Aarvi Encon Limited — Investor Presentation 2021

Jul 20, 2021

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Snapshot

Proven Management Experience of 32 years, Deputed more than 30,000 personnel

Leading Indian technical manpower outsourcing company

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Awarded Highest Creditworthiness rating from – Crisil SME-1

World class Engineering & Operational Standards with ISO 9001: 2015 and Safety ISO 45001: 2018

Servicing Diversified Sectors like Oil & Gas, Engineering, Power, etc. 150+ Esteemed Global Corporate Clients

Flexible Business Model

End to End Solution Providers to renowned Industrial Clients

3 Year Revenue CAGR: 5.11% & Low Gearing ratio of -0.24x

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Company Overview

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Company Overview

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• Incorporated in 1987, Aarvi Encon pioneered the concept of Technical staffing services in India.

• Starting from humble beginnings it is now one of the largest Technical staffing solutions company with more than 4,000 engineers/ technical personnel on payroll and working at the client location.

• Aarvi is India’s leading technical staffing company, which specializes in providing expert engineering staffing solutions.

• Services Offered include Deputation of Technical Staffing, Project Management, Construction supervision, Inspection Services, Pre-Commissioning & Commissioning Assistance and O&M Services.

• Aarvi offers services that are highly effective and affordable, giving significant cost savings to clients.

• The company has deployed over 30,000 personnel since inception and has a current deployed team strength of more than 4,000 professionals.

• It has leveraged its track record in India to successfully expand its operations internationally, providing a wide range of engineering services on various international projects, particularly in the UAE, and Kingdom of Saudi Arabia.

• The company has an esteemed clientele list including marquee names like, Larsen & Turbo Industries, Cairn, Reliance Industries Limited, Engineering India Limited, Indian Oil, Technip etc.

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Operational Revenue (INR Mn)

&

EBITDA Margins (%)

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2,181
2,060
2,018
1,735
5.65% 5.34% 4.76%
4.22%
FY18 FY19 FY20 FY21
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Manpower Deputation

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4,394
4,119
3,901
2,796
FY18 FY19 FY20 FY21
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Board of Directors

- Mr. Virendra Sanghavi Managing Director

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• More than 45 years experience and excellent track record in design, development, construction and operation of process plants in India and Internationally

• Previously working with various Engineering, Lubricant, Petrochemical, and Pharmaceutical companies such as Merck Sharp & Dohme India Ltd

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Devendra Jashwantrai Shrimanker - Independent Director

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• Devendra is a chartered accountant and a fellow member of Institute of Chartered Accountants of India. He has more than 28 years of experience in the field of accounting, auditing, taxation and advisory services. He has served as advisors to many PSU’s and private ltd companies, HNI’s and family managed business groups

• Mr. Sanghavi recently was recognized in the list of India’s Top 100 Great People Managers by the Great Manager Institute in association with the Forbes India.

Jaydev Sanghavi - Executive Director and CFO

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• Chemical Engineering Graduate from Mumbai University and joined Aarvi 26 years ago

• Played a crucial role in developing strategic Business Tie-ups and delivering several large & complex projects successfully

• In 1996 he identified a niche Business Opportunity in the project consulting of HR and thus came about a Manpower (Temp) Supply division which he heads today

• He has been instrumental in growth of the Company. Under his leadership the company has become largest Technical Staffing company in India with offices at major location in India. He is also instrumental in various tie ups/ association in Saudi Arabia, Kuwait, and Malaysia

- Padma V Devarajan Independent Director

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• PhD (Tech), is Professor in Pharmacy and former Head, Department of Pharmaceutical Sciences and Technology at the Institute of Chemical Technology (ICT), Mumbai

• She is consultant to the Pharmaceutical and Allied Industry both national and international, and also on the Advisory board of Pharmaceutical Companies.

• She has served as Board Member, Member on the Board of Scientific Advisors, and Chair of the Young Scientist Mentor Protégé Sub-committee of the Controlled Release Society Inc., USA and Chair- Outstanding Paper Award Committee, Drug Development and Translational research.

Sonal Nitin Doshi - Independent Director

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• A solicitor practicing mainly in civil and corporate laws since 1991

• Part of the external committee of Larsen & Toubro Limited, L&T Infotech, Thyssenkrup India Pvt. Ltd and Macleods Pharmaceuticals Ltd to deal with complaints filed under the Sexual Harrassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

- Mr. Sharad Sanghi Independent Director

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• Mr. Sharad Sanghi is the Managing Director and CEO of Netmagic, an organization that he founded in July 1998, and now an NTT Communications Group Company

• He is considered a pioneer in the Indian cloud computing space, and his vision has helped Netmagic become a leader in the Public Cloud services market in India

• He is an industry veteran with over 20 years of extensive experience in developing Internet backbone infrastructure and providing Internet services. He is also Part time Non-official Director on the Board of Bharat Electronics Limited, appointed by the Government of India

6 Key Milestones

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1987 1997 2007 2013 2017 2020
Incorporated and Deputed More Than Employee Rated “SME-1” by IPO listing on NSE Migrated on
Started Engineering 300 Engineers to Strength crossed CRISIL / Crossed 2000 Deployed more than Main Board
Consultancy Services Reliance Petroleum 1000 mark personnel in 3000 engineers of NSE
deputation
1996 2005 2011 2015 2018
Started Technical DHDS & SRU Operation & Marked Turnover Marked Turnover over 200 cr /
Manpower Commissioning Maintenance over Rs 100 cr / Partnered with Bon Accord
Deputation Contract from HPCL Services started Opened Subsidiary in Employment Services at UAE
Refinery with HMP UAE
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Awards & Certifications

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NOCIL Award from Indian Institute of Chemical Engineers - 1993

CDC National Award for Excellence in Consultancy Services from Consultancy Development Centre - 1997

Yes Bank Star SME Award from Small Business Awards from HSE Excellence Award in Business Today - 2011 Franchise India Holdings Limited - recognition for Safe Contractor 2012 from Cairn India Limited - 2013

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SME Business Excellence Award CFBP Jamnalal Bajaj Award for India Business Excellence Award Crisil SME-1 Rating indicates 2014 from Times Group, Dun & Fair Business Practice from Worldwide Business Review “Highest Creditworthiness” - Broadcasting and Federal Bank - for 2015 given by late President - 2017 2013 2014 Dr. APJ Abdul Kalam

Certificate of Excellence For “25 Fastest Growing BPM Companies in India”

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CFBP – Jamnalal Bajaj Award for Fair Business Practices in 2014 - Presented by Shri Dr. APJ Abdul Kalam, Former President of India

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Mr. Sanghavi has received gold medal award from All India Achievers & Research Academy for outstanding Achievements & Excellence in chosen field of activity at Bangalore in the year 2019

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Mr. Virendra D. Sanghavi was recognized in the list of India’s Top 100 Great People Managers by the Great Managers Institute in association with the Forbes India in the year 2019

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Industries We Serve

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Engineering

City Gas Distribution

Renewable Energy

Metro/Rail

Oil & Gas

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Refinery/Petrochemical

Pipeline

LNG / Tank Terminal

Power

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Esteemed Clientele

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10 Geographical Presence

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Bhatinda
New Delhi /
Kuwait
Barmer NCR
Oman
Algeria
Sharjah, UAE
Saudi Arabia Jamnagar Kolkata
Qatar
Abu Dhabi, UAE Baroda
Nigeria Mumbai
Pune Visakhapatnam
Kenya
Tanzania
Bengaluru
Angola
Mozambique Chennai
Domestic Offices International Offices Agents
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11 Aarvi Advantages

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Proven Experience of 32 years, Deputed
Experienced Management
more than 30,000 personnel
Marquee Clientele – Reliance, Indian Oil, Cairn, Asset Light Model
TechnipFMC , Larsen& Tourbo, HMEL.
Flexible Hiring Business Model
Pan India Presence
Focus on core competencies
Catering to diversified sectors
Providing Fast and Quality Delivering Significant Cost Savings
Manpower
HSE Policy – Health Safety Government Statutory compliant
and Environment Policy
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12 Future Growth Strategy

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Dedicated international Increase the wallet share of sales team focusing on Constant focus on business from existing clients by supplying international deputation of meeting quality manpower to develop a standards and additional manpower and identifying cross selling and stronger international compliance up selling opportunities presence Venture into new Digitalisation of various industry verticals like Diversifying expertise processes to have Automobile, Marine, and service offering contactless operations Airports, Ports, Defence, across the engineering management Healthcare. value chain

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Improving efficiencies Constant efforts on Provide manpower services better talent by enhancing domain to new clients in existing knowledge and Acquisition to attract verticals achieving operational and retain talented excellence professionals

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Business Overview

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Business Overview

• Aarvi provides engineers /designers/technicians right from conceptualization of the project to Design to Construction to Pre-commissioning & Commissioning to Operations and Maintenance of the plant.

• It can also mobilize large manpower for shutdown assignment of 15 days to a few months

• Aarvi has a large in-house database i.e. more than 700,000 resume data base and a very strong referral program to attract talent from the industry

• Its recruiters are well trained and can identify the candidates meeting the client’s project requirements.

• The company targets sectors like oil & gas, power, LNG, PNG, refinery, petrochemical, pipeline, wind power, solar power, offshore, E&P, infrastructure, ports & terminals, telecom, fertilizers, cement, automobile, metro & monorail, railway, metals and minerals, information technology.

Niche Area of Service

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Manpower Outsourcing Operation and Maintenance
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FY21 Business Mix
O&M
43%
Manpower
Outsourcing
57%
FY21 Industry Wise Revenue
LPG/LNG, 4% Others, 5%
Power, 2%
Renewable, 5%
Chemicals, 6%
Oil & Gas, 37%
CGD, 6%
Pipelines, 3%
Refinery, 15%
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Engineering, 17%
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15 Technical Manpower Deputation & Placement

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Manpower Outsourcing Revenue
(INR Mn)
1,224 1,345 1,398 1,150
FY18 FY19 FY20 FY21
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• Aarvi has completed manpower deputation for large requirements of engineers and technicians all over the world.

• Has accomplished trust and strong reputation from esteemed clients to garner long standing repeat business.

• Aarvi has deployed Technical Manpower of about 4,000 qualified and experienced engineers in various fields like project management, construction, planning, safety, procurement, inspection, testing and commissioning.

• Project & Engineering

• Project & Engineering Start up Pre▪ Process Commissioning, ▪ Civil & Structural Commissioning ▪ Electrical ▪

• Commissioning

• Engineer

• Mechanical (Static & Rotary)

• Commissioning Supervisor

• DCS / Panel Operator

• Material Handling Equipment's

• Piping & Stress ▪ Plant & Process

• ▪ Project / Site Engineering Operator

• Planning

Shutdown / Turnaround

• Managers / Coordinators

• Maintenance Engineers (M / E / I / C)

• Planners

• Safety Engineers / Officers

• Refractory Engineers

• QC / Painting / Coating / API Inspectors

• Supervisors

• Operator

• Technicians (M / E / I / C)

• QA/QC (CSWIP / AWS)

• Procurement & Expediting

• Construction Engineers

• ▪ HSE

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Case Study : Manpower Outsourcing

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L&T is India largest engineering contracting company. Aarvi was sole supplier of engineers to L&T - ECC for Reliance Refinery Project. The company deputed 140 piping engineers to supervise pipe fabrication and erection work. Aarvi has also been associated for commissioning assistance of various refineries like CPCL, BPCL, IOCL.

Daelim Engineers & Constructors is one of the world’s largest engineering, procurement and construction services organizations.

Daelim E & C has given Aarvi Encon contract for supply of contract employees

GAIL India is largest gas producing and distribution public sector company. Aarvi had deputed process Operators and technicians to operate and maintain LPG recovery plant at Usar and Vaghodia.

Toyo Engineering is large engineering consultancy company.

Aarvi had deputed Engineer to multiple project site of Toyo like Chamabal Fertilizer, Manglore Refinery, Coromondal Fertilizer,Oswal Chemical & Fertilizer, Oswal Chemical & Fertilizer, GSPC LNG among others.

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Engineers were deputed having following background :

• Piping Design/ Construction Supervision / Inspection

• DCS / Panel Operation

• Plant Operation

• Engineers (Mechanical / Safety)

• Mechanical Construction Supervision and Equipment erection

• Instrumentation Construction Supervision

• Process Operation

• Mechanical Maintenance work

• Electrical Engineers & Technicians

17 Operations and Maintenance

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• Aarvi Encon is the leading O&M company in India for providing O&M Services & Solutions for Solar Energy, Pipeline & Oil & Gas industry. Presently, 40% of the business comes from O&M activities, which garners a higher margin.

• The company understands the specific requirements and challenges of various industries that it has experience in deploying manpower for and hence has become the preferred partner for O&M services for many of its clients.

• By continuously being updated on the latest technologies being implemented in the Solar Energy, Pipeline & Oil & Gas industry, so that we can successfully identify and hire professionals who have mastered these technologies and have implemented them in their previous projects.

• The Company’s clientele in O&M services include esteemed companies like HPCL, GSPC, Cairn, GSPL among others.

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Operations and Maintenance
Revenue (INR Mn)
715 783 868
511
FY18 FY19 FY20 FY21
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Operations and Maintenance

• ▪Managers / Coordinators

• ▪Maintenance Engineers (M / E / I /C)

• ▪Planners

• ▪Safety Engineers / Officers

• ▪Refractory Engineers

• ▪QC / Painting /Coating / API Inspectors

• ▪Supervisors

• ▪Operator

• ▪Technicians (M/E/I/C)

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18 Case Study : HPCL Mittal - Crude Tank Terminal

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HPCL Mittal Pipelines Limited operates Crude oil Terminal and Cross Country Transportation of oil from Mundra; Gujarat to Bathindia; Punjab for transporting the Crude Oil to HMPL Guru Gobind Singh Refinery of 9 MMTPA

Mundra Terminal Consist of 8,40,000 KL Storage Capacity and Receiving Terminal, Bhatinda has a Storage Capacity of 2,40,000 KL with in between pumping station

Aarvi has been Operating & Maintaining Terminals & Pumping stations:

• There has been zero spillage of crude oil

• 100% manpower at site to take care of O & M activities round the clock.

• Supported for localization of maintenance of imported pumps and motors

• Saved more than USD 40,000

• More than 98% equipment s are up & running

Major Activities :

• Operation Support of Tank Farm, Pumping Station & Receiving station

• Station Equipment's & Tank Farm Maintenance

Locations:

• Mundra Tank farm • IPS 4 – Jodhpur

• • IPS 2 •

• IPS 2 • Receiving Terminal –

• • IPS-3 Dhansa O&M Bhatinda O&M

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Industry Overview

20 Staffing Industry

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Temporary/Flexi Staffing

• Firms which retain workers & supply temporary workforce to other companies for specific assignments.

• This is the largest segment with a market share of 75% primarily because of pass through salary costs included in the revenue of such firms.

• The staffing industry in India has grown to an extraordinary level, especially in the area of a third-party payroll service provider. Over the past five years, the industry has grown at a rate of 20-25% per year, and it is not showing any signs of slowing down as yet. The staffing industry in India essentially provides a platform for recognized employment, work choice, reasonable compensation, annual benefits, and health benefits for the temporary workforce.

• Temporary or contract-based work is on the rise as many of the top talents are taking up freelancing or on contract jobs, in this process, staffing firms will play a pivotal role in easing the relationship between freelancers & their clients.

• According to a report from the Indian Staffing Federation, India to employ approximately 6.1 Mn flexi workforce by end of 2021, 1.53 Mn jobs will be through Flexi Staffing in next 3 years, Andhra Pradesh, Telangana, Haryana, Gujarat and Madhya Pradesh are high growth potential states for Flexi

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Benefits to Customers

• Flexibility in Workforce Plan

• Focus on Core Business

• Compliance Efficiency

• Budget Efficiency

• Hiring Niche Skillset

• Ad hoc availability

Benefits to Flexi Workers

• Appointment Letter

• Standardized Pay

• Digital Payment

• Statutory Benefits

• Insurance and Medical Benefits

• Experience Gain

• Skill Improvement

Benefits to Government

• Customer

• Customers signs agreement with flexi staffing companies where the later supplies flexi workforce

• Flexi Staffing Companies

• Staffing companies hire workers and send them as flexi workforce to meet client requirements. Staffing companies take care of the salaries and benefits of these workers

• Less Unemployment

• Revenue from GST

• Increased Formal Employment

• Improved Compliance

• Skill Improvement

21 Engineering Industry

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• India’s engineering sector has witnessed a remarkable growth over the last few years driven by increased investment in infrastructure and industrial production. India, on its quest to become a global superpower, has made significant stride towards developing its engineering sector. The Government has appointed Engineering Export Promotion Council (EEPC) as the apex body in charge of promotion of engineering goods, products, and services from India.

• The turnover of capital goods industry in India is expected to grow to Rs 8.05 lakh crore (US$ 115.17 billion) by 2025.

Investments

• The engineering sector in India attracts immense interest from foreign players as it enjoys a comparative advantage in terms of manufacturing cost, technology, and innovation. The above, coupled with favorable regulatory policies and growth in the manufacturing sector, has enabled several foreign players to invest in India.

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• The Foreign Direct Investment (FDI) inflow into India's

• miscellaneous mechanical and engineering industries between April 2000 and March 2020 stood at around US$ 3.63 billion, as per the data released by Department for Promotion of Industry and Internal Trade (DPIIT).

Government Initiatives

• The Indian engineering sector is of strategic importance to the economy owing to its intense integration with other industry segments. The sector has been de-licensed and enjoys 100 per cent FDI. With the aim to boost the manufacturing sector, the Government has relaxed the excise duties on factory gate tax, capital goods, consumer durables and vehicles.

• Government has planned an investment of Rs 100 lakh crore (US$ 1.43 trillion) in infrastructure sector over the next five years.

Road Ahead

• Turnover of capital goods industry is expected to increase to US$ 115.17 billion by 2025F. India’s engineering R&D market will increase from US$ 28 billion in FY18 to US$ 42 billion by FY22F.

• India needs Rs 235 trillion (US$ 3.36 trillion) of investment in infrastructure in the next decade.

• The export of engineering goods is expected to reach US$ 200 billion by 2030.

22 Engineering Services to Drive the Growth

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• Investments in India's oil and gas sector is likely to touch Rs 2.5-3 trillion (US$ 37.5-45 billion) over the next few years, which will help raise the share of gas in the country’s primary energy mix to 15% by 2030, as per British multinational oil and gas company BP Group.

• Indian Oil Corporation (IOC) Indian Oil Corporation (IOC) plans to invest around Rs 40,000 crore (US$ 5.9 billion), ONGC to invest Rs 78,000 cr and ESSAR projects,

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• The engineering sector in India attracts immense interest from foreign players as it enjoys a comparative advantage in terms of manufacturing costs, technology and innovation.

• The engineering sector is a growing market. Spending on engineering services is projected to increase to US$ 1.1 trillion by 2020.

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• India needs Rs 31 trillion (US$ 454.83 billion) to be spent on infrastructure development over the next five years, with 70 per cent of funds needed for power, roads and urban infrastructure segments.

• Government targets Rs 25 trillion (US$ 376.53 billion) investment in infrastructure over a period of three years, which will include Rs 8 trillion (US$ 120.49 billion) for developing 27 industrial clusters.

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• India’s manufacturing sector has the potential to touch US$ 1 trillion by 2025. There is potential for the sector to account for 25-30 per cent of the country’s GDP and create up to 90 million domestic jobs by 2025. Business conditions in the Indian manufacturing sector continue to remain positive.

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Financial Overview

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Consolidated Income Statement

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Particulars (INR Mn)	FY19	FY20	FY21
Operational Income	2,060	2,181	2,018
Total Expenses	1,950	2,089	1,922
EBITDA	110	92	96
EBITDA Margins (%)	5.34%	4.22%	4.76%
Other Income	12	6	23
Depreciation	10	12	10
Finance Cost	11	16	6
PBT	101	70	103
Tax	15	(2)	(2)
Profit After tax	86	72	105
PAT Margins (%)	4.17%	3.30%	5.20%
Other Comprehensive Income	3	7	(3)
Total Comprehensive Income	89	79	102
Diluted EPS (INR)	5.84	4.86	7.08

25 Consolidated Balance Sheet

Particulars(INR Mn)	FY20	FY21
EQUITIES & LIABILITIES
Shareholder Funds	763	851
(A)Share Capital	148	148
(B)Other Equity	615	703
Non-Current Liabilities	19	16
(A)Financial Liabilities
i. Borrowings	1	-
ii. Lease Liability	5	-
iii. Others	10	13
(B)Provisions	-	-
(C)Deferred Tax Liabilities	3	3
(D)Other Non Current-Liabilities	-	-
Current Liabilities	398	335
(A)Financial Liabilities
i. Borrowings	87	35
ii. Lease Liability	2	-
iii. Trade Payables	95	54
iv. Others	141	172
(B)Other Current Liabilities	72	74
(C)Provisions	1	-
(D)Liabilities for Current Tax	-	-
GRAND TOTAL - EQUITIES & LIABILITIES	1,180	1,202

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Particulars(INR Mn)	FY20	FY21
ASSETS
Non-Current Assets	472	330
(A)Property,Plant and Equipment	106	100
(B)Goodwill on Consolidation	2	2
(C)Right of Use Asset	6	-
(D)Other Intangible Assets	-	-
(E) Intangible Asset Under Development	1	2
(F)Financial Assets		-
i. Loans and Advances	23	18
ii. Others	91	132
(G)Deferred Tax Asset	2	2
(H)Other Non-Current Assets	241	74
Current Assets	708	872
(A)Financial Assets
i. Investments	3	3
ii. Trade Receivable	580	534
iii. Cash and Cash Equivalents	49	164
iv. Other Bank Balances	16	72
v. Loans and Advances	3	3
vi. Others	46	78
(C)Other Current Assets	11	18
GRAND TOTAL- ASSETS	1,180	1,202

26 Key Metrics

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Operational Revenue EBITDA (INR Mn and PAT (INR Mn) and PAT
(INR Mn) EBITDA Margin (%) Margin (%)
5.65%
110 5.20%
4.76% 4.50% 105
2,181 4.17%
1,735 2,060 2,018 5.34% 78 86 72
98 3.30%
4.22% 96
92
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
Debt to Equity (x) Net worth (INR Mn) ROE and ROCE (%)
16.04%
851 15.24%
0.03 0.03 702 763 12.54%
621 10.90%
FY18 FY19 FY20 FY21
12.51% 12.30% 12.30%
-0.08 9.36%
-0.24
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
ROCE ROE
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Capital Market Data

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250% Share Price Data as on 31st March,2021
200% Aarvi Nifty
150%
100%
50%
0%
-50%
-100%
Apr/20 May/20 Jun/20 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20 Dec/20 Jan/21 Feb/21 Mar/21
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Price Data ( 31st March, 2021)
Face Value	10.0
Market Price	51.7
52 Week H/L	62.50/20.15
Market Cap(Mn)	764.33
Equity Share Outstanding (Mn)	14.7
1 Year Avg Trading Volume (‘000)	11.83

Shareholding Pattern as on 31[st] March, 2021

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Public
26.53%
Promoter
73.47%
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28 Disclaimer

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Aarvi Encon Limited

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 of Aarvi Encon Limited, 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. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

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 details, please feel free to contact our Investor Relations Representatives:

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Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: aarvi@valoremadvisors.com

29

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Thank
You
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