BSL Ltd. — Investor Presentation 2024

May 20, 2024

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PROUD TO BE INDIAN PRIVILEGED TO BE GL�BAL

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

REF: BSL/CS/2024-25/ Dated: 20[th ] May, 2024

National Stock Exchange of India Ltd BSE Ltd Listing Department Department of Corporate Services Exchange Plaza 25[th ] Floor, Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street Bandra (E) Kala Ghoda, Fort, Mumbai- 400 051 Mumbai, Maharashtra 400 001 NSE Symbol: BSL BSE Scrip Code: 514045

Subject: Investors' Presentation on the Financial Results fr the Quarter and Year ended 31[st ] March, 2024 in pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

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 year ended 31[st ] March, 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 Shubham Digitally signed by Shubham Jain Jain Date: 2024.05.20 20:04:17 +05'30' Shubham Jain Company Secretary M. No.: ACS-49973 Enc: a/a

•

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· • r W c: Tested tor luttmful substances �:l: ac ording to Oeko--T• Standard 100 No. 09.HIN.U375 Hohensteifl

VEGAN

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BSL Limited March 2024 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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March 2024 Safe Harbor

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Presentation Content

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01. Financial Performance 02. Growth Drivers 03. Company Profile

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04. ESG Initiatives 05. Management Team 06. Annexure

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Thank You

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3

Content

March 2024

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Managing Director Message

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

“In the FY24, the Indian textile industry navigated through a series of challenges but emerged amidst stable raw material prices and growing demand. Despite global uncertainties affecting freight costs, our cotton textile exports saw a surge, boosting both capacity utilization and margins in the cotton spinning sector. This uptick was largely driven by increased demand, especially in home textiles and apparel. As cotton prices have finally stabilized, it will result in our products being more competitive in the global market, allowing international clients and retail partners to plan their purchases more effectively.

We're looking forward to the government's post-election initiatives, like setting up textile parks and schemes to boost exports. These measures are expected to fuel long-term growth in the industry. As for our performance, our strategic expansion plans, technological advancements, and investments in our workforce have paid off handsomely, resulting in substantial revenue growth and profitability. Our commitment to innovation, operational excellence, and sustainability positions us well to seize emerging opportunities and tackle any future challenges head-on."

Shri Arun Churiwal Chairman, BSL Limited

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March 2024 Message

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Managing Director Message

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

“BSL Limited has shown strong resilience despite tough times in the world economy. We know things are uncertain, especially with escalating war, fuel, and logistics costs, as well as cotton prices fluctuating due to factors like interest rates and other market changes. But, despite these challenges, we are pleased to report that our sales keep increasing every year. During FY24, our sales went up by 41.3%, reaching ₹667 Cr, compared to ₹472 Cr in FY23. Our Gross Profit and EBITDA for FY24 grew to ₹294 and ₹65 Cr, respectively, which is 18% and 27% more compared to FY23.

In FY24, exports accounted for approximately 57% of our total turnover, showing a significant contribution. Despite facing pressure on domestic prices, our export market has shown resilience. However, the subdued demand for yarn within the market has prevented any upward movement in prices. We are working all around in terms of capacity utilization and marketing to make every part of our business even better, especially when it comes to making profits and meeting demand in domestic and export markets. Also, we see signs of demand picking up, which bodes well for our future growth. We want to thank our shareholders for their support. We promise to keep working hard to make our company better and give our customers great service.”

Shri Nivedan Churiwal MD, BSL Limited

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March 2024 Message

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01. Financial Performance

Key Financial Highlights Q4FY24 Financial Performance FY24 Financial Performance Historical Financial Performance

BSL 514045

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Key Financial Highlights

Q4FY24

• Revenue from Operations for Q4FY24 was ₹156 Cr, showing a 31.7% increase year-over-year, despite an 8.6% decrease quarter-over-quarter.

• EBITDA for Q4FY24 was ₹16 Cr, reflecting a 27.6% increase year-over-year and an 8.2% decrease quarter-over-quarter. The EBITDA margin for Q4FY24 was 10.5%.

FY24

• Revenue from Operations for FY24 increased by 41.3%, reaching ₹667 Cr compared to ₹472 Cr in FY23.

• EBITDA for FY24 was ₹65 Cr, showing an increase from ₹51 Cr in FY23. The EBITDA margin for FY24 was 9.8%, slightly lower than the 10.9% margin in FY23.

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• PBT for FY24 was ₹15 Cr, compared to ₹23 Cr in FY23.

• PBT for Q4FY24 was ₹3.0 Cr, compared to ₹5.1 Cr in Q3FY24 and ₹5.7 Cr in Q4FY23.

• PAT for Q4FY24 was ₹2.5 Cr, compared to ₹3.9 Cr in Q3FY24 and ₹3.8 Cr in Q4FY23. The PAT margin for Q4FY24 was 1.6%.

• PAT for FY24 was ₹11 Cr, compared to ₹17 Cr in FY23, with a PAT margin of 1.7%.

• Our new cotton spinning plant, current capacity utilisation is 100%.

• Board has approved a dividend payout of ₹1.0 per share, amounting to 10% on face value of ₹10 per share.

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Financials

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March 2024

₹ in Cr

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Q4FY24 Financial Performance

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Revenue Gross Profit & EBITDA & Margin(%) PAT & Margin(%) Margin(%)

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171
156
119 76 74
60 18 3.8 3.9
16
13 2.5
50.9% 44.4% 47.2% 10.8% 10.5% 10.5% 3.2% 2.3% 1.6%
Q4FY23 Q3FY24 Q4FY24 Q4FY23 Q3FY24 Q4FY24 Q4FY23 Q3FY24 Q4FY24 Q4FY23 Q3FY24 Q4FY24
YoY: 32% YoY: 22% YoY: 28% YoY: (33)%
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Financials

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March 2024

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Q4FY24 Persistence Resilience

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₹ in Cr
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Outlook

• During the Q4FY24 quarter, we achieved a solid growth momentum of 31.7% YoY in revenue, with Gross Profit and EBITDA increasing by 22.1% and 27.6%, respectively.

• The launch of our new cotton yarn spinning unit in FY24 led to higher depreciation and finance costs, which impacted our net profit. As a result, our Q4FY24 Profit After Tax was ₹2.5 Cr, a decrease of 33.2% compared to Q4FY23.

• Moving forward, our main goal is to improve the capacity utilization of all units. Also, we aim to benefit from the decline in raw material prices, which were high in FY23, to reduce expenses for our new project in the future.

Financials

9

March 2024

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Q4FY24 Segment Wise Revenue

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Fabric Furnishing Yarn Others
100% 5% 5% 6%
90% 17%
80%
46%
48%
70% 22%
60%
50%
11%
12%
40%
56%
30%
38%
20% 34%
10%
0%
Q4FY23 Q3FY24 Q4FY24
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Financials

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March 2024

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FY24 Financial Performance

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₹ in Cr

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Revenue Gross Profit & EBITDA & Margin(%) PAT & Margin(%)
Margin(%)
667
65
472
294
51
250
17
11
52.9% 44.1% 10.9% 9.8% 3.6% 1.7%
FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24
YoY 41% YoY 18% YoY 27% YoY (33)%
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Financials

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March 2024

₹ 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

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March 2024

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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
437
346
186
161 161
FY20 FY21 FY22 FY23 FY24
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Net Debt to Equity(x)
3.9
3.3
2.2 2.1 2.1
FY20 FY21 FY22 FY23 FY24
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March 2024 Financials

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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, 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 ▪ Adoption by global brands, due to India’s 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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March 2024 Growth Drivers

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Growth Driving Factors

▪ BSL Limited has commenced commercial operations in its Cotton Spinning Project from March 2023 with 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 Limited’s 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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March 2024 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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March 2024

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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 in 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 80’s 2023 1970 1976 Mid 2000’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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March 2024 Company Profile

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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
20 March 2024 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
21 March 2024 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.
March 2024
Annexure
Yarns
Business Verticals
22 March 2024 Company Profile
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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

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March 2024

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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’s 62% of Fiber Consumption was of Recycled Fibers .

M.E.E. Multiple Effect Evaporator

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

R.O. Reverse Osmosis Plant

Z.L.D. Zero Liquid Discharge

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

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March 2024

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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ESG Initiative

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March 2024

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’s 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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ESG Initiative

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March 2024

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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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29

Management Team

March 2024

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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
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
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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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30

Management Team

March 2024

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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

31

Management Team

March 2024

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06.

Annexure

Profit & Loss Statement Balance Sheet

BSL 514045

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Profit & Loss Statement

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₹ in Cr

Parameter			Quarterly	Quarterly		Yearly	Yearly	Yearly
		Q4FY24	Q4FY23	YoY	Q3FY24	FY24	FY23	YoY
Total Income		156.4	119.0	31.4%	171.1	667.2	472.7	41.1%
Raw Material Cost		90.1	66.3		93.6	370.2	254.0
Employee Cost		22.6	18.3		22.7	91.0	75.5
Power, Fuel & Water Cost		14.8	9.5		14.1	57.5	46.2
Other Expenses		20.0	17.6		21.2	80.4	74.4
Inc./Dec. in Inventory		(7.5)	(8.0)		1.6	2.1	(31.9)
EBIDTA		16.4	12.9	27.6%	17.9	65.2	51.3	27.1%
EBIDTA Margin (%)		10.5%	10.8%	(33) bps	10.5%	9.8%	10.9%	(109) bps
Depreciation		4.4	2.5		4.4	18.2	10.9
Finance Cost		9.1	4.9		8.5	32.8	18.8
PBT		3.0	5.7	(47.4)%	5.1	14.9	22.6	(33.8)%
Tax		0.5	1.9		1.2	3.7	5.6
~~March 2024~~ PAT		2.5	3.8	(33.2)%	3.9	11.2	16.9	(33.6)%
Annexure PAT Margin (%)		1.6%	3.2%	(157) bps	2.3%	1.7%	3.6%	(190) bps

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33

Annexure

March 2024

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Balance Sheet

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₹ in Cr

Assets	FY24	FY23	Equity & Liabilities	FY24	FY23
Non-current Assets	235.0	232.5	Equity	112.7	104.0
Property, plant & equipment	228.4	226.2	Equity Share Capital	10.3	10.3
Capital work in progress	0.2	0.0	Other Equity	102.4	93.8
Intangible Assets	2.5	2.7	Non-current Liabilities	161.5	166.3
Financial Assets	2.8	2.8	Long Term Borrowing	150.9	159.3
Other non-current Assets	1.1	0.9	Other Non-current Liabilities	10.6	7.0
Current Assets	382.5	305.7	Current Liabilities	343.3	267.9
Inventories	210.2	185.4	Borrowings	286.3	186.4
Trade Receivable	143.6	97.6	Trade payables	25.0	46.3
Cash & Cash Equivalents	0.1	0.1	Other Financial Liabilities	30.1	32.9
Other Financial Assets	3.6	2.4	Deferred Government Grant	0.03	0.1
Current Tax Assets (Net)	1.7	0.6	Other Current Liabilities	1.9	2.2
Other Current Assets	23.3	19.6
Total Assets	617.5	538.3	Total Equity & Liabilities	617.5	538.3

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Annexure

March 2024

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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: Nivedan@bslltd.com

E: Praveenjain@bslsuitings.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