Valiant Organics Limited has informed the Exchange about Investor Presentation
May 30, 2025
To, Listing / Compliance Department BSE LTD Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400 001 SCRIP CODE – 540145
Dear Sir / Madam,
To, Listing / Compliance Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block Bandra-Kurla Complex, Bandra (E), Mumbai- 400 051. SYMBOL- VALIANTORG
Sub: Investors Presentation
Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Investors’ Presentation for Q4 FY25 Results of Valiant Organics Limited (the “Company”).
A copy of aforesaid www.valiantorganics.com.
Investor Presentation
is also hosted on
the website of Company
Please take the same on your records.
Thanking you,
Yours faithfully,
For Valiant Organics Limited
Kaustubh Kulkarni Company Secretary ICSI M. No.: A52980
Regd. Office:109, Udyog Kshetra, 1st Floor, Mulund Goregaon Link Rd, Mulund West, Mumbai 400080, India.
+91 22 6797 6683 • info@valiantorganics.com • www.valiantorganics.com
CIN NO.: L24230MH2005PLC151348
E a r n i n g s P r e s e n t a t i o n | Q 4 - F Y 2 5 / F Y 2 5
SNAPSHOT
One of the largest chlorophenol derivatives manufacturer globally
One of the leading manufacturer of Benzene derivatives products
One of the largest domestic PNA manufacturer
One of the few commercial players in Ortho Anisidine and Para Anisidine
Amongst 1st few domestic PAP Manufacturers
Diversified client base across Pharmaceuticals, Dyes & Pigments, Agrochemicals and specialty chemicals.
6 Manufacturing units across 5 Locations
5 Zero Liquid Discharge plants
Total Production Capacity of 70,000 TPA
900+ Employees
2
Company Overview
Valiant Organics Limited was incorporated in 1984 by first generation technocrats and is headquartered out of Mumbai, India.
The company is focused on the manufacturing and marketing of specialty chemicals which find usage in a variety of industries, including agrochemicals, pharmaceuticals, dyes, pigments, and veterinary medications.
Key chemistries include Chlorination, Hydrogenation, Ammonolysis, Acetylation, Sulphonation, Methoxylation amongst others.
Over the years the company has primarily focused on manufacturing specialty chemicals that have a high demand but low supply and are primarily dependent on imports.
The company is listed on both the BSE and NSE with a market capitalization of INR ~ 7,300 Mn. as on 31st March, 2025.
Operating Revenue (INR Mn) and EBITDA Margin (%)
FY25 Revenue Break-up – Chemistries
FY25 Revenue Break-up – End user Industry
11,533
10,518
17.77%
15.62%
14000
12000
10000
8000
6000
4000
2000
0
7,231
5.28%
FY22
FY23 Revenue
FY24
EBITDA Margin
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
7,188
7.47%
FY25
Others, 5%
Chlorination, 20%
Ammonolysis, 28%
Hydrogenation, 47%
Dyes & Pigments; 52%
Pharmaceuticals; 13%
Specialty Chemicals; 10%
Agro Chemicals; 25%
*Pursuant to the allotment of further equity shares through IPO by the Company's material step down subsidiary namely, Valiant Laboratories Limited ("VLL"), the stake of Company's subsidiary Dhanvallabh Ventures LLP in VLL has been diluted to 46.83% and accordingly VLL has ceased to be a step down subsidiary of the Company and has became an associate company w.e.f. October 04,2023. Hence, consolidated financial of previous periods and YTD results are not comparable.
Valiant Organics Limited | Q4-2025
3
Chemistries And Product Basket
Ammonolysis
Key Products: • •
Para Nitro Aniline Ortho Chloro Para Nitro Aniline
Industries Served: • •
Dyes Pigments
FY25 Revenue Share
47%
4
28%
Hydrogenation
Ortho Anisidine Para Anisidine IPPCA
Key Products: • • • • Meta Chloro Aniline • Para Amino Phenol • Ortho Amino Phenol
Industries Served: • • • •
Dyes Pigments Pharmaceutical Agro Chemicals
Others Acetylation Key Products: • • •
6 Acetyl OAPSA OA Acetanilide PA Acetanilide
Industries Served: • Dyes
Sulphonation Key Products: • OT5SA • 4B Acid • 2B Acid
Methoxylation Key Products: • •
Ortho Nitro Anisole Para Nitro Anisole
Industries Served: • Dyes • Pigments
Industries Served: • Dyes • Pigments
20%
Chlorination
5%
Key Products: • • • • •
Para ChloroPhenol (PCP) Ortho ChloroPhenol (OCP) 2,4 Di Chlorophenol (2,4 DCP) 2,6 Di ChloroPhenol (2,6 DCP) 2,4,6 Tri ChloroPhenol (2,4,6 TCP)
Industries Served: • Agro Chemicals • Cosmetics • Veterinary • Pharmaceuticals
Valiant Organics Limited | Q4-2025
4
Manufacturing Footprint
CHLORINATION – SARIGAM • Capacity: 18,000 MTPA • Products: PCP, OCP, 2,4 DCP, 2,6 DCP, 2,4,6 TCP
AMMONOLYSIS - VAPI • •
Capacity: 9,000 MTPA Products: PNA, OCPNA
AMMONOLYSIS - TARAPUR • Capacity: 6,600 MTPA • Products: PNA
HYDROGENATION & METHOXYLATION- JHAGADIA UNIT 1 • •
Capacity: 27,000 MTPA Products: ONA/OA, PNA/PA, IPPCA, CONVERSION PRODUCTS
HYDROGENATION – JHAGADIA UNIT 2 • •
Capacity: 12,000 MTPA Products: PAP, PHARMA INTERMEDIATES
ACETYLATION & SULPHONATION – AHMEDABAD • •
Capacity: 1,800 MTPA Products: 6 ACETYL OAPSA, OA/PA ACETANILIDE, OT5SA
Valiant Organics Limited | Q4-2025
5
Key Strengths
Domain expertise and broad process understanding in a variety of chemistries. The executive team is made up of first-generation technocrats with more than 50 years of collective expertise.
Wide supply chain provides the continuous availability of adequate and high-quality raw materials and manufacturing.
Plant locations are strategically located near ports to provide a competitive advantage, significant logistical cost savings, and faster delivery times.
Robust Business Model
Integrated Operations
Strong Customer Relations
Distinct Product Portfolio
Domain Knowledge
Widespread Supply Chain
Strategic Location of Plants
Diverse product range and client base across numerous industries and countries provides a sustainable business model in multiple chemistries by lowering product, industry, and geographical risk.
Multi-use and backward integrated plants to produce a wide range of products and tailor them to meet the diverse needs, technical qualifications, batch sizes, and delivery schedules of our clients.
Established multi-year relationships with clients in both domestic and international markets due to high-quality standards, innovative production capabilities.
Manufacturing a diverse range of intermediates as well as value-added products for a variety of industries.
Valiant Organics Limited | Q4-2025
6
Q4-FY25 /FY25 HIGHLIGHTS
Valiant Organics Limited | Q4-2025
7
CONSOLIDATED FINANCIAL HIGHLIGHTS
Q4-FY25 CONSOLIDATED FINANCIAL HIGHLIGHTS
FY25 CONSOLIDATED FINANCIAL HIGHLIGHTS
INR 203 Mn Operating EBITDA
INR 42 Mn Profit After Tax
INR 1.52/ Share EPS
INR 2,038 Mn Operational Revenue
9.96 % Operating EBITDA Margin
2.06 % PAT Margin
INR 537 Mn Operating EBITDA
INR (34) Mn Profit After Tax
INR (1.24)/ Share EPS
INR 7,188 Mn Operational Revenue
7.47 % Operating EBITDA Margin
(0.47) % PAT Margin
Valiant Organics Limited | Q4-2025
8
Q4-FY25/FY25 Operational Highlights
• The company reported INR 2,038 millions in revenue for Q4 FY25, reflecting a 15% year on year growth. This performance was driven by higher volumes and improved realizations across key product segments.
Q4-FY25 Revenue Break-up – Chemistries
Others, 2%
• Gross Profit for Q4 FY25 stood at INR 721 millions, with a margin of 35%, marking a significant improvement from 26% in Q4 FY24. For the full year FY25, the Gross Profit Margin expanded to 37%, up from 33% in FY24, driven by a favorable product mix, effective cost optimization measures, and enhanced operational efficiencies.
• EBITDA margins expanded meaningfully due to better operating leverage and
disciplined cost control.
Chlorination, 20%
Ammonolysis, 22%
Hydrogenation, 55%
• Profitability returned in the latter half of the year, reflecting a positive shift in
FY25 Volume Break-up – Chemistries
overall performance.
• Maintained focused execution throughout the year with measurable progress on
strategic priorities.
• Delivered improvements in margin, efficiency, and portfolio rationalization.
• Strengthened the foundation for continued operational resilience.
Others, 2%
Chlorination, 26%
Ammonolysis, 26%
Hydrogenation, 45%
Valiant Organics Limited | Q4-2025
9
Key Chemistries
Chlorination (INR Mn)
Hydrogenation (INR Mn)
Ammonolysis (INR Mn)
Others (INR Mn)
1,126
879
668
379
380
413
1200
1000
800
600
400
200
0
Q4-FY24
Q3-FY25
Q4-FY25
Q4-FY24
Q3-FY25
Q4-FY25
2,597
2,786
3,356
3,982
4,430
5,116
6,000
5,000
4,000
3,000
2,000
1,000
-
582
513
458
Q4-FY24
Q3-FY25
Q4-FY25
3,251
2,764
2,838
700
600
500
400
300
200
100
0
3,300
3,200
3,100
3,000
2,900
2,800
2,700
2,600
2,500
97
73
42
Q4-FY24
Q3-FY25
Q4-FY25
365
225
108
120
100
80
60
40
20
0
400
350
300
250
200
150
100
50
0
Q4-FY24
Q3-FY25
Q4-FY25
Q4-FY24
Q3-FY25
Q4-FY25
Q4-FY24
Q3-FY25
Q4-FY25
Q4-FY24
Q3-FY25
Q4-FY25
S E U N E V E R
420
410
400
390
380
370
360
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
) T M
( S E M U L O V S E L A S
Valiant Organics Limited | Q4-2025
10
Quarterly Consolidated Financial Performance
Particulars (INR Mn)
Revenue from Operations
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT (Excl. Exceptional Items)
Exceptional Items
Share of Profit/(Loss) of Associates
PBT
Tax
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Basic/Diluted EPS (INR)
Valiant Organics Limited | Q4-2025
Q4-FY25
Q4-FY24
2,038
1,835
203
9.96%
7
92
47
71
-
2
73
31
42
1,768
1,786
(18)
(1.02)%
21
88
71
(156)
(92)
(3)
(251)
(49)
(202)
2.06%
(11.43)%
(4)
38
1.52
7
(195)
(3.81)
Y-o-Y
15.3%
2.7%
NA
NA
(66.7)%
4.5%
(33.8)%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Q3-FY25
Q-o-Q
1,869
1,715
154
8.24%
50
90
58
56
-
8
64
9
55
2.94%
(5)
50
1.01
9.0%
7.0%
31.8%
172 bps
(86.0)%
2.2%
(19.0)%
26.8%
NA
(75.0)%
14.1%
NA
(23.6)%
(88) bps
(20.0)%
(24.0)%
50.5%
11
Annual Consolidated Financial Performance
Particulars (INR Mn)
Revenue from Operations
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT (Excl. Exceptional Items)
Exceptional Items
Share of Profit/(Loss) of Associates
PBT
Tax
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Basic/Diluted EPS (INR)
Valiant Organics Limited | Q4-2025
FY25
7,188
6,651
537
7.47%
86
358
236
29
-
(7)
22
56
(34)
(0.47)%
(10)
(44)
(1.24)
FY24
7,231
6,849
382
5.28%
93
349
163
(37)
(34)
(16)
(87)
(3)
(84)
(1.16)%
7
(77)
(3.00)
Y-o-Y
(0.6)%
(2.9)%
40.6%
219 bps
(7.5)%
2.6%
44.8%
NA
NA
(56.3)%
NA
NA
(59.5)%
69 bps
NA
(42.9)%
(58.7)%
12
Quarterly Standalone Financial Performance
Particulars (INR Mn)
Revenue from Operations
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT (Excl. Exceptional Items)
Exceptional Items
PBT
Tax
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Basic/Diluted EPS (INR)
Valiant Organics Limited | Q4-2025
Q3-FY25
Q-o-Q
Q4-FY25
Q4-FY24
2,038
1,835
203
9.96%
7
92
47
71
-
71
31
40
1,768
1,786
(18)
(1.02)%
21
88
71
(156)
-
(156)
(50)
(106)
Y-o-Y
15.3%
2.7%
NA
NA
(66.7)%
4.5%
(33.8)%
NA
NA
NA
NA
NA
1,869
1,715
154
8.24%
50
90
58
56
-
56
10
46
1.96%
(6.00)%
796 bps
2.46%
(5)
35
1.43
7
(99)
(3.80)
NA
NA
NA
(4)
42
1.12
9.0%
7.0%
31.8%
172 bps
(86.0)%
2.2%
(19.0)%
26.8%
NA
26.8%
NA
(13.0)%
(50) bps
25.0%
(16.7)%
27.7%
13
Annual Standalone Financial Performance
Particulars (INR Mn)
Revenue from Operations
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT (Excl. Exceptional Items)
Exceptional Items
PBT
Tax
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Basic/Diluted EPS (INR)
Valiant Organics Limited | Q4-2025
FY25
7,188
6,651
537
7.47%
81
358
236
24
-
24
54
(30)
(0.42)%
(9)
(39)
(1.09)
FY24
6,772
6,376
396
5.85%
29
340
194
(109)
58
(51)
(21)
(30)
(0.44)%
7
(23)
(1.09)
Y-o-Y
6.1%
4.3%
35.6%
162 bps
NA
5.3%
21.6%
NA
NA
NA
NA
-
2 bps
NA
69.6%
-
14
HISTORICAL FINANCIAL OVERVIEW
Valiant Organics Limited | Q4-2025
15
Historical Consolidated Income Statement
Particulars (INR Mn)
Revenue from Operations
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT (Excl. Exceptional Items)
Exceptional Items
Share of Profit/(Loss) of Associates
PBT
Tax
PAT
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Basic/Diluted EPS (INR)
Valiant Organics Limited | Q4-2025
FY22
11,533
9,484
2,049
17.77%
74
296
65
1,762
-
-
1,762
483
1,279
11.09%
6
1,285
40.51
FY23
10,518
8,875
1,643
15.62%
80
292
108
1,323
49
-
1,372
346
1,026
9.75%
1
1,027
31.50
FY24
7,231
6,849
382
5.28%
93
349
163
(37)
(34)
(16)
(87)
(3)
(84)
(1.16)%
7
(77)
(3.00)
FY25
7,188
6,651
537
7.47%
86
358
236
29
-
(7)
22
56
(34)
(0.47)%
(10)
(44)
(1.24)
16
Historical Consolidated Balance Sheet
Particulars (INR Mn)
FY23
FY24
FY25
Particulars (INR Mn)
EQUITY a) Equity Share Capital b) Other Equity c) Optionally Convertible Preference Shares d) Non Controlling Interest
LIABILITIES Non-Current Liabilities
Financial Liabilities a) Borrowings b) Lease Liabilities c) Other Financial Liabilities d) Provisions e) Deferred Tax Liabilities (Net) Current Liabilities
a) Financial Liabilities (i) Borrowings (ii) Trade Payables (iii) Other Financial Liabilities (iv) Lease Liabilities b) Other Current Liabilities c) Provisions
7,401 272 6,616 4 509
7,293 276 7,017 - -
7,253 280 6,973 - -
1,064
1,071
888
706 11
15 332 3,927
2,018 1,656 200 2 21 30
742 2 16 19 292 4,116
1,823 2,075 157 2 22 37
507 1 14 22 344 3,688
1,978 1,487 158 2 16 47
Non-Current Assets a) Property, Plant and Equipment c) Right-Of-Use Assets b) Capital Work In Progress d) Other Intangible Assets e) Goodwill on Consolidation f) Financial Assets (i) Investments (ii) Other Financial Assets g) Other Non-Current assets Current Assets a) Inventories b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Other Bank balances (v) Loans (vi) Other financial assets
c) Other Current Assets d) Current Tax Assets (Net)
FY23
7,682 6,565 12 709 2 123
37 68 166 4,710 1,262
375 2,543 78 4 8 36 308 96
FY24
FY25
8,352 6,297 5 861 2 123
953 54 57 4,128 1,142
33 2,094 35 3 492 29 173 127
8,269 6,437 3 657 5 123
936 57 51 3,560 890
- 1,769 71 5 492 55 157 121
GRAND TOTAL - EQUITIES & LIABILITES
12,392
12,480
11,829
GRAND TOTAL – ASSETS
12,392
12,480
11,829
Valiant Organics Limited | Q4-2025
17
Historical Standalone Income Statement
Particulars (INR Mn)
Revenue from Operations
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
PBT (Excl. Exceptional Items)
Exceptional Items
PBT
Tax
Profit After Tax
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Diluted EPS (INR per share)
Valiant Organics Limited | Q4-2025
FY22
9,484
7,811
1,673
FY23
9,116
7,817
1,299
17.64%
14.25%
33
273
64
1,369
-
1,369
340
1,029
10.85%
8
1,037
36.81
29
276
105
947
49
996
240
756
8.29%
(11)
745
27.02
FY24
6,772
6,376
396
5.85%
29
340
194
(109)
58
(51)
(21)
(30)
(0.44)%
7
(23)
(1.09)
FY25
7,188
6,651
537
7.47%
81
358
236
24
-
24
54
(30)
(0.42)%
(9)
(39)
(1.09)
18
Historical Standalone Balance Sheet
Particulars (INR Mn) EQUITY
a) Equity Share Capital
b) Other Equity
FY23 6,661
272
6,385
c) Optionally Convertible Preference Shares
4
LIABILITIES
Non-Current Liabilities
Financial Liabilities
a) Borrowings
b) Lease Liabilities
c) Other Financial Liabilities
d) Provisions
e) Deferred Tax Liabilities (Net)
Current Liabilities
a) Financial Liabilities
(i) Borrowings
(ii) Trade Payables
(iii) Other Financial Liabilities
(iv) Lease Liabilities
b) Other Current Liabilities
c) Provisions
d) Current Tax Liabilities (Net)
932
589
2
15
326
3,465
1,602
1,643
179
2
11
28
-
FY24 6,649
276
6,373
-
1,071
742
2
16
19
292
3,703
1,410
2,075
157
2
22
37
-
FY25 6,616
280
6,336
888
507
1
14
22
344
3,289
1,607
1,460
156
2
17
47
Particulars (INR Mn) Non-Current Assets
a) Property, Plant and Equipment
b) Right-Of-Use Assets
c) Capital Work In Progress
d) Other Intangible Assets
e) Financial Assets
(i) Investments in Subsidiaries
(ii) Other Investments
(iii) Loans
f) Other Non-Current assets
Current Assets
a) Inventories
b) Financial Assets
(i) Investments
(ii) Trade Receivables
(iii) Cash and Cash Equivalents
(iv) Other Bank balances
(v) Loans
(vi) Other financial assets
c) Other Current Assets
d) Current Tax Assets (Net)
FY23 7,424
6,092
4
702
2
489
37
55
43
3,634
1,137
2
2,118
63
3
7
29
198
77
FY24 7,818
6,297
5
861
2
489
53
54
57
3,605
1,142
-
2,094
33
3
6
29
171
127
FY25 7,750
6,437
3
657
5
498
43
57
50
3,043
890
1,742
71
4
6
55
156
119
GRAND TOTAL - EQUITIES & LIABILITES
11,058
11,423
10,793
GRAND TOTAL – ASSETS
11,058
11,423
10,793
Consolidated Financial Highlights
Operational Revenue (INR Mn)
EBITDA (INR Mn) & EBITDA Margins (%)
PAT (INR Mn) & PAT Margins (%)
11,533
10,518
7,231
7,188
2,049
1,643
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
17.77%
15.62%
382
5.28%
537
7.47%
10,000
7,500
5,000
2,500
-
Net Debt to Equity (x)
0.64
0.32
0.32
0.33
Net Worth (INR Mn)
5,850
5,830
5,698
6,000
5,800
5,600
5,400
5,200
5,000
4,800
4,600
5,220
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
1,400
1,100
800
500
200
-100
-400
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
1,279
1,026
11.09%
9.75%
FY22
FY23
-84
FY24
-34
FY25
-1.16%
-0.47%
Return on Capital Employed & Return on Equity (%)
26.31%
22.10%
ROCE
ROE (%)
17.56%
14.77%
1.26%
2.72%
FY22
FY23
-1.14%
FY24
-0.47%
FY25
Valiant Organics Limited | Q4-2025
20
Capital Market Information
Share Price up to 31st March, 2025
30%
10%
-10%
-30%
-50%
-70%
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Price Data (As of 31st March, 2025)
Face Value
Market Price
52 Week H/L
Market Cap (Mn)
Equity Shares Outstanding (Mn)
1 Year Avg Trading Volume (‘000)
INR
10.0
260.3
455.2/225.0
7,288.2
28.0
68.6
Valiant Organics
Sensex
Shareholding pattern (As of 31st March, 2025)
FII; 0.37%
DII; 0.00%
Promoters; 37.91%
Public; 61.72%
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Disclaimer
Valiant Organics Limited 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 of Valiant Organics Limited (“Company”), 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.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.
This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.
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 details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91-22-49039500 Email: valiant@valoremadvisors.com
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THANK YOU
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