STARCEMENT

Date: 14th February, 2023 To To The Listing Department, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block-G Dalal Street Bandra Kurla complex, Bandra-East Mumbai-400 001 Mumbai-400 051 Stock code: 540575 Stock code: STARCEMENT Dear Sir, Subject: Investor Presentation for the Third Quarter ended 31st December, 2022 Pursuant to the Regulation 30 of Securities and Exchange Board of India (Listing obligations and Disclosures Requirements) Regulation, 2015, an Investor Presentation for the third quarter ended 31st December, 2022 has been prepared and the same has been disseminated on the Company’s website at https://www.starcement.co.in/investor/investors-presentation. We are enclosing herewith a copy of the Presentation for your information and record. Request you to kindly take this communication on record. Thanking you, Yours faithfully, For Star Cement Limited 14-02-2023 X Debabrata Thakurta Company Secretary Signed by: DEBABRATA THAKURTA Debabrata Thakurta (Company Secretary) Encl. as stated CREATING A BETTER TOMORROW STAR CEMENT LIMITED An Integrated Cement Company NSE Ticker: STARCEMENT | BSE Ticker: 540575 | Bloomberg Ticker: STRCEM:IN Q3 Presentation | December 2022 INDEX KNOW US BETTER: CORPORATE OVERVIEW BETTER PROSPECTS & POSSIBILITIES: INDIAN CEMENT INDUSTRY WHAT MAKES US BETTER: STRENGTHS & STRATEGIES PROMISING A BETTER TOMORROW: SUSTAINABILITY LEADING FROM THE FRONT: OUR MANAGEMENT TEAM NUMBERS THAT SPEAK FOR US: FINANCIAL PERFORMANCE REVIEW APPENDIX: 2 STAR CEMENT AT A GLANCE As one of the most renowned and leading names among Eastern India's cement manufacturers, Star Cement enjoys a strong brand recall. The Company caters to significant cement markets across the region and functions across its six manufacturing units spread in the Eastern India region. 2.8 MTPA SALES MIX (YTD DEC’22) 5.7 MTPA AGGREGATE CLINKER AGGREGATE CEMENT CAPACITY CAPACITY Non Trade Sales 10% 1,600+ 12,000+ TOTAL DEALER NETWORK TOTAL RETAILER NETWORK 3,100+ ZERO DEBT WORKFORCE COMPANY HIGHEST ONE OF THE Trade COUNTRY'S FINEST Sales MARKET SHARE IN NORTH-EASTERN 90% REGION LIMESTONE RESERVES 4 OUR STAR PRODUCTS ORDINARY PORTLAND ANTI RUST CEMENT PORTLAND POZZOLANA CEMENT (OPC) (ARC) CEMENT (PPC) OPC 43: PPC: ARC: Suitable for construction where the grade Ideal for: A highlight of Star Cement’s innovative of concrete is upto M-30. Mass concreting works product line and a robust R&D, ARC OPC 53: imparts anti-rust and anti-corrosive Masonry mortars and plastering properties in the reinforcing bars for Provides high strength and durability to It is resistant to chemical attacks, more higher durability and service life of the structures with optimum particle size durable, improves strength and viscosity, structure. distribution and superior crystallized has lower permeability, is water-resistant, structure. and has better cohesiveness. A JOURNEY THAT SPEAKS OF EXPANSION Our growth is reflected in how our manufacturing capacities have expanded through the years. Here is a year-wise snapshot summarizing our progress and additions to our cement and clinker capacities. CLINKER 0.40 0.60 0.80 2.60 2.80 (MMT) FY 04-05 FY 07-08 FY 10-11 FY 12-13 FY 15-16 FY 16-17 FY 18-19 FY 20-21 CEMENT 0.40 1.06 1.27 3.00 3.70 4.30 5.70 (MMT) 6 BETTER PROSPECTS & POSSIBILITIES INDIAN CEMENT INDUSTRY 7 7 DEMAND TO BE DRIVEN BY INFRASTRUCTURE SEGMENT IN NEXT 2 YEARS CEMENT DEMAND Housing Industrial / Commercial Infrastructure (59% share by FY27E) (14% share by FY27E) (28% share by FY27E) Capital investment outlay raised 33% to INR 10 Tn with Affordable and mid-income segments to drive housing Center’s effective capex budgeted at Rs 13.7tn, per Union demand in the near term. Rising urbanization and PLI scheme boost of Rs 2.4 Tn in the next five years Budget FY24; also, Rs 100bn p.a. allocated to urban affordability to support property sales infrastructure development fund Healthy rabi crop, normal monsoon, and higher Capex announcement by large players amid healthy Bharatmalaproject target of 60,000km over FY20-FY24, minimum support price for crops to support rural demand prospects; sharp uptick in investments in of which ~53% constructed till FY22. Momentum to housing warehousing and data centers continue given strong investment pipeline under NIP Government impetus since 2017 expected to bring over Increase in NIP allocation to Rs 142tn against Rs 111tn; US$ 1 Tn of investment into the sector by 2025. PM Awas infrastructure accounted for ~50% of the incremental Yojana outlay enhanced by 66% to INR 790 Bn in FY24 demand in FY22 Union Budget Stable income levels and shift to hybrid working model in Capital allocation under NRP of Rs 9.4tn, of which 67% IT/ITES, BFSI and related sectors to drive demand for accounts for track infrastructure and terminals which will better and larger homes generate significant cement demand Unsold housing inventory at 17 months lowest since Various irrigation projects underway or planned; PMKSY 2011. 38% of population (534 Mn) to occupy Indian cities outlay at Rs 0.93tn; river linking project (draft DPRs for 5 by FY25E (current 33%). Housing shortage of 62.45 Mn river links finalized) units, of which 30% is in Urban India Medium Source: Sector Report : Cement, BOB Capital Markets Ltd, 02 February 2023 Low Impact High Impact Impact 8 KEY GOVERNMENT INFRASTRUCTURE INITIATIVES The NIP for FY19-FY25 has been allocated Rs 111 Tn in funding and is a government exercise to provide National infrastructure to citizens by improving project preparation and attracting investments into the sector. In Mar’22, Infrastructure projects worth Rs 44 Tn, accounting for 40% of the total outlay, were under implementation and projects worth Rs Pipeline (NIP) 22 Tn (20% of the outlay) were under development The Roads Ministry has a target of building 60,000 kms of world-class national highways at a rate of 40 km per day by FY24. To expedite construction, the government rolled out a series of initiatives in FY22, viz. (i) the National Roads and Highways Monetisation Pipeline (NMP), (ii) Bharatmala Pariyojana, and (iii) changes in the hybrid annuity model (HAM). A further Rs 1.3tn has been allocated to National Highways Authority of India (NHAI). To boost development of India’s northeastern region, a budgetary allocation of Rs 26.6 bn was made for the Ministry of Development of Northeastern Region in Union Budget FY23, including ~Rs 4bn for the Central Pool of Northeast Resources for the northeastern region and Sikkim. Additionally, Rs 2.2bn was awarded to schemes of the North development East Council, ~Rs 7bn to North East Road Sector Development Scheme, and Rs 6.7bn to the North East Special Infrastructure Development Scheme (NESIDS). An outlay of Rs 480bn (US$ 6.4bn) has been allotted under Pradhan Mantri Awas Yojana (PMAY) which aims to Affordable housing construct affordable housing for the urban poor – a segment that has been conferred infrastructure status by the government, implying additional tax benefits Source: Sector Report : Cement, BOB Capital Markets Ltd, 02 February 2023 9 BURGEONING EASTERN INDIA CAPACITY EXPANSION ACROSS REGIONS (MN TONS) OPPORTUNITIES IN THE EASTERN REGION Region FY19 FY22 FY25E  Regionally, the government’s efforts to build up underdeveloped states in the eastern (Bihar, Jharkhand, NORTH 161.9 170.5 186.4 Chhattisgarh, Odisha) and north-eastern belt has boosted SOUTH 106.9 114.4 131.4 offtake In these markets. Thus, incremental demand is shifting towards the eastern region (24% from 21%), likely replacing EAST 86.4 110.4 145.4 the south over FY19-FY26. WEST 65.4 81.0 89.4  It is expected that the cement demand in eastern region would CENTRAL 58.4 73.4 95.4 grow at ~10% CAGR over FY22-FY25. TOTAL 479.0 550.0 648.0  The availability of limestone reserves in the states of Chhattisgarh (eastern) and Madhya Pradesh (central) has CAPACITY : EAST - STRONG DEMAND PUSHES STRONGER SUPPLY further fueled the expansion drive in these regions. Satellite production units in demand hubs (Uttar Pradesh, Odisha, CAGR –9.5% Bihar, West Bengal and Jharkhand), in and across the clinker CAGR –6.1% clusters has boosted the capacity expansion drive in the CAGR –15.2% eastern region. 39 46 51 57 69 78 86 86 94 99 110 126 138 145 Government impetus towards infrastructure to aid faster growth in the eastern market Source: Sector Report : Cement, BOB Capital Markets Ltd, 02 February 2023 10 WHAT MAKES US BETTER STRENGTHS & STRATEGIES 11 1111 STRENGTHENING OUR TOMORROW OUR CURRENT MANUFACTURING CAPABILITIES OUR CURRENT MANUFACTURING UNITS & CAPEX PLAN 2.8 MTPA 5.7 MTPA CLINKER PRODUCTION CEMENT PRODUCTION CAPACITY CAPACITY 1 Grinding unit at Siliguri, West Bengal 51 MW 6 POWER PRODUCTION MANUFACTURING 1 Grinding unit at Guwahati, Assam CAPACITY UNITS Setting up a 2 MT Grinding unit in Guwahati, LARGEST MANUFACTURER Assam and 1 unit at Silchar, Assam OF CEMENT IN NORTH- EAST INDIA OUR LONG-TERM PLANS 4 manufacturing units at NEXT FIVE-YEAR PLANS: Lumshnong, Meghalaya Setting up a 3 MT clinker unit with 12 MW WHRB at Setting up 3 MT Clinker Lumshnong: ₹ 1,300 Crores unit and 12 MW WHRB at Lumshnong Setting up a 12 MW WHRB at Lumshnong: ₹ 150 Crores Setting up two grinding units in Assam: ₹ 800 Crores 12 BRANDING & PROMOTION: ENDORSING A BETTER TOMORROW ANNUAL ADVERTISING & BRAND PROMOTION AKSHAY KUMAR, AS OUR BRAND AMBASSADOR, INVESTMENT BOOSTED OUR BRAND VISIBILITY ADVERTISEMENT AND BRANDING EXPENSES (₹ IN CR) 51.82 35.30 29.00 26.23 21.90 FY19 FY20 FY21 FY22 YTD Dec'22 As part of its brand outreach program, the company has associated with ₹ 9.41 Crores Akshay Kumar, one of the biggest stars of the Indian Film Industry, as the brand ambassador of the company. Association of Akshay Kumar has uplifted the brand perception and has created a positive impact on the saliency of Star Invested in branding and advertisement in the Q3 FY 22-23 Cement as a brand. Awards Received In Q3, the company initiated a digital campaign called "Happy Pic Lucky Pic • Rotary RMB Connect 2021 award with Economic Times & Rotary RMB Contest” for its Facebook and Instagram users. The campaign achieved a total Connect 2022 award with The Telegraph T2 for invaluable service & excellence engagement of more than 2 lakh users and has helped to increase the in Cement Industry category for two consecutiveyears. company’s Facebook likes by 17% and Instagram followers by 2700% • SCALE 2019, 2020 & 2021 (SupplyChain & Logistics Excellence). 13 ADVANCING WITH TECHNOLOGY STAR LOTUS APP (5500+ DIGITAL DISPLAYS: USERS): Impacting our in-store branding to enhance brand information and visibility Assisting contractors with classification, along with timely updates on relevant site verification, gift distribution, and schemes and offers. journey, for bettering their experience with Star Cement. STAR STELLAR APP (2200+ CUSTOMER WEB-PORTAL: USERS): Aiding dealers in generation of ledgers, invoices, debit note/credit notes Facilitating loyalty program for civil through OTP authentication. engineers and providing login facility to Technical Employees and Civil Engineers for a better performanceat work STAR SAATHI APP FOR SALESFORCE AUTOMATION IMPLEMENTED ENTERPRISE DEALERS (1800+ USERS): APP: RESOURCE MANAGEMENT Strengthening the channels of Helping us to track attendance, and (ERM) SYSTEMS: distribution, the app facilitated flexibility various other activities taking place Leading to higher operational efficiency in placement tracking and payment, (including field visits by our Sales, and an overall enhanced performance providing ease of service to our dealers Branding and Technical Teams (includes management of inventory and sales) 13 WIDER REACH FOR A BETTER TOMORROW STRONG SUPPLY CHAIN & DISTRIBUTION NETWORK We emphasize on strengthening being among the first one to identify the disparity in demand and supply forces, through a strong supply chain & distribution network: DISTRIBUTION NETWORK SPREAD ACROSS 10 STATES, LEADING TO AN EDGE OVER EASY AVAILABILITY OF RAW MATERIAL: PEERS Easy access and proximate location to limestone mines within 2-3 km of our plants in Integrated vehicle logistics system. RIGHT MIX OF DISPATCH MODES: DEALER NETWORK Availability of different modes of transportation, including roadways and railways for uninterrupted supply 1126 IMPROVING RAIL TRANSPORT CONNECTIVITY: 1041 1050 Raw Material Inward & Cement outward dispatches from Siliguri siding ensured alternate mode availability for enhanced serviceability and Cost 682 Efficiency. 551 ENHANCING PRODUCTIVITY THROUGH OWN FLEET: 978 1056 1047 1048 1109 Optimum utilization of owned fleet of 190+ trucks through digitization enabled the organization to increase the overall efficiency & productivity FY 18-19 FY 19-20 FY 20-21 FY 21-22 YTD Dec'22 North-east Rest of East India ESTABLISHED DEALER-DISTRIBUTOR NETWORK: Our extensive distribution network helps deepen penetration in the Eastern region 14 THE STAR SHINES BRIGHT AND STRONG • Enjoys a leadership position in the North East with market share of more than 23% • Gradually increasing share in the Eastern region through concerted efforts DISTRIBUTION NETWORK SPREAD ACROSS 10 STATES, • Strong dealer and distributor network built over the years, steering year-on-year growth, enabling leadership position in LEADING TO AN EDGE OVER PEERS market SALES THROUGH THE YEARS – VOLUME (LAKH TONS) 28% 6% 4% 13% 24% 21% -8% 33% -12% 52% 10.7 16.3 21.7 26.3 27.4 24 27.1 28.8 26.5 33.9 22.41 27.79 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 YTD DEC'21 YTD DEC'22 15 PROMISING A BETTER TOMORROW ENVIRONMENT, SOCIAL & GOVERNANCE BEING RESPONSIBLE TODAY FOR A BETTER TOMORROW Health and Sanitation Livelihood Development Education Rural Development • TB patients of Sonapur district • STAR Usha Tailoring School in all • Infrastructural development including • Construction of 350 mt. RCC road of Hospitalsupported with food items. three locations are going on as per construction of boundary wall, class Dongwalarung locality of Lumshnong • Blood donation camp organized at schedule. room, floor, guard wall, desk bench Village and Community Hall office Star Clubon08thDec. • Beautician and wellness training support, class room kits support are room isgoing on. • Food Security for 73 specially abled courses have been started in underway at several educational • Construction of additional room at persons of Mohitnagar has been Mohitnagar with 60nativegirls. institutions inAssamandMeghalaya. Gandhi Nagar Anchalik Kalakrishti initiated and the same will continue • Biofloc fish farming is ongoing at • Renovation of school building with VikashKendra isgoing on. throughout thecurrent financial year. Guwahati and Mohitnagar plant theconstruction of mid day mealarea • Construction of public utility area of • Medical camp organized at peripherals. have beeninitiatedinMohitnagar. Maa Kali Mandir at Sonapur & Lumshnong village on 22nd Dec, • Regular production in Agarbatt unit • School bus services are being repairing of Prayer hall at Lakhi where patients received free health and sanitary napkin production unit provided inLumshnong. Mandir are under way. check-up andmedicine. atSRIJANIisgoingon flawlessly. • Computer Education on wheels – a • Construction of market place at Gouri • Establishment of STAR JALADHARA • Awareness camp on Menstrual new initiative has been started in Hat and Maa Kali Mandir at Madhya Project - 24 x7 running potable water Hygiene is going on monthly basis in fresh manner at Guwahati plant Kumar Para have been initiated in system is at the end of completion at different tea gardens of Mohitnagar. peripheral area. Mohitnagar. 11 educational institute and 2 social Women are accepting this positively • Student Support Programme i.e. • Repair works at 8.5 km connecting institution of GGU and SGU plant andtheir habitischanging gradually. distribution of class room kits and road of Sakri and Lumstongseng peripheralarea. • Alivelihood hubisunder construction sports items in 25 LP & SSK Schools villagehadbeen completed. • Renovation of Institutional Toilets in 5 atLumshnong in and around Mohitnagar are in pipe • Around 250 solar lights have been in LP schools of Mohitnagar is almost • 58 pig farmers had been shortlisted line. Guwahati and Mohitnagar. A solar completed. for Pig Rearing Project from 5 villages home lighting system was established of Elaka Narpuhfor FY-2022-23. inMeghalaya. 18 LEADING FROM THE FRONT OUR MANAGEMENT TEAM GOOD GOVERNANCE PROMISING A BETTER TOMORROW OUR PROMOTERS TEAM Mr. Sajjan Bhajanka Mr. Rajendra Chamaria Mr. Sanjay Agarwal Chairman & Managing Vice Chairman & Managing Managing Director Director Director Experience: 36 years’ Experience: 50 years’ Experience: 36 years’ industry experience experience in plywood, experience in cement and laminates, ferro alloys and concrete sleepers industry with cement industry excellent project execution skill and productionknowledge Mr. Prem Kumar Bhajanka Mr. Tushar Bhajanka Managing Director Executive Director Experience: 43 years of industry Qualification: MPhil in Economics from experience the University of Cambridge Experience: 4 years’ industry experience 20 GOOD GOVERNANCE PROMISING A BETTER TOMORROW OUR MANAGEMENT TEAM Mr. Pankaj Kejriwal Mr. Manoj Agarwal Mr. Jyoti S. Agarwal Chief Operating Officer Chief FinancialOfficer Chief Marketing Officer Qualification: Chemical Engineer Qualification: LL.B, Chartered Qualification: M.Com Accountant, CompanySecretary Experience: 22 years’ overall Experience: Over 39 years’ experience Experience: Over 27 years’ experience in the cement industry, experience, including 15 years in having worked at senior positions the cement industry in Aditya Birla Group and Ambuja Cement Limited Mr. Pradeep Purohit Mr. Sundaram Mr. Samar Banerjee Chief Strategy Officer Srinivasan Chief Human ResourceOfficer Qualification: B. Com, Graduate Chief ManufacturingOfficer Qualification: BA( Eco), PGPM&IR Dip. IIMM Qualification: Mechanical Experience: Over 27 years’ Experience: 34+ years in the Engineer experience, including 14 years in cement and engineering industry the cement and Building Material Experience: More than 3 decades Industries. in the cement industry including companies like Gujarat Ambuja Cement & Zuari Cement. 21 NUMBERS THAT SPEAK FOR US FINANCIAL HIGHLIGHTS 22 222222 OPERATIONAL AND FINANCIAL UPDATES • The total cement production in Q3 FY23 was 9,21,814 MT against 8,57,173 MT in Q3 FY22, a YoY increase of 8%. • Average capacity utilization of cement grinding units was 65% in Q3 FY23. Operational • The organisation has started purchasing conditioned fly-ash through rakes from different power plants. This will help reduce flyash cost by approx. 20%. • Cement sales in Q3 FY23 was up by 12% (YoY) to INR 617 Cr. • EBITDA for the quarter stood at INR 120 Cr, a YoY increase of 61%. Financial • Profit After Tax for the quarter stood at INR 53 Cr. • The organisation has completed the adoption of SAP across all levels. • WHRS project at Lumshnong is progressing well and is expected to be operational from February 2023. Functional • The organisation is in process to introduce the use of alternate fuel resources in its Kiln. The organisation is also optimizing the use of biomass in power generation. • The organisation is using its own fleet and optimizing its transportation requirements for minimizing logistics cost. 22 HIGHLIGHTS THAT MATTER SALES VOLUME - CEMENT REVENUE FROM CEMENT SALES EBITDA PAT (MILLION TONS) (INR CR) (INR CR) (INR CR) 53 0.908 617 120 44 549 0.864 75 Qtr ending Qtr ending Qtr ending Qtr ending Qtr ending Qtr ending Qtr ending Qtr ending Dec 2021 Dec 2022 Dec 2021 Dec 2022 Dec 2021 Dec 2022 Dep 2021 Dep 2022 An YoY increase in sales volume by Increase in sales volume and better Increase in sales and cost PAT for the period increased by 21% 5% pricing resulted in the increase in rationalization in the quarter helped as compared to the same period last revenuefrom cement sales by 12% increase EBITDA by 61% compared year, even though tax for the year to the same quarter last year. has increase owing to sunset of tax exemption u/s 80 IE of Income Tax Act,. 1961. Cash outflow will remain the same at MAT. 23 HIGHLIGHTS THAT MATTER REALISATION COST EBITDA PAT (INR PER TON) (INR PER TON) (INR PER TON) (INR PER TON) 1324 583 6797 508 6357 853 5505 5473 Qtr ending Qtr ending Qtr ending Qtr ending Qtr ending Qtr ending Qtr ending Qtr ending Dec 2021 Dec 2022 Dec 2021 Dec 2022 Dec 2021 Dec 2022 Dec 2021 Dec 2022 Realization for the period was in line Cost of production per unit for the EBITDA per unit for the period has Net profit per share for the period with market trend period was consistent compared to increase by 55% as compared to the increased by 15% as compared to the same period last year. same period last year. the same period last year. Even though tax for the year has increase owing to sunset of tax exemption u/s 80 IE of Income Tax Act,. 1961, cash outflow will remain the same at MAT. 24 STANDALONE FINANCIAL HIGHLIGHTS PARTICULARS Q3 FY23 Q3 FY22 Q2 FY23 FY22 Equity Share Capital INR Cr 40 40 40 40 Reserves & Surplus INR Cr 1,354 1,184 1,324 1,259 Net Worth INR Cr 1,394 1,224 1,364 1,299 Revenue INR Cr 630 545 604 2,219 EBIDTA INR Cr 72 41 59 255 PBT INR Cr 47 20 37 170 Tax Expenses INR Cr 171 (4) 141 (6) PAT INR Cr 30 24 24 176 Return on Equity (Annualised) % 8.98% 8.03% 7.09% 13.57% Earning Per Share (Not Annualised) INR 0.75 0.59 0.58 4.32 1The tax holiday period enjoyed by the company’s Guwahati Grinding Unit u/s 80 IE of Income Tax Act, 1961 has ended in the financial year 2021-2022 leading to an overall increase in its tax expenditure. 26 CONSOLIDATED FINANCIAL HIGHLIGHTS PARTICULARS Q3 FY23 Q3 FY22 Q2 FY23 FY22 Equity Share Capital INR Cr 40 40 40 40 Reserves & Surplus INR Cr 2,279 2,040 2,226 2,128 Net Worth INR Cr 2,320 2,190 2,267 2,168 Revenue INR Cr 631 562 608 2,255 EBIDTA INR Cr 120 75 83 379 PBT INR Cr 83 41 49 244 Tax Expenses INR Cr 301 (3) 181 (3) PAT INR Cr 53 44 31 247 Return on Equity (Annualised) % 9.43% 8.70% 5.59% 11.38% Earning Per Share (Not Annualised) INR 1.31 1.09 0.77 6.04 1The tax holiday period enjoyed by the company’s Guwahati Grinding Unit and its subsidiary, Star Cement Meghalaya Limited (SCML) u/s 80 IE of Income Tax Act, 1961 has ended in the financial year 2021-2022 leading to an overall increase in the Group’s tax expenditure. 27 SAFE HARBOUR This quarterly investor presentation has been prepared by Star Cement Limited (‘Star Cement’) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied, should not be deemed to constitute an offer. 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 such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be ‘forward-looking statements, including those relating to the general business plans and strategy of Star Cement, its future financial condition and growth prospects, future developments in its industry, and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, among many others, or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks with respect to its Formulations and API business. Star Cement may alter, modify, or otherwise change in any manner, the content of this presentation, without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner. 28 THANK YOU Mr. Manoj Agarwal Corporate Office investors@starcement.co.in ‘Century House’, 2nd Floor www.starcement.co.in P-15/1, Taratala Rd, 2nd Floor, CPT Colony Taratala, Kolkata, West Bengal 700 088 30