Sheela Foam Limited has informed the Exchange about Investor Presentation
To, The BSE Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai-400001 Bandra (E), Mumbai-400051 Scrip code: 540203 NSE Symbol: SFL
The National Stock Exchange India Limited
May 14, 2025
Subject: Investor Presentation
Dear Sir/Madam,
Furtherance to our intimation for investor call dated May 09, 2025. Please find attached the 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
MD IQUEBAL AHMADDigitally signed by MD IQUEBAL AHMAD Date: 2025.05.14 20:06:17 +05'30' SHEELA FOAM LIMITED Earnings Presentation
Q4FY25 & 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 forward- looking statements are reasonable, there can be no assurance that such 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
Kala Amb (HP)
Surajpur (UP)
Greater Noida (UP)
Talwada (Gujarat)
Nandigram
Gwalior
Jalpaiguri (WB)
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 : 12 Capacity: 1,49,000 MT
INDIA BUSINESS
Q4 & FY25 Financial performance
Q4 | FY25 - Standalone
FY25 - Standalone
INR 691 Cr Income from Operations 42% YoY
INR 46 Cr EBITDA -9% YoY
6.6% EBIDTA Margins
INR 2588 Cr Income from Operations 38% YoY
INR 235 Cr EBITDA 12% YoY
9.1% EBIDTA Margins
Q4 | FY25 - Consolidated
FY25 - Consolidated
INR 850 Cr Income from Operations 1% YoY
INR 22 Cr Net Profit
INR 69 Cr EBITDA* -15% YoY
2.6% PAT Margin
8.1% EBIDTA Margins
INR 1.95/Share Diluted EPS
INR 3439 Cr Income from Operations 15% YoY^
INR 97 Cr Net Profit
INR 286 Cr EBITDA* -5% YoY^
2.8% PAT Margin
8.3% EBIDTA Margins
INR 8.80/Share Diluted EPS
* EBITDA includes INR 35 crs paid by KCPL (erstwhile owner of KEL) against working capital / inventory due to quality issues,classified under ‘other income’ in financial statements ^Consolidated YoY growth % basis KEL post acquisition i.e. 20thOct’23
India Business (SFL + KEL) : Q4 & FY25 (INR Cr.)
*KEL included for post Acquisition period ^ EBITDA includes INR 35 crs paid by KCPL (erstwhile owner of KEL) against working capital / inventory due to quality issues,classified under ‘other income’ in financial statements
Q4 FY24 Q3 FY25 Q4 FY25^FY24*FY25^TOTAL REVENUE 67678166622412678Gross Margin43.7%39.7%42.7%41.4%42.5%OTHER EXPENSES34.1%31.5%34.6%31.1%34.3%Marketing %5.8%5.7%4.5%5.6%5.3%EBITDA9.7%8.2%8.1%10.3%8.2% Operational Highlights for Q4 & FY25
Mattress | Segment Performance
KEY CALLOUTS
VALUE
VOLUME
Q4 FY24
321 Cr
Q4 FY24
675 K
*KEL included for post Acquisition period
Q3 FY25
426 Cr
Q3 FY25
1040 K
Q4 FY25
341 Cr
Q4 FY25
809 K
FY24*
1053 Cr
FY24*
2174 K
FY25
1377 Cr
FY25
3308 K
Furniture Cushioning | Segment Performance
KEY CALLOUTS
VALUE
Q4 FY24
55 Cr
Q3 FY25
65 Cr
VOLUME
Q4 FY24
1543 Tn
Q3 FY25
1722 Tn
Q4 FY25
52 Cr
Q4 FY25
1300 Tn
FY24
226 Cr
FY24
5712 Tn
FY25
215 Cr
FY25
5697 Tn
Comfort Foam | Segment Performance
KEY CALLOUTS
VALUE
Q4 FY24
135 Cr
Q4 FY24
VOLUME
8332 Tn
*KEL included for post Acquisition period
Q3 FY25
125 Cr
Q3 FY25
6134 Tn
Q4 FY25
126 Cr
Q4 FY25
5785 Tn
FY24*
378 Cr
FY25
470 Cr
FY24*
FY25
20529 Tn
22793 Tn
Technical Foam | Segment Performance
KEY CALLOUTS
VALUE
Q4 FY24
124 Cr
Q3 FY25
127 Cr
VOLUME
Q4 FY24
4305 Tn
Q3 FY25
4500 Tn
Q4 FY25
122 Cr
Q4 FY25
4086 Tn
FY24
467 Cr
FY25
494 Cr
FY24
FY25
16051 Tn
17498 Tn
Others | Segment Performance
VALUE
Q4 FY24
41 Cr
Q3 FY25
39 Cr
Q4 FY25
24 Cr
FY24
119 Cr
FY25
122 Cr
Q4 FY24
Q3 FY25
Q4 FY25
FY24
FY25
VOLUME
MIXED (N.A)
MIXED (N.A)
MIXED (N.A)
MIXED (N.A)
MIXED (N.A)
INTERNATIONAL BUSINESS, STAQO and FURLENCO
Australia | Q4 & FY25 (INR Cr.)
HIGHLIGHTS
Q4 FY24 Q3 FY25 Q4 FY25FY24FY25TOTAL REVENUE 899996408396Gross Margin53.2%52.8%53.5%48.8%50.9%OTHER EXPENSES48.0%39.5%46.2%42.8%44.6%EBITDA5.2%13.3%7.3%6.0%6.3% Spain | Q4 & FY25 (INR Cr.)
HIGHLIGHTS
Q4 FY24 Q3 FY25 Q4 FY25FY24FY25TOTAL REVENUE 808185328341Gross Margin28.2%29.8%29.5%29.2%29.6%OTHER EXPENSES19.6%21.7%22.9%19.0%21.2%EBITDA8.6%8.1%6.5%10.2%8.4% STAQO : Q4 & FY25 (INR Cr.)
HIGHLIGHTS
Q4 FY24 Q3 FY25 Q4 FY25FY24FY25TOTAL REVENUE 812133150OTHER EXPENSES94.8%69.9%85.7%78.9%72.0%EBITDA5.4%30.1%14.3%21.0%28.0% Staqo
Furlenco
Consolidated Business
Consolidated Business Summary | Q4 & FY25 (INR Cr.)
*KEL included only for the Period Post Acquisition only
^ EBITDA includes INR 35 crs paid by KCPL (erstwhile owner of KEL) against working capital / inventory due to quality issues,classified under ‘other income’ in financial statements
Q4 FY24 Q3 FY25 Q4 FY25^FY24*FY25^TOTAL REVENUE 84596785029823439Gross Margin43.6%40.6%43.4%41.3%42.7%OTHER EXPENSES34.1%31.5%35.4%31.3%34.4%EBITDA9.5%9.1%8.0%10.0%8.3% Raw Material | Prices and Gross Margins (%)
TDI & Polyol Price Trend (INR/KG)
SFL Consolidated Gross Margins^ (%)
188
124
189
132
201
126
200
120
196
117
43.6%
42.2%
44.9%
40.6%
43.4%
Q4-FY24
Q1-FY25
Q2-FY25
Q3-FY25
Q4-FY25
Q4-FY24
Q1-FY25
Q2-FY25
Q3-FY25
Q4-FY25
TDI
POLYOL
SFL India^
Gross Margins (%)
Australia - Joyce
43.7% 43.8% 44.5%
42.7%
39.7%
53.2%
52.8%
53.5%
49.1%
48.4%
Spain - Interplasp
28.2% 27.2%
32.0%
29.8% 29.5%
Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25 Q4-FU25
Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25 Q4-FY25
Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25 Q4-FY25
^ EBITDA includes INR 35 crs paid by KCPL (erstwhile owner of KEL) against working capital / inventory due to quality issues,classified under ‘other income’ in financial statements
Key Business Updates
Expansions and trainings
400+
1700+
700+
google my business
Increased showroom search and footfall.
3000+
Channel network for customised promotion
Customised whats app status
Customised social update
Thought leadership & brand collaborations
Shivesh
Sid Warrier
Pooja Makhija
ASRS
ISSR
Engagement - Sleepwell
56M+ REACH ON
High quality and increasing base of brand engagement
100% GROWTH IN CONTENT
INTERACTIONS
Engagement - Kurlon
Social Followers increased by 2.5X.
Personalized Remarketing for personalized marketing and conversion improvement
Search Volumes towards upward trend
expansion
20
3800+
5800+
Product Launches
prosofa jumpz HR
The high-resilience Sleepwell ProSofa Jumpz HR Premium is specially engineered for extra bounce and comfort, so you can move around and get up with ease.
The prosofa jumpz HR Premium foam comes with the assurance of Sleepwell and guarantees durability, relaxation, and ease.
| Mattresses
Pro grid mattress
Financials
Quarterly Standalone Income Statement (INR Cr)
ParticularsQ4-FY25Q4-FY24Y-O-YQ3-FY25Q-O-QRevenue from Operations691 487 42%791-13%Operating Expenses645 437 720EBITDA46 50 -9%71 -36%EBITDA Margin (%)7%10%9%Other Income20 31 9 Depreciation24 20 23 Finance Cost28 20 23 PBT13 40 -68%34 -62%Exceptional Item- -29 - Tax1 13 9 PAT12 56 -78%25 -51%PAT Margin (%)2%12%3%Other Comprehensive Income110Total Comprehensive Income13 57 24 Basic/Diluted EPS (INR)1.1 5.2 2.3 FY25 Standalone Income Statement (INR Cr)
40
ParticularsFY25FY24Y-O-YRevenue from Operations2,588 1,880 38%Operating Expenses2,352 1,670 EBITDA235 210 12%EBITDA Margin (%)9%11%Other Income83 97 Depreciation89 58 Finance Cost94 44 PBT135 205 -34%Exceptional Item-12 -18 Tax35 54 PAT112 168 -33%PAT Margin (%)4%9%Other Comprehensive Income-0 - Total Comprehensive Income112 168 Basic/Diluted EPS (INR)10.3 16.3 Quarterly Consolidated Income Statement (INR Cr)
^ EBITDA includes INR 35 crs paid by KCPL (erstwhile owner of KEL) against working capital / inventory due to quality issues,classified under ‘other income’ in financial statements
ParticularsQ4-FY25Q4-FY24Y-O-YQ3-FY25Q-O-QRevenue from Operations850 845 1%967-12%Operating Expenses781 765 879EBITDA^69 81 -15%88 -22%EBITDA Margin (%)8%10%9%Other Income25 37 7 Depreciation50 41 45 Finance Cost35 27 29 PBT9 49 -82%21 -58%Exceptional Item0 -34 - Tax-12 14 3 Share of Profit / (Loss) from JV1 -3 0%0 0%PAT22 65 19 PAT Margin (%)3%8%2%Other Comprehensive Income13 -12 -24 Total Comprehensive Income35 53 -5 Basic/Diluted EPS (INR)0.9 4.5 -80%1.7 -48% FY25 Consolidated Income Statement (INR Cr)
*KEL included only for the Period Post Acquisition only ^ EBITDA includes INR 35 crs paid by KCPL (erstwhile owner of KEL) against working capital / inventory due to quality issues,classified under ‘other income’ in financial statements
42
ParticularsFY25FY24*Y-O-YRevenue from Operations3,439 2,982 15%Operating Expenses3,154 2,682 EBITDA^286 301 -5%EBITDA Margin (%)8%10%Other Income95 117 Depreciation183 116 Finance Cost121 69 PBT78 233 -67%Exceptional Item-31 -23 Tax13 61 Share of Profit / (Loss) from JV1 -11 0%PAT97 184 PAT Margin (%)3%6%Other Comprehensive Income7 -3 Total Comprehensive Income103 181 Basic/Diluted EPS (INR)8.8 17.7 0% 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
FY25
2,588
2,352
235
9%
83
89
94
135
-12
35
112
4%
-0
112
10.3
Historical Consolidated Income Statement (INR Cr)
FY21
2,355
1,991
FY22
2,866
2,551
FY23
2,873
2,576
FY24*
2,982
2,682
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
364
15%
50
73
18
324
-
84
-
240
10%
19
259
315
11%
79
81
17
296
-
78
-
219
8%
-2
217
297
10%
86
90
21
273
-
72
-
201
7%
13
213
FY25
3,439
3,154
286^
8%
95
183
121
78
-31
13
1
97
3%
7
103
8.8
301
10%
117
116
69
233
-23
61
-11
184
6%
-3
181
17.7
Diluted EPS (INR) ^ EBITDA includes INR 35 crs paid by KCPL (erstwhile owner of KEL) against working capital / inventory due to quality issues,classified under ‘other income’ in financial statements
20.4
22.4
24.6
*KEL included only for the Period Post Acquisition only
Historical Standalone Balance Sheet (INR Cr)
PARTICULARS Non-current Assets Property, Plant & Equipment
Right of Use Assets Capital Work In Progress Investment Property Investment In Subsidiaries & JV Financial Assets (a)Other Investments (b) Loans (c) Other Financial Assets Non current tax assets (net) Deferred Tax Asset 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 Financial Assets Current tax assets (net) Other Current Assets Assets held for sale GRAND TOTAL – ASSETS
FY23 791 270
38 103 3 197
56 72 5 - 12 35 1,126 207 - 707 138 13 0 1 3
58
1,917
FY24 3,777 433
68 80 3 2,558 - 510 72 6 39 - 7 418 150 - - 189 13 0 1 11 - 55 - 4,196
FY25 3,391 483
75 39 3 2,648 - - 80 41 17 - 5 999 197 - 465 239 23 0 1 15 - 58 1 4,390
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 Other Non Current Liabilities Deferred Tax Liabilities (Net) Current Liabilities Financial Liabilities (a) Borrowings (b) Lease Liabilities (c) Trade Payables (d) Other Financial Liabilities Provisions Current Tax Liabilities (net) Other Current Liabilities GRAND TOTAL - EQUITY & LIABILITES
FY23
FY24
FY25
1,362 49 1,313 153
99 16 26 9 0 4 403
33 1 188 110 11 - 59 1,917
2,674 54 2,620 862
787 36 16 10 0 12 660
169 8 161 254 11 - 57 4,196
2,794 54 2,739 502
395 40 19 13 34 1 1,094
500 13 225 220 13 21 101 4,390
Historical Consolidated Balance Sheet (INR Cr)
PARTICULARS Non-current Assets Property, Plant & Equipment Right of Use Assets Capital Work In Progress Intangible Assets Intangible Assets under development Investment Property
Investment Accounted using Eq. Method Financial Assets (‘a) 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 (a)Investments (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
FY23 1,278 429 288 109 274 - 53
-
56 2 5 14 12 35 1,433 331
712 282 42 0 1 1 - 64 - 2,711
FY24 4,465 1,160 230 161 1,689 4 50
350
510 2 21 225 55 7 875 339
18 364 44 5 1 8 0 95 - 5,340
FY25 4,030 1,115 267 131 1,724 - 48
402
- 2 51 249 32 7 1,390 350
470 342 41 6 1 18 0 160 44 5,464
PARTICULARS
FY23
FY24
FY25
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) Other Current Liabilities GRAND TOTAL - EQUITY & LIABILITES
1,609
49 1,552 8 419
284 88 26 13 0 8 683
184 16 259 92 21 1 111 2,711
2,981 54 2,866 61 1,230
945 174 72 22 0 18 1,129
337 38 388 265 29 1 72 5,340
3,096 54 2,981 60 875
530 209 65 28 37 6 1,494
687 37 358 233 29 21 129 5,464
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