Sheela Foam Limited has informed the Exchange about Investor Presentation
January 31, 2025
To,
The BSE Limited
The National Stock Exchange India Limited
Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex
Dalal Street, Mumbai-400001 Bandra (E), Mumbai-400051
Scrip code: 540203 NSE Symbol: SFL
Subject: Investor Presentation
Dear Sir/Madam,
Furtherance to our intimation for investor call dated January 29, 2025. Please find
attached Management Presentation.
Thanking You,
Yours truly,
For Sheela Foam Limited
(Md. Iquebal Ahmad)
Company Secretary & Compliance Officer
SHEELA FOAM LTD.
#14, Sleepwell Tower , Sector 135, Noida- 201301 Ph: Int-91-120-4868400 •Email: contactus@sheelafoam.com
Regd. Office: 1002 to 1006 The Avenue International Airport Road, Opp Hotel Leela Sahar, Andheri East, Mumbai, Maharashtra, India, 400059 • Ph: Int-91-22-28265686/88/89 Toll Free: 1800 103 6664 • www.sleepwellproducts.com • www.sheelafoam.com CIN- L74899MH1971PLC427835
SHEELA FOAM LIMITED Earnings Presentation
Q3 & 9M - FY25
INDIA
AUSTRALIA
BRISBANE
PERTH
ADELAIDE
SYDNEY
AUCKLAND
MELBOURNE
NEW ZEALAND
Leading the science of comfort in three continents
Sheela Foam: Safe Harbour Statement
All statements included or incorporated by reference in this presentation, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and projections about our industry, management's beliefs, and certain assumptions made by us. Although Sheela Foam Limited (SFL) believes that the expectations reflected in such there can be no assurance that such forward-looking statements are reasonable, expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which such statement was made, and SFL undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. No assurance can be given that actual results, performance, or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
Company Snapshot
Experienced management
‘Sleepwell’ ‘Kurlon’ are amongst the most trusted brands in India
Backward Integrated Player with a wide product basket
Largest manufacturers of PU Foam in India
~30% Market Share in the mattresses segment
40% market share in Australia
Presence across multiple geographies
Low Gearing ratio
Consistent Positive cash flow generation
Strategic move to focus on high margin products
Marquee Investors
Proven track record in Acquisitions and Integration
Global Footprint
Rajpura (Punjab)
Kala Amb (HP)
Roorkee
Surajpur (UP)
Sahibabad (UP)
Greater Noida (UP)
Gwalior
Jalpaiguri (WB)
Jhagadia
Nandigram
Talwada (Gujarat)
Jabalpur
Bhubaneshwar
Hyderabad (Telangana)
Australia Mfg. Units : 5 Capacity: 16,000 MT
Bangalore
Erode (Tamil Nadu)
PU Foam Manufacturing PU Foam Processing Kurl Mfg. Locations
Spain Mfg. Units : 1 Capacity: 22,000 MT
India Mfg. Units : 18 Capacity: 1,49,000 MT
INDIA BUSINESS
Q3 & 9M FY25 Financial performance
Q3 | FY25 - Standalone
9M | FY25 - Standalone
INR 791 Cr Income from Operations 54% YoY
INR 71 Cr EBITDA 34% YoY
9.0% EBIDTA Margins
INR 1897 Cr Income from Operations 36% YoY
INR 189 Cr EBITDA 19% YoY
10.0% EBIDTA Margins
Q3 | FY25 - Consolidated
9M | FY25 - Consolidated
INR 967 Cr Income from Operations 10% YoY
INR 19 Cr Net Profit
INR 88 Cr EBITDA 15% YoY
1.9% PAT Margin
9.1% EBIDTA Margins
INR 1.72/Share Diluted EPS
INR 2590 Cr Income from Operations 21% YoY
INR 75 Cr Net Profit
INR 217 Cr EBITDA -1.4% YoY
2.9% PAT Margin
8.4% EBIDTA Margins
INR 6.85/Share Diluted EPS
India Business (SFL + KEL) : Q3 & 9M FY25 (INR Cr.)
*KEL included for post Acquisition period
Q3 FY24* Q2 FY25 Q3 FY25 9M FY24* 9M FY25TOTAL REVENUE 68862578115782026Gross Margin41.5%44.5%39.7%40.7%42.8%OTHER EXPENSES32.9%35.9%31.5%30.0%34.3%Marketing %7.7%5.2%5.7%5.4%5.5%EBITDA8.6%8.6%8.2%10.8%8.5% Operational Highlights for Q3 & 9M - FY25
*KEL for full period of Q3FY24
Mattress | Segment Performance
KEY CALLOUTS
VALUE
*Q3FY24 –KEL for 72 days
VOLUME
Q3 FY24*
355 Cr
Q3 FY24*
699K
Q2 FY25
300 Cr
Q2 FY25
723K
Q3 FY25
426 Cr
Q3 FY25
1040 K
Furniture Cushioning| Segment Performance
KEY CALLOUTS
VALUE
VOLUME
Q3 FY24
62 Cr
Q3 FY24
1537 Tn
Q2 FY25
50 Cr
Q2 FY25
1354 Tn
Q3 FY25
65 Cr
Q3 FY25
1722 Tn
Comfort Foam| Segment Performance
KEY CALLOUTS
VALUE
*Q3FY24 -KEL for 72 days
VOLUME
Q3 FY24*^
120 Cr
Q3 FY24*^
6460 Tn
^ ’Industrial Others’ is reclassified in HCP & Scrap
Q2 FY25
115 Cr
Q2 FY25
5764 Tn
Q3 FY25
125 Cr
Q3 FY25
6134 Tn
Technical Foam| Segment Performance
KEY CALLOUTS
VALUE
VOLUME
Q3 FY24^
113 Cr
Q3 FY24^
4032 Tn
Q2 FY25
128 Cr
Q2 FY25
4729 Tn
Q3 FY25
127 Cr
Q3 FY25
4500 Tn
^ ’Industrial Others’ now classified in HCP & Scrap
Others | Segment Performance
VALUE
Q3 FY24*
37 Cr
Q2 FY25
31 Cr
Q3 FY25
39 Cr
*Q3FY24 -KEL Revenue only for 72 days
VOLUME
MIXED (N.A)
MIXED (N.A)
Q3 FY24*
Q2 FY25
Q3 FY25
MIXED (N.A)
INTERNATIONAL BUSINESS & STAQO
Australia | Q3 & 9M FY25 (INR Cr.)
HIGHLIGHTS
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25TOTAL REVENUE 11510599319300Gross Margin46.4%48.4%52.8%47.6%50.1%OTHER EXPENSES41.2%46.3%39.5%41.4%44.1%EBITDA5.2%2.1%13.3%6.2%6.0% Spain | Q3 & 9M FY25 (INR Cr.)
HIGHLIGHTS
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25TOTAL REVENUE 768681248257Gross Margin32.0%32.0%29.8%29.5%29.6%OTHER EXPENSES21.2%20.1%21.7%18.8%20.5%EBITDA10.8%11.9%8.1%10.7%9.1% STAQO : Q3 & 9M FY25 (INR Cr.)
HIGHLIGHTS
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25TOTAL REVENUE 812122337Gross Margin100.0%100.0%100.0%100.0%100.0%OTHER EXPENSES71.8%68.3%69.9%74.0%67.1%EBITDA28.2%31.7%30.1%26.0%32.9% Consolidated Business
Consolidated Business Summary | Q3 & 9M FY25 (INR Cr.)
*KEL included only for the Period Post Acquisition only
Q3 FY24* Q2 FY25 Q3 FY25 9M FY24* 9M FY25TOTAL REVENUE 87981396721372590Gross Margin41.7%44.9%40.6%40.5%42.5%OTHER EXPENSES33.1%36.3%31.5%30.2%34.1%EBITDA8.7%8.5%9.1%10.3%8.4% Raw Material | Prices and Gross Margins (%)
TDI & Polyol Price Trend (INR/KG)
SFL Consolidated Gross Margins* (%)
190
115
188
124
189
132
201
126
200
120
41.7%
43.6%
42.2%
44.9%
40.6%
Q3-FY24
Q4-FY24
Q1-FY25
Q2-FY25
Q3-FY25
Q3-FY24
Q4-FY24
Q1-FY25
Q2-FY25
Q3-FY25
TDI
POLYOL
SFL India*
43.7% 43.8% 44.5%
41.2%
39.7%
Gross Margins (%)
Australia - Joyce
53.2%
46.4%
49.1%
48.4%
Spain - Interplasp
52.8%
32.0%
28.2% 27.2%
32.0%
29.8%
Q3-FY24 Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25
Q3-FY24 Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25
Q3-FY24 Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25
**SFL+KEL from Q3FY24 onwards
Key Business Updates
Festive season campaign - Sleepwell
Wedding season campaign
Did you Sleepwell?
A brand initiative to start the meaningful conversation for emphasizing importance of sleep, health, and expressing care for our loved ones.
• Always on digital campaign • Influencer collaboration
Brand engagement Total reach 87 million Brand video views 82 million
• Deeper brand connection • Education and awareness on sleep health axis • • Branded content has led to consistently increasing
Influencer collaborations
engagement, organic traffic and organic revenue on mysleepwell.com
Kurlon | Digital transformation journey
Search Volumes towards upward trend
Personalized Remarketing for personalized marketing and conversion improvement
Social Followers & Engagement growth
Kurlon Online Marketing
Youtube
Unified OTT
Offline Retail Branding
Sleepwell retail branding | Enhanced consultative selling
Kurlon retail branding | Enhanced consultative selling
Marketing Initiatives
Google my business
2900+
Live dealer profiles for Sleepwell & Kurlon
Increased showroom search and footfall
Mattresses for every Indian Presence at “Maha Kumbh”
Marketing initiatives : on ground BTL & surround initiatives
Sleepwell – Presence at Mahakumbh
Over daily footfall
1000+
Live demos & product experience
• • On spot purchases.
Kurlon – Presence at Mahakumbh
Over daily footfall
800+
Live demos & product experience
• • On spot purchases
Channel Engagement
Sleepwell | Customer representative trainings
Sales executive trainings at the showroom for enhancing consultative selling
Channel engagement
Kurlon Kare Klub Program - Dealer meets
Financials
Quarterly Standalone Income Statement (INR Cr)
ParticularsQ3-FY25Q3-FY24Y-O-YQ2-FY25Q-O-QRevenue from Operations79151354%60231%Operating Expenses720460532EBITDA715334%711%EBITDA Margin (%)9%10%12%Other Income92229Depreciation231522Finance Cost231822PBT3442-19%56-39%Exceptional Item000Tax91213PAT2531-19%43-42%PAT Margin (%)3%6%7%Other Comprehensive Income010Total Comprehensive Income243243Basic/Diluted EPS (INR)2.292.843.94 9M Standalone Income Statement (INR Cr)
44
Particulars9M-FY259M-FY24Y-O-YRevenue from Operations1897139336%Operating Expenses17081233EBITDA18916019%EBITDA Margin (%)10%11%Other Income6366Depreciation6438Finance Cost6624PBT122164-26%Exceptional Item-1211Tax3441PAT100112-11%PAT Margin (%)5%8%Other Comprehensive Income-1-1Total Comprehensive Income99111Basic/Diluted EPS (INR)9.1811.02 Quarterly Consolidated Income Statement (INR Cr)
ParticularsQ3-FY25Q3-FY24Y-O-YQ2-FY25Q-O-QRevenue from Operations96787910%81319%Operating Expenses879803743EBITDA887615%6927%EBITDA Margin (%)9%9%9%Other Income73232Depreciation453048Finance Cost292528PBT2153-60%25-15%Exceptional Item000Tax31416Share of Profit / (Loss) from JV0-70PAT1931-40%999%PAT Margin (%)2%4%1%Other Comprehensive Income-241917Total Comprehensive Income-55026Basic/Diluted EPS (INR)1.722.830.90 YTD Consolidated Income Statement (INR Cr)
46
Particulars9M-FY259M-FY24Y-O-YRevenue from Operations2590213721%Operating Expenses23731917EBITDA217220-1%EBITDA Margin (%)8%10%Other Income7080Depreciation13374Finance Cost8542PBT69184-63%Exceptional Item-3111Tax2547Share of Profit / (Loss) from JV0-8PAT75119-37%PAT Margin (%)3%6%Other Comprehensive Income-69Total Comprehensive Income68128Basic/Diluted EPS (INR)6.8511.61 Historical Standalone Income Statement (INR Cr)
PARTICULARS
Operational Revenue
Operating Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT
Exceptional Items
Tax
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Diluted EPS (INR)
FY21
1,612
1,374
237
15%
47
33
9
244
-
62
181
11%
2
183
18.6
FY22
2,008
1,774
234
12%
70
32
7
265
-
67
197
10%
-1
196
20.2
FY23
2,039
1,830
208
10%
75
41
8
234
-
63
171
8%
-4
167
17.5
FY24
1,880
1,670
210
11%
97
58
44
205
-18
54
168
9%
-
168
16.3
9M-FY25
1,897
1,708
189
10%
63
64
66
122
-12
34
100
5%
-1
99
9.2
Historical Consolidated Income Statement (INR Cr)
PARTICULARS
Operational Revenue
Operating Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT
Exceptional Items
Tax
Share of Profit / (Loss) from JV
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Diluted EPS (INR)
FY21
2,355
1,991
FY22
2,866
2,551
FY23
2,873
2,576
FY24
2,982
2,682
9M-FY25
2,590
2,373
364
15%
50
73
18
324
-
84
-
240
10%
19
259
24.6
315
11%
79
81
17
296
-
78
-
219
8%
-2
217
297
10%
86
90
21
273
-
72
-
201
7%
13
213
301
10%
117
116
69
233
-23
61
-11
184
6%
-3
181
22.4
20.4
17.7
217
8%
70
133
85
69
-31
25
0
75
3%
-6
68
6.85
Historical Standalone Balance Sheet (INR Cr)
PARTICULARS ASSETS Non-current Assets Property, Plant & Equipment Capital Work In Progress Right of Use Assets Investment Property Investment In Subsidiaries & JV Financial Assets (a)Other Investments (b) Loans (c) Other Financial Assets (d) Investment in Preference Shares Non-current Tax Assets (Net) Other Non-Current Assets Current Assets Inventories Financial Assets (a) Investments (b) Trade Receivable (c) Cash And Cash Equivalent (d) Other Bank Balances (e) Loans (f) Other Current Fin Assets Other Current Assets GRAND TOTAL – ASSETS
FY23
FY24
H1-FY25
791 270 103 38 3 197
56 72 5 - 12 35 1,127 207 - 707 138 13 0 1 3 58 1,917
3,777 433 80 68 3 2,558
510 72 6 - 39 7 418 150 - - 189 13 0 1 11 55 4,196
3,296 492 31 75 3 2,567
75 8 - 39 6 983 221
450 241 6 0 1 8 55 4,278
PARTICULARS EQUITY & LIABILITIES Equity (a) Share Capital (b) Other Equity Non-current Liabilities Financial Liabilities (a) Borrowings (b) Lease Liabilities (c) Other Financial Liabilities Provisions Deferred Tax Liabilities (Net) Other Non-Current Liabilities Current Liabilities Financial Liabilities (a) Borrowings (b) Lease Liabilities (c) Trade Payables (d) Other Current Fin Liabilities Provisions Current Tax Liabilities (net) Other Current Liabilities GRAND TOTAL - EQUITY & LIABILITES
FY23
FY24
H1-FY25
1,362 49 1,313 153
99 16 26 9 4 0 402
33 1 188 110 11 - 59 1,917
2,674 54 2,620 862
787 36 16 10 12 0 660
169 8 161 254 11 - 57 4,196
2,753 54 2,698 678
591 42 17 13 15 0 847
297 9 235 237 11 7 50 4,278
Historical Consolidated Balance Sheet (INR Cr)
FY23
FY24
H1-FY25
PARTICULARS
FY23
FY24
H1-FY25
PARTICULARS ASSETS Non-current Assets Property, Plant & Equipment Capital Work In Progress Right of Use Assets Investment Property Intangible Assets Intangible Assets under development Investment Accounted using Equity Method Financial Assets (a) Other Investments (b) Loans (c) Other Non Current Fin Assets Deferred Tax Assets Non-current Assets (Net) Other Non Current Tax Assets Current Assets Inventories Financial Assets Investments (a) (b) Trade Receivable (c) Cash And Cash Equivalent (d) Other Bank Balances (e) Loans (f) Other Current Fin Assets Current tax Assets (Net) Other Current Assets Assets held for Sale GRAND TOTAL – ASSETS
1,278 429 288 109 53 274 -
-
- 56 2 5 14 12 35 1,433 331 - 712 282 42 0 1 1 - 64 - 2,711
4,465 1,160 161 230 51 1,689 4
350
- 510 2 21 225 55 7 875 339 - 18 364 44 5 1 8 0 96 - 5,340
3,933 1,179 117 218 50 1,702 -
50
- 2 20 231 54 10 1,407 408
455 386 33 7 2 5 - 112 30 5,371
EQUITY & LIABILITIES
Equity
(a) Share Capital
(b) Other Equity Non Controlling Interest Non-current Liabilities Financial Liabilities
(a) Borrowings
(b) Lease Liabilities
(c) Other Non Current Financial Liabilities
Provisions
Other Non current Liabilities
Deferred Tax Liabilities (Net)
Current Liabilities
Financial Liabilities
(a) Borrowings
(b) Lease Liabilities
(c) Trade Payables
(d) Other Current Fin Liabilities
Provisions
Current Tax Liabilities (Net)
1,609
49
1,552 8 419
284
88
26
13
0
8
2,981
54
2,866 61 1,230
945
174
72
22
0
18
3,057
54
2,943 60 1,023
742
166
65
30
0
21
683
1,129
1,290
184
16
259
92
21
1
337
38
388
265
29
1
496
32
404
248
27
8
75 5,371
Other Current Liabilities GRAND TOTAL - EQUITY & LIABILITES
111 2,711
72 5,340
Consolidated Historical Financial Performance
2,355
2,053
Revenues (INR Cr)
EBITDA (INR Cr) and EBITDA Margins (%)
PAT (INR Cr) and PAT Margins (%)
2,866
2,873
2,982
2,590
300
315
297
301
364
240
194
219
203
184
14.6% 15.5%
11.0%
10.4%
10.1%
8.4%
217
9.5%
10.2%
7.6%
7.1%
6.2%
FY20
FY21
FY22
FY23
FY24
9M-FY25
FY20
FY21
FY22
FY23
FY24
9M-FY25
FY20
FY21
FY22
FY23
FY24
75
2.9% 9M-FY25
Net Debt to Equity Ratio (x)
Net worth (INR Cr)
ROE and ROCE (%)
0.21
0.24
0.16
0.12
FY20
FY21
FY22
FY23
FY24
926
2,981
1,193
1,400
1,609
21.0%
20.1%
19.2% 19.4%
15.6%
12.9%
13.3%
14.8%
(0.21)
FY20
FY21
FY22
FY23
FY24
FY20
FY21
FY22
ROE
FY23
ROCE
7.9%
6.08%
FY24
Capital Market Data
1 year stock performance (As on 31st December, 2024)
40.00% 30.00% 20.00% 10.00% 0.00% -10.00% -20.00% -30.00% -40.00% -50.00%
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Price Data (As on 31st December, 2024)
Face Value
CMP
52 Week H/L
Market Cap (INR Mn)
No. of Share outstanding (Mn)
1 Year Avg. Trading Volume (000)
INR
5.0
992.6
1262.0 / 775.2
1,07,893.0
108.7
119.8
Sheela
Sensex
Midcap
Shareholding Pattern as on 31st December, 2024
AIF 0.93%
Mutual Funds 18.00%
FPI 6.55%
Public 8.82%
Promoters 65.70%
Disclaimer
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management Sheela Foam Limited (“Company” or “Sheela Foam Ltd.”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
The information set out herein is provided only as at the date of this Presentation (unless stated otherwise), its accuracy is not guaranteed, and it may be subject to updating, completion, revision, verification and amendment without notice and such information may change materially. This Presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. This presentation does not comply with the disclosure requirements prescribed by the SEBI or any other applicable authority in relation to a public issue of securities on the Indian stock exchanges. It should be understood that subsequent developments may affect the information contained in this Presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. This document is a summary only and it is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Company. This Presentation has not been and will not be reviewed or approved by any statutory or regulatory authority in India or any stock exchange in India or any other jurisdiction. You should conduct such independent investigations and analysis of the Company as you deem necessary or appropriate in order to make an independent determination of the suitability, merits and consequences of investments in the Company.
The information contained in this Presentation is not to be taken as any recommendation made by the Company or any other person to enter into any agreement with regard to any investment. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or correctness of any information, including any forward-looking statements, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. You will be solely responsible for your own assessment of the market and the market position of the Company and you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. It should be understood that subsequent developments may affect information contained in this Presentation, which neither the Company, nor its affiliates, advisors or representatives are under an obligation to confirm.
Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.
This Presentation is based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof. Subsequent developments may affect the information contained in this Presentation, which neither the Company nor any of their Representatives are under an obligation to update, revise or affirm. This Presentation and its contents are confidential and may not be taken away, copied, published, disseminated, or reproduced or redistributed or passed on directly or indirectly to any other person, whether within or outside your organization or firm, or published in whole or in part, for any purpose by recipients directly or indirectly to any other person. This document is a Presentation and is not and should not be construed as an offer letter, offering circular, offering document, draft red herring prospectus, red herring prospectus, invitation, advertisement or prospectus as defined under the Indian Companies Act, 2013 as amended and the SEBI ICDR Regulations, as amended or any other applicable law in India.
This Presentation includes certain external industry data and projections that have been obtained from industry publications, surveys and forecasts. Accordingly, the Company and its respective affiliates, advisers and representatives make no representation as to the accuracy or completeness of that data, and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This data involves risks and uncertainties and is subject to change based on various factors. No representation or claim is made that the results contained in this Presentation will actually be achieved. All industry data contained in this Presentation is based on data obtained from the sources cited and involve significant elements of subjective judgment and analysis, which may or may not be correct.
Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.
For further information please contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: sheela@valoremadvisors.com
Thank you