UDSNSE7 November 2023

Updater Services Limited has informed the Exchange about Investor Presentation

Updater Services Limited

Rede(cid:976)ining Business Service

To: National Stock Exchange of India Limited (NSE) Listing Department Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai — 400051 NSE Code: UDS

07TH November 2023

To: BSE Limited (BSE) Corporate Relationship Department Phiroze Jeejeebhoy Towers, 25th Floor, Dalal Street, Mumbai- 400001 BSE Scrip Code: 543996

Dear Sirs,

Subject: Investor Presenta(cid:415)on

Please ﬁnd enclosed a copy of Investor Presenta(cid:415)on on Performance Highlights Q2 & H1 FY ’24.

Copy of Investor Presenta(cid:415)on will also be available on the website of the company at www.uds.in

This is for your informa(cid:415)on and records.

Thanking you,

For Updater Services Limited

B. Ravishankar Compliance Oﬃcer and Company Secretary

Updater Services Limited (earlier Updater Services Pvt Ltd) No.2/302/A, UDS Salai Off. Old Mahabalipuram Road Thoraipakkam, Chennai - 600 097

+91 44 2446 3234 I 0333 I sales@uds.in I facility@uds.in I www.uds.in I CIN U74140TN2003PLC051955

Our Values: happy people I clear purpose I better everyday I do good I balance all

Updater Services Limited

Leading Integrated Business Service Platform

Investor Presentation November 2023

Safe Harbor

This presentation has been prepared by and is the sole responsibility of Updater Services Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the

trailing restrictions.

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particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No representation or warranty, express or

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the recipient if the information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements.” You can generally identify forward looking

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“shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other

factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied

by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to differ materially include, among others: (a)

our ability to successfully implement our strategy, (b) our growth and expansion plans, (c) changes in regulatory norms applicable to the Company, (d) technological changes, (e)

investment income, (f) cash flow projections, and (g) other risks.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The Company

may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes.

Q2 & H1 FY24 Financial Highlights

From the MD’s Desk

“During Q2 FY24, Total Revenues grew by 17% Y-o-Y to Rs. 6,019 million. Corporates are now pivoting towards outsourced Facility Management Solutions to free up resources and better align their cost structures. The IFM segment grew by 11% to Rs. 4,150 million and the BSS segment grew by 37% to Rs. 1,985 million. Adjusted EBITDA* has increased by 4% Y-o-Y to Rs. 403 million with margins of 6.7%. Going ahead, with improving revenue mix through the BSS segment, we expect margins to improve further.

Our key growth strategies include retain and strengthening of customer base by focusing on deepening relationships with existing customers, increasing wallet share through cross selling and leveraging technology to improve service delivery, introduce new products and services and continue to improve operating margins by changing business mix, improving operating leverage and using technology to improve service delivery.

We have a track record of successful acquisitions and seamless integration of high margin businesses. Our focus has been to acquire companies and businesses with offerings that are complementary and supplementary to the company’s existing services portfolio. All acquisitions are selectively picked and have added either new customer segment, new service line or a new geography.

Through the IPO proceeds, the Company has repaid debt to the tune of Rs. 1,330 million in October 2023. This will lead to reduction in finance cost going ahead.

Having a widespread network with 131 points of presence, it gives the company competitive advantage over its peers in several aspects as a preferred service provider. The Company has a diversified customer base with low customer concentration with an ability to increase wallet share through cross selling. We expect to maintain market leadership and grow faster than industry due to our product portfolio and its niche offerings going forward.”

Mr. Raghunandana Tangirala Promoter, Chairman & MD

*Adj. for ESOP Cost and Fair Value Changes in Liability payable / paid to promoters of acquired subsidiary

Q2 FY24 Financial Highlights

Total Revenue (Rs. Mn.)

+17%

Revenue (IFM) (Rs. Mn.)^

72.1%

67.6%

+11%

% of Sales

5,142

6,019

3,740

4,150

Revenue (BSS) (Rs. Mn.)^

27.9%

1,450

+37%

32.4%

1,985

Reported EBITDA (Rs. Mn.)

4.8%

248

+26%

5.2%

314

Q2FY23

Q2FY24

Q2FY23

Q2FY24

Q2FY23

Q2FY24

Q2FY23

Q2FY24

Adj. EBITDA (Rs. Mn.)

7.6%

389

+4%

6.7%

403

Reported PAT (Rs. Mn.)

-1%

245

Adjusted PAT (Rs. Mn.)

-19%

197

Cash PAT (Rs. Mn.)

+2%

312

318

Q2FY23

Q2FY24

Q2FY23

Q2FY24

Q2FY23

Q2FY24

Q2FY23

Q2FY24

H1 FY24 Financial Highlights

Total Revenue (Rs. Mn.)

Revenue (IFM) (Rs. Mn.)^

Revenue (BSS) (Rs. Mn.)^

Reported EBITDA (Rs. Mn.)

Adjusted EBITDA (Rs. Mn.)

71.8%

68.8%

% of Sales

28.2%

31.2%

4.8%

5.6%

7.6%

6.8%

+19%

+14%

9,935

11,796

7,277

8,260

+31%

3,738

2,853

+39%

+7%

655

751

804

472

H1FY23

H1FY24

H1FY23

H1FY24

H1FY23

H1FY24

H1FY23

H1FY24

H1FY23

H1FY24

Reported PAT (Rs. Mn.)

+7%

202

216

Adjusted PAT (Rs. Mn.)

-21%

505

399

Cash PAT (Rs. Mn.)

+1%

624

632

30.1%

24.4%#

Adj. RoCE (%)

Net Debt / Equity

H1FY23

H1FY24

H1FY23

H1FY24

H1FY23

H1FY24

Mar-23

Sep-23

^ Before Adjustments & Eliminations Adjusted EBITDA & PAT is excluding ESOP Cost, Fair Value Changes in Liability payable / paid to promoters of acquired subsidiary and Amortization related to acquisition Cash PAT = Reported PAT + Depreciation & Amortization + ESOP Cost + Fair value changes in Liability payable/paid to promoters of acquired subsidiary # Adj. RoCE for September 2023 is calculated on Annualised Basis For calculation of Net Debt, Cash & Cash equivalents(incl. bank balances) and bank deposits for more than 12 months is considered

Net Cash Company

0.00

Mar-23

-0.40 Sep-23

Q2 & H1 FY24 Consolidated Profit & Loss Statement

Particulars (Rs. Million)

Q2 FY24 Q2 FY23

Y-o-Y

H1 FY24 H1 FY23

Y-o-Y

Total Revenue from Operations

6,019.0

5,142.2

17%

11,795.8

9,935.2

19%

Estimated ESOP Cost for FY24 is ~Rs. 110 Mn.

57.2

136.3

89.0

273.5

Adjusted EBITDA

402.7

388.6

803.8

751.4

Cost of Services and Other RM

1,121.0

797.4

2,065.3

1,590.9

Employee benefits expense (incl. ESOP) Impairment losses on financial instrument and contract assets

3,841.6

3,328.2

7,679.3

6,448.2

9.2

12.3

28.4

28.0

Other Expenses

676.2

619.9

1,279.1

1,122.6

Fair value changes in Liability payable/paid to promoters of acquired subsidiary

Reported EBITDA

313.8

248.2

26%

654.8

472.0

39%

Reported EBITDA Margin (%)

5.2%

4.8%

5.6%

4.8%

Depreciation & Amortization (excl. Amortization related to acquisition)

Amortization related to acquisition

112.2

24.7

66.0

12.8

218.2

117.3

49.4

25.6

EBIT

Finance Income

Finance Cost

176.9

169.4

387.2

329.1

18%

9.2

63.5

22.1

33.6

24.1

119.6

28.5

47.6

Profit before Tax

122.6

157.9

-22%

291.7

310.0

-6%

Tax

Reported Profit After Tax

30.9

91.7

64.9

93.0

76.1

108.0

Particulars (Rs. Million)

Q2 FY24 Q2 FY23

Y-o-Y

H1 FY24 H1 FY23

Y-o-Y

Reported EBITDA

(+) ESOP Expense

(+) Fair Value Change in Liability payable/paid to promoters of acquired subsidiary

313.8

248.2

26%

654.8

472.0

39%

31.7

4.1

60.0

5.9

57.2

136.3

89.0

273.5

Adjusted EBITDA %

6.7%

7.6%

6.8%

7.6%

The Company has initiated the Airport Ground Handling Business which required higher capital investments. The Business is currently in the ramp up mode and the Company expects the vertical to generate higher revenues offsetting higher depreciation.

Particulars (Rs. Million)

Q2 FY24 Q2 FY23

Y-o-Y

H1 FY24 H1 FY23

Y-o-Y

Reported PAT

(+) ESOP Expense adj. for Tax

(+) Fair Value Change in Liability payable/paid to promoters of acquired subsidiary

(+) Amortization pertaining to acquisitions

91.7

23.8

93.0

3.1

-1%

215.7

201.9

45.0

4.4

57.2

136.3

89.0

273.5

24.7

12.8

49.4

25.6

-1%

215.7

201.9

Adjusted PAT

197.4

245.2

-19%

399.0

505.5

-21% 7

Consolidated Balance Sheet

EQUITY AND LIABILITIES (In Rs. Million) Equity Share Capital Other Equity Equity Attributable To Equity Holder Of The Parent Non-Controlling Interest Total Equity Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii)Other Financial Liabilities Net Employee Defined Benefit Liabilities Deferred Tax Liabilities (Net) Total Non-Current Liabilities Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Other Financial Liabilities - Total Outstanding Dues Of Micro And Small Enterprises

- Total Outstanding Dues Of Creditors Other Than Micro And Small Enterprises

(iv) Other Current Financial Liabilities Short Term Provision Net Employee Defined Benefit Liabilities Current Tax Liabilities Other Current Liabilities Total Current Liabilities Total Equity and Liabilities

Sep-23 667.0 7,252.0 7,919.0 44.4 7,963.4

0.0 285.2 1,202.4 560.5 139.4 2,187.4

2,190.5 167.8

147.2

821.6

4,769.3 107.5 243.7 111.4 681.3 9,240.3 19,391.1

Mar-23 529.5 3,279.4 3,808.9 69.2 3,878.1

179.3 284.2 1,138.7 539.5 157.5 2,299.2

1,586.1 149.0

174.4

533.7

2,416.3 107.5 222.6 59.0 754.4 6,003.0 12,180.3

ASSETS (In Rs. Million) Property, Plant And Equipment Capital Work In Progress Goodwill Other Intangible Assets Intangible Asset Under Development Right-Of-Use Assets Contract Assets Financial Assets (I) Investments (ii)Loans (iii) Other Financial Assets Deferred Tax Assets (Net) Non-Current Tax Assets Other Non-Current Assets Total Non-Current Assets Inventories Contract Assets 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 Other Current Assets Total Current Assets Total Assets

Sep-23 591.2 4.2 1,947.9 581.6 20.3 405.1 226.7

48.1 0.7 157.3 548.9 619.0 37.8 5,188.6 73.9 444.2

283.9 5,280.3 869.5 6,847.2 12.2 156.3 235.0 14,202.5 19,391.1

Mar-23 607.9 0.0 1,947.9 636.1 2.3 402.1 221.6

30.1 1.3 273.9 488.1 547.2 23.7 5,182.0 69.9 360.3

8.0 4,585.2 1,146.7 504.3 7.4 66.8 249.9 6,998.3 12,180.3

Delivering Value to Stakeholders with IPO

October 2023

Listing of Updater Services Limited on BSE & NSE

IPO Price: Rs. 300 per share

Gross Proceeds from the Fresh Issue: Rs. 400 crores

Objects of the Fresh Issue:

✓ Repayment and /or prepayment of certain

borrowings availed by our Company;

✓ Funding our working capital requirements;

✓ Pursuing inorganic initiatives; and

✓ General corporate purposes

Why UDS…

About Us

Leading Integrated Business Services Platform - Unique mix of businesses transforming from only IFM to integrated platform with BSS

Transformed into an integrated business services platform offering IFM services and BSS led through strategic acquisitions and Organic Growth

PAN-India presence with large and efficient workforce coupled with strong recruitment capabilities

Track record of successful acquisitions funded through internal accruals and successful integration

Longstanding relationship with customers across diverse sectors leading to recurring business

Technology at the forefront of current and future business

Highly experienced management team with support from PE Investors

1. Leading Integrated Business Services Platform

Updater Services Limited

Integrated Facility Management (IFM) & Other Services

Business Support Services (BSS)

IFM | Integrated Facility Management

BSS | Employee Background Verification (Matrix Business Services)

BSS | Audit & Assurance

(Matrix Business Services)

BSS | Mailroom Management & Niche Logistics

(Avon Solutions & Logistics)

BSS | Sales Enablement

(Denave & Athena BPO)

BSS | Airport Ground Handling

(Global Flight Handling Services)

UDS’s / Subsidiary’s Position in the Industry

Note: The rankings are based on market share for the financial year ended Mar 31, 2023 as per Frost & Sullivan report

1. Integrated Facility Management (IFM) & Other Services

Soft Services

Housekeeping and cleaning services, disinfecting, and sanitizing services, pest control, horticulture, and facade cleaning

Production Support Services

Material handling, material movement, on-site warehouse management, stores and inventory management, production support activities, and equipment maintenance

Engineering Services

Institutional Catering

Mechanical, electrical, and plumbing (MEP) services. Also referred to as hard services, include maintenance, repair, overhaul and performance management of heating, ventilation, and air conditioning (HVAC)

Catering and food services to corporates, educational institutions, and industrial facilities

Washroom and Feminine Hygiene Care Solutions

Feminine hygiene care solutions and products and services such as air fresheners, sanitizers and washroom solutions

Warehouse Management

General Staffing

Manage customer warehouses and operations within them, which could include material handling, stock keeping, grading, and sorting, breaking bulk, repacking, inward and outward dispatches, return logistics

Services where field staff are provided to customers for deployment in various roles and who operate under the customer’s supervision. Integrated Technical Staffing and Solutions, generally comprise recruitment, payroll and human resource services

Others

Technology Services & Procurement Services

Integrated Facility Management (IFM) & Other Services – 68.8% of Revenues in H1 FY24

1. Business Support Services (BSS)

Sales Enablement Services

Audit & Assurances

Serving global customers across multiple industries including information technology / information technology enabled services, telecom and other industries, through global delivery centres located in India, Malaysia and UK, and also through partners in other parts of the world

B2C outbound tele-sales BPO, focused on the BFSI segment in India

H1 FY24 – 23.4% of Revenues

Services such as supply chain audit including warehouse depot audit, distributer audit, and retail point audit, among others. Provide back-office services related to marketing programs and channel partner claim processing to global customers

Employee Background Verification Check Services

Services comprise address verification, identity verification, educational qualifications verification, employment history verification, legal case history, among others

H1 FY24 – 2.6% of Revenues

H1 FY24 – 2.0% of Revenues

Mailroom Management and Niche Logistics Solutions

Leading service provider in India and a pioneer in the mailroom and asset movement business. Leverage this presence to also offer services such as office supplies management, among others

H1 FY24 – 2.3% of Revenues

Airport Ground Handling Services

Services include baggage and cargo handling, passenger movement, and aircraft turnaround, among others. Also provide meet and greet services at various airports around the country

H1 FY24 – 0.9% of Revenues

Business Support Services (BSS) – 31.2% of Revenues in H1 FY24

2. Transformed into an integrated business services platform offering IFM services and BSS led through strategic acquisitions and Organic Growth

IFM & Others

BSS

Soft Services

Staffing

Maintenance Contracts

Other Allied Services

1990

100% IFM

Mailroom Management

FY2007

Entered mail room management with acquisition of majority stake in Avon Solutions and Logistics

Airport Ground Handling

FY2019

Entered the business with acquisition of majority stake in Global Flight Handling Services in 2018

Catering

FY2018

Entered Catering with acquisition of majority stake in Fusion Foods in 2017

Sales Enablement

FY2022

Entered Sales Enablement segment with acquisition of majority stake in Denave

FY2023

Acquired majority stake in Athena BPO (Sales Enablement)

72% IFM

28% BSS

Feminine Hygiene

Employee Background Check

Audit & Assurance

FY2020

Entered hygiene segment with acquisition of majority stake in Washroom Hygiene Concepts in 2019

Entered Audit and Employee Background Checks with acquisition of majority stake in Matrix Business Services

Note: The years mentioned are Financial Years Above mentioned years reflect the date of the agreements to acquire and actual investment was made plus additional stakes were acquired in subsequent years All the highlighted blocks are the businesses added through acquisitions

3. PAN India presence with large and efficient workforce

Customer Locations 5,087

(excluding staffing locations)

Managed Space 194.43 mn sq. ft.

Points of Presence 116

In India

Overseas points of presence 15

1) Data as of June 30, 2023 | 2) Map is not to scale

Wide spread network with 125 points of presence…

...gives the company competitive advantage over its peers in several aspects

UDS State wise presence in India

Preferred Service Provider

Ability to provide services for companies with presence across multiple locations

Quick Recruitment Capabilities

Ability to recruit, train and deploy resources at various locations in a short span of time

UDS also has presence in South- East Asia, South Korea and Europe

Efficient Monitoring

Ease of monitoring employees at different customer locations and administer to the clients’ needs

Easy Repositioning

In-house recruitment model coupled with wide presence enables the company to ramp up/down the activities effectively and helps in easy repositioning of resources across different locations

4. Track record of successful acquisitions and seamless integration of high margin businesses…

Selective Strategic acquisitions as means to expand the operations in value added business support services space ✓ Focus has been to acquire companies and businesses with offerings that are complementary and supplementary to the company’s existing services portfolio ✓ All acquisitions are selectively picked and have added either New Customer Segment | New Service Line | New Geography

Service Portfolio Before 2019

Current Service Portfolio

Integrated Facility Management

Engineering Services

Staffing and Soft Services

Engineering Services

Staffing and Soft Services

Feminine Hygiene

Production Support Services

Catering

Production Support Services

Catering

Business Support Services

Mailroom Management

Airport Ground Handling

Mailroom Management

Airport Ground Handling

Audit & Assurance

Sales Enablement

Employee Background Checks

Note: Shaded boxes represent the business segments which UDS entered through acquisitions

… Adhering to which UDS made Selective Strategic Acquisitions in Margin Accretive Business Support Services via multiple tranches

Subsidiary

Year of acquisition & Stake

Cumulative Payout

EBITDA (Rs. Mn.)*

Association of promoters of acquired entities with UDS

Employee Background Verification, Audit & Assurance

75.00%

99.99%

Rs. 553.74mn

FY2020

Jun-23

FY20

124.29

FY23

326.26

Pondicherry Chidambaram Balasubramanian (one of the founding directors of Matrix, now also focuses on group integration at UDS)

P. Ravishankar (with Matrix since August 2022)

Sales Enablement Services

FY2022

Jun-23

54.07%

57.52%

Rs. 629.96mn

FY22

168.01

BPO Services

FY2023

Jun-23

57.00%

Rs. 909.08mn

FY23

335.89

FY23

317.98

Snehashish Bhattacharjee (with Denave since 2000)

Elizabeth Jacob Holding 43.00% stake in Athena

✓ Acquisitions have added new service line, given access to new set of customers and have added to margin profile ✓ Value accretive acquisitions at reasonable valuations ✓ No external equity financing for acquisitions

* Note: EBITDA mentioned is from the year of acquisition

5. Longstanding relationship with customers across diverse sectors leading to recurring business

IFM and Other Services

Business Support Services

Customer Base: 1,572 customers

Customer Base: 1,547 customers

35.39%

35.30%

33.96%

47.91%

46.76%

54.95%

Revenue from Top 10 customers

FY21

FY22

FY23

FY21

FY22

FY23

S T N E I L C

Y E K

AUTO

✓ Hyundai* ✓ Eicher Motors ✓ Honda Motorcycle

BFSI

✓ SBI Life Insurance ✓ Shriram Transport ✓ IIFL Finance

TECNOLOGY

✓ Microsoft

IT / ITES

✓ TCS ✓ Mindtree ✓ Logitech^

CONSUMER ✓ P&G* ✓ Hershey

ELECTRONICS

MANUFACTURING

HEALTHCARE

✓ SONY

✓ Saint-Gobain*

✓ TTK Healthcare

RETAIL

✓ ABFRL ✓ More Retail

AVIATION

✓ SpiceJet ✓ AIX Connect

TELECOM

✓ Tata

Communications

Diversified customer base with low customer concentration and ability to increase wallet share through cross selling

* Key clients with over 10 years of relationship – Hyundai, Saint-Gobain, P&G

^ Logitech is included in IT and Electronics

6. Technology at the forefront of current and future businesses

Adopted technology to optimize productivity and improve cost efficiencies

Selectively investing in technology platforms to stay ahead of the curve

Enterprise Technology Implemented SAP for enterprise management

Service Delivery Technology ✓ Using technology to manage 50,000+ field force ✓ Automated various employee management activities ✓ Deployed software platform called Matex (indigenously

developed by Matrix) for Employee Background verification services

Technology as a Product ✓ Indigenously developed Inconn (Tool for Computerized

Maintenance Management System CMMS and Enterprise Asset Management EAM)

Made a minority investment in Aubotz Lab Private Limited ✓ Manufactures autonomous robotic platforms for activities like

✓ Floor Cleaning ✓ Material Handling

✓ Deployed certain robots at customer locations

7. Experienced Board…

Strong standards of corporate governance with experienced directors on board

✓ One of the founding Directors of the Company

✓ 30 years of experience in the service sector as an

entrepreneur

Raghunandana Tangirala Promoter, Chairman of the Board & MD

✓ Focuses primarily on corporate governance, organizational development, capital allocation and strategic growth

Sunil Rewachand Chandiramani Independent Director

✓ Previously been associated with Ziqitza Healthcare, First

Meridian Business Services, Reliance Jio, AGS Transact, Monsanto India, PepsiCo India, Quess Corp, GE Lighting and Blow Past

Amitabh Jaipuria Non Executive Director

✓ Handles corporate affairs, investor relations and key

strategic initiatives at UDS

Amit Choudhary Independent Director

✓ B.Com from Sydenham College of Commerce and Economics, University of Bombay, and Diploma in Systems Management (Honours) from National Institute of Information Technology

✓ Associate member of ICAI

✓ Previously served as a partner at Ernst & Young India

✓ B.Com (Calcutta University) and passed the final examination held by the ICAI and was awarded a proficiency certificate

✓ Previously associated with Procter & Gamble as the group

manager – finance & accounting.

✓ One of the founding directors and previously served as a

managing director of Matrix Business Services

✓ Member of ICAI

✓ Served as an executive director and a CFO with Dun &

Bradstreet Technologies

✓ Associate member of ICAI

Pondicherry Chidambaram Balasubramanian Executive Director (WTD)

✓ Focuses on group integration and growth initiatives at

UDS

Sangeeta Sumesh Independent Director

✓ Was previously associated with Lovelock & Lewes, Lebara

Foundation, Thales Software India, Tupperware India, Alstom Limited and PWC (Price Waterhouse Coopers)

…with a strong leadership team with support from PE Investors

Mr. Raghunandana Tangirala - Promoter, Chairman of the Board & MD

Mr. Pondicherry Chidambaram Balasubramanian – ED & WTD

✓ One of the founding Directors of the Company with 30 years of

experience in the service sector as an entrepreneur

✓ One of the founding directors and previously served as a managing

director of Matrix Business Services

Mr. Balaji Swaminathan CFO

Mr. B Ravishankar CS & Compliance Office

Mr. C.R. Saravanan Director, Business Operations - UDS

Mr. Madhavan Santhanam Chief Culture Officer

Mr. Snehashish Bhattacharjee Global CEO, Denave

Mr. P Ravishankar CEO, Matrix Business Services India Limited

Partnership with the PE investors at various stages

ICICI Venture Funds Management Company

New Vernon Private Equity

Motilal Oswal Alternate Investment Advisors

Benefits that accrued

✓ Enhancement of the company’s operations

✓ Strengthening financial and internal controls

✓ Access to expertise in the area of mergers and acquisitions

2006-2008

2008-2016

2017-Present

✓ Assistance in capital raising and strategic business advice

✓ Implementing strong corporate governance standards

Industry Outlook

Outsourced IFM Market in India | Growth momentum to aid UDS' leading position ...

IFM: Well diversified market in terms of end customers…

…a large portion of which is currently being served in-house…

Education 4%

Residential 5%

Healthcare 9%

Government Infrastructure 10%

Retail 10%

Hospitality 11%

Others 2%

Industrial 34%

Commercial Offices 15%

Overall IFM Market

Outsourced 39.3%

FY23 ~Rs. 1L crore

In-housed 60.7%

…with a continued trend and preference for outsourcing…

..potentially leading to ~17.0% CAGR for Outsourced IFM during FY23-FY28P

IFM In-house vs Outsourced Services

In-house

Outsourced

36.2%

63.8%

39.3%

60.7%

45.3%

54.7%

FY18

FY23

FY28P

Source: All the graphical representations in this slide are sourced from Industry report by Frost & Sullivan

Outsourced IFM Market Size (INR Crs)

86,442

39,480

25,038

F Y 1 8

F Y 2 3

F Y 2 8 P

... further aided by the move towards organized integrated players

Increase in Share of Outsourced IFM services

Preference for Organized/Integrated Players

Consolidation on the rise

IFM: IN-HOUSE VS OUTSOURCED SERVICES

F Y 1 8

F Y 2 3

63.8%

36.2%

60.7%

39.3%

In-House

Outsourced

F Y 2 8 ( P )

54.7%

45.3%

UDS is 2nd Largest in Outsourced IFM

Comp. 1, 4.1% Comp. 2, 2.8%

Others, 80.4%

UDS, 2.8%

Comp. 3, 2.7%

Comp. 4, 2.2%

Comp. 5, 1.8%

Comp. 7, 1.5%

Comp. 6, 1.7%

The market is now shifting from single service contract model to Integrated Services Model

Key Drivers for preference towards organized players

✓ Preference for Organized IFM companies

offering a basket of services

✓ Gaining Cost Efficiencies*

✓ Accelerated use of technology

implementation*

IFM Un-Organized vs Organized Services

49%

51%

FY23

58%

42%

FY28P

Un-Organized

Organized

Key Drivers for industry consolidation

✓ Addition of more service activities

through mergers or tie-ups with regional

✓ Need for stringent quality standards and

players

Compliance

✓ Regulatory and Capability challenges for

✓ Increased need for mechanized cleaning

smaller companies to scale up

Source: All the graphical representations in this slide are sourced from Industry report by Frost & Sullivan *Source: Industry Report by Frost and Sullivan: https://www.uds.in/webroot/media/relatedlinkfiles/industry-report23-file-5691.pdf

BSS Industry | Emerging segment with increasing outsourcing potential

Key verticals comprising the ~ Rs. 7,115 Cr BSS Segment and their

Sales Enablement Services ✓ Demand generation ✓ Lead management ✓ Database management services ✓ Digital marketing ✓ Sales and retail analytics ✓ Field force management ✓ Field marketing services and ✓ Outbound tele-sales

28.3%

pie share

Business Process Audits & Assurance

✓ Supply Chain Audits ✓ Warehouse Audits ✓ Distributor Audits ✓ Retail Point Audits ✓ Scheme Audits and Processing for Distributors/Retailers

3.8%

Airport Ground Handling ✓ Aircraft turnaround services ✓ Baggage and Cargo Loading / Unloading

✓ Terminal Service ✓ Ramp Handling ✓ ancillary support services to aircrafts (ground power units, ground air conditioning units)

41.3%

Note: The percentages indicate sub-segment share in overall BSS market

Employee Background Verification ✓ Document Verification ✓ Criminal Background Check ✓ Education & Employment Verification ✓ Credit checks

Mailroom Management

✓ Facilitating and coordinating inbound and outbound mail, letters, packages ✓ Niche cargo and logistics solutions

Driven by growth in these verticals the BSS segment is expected to grow at ~15.3% CAGR during FY23-FY28P

BSS Market Size (Rs. Crs.)

+15.3%

14,478

+8.1%

7,115

4,814

19.0%

7.7%

2018

2023

2028P

Note: Only the 5 abovementioned services are considered for arriving at the market size Industry Report: https://www.uds.in/webroot/media/relatedlinkfiles/industry-report23-file-5691.pdf

Source: Frost & Sullivan report

UDS well placed with wide service offerings, onboarded through acquisitions

Sales Enablement Services

Employee Background Verification

Mailroom Management

Business Process Audits & Assurance

Airport Ground Handling

Growth Trend (Rs. Crs.)

4,517

3,152

895

560

5,355

2,010

1,095

1,350

898

545

400

270

184

2,267

2,940

2018

2023

2028P

2018

2023

2028P

2018

2023

2028P

2018

2023

2028P

2018

2023

2028P

CAGR FY18-23: 12.9% | FY23-28: 17.6%

CAGR FY18-23: 8.5% | FY23-28: 18.5%

CAGR FY18-23: 6.4% | FY23-28: 10.4%

CAGR FY18-23: 8.0% | FY23-28: 15.7%

CAGR FY18-23: 5.3%* | FY23-28: 12.7%

Growth Drivers

✓ Digital communication | Cloud | Digitalization ✓ Analytics and content

intelligence

✓ Technology driven

Database generation ✓ Localization of voice activated instructions

✓ Demand for employee

background screening and data intelligence

✓ Avoiding Discrepancies ✓ Growth in gig economy ✓ New age business models

✓ Demand for end-to-end asset movement services

✓ Need for data security ✓ Cost reductions

*Segment witnessed a negative impact in 2020 due to COVID as airport operations were shut down

✓ Increasing integration

✓ Growth in passenger traffic

with 3rd party companies (suppliers, distributors and outsourced service providers)

✓ Retail industry growth

and tourism

✓ Growth in Meetings,

Conferences and Exhibitions

✓ Focus on airport

infrastructure in India ✓ Regional Connectivity

scheme

Integrated Business Services Platform with wide-range of services offered

FM Company Name

UDS

Competitor 1

Competitor 2

Competitor 3

Competitor 4

Competitor 5

Competitor 6

Competitor 7

Competitor 8

Competitor 9

s e c i v r e S m o o R

l i

a M

✓

s e c i v r e S t f o S

✓

s e c i v r e S d r a H

✓

g n i r e t a C & d o o F

s e c i v r e S

✓

S S P

✓

e e y o p m E

s k c e h C d n u o r g k c a B

e n n a h C / e d a r T / l i

a t e R

s e c n a r u s s A & s t i d u A

e n e i g y H e n n m e F

t n e m e b a n E s e a S

✓

d n u o r G t r o p r i A

g n

i l

d n a H

✓

t n e m e g a n a M e t s a W

s e c i v r e S y c n e g r e m E

✓

y t i r u c e S

✓

s t c e j o r P

a t i p a C

✓

g n i f f a t S

✓

Note: The colors show relative strength of the company in a business segment For Soft Services, Hard Services, PSS, and Food & Catering Services the relative strength is based on market shares and for the rest of the business segment, the strength of a company is based on qualitative insights gathered during the research.

Source: The tabular form with services mapping in this slide are sourced from Industry report by Frost & Sullivan

High

Medium

Low

Key Growth Strategies

Retain, strengthen and grow customer base

✓ Focus on deepening relationships with existing customers

✓ Increasing wallet share through cross selling

✓ Leveraging technology to improve service delivery

Grow market share in key segments

✓ Existing customer

mining

✓ Business development using strong sales and marketing team of 70 employees as on June 30, 2023

Introduce new products and services

✓ Catering to existing and new customer segments

✓ Entering segments that are potentially large and margin accretive

Continue to improve operating margins

✓ Changing business

mix

✓ Improving Operating

leverage

✓ Using technology to improve service delivery

Pursue Inorganic Growth

✓ Strategic acquisitions

of high margin businesses supplemental to the company’s operations

Unique Well Defined Inorganic Strategy…

“PRASAD” - Company’s Acquisition Strategy

Promoter Fit

✓ Businesses run by experienced promoters who continue to work with the company both to build their original businesses and add value to the overall organization

Intends to pursue inorganic growth opportunities that will allow to:

Right Price

✓ Do not believe in overpaying for any business ✓ Use capital in a careful and calibrated manner

✓ Enhance Scale and Market position

Accretive Margins

✓ Businesses that improve UDS’ service and customer mix

such that overall margin profile improves

✓ Achieve operating leverage in key markets

Synergistic Business

✓ Synergistic with existing businesses/customers ✓ Leverage some of existing experience, expertise or

relationships

Asset Light

✓ Asset light, where the core asset are the people and their expertise coupled with processes and technology (except for ground handling business)

Defensible

✓ Target businesses must have competitive advantages and

be defensible

✓ Provide platform to extend reach to new geographies

within India and selected overseas market, particularly for sales enablement, audit and assurance as well as employee background check services

✓ Add new services that are

✓ Complimentary to existing services ✓ Strategic businesses to capture revenue

opportunities

Why UDS…

Unique Integrated Business Support Services Platform with widest offerings in the Industry

IFM + BSS

Highly experienced management team with support from PE investors

Long standing presence in India has helped us gain an understanding of the market

Track record of successful acquisition and integration of high margin business segments

Robust and loyal customer base is a significant strategic advantage

Technology at the forefront of our current and future business

Pan India presence with large and efficient workforce coupled with strong recruitment capabilities

Consistently growing business

•

Revenues : 32% CAGR (FY21-23) Adj. EBITDA : 40% CAGR (FY21-23) Adj. PAT : 26% CAGR (FY21-23)

India's Largest one-stop Solution for IFM and Business Services

Unique growth strategy – Organic + Inorganic

Historical Financials

Demonstrated Record of Robust Financial Performance

Total Revenue (Rs. Mn.)

Revenue (IFM) (Rs. Mn.)^

Revenue (BSS) (Rs. Mn.)^

Adj. EBITDA (Rs. Mn.)

90%

80%

72%

% of Sales

10%

20%

28%

6.1%

7.3%

6.9%

+32%

14,919

21,061

12,142

+17%

12,183

15,367

11,220

FY21

FY22

FY23

FY21

FY22

FY23

+127%

3,113

6,121

742

+40%

1,087

1,450

FY22

FY23

FY21

FY22

FY23

1,186

FY21

Adj. Profit After Tax (PAT) (Rs. Mn.)

Cash PAT (Rs. Mn.)

Adj. RoCE (%)

Net Debt / Equity

Adjusted EBITDA Margins

0.00

+26%

828

851

537

666

+33%

961

1,169

+800 bps

33.9%

22.1%

30.1%

-0.09

FY21

FY22

FY23

FY21

FY22

FY23

FY21

FY22

FY23

-0.20

FY21

FY22

FY23

^ Before Adjustments & Eliminations Adjusted EBITDA & PAT is excluding ESOP Cost, Fair Value Changes in Liability payable / paid to promoters of acquired subsidiary and Amortization related to acquisition Cash PAT = Reported PAT + Depreciation & Amortization + ESOP Cost + Fair value changes in Liability payable/paid to promoters of acquired subsidiary Adjusted RoCE % = Adjusted EBIT / Average Capital Employed. Capital Employed = Total Shareholder's Equity + Long term borrowings + Short term borrowings + Lease Liabilities - Cash & Cash Equivalents For calculation of Net Debt, Cash & Cash equivalents(incl. bank balances) and bank deposits for more than 12 months is considered

Historical Consolidated Profit & Loss Statement

Particulars (Rs. Million)

FY23

FY22

FY21

Total Revenue from Operations

21,060.7

14,919.4

12,141.9

Cost of Services and Other RM

3,469.3

1,347.6

316.1

Employee benefits expense (incl. ESOP)

13,840.6

10,681.8

9,816.6

Impairment losses on financial instrument and contract assets

36.3

60.0

55.5

Other Expenses

2,303.1

1,750.7

1,212.8

Fair value changes in Liability payable/paid to promoters of acquired subsidiary

Reported EBITDA

Reported EBITDA Margin (%)

Depreciation & Amortization (excl. Amortization related to acquisition)

Amortization related to acquisition

EBIT

Finance Income

Finance Cost

Profit before Tax

Tax

Reported Profit After Tax

413.6

997.7

4.7%

308.4

62.1

627.3

60.2

145.7

541.9

195.8

346.0

213.5

865.9

5.8%

131.1

34.3

700.5

60.1

50.7

709.9

135.7

574.2

38.8

702.2

5.8%

128.0

21.9

552.4

21.6

29.7

544.3

68.7

475.6

Particulars (Rs. Million)

Reported EBITDA

(+) ESOP Expense

(+) Fair Value Change in Liability payable/paid to promoters of acquired subsidiary

Adjusted EBITDA

Adjusted EBITDA %

FY23

997.7

38.9

FY22

865.9

8.1

FY21

702.2

1.5

413.6

213.5

38.8

1,450.2

1,087.5

742.5

6.9%

7.3%

6.1%

Particulars (Rs. Million)

Reported PAT

(+) ESOP Expense adj. for Tax

(+) Fair Value Change in Liability payable/paid to promoters of acquired subsidiary

(+) Amortization pertaining to acquisitions

Adjusted PAT

FY23

346.0

29.2

FY22

574.2

6.1

FY21

475.6

1.1

413.6

213.5

38.8

62.1

850.9

34.3

828.0

21.9

537.4

Historical Consolidated Balance Sheet

EQUITY & LIABILITIES (Rs. Mn.) Equity Share Capital Other Equity Equity attributable to equity holder of the parent Non Controlling Interest Total Equity Financial liabilities (i) Borrowings (ii) Lease liabilities (iii)Other Financial Liabilities Net Employee Defined benefit liabilities Deferred Tax Liabilities (Net) Total Non-Current Liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables - Total outstanding dues of micro and small enterprises - Total outstanding dues of creditors other than micro and small enterprises (iv) Other current financial liabilities Short Term Provision Net Employee Defined benefit liabilities Current Tax Liabilities Other current liabilities Total Current Liabilities Total Liabilities Total Equity and Liabilities

Mar-23 529.5 3,279.4 3,808.9 69.2 3,878.1

179.3 284.2 1,138.7 539.5 157.5 2,299.2

1,586.1 149.0

174.4

619.0

2,321.9 107.5 222.6 57.3 754.4 5,992.2 8,291.4 12,169.5

Mar-22 528.2 2,876.1 3,404.3 53.1 3,457.4

0.0 78.7 804.1 488.0 108.5 1,479.3

586.8 47.7

57.8

399.0

1,780.6 99.9 192.5 37.1 607.7 3,809.0 5,288.3 8,745.7

Mar-21 528.2 2,324.5 2,852.6 69.3 2,921.9

0.0 23.2 84.5 339.6 25.6 472.9

116.1 21.8

38.9

279.7

1,174.3 104.9 173.8 38.4 452.4 2,400.2 2,873.0 5,794.9

ASSETS (Rs. Mn.) Property, plant and equipment Capital Work in Progress Goodwill Other Intangible assets Intangible asset under development Right-of-use assets Contract Assets Financial Assets (i) Investments (ii)Loans (iii) Other Financial Assets Deferred tax assets (net) Non-current tax assets Other non-current assets Total Non-Current Assets Inventories Contract Assets Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v)Loans (v) Other financial assets Other current assets Total Current Assets Total Assets

Mar-23 607.9 0.0 1,947.9 636.1 2.3 402.1 221.6

38.1 1.3 273.9 488.1 547.2 23.7 5,190.0 69.9 668.2

0.0 4,277.3 1,146.7 504.3 7.4 66.8 239.1 6,979.5 12,169.5

Mar-22 332.0 41.2 1,280.3 311.3 0.0 120.4 184.8

0.1 1.6 307.3 473.8 519.4 120.8 3,692.9 63.3 560.9

0.0 3,474.9 572.9 137.3 6.3 89.4 147.9 5,052.8 8,745.7

Mar-21 135.1 3.2 457.0 120.2 0.0 36.7 108.3

0.1 0.0 139.1 381.1 489.5 8.9 1,879.3 50.1 331.7

40.3 2,689.4 445.8 192.3 4.6 58.2 103.2 3,915.6 5,794.9

Historical Consolidated Cash Flow Statement

Cash Flow Statement (Rs. Million)

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

FY23

541.9

908.0

1,449.9

-98.2

1,351.7

203.9

1,147.8

-1,529.8

955.8

573.8

572.9

1,146.7

FY22

709.4

385.3

1,094.8

-570.4

524.4

213.7

310.7

-471.6

287.9

127.0

445.8

572.9

FY21

544.3

236.0

780.2

629.9

1,410.1

125.1

1,285.0

-165.5

-846.6

272.8

173.0

445.8

THANK YOU

Company: Updater Services Limited

CIN: U74140TN2003PLC051955 Mr. Balaji Swaminathan – CFO balaji.s@uds.in Website : www.uds.in

Investor Relations: Strategic Growth Advisors Pvt. Ltd.

CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Mr. Varun Shivram deven.dhruva@sgapl.net / varun.shivram@sgapl.net +91 98333 73300 / +91 91378 91895 Website : www.sgapl.net

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