Aether Industries Limited — Interim / Quarterly Report 2024

Oct 31, 2023

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October 31, 2023

Ref. No.: AIL/SE/70/2023-24

To,

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400001, MH. Scrip Code: 543534

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai-400051, MH.

Symbol: AETHER

Dear Madam / Sir,

Subject: Presentation on Financial Results

In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the presentation on Financial Results of Second Quarter and Half Year ended on September 30, 2023, is enclosed herewith.

We request you to kindly take the information on your records.

Thank you.

For Aether Industries Limited

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Chitrarth Rajan Parghi

Company Secretary & Compliance Officer Mem. No.: F12563

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Encl.: As attached

CHITRARTH RAJAN PARGHI

Digitally signed by CHITRARTH RAJAN PARGHI Date: 2023.10.31 15:26:55 +05'30'

Page 1 of 1

Aether Industries Limited

Registered Office: Plot No. 8203, GIDC Sachin, Surat-394230, Gujarat, India. Phone: +91-261-6603000 || Email: info@aether.co.in || Web: www.aether.co.in II CIN: L24100GJ2013PLC073434 Factory: Plot No. 8203, Beside Shakti Distillery, Near Rajkamal Chokdi, Road No. 8, Sachin GIDC, Sachin, Surat-394230, Gujarat, India.

• FY24

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October 31, 2023
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AETHER.NS | 543534

HIGHLIGHTS

QIP

Funds raised from QIP, being utilised towards the objects as per the PPD

New Customers

We have started business with 9 new customers during the quarter across all business models Customer Audits

Successfully concluded 6 customer audits and certification audits in Q2 FY24 Team Members

More than 21 new team members joined Aether in Q2 FY24 across all departments

Pilot Plant Expansion

Ordering of the machines and receipt of the equipment on-going, along with commissioning Site 3++ Expansion

Ground digging work in progress, GIDC approval in place and applications done for various regulatory approvals

Site 4 Expansion

Ground digging work completed. Structure work going and ordering and receipt of the equipment and machineries on-going

Site 5 Expansion

Wall fencing work in progress, ground levelling work started along with application for various regulatory approvals

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SNAPSHOT
Q-o-Q
Q-o-Q is comparison of Q2 FY24 with Q1 FY24 (INR MM)
Revenue EBITDA PAT
Q2FY24 1,793 612 34% 378 21%
9% 29% 25%
Q1FY24 1,638 474 29% 302 18%
Y-o-Y
Y-o-Y is comparison of Q2 FY24 with Q2 FY23
Q2FY24 1,793 612 34% 378 21%
22% 41% 39%
Q2FY23 1,466 433 30% 272 19%
EBITDA and PAT, including other income
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SNAPSHOT
HFY-o-HFY
HFY-o-HFY is comparison of 1HFY24 with 1HFY23 (INR MM)
Revenue EBITDA PAT
1HFY24 3,431 1,085 32% 680 20%
10% 18% 18%
1HFY23 3,127 919 29% 578 18%
EBITDA and PAT, including other income
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BUSINESS SEGMENTS

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(INR MM)
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For HFY24
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66% 15% 18%

Large Scale Manufacturing

Advanced intermediates and speciality chemicals with application across the industry spectrum Contract Research and Manufacturing Services - CRAMS Contract research, scale-up services, technology development, low volume high value contract manufacturing Contract / Exclusive Manufacturing Manufacture under contractual supply agreements with MNCs

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FY21 3,249
FY22 3,955
FY23 3,357
HFY24 2,144
FY21 359
FY22 479
FY23 817
478
HFY24
FY21 872
FY22 1,402
FY23 2,234
HFY24 591
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AETHER TODAY
REVENUE FROM OPERATIONS INR MM
31.5% Agro
CAGR 44%
6,511
5,970
4,538
By Application 4.0% Multiple
3,252.76
3,038
Pharma 4.3% Photography
47.6%
2,033 5.9% Material Science
1,092 3.5% Coatings
1.3% Textiles
1.1% Oil & Gas
FY18 FY19 FY20 FY21 FY22 FY23 HFY24
0.8% Food Additives
31.6
EBITDA% 30.4
29.3 HFY24
25.3
24.4 24.3
21.7
66.3%
65.9%
FY18 FY19 FY20 FY21 FY22 FY23 HFY24
Large scale Domestic
manufacturing
By Business 18.2% By Region
19.8
19.5
PAT% 18.2 Contract
Export [#]
15.7
manufacturing
13.2
33.7%
11.5
14.7% CRAMS
7.1
1.20% Others
# includes deemed exports and SEZ Sales
FY18 FY19 FY20 FY21 FY22 FY23 HFY24
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RESEARCH AND DEVELOPMENT

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R&D has been critical to success and a differentiating factor vis-à-vis competitors
Experts at helm of R&D / CRAMS Consistently rising R&D expenditure
JUNE-23 SEPTEMBER-23
262 270 6.6% 7.5%
Highly qualified employees, Highly qualified employees,
including including
4.3%
4.0%
2.6%
501
130 132
393
Scientists with Scientists with
193
PhD / M. Sc and B. Sc PhD / M. Sc and B. Sc
121
53
132 138
Engineers Engineers FY19 FY20 FY21 FY22 FY23
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Consistently rising R&D expenditure
8.0%
7.5%
6.6%
4.3%
4.0%
2.6%
501
393
273
193
121
53
FY19 FY20 FY21 FY22 FY23 HFY24
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QIP FUND UTILISATION

1. Capital expenditure towards expansion of Site 3++ 2. Capital expenditure towards first phase of Site 5 3. Working Capital requirements due to new facility which has come up at Site 3 4. General Corporate Purpose funds utilised for various expansions in R&D, Pilot Plant and Site 4 (under Aether Speciality Chemicals Limited, a 100% wholly owned subsidiary of Aether Industries Limited) and other normal business expenses, including working capital.

	including working capital.
					(INR MM)
	Objects of issue	Amount as per	Amount	%	Amount Pending
		the Offer	Withdrawn from	Amount	to be withdrawn
		Document (A)	Monitoring	Withdrawn (C)	from Monitoring
			Bank (B)		Bank (D = A - B)
	Funding capital expenditure requirements for the proposed	1,830	7.65	0.42%	1,822.35
	Greenfeld Project - Site 3++
	Funding capital expenditure requirements for the proposed	3,300	2.69	0.08%	3,297.31
	Greenfeld Project - Site 5 (frst phase)
	Working Capital requirements	450	348.94	77.54%	101.06
	General Corporate Purposes (increase of INR 1.14 million)	1,706.14	799.21	46.84%	906.93
	Total	7,286.14	1,158.49	15.90%	6,127.65

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Note: Unutilised QIP Funds of INR 6,130 million are parked in FDs

STANDALONE FINANCIAL RESULTS FOR Q2 AND HFY24

						INR MM
Particulars	Q2FY24	Q1FY24	Q2FY23	HFY24	HFY23	FY23
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Revenue from operations	1,642	1,611	1,402	3,253	3,002	6,511
Other income	152	26	64	178	126	165
Total income	1,794	1,637	1,466	3,431	3,128	6,676
Cost of goods sold #	760	769	682	1,529	1,512	3,173
Employee benefts expense	115	85	89	201	161	345
Other expenses	307	309	262	616	535	1,130
EBITDA	612	474	433	1,085	920	2,028
Depreciation & amortization	97	92	54	189	100	232
EBIT	515	382	378	896	820	1,796
Finance cost	16	12	6	28	35	51
Proft before tax	499	370	372	868	785	1,745
Tax expenses (Current + Deferred)	121	68	100	188	206	441
Proft after tax	378	302	272	680	578	1,304

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Cost of goods sold = Cost of materials consumed in operation and incidental cost + Changes in inventories of finished goods and work-in-progress

• STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2023

INR MM	HFY24	FY23	INR MM	HFY24	FY23
ASSETS			EQUITY AND LIABILITIES
Non-Current Assets			Equity
Property, plant and equipment	5,819	5,334	Equity share capital	1,325	1,245
Capital work-in-progress	870	371	Other equity	19,135	11,201
Investments + Other Financial Assets	5,040	30	Total equity	20,460	12,446
Intangible Assets	5	6	Non-current Liabilities
Right-of-Use Assets Other non-current assets	1,345 25	1,122 184	Borrowings	0	0
Total non-current assets CURRENT ASSETS	13,104	7,047	Lease liabilities Deferred tax liabilities (net)	138 287	145 268
Inventories Investments	3,252 120	2,488 10	Total non-current liabilities Current Liabilities	425	413
Trade receivables	2,525	2,590	Borrowings	20	1
Cash and bank balances	1,864	1,022	Lease liabilities	13	11
Loans + Other Financial Assets	745	15	Trade payables	1,121	815
Other current assets	625	627	Other current liabilities#	196	113
Total current assets	9,131	6,752	Total current liabilities	1,350	940
Total Assets	22,235	13,799	Total equity and liabilities	22,235	13,799

includes Other Financial Liabilities, Other Current Liabilities, Provisions and Current Tax Liabilities (Net)

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STANDALONE STATEMENT OF CASH FLOW AS ON SEPTEMBER 30, 2023

INR MM	HFY24	FY23
Cash generated from operations	282	252
Net cash from operating activities	142	(66)
Net cash (used in) investing activities	(1,671)	(3,484)
Net cash used in financing activities	7,361	4,392
Net increase / (decrease) in cash and cash equivalents	5,832	842
Cash and cash equivalents at the beginning of the period	1,022	180
Cash and cash equivalents at the end of the period	6,854	1,022

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Figures in ( ) represent negative numbers

WHY AETHER?

The True Story

[8 x 8] Matrix of chemistry/ technology competencies developed in-house, from scratch, which caters to various segments of chemical industry

Rich Infrastructure

Extensively expanded R&D, pilot plant, and manufacturing (2 new greenfield projects, 1 brownfield project all fully DCS automated) capabilities

R&D Driven Approach

Specialised R&D team comprising 270 highly qualified people including 132 scientists (with PhDs or M. Sc. / B. Sc. degrees) and 138 engineers (SEP-23)

Experienced Team

Career Technocrat promoter group, expert global technology and business development team, average age of 970+ staff is 31 years (SEP-23)

Growth Engines

Successfully launched 3 business models in 5 years into commercialisation: 1. Large scale manufacturing 2. CRAMS 3. Contract / Exclusive manufacturing Marquee Customers

290+ multinational, global, regional and local companies across industry spectrum, spread over 22 countries

1st Time In India

Most of our advanced intermediates and specialty chemicals manufactured for the first time in India

Fastest Growing

We are one of the fastest growing specialty chemical companies in India, growing at a CAGR of nearly 44% between Fiscal 2018 and Fiscal 2023

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SITE 3++

Production of 3 to 5 Products upon commercialisation of the project

Located diagonally to the current Manufacturing opposite Facility 2 in GIDC, Sachin, Surat, Gujarat, India

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July 2023 project initiation August 2023 Regulatory approvals applied for

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Additional 3500 MT

capacities approximately per annum will be added on commercialisation of the project

September 2023 Placing of orders for equipment and machineries started

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SITE 4

Dedicated to CEM upon commercialisation of the project

Located within 200 meters of the current Manufacturing Facility 2 in GIDC, Sachin, Surat, Gujarat, India

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July 2023 project initiation September 2023 Equipment and machineries ordered

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Aether Speciality Chemicals Limited 100% wholly owned subsidiary Q4FY24 Expected to be commercialised

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SITE 5

S5 - Panoli 21° 32' 19.302" N, 73° 0' 11.34" E 125,874.64 sq. mtrs. / 31 acres (approximate)

Acquired land in GIDC auction for future expansions 12 times the land bank of the current land at Site-2 Easy proximity to NH8 54 Kms drive from current locations in Surat Plot nos. 14 + 15, Panoli GIDC, Gujarat Regulatory approvals applied for in July 2023 Ground digging work started in August 2023 Ordering of equipment and machineries started in September 2023

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EXPANSION OF WORLD’S LARGEST PILOT PLANT

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As of 03.08.23
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• As of 03.08.23

• 56 reactors ⎸ SS-316, GLR, Hast-C, Ti / PFA coated ⎸ 500 to 6000 L ⎸ full vac. to 30 bar ⎸ -20 to 300 ℃

• 10 batch / cont. distillation columns ⎸ SS-316, GLR, Hast-C ⎸ full vac. to 10 bar ⎸ 150 to 800 mm diam. ⎸ 24-100 stages Wiped film evaporator / dryer ⎸ SS-316, Hast-C ⎸ 1, 2, 5 m2

• 25 filters / dryers ⎸ SS-316, ETFE coated ⎸ Centrifuges (24-48”) ⎸ ANFD (2-5 KL) ⎸ RVPD ⎸ VTD ⎸ Drum flaker Total pilot plant equipment : 204

CORE COMPETENCIES

Chemistry

Grignards and Organolithiations Ethylene Oxide Chemistry - Tandem Grignard / Ethylene Oxide Isobutylene Chemistry Hydrogenation - Asymmetric Hydrogenation Matrix Heterogeneous Catalysis Exothermic Chemistry 8x8 Cross Coupling Chemistry Olefin Metathesis / Polymerisation

Chemistry

Systems

Technology

Technology

Continuous Reaction Batch Reaction High Pressure Reaction Fixed Bed Reaction Cryogenic Reaction High Vacuum Distillation Wiped Film Distillation Process Automation

Systems

SAP Multiple Certifications (DCS) Automation

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Sweet Spot

PRODUCT SELECTION

Core competencies of chemistry, technology and systems No active manufacturer in India, made for 1[st] time in India Minimum 4 step sequences of manufacturing and infrastructure oriented Generate adequate revenue at maturity Market leading position at product maturity

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Product selection leading to differentiated portfolio

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KEY PILLARS

Ashwin Desai Founding Promoter, Managing Director

Rohan Desai Promoter, Whole Time Director

• Bachelor of Chemical Engineering from Institute of Chemical Technology (UDCT, 1974)

• Distinguished Alumni Award by UDCT (2010)

• Prior to Aether, Founder / Chairman / MD of Anupam Rasayan (India) Limited (till 2013)

• Spearheading the continuous (flow) technology core competency

• Aether’s visionary, multiple decades of experience in speciality chemicals

• Bachelor of Commerce from VNSG University of Commerce, Surat

• Prior to Aether, Director at Anupam Rasayan (India) Limited (till 2013)

• Handles commercial portfolio including sales, finance, strategic procurement, human resources and systems

• Extensive experience in speciality chemicals

Dr. Aman Desai Promoter, Whole Time Director

Purnima Desai Promoter, Whole Time Director

• Bachelor of Chemical Technology - ICT (UDCT, 2005), PhD in Organic Chemistry from Michigan State University (USA, 2010)

• Prior to Aether, project leader in Process Development group in Core R&D HQ of The Dow Chemical Company (USA, 2010-2012)

• Co-author of 25 publications, 4 patents in USA and published worldwide

• Distinguished Alumni Award by UDCT (2018)

• 10+ years of experience in speciality chemicals

• Bachelor of Commerce from University of Delhi (1975)

• Prior to Aether, Director at Anupam Rasayan (India) Limited (till 2013)

• Leads overall finance and accounting operations

• Multiple decades of experience in speciality chemicals

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EXPERIENCED BOARD

Kamalvijay Tulsian Chairman, Non-Executive Director Decades of experience in Textile and Chemical Industry

Ishita Manjrekar Non-Executive Director Experience in Chemical Industry

Jeevan Lal Nagori Non-Executive Independent Director Experience 34 years in Chemical Industries Arun Kanodiya Non-Executive Independent Director 15+ years of experience in Chartered Accountancy and Finance

Leja Hattiangadi Non-Executive Independent Director Decades of experience in Engineering Contracting / Chemical Industry

Jitendra Vakharia

Non-Executive Independent Director Decades of experience in Chemical and Textile Industry

Dr. Amol Kulkarni

Non-Executive Independent Director Experience 34 years as a Scientist

Rajkumar Borana Non-Executive Independent Director Extensive experience in Textile Industry

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BUSINESS DEVELOPMENT LEADERS | SMP AND KMP

Dr. James Ringer

(Americas)

• Bachelor’s Science (Purdue Univ. USA) and PhD Organic Chemistry (Univ. Wisconsin, USA)

• 30 years at The Dow Chemical Company (and subsidiaries) at various positions - Leader R&D Director

• Co-inventor on 22 USA patents, published worldwide

• Bachelor’s Science and Master’s Chem. Engg., Univ. of Pittsburgh (USA)

• Decades of experience in Chemical Industry

• Previously at the Dow Chemical Company (USA)

Dr. Norbert Flüggen (Europe)

• Diploma Physics and Doctorate of Natural Sciences (PhD), Univ. Hannover (Germany)

• Decades of experience in Chemical Industry

• Previously at ALTANA AG (Germany)

• B. Comm. (Mumbai University), FCA (ICAI)

• Previously at Ala Metals LLC

  • (Dubai)

• 25+ years of experience

• Awarded as CA-CFO for Emerging Corporates

• Co-inventor of 7 USA patents, published worldwide

Raymond Roach

(Americas)

Faiz Nagariya Chief Financial Officer

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ADDITION IN LEADERSHIP TEAM

• PhD Organic Chemistry – University of Rochester • >20 years Eastman Kodak – Worldwide Director of Process Development & Manufacturing

• 7 years Senior VP Novomer, Inc.; CO2 Polyol Technology acquired by Saudi Aramco 2016 • 7 years with Saudi Aramco; President & CEO Aramco Performance Materials

Dr. Ron Valente Business Development Leader (Specialty Polyols)

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SELECT MARQUEE CUSTOMER BASE | DOMESTIC AND GLOBAL

Pharmaceutical Agrochemical

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Oil and Gas Textiles High performance photography Material Science Coatings | Other Sectors TOSOH FineChem

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QEHS

Health and Safety

• Undertaking hazard and operability studies before commencing commercial production of new products

• Dedicated team of safety personnel

• Mobile application for safety and emergencies

• Modern fire-fighting and safety systems

• DCS automation system to control safety systems and processes

• Combined fire hydrant water reserve of over 2,000 m3 capacity

• Occupational Health and Safety Hazard Prevention

• Health and Safety Permits

• Emergency Prevention, Preparedness, and Response

• Working and Living Conditions

• Training and Communication

ISO 9001

for Quality

ISO 45001 for Occupational Safety

ISO 14001 of workforce as Environment Team ISO 27001 of Information Security Management

INDIAN GMP for Manufacturing UN GLOBAL COMPACT Annual Corporate Member

SILVER ECOVADIS MEDAL

among the top 25 percent of companies

16%

of which

6.47%*

is workforce as QC/QA/ADL Team

4.21% 5.44% is workforce as is workforce as Safety Environment Team Team

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• as on September 30, 2023

QEHS

Quality

High standards of quality for products To cover To ensure Manufacturing Consistent Quality Supply Chain Efficacy Product Delivery Safety of Products In HFY24 14 14 Times, our facilities Customers or their have been audited by external auditors

Environment

Vibrant infrastructure installed for environment and sustainability efforts

• 100 KLPD in-house zero liquid discharge (ZLD) plant

• Triple stage multiple effect evaporator (MEE)

• Mechanical vapour recompression (MVR) plant

• Agitated thin film evaporator (ATFE)

• Reverse osmosis (RO) plant

• Soil biotechnology (SBT) platform with ozonation

• Employing cleaner chemistries, semi-continuous or continuous reaction technologies, and automation in the process

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ENVIRONMENTAL SOCIAL GOVERNANCE

Environmental

• Adoption of the green chemistries or more accurately sustainable chemistry since inception.

• Principles of energy saving and conservation, atom economy

• 4R strategy (reduce / recover / recycle / reuse)

• Undertaking hazard and operability studies.

Social

• Focused on:

• Education

• Life Saving measures

• Medical Aid / Support

• Total spent of Rs. 26.38 MM towards CSR in H1Y24 (95% already deployed out of the total budget of CSR for FY24)

Governance

• Technically sound and extensively experienced Board members

• Transparency and accountability at each level

• Adequate corporate governance helps:

• Improved capital flow

• Risk mitigation

• Reputation boost

• Effective decision making

• focus on compliance

• Higher staff retention

• Limitation of conflicts of interests

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Certain statements and opinions with respect to the anticipated future performance of the company in the presentation (“forward - looking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated results may or may not prove to be correct. Such forward -looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward - looking statements. These include, among other factors, changes in economic, political, regulatory, business or other market conditions. Such forward - looking-statements only speak as at the date the presentation is provided to the recipient and the company is not under any obligation to update or revise such forward -looking statements to reflect new events or circumstances. No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient’s purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof and the company has no obligation whatsoever to update any of the information or the conclusions contained herein or to correct any inaccuracies which may become apparent subsequent to the date hereof.

All rights reserved. Aether and the Aether logo are trademarks of Aether Industries Limited, registered in India

Registered Office - 8203, Road No. 08, GIDC Industrial Estate, Sachin - 394230, Surat, Gujarat, India | Board Line: +91-261-6603000 | Email ID: info@aether.co.in | Website: www.aether.co.in Mr. Chitrarth Parghi - CS and Compliance Officer | Direct No : +91 (261) - 6603360 | Email: chitrarth@aether.co.in