Advanced Enzyme Technologies Limited — Earnings Release 2025

Nov 9, 2024

November 09, 2024

BSE Limited P. J. Towers, Dalal Street, Mumbai- 400 001

National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai- 400 051

Scrip Code-540025

Trading Symbol-ADVENZYMES

Subject: Earnings Presentation Ref: ISIN: INE837H01020

Dear Sir/Madam,

Pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed is Earnings Presentation for the quarter and half year ended September 30, 2024.

This is for your information and for public at large.

Thanking you, Yours faithfully, For Advanced Enzyme Technologies Limited

SANJAY PRAKASH Digitally signed by SANJAY PRAKASH BASANTANI Date: 2024.11.09 14:28:10 +05'30' BASANTANI Sanjay Basantani Company Secretary and Head – Legal

Encl.: As above

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Advanced Enzyme Technologies Limited

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Corporate Presentation November 2024

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Safe Harbour Statement

This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Forward-looking statements are other than statements of historical facts. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “outlook,” “will,” “may,” “continue,” “should” and similar expressions identify forward-looking statements.

Forward-looking statements include statements regarding objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company’s markets; the impact of regulatory initiatives; and the strength of competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in records and other data available from third parties.

Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and maybe beyond our control. Such risks, uncertainties, contingencies and other important factors could cause the actual results of the Company or the industry to differ materially from those results expressed or implied in this presentation by such forward-looking statements.

The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation and are subject to change without notice. The Company and its respective agents, employees or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this presentation to reflect any change in events, conditions or circumstances beyond what is required by applicable law or applicable stock exchange rules and regulations.

By viewing this presentation, you acknowledge and agree to be bound by the foregoing limitations and restrictions.

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2

Earnings Presentation | November 2024

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1 2 3 Result Summary Business Geographical Q2 FY25 Performance Performance Page: 04 Page: 07 Page: 11

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4 5 6 7
Result Summary Unique Focus Area Shareholders’
FY24 Investment Case Going Ahead Information
Page: 12 Page: 26 Page: 30 Page: 32
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3
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Earnings Presentation | November 2024

Results Summary – Q2 FY25 (Consolidated) Y-o-Y

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Revenue (₹ mn) EBITDA (₹ mn) PAT (₹ mn)
1,578 513
352
1,461 334
424
07% 17% 05%
Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25
Revenue de-grew by 7% on y-o-y basis to EBITDA de-grew by 17% to ₹ 424 million in Q2 PAT decreased to ₹ 334 million in Q2 FY25
EBITDA margin and PAT margin during Q2
₹ 1,461 million in Q2 FY25 from ₹ 1,578 FY25 as against ₹ 513 million in Q2 FY24 on from ₹ 352 million in Q2 FY24, decline of 5%
FY25 stands at 29% and 23% respectively
million in Q2 FY24 y-o-y basis on y-o-y basis
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Notes:

1. On Consolidated Basis

2. PAT is before minority

3. Ind AS adjustments are carried out on account of commission, discount, and provision for sales return

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4
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Earnings Presentation | November 2024

Results Summary – Q2 FY25 (Consolidated) Q-o-Q

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Revenue (₹ mn) EBITDA (₹ mn) PAT (₹ mn)
350
1,545 334
1,461 512
05% 17% 424 05%
Q1 FY25 Q2 FY25 Q1 FY25 Q2 FY25 Q1 FY25 Q2 FY25
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Revenue de-grew by 5% on q-o-q basis to ₹ 1,461 million in Q2 FY25 from ₹ 1,545 million in Q1 FY25

EBITDA de-grew by 17% to ₹ 424 million in Q2 FY25 as PAT decreased to ₹ 334 million in Q2 FY25 from ₹ 350 million against ₹ 512 million in Q1 FY25 on sequential basis in Q1 FY25, de-growth of 5% on q-o-q basis

Notes:

1. On Consolidated Basis

2. PAT is before minority

3. Ind AS adjustments are carried out on account of commission, discount, and provision for sales return

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5
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Earnings Presentation | November 2024

Results Summary – H1 FY25 (Consolidated) Y-o-Y

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Revenue (₹ mn) EBITDA (₹ mn)
3,051 3,006 953 936
01% 02%
H1 FY24 H1 FY25 H1 FY24 H1 FY25
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PAT (₹ mn)
684
646
06%
H1 FY24 H1 FY25
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Revenue de-grew by 1% on y-o-y basis to

Revenue de-grew by 1% on y-o-y basis to EBITDA de-grew by 2% to ₹ 936 million in the PAT increased to ₹ 684 million in H1 FY25 ₹ 3,006 million in H1 FY25 from ₹ 3,051 H1 FY25 as against ₹ 953 million in H1 FY24 from ₹ 646 million in H1 FY24, an uptick of million in H1 FY24 on y-o-y basis 6% on y-o-y basis

EBITDA margin and PAT margin during H1 FY25 stands at 31% and 23% respectively

Notes:

On Consolidated Basis PAT is before minority

Ind AS adjustments are carried out on account of commission, discount., and provision for sales return

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6
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Earnings Presentation | November 2024

Human Nutrition

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(₹ in Million)
1,059 1,107 Commentary:
939 934 994 1,024 1,012 992 • The human nutrition segment contributed
877 around 68% during the quarter to the total
revenue from operations
• This segment de-grew by 6% during the
quarter from ₹ 1,059 million in Q2 FY24 to
₹ 992 million in Q2 FY25 whereas it de-grew
by 2% on sequential basis
Commentary:
• The human nutrition segment contributed
around 67% during the first half in the total
Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
revenue from operations
• This segment de-grew by 2% during the first
half from ₹ 2,054 million in H1 FY24 to
₹ 2,003 million in H1 FY25
Q2 FY25 Q2 FY24 H1 FY25 H1 FY24 (₹ in Million)
992 1,059 2,003 2,054
68% 67%
of Sales of Sales
-06% -02%
Notes:
All the decimals are rounded off to their relevant nearest number
Earnings Presentation | November 2024
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Animal Nutrition

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(₹ in Million)
206
185 181
172 175 173 172
158 162
Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
Q2 FY25 Q2 FY24 H1 FY25 H1 FY24 (₹ in Million)
181 173 353 331
12% 12%
of Sales of Sales
+05% +07%
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Commentary:

• The animal nutrition segment contributed around 12% during the quarter to the total revenue from operations

• This segment grew by 5% during the quarter from ₹ 173 million in Q2 FY24 to ₹ 181 million in Q2 FY25 whereas it grew by 6% on sequential basis

Commentary:

• The animal nutrition segment contributed around 12% during the first half in the total revenue from operations

• This segment grew by 7% on y-o-y basis to ₹ 353 million in H1 FY25 as against ₹ 331 million in H1 FY24

Notes:

All the decimals are rounded off to their relevant nearest number

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Earnings Presentation | November 2024

Industrial Bio-processing

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(₹ in Million)
258
251
243
236
226 224
193 192
168
Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
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Commentary:

• The Industrial Bio-Processing segment contributed about 12% during the quarter to the total revenue from operations

• This segment de-grew by 31% on y-o-y basis to ₹ 168 million in Q2 FY25 from ₹ 243 million in Q2 FY24 while it de-grew by 33% on q-o-q basis

• In this segment, food business contributed 8% to the overall revenue and stood at ₹ 116 million while the NonFood business contributed 4% and stood at ₹ 52 million during the quarter. The food business decreased by 42% and Non-food business registered a growth of 24% on y-o-y basis

Commentary:

• The Industrial Bio Processing segment contributed about 14% during the first half in the total revenue from operations which was 15% during the same period last year

• This segment de-grew by 10% on y-o-y basis to ₹ 419 million in H1 FY25 from ₹ 466 million in H1 FY24

• In this segment, food business contributed 10% to the overall revenue and stood at ₹ 312 million while the Non Food business contributed 4% and stood at ₹ 107 million during the year. The food business de-grew by 19% while the Non-food business registered a growth of 33% on y-o-y basis

• (₹ in Million)

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Q2 FY25 Q2 FY24 H1 FY25 H1 FY24
168 243 419 466
12% 14%
of Sales of Sales
-31% -10%
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Q2 FY25:
116 mn.
Food
Q2 FY25:
Non-Food 52 mn. 8%
4%
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Notes:

All the decimals are rounded off to their relevant nearest number

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Earnings Presentation | November 2024

Specialized Manufacturing

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(₹ in Million)
120
113 111 110
103 104
97
83 86
Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
Q2 FY25 Q2 FY24 H1 FY25 H1 FY24 (₹ in Million)
120 103 230 200
08% 07%
of Sales of Sales
+17% +15%
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Notes:

All the decimals are rounded off to their relevant nearest number

Commentary:

• This segment contributed about 8% during the quarter to the total revenue from operations which was 7% during the same quarter last year

• This segment grew by 17% on y-o-y basis to ₹ 120 million in Q2 FY25, and on q-o-q basis it grew by 9%

Commentary:

• This segment contributed about 7% during the first half in the total revenue from operations and remained unchanged from the last year

• This segment outperformed by 15% on y-o-y basis to ₹ 230 million in H1 FY25 from ₹ 200 million in H1 FY24

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Earnings Presentation | November 2024

Geographical performance

(₹ in Million)

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Rest of the
India Americas Europe Asia
World
48% 39% 04% 07% 02%
-15% +21% -35% -25% -49%
Q2 FY25 703 Q2 FY25 571 Q2 FY25 54 Q2 FY25 101 Q2 FY25 32
Q2 FY24 828 Q2 FY24 470 Q2 FY24 83 Q2 FY24 135 Q2 FY24 62
48% 39% 04% 07% 02%
-08% +24% -14% -16% -58%
H1 FY25 1,442 H1 FY25 1,162 H1 FY25 129 H1 FY25 213 H1 FY25 61
H1 FY24 1,565 H1 FY24 937 H1 FY24 149 H1 FY24 254 H1 FY24 146
Q2 FY25
H1 FY25
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Notes:

1. All the decimals are rounded off to their relevant nearest number

2. *Asia is excluding India

11

Earnings Presentation | November 2024

Profit & Loss (Consolidated) – Q2 & H1 FY25

(₹ in Million)

Particulars	Q2 FY25 Un-Audited	Q1 FY25 Un-Audited	Q2 FY24 Un-Audited	Y-o-Y (%)	Q-o-Q (%)	H1 FY25 Un-Audited	H1 FY24 Un-Audited	Y-o-Y (%)
Income from Operations	1,461	1,545	1,578	-7%	-5%	3,006	3,051	-1%
Expenses	1,126	1,120	1,153	-2%	1%	2,245	2,272	-1%
Profit from Operations before Other Income, Finance Costs and Exceptional Item	335	426	425	-21%	-21%	761	779	-2%
Other Income	96	70	61	58%	38%	166	128	30%
Profit from ordinary activities before Finance Costs and Exceptional Item	431	495	486	-11%	-13%	927	907	2%
Finance costs	9	9	7	33%	6%	18	14	29%
Profit from ordinary activities before tax	422	487	479	-12%	-13%	909	893	2%
Tax	88	137	127	-31%	-36%	225	247	-9%
Net Profit for the period	334	350	352	-5%	-5%	684	646	6%
Earnings Per Share	2.94	3.05	3.08	-5%	-4%	5.99	5.65	6%

Notes:

1. On Consolidated Basis

2. PAT is before minority

3. Ind AS adjustments are carried out on account of commission, discount, and provision for sales return

4. All the decimals are rounded off to their relevant nearest number

12

Earnings Presentation | November 2024

Balance Sheet (Consolidated) – H1 FY25

(₹ in Million)

Particulars	H1 FY25 Un-Audited	H1 FY24 Un-Audited	H1 FY23 Un-Audited
Assets
Property, plant and equipment	2,811	2,734	2,623
Capital work-in-progress	453	220	213
Intangible assets	449	512	559
Goodwill	3,278	3,235	3,141
Other non-current assets	429	372	325
Current assets	8,072	7,367	6,671
Total Assets	15,492	14,440	13,532
Equity And Liabilities
Equity share capital	224	224	224
Other equity	13,193	12,259	11,418
Non-controlling interest	471	505	516
Non-current liabilities	564	578	649
Current liabilities	1,040	874	725
Total Equity and Liabilities	15,492	14,440	13,532

Notes: 1. On Consolidated Basis

1. All the decimals are rounded off to their relevant nearest number

13

Earnings Presentation | November 2024

(₹ in Million)

Result summary - FY24 (Consolidated) Y-o-Y

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Revenue (₹ mn) EBITDA (₹ mn) PAT (₹ mn)
6,239 2,045
1,370
5,406
1,564
1,039
FY23 FY24 FY23 FY24 FY23 FY24
Human Nutrition Animal Nutrition Bio Processing Specialized Manufacturing
+18% -5% +21% +19%
FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23
4,185 3,556 677 709 962 794 415 347
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• Notes: 1. On Consolidated Basis

• PAT is before minority

• Ind AS adjustments are carried out on account of commission, discount, and provision for sales return

• All the decimals are rounded off to their relevant nearest number

14

Earnings Presentation | November 2024

Revenue Mix – FY24 vs. FY23

FY24

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7%
15%
11%
67%
Human Nutrition Animal Nutrition Bio-Processing Specialised Manufacturing
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3%
7%
6%
50%
34%
India Americas Europe Asia (ex-India) Rest of the World
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FY23

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6%
15%
13%
66%
Human Nutrition Animal Nutrition Bio-Processing Specialised Manufacturing
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2%
9%
7%
47%
35%
India Americas Europe Asia (ex-India) Rest of the World
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15

Earnings Presentation | November 2024

Strong Financial Performance – FY24

(₹ in Million)

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Revenue from Operations
6,239
5,294 5,406
5,018
4,440
FY 20 FY 21 FY 22 FY 23 FY 24
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PBT & PBT Margin (%)
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42%
2,200 40% 50%
32% 45%
1,700 40%
30% 35%
26%
1,200 30%
25%
700 20%
15%
200 1,791 2,101 1,711 1,404 1,879 10%
5%
(300) FY 20 FY 21 FY 22 FY 23 FY 24 0%
PBT PBT Margin (%)
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EBIDTA & EBIDTA Margin (%)
2,500 46% 46% 50%
38% 45%
2,000 40%
29% 33% 35%
1,500 30%
25%
1,000 20%
15%
500 10%
2,023 2,316 2,014 1,564 2,045 5%
0 0%
FY 20 FY 21 FY 22 FY 23 FY 24
EBIDTA EBIDTA MARGIN
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PAT & PAT Margin (%)

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30%
30%
1,600 35%
1,400 23% 30%
1,200 22% 25%
1,000 19%
20%
800
15%
600
10%
400
200 1,330 1,513 1,238 1,039 1,370 5%
0 0%
FY 20 FY 21 FY 22 FY 23 FY 24
PAT PAT Margin (%)
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• Notes: 1. On Consolidated Basis

• PAT is before minority

• Ind AS adjustments are carried out on account of commission, discount, and provision for sales return

• All the decimals are rounded off to their relevant nearest number

16

Earnings Presentation | November 2024

Strong Financial Performance – FY24

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Net Working Capital (Days)
135 135
132
120
115
FY 20 FY 21 FY 22 FY 23 FY 24
ROE (%) & ROCE (%)
22.44% 21.94%
15.93%
13.03%
17.52% 16.71% 10.34%
12.02%
10.71%
8.94%
FY 20 FY 21 FY 22 FY 23 FY 24
ROE (%) ROCE (%)
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Net Worth (₹ mn)
13,241
12,351
10,886
9,709
8,397
FY 20 FY 21 FY 22 FY 23 FY 24
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Net Debt to Equity (x)
0.02 0.02 0.02
0.01 0.01
FY 20 FY 21 FY 22 FY 23 FY 24
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Note: All the numbers are as per IndAs All numbers are on Consolidated basis

Net working capital days =((Trade receivables + inventories – Trade payables)/ Revenue from operations)*365 Net Debt = Long term debt + short term debt + current maturities of long term debt – Cash & Cash Equivalent ROE = Profit after tax / Average shareholder equity; RoCE = (Net Profit before Tax , Exceptional and extraordinary items + Finance cost) / Average (Net debt + Networth)

17

Earnings Presentation | November 2024

Balance Sheet (Consolidated)

(₹ in Million)

Particulars	FY24 Audited	FY23 Audited	FY22 Audited
Assets
Property, plant and equipment	2,765	2,732	2,622
Capital work-in-progress	411	215	151
Intangible assets	479	550	609
Goodwill	3,253	3,209	2,961
Other non-current assets	350	291	289
Current assets	8,098	7,221	6,044
Total Assets	15,356	14,218	12,676
Equity And Liabilities
Equity share capital	244	224	224
Other equity	13,018	12,127	10,662
Non-controlling interest	470	491	518
Non-current liabilities	580	601	668
Current liabilities	1,064	775	604
Total – Equity and Liabilities	15,356	14,218	12,676

Notes:

On Consolidated Basis All the decimals are rounded off to their relevant nearest number

18

Earnings Presentation | November 2024

Annexure

Company Overview

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Advanced Enzymes is a research driven company with global leadership in the manufacturing of enzymes and probiotics. We are committed to providing eco-safe solutions to a wide variety of industries like human health care and nutrition, animal nutrition, baking, fruit & vegetable processing, brewing & malting, grain processing, protein modification, dairy processing, speciality applications, textile processing and others. Our aim is to replace traditionally used chemicals with eco-friendly enzymatic solutions.

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Mission

Vision

It is our mission to see that every human being is able to take advantage of the power of enzymes and probiotics for wellbeing and leading a healthy life!

Our vision at Advanced Enzymes is to become the largest, enzyme and probiotic -based, value provider to consumers and processors globally!

Probiotics are live microorganisms, when administered in sufficient amount, confer health benefits to human and animals. Probiotics have now become an integral part of several therapies for the digestive disorders and newer applications for treatment of several other diseases are being developed. Probiotics act by fighting with the disease causing microorganisms and by secreting beneficial metabolites in the human/animal system.

Advanced Enzymes has developed and upscaled technologies for the

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Enzymes are natural protein molecules that act as catalysts within living cells, produced by all living organisms. Function as specialized catalysts and accelerate the pace of biochemical reactions.

Advanced uses enzymes to replace chemicals in, and improve efficiency of, a wide variety of industrial processes for its customers.

20

Earnings Presentation | November 2024

Advanced Enzyme Technologies Limited – A Rising Global Star

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9
68+ 400+ 700+
Manufacturing
Units Enzymes Proprietary Customers
India – 8 | USA - 1 7 & Probiotics Products Worldwide
R&D Units
India – 5 | USA – 1 |
45+
Germany –1 750+ 13 []
Countries
1 [st] Worldwide Presence Employees Patents
Indian Enzyme
Comp any
14 [#] 8 [] 500
2 [nd]
Food Enzyme GRAS Dossier m3 Fermentation
Highest Market Dossiers filed with EFSA evaluated by US FDA Capacity
Share in India
2 [nd]
25+ 1 [##]
Listed Integrated
Enzyme Player Globally Years of Novel Food Dossier
Fermentation Experience filed with EFSA
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Note: Facts & Figures as on 31[st] March, 2024

• Patents includes the filed applications

• Food Dossier filed with EFSA, out of which positive R&D opinion is received for 9 Dossiers & 5 are under evaluation

• **No question letter received for 7 Dossier & another 1 Dossier is self-affirmed

• Novel food dossier has been filed with EFSA is under evaluation All the numbers are as per IndAs

Source: Freedonia

21

Earnings Presentation | November 2024

Brief History and Evolution

Incorporated as Advanced Biochemicals Pvt. Ltd.

R&D locations (Thane and Sinnar) recognized by DSIR

• Advanced Biochemicals Ltd. is renamed as Advanced Enzyme Technologies Limited

• Equity investment by Kotak Private Equity

• Takeover of Advanced

• Floated IPO

• Supplementary Technologies • Acquired 70% stake in

• • 2[nd] fermentation JC Biotech with a facility fermentation facility at commissioned at Ongole, Andhra Pithampur, Indore Pradesh

• 4 food enzymes got approved as a

• processing aid with Food Safety Standard Authority of India (FSSAI)

• Received NIH grant for ImmunoSEB and ProbioSEB CSC3)

• Approvals of 2 GRAS Dossiers for SEBtilis™ and SEBclausii™

• 4 enzymes are registered with Dossiers for SEBtilis™ REACH -ECHA and SEBclausii™ (European Chemical • Increased 15% stake in Agency) JC Biotech

• Received approval for 2 food enzyme dossiers from EFSA

• Received no question letter for 2 GRAS dossiers from USFDA

• Increased 5.89% stake in JC Biotech

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1989 1994 2001 2004 2005 2011 2012 2014 2016 2017 2018 2021 2022 2023 2024
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• 1[st] fermentation Advanced facility Biochemicals ranked commissioned at as the largest Sinnar, Maharashtra domestic manufacturer of Industrial Enzymes. Advanced Biochemicals files its first patent

• Takeover of Cal-India • 1[st] food enzyme Foods International –USA Dossier was filed presence

• Acquired 100% stake in Acquired 51% stake in evoxx technologies SciTech Specialities with GmbH, Germany 2 manufacturing

• • 1[st] GRAS dossier was facilities and 1 R&D unit filed with USFDA

• Acquired 50% stake in SaiGanesh Enzytech Solutions

• Acquired an additional stake of 4.83% in J C Biotech

• Launched an Wellfa, an in-house B2C consumer brand

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Board of Directors

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Mr. Vasant Rathi Promoter Chairman and Non-Executive Director

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Ms. Rasika Rathi Non-Executive Director

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Ms. Rajshree Patel Independent Director

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Mr. Mukund M. Kabra Whole-time Director

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Mr. Vinod Jajoo Independent Director

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Mr. Nitin Deshmukh Independent Director

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Mr. Pramod Kasat Independent Director

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Mr. Sunny Sharma Non-Executive Director

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Ms. Vandana Tilak Independent Director

23

Earnings Presentation | November 2024

Management Team

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Group Chief Financial Officer

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General Counsel / Vice President And Secretary – Advanced Enzymes, USA

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Vice President / Market & Business Development

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Managing Director /Head Of Research and Development - evoxx Technologies, Germany

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CFO & COO - Advanced Enzymes, USA

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Company Secretary & Head Legal

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Managing Director /Head Of Business Development - evoxx Technologies, Germany

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Earnings Presentation | November 2024

How Big is the Opportunity?

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Global Probiotics Market
Grow at a $6Bn
8%
CAGR 7.75%
CY 2023-28
$7Bn
11%
$57Bn
81% $70Bn
Animal Feed Dietary Supplements Functional Food & Beverages
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Competitive Scenario in the Global Enzymes and Probiotics Markets Nutraceutical DSM, Deerland Probiotics Novonesis, Sabinsa, Kerry, ADM, Lallemand, Unique Biotech Bio-Catalysis Codexis, Cambrex, Sigma-Aldrich, Biosyntia and other regional players Novonesis, DSM, Kemin, Novus, Alltech, Cargill, BASF and other regional Animal Nutrition players Food: AB Enzymes, DSM, Novonesis Bio-Processing Non-Food: Novonesis, DuPont

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Global Enzymes Market
Grow at a
$11.3Bn
CAGR 6%
till 2030
$923Mn
$400Mn
$1.85Bn
$3.57Bn
$250Mn
$500Mn
$800Mn
$1.01Bn
$1.02Bn
$60Mn
$300Mn
$400Mn
Food & Beverages Animal Feed Others
Food & Beverages Animal Feed Human Nutrition
Dietary Supplements Bio-Catalysis Bakery
Dairy & Frozen Desserts Breweries & Distilleries Sweet & Savory Snacks
Detergent & Cleaners Personal Care Other Technical Enzymes
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Source: Technavio Market Research, 2023-2028 | Market Research Future, 2019-2030 | ResearchandMarkets Report, 2019-20

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Earnings Presentation | November 2024

What Makes AETL a Unique Investment Case?

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Specialized Business with High
Entry Barriers
Strong Research &
Development Capabilities
Integrated Player with Presence
Across the Enzyme Value Chain
Inherent Diversification in
the Business Model
Significant Focus on International
Markets & Brand Building
Strong Financial
Performance
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Earnings Presentation | November 2024

Integrated Player with Presence Across the Enzyme Value Chain

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Research & Development Manufacturing Marketing & Distribution
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Earnings Presentation | November 2024

What we are Aiming in the Opportunity?

		Focus Area	Opportunity Size	Addressable market for AETL over next 5 years**	AETL’s Current Share of Revenue	AETL’s Current Share of Revenue
					FY24	FY23
	Human Nutrition		$ 400 mn	$ 200 mn	$ 43.5 mn, 58%	$ 38.8 mn, 58%
	Bio-Catalysis m		$ 60 mn	$ 30 mn*	$ 3.3 mn, 4%	$ 2.9 mn, 4%
	Baking mm		$ 300 mn	$ 30 mn	$ 9.2 mn, 12%	$ 7.4 mn, 11%
	Animal Nutrition		$ 1.02 bn	$ 40 mn	$ 8.2 mn, 11%	$ 8.8 mn, 13%
	Probiotics		$ 70 bn	Majority of the market is untapped, so this a huge opportunity	$ 3.7 mn, 5%	$ 2.5 mn, 4%

**Addressable market is as per Company’s own estimates

• *As of now we are considering the India only opportunity for Bio-catalysis

Includes other food-processing enzymes

Source: ResearchandMarkets Report, 2019-20

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Earnings Presentation | November 2024

Specialized Business With High Entry Barriers

Technocrat Promoters

Sustained Research

& Development

Manufacturing Expertise

Proven Enzyme Development Capabilities

Cumulative experience of 7+ decades in the global enzyme industry

Consistent Investment into R&D over the past 15+ years

Specialized technical expertise in microbial fermentation developed over the last 25+ years

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Proven Expertise in Successfully Developing Enzymes; Journey from only 7 in 1994 to 68+ today

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Amongst the Lowest Cost Manufacturers in the World (Benchmarked both in terms of Capex & Opex)

400+ Products, 700+ Customers Worldwide

Presence of more than 3 decades in the industry with prolonged & dedicated "enzyme" focus

Decades of Experience in Solving Customer Problems, and Invaluable Product & Process Insights

Global Competitiveness

Diverse Product Range & Customer Base

Credible Market Presence

Invaluable Experience & Customer Insights

‹#›29

Earnings Presentation | November 2024

Future Growth Drivers

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Continued Broaden & Deepen Inorganic
Investment in R&D Geographical Presence Expansion
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• Identify Product gaps and Develop new Enzymes, Probiotics & Solutions thereof

• Expand Competencies in Enzymes & Probiotics, Discovery and Genetic Engineering

• Increased focus on high return applications where AETL has strategic advantages

• Build Strategic Partnerships in Key Markets for Focus Segments

• Acquisition of Key Technologies, Competencies & Skill-sets which Enable Consolidation and/or Entry into New Market Segments

• Acquisition of Client Relationships & Businesses in Key Focus Markets

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Earnings Presentation | November 2024

Focus Areas Going Ahead

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Bio-Catalysis

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Baking
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• Continuing conduct trials and studies to bring newer and effective nutritional products, which may improve the efficacy of animal feeds

• Registering and introducing more products in the domestic as well as in the international markets.

• Expand its sales and marketing team in USA, MENA and Asian market

• Targeting to strengthen the geographical reach and distribution network by appointing more distributors in the overseas markets

• To introduce more probiotics products in Human Nutrition for the immunity development, active health food, gut health and various nutraceutical applications

• To launch more products on immunity development, digestion improvement, and increase nutritional level of feed in the Animal Nutrition

• Developing bio catalysis for API manufacturers, providing enzymatic based solutions that are target specific, helping them to save cost of energy, time and use of chemicals

• Couple of products are under the advanced stage of trials at plant level by the API manufacturers

• This is one of the opportunities, where your Company will continue its efforts and focus

• In Bio-processing division, our focus is on Baking Solutions

• We have got positive response for the products in terms of efficacy and performance

• Confident to expand in Europe, Americas and Rest of World to tap the available opportunities by offering a value based approach in the Baking Industry

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Earnings Presentation | November 2024

Shareholders Information

Stock Data (As on 8[th ] Nov 2024)

	Market Capitalization (₹)	53,825 mn
9	Shares Outstanding	111.88 mn
	Free Float	42.56%
l£	Symbol (NSE/ BSE)	ADVENZYMES / 540025

Top Institutional Holders (As on 3[rd] Nov 2024)

Institutions	OS (%)
ORBIMED ASIA III MAURITIUS	12.07
NALANDA INDIA EQUITY FUND	8.46
HDFC MF	3.02
CLARUS CAPITAL I	1.82
MARVAL CAPITAL	1.00
UTI MF	0.89
BANK OF INDIA MF	0.82
ICICI PRUDENTIAL MF	0.78

Stock Chart (As on 8[th ] Nov 2024)

Shareholding Pattern (%)

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494.00
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282.70
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24
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24.62%
Promoters
42.95%
Institutions
Public
32.43%
Shareholding Pattern is as on 3 [rd] Nov 2024
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Earnings Presentation | November 2024

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Thank you

Advanced Enzyme Technologies Limited

Address: 5[th] Floor, 'A' wing, Sun Magnetica LIC Service Road, Louiswadi, Thane (W) 400 604, India Tel: +91-22-4170 3200 Fax: + 91-22-25835159 Web: www.advancedenzymes.com CIN No: L24200MH1989PLC051018

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Contact: Mr. Ronak Saraf Manager – Investor Relations ir@advancedenzymes.com