / Industrial court & Bombay High Court
Rajib Gope - CS Company Secretary & Compliance Officer Appointed in 2022. More than 14 years experience in Secretarial Operations, Corporate and Economic laws, Statutory Compliance, Corporate Governance, In- house Legal Work and court representation
11
Snapshot of Capabilities
Built Core Strength
Strong Distribution
Established Brands
Product Innovation
Strong Financial Performance 6 Years*
Diversified Presence 5 Plants across 4 States
Dealers & Distributors
3,000+
No of Products
45+
Total Income# 17% CAGR
Experience
30+ Years
Global Presence 5+ Countries
Employees
480+
Customers 1 million+
* FY18-FY23 # Total Income & EBITDA is inclusive of other income
R&D Team 10+
Product Application & Value-Added Products
20+
EBITDA# 5% CAGR
PAT 9% CAGR
12
Well Established Branded Product Portfolio with Increasing Share of Value-Added Products
Cool
Comfortable
Living
Fits any Edge, Corner
Asbestos Free
Water Resistant
Termite Resistant
Light Weight
Strong & Durable
Fire Resistant & Non- Combustible
13
CSR activities… A Responsible Corporate
Swastik Kukdookoo
Cemply Swachalay
Digital Classroom Program
• Useful for economically weaker section of the
society to increase their wealth
• To promote woman earnings who stays in remote,
tribal villages
• Easy to set up in empty backyard
Initiative under Swachh Bharat Abhiyan
• • Affordable high quality toilet blocks • Easy to transport & erect • • Suitable for all weather condition
It requires “Lesser installation time” to set up
• Associated with Rotary Club for formulation and implementation of Digital “Class Room” Program
• Program provide E learning kit which help students to learn more interestingly and understand the topics with animated graphics
Corporate Video – Click Here
Swastik Disha
Lakshya
• CSR association with Smt. Sindhutai Sapkal, Sapta Sindu Mahila Aadhar, Balsangopan Wa Shikshan Sanstha • Provided Ventilators and medical Equipment's to
hospitals to fight against Covid Pandemic
• Association with Lila Poonawala Foundation for
supporting girl's education
• Sahyadri is a proud supporter of Lakshya, a Rastriya Khel Puraskar awardee sports NGO • NGO supports and identifies young and budding talented sports persons and nurture them to enhance their performance
14
COFEE BREAK
Product Portfolio
Product Portfolio – EcoPro Cement Boards
EcoPro- The 21st Century Designer Fibre Cement Boards
Pebble
Stone
Wave
Handcrafted Bricks
Bricks
Wooden
Aquatic
With the extensive research and hard work, Sahyadri has introduced sustainable building material EcoPro which is revolutionizing building industry
EcoPro offers benefits of multipurpose and multifunctional fibre cement boards
EcoPro is highly durable and sustainable product that is wood- free, light weight and asbestos-free
EcoPro has emerged as a reliable substitute for conventional materials
Suitable for host of architectural and interior applications ranging from false ceiling and paneling to furniture and partitions
16
Product Portfolio – Cemply Flat Sheet
Cemply flat sheets are suitable for application areas like furniture, side panelling, false ceilings
Cemply 18 is a very popular for mezzanine flooring
Cemply flat sheets are available in multiple sizes and with various forms of thickness
Cemply flat sheet offers strength, durability and elasticity together
Cemply flat sheet are thermal resistance, water resistance, fire resistance & easily mountable
17
Product Portfolio – Swastik Roof Sheets
01
The roofs are durable, non-corrosive, fire resistant and are more reliable in cyclone prone areas
02
The cement sheets do not get blown away due to its dead weight because of which the roof remains intact
03 Pioneer in introducing Swastik Twinroof system in India.A double layer
protection from leaking roofs
04 Twin roof gets you a teak wood feel of the traditionally built houses
05
Roof touch ceiling to create a experience of High Ceiling in a house
06
More than 100 roofing accessories are available in a variety of shades and specifications to meet the needs of customers at affordable rates
18
Product Portfolio – EcoPro S3
01
EcoPro S3 House An answer to the country’s future construction needs
02
Ecopro S3 is a speedy, innovative and a sustainable building solution to enable cost-effective quality construction
03
Being a dry construction, no plastering or curing is required, hence amounting to huge water and sand savings
04
Perfectly suited for difficult hilly terrains and sites
05
Ecopro S3 is been applied for Patent under application no. 201921022801 dt. 08/06/2019
19
Product Portfolio – Swastik Sil Gold (New Launched)
First in the industry to offer Coloured Designer Corrugated Roofing Sheets
Manufactured using finest quality cement and fibre through the latest fibre mesh technology
Stronger than regular cement corrugated roofing sheet
Special stain options provides longer life
Low Maintenance and No rusting
Weatherproof with Sound, Thermal & Heat Insulation
Resistant to chemical attack
Rot or Corrosion Resistance
20
Strategically Located Plants in Western & Southern India
Plant Location
Product Portfolio
Chinchwad, Maharashtra
Kedgaon, Maharashtra
Vijaywada, Andhra Pradesh
Mahuvej, Gujarat
Non-Asbestos Flat Sheet
Asbestos Corrugated Sheet Non-Asbestos Flat Sheet Asbestos Flat Sheet
Asbestos Corrugated Sheet
Perundurai, Tamil Nadu
Asbestos Corrugated Sheet Non-Asbestos Flat Sheet
Mahuvej, Gujarat
Chinchwad & Kedgaon, Maharashtra
Vijaywada, Andhra Pradesh
Perundurai, Tamil Nadu
Note – Maps not to scale. All data, information, and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness
21
Future Roadmap – Expand, Explore & Excel
Exploring New Market
Improve Operational Efficiencies
Increase Market Penetration
To Become Pan India Player
Capital Expenditure
Value Added Products
Accelerate Revenue Growth
22
COFEE BREAK
Financial Performance
Performance Highlights
Total Income* (Rs in Cr)
EBITDA* (Rs in Cr)
PAT (Rs in Cr)
+17%
597.2
546.3
477.6
+5%
99.3
104.0
84.4
271.3 297.6 285.8
65.0
69.3
48.1
+9%
63.0
61.8
31.9
26.6
24.4
37.1
FY18
FY19
FY20
FY21
FY22
FY23
FY18
FY19
FY20
FY21
FY22
FY23
FY18
FY19
FY20
FY21
FY22
FY23
EBITDA* (%)
23.9%
23.3%
20.8%
19.0%
16.8%
14.1%
PAT (%)
13.2%
10.7%
9.0%
9.3%
11.3%
6.2%
* Total Income & EBITDA is inclusive of other income
FY18
FY19
FY20
FY21
FY22
FY23
FY18
FY19
FY20
FY21
FY22
FY23
24
Balance Sheet Highlights
Net Worth (Rs in Cr)
Cash Flow From Operation (Rs in Cr)
Gross Block (Rs in Cr)
+21%
335.3
304.1
248.3
66.4
70.0
201.9 203.8 205.7 217.3 231.7
296.7
185.0
162.7
130.8
33.3
37.7
32.6
34.8
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-18 Mar-19
Mar-20
Mar-21 Mar-22 Mar-23
Mar-18
Mar-19
Mar-20 Mar-21 Mar-22
Mar-23
Return on Equity (%)
Return on Capital Employed (%)
Debt/Equity (x)
25.4%
20.3%
18.7%
19.6%
14.4%
24.3%
20.2%
28.9%
23.2%
0.67
11.1%
13.8%
13.2%
0.29
0.32
0.26
0.19
0.37
FY18
FY19
FY20
FY21
FY22
FY23
FY18
FY19
FY20
FY21
FY22
FY23
FY18
FY19
FY20
FY21
FY22
FY23
25
Historical Profit & Loss Statement
Particulars (Rs. Cr)
Total Income*
Cost of Goods Sold
Gross Profit
Gross Profit Margin
Employee Cost
Other Expenses
EBITDA*
EBITDA Margin
Depreciation
EBIT
EBIT Margin
Finance Cost
Exceptional Item Gain / (Loss)
Profit before Tax
Profit before Tax Margin
Tax
Profit After Tax
Profit After Tax Margin
EPS
* Total Income & EBITDA is inclusive of other income
FY23
597.2
318.6
278.6
46.6%
37.7
156.5
84.4
14.1%
23.8
60.6
10.2%
9.0
0.0
51.6
8.6%
14.5
37.1
6.2%
33.90
FY22
546.3
276.7
269.7
49.4%
33.4
132.2
104.0
19.0%
14.8
89.3
16.3%
4.6
0.0
84.6
15.5%
22.8
61.8
11.3%
56.48
FY21
477.6
240.0
237.6
49.8%
30.9
107.4
99.3
20.8%
14.1
85.3
17.9%
4.9
0.0
80.4
16.8%
17.4
63.0
13.2%
57.58
FY20
285.8
147.6
138.2
48.4%
22.6
67.5
48.1
16.8%
14.3
33.7
11.8%
5.4
0.0
28.3
9.9%
1.7
26.6
9.3%
27.79
FY19
297.6
140.4
157.2
52.8%
20.7
67.2
69.3
23.3%
18.3
51.1
17.2%
8.1
1.9
44.9
15.1%
13.0
31.9
10.7%
33.36
26
Historical Balance Sheet
Assets (Rs. Cr)
Mar-23 Mar-22 Mar-21 Mar-20 Mar-19
Equity & Liabilities (Rs. Cr)
Mar-23 Mar-22 Mar-21 Mar-20 Mar-19
Total Equity
Share Capital
Reserves & Surplus
335.3
304.1
248.3
185.0
162.7
11.0
324.4
11.0
11.0
9.6
9.6
293.1
237.3
175.5
153.1
Non-Current Liabilities
51.4
32.4
10.1
52.1
56.1
Non - Current Assets
235.8
199.4
150.2
145.8
155.7
Property Plant & Equipments
163.8
123.0
122.8
126.8
142.7
CWIP
Intangible assets
Right of use asset
Investments
Others
36.0
54.1
0.8
4.9
0.2
3.5
0.1
5.0
0.2
3.5
4.0
0.1
5.1
0.1
2.9
1.7
0.4
3.9
0.1
2.9
Other Non Current Assets
26.7
13.6
15.1
10.0
1.7
0.5
-
0.1
3.2
7.4
Financial Liabilities
(i) Borrowings
(ii) Lease Liabilities
Current Assets
Inventories
Financial Assets
Investments
Trade receivables
Cash and cash equivalents
Bank balances
loans & Advances
Others
320.8
269.1
229.6
162.0
118.7
Provisions
227.2
174.3
113.3
76.5
69.8
Deferred Tax Liabilities
11.2
35.1
2.3
3.8
0.0
0.1
21.1
42.6
1.0
3.3
0.1
0.3
47.9
40.2
1.0
2.9
0.0
0.2
30.6
38.5
0.3
2.8
0.0
0.2
-
32.2
2.2
-
0.0
0.1
Current Liabilities
Financial Liabilities
(i) Borrowings
(ii) Trade Payables
(iii) Lease
(iii) Others
Other Current Liabilities
Other Current Assets
41.2
26.5
24.0
13.2
14.4
Provisions
43.3
23.8
0.3
2.0
5.8
0.3
2.1
6.2
0.9
0.3
2.3
6.5
169.9
132.0
121.5
80.8
50.6
0.0
19.7
16.1
2.7
56.1
44.5
0.0
19.6
9.3
2.6
45.5
52.3
0.0
12.8
8.8
2.1
38.8
40.3
0.3
1.9
11.0
70.8
20.0
33.8
0.0
12.1
3.2
1.8
-
1.5
14.3
55.6
6.8
23.6
-
20.6
4.1
0.6
Total Assets
556.6
468.6
379.8
307.8
274.3
Total Equity & Liabilities
556.6
468.6
379.8
307.8
274.3
27
Historical Cash Flow Statement
Particulars (Rs. Cr)
Net Profit Before Tax
Adjustments for: Non -Cash Items / Other Investment or Financial Items
Operating profit before working capital changes
Changes in working capital
Cash generated from Operations
Direct taxes paid (net of refund)
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net Decrease in Cash and Cash equivalents
Add: Cash & Cash equivalents at the beginning of the period
Cash & Cash equivalents at the end of the period
Mar-23
Mar-22
Mar-21
Mar-20
Mar-19
51.6
32.4
84.0
-49.3
34.8
-18.0
16.7
-44.5
29.1
1.3
1.0
2.3
84.6
19.2
103.8
-71.2
32.6
-22.1
10.5
-32.9
22.4
0.0
1.0
1.0
80.4
16.3
96.7
-26.7
70.0
-20.3
49.7
-30.1
-18.8
0.7
0.3
1.0
28.3
18.9
47.1
-9.4
37.7
-7.4
30.3
-33.6
2.1
-1.1
1.4
0.3
44.9
26.1
71.0
-4.6
66.4
-9.0
57.5
-2.0
-57.2
-1.7
3.9
2.2
28
Dividend History
Particulars (in Rs.)
Earnings Per Share
Interim Dividend Per Share
Final Dividend Per Share
Total Dividend Per Share
FY23
33.9
2.5
1.5
4
FY22
56.5
3
3
6
EPS (in Rs.)
57.6
56.5
27.8
33.9
FY20
27.8
2.5
-
2.5
DPS (in Rs.)
6.0
5.0
4.0
FY21
57.6
1.5
3.5
5
2.5
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
The Company has paid a total dividend of Rs 4 per share for FY23
29
Way Ahead…
Focus on margin-rich Value-Added Products
Growth through new clients & geographies
• Sahyadri aims to increase the
• The Company will explore the
share of Value-Added products (VAP) in its overall product mix to achieve higher margins at a portfolio level
• Presently, the Company has
~17% of VAP and it is expected to increase to 25% by FY24
opportunity to add more clients across all the business segments
• Sahyadri plans to strengthen its market share in the existing geographies and establish its presence in the newer territories across North and East India
Capacity Expansion
Sound Financials
• The Company continuously enhances its manufacturing capabilities to cater to the growing demands
• Sahyadri will continue to expand
its capacity going forward
• A strong financial discipline coupled with the ability to generate regular free cash flows, allows Sahyadri to adequately fund its growth organically
• Capex to drive next leg of growth for the Company
30
Contact us
Company :
Investor Relations Advisors :
CIN No: L26956PN1994PLC078941
CIN - U74140MH2010PTC204285
Mr. Rajib Gope Email: cs@silworld.in
Mr. Aakash Mehta/ Mr. Mandar Chavan aakash.s.m@sgapl.net / mandar.chavan@sgapl.net
+91 98706 79263/ +91 96993 82195
www.silworld.in
www.sgapl.net
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