Amara Raja Energy & Mobility Limited has informed the Exchange about Investor Presentation
November 1, 2023
National Stock Exchange of India Limited Listing Compliance Department “Exchange Plaza” Bandra – Kurla Complex Bandra East, Mumbai – 400 051 NSE Symbol: ARE&M
BSE Limited Corporate Relations Department Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai – 400 001 BSE SCRIP CODE: 500008
Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure
Sub: Requirements) Regulations, 2015 - Investor Presentation
Dear Sir/ Madam,
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, please find enclosed herewith Investor Presentation for Q2/H1 FY24.
This is for your information and record.
Thank you
For Amara Raja Energy & Mobility Limited (Formerly known as Amara Raja Batteries Limited)
Vikas Sabharwal Company Secretary
Encl: a/a
E A R N I N G S P R E S E N TAT I O N
Q 2 / H 1 - F Y 2 4
S N A P S H OT
BUSINESS
OPERATIONS
FINANCIALS
4 decades of experience
7 Manufacturing Facilities
Market Cap (Mn) ~ INR 100 Bn+
Leading Automotive Battery Brand
~50 Million units annualized Capacity for Automotive batteries
Net Debt free
Market Leader in Telecom and Data Centre Industry
2.3 Billion AH - Total Industrial batteries capacity
10 year Revenue CAGR 13%
Strong Brand recall
Exporting to 50+ Countries
19.9% ROCE (1)
First AGM battery manufacturer for 2W
~8,000+ employees
AA+ Credit Rating by CRISIL
First VRLA battery manufacturer in India
Country wide distribution network with 1 lakh+ POS
40%+ Institutional Shareholding
(1) As on FY23 end
2
CO M PA N Y OV E RV I E W
• Amara Raja Energy & Mobility Limited, (ARE&M), the flagship company of the Amara Raja Group, is one of the largest manufacturers of lead-acid Batteries for both industrial and automotive applications in India.
•
•
•
•
Incorporated in 1985, the company over the years has expanded, diversified, and modernized operations with a wide range of products for the customers in both, domestic and International markets.
In the year 1996 the company embarked on automotive batteries through a technical collaboration with Johnson Controls Inc and has continuously gained domestic market share since.
The company exports to over 50 countries across the globe and is focused on expanding its footprint to more countries.
The company’s flagship brands are ‘Amaron’ and ‘PowerZone’ which have a strong recall in the Indian domestic market and have received various accolades as well.
• ARE&M has 7 manufacturing facilities located in Andhra Pradesh, four of which have been recognized with gold in international-level quality circle competitions (ICQCC) held in Jakarta, Indonesia.
• ARE&M entered into the New Energy business in 2022 through Amara Raja Advanced Cell Technologies, which is a 100% subsidiary, and has laid out an ambitious capex plan of INR 95 Bn for setting up a Giga Corridor in Telangana.
•
The company puts a high emphasis on protecting the environment, recycled batteries and increasing the usage of renewable power.
like using
120 ,000
100 ,000
80,0 00
60,0 00
40,0 00
20,0 00
-
120 ,000
100 ,000
80,0 00
60,0 00
40,0 00
20,0 00
-
CONSOLIDATED INCOME (INR Mn) & EBITDA MARGINS(%)
15.60%
71,498
86,971
11.77%
103,882
13.02%
13.11%
57,549
11,156
10,239
13,521
7,544
FY21
FY22
FY23
H1 FY24
Revenue
EBITDA
EBITDA Margin
STANDALONE INCOME (INR Mn) & EBITDA MARGINS(%)
15.60%
71,497
86,958
11.76%
103,859
13.05%
13.27%
55,807
11,157
10,226
13,552
7,405
FY21
FY22
FY23
H1 FY24
Revenue
EBITDA
EBITDA Margin
18. 00%
16. 00%
14. 00%
12. 00%
10. 00%
8.0 0%
6.0 0%
4.0 0%
2.0 0%
0.0 0%
18. 00%
16. 00%
14. 00%
12. 00%
10. 00%
8.0 0%
6.0 0%
4.0 0%
2.0 0%
0.0 0%
3
O P E R AT I O N S AT A G L A N C E
LEAD ACID BATTERIES
AUTOMOTIVE | INDUSTRIALS
AUTOMOTIVE • Applications – 2W, 3W, 4W & CV’s • Largest Exporter of 4W Batteries • First AGM battery manufacturer for 2W • Setting up 1.5 LPTA of a lead recycling facility through the wholly owned
subsidiary ARCSPL, which showcases its commitment to the circular economy
• Entered Lubricants segment
FY23 REVENUE BREAKUP (%)
Others* 2%
INDUSTRIAL • Application - Telecom, Railways, Power Control, Solar, UPS • Market Leader in Telecom sector • First to introduce VRLA batteries in India • Largest Integrated Facility for MVRLA Batteries • Pioneered Battery Solutions for Indian Railways
Industrials 30%
Auto 68%
• Li Cell and Pack Manufacturing • EV Charging Solutions • Energy Storage Solutions • Developed India’s First 21700 Cylindrical Cell (NMC 811)
*Others predominantly includes New Energy business.
NEW ENERGY BUSINESS
APPLICATIONS
4
M A N U FAC T U R I N G & D I ST R I B U T I O N
DISTRIBUTION POINTS
JAM
ZRK
GUR
JAI
HAR RUD
GZB
DEL
LKN
VAR
SIL
GAU
PAT
AMD
MAND
JAB
IND PITH
NAG
RAI
RAN
JMD
KOL
BHU
BWD
NSK PUNE
AUR
HYD
VJD
ANT
HUB
BLR
CHE
COI
COC
MANUFACTURING CAPACITES
SALES & DISTRIBUTION NETWORK - INDIA
7 Battery Manufacturing Plants in two locations
INDUSTRIES
ANNUALISED CAPACITY
LOCATION
Automotive
~50 Mn
Industrials
2.3 bn Ah
AP
AP
BRANCHES
DISTRIBUTION POINTS
AMARON FRANCHISEES
23
39
500+
POINTS OF SALE
POWER ZONE RETAIL STORES
EXTENSIVE SERVICE HUBS
1,00,000+
1,000 +
2,000 +
5
M A RQ U E E C L I E N T E L E
AUTOMOTIVE
INDUSTRIAL
PASSENGER VEHICLE OEM CLIENTS
COMMERCIAL VEHICLE/TRACTOR OEM CLIENTS
TWO WHEELER OEM CLIENTS
INDUSTRIAL OEM CLIENTS
6
N E W E N E R G Y B U S I N E S S : T H E F U T U R E G R O W T H E N G I N E
150 GWH
POLICY PUSH
•
•
•
•
•
India’s electrification demand expected to be 150GWh by 2030 Adoption across user segments like Mobility Telecom and Data Centres Significant market share gain opportunity
ARE&M’S FORAY IN NEW ENERGY SOLUTIONS
Financial subsidies including manufacturing subsidies valued 50,000cr + High customer pull for EVs ensuring market expansion in specific segments as a near given
Li Cell and pack Manufacturing
EV Charging Solutions
Energy Storage Solutions
COMPLETED AMARA RAJA POWER SYSTEMS LIMITED(ARPSL) ACQUISITION
• WOS effective from September 29, 2023 •
Expected to strengthen charging solutions offerings
ROADMAP FOR CAPITALISING ON THE NEW ENERGY BUSINESS
PLANNED A GIGA CORRIDOR IN DIVITIPALLY, TELANGANA •
Setting up E+ve Energy Labs: a unique innovation & research facility, Hyderabad, Telangana
PHASE 2 - FY28
PHASE 3 - FY32
•
•
Land allotment completed, spread across 262 acres at Divitipally, Telangana
• •
Customer Qualification plant 16 GWH Cell Capacity over the next 10 years
Phase 1 commercialization expected by FY26
7
G ROW T H ST R AT EGY
S E I R E T T A B D I C A D A E L
S N O I T U L O S Y G R E N E W E N
AUTOMOTIVE (DRIVE EFFICIENCY)
INTERNATIONAL (EXPAND PRESENCE)
INDUSTRIAL (ENERGY SOLUTIONS)
•
• •
Cost efficiencies with ASG/MSG technologies. Deepen the market presence Leverage the channel network for distributing other allied products
•
•
•
Global manufacturing foot print to avoid tariff barriers Expand presence to Europe and American Markets Deepen presence in SE Asia, West Asia and African Markets
• Maintain dominant market leadership in Telecom and UPS • •
Capitalize on 5G rollout Build Capabilities for Battery Energy solutions by offering Chemistry Agnostic Solutions Expanding to Newer Geographies /Markets
•
TECHNOLOGY
CUSTOMERS
SUPPLY CHAIN
TALENT
•
•
•
Establish E+ve Energy Labs, a unique innovation & research facility, Hyderabad, Telangana to build in-house competency in cell technology development Build strategic technology partnerships. Create best-in-class product portfolio for both EV and ESS
•
•
Leveraging ongoing customer relationships and codevelop custom built products for Mobility and Stationary storage segments. Current Customers: Piaggio, Mahindra, Omega SEKI, Indus Towers, BSNL etc.
•
•
Build strategic vendors base for capital Equipment and Critical Raw Materials Support initiatives for strengthening domestic Supply Chain
•
•
•
Recruitment of global talent including subject matter experts Build deep tech expertise in Technology, Supply Chain and Operations To promote Diversity & Inclusion
8
F I NA N C I A L OV E RV I E W
Q 2 / H 1 - F Y 2 4 K E Y F I N A N C I A L H I G H L I G H T S
Q2-FY24 FINANCIAL PERFORMANCE-CONSOLIDATED
H1-FY24 FINANCIAL PERFORMANCE-CONSOLIDATED
REVENUE FROM OPERATIONS
EBITDA
EBITDA MARGINS
REVENUE FROM OPERATIONS
EBITDA
EBITDA MARGINS
INR 29,593 Mn
INR 4,024 Mn
13.60 %
INR 57,549 Mn
INR 7,544 Mn
13.11 %
PAT
PAT MARGINS
DILUTED EPS
PAT
PAT MARGINS
DILUTED EPS
INR 2,263 Mn
7.65%
INR 13.25
INR 4,185 Mn
7.27 %
INR 24.50
Q2-FY24 FINANCIAL PERFORMANCE- STANDALONE
H1-FY24 FINANCIAL PERFORMANCE-STANDALONE
REVENUE FROM OPERATIONS
EBITDA
EBITDA MARGINS
REVENUE FROM OPERATIONS
EBITDA
EBITDA MARGINS
INR 28,108 Mn
INR 3,870 Mn
13.77 %
INR 55,807 Mn
INR 7,405 Mn
13.27 %
PAT
PAT MARGINS
DILUTED EPS
PAT
PAT MARGINS
DILUTED EPS
INR 2,143 Mn
7.62 %
INR 12.55
INR 4,068 Mn
7.29 %
INR 23.82
10
Q 2 - F Y 2 4 P E R FO R M A N C E H I G H L I G H TS - CO N S O L I DAT E D
LEAD ACID BATT. REVENUES (INR Mn)
OTHER BUSINESS REVENUES (INR Mn)
28,089
1,504
1,077
26,878
26,385
620
Q2 FY23
Q1 FY24
Q2 FY24
Q2 FY23
Q1 FY24
Q2 FY24
GEOGRAPHICAL REVENUE SPLIT (INR Mn)
23,703
25,279
26,064
3,302
2,676
3,529
Q2 FY23
Q1 FY24
Q2 FY24
Domestic
Exports
11
Q UA RT E R LY CO N S O L I DAT E D F I N A N C I A L P E R FO R M A N C E
PARTICULARS (INR Mn)
Operational Revenue
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT
Tax
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Diluted EPS (INR)
Q2-FY24
Q2-FY23
Y-O-Y
Q1-FY24
Q-O-Q
29,593
25,569
4,024
27,005
23,419
3,586
13.60%
13.28%
293
1,157
62
3,098
835
2,263
7.65%
(8)
240
1,019
54
2,753
741
2,012
7.45%
1,099
2,255
3,111
13.25
11.78
9.6%
9.2%
12.2%
32 Bps
22.1%
13.5%
14.8%
12.5%
12.7%
12.5%
20 Bps
NA
(27.5)%
12.5%
27,955
24,437
3,518
5.9%
4.6%
14.4%
12.58%
102 Bps
234
1,114
56
2,582
661
1,921
6.87%
(20)
1,901
11.25
25.2%
3.9%
10.7%
20.0%
26.3%
17.8%
78 Bps
(60.0)%
18.6%
17.8%
12
Y T D CO N S O L I DAT E D F I N A N C I A L P E R FO R M A N C E
PARTICULARS (INR Mn)
Operational Revenue
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT
TAX
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Diluted EPS (INR)
H1-FY24
H1-FY23
57,549
50,005
7,544
13.11%
526
2,271
119
5,680
1,495
4,185
7.27%
(29)
4,156
24.50
53,210
47,008
6,202
11.66%
410
1,983
100
4,529
1,197
3,332
6.26%
1,120
4,452
19.51
Y-O-Y
8.2%
6.4%
21.6%
145 Bps
28.3%
14.5%
19.0%
25.4%
24.9%
25.6%
101 Bps
NA
(6.6)%
25.6%
13
H I STO R I C A L CO N S O L I DAT E D I N CO M E STAT E M E N T
PARTICULARS (INR Mn)
Operational Revenue
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
Profit Before Exceptional Items & Tax
Exceptional
PBT
Tax
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Diluted EPS (INR)
FY21
71,498
60,342
11,156
15.60%
874
3,192
105
8,733
-
8,733
2,265
6,468
9.05%
(67)
FY22
86,971
76,732
10,239
11.77%
780
3,957
151
6,911
-
6,911
1,785
5,126
5.89%
7
FY23
103,882
90,361
13,521
13.02%
920
4,272
221
9,948
476
9,472
2,527
6,945
6.69%
1,103
H1-FY24
57,549
50,005
7,544
13.11%
526
2,271
119
5,680
-
5,680
1,495
4,185
7.27%
(29)
6,401
5,133
8,048
4,156
37.87
30.01
40.66
24.50
14
CO N S O L I DAT E D BA L A N C E S H E E T
PARTICULARS (INR Mn)
Assets (1) Non-current Assets (A) Property, Plant And Equipment (B) Right Of Use Asset (C) Capital Work-in Progress (D) Goodwill (E) Other Intangible Assets (F) Intangible Assets Under Development (G) Financial Assets (i) Investments (ii) Other Financial Assets (H) Deferred Tax Assets (Net) (I) Income Tax Assets (Net) (J) Other Non-current Assets Total Non-current Assets (2) Current Assets (A) Inventories (B) Financial Assets (i) Investments (ii) Loans (iii) Trade Receivables (iv) Cash And Cash Equivalents
(v) Bank Balances Other Than Cash And Cash Equivalents (vi) Other Financial Assets (C) Other Current Assets Total Current Assets Total Assets (1+2)
FY22
FY23
H1-FY24
PARTICULARS (INR Mn)
FY22
FY23
H1-FY24
21,276 2,852 8,293
795 3
425 83 - 72 1,713 35,513
25,187 3,710 2,481
659 8
2,616 1,252 9 - 1,236 37,158
26,064 3,744 2,822 274 607 14
2,620 1,165 12 74 1,478 38,873
18,046
17,022
17,611
347 - 7,920 349
193
167 1,227 28,248 63,761
1,653 887 8,866 949
104
3,137 1,463 34,081 71,239
4,071 871 11,262 1,157
522
1,471 2,798 39,763 78,636
Equity And Liabilities
(1) Equity
(A) Equity Share Capital
(B) Other Equity
(2) Non-current Liabilities
(A) Financial Liabilities
(i) Borrowings
(ii) Lease Liabilities
(B) Provisions
(C) Deferred Tax Liabilities (Net)
(D) Other Non-current Liabilities
Total Non-current Liabilities
(3) Current Liabilities
(A) Financial Liabilities
(i) Borrowings
(ii) Lease Liabilities
(iii) Trade Payables
(iv) Other Financial Liabilities
(B) Provisions
(C) Current Tax (Net)
(D) Other Current Liabilities
Total Current Liabilities
Total Equity And Liabilities (1+2+3)
45,525
171
45,354
52,993
171
52,822
56,601
171
56,430
165
773
1,083
314
637
2,972
69
252
8,055
2,988
1,373
-
2,528
15,265
63,761
96
635
1,434
732
830
3,727
69
268
7,571
2,516
1,416
9
2,670
14,519
71,239
96
651
1,537
737
775
3,796
69
263
10,443
2,195
1,562
97
3,609
18,239
78,636
CO N S O L I DAT E D F I N A N C I A L C H A RT S
REVENUES (INR Mn)
103,882
86,971
71,498
57,549
EBITDA (INR Mn) & EBITDA MARGINS (%)
PAT (INR Mn) & PAT MARGINS (%)
15.60%
11,156
13,521
13.02%
13.11%
7,544
10,239
11.77%
16,0 00
14,0 00
12,0 00
10,0 00
8,00 0
6,00 0
4,00 0
2,00 0
-
9.05% 6,468
6,945
6.69%
7.27%
4,185
5,126
5.89%
18. 00%
16. 00%
14. 00%
12. 00%
10. 00%
8.0 0%
6.0 0%
4.0 0%
2.0 0%
0.0 0%
8,00 0
7,00 0
6,00 0
5,00 0
4,00 0
3,00 0
2,00 0
1,00 0
-
FY21
FY22
FY23
H1 FY24
FY21
FY22
FY23
H1 FY24
FY21
FY22
FY23
H1 FY24
EBITDA (INR Mn)
EBITDA MARGINS (%)
PAT (INR Mn)
PAT MARGINS (%)
NETWORTH (INR Mn)
56,601
49,259
43,812
39,327
CURRENT RATIO
2.3
2.1
1.9
2.2
FY21
FY22
FY23
H1 FY24
FY21
FY22
FY23
H1 FY24
16.45%
20.39%
ROCE (%) & ROE (%)
14.10%
19.93%
11.70%
15.56%
FY21
FY22
FY23
ROCE
ROE
10. 00%
9.0 0%
8.0 0%
7.0 0%
6.0 0%
5.0 0%
4.0 0%
3.0 0%
2.0 0%
1.0 0%
0.0 0%
16
STA N DA LO N E F I N A N C I A L C H A RTS
REVENUES (INR Mn)
EBITDA (INR Mn) & EBITDA MARGINS (%)
PAT (INR Mn) & PAT MARGINS (%)
103,859
86,958
71,497
55,807
15.60%
11,157
13,552
13.05%
13.27%
7,405
10,226
11.76%
16,0 00
14,0 00
12,0 00
10,0 00
8,00 0
6,00 0
4,00 0
2,00 0
-
9.05% 6,468
6,944
6.69%
7.29%
4,068
5,112
5.88%
18. 00%
16. 00%
14. 00%
12. 00%
10. 00%
8.0 0%
6.0 0%
4.0 0%
2.0 0%
8,00 0
7,00 0
6,00 0
5,00 0
4,00 0
3,00 0
2,00 0
1,00 0
0.0 0%
-
FY21
FY22
FY23
H1 FY24
FY21
FY22
FY23
H1 FY24
FY21
FY22
FY23
H1 FY24
EBITDA (INR Mn)
EBITDA MARGINS (%)
PAT (INR Mn)
PAT MARGINS (%)
NETWORTH (INR Mn)
52,978
56,471
2.1
42,103
45,514
CURRENT RATIO
2.2
1.8
2.0
FY21
FY22
FY23
H1 FY24
FY21
FY22
FY23
H1 FY24
16.45%
20.39%
ROCE (%) & ROE (%)
14.10%
19.94%
11.67%
15.53%
FY21
FY22
FY23
ROCE
ROE
10. 00%
9.0 0%
8.0 0%
7.0 0%
6.0 0%
5.0 0%
4.0 0%
3.0 0%
2.0 0%
1.0 0%
0.0 0%
17
C A P I TA L M A R K E T DATA
NSE: ARE&M | BSE: 500008 | Bloomberg: AMRJ:IN | Reuters: AMAR.NS / AMAR.BO
1 YEAR STOCK PERFORMANCE
70%
60%
50%
40%
30%
20%
10%
0%
Oct-22
Nov-22
Dec-22
Jan-23
Jan-23
Mar-23
Apr-23
May-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
PRICE DATA (AS ON 30TH SEPTEMBER, 2023)
Face Value
CMP
52 Week H/L
Market Cap (INR Mn)
Shares O/S (Mn)
Avg. Vol. (‘000)
Amaraja
BSE
INR
1.0
637.5
708.5/479.2
1,08,893
170.8
934.8
SHAREHOLDING PATTERN (AS ON 30TH SEPTEMBER, 2023)
Public, 30.49%
DIIs, 16.81%
Promoter, 28.06%
FIIs, 24.64%
18
D I S C L A I M E R
This presentation by Amara Raja Energy and Mobility Limited (including its subsidiaries) is general background information about the Company’s activities at the date of this presentation. Said information is provided in summary form only and does not purport to be complete, does not contain all the information that is or may be material to investors or potential investors and contents of this presentation should not be considered to be legal, tax, investment or other advice, or a recommendation to investors or potential investors in respect of the holding, purchasing or selling of securities or other financial instruments and does not take into account any investor’s particular objectives, financial situation or needs. By attending the presentation or by reading the presentation slides, you agree to be bound as follows:
This presentation solely for information purposes. This presentation may be amended and supplemented as the Company sees fit, may not be relied upon for the purpose of entering into any transaction and should not be construed as, nor be relied on in connection with, any offer or invitation to purchase or subscribe for, underwrite or otherwise acquire, hold or dispose of any securities of the Company, and shall not be regarded as a recommendation in relation to any such transaction whatsoever.
This presentation and its contents are confidential and proprietary to the Company. No part of it or its subject matter may be reproduced, redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person’s professional advisers) or published in whole or in part for any purpose without the prior written consent of the Company. The communication of this presentation may be restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. The information in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the presentation and the information contained herein and no reliance should be placed on it. Information in this presentation (including market data and statistical information) has been obtained from various sources (including third party sources) and the Company does not guarantee the accuracy or completeness of such information. All projections, valuations and statistical analyses are provided for information purposes only. They may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and to the extent they are based on historical information, any they should not be relied upon as an accurate prediction of future performance.
This presentation contains forward‐looking statements. These statements may include the words “believe”, “expect”, “expected”, “opportunity”, “market expansion”, “commercialization”, “anticipate”, “intend”, “plan”, “growth strategy”, “road map”, “future growth engine”, “estimate”, “will”, “may”, “targeting” and similar expressions as well as statements other than statements of historical facts including, without limitation, those regarding the financial position, business strategy, plans, targets and objectives of the management of the Company for future operations (including development plans and objectives). Such forward‐looking statements involve known and unknown risks, uncertainties and other important factors which may affect the Company's ability to implement and achieve the economic and monetary policies, budgetary plans, fiscal guidelines and other development benchmarks set out in such forward‐looking statements and which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward‐looking statements and are based on numerous assumptions regarding the Company’s present and future policies and plans and the environment in which the Company will operate in the future.
Any financial data in this presentation are solely for your information, as background to the Company and may not be relied upon for the purpose of entering into any transaction whatsoever. The financial information set out in this presentation is based on certain important assumptions and adjustments and does not purport to represent what our results of operations are on an audited basis or actually will be in any future periods. All information, opinions and estimates contained herein are given as of the date hereof and are subject to change without notice. The Company, and its Subsidiaries, affiliates, directors, representatives, officers or employees cannot guarantee that the assumptions underlying such forward-looking statements are free from errors, nor do they accept any responsibility for the future accuracy or actual occurrence of any forward-looking statements contained in this document. Company or its Subsidiaries, affiliates, directors, key managerial persons, advisors, representatives, officers or employees accept no responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors or omissions in this presentation/document or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents, and make no representation or warranty, express or implied, for the contents of this document. Neither the Company nor any other person is under any obligation to update or keep current the information contained herein.
This document is not a prospectus or a statement in lieu of a prospectus or an offering circular or an invitation or an advertisement or an offer document under the Companies Act, 2013, together with the rules and regulations made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, or any other applicable laws and regulations. By accessing this document, you accept that this document and any claims arising out of the use of the information from this document shall be governed by the laws of Republic of India.
Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: amararaja@valoremadvisors.com
Tel: +91-40-2313 9000 Email: investorservices@amararaja.com
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