Aether Industries Limited — Interim / Quarterly Report 2025

Jul 19, 2024

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July 19, 2024

Ref. No.: AIL/SE/27/2024-25

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 the First Quarter June 30, 2024, is enclosed herewith.

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

Thanking 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 annexed

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.

Q1

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Agenda

Innovation for a Sustainable Future

Aether Today (03) Aether Tomorrow (04) Highlights (05) Financial Snapshots (06) Announcements (10) Accident Updates (12) Expansions (13) QEHS (16) Business Models (17) Research & Development (18) QIP Funds Utilisation (19) Financial Results (20)

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01
02
03
04
05
06
07
08
09
10
11
12
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Aether Today

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30.4
29.3
27.3
25.3 25.3
24.4 24.3
21.7
FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q1 FY25
19.5
18.2
15.7 15.8
13.8
13.2
11.5
7.1
FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q1 FY25
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6,511
5,970 5,957
4,538
3,038
2,033
1,920
1,092
FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q1 FY25
Export#
42.0%
Others
LSM
2.0%
66.0%
CRAMS
14.0%
Q1 FY25
CEM
Domestic
18.0%
58.0%
# includes deemed exports and SEZ Sales
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Export#
42.0%
# includes deemed exports and SEZ Sales
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All numbers are in INR MM

Aether Tomorrow

Agrochemicals

Pharmaceuticals

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Renewables & Sustainability

• Saudi Aramco - CO2 Technologies Company nverge[®]

• Polyols: up to 40% by weight carbon dioxide

• • Electrolyte additives for lithium ion batteries - Global Lithium-Ion . Battery Producer

• Novoloop, Inc. Polymer depolymerisation for circular plastic economy and up-cycle.

• Many more to come in future

Oil & Gas

• Strategic partnership with Baker Hughes, a multi year (extendable) contract to manufacture 6 new products for Baker Hughes globally, with a focus on India’s oil and gas sector.

• Many more to come in future

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04

Site 2 75% of the site operational

SSA with Baker Hughes for launch of 6 products at Site 4. Commercial orders to be manufactured

5MW Solar Power Plant

out of the 15MW order for Auto Tracker Solar

Power Plant, 5MW commissioned in June 24

with all regulatory approvals in place and remaining 25% to be online soon.

from Q2 FY25.

Site 3++ Expansion ongoing procurement and installation of equipments, machineries with a plan to commission the plant by end of FY25

Site 4 Expansion

Phase one Site 5 Expansion

Commissioning completed, with validation batches being manufactured, SSA in place, commercial production to start in Q2 FY25

• ground plinth work completed, building and structure work started, ordering of long lead time equipment, machineries Team Members with the expansions going on, the team is being

Customer Audits

11 New Customers started business during the quarter across all business models

- Successfully concluded 11 customer

audits and certification audits in Q1 FY25

• business models audits and certification audits in Q1 FY25 revamped as per the requirement

• Highlights

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Q on Q Standalone 27% Q1 FY25 1,920 524 303 49% 234% 2930% 12% Q4 FY24 1,287 157 10

16% 1%

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Q on Q is Comparison of Q1 FY25 with Q4 FY24

All numbers are in INR MM

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Investor deck
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Y on Y Standalone 27% Q1 FY25 1,920 524 303 17% 11% 1% 29% Q1 FY24 1,638 474 302

16% 18%

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Y-o-Y is comparison of Q1 FY25 with Q1 FY24

All numbers are in INR MM

Investor deck Q on Q Consolidated 27% 16% Q1 FY25 1,920 521 299 49% 262% 2236% 11% -1% Q4 FY24 1,291 144 -14 Q on Q is Comparison of Q1 FY25 with Q4 FY24 All numbers are in INR MM

Y on Y Consolidated 27% 16% Q1 FY25 1,920 521 299 18% 11% 1% 29% 18% Q1 FY24 1,634 470 298

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Y-o-Y is comparison of Q1 FY25 with Q1 FY24

All numbers are in INR MM

Announcement

for Baker Hughes

Aether Industries signed a 5-year (extendable) contract to manufacture 6 new products for Baker Hughes globally, with a focus on India's oil and gas sector. This "Make in India" project will be primarily executed by Aether's subsidiary, Aether Speciality Chemicals Limited. The agreement strengthens their partnership for future collaborations.

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10

Announcement

- Auto Tracker

New auto-tracker project work started from the date of order, Completion in phases scheduled in the FY 2024-25. Initial 5 MW commissioned in Q1FY25. This will start adding to the bottom lines of the Company. Remaining 10 MW - the equipment and other related material ready, to be commissioned in Q2 FY25 itself.

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11

Accident Update

The Site 2 has resumed 75% will be

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with the reinstatement of various assets along with approval from various regulatory and other government authorities

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12

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Site 3++
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• Site expansion - construction on schedule!

• • Equipment and machinery secured - arriving September 2024

• • All approvals secured - ready for a smooth transition

• • Commissioning expected by end of FY25

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• Site 4 • Site ready and commissioned in March 2024

• • SSA with Baker Hughes executed

• Commercial orders to start soon

• • 6 Products to be launched currently - in phased manner

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Site 5

• EC approved in December 2023, ordering of equipment started

• Ground digging, wall fencing and plinth work completed

• Building work started for phase one production block

• • Phase one expected to be commissioned by end of FY26

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QEHS

17% ISO 9001 Indian GMP 4.70% - Safety Team UN Global ISO 14001 11 Aether has implemented QEHS system to achieve a holistic approach to excellence. This includes Improved quality, Enhanced environmental performance and Stronger safety culture.

7.31% - QC/QA/ADL Team. 4.70% - Safety Team 5.22% - Environment Team

11 times our facilities have been audited by 11** Customers or

their external auditors

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• as on June 30, 2024

16

Business Models

66% 14% 18%

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Advanced intermediates and speciality chemicals with application across the industry spectrum

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₹ 1,185
₹ 1,020
₹ 848
Q1FY23 Q1FY24 Q1 FY25
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Contract research, scale-up services, technology development, low volume high value contract manufacturing

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₹ 257
₹ 251
₹ 198
Q1FY23 Q1FY24 Q1 FY25
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Manufacture under contractual supply agreements with MNCs

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₹ 527
₹ 318 ₹ 326
Q1FY23 Q1FY24 Q1 FY25
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All numbers are in INR MM

Differentiating Factor

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₹ 987
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(15.4%)
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expenses 142.61 MM or 7.43% of total revenue in Q1FY25

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₹ 501
(7.5%)
₹ 393
(6.6%)
₹ 193
(4.3%)
₹ 121
(4%)
₹ 53
(2.6%)
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FY19

FY20

FY21

FY22

FY23

FY24

All numbers are in INR MM

QIP Fund Utilisation
Objects of Issue	Amount as per	Amount	% Amount	Pending to be
	PPD (A)	Utilised (B)	Utilised (C)	Utilised (D = A - B)
Funding capex for Greenfeld Project - Site 3++	1,830.00	444.67	24.30%	1385.33
Funding capex for Greenfeld Project - Site 5 (1st phase)	3,300.00	294.88	8.94%	3,005.12
Working Capital requirements	450.00	450.00	100.00%	0.00
General Corporate Purposes (increase of INR 1.14 million)	1,706.14	1,000.07	58.62%	706.07
Total	7,286.14	2,189.62	30.05%	5,096.52

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All numbers are in INR MM

Standalone Financial Results

Particulars	Q1FY25	Q4FY24	Q1FY24	FY24
	Unaudited	Audited	Unaudited	Audited
Revenue from operations	1,800	1,150	1,611	5,957
Other income	120	136	26	443
Total income	1,920	1,287	1,638	6,400
Cost of goods sold #	1,024	752	769	3,193
Employee benefts expense	105	116	85	386
Other expenses	236	189	309	1,063
Exceptional items	30	74	00	138
EBITDA	524	157	474	1,619
Depreciation & amortization expense	102	103	92	394
EBIT	423	54	381	1,225
Finance cost	26	36	12	85
Proft before tax	397	17	370	1,140
Tax expenses (Current + Deferred)	94	7	68	259
Proft after tax	303	10	302	881

Cost of goods sold = Cost of materials consumed in operation and incidental cost + Changes in inventories of finished goods and work-in-progress All numbers are in INR MM

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Consolidated Financial Results	Consolidated Financial Results
Particulars	Q1FY25	Q4FY24	Q1FY24	FY24
	Unaudited	Audited	Unaudited	Audited
Revenue from operations	1,800	1,175	1,611	5,982
Other income	120	116	23	392
Total income	1,920	1,291	1,634	6,374
Cost of goods sold #	1,024	768	769	3,209
Employee benefts expense	105	116	86	386
Other expenses	239	190	309	1,064
Exceptional items	30	74	00	138
EBITDA	521	144	470	1,577
Depreciation & amortization expense	102	104	92	397
EBIT	420	40	378	1,180
Finance cost	26	36	12	85
Proft before tax	393	4	366	1,095
Tax expenses (Current + Deferred)	94	18	68	270
Proft after tax	299	-14	298	825

Cost of goods sold = Cost of materials consumed in operation and incidental cost + Changes in inventories of finished goods and work-in-progress All numbers are in INR MM

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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 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