Updater Services Limited has informed the Exchange about Investor Presentation
Redefining Business Services
May 25, 2025
To: BSE Limited (BSE) Corporate Relationship Department Phiroze Jeejeebhoy Towers, 25th Floor, Dalal Street, Mumbai - 400001
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
BSE Scrip Code: 543996
NSE Code: UDS
Dear Sir/Madam,
Sub: Investor Presentation on the Standalone and Consolidated Audited Financial Results for the Quarter and Year Ended March 31, 2025
In Continuation to our letter dated May 19, 2025, regarding the Board Meeting scheduled to be held on May 24, 2025, we wish to inform you that the Board of Directors approved the Standalone and Consolidated Audited Financial Results for the quarter and financial year ended March 31, 2025.
In this regard, please find enclosed the following document for your information and records:
1. Investor Presentation on the Audited Standalone and Consolidated Financial Results for
the Quarter and Year Ended March 31, 2025.
This disclosure is being submitted in compliance with applicable regulations and for your kind information and record.
Yours faithfully,
For Updater Services Limited
Sandhya Saravanan Company Secretary and Compliance Officer A66942
1st Floor, No.42, Gandhi Mandapam Road, Kotturpuram, Chennai - 600085
Updater Services Limited (earlier Updater Services Pvt Ltd)
+91 44 2446 3234 I 0333 I sales@uds.in I facility@uds.in I www.uds.in I CIN L74140TN2003PLC051955
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 May 2025
Safe Harbor
+
uds
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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.
2
Contents
1 Q4 & FY25 Financial Highlights
2
Segment Highlights
3 Why UDS
4
5
Key Growth Strategies
Industry Outlook
6 Historical Financials
Redefining Business Services
Q4 & FY25 Financial Highlights
Q4 & FY25 Key Performance Highlights
Strong Operating Performance and Key Highlights
FY25 Financial & Other Highlights
Strategic merger of two companies with UDS approvals received.
Q4 FY25 IFM Revenue grew by 14% and stood at ₹ 4,896 Million
Q4 FY25 witnessed highest ever consolidated PAT Margin of 4.7% since listing
Achieved Consistent revenue growth QoQ since listing
New Marquee Client Amazon added during the quarter for IFM Services
Q4 performance helped Avon to cross Rs.100 cr milestone for the company . They have now entered Partial Truck Load Service as well
15+ new logos added from diverse sectors such as BFSI, Technology, Hospitality, Ecommerce and Telecom during the quarter
Denave & Matrix Onboarded Marquee Clients such as Bajaj Auto, Welspun, Schnieder Electric, Dyson & Services and many others
UDS certified as Great Place to work for the 3rd time and , Denave was certified as a Great Place to Work for 5th time in a row and was recognized as the Bronze Winner at the CC- APAC Regional Awards 2024 held in Singapore for excellence in project delivery
Secured contracts in 6 Airports for Air India Express Charters and also in the final stages for receiving approval for ASTI (Aviation Security Training Institute) which is a new venture for Global
Total Revenue ₹ 27,717 Mn.
EBITDA ₹ 2,022 Mn.
PAT ₹ 1,190 Mn.
Head Count 70,000+
12%
28%
80%
9%
*New Logo Addition 112
*New logos having value addition more than INR 5 Lakhs
5
Q4 FY25 Financial Highlights
Total Revenue (₹ Mn.)
+14%
6,373
7,256
Total Revenue (IFM) (₹ Mn.)
68%
4,304
+14%
68%
4,896
Total Revenue (BSS) (₹ Mn.)
32%
2,069
+14%
32%
2,361
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
EBITDA (₹ Mn.)
14%
7.2%
458
303
155 Q4FY24
IFM BSS
7.2%
523
324
199
Q4FY25
Profit After Tax (PAT) (₹ Mn.)
3.8%
242
+42%
4.7%
342
Earnings Per Share (₹)
+33%
5.15
3.86
Q4FY24
Q4FY25
Q4FY24
Q4FY25
EBITDA without finance income for Q4’25 is 494 (₹ Mn.) and 411 (₹ Mn.) for Q4’24 is 411 a growth of 20% (YoY)
% of Sales
Margin (%)
6
FY25 Financial Highlights
Total Revenue (₹ Mn.)
Revenue (IFM) (₹ Mn.)^
Revenue (BSS) (₹ Mn.)^
+12%
24,680
27,717
67%
66%
33%
34%
6.4%
+10%
+17%
16,563
18,182
FY24
FY25
FY24
FY25
8,117
FY24
9,535
FY25
1,578
861 718
FY24
^EBITDA (₹ Mn.)
+28%
7.3%
2,022
1,139
883
FY25
IFM BSS
Profit After Tax (PAT) (₹ Mn.)
2.7%
4.3%
+80%
663
FY24
1,190
FY25
Earnings Per Share (₹)
+56%
17.74
11.36
RoCE (%)
Net Debt / Equity
23.4%
22.1%
UDS is a Net Cash Company
EBITDA without finance income for FY’25 is 1,863 (₹ Mn.) and for FY’24 is 1,459 (₹ Mn.). EBITDA w/o finance income grew by 28% on YoY RoCE = EBIT / Average Capital Employed For calculation of Net Debt, Cash & Cash equivalents(incl. bank balances) and bank deposits for more than 12 months is considered
FY24
FY25
Mar-24
Mar-25
-0.4 Mar-24
-0.2
Mar-25
% of Sales
Margin (%)
7
Segment Wise Highlights - IFM
Segment Wise Split
Sector Wise Revenue Contribution
Customer Concentration
1.3%
7.9%
3.0%
87.8%
IFMS Hospitality
F&B Others
5.5%
5.1%
1.7%
3.3%
10.4%
13.6%
39.9%
20.6%
Industrial Others BFSI Real Estate
Health Care IT/ITES Education Hospitality
33.1%
34.8%
32.1%
Top 10
Next 40
Others
Long standing relationships with customers having a 95% Retention over a 5-year window
*Note all data are as on FY25
8
Segment Wise Highlights - BSS
Segment Wise Split
Sector Wise Revenue Contribution
Customer Concentration
5.0%
11.0%
5.6%
7.9%
2.8%
9.5%
6.9%
14.4%
39.2%
23.2%
70.5%
69.9%
Sales Enablement Services Audit & Assurances Employee Background Verification Check Services Warehouse Management and Niche Logistics Solutions Airport Ground Handling Services
34.0%
IT/ITES RETAIL BFSI
Real Estate Others
Top 10
Next 40
Others
Long standing relationships with customers having a 95% Retention over a 5-year window
*Note all data are as on FY25
9
Q4 & FY25 Financial Highlights
Particulars (₹ Mn.)
Q4 FY25
Q4 FY24
Total revenue from operations
7,256.0
6,373.3
Cost of services and other raw material
199.6
229.7
Employee benefits expense (incl. ESOP)
5,276.0
4,618.2
Impairment losses on financial instrument and contract assets
Other expenses
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 Cost
Profit before tax
Tax
Reported profit after tax
EPS – Basic ₹
78.9
41.1
1,178.8
1,073.5
0.0
522.7
7.2%
93.6
19.2
409.9
20.2
389.7
47.8
341.9
5.2
-47.4
458.3
7.2%
100.7
22.2
335.4
30.8
304.6
63.0
241.6
3.9
Y-o-Y
14%
14%
22%
28%
42%
Q3 FY25
7,005.6
264.0
5,184.3
18.0
1,020.5
0.0
518.9
7.4%
101.4
19.4
398.2
19.9
378.3
66.8
311.5
4.6
Q-o-Q
4%
Y-o-Y
12%
FY25
FY24
27,717.3
24,679.7
911.1
1,019.6
20,402.7
18,156.5
131.4
69.6
4,250.0
3,749.8
0.0
105.9
1%
2,022.1
1,578.3
28%
7.3%
394.5
76.9
6.4%
451.0
88.6
1,550.8
1,038.7
49%
103.5
1,447.3
257.5
1,189.8
17.7
192.8
845.8
183.2
662.6
11.4
71%
80%
10
3%
3%
10%
Consolidated Balance Sheet
EQUITY & LIABILITIES (₹ Mn.)
Equity Share Capital
Other Equity
Equity attributable to equity holder of the parent
Non-Controlling Interest
Total Equity
Financial liabilities
Borrowings
(ii) Lease liabilities
(iii)Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Total Non-Current Liabilities
Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Trade payables
Mar-25
669.5
8,912.4
9,581.9
64.3
9,646.1
0.0
356.5
131.2
731.3
96.1
Mar-24
669.5
7,709.3
8,378.8
59.5
8,438.3
0.3
325.2
311.6
496.9
117.0
1,315.0
1,251.1
484.3
183.0
895.0
528.7
192.7
792.6
(iv) Other current financial liabilities
2,000.1
2,828.0
Short Term Provision
Current Tax Liabilities
Other current liabilities
Total Current Liabilities
Total Liabilities
Total Equity and Liabilities
325.6
78.5
948.4
4,914.9
6,229.9
813.4
401.3
79.8
5,636.4
6,887.5
15,876.0
15,325.7
ASSETS ((₹ 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-25
649.7 7.6 1,947.9 489.6 4.5 485.4 302.1
79.3 0.0 256.4 531.1 913.9 47.9 5,715.5 78.7 444.6
351.4 6,081.9 1,185.0 1,145.8 6.5 569.4 297.3 10,160.5 15,876.0
Mar-24
602.7 103.6 1,925.6 555.4 5.2 460.3 226.9
48.1 0.6 232.7 474.5 773.3 54.7 5,463.4 69.9 490.1
16.3 5,039.0 836.2 671.2 6.8 2,476.5 256.3 9,862.3 15,325.7
11
Consolidated Cash Flow Statement
Cash Flow Statement (₹ Mn.)
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
Mar-25
1,447.3
408.6
1,855.9
-879.2
976.6
-468.3
508.4
185.5
-345.1
348.8
836.2
1,185.0
Mar-24
845.8
813.8
1,659.6
-218.2
1,441.4
-415.0
1,026.4
-3,564.1
2,227.2
-310.5
1,146.7
836.1
12
Redefining Business Services
Why UDS…
Awards & Accreditations
Awards & Accreditions of UDS
Awards & Accreditations of Key Subsidiaries
Denave
Athena
Matrix
Avon
14
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 professionally managed team
15
Journey so far
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
BPO-tele calling
FY2023
Acquired majority stake in Athena BPO (Sales Enablement)
FY2024
Took the company into IPO and raised INR 640 cr
Sales Enablement
FY2022
Entered Sales Enablement segment with acquisition of majority stake in Denave
Global - Aviation Training Center & Avon - Transport Business
FY2025
Avon expanded its market into Transport Business and Global launched Advanced Training Center for Aviation Skills
66% IFM
34% 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
16
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 LFCB, SPVM, 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 – 66% of Revenues in FY25
17
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, Singapore, Malaysia, UK & South Korea and also through partners in other parts of the world. BPO service includes in-bound and outbound telecalling focusing on Chatbots and Virtual assistant support
FY25 – 71% 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
FY25 – 8% of Revenues
FY25 – 6% of Revenues
Mailroom Management and Niche Logistics and Transport 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, courier and transport including handling warehouse among others FY25 – 11% of Revenues
Airport Ground Handling Services
Services include baggage and cargo handling, passenger movement, and aircraft turnaround, among others. We also provide meet and greet services at various airports across the country and are currently operational in 23 airports. In addition, the company runs an advanced training centre in aviation skills under the Global School of Aviation, helping build a skilled workforce for the industry FY25 – 5% of Revenues
Business Support Services (BSS) – 34% of Revenues in FY25
*All Percentages are in terms of BSS Segment Revenue – 34% includes other BSS service as well
18
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)
2
3
BSS | Audit & Assurance
(Matrix Business Services)
BSS | Mailroom Management & Niche Logistics and Transport
(Avon Solutions & Logistics)
1
1
BSS | Sales Enablement
(Denave & Athena BPO)
1
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
19
PAN INDIA presence with large and efficient workforce
Customer Locations 4,000+
(excluding staffing locations)
Managed Space 200+ mn sq. ft.
Points of Presence 51
In India
Overseas points of presence 5
1) Data as of March 31, 2025| 2) Map is not to scale
Widespread network with 56 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
20
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
Field Marketing & Marketing Services
Note: Shaded boxes represent the business segments which UDS entered through acquisitions
21
Denave at a Glance
Service Offerings
About Denave and its Offerings
Key Industries Served
Key Customers Include
Sales Intelligence
Digital Marketing
Intelligent Data Services
Denave is the pioneer of B2B sales enablement strategy. Today, the Company works closely with industry-leading clients to implement a transformational approach aimed at enabling enterprises to grow sustainably, build a competitive edge, and drive positive impacts across the value chain.
How our Services Enhance:
• AI Driven Models: Denave India leverages AI to enhance sales
efficiency through predictive analytics, conversational intelligence, and signal-based selling for smarter, faster revenue generation
• Revenue Development: Sales Intelligence, Intelligent Data
Services, Digital Marketing, Tele sales, Webinar Marketing, Field Sales
• Brand Activation: Digital Marketing, Merchandising & Audit, BTL
Marketing & Events
IT Services
IT Consulting
Banking
Insurance
Field Marketing
• Revenue Enablement: Sales Training, Business Analytics, Tech &
Platforms
Consumer Retail
FMCG
Ownership Metrics
Revenue CAGR
EBITDA CAGR
Revenue Influenced
Customers Served
Customer Retention
57.00%
FY 2023
100.0%
FY 2025
26%
FY22 to FY25
16%
FY22 to FY25
$7+ Billion
2,200+
90%+
22
Matrix at a Glance
Service Offerings
Description of Offerings
Key Industries Served
Key Customers Include
• Comprehensive Checks: Covers identity, address, education,
•
employment history, criminal records, and reference verification Technology-Driven Process: Uses digital tools for faster turnaround and higher accuracy
• Pan-India Reach: Extensive on-ground network enables verification
across urban and remote locations
• Compliance Support: Helps organizations meet statutory and
regulatory requirements in hiring
Employee Background Verification
• Retail & Inventory Audits: Conducts physical verification of stock,
assets, and compliance checks across retail and warehouse locations • Process & Compliance Audits: Assesses adherence to SOPs, statutory
norms, and internal controls
• Mystery Audits & Surveys: Evaluates customer experience, service
quality, and operational efficiency through discreet audits
• Data-Driven Insights: Delivers actionable reports to identify gaps,
reduce pilferage, and improve business efficiency
Audit & Assurance
IT Services
IT Consulting
Banking
Insurance
FMCG
Consumer Retail
Ownership Metrics
Revenue CAGR
EBITDA CAGR
Employee Count
Customer Count
Touchpoints
75.00% FY 2020
100.00% FY 2023
11%
FY20 to FY25
6%
FY20 to FY25
1500+
450+
Corporate Customer Base
750+
23
Athena at a Glance
Service Offerings
Description of Offerings
Key Industries Served
Key Customers Include
•
Lead Generation & Conversion: Contacts potential customers to generate interest and convert leads into sales across various sectors
• Cross-Selling & Upselling: Promotes additional or higher-value products/services to existing customers to boost client revenue
• Customer Follow-ups & Renewals: Conducts follow-up calls for service
reminders, policy renewals, and feedback collection to enhance customer retention
Outbound Calls
•
• Customer Support & Query Resolution: Handles incoming customer calls for assistance, complaints, and product/service-related queries Lead Handling & Conversion: Manages inbound leads from digital channels and aggregators, helping convert interest into sales Service Requests & Renewals: Supports customers with policy renewals, service scheduling, and other transaction-related requests
•
Inbound Calls
Banking
Insurance
Education
Financial Services
Telecom
FMCG
Travel
Capital Goods
Ownership Metrics
Revenue CAGR
EBITDA CAGR
Seat Count
Customer Count
Customer Retention
57.00%
FY 2023
73.5%
FY 2025
7%
FY22 to FY25
13%
FY22 to FY25
3000+
25+
90%+
24
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
✓ Focuses primarily on corporate governance, organizational development, capital allocation and strategic growth
Raghunandana Tangirala Promoter, Chairman of the Board & MD
✓ 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
✓ Handles corporate affairs, investor relations and key strategic
Amitabh Jaipuria Non Executive Director
initiatives at UDS
✓ Brings a wealth of experience in economics and policy, having worked with C-suite officials in Asia and the US
✓ Holds a Master’s degree in Applied Economics from the National University of Singapore and Technology Policy from the prestigious University of California, Berkeley
Jigyasa Sharma Executive Director
✓ Handles Strategy, Marketing, Branding, People, Technology,
Internal Audit and Risk governance
✓ 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
✓ Founder and CEO of Medwiki, Dawa Dost. Senior VP at
SnapDeal. Group Finance Manager in P&G
Sunil Rewachand Chandiramani Independent Director
Amit Choudhary Independent Director
✓ Served as an executive director and a CFO with Dun & Bradstreet
Technologies
✓ Associate member of ICAI
Sangeeta Sumesh Independent Director
✓ Was previously associated with Lovelock & Lewes, Lebara
Foundation, Thales Software India, Tupperware India, Alstom Limited and PWC (Price Waterhouse Coopers)
25
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 : 23% CAGR (FY21-25) EBITDA : 29% CAGR (FY21-25) PAT : 26% CAGR (FY21-25)
•
India's Largest one-stop Solution for IFM and Business Services
Unique growth strategy – Organic + Inorganic
26
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 marketing skills and technology
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
27
CSR activities during the year
CSR initiatives taken up by the Company are in the areas of Promoting Education, Environmental Protection & Animal Welfare
Empowering The Underprivileged Youth Through Skilling
Driving Environmental Impact Through Purposeful Partnerships
Welfare Support for Animals
➢ Partnered with India Now Foundation to support
economically disadvantaged yet capable students from rural schools
➢ Enabling access to higher education through the
Foundation’s initiatives focused on academic advancement ➢ Promoting holistic development via the Nivritti Gurukul, which emphasizes nobility, values, and all-round growth
➢ Denave partnered with India Donates NGO to drive a Tree
Plantation initiative at Greenbelt, Sector 150, Noida ➢ Planted 250 trees with enthusiastic participation from Denave employees, aiding carbon sequestration and ecological restoration
➢ Sustained support – Denave continues to contribute financially, reinforcing its long-term commitment to environmental sustainability
➢ Contributed to Sadhana Goshala through the Animal
Welfare Fund to support cow rescue and care
➢ Support for vulnerable animals – Focused on aiding old, sick,
and at-risk cows
➢ Local impact – Backed a Chennai-based nonprofit committed
to compassionate animal welfare
28
Redefining Business Services
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 39.4%
FY25 ~ ₹1L+ crore
In-housed 60.6%
…with a continued trend and preference for outsourcing…
..potentially leading to ~10.2% CAGR for Outsourced IFM during 2023-2029P
#IFM In-house vs Outsourced Services
*Outsourced IFM Market Size (INR Crs)
In-house
Outsourced
36.2%
63.8%
39.4%
60.6%
45.3%
54.7%
FY18
FY 25
FY28P
10.8%
67,111
41,470
2025
2029P
#Source: All the graphical representations in this slide are sourced from Industry report by Frost & Sullivan
*Source: IFM Market Size as per Report by Mordor Intelligence
30
... further aided by the move towards organized integrated players
Increase in Share of Outsourced IFM services
Preference for Organized/Integrated Players
IFM: IN-HOUSE VS OUTSOURCED SERVICES
F Y 1 8
F Y 2 5
63.8%
36.2%
60.6%
39.4%
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*
Consolidation on the rise
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
31
BSS Industry | Emerging Segment with increasing outsourcing potential
Key verticals comprising the ~ ₹ 7,115 Cr BSS Segment and their
Sales Enablement Services (~₹ 2,000 Crs.)
✓ Demand generation ✓ Lead management ✓ Database management services ✓ Digital marketing ✓ Sales and retail analytics ✓ Field force management ✓ Field marketing services and ✓ Outbound tele-sales
pie share
Business Process Audits & Assurance (~₹ 270 Crs.)
✓ Supply Chain Audits ✓ Warehouse Audits ✓ Distributor Audits ✓ Retail Point Audits ✓ Scheme Audits and Processing for Distributors/Retailers
Airport Ground Handling (~₹ 2,900 Crs.)
✓ Aircraft turnaround services ✓ Baggage and Cargo Loading / Unloading
✓ Terminal Service ✓ Ramp Handling ✓ ancillary support services to aircrafts (ground power units, ground air conditioning units)
Employee Background Verification (~₹ 1,350 Crs.)
✓ Document Verification ✓ Criminal Background Check ✓ Education & Employment Verification ✓ Credit checks
Mailroom Management / Logistics & Warehousing (~₹ 550 Crs.) ✓ Facilitating and coordinating inbound and outbound mail, letters, packages ✓ Niche cargo and logistics solutions ✓ Warehousing is currently experiencing unprecedented demand
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
Driven by growth in these verticals the BSS segment is expected to grow at ~15.3% CAGR during FY23-FY28P
BSS Market Size (₹ Crs.)
+15.3%
14,478
+8.1%
7,115
4,814
2018
2023
2028P
32
UDS well placed with wide service offerings, onboarded through acquisitions
Sales Enablement Services
Employee Background Verification
Mailroom and Warehouse Management
Business Process Audits & Assurance
Airport Ground Handling
Growth Trend (₹ Crs.)
Growth Trend (₹ Crs.)
Growth Trend (₹ Crs.)
Growth Trend (₹ Crs.)
Growth Trend (₹ Crs.)
4,517
3,152
895
560
5,355
2,372
1,095
1,593
898
600
400
313
184
3,322
2,267
2018
2024
2028P
2018
2024
2028P
2018
2024
2028P
2018
2024
2028P
2018
2024
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
Growth Drivers
Growth Drivers
Growth Drivers
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
33
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 t f o S
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
s e c i v r e S d r a H
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
s e c i v r e S m o o R
l i
a M
✓
t r o p p u S n o i t c u d o r P
✓
✓
✓
✓
✓
g n i r e t a C & d o o F
s e c i v r e S
✓
✓
✓
✓
✓
✓
e e y o p m E
l
s k c e h C d n u o r g k c a B
l
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
i
i
l
t n e m e b a n E s e a S
l
✓
✓
✓
✓
✓
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
✓
✓
s e c i v r e S y t i r u c e S
p u e i t h g u o r h t
✓
s t c e j o r P
l
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
34
Redefining Business Services
Historical Financials
Demonstrated Record of Robust Financial Performance
Total Revenue (₹ Mn.)
Revenue (IFM) (₹ Mn.)^
Revenue (BSS) (₹ Mn.)^
EBITDA (₹ Mn.)
90%
80%
72%
67%
66%
10%
20%
28%
33%
34%
6.9%
6.2%
5.0%
6.4%
7.3%
+23%
21,121
24,680 27,717
12,164 14,979
11,220 12,183
+13% 15,288 16,563 18,182
+68%
6,089
8,117
9,535
3,113
1,186
+29%
1,058
2,022
1,578
724
926
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
Profit After Tax (PAT) (₹ Mn.)
3.9%
3.8%
1.6%
2.7%
4.3%
476
574
+26%
346
1,190
663
961
666
Cash PAT (₹ Mn.)
+26%
1,169
RoCE (%)
Net Debt / Equity
UDS is a Net Cash Company
1,690
1,409
27.2%
21.4%
24.1% 23.4% 22.1%
0.0
-0.1
-0.2
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
^ Before Adjustments & Eliminations Cash PAT = Reported PAT + Depreciation & Amortization + ESOP Cost + Fair value changes in Liability payable/paid to promoters of acquired subsidiary For calculation of Net Debt, Cash & Cash equivalents(incl. bank balances) and bank deposits for more than 12 months is considered
% of Sales
Margin (%)
-0.4
FY24
-0.2
FY25
36
Historical Consolidated Profit & Loss Statement
Particulars (₹ Mn.)
Total Revenue from Operations
Cost of Services and Other RM
Employee benefits expense (incl. ESOP)
Impairment losses on financial instrument and contract assets
Other Expenses
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 Cost
Profit before Tax
Tax
Reported Profit After Tax
FY25
27,717.3
911.1
20,402.7
131.4
4,250.0
0.0
2,022.1
7.3%
394.5
76.9
1,550.8
103.5
1,447.3
257.5
1,189.8
FY24
24,679.7
1,019.6
18,156.5
69.6
3,749.8
105.9
1,578.3
6.4%
451.0
88.6
1,038.7
192.8
845.8
183.2
662.6
FY23
21,120.9
3,469.3
13,840.6
36.3
2,303.1
413.6
1,058.0
5.0%
308.4
62.1
687.5
145.7
541.9
195.8
346.0
FY22
14,979.4
393.5
11,387.8
60.0
1,998.7
213.5
925.9
6.2%
131.1
34.3
760.6
50.7
709.9
135.7
574.2
FY21
12,163.5
316.1
9,816.6
55.5
1,212.8
38.8
723.8
6.0%
128.0
21.9
574.0
29.7
544.3
68.7
475.6
37
Historical Consolidated Balance Sheet
EQUITY & LIABILITIES (₹ Mn.)
Mar-25
Mar-24
Mar-23
Mar-22
Mar-21
ASSETS (₹ Mn.)
Equity Share Capital
Other Equity
669.5
669.5
529.5
528.2
528.2
8,912.4
7,709.3
3,279.4
2,876.1
2,324.5
Equity attributable to equity holder of the parent
9,581.9
8,378.8
3,808.9
3,404.3
2,852.6
Non Controlling Interest
64.3
59.5
69.2
53.1
69.3
Property, plant and equipment
Capital Work in Progress
Goodwill
Other Intangible assets
Intangible asset under development
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
9,646.1
8,438.3
3,878.1
3,457.4
2,921.9
0.0
356.5
131.2
731.3
96.1
0.3
325.2
311.6
496.9
117.0
179.3
284.2
1,138.7
539.5
157.5
0.0
78.7
804.1
488.0
108.5
1,315.0
1,251.1
2,299.2
1,479.3
484.3
183.0
895.0
528.7
192.7
792.6
1,586.1
149.0
793.4
586.8
47.7
456.8
0.0
23.2
84.5
339.6
25.6
472.9
116.1
21.8
318.6
(iv) Other current financial liabilities
2,000.1
2,828.0
2,321.9
1,780.6
1,174.3
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
Short Term Provision
Net Employee Defined benefit liabilities
Current Tax Liabilities
Other current liabilities
Total Current Liabilities
Total Liabilities
325.6
813.4
0.0
78.5
948.4
0.0
401.3
79.8
107.5
222.6
57.3
754.4
99.9
192.5
37.1
607.7
104.9
173.8
38.4
452.4
4,914.9
5,636.4
5,992.2
3,809.0
2,400.2
6,229.9
6,887.5
8,291.4
5,288.3
2,873.0
(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 Equity and Liabilities
15,876.0
15,325.7
12,169.5
8,745.7
5,794.9
Total Assets
Mar-25 Mar-24 Mar-23 Mar-22 Mar-21
649.7
7.6
602.7
103.6
607.9
332.0
135.1
0.0
41.2
3.2
1,947.9
1,925.6
1,947.9
1,280.3
457.0
489.6
555.4
636.1
311.3
120.2
4.5
485.4
302.1
79.3
0.0
256.4
531.1
913.9
47.9
5.2
460.3
226.9
48.1
0.6
232.7
474.5
773.3
54.7
2.3
402.1
221.6
38.1
1.3
273.9
488.1
547.2
23.7
0.0
120.4
184.8
0.1
1.6
307.3
473.8
519.4
120.8
0.0
36.7
108.3
0.1
0.0
139.1
381.1
489.5
8.9
5,715.5
5,463.4
5,190.0
3,692.9 1,879.3
78.7
444.6
69.9
490.1
69.9
668.2
63.3
50.1
560.9
331.7
351.4
16.3
0.0
0.0
40.3
6,081.9
5,039.0
4,277.3
3,474.9
2,689.4
1,185.0
1,145.8
6.5
569.4
297.3
836.2
671.2
6.8
2,476.5
1,146.7
504.3
7.4
66.8
572.9
137.3
6.3
89.4
445.8
192.3
4.6
58.2
256.3
239.1
147.9
103.2
10,160.5
9,862.3
6,979.5
5,052.8 3,915.6
15,876.0 15,325.7 12,169.5 8,745.7 5,794.9
38
Historical Consolidated Cash Flow Statement
Cash Flow Statement (₹ Mn.)
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
Mar-25
1,447.3
408.6
1,855.9
-879.2
976.6
-468.3
508.4
185.5
-345.1
348.8
836.2
Cash & Cash equivalents at the end of the period
1,185.0
Mar-24
845.8
813.8
1,659.6
-218.2
1,441.4
-415.0
1,026.4
-3,564.1
2,227.2
-310.5
1,146.7
836.1
Mar-23
Mar-22
Mar-21
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
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
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
39
THANK YOU
Company: Updater Services Limited
CIN: U74140TN2003PLC051955 Ms. Radha Ramanujan – CFO
radha.ramanujan@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