BSL Ltd. — Investor Presentation 2024

Nov 14, 2024

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PROUD TO BE INDIAN
PRIVILEGED TO BE GLOBAL
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BSLLtd.

REGO. OFFICE: Post Box No. 16-17 Mandpam, Bhilwara - 311001 (Rajasthan) INDIA Tel.: (91-1482) 245000 E-mail: accounts@bslsuitings.com, Website : www.bslltd.com CIN : L24302RJ1970PLC002266

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www.bslltd.com
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REF: BSL/CS/2024-25/ th Dated: 14 November, 2024

National Stock Exchange of India Ltd

BSE Ltd 25Derartment of Corporate Services 1 Floor, Phiroze Jeejeebhoy Towers Dalal Street Kala Ghoda, Fort, Mumbai, Maharashtra 400 001 BSE Scrip Code; 514045

Listing Department Exchange Plaza Bandra Kurla Complex Bandra (E) Mumbai- 400 051 NSE Svmbol: BSL

Subject: Investors' Presentation on the Financial Results for the Quarter and Half Year ended 30 September, 2024 in pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

1h

Dear Sir/Ma'am,

Pursuant to the prov1s10ns 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 30th September, 2024. The same is also available on the Website of the Company www.bslltd.com.

This is for your information and records please.

Thanking you, Yours Faithfully For BSL Limited

Digitally signed by Shubham Shubham Jain Jain Date: 2024.11.14 18:57:26 +05'30'

Shubham Jain Company Secretary M. No.: ACS-49973 Enc: a/a

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;i��ii� Tested for harmful substances according to Oeko-Tex Standard 100 No. 09.HIN.68375 Hohenstein

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BSL Limited Q2 & H1 FY25 Investor Presentation

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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.

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 forward-looking 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

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Q2 & H1 FY25

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Presentation Content

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01. Financial Performance

02. Growth Drivers

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03. Company Profile
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04. ESG Initiatives

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05. Management Team
06. Annexure
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06. Annexure
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Thank You

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3

Content

Q2 & H1 FY25

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Chairman Message

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

“I’m proud to say that we have maintained a stable level of earnings. Our operating and net profit margins have shown minimal variation, reflecting our ability to control costs and sustain consistent profitability. The Indian textile sector is wellpositioned for growth, supported by stable demand as global inventory levels stabilize and India's market share in the US and EU continues to rise, though the Red Sea crisis and elevated logistics costs remain challenges. While the government’s minimum support price policy has increased input costs, it strengthens the agricultural supply chain, benefiting the sector in the long term.

China’s shrinking market share, driven by rising labour costs and the "China+1" strategy, presents new opportunities for the Indian Textile sector. The spinning industry may face short-term hurdles due to Bangladesh’s political crisis, as it is a major buyer of Indian cotton yarn and fabrics. However, with a reduction in stock in the international front, strong domestic market, competitive landscape advantages, and anticipated free trade agreements, India’s textile industry is well-placed to capitalize on emerging global opportunities."

Shri Arun Churiwal Chairman, BSL Limited

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Q2 & H1 FY25 Message

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Managing Director Message

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

“We are delighted to deliver strong financial results in Q2 FY25, with operating revenue reaching ₹178.1 crore, marking an 8.8% growth on a quarter-over-quarter basis. The company's EBITDA for Q2 FY25 totalled ₹15.7 crore, maintaining a stable EBITDA margin of 8.8%, highlighting BSL's consistent ability to manage operational expenses efficiently. For the quarter, PAT was ₹2.5 crore, reflecting a 9.3% increase from the previous quarter. The half-year FY25 revenue also climbed to ₹341.8 crore, up by 0.8% year-over-year, with EBITDA and PAT at ₹30.9 crore and ₹4.8 crore, respectively, demonstrating strong demand in the market and sound operational execution.

We have successfully maintained our growth trajectory by expanding into new markets and strengthening connections with our current customer base, creating a strong foundation for further growth. We have a positive outlook for the upcoming quarter, anticipating improved performance in the domestic and international textile sector, and remain hopeful for continued advancement. Our commitment to enhancing shareholder returns remains unwavering, as we are well-equipped to seize emerging opportunities while adeptly addressing current challenges."

Shri Nivedan Churiwal MD, BSL Limited

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Q2 & H1 FY25 Message

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01.

Financial Performance

Q2 & H1 FY25 Financial Performance Historical Financial Performance

BSL 514045

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Q2 FY25 Financial Performance

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₹ in Cr

Gross Profit & Margin(%)

EBITDA & Margin(%)

PAT & Margin(%)

Revenue

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179 178
164
77
74 74
41.3% 45.2% 43.4%
Q2 FY24 Q1 FY25 Q2 FY25 Q2 FY24 Q1 FY25 Q2 FY25
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16 15 16
2.5 2.5
2.3
41.3% 45.2% 43.4% 8.9% 9.3% 8.8% 1.4% 1.4% 1.4%
Q2 FY24 Q1 FY25 Q2 FY25 Q2 FY24 Q1 FY25 Q2 FY25 Q2 FY24 Q1 FY25 Q2 FY25 Q2 FY24 Q1 FY25 Q2 FY25
QoQ: 8.8% QoQ: 4.5% QoQ: 3.0% QoQ: 9.3%
YoY: (0.4)% YoY: 4.6% YoY: (0.9)% YoY: 0.1%
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Financials

7

Q2 & H1 FY25

₹ in Cr

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H1 FY25 Financial Performance

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Revenue Gross Profit & Margin(%)

EBITDA & Margin(%)

PAT & Margin(%)

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339 342
151
145
31 31
4.8 4.8
42.6% 44.2% 9.1% 9.0% 1.4% 1.4%
H1 FY24 H1 FY25 H1 FY24 H1 FY25 H1 FY24 H1 FY25 H1 FY24 H1 FY25
YoY: 0.8% YoY: 4.6% YoY: 0.1% YoY: 0.8%
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Financials

8

Q2 & H1 FY25

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Q2 FY25 Persistence Resilience

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₹ in Cr
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Q2 FY25

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nan Co
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Q1 FY25

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Financial Highlights

• Revenue increased by 8.8% QoQ, reaching ₹178.1 Cr in Q2 FY25.

• EBITDA grew by 3.0% to ₹15.7 Cr, although the EBITDA margin declined by 49 basis points to 8.8%.

• PAT rose by 9.3% QoQ to ₹2.5 Cr with PAT margin remained stable at 1.4%.

• The company demonstrated steady growth in revenue and profitability despite a slight dip in operating margin.

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Financials

9

Q2 & H1 FY25

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Q2 FY25 Segment Wise Revenue Performance

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Fabric Furnishing Yarn Others

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4% 4% 4%
100%
90%
80%
44%
48% 47%
70%
60%
50% 11%
12%
14%
40%
30%
41%
37%
20% 34%
10%
0%
Q2 FY24 Q1 FY25 Q2 FY25
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Financials

10

Q2 & H1 FY25

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H1 FY25 Segment Wise Revenue Performance

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Fabric Furnishing Yarn Others
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5% 3%
100%
90%
80% 42% 48%
70%
60%
11%
50%
13%
40%
30%
42%
36%
20%
10%
0%
H1FY24 H1FY25
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Financials

11

Q2 & H1 FY25

₹ in Cr

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Historical Financial Performance

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Revenue

Gross Profit & Margin(%)

EBITDA & Margin(%)

PAT & Margin(%)

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667
65
472
436 51 17
390
40
321 294
224 250 31 30 11 11
199
166
51.0% 51.6% 51.4% 52.9% 44.1% 7.9% 9.4% 9.2% 10.9% 9.8% 2.6% 3.6% 1.7%
2
1
4.0%
4.0%
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24
CAGR 11% CAGR 8% CAGR 16% CAGR 41%
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Financials

12

Q2 & H1 FY25

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Historical Financial Segmental Performance

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Fabric Furnishing Yarn Others
₹ Cr ( %)
₹ Cr ( %)
₹ Cr ( 0 %)
₹ 0 Cr ( %)
₹ Cr ( 0 %)
₹ Cr ( %)
₹ Cr ( %)
₹ Cr ( %)
FY23 FY24
Q2 & H1 FY25 Financials
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Historical Financial Performance

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₹ in Cr
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ROCE RONW
10.9%
9.7% 16.3%
8.7%
7.4% 7.3% 12.9%
10.0%
2.2% 1.7%
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24
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FACR(x)
3.1
1.8
1.4 1.3 1.3
FY20 FY21 FY22 FY23 FY24
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Net Working Capital
45.7
37.2 37.8 39.2
14.1
FY20 FY21 FY22 FY23 FY24
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Net Debt Net Debt to Equity(x)
437
3.9
346
3.3
2.2 2.1 2.1
186
161 161
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24
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Financials

14

Q2 & H1 FY25

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02.

Growth Drivers

Growth Driving Factors

BSL 514045

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Growth Driving Factors

▪ 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.

▪ 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. Robust Demand 1

▪ The Indian Government has come up with several export promotion policies for the textiles sector. It has also allowed 100% FDI in the sector under the automatic route.

▪ Establishment of 7 PM Mega Integrated Textile Region and Apparel Parks with a total investment of ₹4,445 Cr for the years up to 2027–28 was approved by the government.

▪ Under the National Technical Textile Mission (NTTM), 74 research projects for speciality fibre and technical textiles valued at ₹232 Cr. were approved. 31 new HSN codes have been developed in this space.

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Government
2 Support
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▪ Owing to China Plus One sentiment globally, nd a’ textile exports are expected to grow by 81% to $65 billion by 2026 from the pre-Covid level of around $36 billion in 2019 ▪ Adoption by global brands, due to nd a’ relatively large strategic depth compared with Vietnam or Bangladesh

▪ 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.

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China +1
3 Strategy
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Q2 & H1 FY25 Growth Drivers

16

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Growth Driving Factors

▪ BSL Limited has commenced commercial operations in its Cotton Spinning Project from March 2023 at full capacity.

▪ BSL Limited has installed a capacity of 29,184 spindles which will give a production of ~700 tons per month starting from FY24. ▪ This is expected to generate Additional Revenue of ~₹250 Cr. per annum from FY24.

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Investment
Return
4
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▪ The Textile Industry is an ever-growing market, with key Competitors being China, the European Union, the United States, and India.

▪ India is among the Top Five Textile Manufacturing Countries and is responsible for more than 6% of the total textile production, Globally.

▪ The Sustainable Textiles for Sustainable Development (SusTex) project by the United Nations Climate Change entity enhances the Employment and working circumstances of textile artisans while promoting the Sustainable Production and use of Environmentally Friendly Textiles.

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Sustainability
5
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▪ BSL L m d’ Marketing Strategy is uniquely designed for the company and helps gather Strong Brand Recognition for its quality in domestic and international market.

▪ Focus on exports helping us to gain major market share in both Suitings & Furnishing with presence in over 60+ countries.

▪ Specific & Different Strategies for different price segments to enable maximum outreach for both, its mass and premium brands in the domestic market.

▪ Export account for ~57% in FY24 out of total turnover

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Aggressive
6 Marketing
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Q2 & H1 FY25 Growth Drivers

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03.

Company Profile About Us Milestone Business Verticals Strong Parentage

BSL 514045

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About Us

Diverse Range of Products

BSL Limited, established in 1971, is a renowned manufacturer of a diverse range of textile products, including synthetic, worsted, and cotton yarn, as well as synthetic and Worsted Suitings, and various furnishing fabrics. With each passing year, we have witnessed remarkable growth and expansion, solidifying our position in the industry.

Global Supplier

As the leading supplier of furnishing fabrics to Global Retail Giant IKEA and 25 other nations in South Asia, we take immense pride in our accomplishments. Having received over 30 awards recognizing our excellence in production, performance, and export, we are committed to maintaining the highest standards.

Expert Team

Our team comprises 2,500 skilled professionals specializing in financial, marketing, and technical fields, all dedicated to contributing to our success story. Together, we operate across a sprawling campus spanning ~45 acres.

Quality Production

BSL Limited is synonymous with quality, producing fabric under renowned brand names such as BSL Suitings and Geoffrey Hammonds. Annually, we produce over 20 million meters of fabric, distributed both nationally and across 60+ countries worldwide, all manufactured under the stringent IS/ISO 9001-2008 standards.

Innovative Technology

As pioneers in the textile industry, our vertically integrated unit encompasses spinning, weaving, processing, and manufacturing capabilities, all equipped with state-of-the-art technologies sourced globally. We remain committed to innovation and excellence, ensuring that our customers receive nothing but the finest products.

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Particulars	Production Capacity
Fabrics	178Looms
Worsted Yarn	8,768Spindles
Synthetic Yarn	20,544Spindles
Vortex Yarn	400Positions
Fabric Processing	288Lac Mtrs.
Top, Fiber & Yarn Dying	2,352MT
Cotton Yarn	29,184Spindles

Company Profile

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Q2 & H1 FY25

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Milestone

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The company took decisive step to venture into Converted into a furnishing fabrics and over Incorporated under Public Limited the last decade or more , this the name of Company under the has been the biggest growth “Raj General Udyog name of “Bhilwara engine for success story for Private Limited”. Synthetics Limited”. the company. 1971 Mid 0’s 2023 1970 1976 Mid 000’s The company started First in India to BSL has started its manufacturing Grey venture into Suiting Cotton Spinning Cloth on just 8 Export and today is Project with 29,184 Looms. the Leading Exporter spindles , capable of of suiting fabric from producing ~ 700 India. tons per month.

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Q2 & H1 FY25 Company Profile

20

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Business Vertical - Suiting

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BSL Limited Provides Finest Premium Suiting Fabrics For Both Domestic &
Export Markets
TR FABRICS
PW FABRICS
PV FABRICS
21 Q2 & H1 FY25 Company Profile
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Business Vertical - Furnishing

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The New Benchmark From Soft Furnishing Fabrics To Upholstery Fabrics &
Exquisite Silk Fabrics Offers A Wide Range Of Premium Furnishing
FURNITURE
CURTAINS
Furnishing Fabrics
SILK FABRIC
22 Q2 & H1 FY25 Company Profile
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Business Vertical - Yarn

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The Highest Quality Fabrics Begin with Yarn that comes from a State-of-the-art Manufacturing Facility. Made of different materials, colour patterns, gauges, and weights, our yarns are a Testament to World-class Quality and . Craftsmanship

POLY WOOL YARN

COTTON YARN

The finest cotton, spun on the latest technology to create the best cotton yarn exquisite fabrics.

Poly Wool and Pure Wool yarns create the most exclusive & elegant fabrics.

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VORTEX YARN

POLY VISCOSE YARN

Spun with unique technology, its structure optimizes the characteristics of fibers.

A perfect blend of dyed polyester and viscose in different blends & counts.

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of fibers.
Yarns
Business Verticals
Company Profile
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Q2 & H1 FY25
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23

Parentage

ELECTRODES

POWER CONSULTANCY

• Indo Canadian Consultancy Services Limited

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▪ HEG Limited
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TEXTILES

• BSL Limited

• Maral Overseas Limited

• RSWM Limited

• Bhilwara Technical Textiles Limited

• BMD Private Limited

HIGHLIGHTS

• 5 Group companies listed on the Stock Exchanges.

• 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.

IT SERVICES March 2024 Annexure ▪ Bhilwara Infotechnology Limited

POWER

• Balephi Jal-Vidyut Co. P. Limited - Nepal

• NJC Hydro Power Limited

• AD Hydro Power Limited

• Bhilwara Energy Limited

Company Profile

24

Q2 & H1 FY25

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04.

ESG Initiative

Environment Social Governance

BSL 514045

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Environment

OEKO-TEX The Company has received OEKO-TEX Certifications which ensure that our Products have been Tested Against a list of up to 350 Toxic Chemicals.

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Agro-Fuel

From July 2022 onwards, In-Line with Global Sustainability Initiatives, an Agro-Fuel system For Boiler & Thermopack is being used instead of Fossil Fuels.

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Vegan Certificate

Recycled Raw Materials As a part of the Global Sustainability movement, in FY24 , the Company’ 62% of Fiber Consumption was of Recycled Fibers .

M.E.E. Multiple Effect Evaporator R.O. Reverse Osmosis Plant Z.L.D. Zero Liquid Discharge

One of the Few Textile Companies in the World with having Vegan Certificate from Switzerland .

Solar Power

E.T.P. Effluent Treatment Plant

The March 2024 Company has Installed a CapacityAnnexure of 6.5 MW of Roof Top Solar Plant.

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ESG Initiative

26

Q2 & H1 FY25

Social

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CSR

Overview

Corporate social responsibility is also known as corporate conscience, corporate citizenship, social performance, or sustainable business. It's a way for companies to regulate themselves within their business model.

Regulatory Mechanism

A CSR policy acts as a self-regulating system where a business keeps track of and ensures it follows the spirit of the law, ethical standards, and international norms.

Integration with Corporate Objectives

The company sees CSR activities as a crucial part of its corporate objectives, fully in line with its overall business goals.

Active Engagement in Value Creation

The company actively participates in creating value for its various stakeholders through different social, cultural, and economic development projects in the region. March 2024

Commitment to Societal Impact

BSL Limited plans to maintain and strengthen its position in society by placing more emphasis on socially and environmentally responsible practices, both internally and in the communities where it operates.

Beyond Compliance

CSR activities enhance the Company's brand image and help to establish trust and relationships with various stakeholders. This contributes to improving the Company's financial performance and increasing its business growth.

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Q2 & H1 FY25 ESG Initiative

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Governance

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Internal Control Systems

Whistle Blower Policy

Corporate Governance

 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.

• 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’ website at the web link as:

https://www.bslltd.com/images/fin ancials/1487923284_WhistleBlower-Policy.pdf

• 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, employees, & society at large. We believe that good governance is the key to sustainably doing business and which creates value for society.

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Q2 & H1 FY25 ESG Initiative

28

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05.

Management Team

Management Team Board Members Achievements

BSL 514045

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Management Team

Shri Arun Churiwal Chairman

Shri Nivedan Churiwal Managing Director

Shri Praveen Jain CFO & Director (Operations)

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30

Management Team

Q2 & H1 FY25

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Board Members

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Shri Arun Churiwal
Chairman, B.A. (Hons.), 50+ years of experience
Shri Nivedan Churiwal
Managing Director, B.Com, 23+ years of experience
Shri Ravi Jhunjhunwala
Non-Executive Non Independent Director, MBA, 42+ years of experience
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Shri Shekhar Agarwal Non-Executive Non Independent Director, B.Tech, M.Sc, 40+ years of experience

Smt. Aarti B Aggarwal Independent Director, B.A. (Hons.), 33+ years of experience

Shri Praveen Jain CFO & Director (Operations), F.C.A., F.C.S., F.C.M.A., 33+ years of experience

Shri Jagdish Chandra Laddha Independent Director, F.C.A. (Hons.), 45+ years of experience Shri Kunal Jhunjhunwala Independent Director, B.Com, 25+ years of experience

Shri Avinash Todi Independent Director, B.E.(CS), 15+ years of experience

Shri Hemant Kamala Jain Independent Director, MBA, MS(Chem. Eng.), 44+ years of experience

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31

Q2 & H1 FY25 Management Team

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Achievements

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2018 - 19
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Best Overall Export Performance - Export of fabrics to Focus Lac Countries

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

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Best Overall Export Performance - Export of fabrics to Focus Lac Countries

2016 - 17

Golden Trophy

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2016 - 17
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March 2024

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Annexure
2015 - 16
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Overall Export Performance in the export of Natural Silk Goods

Best Overall Export Performance - Export of fabrics to Focus Lac Countries

Golden Trophy

32

Management Team

Q2 & H1 FY25

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06.

Annexure

Profit & Loss Statement Balance Sheet

BSL 514045

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Profit & Loss Statement

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	Parameter (₹ in Cr)		Quarterly	Quarterly	Quarterly			Half - Yearly	Half - Yearly	Half - Yearly		Yearly
			Q2 FY25	Q1 FY25	QoQ	Q2 FY24	YoY	H1 FY25	H1 FY24	YoY		FY24
	Total Income		178.1	164.2	8.4%	178.9	(0.5)%	342.3	339.7	0.8%		667.2
	Raw Material Cost		100.4	95.7		102.0		196.0	186.6			370.2
	Employee Cost		24.2	23.8		23.1		48.0	45.7			91.0
	Power, Fuel & Water Cost		15.3	14.3		14.3		29.6	28.6			57.5
	Other Expenses		22.1	20.6		20.6		42.7	39.3			80.4
	Inc./Dec. in Inventory		0.4	(5.9)		2.9		(5.4)	8.0			2.1
	EBIDTA		15.7	15.2	3.0%	15.8	(0.9)%	30.9	30.9	0.1%		65.2
	EBIDTA Margin (%)		8.8%	9.3%	(49) bps	8.9%	(5) bps	9.0%	9.1%	(7) bps		9.8%
	Depreciation		4.5	4.4		4.7		8.9	9.4			18.2
	Finance Cost		7.9	8.1		7.8		16.0	15.2			32.8
	PBT		3.4	3.2	4.2%	3.6	(6.0)%	6.6	6.8	(3.5)%		14.9
	Tax		0.8	0.9		1.0		1.7	2.0			3.7
	PAT		2.5	2.3	9.3%	2.5	0.1%	4.8	4.8	0.8%		11.2
	PAT Margin (%)		1.4%	1.4%	+1 bps	1.4%	+1 bps	1.4%	1.4%	-		1.7%

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34

Annexure

Q2 & H1 FY25

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Balance Sheet

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₹ in Cr

	Assets	H1 FY25	FY24	Equity & Liabilities	H1 FY25	FY24
	Non-current Assets	231.8	235.0	Equity	116.1	112.7
	Property, plant & equipment	222.4	228.4	Equity Share Capital	10.3	10.3
	Capital work in progress	2.3	0.2	Other Equity	105.8	102.4
	Intangible Assets	2.4	2.5	Non-current Liabilities	156.9	161.5
	Financial Assets	3.8	2.8	Long Term Borrowing	144.8	150.9
	Other non-current Assets	0.9	1.1	Other Non-current Liabilities	12.1	10.6
	Current Assets	372.1	382.5	Current Liabilities	330.9	343.3
	Inventories	185.9	210.2	Borrowings	269.9	286.3
	Trade Receivable	154.0	143.6	Trade payables	24.9	25.0
	Cash & Cash Equivalents	0.4	0.1	Other Financial Liabilities	34.4	30.1
	Other Financial Assets	2.1	3.6	Deferred Government Grant	-	0.03
	Current Tax Assets (Net)	2.0	1.7	Other Current Liabilities	1.7	1.9
	Other Current Assets	27.7	23.3
	Total Assets	603.9	617.5	Total Equity & Liabilities	603.9	617.5

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35

Annexure

Q2 & H1 FY25

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Thank You!

GE T IN TOUCH WITH US

BSL Limited

Shri Nivedan Churiwal Managing Director

Shri Praveen Jain CFO & Director (Operations) E: Praveenjain@bslsuitings.com

E: Nivedan@bslltd.com

W: www.bslltd.com

Rik Consultancy & Advisory Services LLP

Mr. Ritesh Shashiprakash Singh Investor Relations Consultant

M: +91 8329 385762

E: ritesh.singh@rikcapital.in || W: www.rikcapital.in