Associated Alcohols & Breweries Ltd.

16 million

ty of 40 MLPA The facility encompasses 41 Bottling Lines, with a collective capacity of producing 16 million cases annually Owns a portfolio of 9 proprietary brands 14% 10 Years Revenue CAGR (FY15-FY24) 1

14%

lective capacity of producing 16 million cases annually Owns a portfolio of 9 proprietary brands 14% 10 Years Revenue CAGR (FY15-FY24) 15% 10 Years EBITDA CAGR (FY15-FY24) 10% EBITDA Margin (FY2

15%

n cases annually Owns a portfolio of 9 proprietary brands 14% 10 Years Revenue CAGR (FY15-FY24) 15% 10 Years EBITDA CAGR (FY15-FY24) 10% EBITDA Margin (FY24) 9% PBT Margin (FY24) 24% 10 Years

10%

proprietary brands 14% 10 Years Revenue CAGR (FY15-FY24) 15% 10 Years EBITDA CAGR (FY15-FY24) 10% EBITDA Margin (FY24) 9% PBT Margin (FY24) 24% 10 Years PAT CAGR (FY15-FY24) 7% PAT Margin

9%

Years Revenue CAGR (FY15-FY24) 15% 10 Years EBITDA CAGR (FY15-FY24) 10% EBITDA Margin (FY24) 9% PBT Margin (FY24) 24% 10 Years PAT CAGR (FY15-FY24) 7% PAT Margin (FY24) 12% ROE (FY24) 0.

24%

15-FY24) 15% 10 Years EBITDA CAGR (FY15-FY24) 10% EBITDA Margin (FY24) 9% PBT Margin (FY24) 24% 10 Years PAT CAGR (FY15-FY24) 7% PAT Margin (FY24) 12% ROE (FY24) 0.04x Net Debt/Equity (F

7%

FY15-FY24) 10% EBITDA Margin (FY24) 9% PBT Margin (FY24) 24% 10 Years PAT CAGR (FY15-FY24) 7% PAT Margin (FY24) 12% ROE (FY24) 0.04x Net Debt/Equity (FY24) 21x Interest Coverage (FY24)

12%

Margin (FY24) 9% PBT Margin (FY24) 24% 10 Years PAT CAGR (FY15-FY24) 7% PAT Margin (FY24) 12% ROE (FY24) 0.04x Net Debt/Equity (FY24) 21x Interest Coverage (FY24) 2 IMFL (Proprietary)

0.04x

9% PBT Margin (FY24) 24% 10 Years PAT CAGR (FY15-FY24) 7% PAT Margin (FY24) 12% ROE (FY24) 0.04x Net Debt/Equity (FY24) 21x Interest Coverage (FY24) 2 IMFL (Proprietary) Products Offerings

21x

ears PAT CAGR (FY15-FY24) 7% PAT Margin (FY24) 12% ROE (FY24) 0.04x Net Debt/Equity (FY24) 21x Interest Coverage (FY24) 2 IMFL (Proprietary) Products Offerings F U L LY I N T E G R A T E D

57%

for United Spirit Limited (Diageo) Supply To OMCs/Private players By Products: Cattle Feeds 57% of ENA used for captive consumption B2B B2C 3 P R E S E N T A C R O S S L I Q U O R V A L U E C

10.5 MW

150 Acres of Single Location Land Bank o Energy Cost - Efficiency o Net Energy Surplus Unit o 10.5 MW Captive Power Sustainable EBITDA Margin IMFL (Proprietary) c.15%-18% IMFL (Licensed) c.12%-1

“29 Sources : Technopak Report January 2024 I N D I A N A L C O - B E V I N D U S T R Y P O I S E D F O R G R O W T H Alco-Bev Volume in India (Mn Cases) and CAGR Indian Alco- Beverage market (Rs.”

“Lac Cr) 960 1,018 1,068 1,491 CAGR : 1.2 % CAGR: 1.6% CAGR:6.9 % 325 330 300 355 340 320 385 350 330 560 445 480 3 3.2 2 5 2015 2020 2023 2028P Beer Country Liquor IMFL Wine 2015 2020 2023 2028P CAGR ❑ India's alcohol market surging with urbanization, lifestyle shifts, and a burgeoning middle class.”

“❑ IMFL Licensed achieved steady growth with an 8% YoY increase, in spite of degrowth in the Industry ❑ Average grain price rose to ₹23,800 per ton in Q3 FY25, a 20% YoY increase.”

“❑ RTD product launch is slightly delayed to Q4 FY25.”

“Ankit Agrawal Group Chief Financial Officer A Chartered Accountant and Company Secretary with over 14 years of diverse experience in finance, audit, taxation, IPOs, mergers, acquisitions, and project management.”

“Arun Sahni, A seasoned operations leader with over 39 years of experience in Project Management, Operations Management, Risk Assessment & Resources Management Mr.”

Adjustments for

2

By Products

1

Activities include

1

C O M F O R TA B L E D E B T L E V E L

1

By Products

Cattle Feeds 57% of ENA used for captive consumption B2B B2C 3 P R E S E N T A C R O S S L I Q U O R V A L U E C H A I N Adaptability and Flexibility in using varied grains as Feedstock On Ground Intelligence for Raw Material Sourcing Proprietary Brands - IMFL - IMIL IMFL Licensed Contract Manufacturing ENA Manufacturing - For Captive Consumption - For Alco Bev Companies Ethanol Manufacturing For OMCs/Private Players By Products Cattle Feed 150 Acres of Single Location Land Bank o Energy Cost - Efficiency o Net Energy Surplus Unit o 10.5 MW Captive Power Sustainable EBITDA Margin IMFL (Proprietary) c.15%-18% IMFL (Licensed) c.12%-15% IMIL c.8%-10% ENA c.8%-9% Total EBITDA Margin c.9%-11% Ethanol c.7%-8% 4 A A B L I M F L – G A I N I N G T R A C T I O N E C O N O M Y B o m b ay S p e c i a l W h i s ky S u p er m a n F i n e W h i s ky P O P U L A R C e n t ra l P rov i n c e W h i s ky T i t a n i u m Vo d k a P R E S T I G E & A B O V E S u p e r P r e m i u m B r a n d N i c o b a r

Activities include

— Deploy widespread use ofCCSand L e m o u n t renewable feedstocks — Transitionfleetto zero emissions — Targetsourcing of ~100% renewable/ — Address remainderthroughnegative low-carbon power emissionsprojects H i l l f o r t P re m i u m b l e n d ed M a l t W h i s ky 5 A A B L’ S B R A N D P O R T F O L I O Whisky Vodka Gin Brandy Rum P r e s t i g e & A b o v e MRP: Rs 1,400-2,600 P o p u l a r MRP: Rs 680-1,000 E c o n o m y MRP: Rs 500-560 6 L I C E N S E D B R A N D S - P R E F E R R E D PA R T N E R S Blue Riband Gin Bagpiper White Mischief Director’s Special McDowell’s 7 C O N T R A C T M A N U F A C T U R I N G – L O N G T E R M R E L A T I O N S B L A C K & W H I T E S M I R N O F F V A T 6 9 B L A C K D O G 8 I N D U S T R Y L E A D I N G F I N A N C I A L P O S I T I O N Robust Financial Position: Low Gearing and Adequate Interest Coverage Ratio Setting Industry Standards Net Debt/Equity Ratio as on FY24 Interest Coverage Ratio as on FY24 0.16 20.7 0.04 12.6 Associated Alc

C O M F O R TA B L E D E B T L E V E L

F I N A N C I A L S T R E N G T H Debt Repayment Schedule (Rs Mn) for Debt Funding of Ethanol Plant 200 200 200 96 FY24-25 FY25-26 FY26-27 FY27-28 ❑ Ethanol Plant expansion was funded by Loan taken out under Interest Subvention Scheme ❑ AABL’s strong cash flows guarantee that the company is well-positioned to comfortably meet its debt repayment obligations 22 F U N G I B I L I T Y O F R A W M A T E R I A L S A N D F I N I S H E D P R O D U C T S Diverse Grain Usage as Feedstock Rice Maize Jawar Any Other Starch Rich Feedstock State of the art Manufacturing Facility & Flexible Energy Source Coal Husk Briquettes 2 3 1 1 Single Manufacturing Facility 4 4 2 3 Flexible Product Offerings IMFL (Proprietary) IMFL (Licensed) IMIL ENA for Captive Consumption and Supply to Bottlers Ethanol to OMCs/Private Players 23 Strong Investment Thesis Strong Industry Tailwinds Q3 & 9MFY25 - Earnings Annexure 24 G R O W T H C A TA LY S T S Driving Alco-bev Industry Expansion Urbanisation o Accelerated urban

Adjustments for

Depreciation / Amortisation Finance Cost Other Adjustments Interest Income 448 347 82 29 (10) (13) 67 11 (3) (31) Operating Profit before Working Capital Changes 536 391 Movement in Working Capital (Increase)/Decrease in Trade Receivables (Increase)/Decrease in Inventories Increase/(Decrease) in Trade Payables Increase/(Decrease) in Other Liabilities & Provisions Cash From Operations Direct Tax Net Cash From Operating Activities (80) (28) 143 204 776 (74) 701 (26) (166) 46 80 325 (57) 268 Particulars (Rs Mn) CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property Plant & Equipment, CWIP and Intangible Assets Proceed from the Sale of Property Plant & Equipment Other Investing Avtivities Interest Income received Net Cash Flow used in Investing Activities CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Non-Current Borrowings Repayment of Non-Current Borrowings Proceeds from/(Repayment) of Current Borrowings Proceeds from/(Repayment) of Lease Liabilities Finance Cost paid Interest Paid

Adjustments for

Depreciation / Amortisation Finance Cost Other Adjustments Interest Income 144 37 (35) (47) Operating Profit before Working Capital Changes 781 Movement in Working Capital (Increase)/Decrease in Trade Receivables (Increase)/Decrease in Inventories (Increase)/Decrease in Financial Assets (Increase)/Decrease in Other Assets Increase/(Decrease) in Trade Payables Increase/(Decrease) in Financial Liabilities (170) (186) 20 (71) 132 1 Increase/(Decrease) in Other Liabilities & Provisions (35) Cash From Operations Direct Tax Net Cash From Operations 472 (167) 305 144 14 (7) (59) 646 55 (202) (20) (134) (202) 11 59 214 (146) 68 143 9 (29) (58) 877 121 (75) (21) (62) 194 -6 (6) 1023 (230) 792 Proceed from the Sale of Property Plant & Equipment 1 - 10 Other Investing Activities Interest Income received Net Cash Flow from Investing Activities CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Non Current Borrowings Repayment of Non Current Borrowings Proceeds from/(Repayment) of Current Borrowings