May 11, 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 year ended March 31, 2024.

This is for your information and for public at large.

Thanking you, Yours faithfully, For Advanced Enzyme Technologies Limited

BASANTANIPRAKASH SANJAY Digitally signed by SANJAY PRAKASH BASANTANIDN: C=IN, O=Personal, T=6458, OID.2.5.4.65=133449463179743681NeULya0m9H8BXy, Phone=8ed949b9e84c55c1bb672a39313c94591da4c4952c3cb6c8c69b6c35a21f5205, PostalCode=400601, S=Maharashtra, SERIALNUMBER=1031cdd8d4553bc7e462e1d9b2a0f56657196c152729cfe7b507a0e828ba397c, CN=SANJAY PRAKASH BASANTANIReason: I am the author of this documentLocation: Date: 2024-05-11 16:35:55 Sanjay Basantani Company Secretary and Head – Legal

Encl.: As above

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Advanced Enzyme Technologies Limited

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Earnings Presentation May 2024

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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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Earnings Presentation | May 2024

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Result Summary Q4 FY24

Result Summary FY24

Shareholders’ Information

Segmental Performance

Unique Investment Case

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Geographical Performance

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Focus Area Going Ahead

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Revenue (₹ mn)
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EBITDA (₹ mn)

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PAT (₹ mn)

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6,239 2,045 1,370
5,406
1,564 1,039
FY23 FY24 FY23 FY24 FY23 FY24
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Revenue grew by 15% on y-o-y basis to ₹ 6,239 million in the FY24 from ₹ 5,406 million in the FY23
EBITDA grew by 31% to ₹ 2,045 million in the FY24 as against ₹ 1,564 million in FY23 on y-o-y basis
PAT increased to ₹ 1,370 million in the FY24 from ₹ 1,039 million in the FY23, an uptick of 32% on y-o-y basis
EBITDA margin and PAT margin during FY24 stands at 33% and 22% 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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Earnings Presentation | May 2024

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Revenue (₹ mn)
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EBITDA (₹ mn)

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554
1,578
1,387 441
Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24
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PAT (₹ mn)

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321
299
Q4 FY23 Q4 FY24
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Revenue grew by 14% on y-o-y basis to ₹ 1,578 million in the Q4 FY24 from ₹ 1,387 million in the Q4 FY23
EBITDA grew by 26% to ₹ 554 million in the Q4 FY24 as against ₹ 441 million in Q4 FY23 on y-o-y basis
PAT decreased to ₹ 299 million in the Q4 FY24 from ₹ 321 million in the Q4 FY23, a de-growth of 7% on y-o-y basis
EBITDA margin and PAT margin during Q4 FY24 stands at 35% and 19% 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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Earnings Presentation | May 2024

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Revenue (₹ mn)
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EBITDA (₹ mn)

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PAT (₹ mn)

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-2%
1,609 1,578 538 554 425
299
Q3 FY24 Q4 FY24 Q3 FY24 Q4 FY24 Q3 FY24 Q4 FY24
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Revenue de-grew by 2% on q-o-q basis to ₹ 1,578 million in the Q4 FY24 from ₹ 1,609 million in the Q3 FY24
EBITDA grew by 3% to ₹ 554 million in the Q4 FY24 as against ₹ 538 million in Q3 FY24 on sequential basis
PAT depreciated to ₹ 299 million in the Q4 FY24 from ₹ 425 million in the Q3 FY24, a de-growth of 30% on q-o-q basis

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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Earnings Presentation | May 2024

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Q4 FY24 FY24
of Sales of Sales
Q4 FY24 1,024 FY24
Q4 FY23 877 FY23
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(₹ in Million)
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1,107
994 1,059 1,024
939 934
865 877
807
Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
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of Sales
FY24 4,185
FY23 3,556
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Commentary:

The human nutrition segment contributed around 65% during the quarter to the total revenue from operations
The human nutrition segment contributed around 67% during the year in the total revenue from operations
This segment grew by 17% during the quarter from ₹ 877 million in Q4 FY23 to ₹ 1,024 million in Q4 FY24 whereas it degrew by 7% on sequential basis
This segment grew by 18% during the year from ₹ 3,556 million in FY23 to ₹ 4,185 million in FY24

Notes:

All the decimals are rounded off to their relevant nearest number

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Earnings Presentation | May 2024

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Q4 FY24 FY24
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(₹ in Million)
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of Sales
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of Sales
FY24 677
FY23 709
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Q4 FY24 185
Q4 FY23 206
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Commentary:

The animal nutrition segment contributed around 12% during the quarter to the total revenue from operations
The animal nutrition segment contributed around 11% during the year in the total revenue from operations
This segment de-grew by 10% during the quarter from ₹ 206 million in Q4 FY23 to ₹ 185 million in Q4 FY24 whereas it grew by 14% on sequential basis
This segment de-grew by 5% on y-o-y basis to ₹ 677 million in FY24 as against ₹ 709 million in FY23

Notes:

All the decimals are rounded off to their relevant nearest number

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Earnings Presentation | May 2024

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206
185
172 175 173
152 156 158 162
Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
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(₹ in Million)
Q4 FY24 FY24
776 mn
186 mn
61 mn
197 mn Food
Non-Food
Non-Food
Food 13%
03%
03%
13%
16% 16%
of Sales of Sales
Q4 FY24 258 FY24 962
Q4 FY23 192 FY23 794
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258
243 236
226 224
188 183 193 192
Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
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Commentary:

The Industrial Bio Processing segment contributed about 16% during the year in the total revenue from operations
The Industrial Bio-Processing segment contributed about 16% during the quarter to the total revenue from operations
This segment grew by 21% on y-o-y basis to ₹ 962 million in FY24 from ₹ 794 million in FY23
This segment grew by 35% on y-o-y basis to ₹ 258 million in Q4 FY24 from ₹ 192 million in Q4 FY23 while it grew by 9% on q-o-q basis
In this segment, food business contributed 13% to the overall revenue and stood at ₹ 776 million while the NonFood business contributed 3% and stood at ₹ 186 million during the year. The food business grew by 30% while the Non-food business registered a de-growth of 6% on y-o-y basis
In this segment, food business contributed 13% to the overall revenue and stood at ₹ 197 million while the Non-Food business contributed 3% and stood at ₹ 61 million during the quarter. The food business increased by 33% and Non-food business registered a growth of 43% on y-o-y basis

Notes:

All the decimals are rounded off to their relevant nearest number

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Earnings Presentation | May 2024

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(₹ in Million)
Q4 FY24 FY24 113 113 111
103 104
97
83 86
65
Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
of Sales of Sales
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Q4 FY24 111
Q4 FY23 113
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Commentary:

This segment contributed about 7% during the quarter to the total revenue from operations
This segment de-grew by 2% on y-o-y basis to ₹ 111 million in Q4 FY24, and on q-o-q basis it grew by 7%

Notes:

All the decimals are rounded off to their relevant nearest number

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Earnings Presentation | May 2024

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FY24 415
FY23 347
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Commentary:

This segment contributed about 6% during the year in the total revenue from 0perations
This segment outperformed by 19% on y-o-y basis to ₹ 415 million in FY24 from ₹ 347 million in FY23

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(₹ in Million)

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	Q4 FY24 774 Q4 FY23 752 49% +3% Q4 FY24 Q4 FY24 528 Q4 FY23 400 33% +32% Q4 FY24 135 Q4 FY23 103 9% +31% Q4 FY24 122 Q4 FY23 107 8% +14% Q4 FY24 18 Q4 FY23 26 1% -29%	Q4 FY24	Q4 FY24			FY24
			Q4 FY24 774 Q4 FY23 752 Q4 FY24 528 Q4 FY23 400 Q4 FY24 135 Q4 FY23 103 Q4 FY24 122 Q4 FY23 107 Q4 FY24 18 Q4 FY23 26		FY24 3,106 FY23 2,557 +21% FY24 2,088 FY23 1,916 +9% FY24 397 FY23 354 +12% FY24 458 FY23 473 -3% FY24 189 FY23 106 +78%

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Notes:

All the decimals are rounded off to their relevant nearest number
*Asia is excluding India

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Earnings Presentation | May 2024

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(₹ in Million)

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Particulars
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Q4 FY24
Audited
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Q3 FY24
Un-Audited
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Q4 FY23
Audited
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Y-o-Y
(%)
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Q-o-Q
(%)
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FY24
Audited
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FY23
Audited
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Y-o-Y (%)
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Income from Operations	1,578 1,609 1,387 14% -2% 6,239 5,406 15%
Expenses	1,118 1,157 1,030 9% -3% 4,547 4,192 8%
Profit from Operations before Other Income, Finance Costs and Exceptional Item	460 452 357 29% 2% 1,692 1,214 39%
Other Income	95 144 111 -14% -34% 367 255 44%
Profit from ordinary activities before Finance Costs and Exceptional Item	555 596 468 19% -7% 2,059 1,469 40%
Finance costs	8 7 6 33% 14% 29 24 21%
Profit from ordinary activities before exceptional item and tax	547 589 462 18% -7% 2,030 1,445 40%
Exceptional item	151 - 41 - - 151 41 -
Profit from ordinary activities before tax	396 589 421 -6% -33% 1,879 1,404 34%
Tax	97 164 100 -3% -41% 509 365 39%
Net Profit for the period	299 425 321 -7% -30% 1,370 1,039 32%
Earnings Per Share	2.53 3.74 2.87 -12% -32% 11.92 9.45 26%

*Notes:

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

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Earnings Presentation | May 2024

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(₹ in Million)

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Particulars
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FY24
Audited
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FY23
Audited
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FY22
Audited
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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

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Earnings Presentation | May 2024

(₹ in Million)

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Revenue from Operations

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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% 30%
32%
1,700 26%
1,200
700
200 1,791 2,101 1,711 1,404 1,879
(300) FY 20 FY 21 FY 22 FY 23 FY 24
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Notes: PBT PBT Margin (%)
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EBIDTA & EBIDTA Margin (%)

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2,500 46% 46%
38% 33%
2,000
29%
1,500
1,000
500
2,023 2,316 2,014 1,564 2,045
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%
22% 35%
23% 19% 30%
25%
20%
15%
10%
1,330 1,513 1,238 1,039 1,370 5%
0%
FY 20 FY 21 FY 22 FY 23 FY 24
PAT PAT Margin (%)
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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

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Earnings Presentation | May 2024

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Net Working Capital (Days)

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135 135
132
120
115
FY 20 FY 21 FY 22 FY 23 FY 24
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ROE (%) & ROCE (%)

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22.44% 21.94%
15.93%
13.03%
17.52% 16.71% 10.34%
12.02%
10.71%
8.94%
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FY 20 FY 21 FY 22 FY 23 FY 24
ROE (%) ROCE (%)
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Note: All the numbers are as per IndAs All numbers are on Consolidated basis

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Net Worth (₹ mn)
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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)

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0.02 0.02 0.02
0.01 0.01
FY 20 FY 21 FY 22 FY 23 FY 24
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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)

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Earnings Presentation | May 2024

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Earnings Presentation | May 2024

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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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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.

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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.

Advanced Enzymes has developed and upscaled technologies for the production and application of several important probiotics.

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Earnings Presentation | May 2024

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!

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Manufacturing Units India - 8 USA - 1

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R&D Units Indian enzyme India – 5 | USA – 1 | company Germany –1

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Highest market share Listed integrated in India enzyme player globally

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Enzymes
& Probiotics
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Proprietary Products

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Customers Worldwide

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Countries Worldwide Presence

Employees

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Patents
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Food Enzyme
Dossiers
filed with EFSA
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GRAS Dossier evaluated by US FDA

m[3] Fermentation Capacity

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Years of Fermentation Experience

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Note: Facts & Figures as on November, 2023

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

Novel Food Dossier filed with EFSA

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Earnings Presentation | May 2024

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Acquired 50% stake in SaiGanesh Enzytech Solutions

Advanced Biochemicals ranked as the largest domestic manufacturer

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

Acquired 100% stake in evoxx technologies GmbH, Germany
Acquired 51% stake in
GmbH, Germany SciTech Specialities with
1[st] food enzyme Dossier • 1[st] GRAS dossier was 2 manufacturing was filed filed with USFDA facilities and 1 R&D unit

1[st] fermentation facility of Industrial Enzymes. commissioned at Advanced Biochemicals Sinnar, Maharashtra files its first patent

Takeover of Cal-India Foods International – USA presence

Launched an Wellfa, an in-house B2C consumer brand

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

4 food enzymes got • Received NIH grant for • Received approval for approved as a ImmunoSEB and 2 food enzyme processing aid with ProbioSEB CSC3) dossiers from EFSA Food Safety Standard • Approvals of 2 GRAS • Received no question Authority of India Dossiers for SEBtilis™ letter for 2 GRAS (FSSAI) and SEBclausii™ Dossiers from USFDA

Incorporated as Advanced Biochemicals Pvt Ltd.

Floated IPO
Advanced Biochemicals • Equity investment by Ltd. is renamed as Kotak Private Equity Advanced Enzyme • Takeover of Advanced Technologies Limited
Acquired 70% stake in JC Biotech with a fermentation facility at Ongole, Andhra Pradesh
Takeover of Advanced Supplementary Technologies
2[nd] fermentation facility commissioned at Pithampur, Indore
Increased 15% stake in • Increased 5.89% stake JC Biotech in JC Biotech
4 enzymes are registered with REACH -ECHA (European Chemical Agency)

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Promoter Chairman and Non-Executive Director

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Non-Executive Director

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Independent Director

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Whole-time Director

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Independent Director

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Independent Director

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Non-Executive Director

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Independent Director

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Independent Director

*w.e.f July 01, 2023

Ceased to be director from March 31, 2024

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Earnings Presentation | May 2024

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Chief Financial Officer

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

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Sr. 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 | May 2024

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Global Probiotics Market
$4Bn
9%
$6Bn
13%
$38Bn
78% $48Bn
Grow at
a CAGR
7.4% till
2025
Animal Feed Dietary Supplements Functional Food & Beverages
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Competitive Scenario in the
Global Enzymes and Probiotics Markets
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Nutraceutical	DSM, Deerland
Probiotics	Chr. Hansen, Sabinsa, Kerry, Unique Biotech
Bio-Catalysis	Codexis, Cambrex
Animal Nutrition	Novozymes, DSM, Kemin, Novus, and other regional players
Bio-Processing	Food: AB Enzymes, DSM, Novozymes Non-Food: Novozymes, DuPont

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Grow at
a CAGR
3.5% till
2025
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Global Enzymes Market
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$10.2Bn $4.55Bn
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$3.57Bn
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$1.02Bn $300Mn $60Mn $300Mn $400Mn Food & Beverages Animal Feed Others Food & Beverages Animal Feed Human Nutrition Dietary Supplements Bio-Catalysis Bakery Other Technical Enzymes

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Source: ResearchandMarkets Report, 2019-20

Earnings Presentation | May 2024

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UNIQUE INVESTMENT CASE

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Earnings Presentation | May 2024

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

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Focus Area
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Opportunity Size
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Addressable market for AETL over next
5 years
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AETL’s Current Share of Revenue
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FY24
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FY23
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Human Nutrition	$ 400 mn	$ 200 mn	$ 43.5 mn, 58%	$ 38.8 mn, 58%
Bio-Catalysis	$ 60 mn	$ 30 mn*	$ 3.3 mn, 4%	$ 2.9 mn, 4%
Baking	$ 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	$ 48 bn	Majority of the market is untapped, so this a huge opportunity	$ 3.7 mn, 5%	$ 2.5 mn, 4%

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**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 | May 2024

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

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

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

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Skill-sets which
o Increased focus on Enable
high return Consolidation
applications where
and/or Entry into
AETL has strategic New Market
advantages
Segments
o Build Strategic o Acquisition of
Partnerships in Key Client
Markets for Focus
Relationships &
Segments
Businesses in Key
Focus Markets
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Animal Nutrition

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Probiotics

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Bio-Catalysis

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Baking

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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Stock Data (As on 10[th ] May 2024)

Top 5 Institutional Holders (As on 04[th] May 2024)

Market Capitalization (₹)	44,198 mn
Shares Outstanding	111.82 mn
Free Float	42.00%
Symbol (NSE/ BSE)	ADVENZYMES / 540025

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Institutions
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OS (%)
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ORBIMED ASIA*	12.08
NALANDA INDIA EQUITY FUND	8.91
HDFC AMC	3.60
ICICI PRUDENTIAL MF	1.77
Clarus Capital I	1.28

*Note: For the ease of representation we have aggregated

ORBIMED ASIA III MAURITIUS LIMITED (9.88%) & ORBIMED ASIA III MAURITIUS FVCI LIMITED (2.20)

Stock Chart (As on 10[th ] May 2024)

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Shareholding Pattern (%)
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284.15
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393.80
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24.29%
Promoters
43.49%
Institutions
Public
32.22%
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Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24

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Earnings Presentation | May 2024