Vardhman Special Steels Limited has informed the Exchange regarding Investor Presentation.
QIVardhmfinVARDHMANSPECIALSTEELSLIMITEDDeliveringExcellence.Since1965.CHANDIGARHROADLUDHIANA-HIOIO.PUNJABT:+9l-l6l-2228943-48F:+9l-l6l~260|048.22226I6.260l040E:secretarial.|ud@vardhman.com Vardhmin Ref.VSSL:SCY:FEB:201Q-20DATED:08-Feb-2020TheDeputyGeneralManager,TheNationalStockExchangeofIndiaLtd,CorporateRelationshipDeptt,“ExchangePlaza,BombayStockExchangeLimited,Bandra—KurlaComplex,1StFloor,NewTradingRing,Bandra(East),RotundaBuilding,P.JTowers,MUMBAl-4m51DalalStreet,Fort,MUMBAl-4oooo1.'ScripCode:534392ScripCode:VSSL SUB:COMPLIANCEOFREGULATION30OFTHESEBI(LISTINGOBLIGATIONSANDDJSQLQSUREREQUIRMENTS)REGULATIONS2015.DearSir,PursuanttotheprovisionsofRegulation30oftheSEBI(ListingObligationsandDisclosureRequirement)Regulations,2015,pleasefindenclosedherewithInvestorPresentationonfinancialresultsoftheCompanyforthequarter]ninemonthsended31StDecember,2019.Kindlynoteanddisplaythenoticeonyournoticeboardfortheinformationofthemembersofyourexchangeandgeneralpublic.Thankingyou,Yoursfaithfully,ForVARDHMANSPECIALSTEELSLIMITED\?\(SONAWNZJA)CompanySecretaryYARNSIFABRICSITHREADSIGARMENTSIFIBRESISTEELS PANNO.:AADCV48IZBCIN:L27100PB20|0PLC033930WWW.VARDHMANSTEEL.COM A W
VARDHMAN SPECIAL STEELS LTD. ;
Pee ere
Vardhman Special Steels Limited
Result Update Presentation Q3 & 9M FY20
Disclaimer
@) VARDHMAN SPECIAL STEELS LTD.
2 CONMINEMT To GUAT
This presentation has been prepared by Vardhman Special Steels Limited (the “Company”) solely for information purposes and does not constitute any offer,
recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding
commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed
information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but 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.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually
and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown
risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian
economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to
successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in
revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of
activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no
obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties
included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
Ta b e of Co ntents
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@) VARDHMAN SPECIAL STEELS LTD.
W
fr Financial Highlights
fr Company Overview
fr Business Overview
fr Way Ahead
=
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Financial Highlights
Management’s Message oo
@) W
VARDHMAN SPECIAL STEELS LTD.
Commenting on the results Mr. Sachit Jain, Vice Chairman and Managing Director said — “In the nine months of the current financial year, we continue to witness slowdown in the auto industry which has impacted our business as well. Our 9M FY20 revenue has declined by 27% year on year basis on account of lower demand and production cuts at various OEM’s. This resulted in lower volumes off take leading to suppressed capacity utilization. Also, Inventory devaluation which was built for the planned shutdown also impacted our performance during the nine months.
a way enabled us to redefine our internal strategy. We The current slowdown in the industry has in started to utilize this period to work on various internal performance. Our focus has been to bring down production costs, improve operational efficiencies, further improve on our quality of our products & service offerings and streamline our overall production activity.
Though the near-term market situation is fluid, we are optimistic on the medium term based on indication from various OEM’s that will be launching newer products under the BS VI norms. With our recent upgradation of steel melting shop, we are ready to grab the opportunities head-on and serve our esteemed clients efficiently. We are happy to share that the alliance with Aichi Steel Corporation is progressing well as we have laid down long term plans and are in process of implementing these plans. We look forward to the synergies from this alliance coming through significantly in the coming quarters.
Overall, we remain committed to our set agenda of delivering consistent, profitable volume led growth. | thank all the stakeholders of ‘Vardhman Special Steels Limited’ for their continued support and faith in our Company”
Rece nt Deve O p ments
VARDHMAN SPECIAL STEELS LTD.
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On 27th August 2019, Company executed following —
e
¢
Share subscription and investment agreement with Aichi Steel Corporation (ASC), Japan in relation to investment in Company by ASC
Technical assistance agreement with ASC in relation to technology and know-how to be provided by ASC to VSSL
On 4th November 2019, Company made allotment of 4,629,629 equity shares on preferential basis of Rs.10/- each at Rs. 108 per share (including security premium of Rs. 98 each) aggregating to Rs. 499,999,932 to ASC
Incompliance to these agreements, appointed Additional Director - Mr. Takashi Ishigami - representative of ASC
Company has recorded Rs. 4.41 crores under head "Other Income" towards its incentive of electricity duty exemption for period 08s
January 2016 to 30" September 2019
During first half, Company had undertaken shutdown of approximately 78 days of steel melting shop (SMS) in order to upgrade and modernize SMS facilities as per planned strategy and to meet future goals
Section 115 BAA of Income Tax Act 1961, introduced by Taxation Laws (Amendment) Ordinance, 2019 gives one-time irreversible option to Domestic Companies for payment of corporate tax at reduced rates. In view of the unabsorbed depreciation and MAT Credits, Company has determined that it will continue to recognize tax expense at existing income tax rate as applicable to Company. However, Company has remeasured deferred tax assets/liabilities likely to be reversed at the time Company would opt for new tax regime which has resulted in write back of deferred tax liability amounting to Rs. 4.95 crores in quarter and nine months period ended 31** December 2019 using revised annual effective income tax rate
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Financial Highlights - Quarterly oo
@) VAROHMAN SPECIAL STEELSLTD W
Sales Volumes (tonnes)
Revenue from Operations* (Rs. Crore)
240.78
243.25
312.52
Q3 FY19
Q4 FY19
Q1 FY20
Q2 FY20
Q3 FY20
Q3 FY19
Q4 FY19
Q1 FY20
Q2 FY20
Q3 FY20
EBITDA (Rs. Crore)#
PAT (Rs. Crore)
6.21
-0.15
1.14 bf
1.81
Q3 FY19
Q4 FY19
Q1 FY20
Q3 FY20
Q3 FY19
Q4 FY19
Q1 FY20
Q2 FY20
Q3 FY20
-3.17
* Includes sale of raw material, billets and traded goods ; #EBITDA is including Other Income
Financial Highlights — Q3 FY20
ese
Revenue From Operations*
Other Income
Total Income
Cost of Materials Consumed
Purchases of Stocks
Changes In Inventory
Raw Material Expenses
Employee Expenses
Power & Fuel
Other Expenses
Total Expenditure EBITDA
Depreciation
Interest / Finance Cost PBT
Tax
PAT
Basic EPS in Rs.
187.94
1.91
189.85
101.94
0.00
8.02
109.96
12.50
26.14
33.40
182.00 7.85
6.7/2
5.98 (4.85)
(6.66)
1.81
0.47
* Includes sale of raw material, billets and traded goods
312.52
0.40
312.92
235.67
17.11
(60.01)
192.77
12.64
32.19
52.94
290.54 22.38
6.20
6.54 9.64
3.43
6.21
1.74
(39.86%)
(39.33%)
(64.91%)
(70.79%)
(72.99%)
211.82
5.37
217.19
56.70
0.19
99.77
156.67
11.08
14.46
27.02
209.22 7.97
6.34
6.54 (4.90)
(1.73)
(3.17)
(0.88)
A W
SURE RPPRPPPP
VARDHMAN SPECIAL STEELS LTD.
°Q3 FY20 volumes stood at 31,616 tons YoY decline of 27% mainly on account of continued and = ongoing automotive in slowdown industry which led to lower demand for rolled products
¢Decline in revenue mainly on in account of decline sales volume by around 27% and decline in sale prices
raw
in on EBITDA, °Decline account of predominantly inventory loss due to decline in and electrode prices, decrease in sales volumes and higher fixed cost per unit of steel due to low production levels
material
Vee
Financial Highlights — 9M FY20
ese
@) VARDHMAN SPECIAL STEELS LTD.
2 CONMINEMT To GUAT
Revenue From Operations
Other Income
Total Income
Cost of Materials Consumed
Purchases of Stocks
Changes In Inventory
Raw Material Expenses
Employee Expenses
Power & Fuel
Other Expenses
Total Expenditure EBITDA
Depreciation
Interest / Finance Cost
PBT
Tax
PAT
Basic EPS in Rs.
* Includes sale of raw material and traded goods
640.54
7.94
648.48
279.96
4.30
130.01
414.27
35.64
68.86
97.85
616.62 31.86
19.17
20.63
(7.94)
(7.72)
(0.22)
(0.06)
877.51
1.33
878.84
588.65
31.76
(89.33)
531.08
38.81
100.51
149.90
820.30 58.54
17.84
17.05
23.65
1.29
22.36
6.26
(27.00%)
(26.21%)
(45.57%)
(100.97%)
(100.96%)
Balance Sheet Highlights
@ VARDHMAN SPECIAL STEELS LTD.
Equity*
Equity Share Capital Other Equity Non-current liabilities Financial Liabilities (a) Borrowing (b) Other Financial liabilities (c) Lease Liability Provisions
Other Non-Current Liabilities
Current liabilities
Financial Liabilities
Borrowings
Due to Micro, Small & Medium Enterprises Other Trade Payables
Other Financial Liabilities
Lease Liability Provisions Other Current Liabilities
Total Equities & Liabilities
360.01
35.76 324.24 130.54
127.85 0.16 1.22 1.08
0.23
258.08
154.77
1.62
49.29
45.48
0.09 0.30 6.53
748.63
361.99
35.76 326.23 136.53
135.13 0.14 0.00 101
0.25
390.81
186.81
3.37
160.13
36.89
0.00 0.53 3.08
Non-Current Assets
Property Plant & Equipment Right of Use Asset Capital work in progress Other intangible assets Financial Assets Long Term Loans Deferred Tax Assets (Net) Current Tax Assets (Net)
nn Assets
inventories
Financial assets
Investments
Trade receivables Cash & Cash equivalents Loans
Other financial assets
Current tax assets Investment held for sale Other Current Assets
889.33
Total Assets
359.43
312.38 1.27 14.36 0.28
0.83 15.40 2.67
Peo
187.32
801
162.44 4.65 1.15
0.32
0.00 9.63 14.68
748.63
343.51
279.53 0.00 32.57 0.30
0.69 14.23 2.12
ees
313.22
0.01
187.26 0.28 1.03
7.72
0.00 0.00 36.24
889.33
fe
Inventory buildup took care of large part of demand during planned plant shutdown in Q2 FY20
* During FY18 Company raised Rs. 68 cr. through Rights Issue and Rs. 50 cr. through QIP (subscribed by DSP Blackrock MFandSundaramMF)SsSSSsS~CS "10
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Company Overview
Amongst India’s Leading Steel Bar Producers for Automotive Applications = Incorporated in May 2010 =" Headquartered in Ludhiana, Punjab =" Caters to sectors such as Engineering,
Automotive, Tractor, Bearing and Allied Industries
Specialized Product offerings — = Steel Bars and Rods and Bright Bars of various categories of Special & Alloy Steels
o---------»
200+ Reputed and long-term
+
customers
=" Toyota, Hero Moto Corp, Caterpillar,
Hino Motors, Maruti, Bajaj and Hyundai, among others
Experienced Management Team =
Significant experience in Steel Industry?” Long term vision and proven ability to achieve long term goals for Company Strategic alliance with Aichi Steel Corporation
About Us oo
a) WY
— 7 STEELS LTD. «
State-of- art manufacturing facilities =" Cutting-edge manufacturing
technology
=" Manufacturing Capacity
> Billets - 2,00,000 MTPA > Rolled Bars — 2,00,000
MTPA
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es"
;
Strong Domestic & International Customer Base for forging applications = Thailand, Taiwan, Turkey, Russia, Germany and
Spain
Quality Standards, Assurance & Certifications
=#"
1SO 14001:2004; OHSAS 18001:2007; ISO
9001:2008; ISO/TS 16949:2009
12
What We were...
1973 — Started as Oswal Steels - 50,000 TPA capacity of special & alloy steels 1986 - Acquired Mohta Alloys with capacity of 1,00,000 TPA 1995 — Installed modern Steel Melting Shop with Electromagnetic Stirrer 2000 — Commissioned Vacuum Degassing System 2001 - Strengthened product portfolio — added Bright Bar Facility 2010 - Independent identity under Vardhman Group
Journey So Far
ese
>
™ 2012 - Listed on BSE &
NSE
{= 2013 — Installed fully automatic rolling mill with capacity of 1,50,000 TPA & Magnaflux leakage testing system (Dr. Foerster Germany), and Ultrasonic Testing from (Olympus, Canada) = July 2015 — Installed
Fume Extraction system
= Aug 2015 — Increased
Bright bars capacity to 36,000 TPA & 1,80,000 TPA for Hot Rolled
=" Dec 2016 — Upgraded transformer & allied equipment to reduce melting time & resulting in SMS
capacity to 1,65,000
TPA
# April 2017 — Rights Issue of Rs 67.85 Cr. =" Oct 2017 — Purchased ~8 acres of adjoining land for Rs. 36 Cr.
@ 2016 - 2017
@) ¥
VARDHMAN SPECIAL STEELS LTD.
Feb. 2018 — QIP of Rs 50 Cr.
:
® June 2018 — CRISIL upgraded credit
rating
™ August 2018 — Change in Statutory
: : — Auditors to M/s B. S. R. & Co. LLP
: :
=
:
: : >
=" Feb 2019 — Fortified Board of Directors -one Independent Woman Director and one Additional Director appointed
= Sept 2019 — Replacement of electric
arc furnace and other related activities #" Nov 2019 — Signs Technical Assistance
Agreement with Aichi Steel Corporation - Issuance of equity shares on preferential basis worth Rs. 50 Cr.
™ Appointed Additional Director as representative of Aichi Steel Corporation
@ 2018 — Till Date
a
1973- 2011
@ 2012 - 2015
.... }ransforming into one of India’s leading steel bar producers
13
|
Clear focus on long term Value Creation
a) wou ron ses
£CONNET
br WENT TO eT
=r
(
1,121
Crore
(cexer\ 1,61,676 Tons
Ioana 2,00,000
(<oooon (oN
0.92
1,80,000 TPA
Listed on Stock Exchange
MTN Lett (ns.
\
527 Crore
93,169 Tons
>
1,00,000 TPA
\
80,400 TPA
(“so
Revenue
Sales Volume
Installed Capacity - Billets
Installed Capacity - Rolled Products
Debt to Equity(x)
14
Strong Experienced Board of Directors contd...
a) W VARDHMAN SPECIAL STEELS LTD.
I In IC
Mr. Rajeev Gupta Chairman & Independent Director
B. Tech from BHU/IIT, Varanasi and MBA (IIM, Ahmedabad) Rich experience of more than 35 years - One of Country’s topmost Investment Bankers
Ms. Suchita Jain Non-Executive Director
Miaster’s degree in Commerce from Punjab University, Chandigarh Over 25 years of rich experience in textile industry Representative of Vardhman Group
=
=
="
=
Mr. Sanjoy Bhattacharyya Independent Director
=
=
B.Sc (Statistics Honours) and MBA. from IIM, Ahmedabad More than 21 years of experience in equities & investment management - Among leading stock market Gurus
Mr. Sachit Jain
Vice Chairman & MD
B. Tech (Electrical) - IIT, New Delhi, MBA (Gold medallist) - IIM, Anmedabad and Owner/President Management Program — Harvard - Experience of over 29 years in Textile & Steel Chairman of Cll, Northern Region
Mr. Rajinder Kumar Jain Non-Executive Director
Chartered Mechanical Engineer from Institute of Mechanical Engineers London Retired as General Manager from Indian Railways after 35years of service
Mr. Takashi Ishigami Non-Executive Director
Representative of Aichi Steel Corporation Completed Education from Yamanashi University Over 40 years of rich experience in Steel Industry
15
Strong Experienced Board of Directors contd... oo
) VAROHMAN SPECIAL STEELS LD W
Mr. B.K. Choudhary Non-Executive Director
Degree in B.Sc.,M.Com & MBA Rich experience of more than 44 years in Steel & Textile industry
Mr. Rakesh Jain Independent Director
= ="
Ph.d in Polymers from the University of Akron Worked in the Advanced Technology Group at GE Electro-materials Division (EMD) in Coshocton, OH,USA & Aditya Birla Group (ABG) as MD of Indo Gulf Fertilizers Ltd
Mr. Sanjeev Pahwa Independent Director
Ms. Shubhra Bhattacharya Independent Director
B.Tech from IIT, Delhi -Experience of more than 26 years in bicycle/automobile tyres and tubes industry
= Chairman-cum-MD of Ralson (India) Ltd. — Largest tyre manufacturer in the World
=
|
Bachelor’s degree in Mathematics and MBA from Xavier’s Labor Relations Institute More than 25 years of experience in Human Resource Management
= =
=
Mr. Raghav Chandra Independent Director
Commissioner and CEO - MP Housing Board; MD- MIP SIDC; Chairman SEZ Indore
B.Sc (Hons.); M.Sc in Mathematics; Master’s in Public Administration, Harvard University & Various professional career trainings from Cambridge University, SIPA Columbia University, USA, IIM Ahmedabad Additional Secretary & Financial Advisor — various Ministries; Chairman - NHAI; CMD Indian Highway Management Co. Ltd.; Principal Secretary- Urban Development, MP;
=
=
16
= =
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Business Overview
Wide Range of Rolled & Bright Bars Products
ese
Hot Rolled Bars
Bright Bars
=
Diameter Size : Increased from 25-70
MM in 2012 to 16-120 MM
=
Size : 14.66 to 78 mm (Peeled), 18 to 55.25 mm (Drawn)
18
Diverse applications of our products
@) VARDHMAN SPECIAL STEELS LTD.
W £ CONMOIWENT TD GUAuT
Drive-Shaft
Bearings
Axle Shaft
Steering-Yoke
Axle Gears
Knuckle Spindle
Connecting Rod
| Center Velocity Joint |
Differential Gears
State-of-art Manufacturing facilities
@) VARDAMAN SPECIAL STEED W =
T
Annual Capacity : 2,00,000 TPA 30 MT Ultra High Power (UHP) Eccentric Bottom Tapping (EBT Type) Fully automated continuous feeding system for DRI & other raw materials Automatic lance manipulator for oxygen and coke injection Electrode regulation system - Melt Controller CELOX for active oxygen measurement (Electronite)
Rolling Mill
Annual Capacity : 2,00,000 TPA Rolling Mill installed in 2013-14 Mill with complete automation 33 TPH “Walking” Hearth Type Reheating Furnace Reversible 2 high shift able stand with Bar Manipulator 10 Continuous Stands in Horizontal & Vertical configuration Online Dimensional Measurements Rack Type Cooling bed designed for better straightness & Hardness levels Abrasive Cutter
=»
Annual Capacity : 36,000 TPA Bar Peeling & Centreless Grinding
¢ ° ¢ ¢ ¢ e
¢ ¢
Straightening Peeling Cold drawing Polishing Centreless grinding Full length bar Magnetic Particle Inspection High Speed Band Saws Circular Saw - Cut to Length Steel
Process Flow e<-e
@) VARDHMAN SPECIAL STEELS LTD. W £ CONMETNENT TO QUALITY
Sponge, ORI, PIG IRON, Shredded Scrap
= «a
EXpOnts
Domestic Shipment
Final Inspection and Dispatch
——_—_—_—— EEE,
Bright Bar Shop
30 TON ELECTRIC ARC FURNACE
Spherodize Annealing
Sl
ema FNDT Line
Vaccum Degassing UNIT =
Laddle Refining Unit
Continous Casting Facility
Billet ‘ff
Reheat Furnace
Rolling Mill
=
As Rolled Bar
"Hot Rolled"
In-House Steel Melting Shop
@) VARDHMAN SPECIAL STEELS LTD.
Two Ladle Refining Furnace
Rolling Mill & Bright Bars
Rolling Mill
Bright Bar Shop
Automatic Line of Bar Inspection - NDT Line eae
<-e
W A CONMTNENT TO
QUALIT
Chamfering Bar ends free from ear
MIFLT secs’ omens
Straightening Straightness : 2mm / meter
|
|
}
Shot Blasting
Acceptance Criteria: SDH -
0.8x10mm, FBH - 0.8 & 1.2mm
24
Best in class R&D Facility
oS-O
seaiausianaried eso] & CONMTNENT T2) QUALITY
D £
=
=»
=
=
=
Spectrometer : ARL 4460:1454 for Chemical Analysis. Can check 32 different elements
CS - 230: Analyzer for Carbon & Sulfur content in steel
—_LECO gas analyzer — TC 600 H,, N,, O, Analyzer
Mobile Spectro and XRF for Mix up Testing of Bars
Mechanical and Metallurgical Testing Lab
=
=
Rockwell Hardness Tester
Impact Testing Machine (Material Toughness)
=
Metallurgical Microscope with Image Analyzer
="
=»
Carl Zeis microscope with maximum magnification of 1000x
Olympus microscope with maximum magnification of 2000x
=
RADLAB-1 GAMMA RAY Spectrometer
=
="
=»
For Testing Steel Samples for Radiological Content
Can identify different types of Isotopes present in Steel Sample and show Results in
Bq/gm
Samples Radiological content can be certified with 300 Second scan in RadLab
“Well”
=
XRF Spectrometer - Higher range & All input/ output material can be checked and
chemically analysed
..ensuring highest levels of quality and compliance
25
Strategically located Warehousing Facilities 05-0
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SPP
a
r
7
=
One Owned Warehouse
=
Bilaspur Haryana
;
=
Five Leased Warehouses in
India
=
=»
="
=
=»
Bangalore
Chennai
Rudrapur
Pune
Aurangabad
26
Key Strengths oso
@) W
VARDHMAN SPECIAL STEELS LTD.
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State of Art Manufacturing Facilities and advanced R&D Capabilities = Well equipped with latest upgraded Technology Machines
Diversified Product offerings = Manufactures diverse range of products with wide applications across sectors =" Further expanding product offerings to increase wallet share with existing customers and add
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clients
ing new
Rich Management Experience =» Dynamic & rich experience in special steel sector = Diverse team with right mix of operational & technical expertise along with dedicated and skilled
Or
employee base
Quality Standards & Assurance = Adherence to quality standards across all stages of manufacturing =" Checked for dimensional accuracy & temper at every stage = Well equipped modern testing facilities to check for physical, mechanical & chemical properties
One
Brand Image =" Continuous brand building exercise by providing excellent services to satisfy our
Oo
customers
200+ Reputed & Long term customers....
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@) VAROHMAN SPECALSTELS LTD W
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Investing in Our Real Assets
9 Vardhman Leadership Development Program Park Plaza,Ludhiana -16" to 20° January 2019
"
= CCL - US based Organisation — offers leadership programs across 160 countries, FT top10 in executive education with 500K alumni over 50 years .
=" Customized leadership training
.
.
*,
for 12 senior management
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*
=
=
Training programs — functional, attitudinal, skill development, quality — across all levels of employees
Specialized & customized programs
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TOP
= : i
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New Initiative undertaken
Formalized training programs that focus on technical knowledge, enhance skill sets and productive efficiencies of personnel
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Way Ahea d
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@) VARDHMAN SPECIAL STEELS LTD.
Yer
Capacity Expansion & Utilization
= Increase melting capacity to 2,40,000 TPA and Rolling Capacity to
2,20,000 TPA by FY21
" Target of achieving full capacity utilization, quality improvement, cost reduction & product mix enrichment in consultation with Aichi Steel Corporation
Joint Venture & Technical Alliance In down stream value added products =
" Build strong technical alliance with global player
=" Explore value added products like high alloy steel through ingot
casting route over time
De-risking Business
=" Explore avenues — increase high margin products, enter
into new geographies, change in customer mix and expand into new industry applications
32
Th an k Yo u ee
@) VARDHMAN SPECIAL STEELS LTD. W £ CONMITNENT T) QUAL
3SE
534392 | © NSE vsst | Bloomberg VSSLIN
Aeteud Srect
Latoege ef!
REUTERS —» VARM.BO
For further information, please contact:
Company :
Investor Relations Advisors :
Vardhman Special Steels Limited
Bridge Investor Relations Pvt. Ltd.
Mr. Sanjeev Singla sanjeevsingla@vardhman.com
www.vardhmansteel.com
Mr. Amit Sharma amit@bridge-ir.com 022 26873003
Mr. Smit Shah
smit@bridge-ir.com O22 26873003
www.bridge-ir.com
33