SPALNSE22 June 2021

S. P. Apparels Limited has informed the Exchange about Investor Presentation

S. P. Apparels Limited

ay S.P.APPARELS LTD.

Regd. Office: 39-A, Extension Street, Kaikattipudur, AVINASHI- 61 654, Tamil Nadu, India. Phone: +91-4296-714000 E-mail: spindiad s-p-apparels.com Web : www.s-p-apparels.com CIN No.: L18101TZ2005PLCO12295

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22™ June, 2021

The Listing Department National Stock Exchange of India Limited 'Exchange Plaza', Bandra-Kurla Complex, Bandra (East), Mumbai 400 O51.

Symbol: SPAL

The Listing Department BSE Limited Phiroze Jeeyeebhoy Towers, Dalal Street, Mumbai 400 001.

Scrip Code: 540048

Dear Sirs,

Sub: Financial Presentation

Please find enclosed herewith the copy of Financial Presentation for Q4 & FY 21 results of

the

Company.

Kindly take the same on your records.

Thanking you,

For S.P.Apparels Limited, (*

\x ahvor"

K.Vinodhini Company Secretary and Compliance Officer

Encl: As above

(A GOVT. OF INDIA RECOGNISED THREE STAR EXPORT HOUSE)

S.P.APPARELS LIMITED

INVESTOR PRESENTATION

Q4 & FY21 Results Update

June 2021

DISCLAIMER

This presentation and the following discussion may contain “forward looking statements” by S.P. Apparels Limited (“SPAL” or the

Company) that are not historical in nature. These forward looking statements, which may include statements relating to future

results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions,

expectations, estimates, and projections of the management of SPAL about the business, industry and markets in which SPAL

operates.

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other

factors, some of which are beyond SPAL’s control and difficult to predict, that could cause actual results, performance or

achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be

construed, as a representation as to future performance or achievements of SPAL.

In particular, such statements should not be regarded as a projection of future performance of SPAL. It should be noted that the

actual performance or achievements of SPAL may vary significantly from such statements.

Q4 & FY21 RESULTS UPDATE

Company Overview

Financial Overview & Shareholding Structure

Q4 FY21 - KEY HIGHLIGHTS

14.3% YoY growth in total revenue1

12.8% YoY growth in garment division revenue

86.8% YoY growth in SPUK revenue

12.6 Mn pieces export volume

33.4% growth in adj. EBITDA YoY2 and 186 bps expansion in adj. EBITDA margin

5.5% PAT Margin, +379 bps YoY

275.6% YoY growth in PAT

12.6 Mn pieces volume produced

~53.8% YoY Growth in Garment EBITDA

46.2% YoY Growth in SPUK EBITDA

Net Debt reduced by Rs. 245 mn resulting in lower Debt to Equity Ratio of 0.2 x

~60.2% sewing machine capacity utilisation

1. 2.

Q4 FY21 RESULT – KEY HIGHLIGHTS

REVENUES 1

Adj. EBITDA & EBITDA MARGIN 2

PBT* & PBT MARGIN 3

PAT & PAT MARGIN 3

Q4 FY21 YoY ANALYSIS

In Rs Mn

1,694.5

1,937.0

14%

13.0%

11.1%

188.6

33%

251.6

7.8%

5.5%

3.0%

51.6

151.9

194%

1.7%

28.1

276%

105.6

Q4 FY20

Q4 FY21

Q4 FY20

Q4 FY21

Q4 FY20

Q4 FY21

Q4 FY20

Q4 FY21

1. 2. 3.

Total revenues include realised gain on account of foreign exchange fluctuations (accounted in other income) In addition to (1), EBITDA calculation excludes unrealised MTM gain / loss on account of foreign exchange fluctuations (accounted in other expenses) PBT Margin = Reported PBT / Total Revenues 1 , PAT Margin = Reported PAT / Total Revenues 1

FY21 RESULT – KEY HIGHLIGHTS

REVENUES 1

Adj. EBITDA & EBITDA MARGIN 2

PBT* & PBT MARGIN 3

PAT & PAT MARGIN 3

FY21 YoY ANALYSIS

In Rs Mn

8,309.3

6,531.9

16.4%

10.8%

21%

895.3

20%

1,072.0

9.1%

33%

591.4

5.3%

444.1

6.6%

5.6%

469.2

431.7

FY20

FY21

FY20

FY21

FY20

FY21

FY20

FY21

1. 2.

Total revenues include realised gain on account of foreign exchange fluctuations (accounted in other income) In addition to (1), EBITDA calculation excludes unrealised MTM gain / loss on account of foreign exchange fluctuations (accounted in other expenses) and prior to the exceptional item PBT Margin = Reported PBT / Total Revenues 1 , PAT Margin = Reported PAT / Total Revenues 1

3. * Exceptional item of Rs 97.3 Mn in Q3FY20

Q4 FY21 RESULT – DIVISION WISE ANALYSIS

In Rs Mn

Q4 FY21 YoY ANALYSIS – TOTAL REVENUE BREAKUP 1

DIVISION REVENUES SHARE

Q4 FY20

Q4 FY21

1,694

117.54

127.2

1,449.8

-35%

87%

13%

1,937

219.57

82.6

1,634.9

Q4 FY20

Q4 FY21

Garment Exports

SPUK

Retail

Garment Exports

85.6%

84.4%

SPUK

Retail

6.9%

7.5%

11.3%

4.3%

Adj. EBITDA MARGIN % 2

Q4 FY20

Q4 FY21

Garment Exports

13.1%

17.8%

SPUK

Retail

3.5%

2.7%

-3.9%

-55.4%

1. 2.

FY21 RESULT – DIVISION WISE ANALYSIS

In Rs Mn

FY21 YoY ANALYSIS – TOTAL REVENUE BREAKUP 1

8,309

776.3

506.6

49%

7,026.4

52%

24%

6,532

395.0 768.1

5,368.7

FY20

FY21

Garment Exports

SPUK

Retail

DIVISION REVENUES SHARE

Garment Exports

SPUK

Retail

GROSS MARGIN % 2

Garment Exports

SPUK

Retail

Adj. EBITDA MARGIN % 3

Garment Exports

SPUK

Retail

FY20

84.6%

6.1%

9.3%

FY20

63.0%

9.0%

35.3%

FY20

12.0%

3.7%

4.4%

FY21

82.2%

11.8%

6.0%

FY21

68.6%

8.8%

21.6%

FY21

20.2%

5.3%

-13.1%

1. 2. 3.

Total revenues include realised gain on account of foreign exchange fluctuations (accounted in other income) Gross Margin (1) minus COGS In addition to (1), EBITDA calculation excludes unrealised MTM gain / loss on account of foreign exchange fluctuations (accounted in other expenses)

Q4 FY21 RESULT – KEY ANALYSIS

FINANCIAL UPDATE: • Q4 FY21 total revenues1 increased by 14.3% YoY to Rs 1,937 mn.

• Revenues grew by 12.8% on a YoY basis in Garment Exports division due to increased demand from existing customers post Covid-19

related lockdowns in UK and EU Region

• Revenue grew at a robust pace of 86.8% on a YoY basis in SPUK division due to easing of lockdown restrictions in UK region • Retail division witnessed a de-growth of 35.1% YoY, on account of lower demand due to closer of malls & retail stores

• Q4 FY21 Adj. EBITDA2 jumped by 33.4% YoY to Rs 251.6 mn. Adj. EBITDA margins improved significantly by 186 bps YoY to 13%.

• Higher EBITDA was primarily due to improved efficiency and cost control measures

• Q4 FY21 PBT grew 194.1% YoY to Rs 151.9 mn.

• PBT grew due to lower finance costs which was led by 18% YoY reduction in Net Debt

• Q4 FY21 PAT increased by 275.6% YoY to Rs 105.6 mn. PAT margin3 expanded to 5.5% from 1.7% YoY.

•

Lower finance cost and higher operating leverage drove the PAT margins up

1. 2. 3.

Q4 & FY21 RESULT – CONSOLIDATED PROFIT & LOSS STATEMENT

Particulars (In Rs Mn) Revenue from Operations Gain on account of Foreign Currency Fluctuations Total Revenues COGS Gross Profit Gross Margin Employee Expenses Other Expenses excl. MTM gain / loss on account of Foreign Currency Fluctuations Adj. EBITDA Adj. EBITDA Margin % MTM (Gain) / Loss on account of Foreign Currency Fluctuations Depreciation Finance Cost Other Income excl. Gain on account of Forex Fluctuations Exceptional Items PBT Tax Expense PAT PAT Margin % Earnings Per Share (EPS) In Rs.

Q4 FY21 1,916.2 20.79 1,937.0 867.5 1,069.5 55.2% 450.72

367.2

251.6 13.0% 0.56 75.66 23.53 0 0.0 151.9 46.31 105.6 5.5% 4.11

Q4 FY20 1,683.7 10.82 1,694.5 757.13 937.4 55.3% 443.81

304.98

188.6 11.1% 0.05 83.4 54.23 0.74 0.0 51.6 23.53 28.1 1.7% 1.09

YoY% 13.8% 92.1% 14.3% 14.6% 14.1% -10bps 1.6%

20.4%

33.4% 186bps 1020.0% -9.3% -56.6% -100.0% - 194.1% 96.8% 275.6% 379bps 277.1%

FY21 6,523.1 8.8 6,531.9 2,697.7 3,834.2 58.7% 1,491.7

1,270.5

1,072.0 16.4% 19.8 323.1 142.8 5.0 0.0 591.4 159.7 431.7 6.6% 16.8

FY20 8,089.7 219.6 8,309.3 3,567.0 4,742.3 57.1% 1,961.4

1,885.6

895.3 10.8% -155.8 299.3 227.8 17.5 97.3 444.1 -25.1 469.2 5.6% 18.3

YoY% -19.4% -96.0% -21.4% -24.4% -19.1% 163bps -23.9%

-32.6%

19.7% 564bps -112.7% 7.9% -37.3% -71.5% - 33.2% -736.3% -8.0% 96bps -8.0%

1. 2. 3.

FY21 – CONSOLIDATED BALANCE SHEET

Particulars (Rs Million) Equities & Liabilities Shareholder's Funds Share Capital Other Equity Total Shareholder's Funds Minority Interest Non-Current Liabilities a. Financial Liabilities

Borrowings (please refer note below) Other Financial Liabilities

b. Deffered Tax Liabilities c. Other Non-Current Liabilities Total of Non-current liabilities Current Liabilities a. Financial Liabilities

Borrowings Trade Payables Other Financial Liabilities

b. Other Current Liabilities c. Provisions Total of Current liabilities Total Liabilities

Mar-20

Mar-21

256.9 4,975.3 5,232.2 -64.2

616.0 132.4 201.2 0.0 949.6

1,555.2 845.0 304.6 21.1 81.2 2,807.0 8,924.7

256.9 5,326.9 5,583.9 -64.5

547.1 135.8 301.8 0.0 984.8

1,282.1 911.4 256.8 60.0 88.1 2,598.4 9,102.5

Particulars (Rs Million) Assets Non-Current Assets a. Property, Plant and Equipment b. Capital work in progress c. Intangible assets d. Financial Assets Investments Loans & Advances Others

e. Other non-current assets f. Right of use assets Total non-current assets Current Assets a. Inventories b. Financial Assets Investments Trade Receivables Cash & Cash equivalents Others

c. Other Current Assets Total current assets Total Assets

Mar-20

Mar-21

3,964.8 - 60.5

1.9 0.6 176.3 21.1 414.1 4,639.3

4,007.6 102.4 59.7

1.9 0.0 209.8 10.4 372.6 4,764.4

2,277.6

2,413.5

0.0 940.4 463.0 0.0 604.4 4,285.3 8,924.7

0.0 1,166.8 411.8 0.0 346.0 4,338.0 9,102.5

Note : Long term debt includes right to use property obligation close to Rs. 334 Mn

Q4 & FY21 Results Update

COMPANY OVERVIEW

Financial Overview & Shareholding Structure

BRIEF PROFILE

BUSINESS OVERVIEW

▪ ▪

▪

SPAL is one of the leading manufacturers and exporters of knitted garments for infants and children in India. Provides end-to-end garment manufacturing from greige fabric to finished products including body suits, sleep suits, tops and bottoms. Strong promoter pedigree with more than two decades of experience in textile and apparels industry.

KEY STRENGTHS

▪ SPAL is a specialized player in the highly challenging infant & children wear knitted garment industry. ▪ Preferred vendor through long standing relationships with reputed international brands etc. ▪ Stringent quality compliance, superior in-house product development and certified testing laboratories. ▪ Demonstrated ability to setup integrated facilities to scale-up operations. Currently operating 26 facilities having close

proximity to key raw materials & skilled labour.

▪ Advanced manufacturing machineries with latest technology and automation.

FINANCIAL OVERVIEW *

▪ Reported Consolidated Revenues, EBITDA and PAT were Rs 6,523 mn, Rs 1,072 mn and Rs 432 mn in FY21. ▪ Strong balance sheet with Net Debt to Equity ratio of 0.20x as on Mar-21. ▪ Improving profitability & return ratios over FY15 to FY21-

▪ Reported PAT Margin: 1.7% to 6.6% ▪ Cash Adjusted ROCE: 13.4% to 11.5% ▪ ROE: 9.6% to 14.1%

ROE = PAT before MI / Avg. Equity (Excl. preference shares) + MI Cash Adj. ROCE = EBIT / Avg. Capital Employed (excl. cash & current investments),

OUR EVOLUTION

2003 Set-up first in-house embroidery facility at Thekkalur

1989 Started export operations as a partnership firm

2004 Set-up of flagship factory at Avinashi

2007-08 Amalgamation with Sri Balaji Bakkiam Spinning Mills

2008-13 Streamlining of operations to integrate the factories, increase efficiencies and increase backward integration

2016

▪ Listed on BSE / NSE ▪ Repayment of Loans to

reduce leverage

1989-2003 Bootstrap Phase

2004-2008 Expansion Phase

2008-2015 Consolidation Phase

2016-19 Growth Phase

1998 Set-up manufacturing facility at Neelambur

2005 Commissioned dyeing plant at Perundurai

2014 Incorporation of SP Apparels UK to cater to increasing integration, get a closer-to-client presence, and develop new relationships

▪ ▪

2006 Investment by NYLIM in the Company Investment in Joint Venture Company for manufacturing and marketing of “Crocodile” Brand

▪

2017-19 Integration / expansion of manufacturing facilities to increase operational efficiency Expansion of Crocodile brand in unexplored states and cities

LEADING EXPORTER OF INFANT & CHILDREN WEAR IN INDIA

SPAL IS A SPECIALIZED PLAYER IN THE HIGHLY CHALLENGING INFANT & CHILDREN WEAR KNITTED GARMENT INDUSTRY

INDUSTRY’S UNIQUE CHALLENGES

SPAL’S CORE COMPETENCIES

• • •

Labour intensive operations. Employee training & skill development. Employee occupational health & welfare.

• Demands large variety and small batch size

orders.

• Highly complex manufacturing.

•

Stringent safety and quality requirements in developed markets. Severe restrictions on the use of chemicals, dyes, accessories and other additives to prevent any side-effects on infants and children.

Demonstrated manufacturing excellence for over two decades

Clear understanding of buyer preferences and specifications of knitted garments and embellished garments in infants and children category

SPAL is strongly placed to capitalize

on future growth opportunities

Ability to consistently deliver high quality products on timely basis

SPAL – EXPORTS VOLUMES SOLD IN MILLION

Meeting stringent compliance requirements of international customers

47.9

49.2

36.0

59.9

57.6

42.1

Long standing relationships with reputed global brands

FY16

FY17

FY18

FY19

FY20

FY21

Note: Lower volumes in FY21 on account of Covid-19 related disruptions

PREFERRED VENDOR TO REPUTED INTERNATIONAL BRANDS

SPAL IS THE PREFERRED VENDOR FOR KNITTED GARMENTS FOR INFANTS AND CHILDREN TO REPUTED INTERNATIONAL BRANDS AND RETAILERS

WHY SPAL?

• Expertise to concurrently manage multiple large orders with a diversified product range including

body suits, sleep suits, tops and bottoms.

• Ethically, Environmentally and Socially compliant organization.

• No bulk returns from customers since inception.

• Ability to offer end-to-end garments manufacturing services from the design to the manufacture of

the garments.

STRATEGICALLY LOCATED & INTEGRATED MANUFACTURING FACILITIES

INTEGRATED BUSINESS MODEL

Product Development

Order

Spinning

Knitting

Dyeing

Garmenting

Export

In-house

LOCATION ADVANTAGE: • All 18 manufacturing facilities are located within a radius of ~125 km of our Registered Office near Tirupur (leading hub in India for knitted garments for children and exports) leading to significant economies of scale.

• Convenient access to skilled labour and raw materials and also to machinery supplies and replacement parts.

•

Significant savings in production, labour and transportation costs.

• Close proximity to international port.

TECHNOLOGY & AUTOMATION: •

Eton conveyor production system (automated sewing assembly line and workflow control). • ASRS* for efficient warehouse / inventory

management.

• Orgatex software system for automation of dyeing

related processes.

* ASRS: Advanced semi-automated storage and retrieval system

STRATEGICALLY LOCATED & INTEGRATED MANUFACTURING FACILITIES

Spinning

Dyeing

STRATEGICALLY LOCATED & INTEGRATED MANUFACTURING FACILITIES

Printing

Automated Embroidery

Sewing

Automated Sewing Assembly Line

Semi-Automated Inventory Management

STRONG IN-HOUSE DESIGN EXPERTISE

STRONG DESIGN IS SPAL’S CORE COMPETENCY

• SPAL’s core competency lies in understanding latest fashion and trends to suit the customers buying preferences.

• Dedicated in-house design and merchandising team of designers located at our Corporate Office in India and design consultants hired by our Subsidiary, SPUK.

• Use of latest technology for developing products and styles which are based on prevalent fashion trends.

• Design development, sampling and fitment form an

integral part of our operations and are considered as an effective tool for converting customer’s need into a finished product.

STRINGENT QUALITY CONTROLS & COMPLIANCE

• Strong adherence to the highest standards of quality, assurance and compliance. • Stringent quality control checks consisting of inspection and testing of fabric, greige and processed yarn, trims,

accessories, packing materials and of each piece of garment for metal bits/needle tips/sharp edges prior to packing.

• Exercise stringent Quality check at every stage of manufacturing. • All individual pieces of garments are also physically inspected to ensure that no defective/damaged pieces are delivered

to our customers.

•

Internal rejection rate is low as compared to international standards.

ACCREDITATIONS AND AWARDS FOR OUR MANUFACTURING FACILITY/ABILITY

Received laboratory accreditation ISO/IEC 17025:2005 by the National Accreditation Board for Testing and Calibration Authorities, Department of Science and Technology, India

TESCO ‘F&F Gold Rated Supplier Award’ 2013

Marks and Spencer award 2011

BUILDING RETAIL PRESENCE IN INDIA

SPAL’s PRESENCE ACROSS LARGE FORMAT STORES

BUILDING RETAIL PRESENCE IN INDIA

SPAL IS STRENGTHENING ITS RETAIL PRESENCE BY EXPANDING THE REACH OF CROCODILE BRAND

OUR RETAIL STORE PRESENCE

•

SPAL undertakes manufacturing and retailing activities in India under the ‘Crocodile’ brand.

SPAL sells wide range of adult menswear products like shirts, polo shirts, t-shirts, trousers, jeans, sweaters, jackets and innerwear products like vests, briefs, boxer shorts.

In addition to EBOs and MBOs, we are also present in large format stores and e-commerce platforms.

•

Large format stores (LFS) – Central, Megamart, Centro, D Mart, Unlimited, Globus, Reliance Market, Walmart, Brand Factory.

E-Commerce platforms – Myntra, Jabong.

8.3%

541.7

9.6%

646.2

SPAL – RETAIL OPERATIONS *

10.1%

817.8

9.3%

776.3

8.6%

395.04

FY17

FY18

FY19

FY20

FY21

Retail Network

EBOs – COCO

EBOs – FOFO

MBOs

LFS

No. of States

Mar – 21

4,200

362

Retail Revenues (Rs Mn)

% Share of Total Revenues

Outlet Size (Sq. ft)

400 – 1,500

* Figures are as per I-GAAP for FY15-16 and IND-AS for FY17-21

QUALIFIED MANAGEMENT WITH DEEP UNDERSTANDING OF APPAREL SECTOR

Mr P. Sundararajan Chairman and Managing Director

Ms S. Latha Executive Director

• Founder director of SPAL with 35 years of experience in the textile and apparel industry

• Bachelor of Science from the

Bangalore University

Founder director of SPAL with 28 years of experience in the textile and apparel industry

Mr S. Chenduran Director • Six years of experience in the textile

and apparel industry

• MS in Business and Management from the University of Strathclyde

Ms P.V. Jeeva, Chief Executive Officer •

34 years of experience in the textile and apparel industry

• Handles garments division and has been associated with SPAL since July, 1986

• Diploma in textile processing from GRG

Polytechnic College, Coimbatore

Mr V. Balaji, Chief Finance Officer •

20 years of experience in the field of finance and accounts

• Associated with SPAL since May 2012

• Qualified Chartered Accountant

• Helped in managing banking relationships to

aid the growth of the Company

BOARD OF DIRECTORS – WIDE SPECTRUM OF EXPERIENCE

Mr A.S. Anandkumar Independent Director

• 47 years of experience in banking

• Masters of Science from the University of

Madras

Mr C. R. Rajagopal Independent Director

• Core areas of expertise - finance, private

equity, mergers, acquisitions and reorganisations

• Chartered Accountant having 35+ years

of experience

Mrs H .Lakshmi Priya Independent Director

• 20+ years of experience in corporate

advisory, contract documentation, private equity & venture capital

• BA, LLB (Hons) from National las School of India University, Bangalore in 1996 and is a member of the Bar council of Maharashtra and Goa since 1999

Mr V. Sakthivel Independent Director

• 44 years of experience in the fields of

commerce and accountancy

• Qualified Chartered Accountant and

Certified I.S. Auditor

Q4 & FY21 Results Update

Company Overview

FINANCIAL OVERVIEW & SHAREHOLDING STRUCTURE

FINANCIAL OVERVIEW

REVENUES

Adj. EBITDA & EBITDA MARGIN

PAT Before MI & PAT MARGIN

In Rs Million

8,264

8,090

6,523

15.3%

1,238

10.8%

895

16.4%

1,072

9.1%

734

5.6%

469

6.6%

432

FY19

FY20

FY21

FY19

FY20

FY21

FY19

FY20

FY21

* Excludes exceptional item of write-off of amount considered recoverable from a bank on account of matured foreign currency contracts as of April 1, 2011

LEVERAGE ANALYSIS

RETURN METRICS

0.31

4,839

0.26

5,232.2

0.20

5,583.9

1,477

1,381

1,136

19.3%

16.9%

15.5%

14.1%

11.3%

9.3%

FY19

Equity

FY20

Net Debt

FY21

Net Debt/Equity

FY19

FY20

FY21

ROE %

Cash Adjusted ROCE%

Net Debt = Total Debt – Cash & Current Investments, For FY 20 Long term debt includes right to use property obligation close to Rs. 360 Mn

ROE = PAT before MI / Avg. Equity (Excl. preference shares) + MI (based on cash adjusted PAT) Cash Adj. ROCE = EBIT / Avg. Capital Employed (excl. cash & current investments),

DIVISION-WISE EBITDA PERFORMANCE

20.9%

21.0%

5955.1

5733.7

GARMENT DIVISION

17.6%

6805.0

1244.4

1202.4

1194.4

FY17

FY18

FY19

12.0%

7026.4

842.6

FY20

20.2%

5368.7

1083.3

FY21

Garment Revenue

Garment EBITDA

Adj. EBITDA Margin (%)

In Rs Million

RETAIL DIVISION

3.6%

646.2

2.1%

817.8

4.4%

776.3

23.2

17.0

33.8

395.0

-13.1%

541.7

-11.6%

SPUK

5.6%

481.8

3.5%

353.6

5.3%

768.1

3.7%

506.6

12.5

27.0

18.9

40.6

0.2%

128.7

0.2

FY17

-62.9

FY18

FY19

FY20

FY21

-51.9

FY17

FY18

FY19

FY20

FY21

Retail Revenue

Retail EBITDA

EBITDA Margin (%)

SPUK Revenue

SPUK EBITDA

EBITDA Margin (%)

SHAREHOLDING STRUCTURE

SHAREHOLDING PATTERN – 31st March 2021

KEY SHAREHOLDERS – 31st March 2021

DSP Mutual Fund

UTI Mutual Fund

Promoters 61.7%

ICICI Prudential Mutual Fund

6.16%

5.18%

3.39%

Non-Institutions 23.6%

Institutions 14.8%

Source: BSE

FOR FURTHER QUERIES:

Mr. V. Balaji Chief Financial Officer Email: balaji.v@spapparels.com

Ms.Pushpa Mani /Mr. Chintan Mehta IR Consultant Email: s.p.apparels@dickensonworld.com Contact no: +91 9911684123/ 9892183389

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