BSL Ltd. — Investor Presentation 2022

Nov 10, 2022

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www.bslltd.com

BSL Ltd.

REGO. OFFICE : 26,lndustrial Area, Gandhi Nagar, BHILWARA-311 001 (Rajasthan) INDIA Tel.: (91 1482) 249101-102, 245000 E-mail : accounts@bslsuitings.com, Website : www.bslltd.com C.I.N.: L24302RJl970PLC002266

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www.bslltd.com

REF: BSL/CS/2022-23/ Dated: I 0[th ] November, 2022

National Stock Exchange of India Ltd BSE Ltd Listing Department Der,artment of Corporate Services Exchange Plaza 25[11 ] Floor, Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street Bandra (E) Kala Ghoda, Fort, Mumbai- 400 051 Mumbai, Maharashtra 400 00 I NSE Symbol: BSL BSE Scrip Code: 514045

Subject: Investors' Presentation on the Financial Results fr the Quarter and Half vear ended 30[th ] September, 2022 in pursuant to Regulation 30 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Ma'am,

Pursuant to the prov1s1ons of Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find attached copy of Investors' Presentation on the Financial Results for the quarter and half year ended 30[th ] September, 2022. The same is also available on the Website of the Company ww\ .bslltd.com.

This is for your information and records please.

Thanking you, Yours Faithfully For BSL LTD. Aanchal Digitally signed by Aanchal Patni Patni Date: 2022.11.10 18:50:37 +05'30' Aanchal Patnii Company Secretar[y ] M. No.: ACS-43134 Enc: a/a

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CONFIDENCE[.] IN TEXTILES , Tes19d for hotmlul owstonc. aa:onlng ta � SkJndard 100 No 09 HIN 6837S Hohe-nste1n

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BSL 514045

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SAFE HARBOR

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This presentation has been prepared by BSL Limited (“Company") solely for information purposes without any regard to any specific objectives, financial situation, or informational need of any particular person. This presentation may not be copied, distributed, or disseminated, directly or indirectly, in any manner. Failure to comply with this directive may result in a violation of the applicable laws in certain jurisdictions. By reviewing this presentation, you agree to be bound by the restrictions contained herein and to maintain absolute confidentiality, regarding the information disclosed in these materials.

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This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company by any person in any jurisdiction, including in India, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment, therefore.

This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief, or current expectations of the Company or its directors and officers concerning the results of operations and the company's financial condition. These statements can be recognized by the use of words such as ''expects", "plans", 'will", "estimates", "projects", or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions that the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, and competition, our ability to manage our international operations, government policies, regulations, etc. The Company does not undertake any obligation to revise or update any forwardlooking statement that may be made from time to time by or on behalf of the Company to reflect actual results, assumptions, or changes in factors affecting these statements. Given these risks, uncertainties, and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. This presentation may contain certain currency exchange rates and the same has been provided only for the convenience of readers.

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Safe Harbor

Investor Presentation

Q2FY23

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TABLE OF CONTENT
Q2 & H1FY23 FINANCIAL PERFORMANCE
01
DRIVERS OF GROWTH
02
COMPANY PROFILE
03
ESG INITIATIVES
04
MANAGEMENT TEAM
05
ANNEXURE
06
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Table Of Content

Investor Presentation

Q2FY23

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Q2 & H1FY23 Earning Presentation

Q2 & H1FY23 FINANCIAL PERFORMANCE

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CHAIRMAN MESSAGE

Commenting on the results, Mr. Arun Churiwal, Chairman of BSL Limited said,

“Given the macro environment that continues to be I am challenging, happy to share that BSL Limited delivers a strong, resilient performance in a seasonally weak quarter for the Indian textile industry. The company’s current operating and financial performance demonstrates the trust it enjoys among its domestic and global customers. The results stand as testimony to our growth trajectory. In the first half of FY23, BSL delivered a robust 21% growth on the back of strong demand in the furnishing segment and quantum growth and profitability in all segments.

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Looking ahead, anticipating changes, and planning for eventualities, we at BSL are now ready to leap to transform our business to the next level. We are strengthening management capabilities and technology which will lead to sustainability, leadership, and focus on the quality of our offerings”

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Investor Presentation

Q2FY23

Message

MANAGING DIRECTOR MESSAGE

Commenting on the results, Mr. Nivedan Churiwal, Managing Director of BSL Limited said,

“It is my pleasure to connect with all our shareholders for the first time we have taken these steps to strengthen our relationship.

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Coming to BSL over the last year, we have built tremendous traction in all our segments and now we are seeing a surge on the back of strong customer relationships which is build over the years. The company has delivered robust operational and financial performance during the quarter. Our revenue for Q2FY23 grew 15% YoY with PAT growth of 31% during the same period.

Our capacity addition of ₹194 Cr. for the installation of 29,184 spindles and the modernization of equipment is happening at a good pace. We anticipate commencing commercial operations soon, while we are committed to ensuring that our quality remains at its best. We are working on further augmenting our capacity to support our future growth. We reaffirm our relentless focus on quality, and production efficiency, and our performance gives us confidence that we are on track and will continue our unrelenting focus on delivering superior shareholder value.”

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Investor Presentation

Q2FY23

Message

₹ in Cr

FINANCIAL PERFORMANCE: Q2FY23

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Revenue

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14.7% 133
116
112
Q2FY22 Q1FY23 Q2FY23
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EBITDA & EBITDA Margin %

Gross Profit & Gross Profit Margin %

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14.0%
65
59
57
52.1%
49.1% 49.1%
Q2FY22 Q1FY23 Q2FY23
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PAT & PAT Margin %

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14.7% 13
11
11
9.6% 9.1% 9.9%
Q2FY22 Q1FY23 Q2FY23
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30.6% 5
4
3
3.8%
3.3%
2.4%
Q2FY22 Q1FY23 Q2FY23
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Financial Performance

Investor Presentation

Q2FY23

₹ in Cr

FINANCIAL PERFORMANCE: H1FY23

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Revenue
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20.8% 245
203
H1FY22 H1FY23
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EBITDA & EBITDA Margin %

Gross Profit & Gross Profit Margin %

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15.9% 124
107
52.8% 52.1%
H1FY22 H1FY23
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PAT & PAT Margin %

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14.3% 24
21
10.3% 9.6%
H1FY22 H1FY23
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21.8% 8
6
3.1% 3.2%
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H1FY22 H1FY23
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Financial Performance

Investor Presentation

Q2FY23

QUARTERLY KEY HIGHLIGHTS

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❑ Total Income for Q2 FY23 is ₹ 132.9 crores and for H1 FY23 is ₹ 245.6 crores up 15% and 20% YoY

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❑ EBITDA for Q2 FY23 at ₹ 13.2 crores with margin at 9.9% and for H1 FY23 stood at ₹ 24 crores with margin at 9.6%.

• ❑ PAT at ₹ 5.1 crores in Q2 FY23 & ₹ 7.8 crores in H1 FY23 up 30% and 22% YoY

• ❑ EPS at ₹ 4.93 in Q2 FY23 & ₹ 7.59 in H1 FY23

• ❑ Capex’s plan of installation of 29,184 Spindles and modernization of synthetic spinning, Weaving & Processing division is going as per schedule commencing from December’22

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Financial Performance

Investor Presentation

Q2FY23

HISTORICAL FINANCIAL PERFORMANCE

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₹ in Cr

Revenue

Gross profit & GP Margin%

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437 436
403
390
321
FY18 FY19 FY20 FY21 FY22
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EBITDA & EBITDA Margin%

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41
35
33
31 30
9.4% 9.5%
8.1% 7.9% 7.9%
FY18 FY19 FY20 FY21 FY22
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224
210
198 199
166
49.1% 47.9% 51.0% 51.6% 51.3%
FY18 FY19 FY20 FY21 FY22
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PAT & PAT Margin%

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11
2.6%
2
1
1
1
0.4% 0.4%
0.3% 0.2%
FY18 FY19 FY20 FY21 FY22
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Financial Performance

Investor Presentation

Q2FY23

HISTORICAL FINANCIAL PERFORMANCE

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ROCE
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RONW

Fixed Asset Coverage Ratio

In times

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12.8% 10.6% 7.6% 7.4% 7.3% 6.3% 2.2% 1.7% 1.3% 1.1% FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

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3.1
2.3
1.9
1.8
1.4
FY18 FY19 FY20 FY21 FY22
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Net Working Capital ₹ in Cr Net Debt ₹ in Cr Net Debt to Equity
45.6 186
2.3
2.2
37.2
175
172 2.2
18.3 161 161 2.1
15.5 2.1
14.1
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
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Financial Performance

Investor Presentation

Q2FY23

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Q2 & H1FY23 Earning Presentation

DRIVERS OF GROWTH

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DRIVERS OF GROWTH

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1. Robust Demand

2. Support Govt. policy

3. China +1 strategy

4. Investments Plan

5. Aggressive Marketing

▪ India is working on getting a Free Trade Agreement (FTA) with both United Kingdom & European Union.

▪ BSL Limited’s marketing strategy is uniquely designed for the company and helps gather strong brand recognition for its quality in domestic and international brands.

▪ In 2021, the Indian textile & apparel industry is pegged at $105 bn, with ~71% by domestic consumption and 29% by exports. By 2026, the industry is likely to expand to $250 bn at 17-19% CAGR .

▪ China Plus One sentiment globally, India’s textile exports are expected to grow by 81% to $65 billion by 2026 from the pre-Covid level of around $36 billion in 2019

▪ BSL is going to increase its periphery and start a new line of Business with the Cotton Spinning project. A Capex Plan of the Company for the installation of 29,184 Cotton Spindles and Modernization of PV Spinning, Weaving and Processing divisions of the Company were approved during the FY22. The approximate cost of the Project will be INR 194 Crores to be funded by Term Loans and internal accruals. Yarn Spinning Cotton Newly planned Existing Capex units

▪ PLI scheme was launched by GOI for improving India’s export competitiveness in MMF and Technical Textiles segments.

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▪ Focus on exports helping us to gain major market share in both suiting’s & furnishing with presence in over 60 countries. ▪ Specific & different strategy for different price segments for maximum outreach for both its mass and premium brands in the domestic market.

▪ Adoption by global brands , due to India’s relatively large strategic depth compared with Vietnam or Bangladesh

▪ The growth would be driven by the swelling domestic appetite for garments and demands for apparel in western countries resulting in higher sourcing from India by international brands to meet the demand. ▪ Apparel (garmenting), the fastest growing segment accounts for 63% of the $892 bn global textile industry. By 2026, India hopes to garner 10% of the apparel export market from 4% currently.

▪ GOI may introduce PLI 2.0 with incentives focused on manufacturing garments, home textiles and textile accessories like lace, button and zippers.

▪ Covid-19 has triggered the redistribution of global trade shares and a recalibration of sourcing patterns, providing a golden opportunity for Indian textiles to stage a turnaround and regain a leadership position as a top exporting economy.

▪ To boost the textile industry GOI has introduced various schemes such as the Mega Investment textile parks scheme , Remission of Duties or Taxes on Export Product (RoDTEP) , and Textile Technology Development Scheme (TTDS) .

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Drivers of Growth

Investor Presentation

Q2FY23

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Q2 & H1FY23 Earning Presentation

COMPANY PROFILE

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ABOUT BSL

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Manufacturer of an extremely diverse range of textile products ranging from synthetic, worsted, and now cotton yarn to synthetic & worsted suiting's and a variety of furnishing fabrics. Formed in1971 and growing from strength to strength.

. South Asia’s leading supplier of furnishing fabrics to the global retail giant IKEA and 25 other nations Highly awarded over 30 awards in production, performance, and export excellence.

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Team of experts professional in various functional areas viz. Financial, Marketing, and Technical assist the company. The total workforce today stands at 2,500 spread across ~ 45 acres of campus

BSL Limited is engaged in the manufacturing of Synthetic blended fabric under the brand name of BSL Suitings and premium worsted fabrics under the brand name of Geoffrey Hammonds and the . production of worsted yarn along with the synthetic yarn

BSL Limited has over a half-century of experience in textile manufacturing and is currently producing over 20 million meters of fabric annually across the nation and in 60 countries of the world . The products are manufactured under IS/ISO 9001-2008 .

BSL Limited is a pioneer in the textile industry and its vertically integrated unit with spinning, weaving, processing, and manufacturing capacity with state-of-the-art technologies from all over the globe.

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Company Profile

Investor Presentation

Q2FY23

COMPANY PROFILE

MILESTONE

▪ The company took decisive step to venture into furnishing Mid 2000’s fabrics and over the last decade or more , this has been the biggest growth engine for success story for the company.

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▪ The Company was the first in India to venture into Suiting’s Mid 80’s Export and today is the leading exporter of suiting’s fabric from India.

▪ Converted into a Public Limited Company in the name of 1976 “Bhilwara Synthetics Limited”. ▪ The company started manufacturing Grey cloth on just 1971 8 Looms. ▪ Year of Incorporation 1970 ▪ Incorporated under the name of “Raj General Udyog Private Limited”.

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CAPACITY

Production Particulars Capacity 174 Fabrics Looms 8,768 Worsted Yarn Spindles 19,536 Synthetic Yarn Spindles 400 Vortex Yarn Positions Fabric 288 Processin Lac Mtrs. g Top, Fiber & 2,352 Yarn Dying MT Cotton Yarn 29,184 [Commencing January’23] Spindles

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Company Profile

Investor Presentation

Q2FY23

BUSINESS VERTICALS – SUITINGS

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BSL PROVIDES FINEST PREMIUM SUITING FABRICS FOR BOTH DOMESTIC & EXPORT MARKETS

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PV FABRICS

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PW FABRICS

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Company Profile
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TR FABRICS

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Investor Presentation

Q2FY23

BUSINESS VERTICALS - FURNISHINGS

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The New Benchmark From Soft Furnishing Fabrics To Upholstery Fabrics & Exquisite Silk Fabrics Offers A Wide Range Of Premium Furnishing

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CURTAIN FABRICS

FURNITURE FABRICS

SILK FABRICS

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Company Profile

Investor Presentation

Q2FY23

BUSINESS VERTICALS - YARNS

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THE YARNS DEFINE FABRICS

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POLY VISCOSE YARN POLY WOOL YARN

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VORTEX YARN COTTON YARN

The highest quality fabrics begin with yarn that comes from a state-of-the-art manufacturing facility. Made of different materials, color patterns, gauges, and weights, our yarns are a testament to world-class quality and craftsmanship.

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Company Profile

Investor Presentation

Q2FY23

STRONG PARENTAGE

POWER CONSULTANCY

ELECTRODES

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▪ HEG Limited ▪ Indo Canadian Consultancy Services
Limited
POWER
▪ Balephi Jal-Vidyut Co. P. Limited - Nepal
▪ NJC Hydro Power Limited
▪ AD Hydro Power Limited
▪ Bhilwara Energy Limited
HIGHLIGHTS
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TEXTILES

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• BSL Limited

• Maral Overseas Limited

• RSWM Limited

• Bhilwara Technical Textiles Limited

• BMD Private Limited

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HIGHLIGHTS
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IT SERVICES
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• 5 Group companies listed on the Stock Exchanges.

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• Bhilwara Infotechnology Limited

• Production units & Corporate office spread across the country at 38 locations

• Over 1,000,000 stakeholders in the Group.

• All key companies ISO certified

• Over 28,000 strong workforce.

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Company Profile

Investor Presentation

Q2FY23

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Q2 & H1FY23 Earning Presentation

ESG INITIATIVES

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ENVIRONMENT

– M.E.E. Multiple Effect Evaporator and R.O. Plant

Agro-Fuel – From July’22 onwards, in line with Global Sustainability Initiatives, the fuel system for both Boiler & Thermopack is being changed to Agro-Fuel instead of Fossil Fuels.

– Z.L.D. – Zero Liquid Discharge and E.T.P. Effluent Treatment Plant

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Recycled Raw Materials - As a part of Global sustainability movement, in FY22, the Company’s 60% of Fiber consumption was of Recycled Fibers.

Vegan Certificate - One of the few Textile Companies in the World which is having Vegan Certificate from Switzerland.

– Solar Power Company has installed a capacity of 4.51 MW of Roof Top Solar Plant.

OEKO-TEX - The Company has received OEKO-TEX certifications which ensures that our products have been tested against a list of up to 350 toxic chemicals.

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Investor Presentation

ESG Initiatives

Q2FY23

SOCIAL

Corporate social responsibility is also called corporate conscience, corporate citizenship, social performance, or sustainable business. It is a form of corporate self regulation integrated into a business model.

CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms.

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The company has viewed CSR activities as an integral part of its corporate objectives, fully aligned with the overall business goals.

The company has been associated with active participation in creating value to its different stakeholders through various social, cultural and economic developments projects in the region.

BSL plans to maintain and consolidate its position in society with an increased emphasis on socially and environmentally responsible practices both internally and in the communities in which it operate.

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THE SMALLEST ASPECT CAN MAKE THE BIGGEST DIFFERENCE

CSR activity boosts the brand image of the Company and helps to build trust and relationships with different stakeholders. It contributes to improving financial performance and increasing the business growth of the Company.

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Investor Presentation

ESG Initiatives

Q2FY23

GOVERNANCE

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Internal Control Systems

• The Company has adequate Internal Control Systems, commensurate with the size, scale and complexity of its operations.

• The Audit committee quarterly reviews the Executive summary on the internal audit findings along with the recommendations and management comments.

• The Internal Auditors also ensure proper compliance of all policies and Standard Operating Procedures (SOPs) adopted by the Company.

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Vigil Mechanism/ Whistle Blower Policy

• The Company has a vigil Mechanism named Whistle Blower policy to deal with any instance of fraud and mismanagement.

• The Details of the Whistle Blower Policy is explained in the Corporate Governance Report and also posted on the Company’s website at the web link as: https://www.bslltd.com/images/financials/1487923284_Whistle-Blower-Policy.pdf

Corporate Governance

• The Company is committed to maintaining the highest standards of corporate governance and adhering to the corporate governance requirements set out by the SEBI.

• The Company recognizes Corporate Governance not as a set of rules but as a framework supporting the core values.

• Good Governance helps us to maintain trust with the shareholders, stakeholders, employees, and society at large. We believe that good governance is the key to doing business in a sustainable manner and which creates value for society.

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Investor Presentation

ESG Initiatives

Q2FY23

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Q2 & H1FY23 Earning Presentation

MANAGEMENT TEAM

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MANAGEMENT TEAM

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Shri Nivedan Churiwal Managing Director B.Com, 23 years of experience

Shri Arun Churiwal Chairman B.A. (Hons), 50 years of experience

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Shri Praveen Jain Director Operations F.C.A., F.C.S., F.C.M.A., 33 years of experience

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Investor Presentation

Q2FY23

Management Team

BOARD MEMBERS

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Shri Arun Churiwal Shri Praveen Jain
B.A. (Hons), 50 years of experience F.C.A., F.C.S., F.C.M.A., 33 years of experience
Shri Nivedan Churiwal Shri J. C. Laddha
B.Com, 23 years of experience F.C.A. (Hons), 45 years of experience
OUR
Shri Ravi Jhunjhunwala Mrs. Abhilasha Mimani
M.B.A., 42 years of experience F.C.A., 15 years of experience
MEMBERS
Shri Shekhar Agarwal Shri G. P. Singhal
B.Tech, M.Sc, 40 years of experience B.Com, F.C.A., 37 years of experience
Shri Sushil Jhunjhunwala Shri A. N. Choudhary
B.Com, 52 years of experience F.C.A., F.C.S., 42 years of experience
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Investor Presentation

Q2FY23

Management Team

ACHIEVEMENTS

• Best Overall Export Performance Export of fabrics to Focus Lac Countries 2018 - 19 Golden Trophy - Best Overall Export Performance Export of Natural Silk Goods 2017 - 18 Silver Trophy - Best Overall Export Performance Export of fabrics to Focus Lac Countries 2017 - 18 Golden Trophy - Best Overall Export Performance Export of fabrics to Focus Lac Countries 2016 - 17 Golden Trophy Overall Export Performance in the export of Natural Silk Goods 2016 - 17 - Best Overall Export Performance Export of fabrics to Focus Lac Countries 2015 - 16 Golden Trophy

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Achievements

Investor Presentation

Q2FY23

Thank You!

GET IN T O UCH WIT H U S

BSL Limited Shri Nivedan Churiwal Managing Director E: nivedan@bslltd.com

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Investor Relation: Rik Consultancy & Advisory Services LLP Mr. Ritesh S Singh, Partner M: +91 8329 385762 E: ritesh.singh@rikcapital.in

ANNEXURE

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Profit & Loss Statement

₹ in Cr

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Period	Q2FY23	Q2FY22	Q1FY23	FY22
Total Income (Incl. other income)	132.9	116.5	112.7	437.3
Raw Material Cost	65.0	50.2	68.8	224.5
Employee Cost	19.4	17.1	18.6	68.5
Power Cost	12.7	10.9	12.5	45.5
Other Expenses	19.9	18.0	17.1	70.2
Inc./Dec. in Inventory	2.5	9.1	(15.0)	(12.9)
EBIDTA	13.0	11.3	10.7	41.4
EBIDTA Margin (%)	9.9%	9.6%	9.1%	9.5%
Depreciation	2.7	2.9	2.9	11.5
Finance Cost	4.1	3.1	4.4	13.9
Profit Before Tax	6.6	5.9	3.4	16.0
Tax	1.5	1.4	2.7	4.5
Net Profit After Tax	5.0	3.9	2.7	11.5
Net Profit Margin (%)	3.8%	3.3%	2.4%	2.6%

30

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Investor Presentation

Q2FY23

Annexure

ANNEXURE

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Balance Sheet Highlight

₹ in Cr

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Assets	30.09.22	31.03.22		Liabilities	30.09.22	31.03.22
Non-current Assets	130.0	94.6		Shareholders' Fund	95.6	89.3
Fixed Assets	77.8	74.3		Share Capital	10.3	10.3
Investments	0.0	0.0		Reserve & Surplus	85.3	79.0
Other Non-current Assets	52.2	20.3		Non-current Liabilities	76.5	51.0
Current Assets	274.1	257.5		Long Term Borrowing	70.4	45.2
Inventories	156.2	141.4		Other Non-current Liabilities	6.1	5.8
Trade Receivable	93.8	89.3		Current Liabilities	232.0	211.8
Other Current Assets	24.1	26.8		Short Term Borrowing	148.7	140.8
				Other Current Liabilities	83.3	71.0
Total Assets	404.1	352.1		Total Liabilities	404.1	352.1

31

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Investor Presentation

Q2FY23

Annexure