BSL Ltd. — Investor Presentation 2024

Feb 12, 2024

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www.bslltd.com

BSLLtd.

REGO. OFFICE : 26, Industrial Area, Gandhi Nagar, BHILWARA-311 001 (Rajasthan) INDIA Tel. : (91 1482) 245000, Website : www.bslltd.com E-mail : accounts@bslsuitings.com C.I.N.: L24302RJ1970PLC002266

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REF: BSL/CS/2023-24/ Dated: 12[th ] February, 2024

National Stock Exchange of India Ltd BSE Ltd Listing Department Department of Corporate Services Exchange Plaza 25[1 ] 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 Nine Month ended 3t[5t] December, 2023 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 Nine Month ended 31[st ] December, 2023. 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: 2024.02.12 12:31:11 +05'30' Shubham Jain Company Secretary M. No.: ACS-49973 Enc: a/a

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VEGAN
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CONADENCE[. ] IN TEXTILES t To:shldtorllarmlld ­ �-Ollto-1il#l',..._JOO No. 09.HIN.68375 Hogenstein

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Investor Presentation

BSL 514045

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 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

Investor Presentation

Q3 & 9M FY24

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TABLE OF CONTENT
Q3 & 9M FY24 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

Q3 & 9M FY24

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Q3 & 9M FY24 FINANCIAL PERFORMANCE

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CHAIRMAN MESSAGE

Commenting on the results, Mr. Arun Churiwal, Chairman of BSL Limited said, “I am pleased to share the progress BSL Limited has made despite challenges. Our commitment to sustainability has been crucial in our success, helping us navigate difficult situations with resilience and determination. By making strategic investments and focusing on global expansion, we've maintained profitability and positioned ourselves for further growth in the changing market landscape.

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Even amidst difficulties in the yarn business, we've demonstrated our adaptability and forward-thinking approach. I extend my sincere thanks to our dedicated team for their hard work, which has been essential in reaching these milestones. Looking forward, I am confident that together, we will continue to overcome challenges and seize opportunities, driving BSL Limited towards continued success.

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Investor Presentation

Q3 & 9M FY24

Message

MANAGING DIRECTOR MESSAGE

Commenting on the results, Mr. Nivedan Churiwal, Managing Director of BSL Limited said, “Amidst global economic challenges, our company has not only consistently maintained profitability quarter after quarter but has also shown resilience in the face of declining topline growth. This positive trend isn't solely due to spinning side price increases; rather, it stems from improved capacity utilization for value-added products and a decline in raw material prices. Although geopolitical tensions, especially in regions like the Red Sea, may present challenges ahead.

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Despite persistent challenges in the yarn business, our House furnishing segment, covering both Domestic and Global brands, has demonstrated encouraging growth signs, even as the retail market remains subdued post the festive season. Our unwavering focus remains on increasing capacity utilization and expanding market share across key channels.

Maintaining a bright outlook on our long-term growth potential, we have successfully completed essential capital expenditures, positioning ourselves to meet future demand effectively. With resilience, strategic planning, and a dedication to excellence, we navigate the business landscape with confidence, turning challenges into opportunities for sustained success."

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Investor Presentation

Q3 & 9M FY24

Message

Q3 & 9M FY24 KEY HIGHLIGHTS

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Performance highlights for Q3 FY24

• ❑ Revenue from Operations for Q3FY24 decreased by 4.3% on QoQ basis and increased by 58.4% on YoY basis to ₹171 crores.

• ❑ In Q3FY24, EBIDTA stood at ₹18 crores, showing an increase of 12.9% on a QoQ basis and 19.9% on a YoY basis. The EBIDTA margin for Q3FY24 was 10.5%, compared to 8.9% in Q2FY24.

• ❑ PBT for Q3FY24 stood at ₹5.1 crores as compared to ₹3.6 crores in Q2FY24, up by 43.8%.

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• ❑ PAT for Q3FY24 stood at ₹3.9 crores compared to ₹2.5 crores in Q3FY23, up by 55.7%, with a PAT Margin of 2.3%, up by +88 bps on a QoQ basis.

Performance highlights for 9M FY24

• ❑ Revenue from Operations for 9M FY24 grew by 44.5% to ₹510 crores as compared to ₹353 crores in 9M FY23.

• ❑ EBIDTA for 9M FY24 stood at ₹49 crores as compared to ₹38 crores in 9M FY23. EBIDTA margin for 9M FY24 stood at 9.6% as compared to 10.9% in 9M FY23.

• ❑ PBT for 9M FY24 stood at ₹12 crores as compared to ₹17 crores in 9M FY23.

• ❑ PAT for 9M FY24 stood at ₹9 crores as compared to ₹13 crores in 9M FY23 with a PAT Margin 1.7%.

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Financial Performance

Investor Presentation

Q3 & 9M FY24

FINANCIAL PERFORMANCE: Q3 FY24

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Revenue
58% YoY
179 171
108
Q3FY23 Q2FY24 Q3FY24
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EBITDA & EBITDA Margin(%)
20% YoY
13% QoQ
18
16
15
13.8% 8.9% 10.5%
Q3FY23 Q2FY24 Q3FY24
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Gross Profit & GP Margin(%) ₹ in Cr
16% YoY
3% QoQ
74 76
65
60.5% 41.3% 44.4%
Q3FY23 Q2FY24 Q3FY24
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PAT & PAT Margin(%)

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56% QoQ
5.3
3.9
2.5
4.9% 2.3%
1.4%
Q3FY23 Q2FY24 Q3FY24
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Financial Performance

Investor Presentation

Q3 & 9M FY24

FINANCIAL PERFORMANCE: 9M FY24

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Revenue
45% YoY
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Gross Profit & GP Margin(%)
17% YoY
220
189
53.6%
43.2%
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510
353
9M FY23 9M FY24
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9M FY23 9M FY24
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EBITDA & EBITDA Margin(%)

PAT & PAT Margin(%)

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27% YoY
49
38
10.9% 9.6%
9M FY23 9M FY24
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13
9
3.7% 1.7%
9M FY23 9M FY24
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₹ in Cr
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Financial Performance

Investor Presentation

Q3 & 9M FY24

SEGMENTWISE REVENUE PERFORMANCE: Q3 FY24

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Fabric Furnishing Yarn Others
4% 4% 5%
15%
44%
46%
21%
11%
11%
60%
41%
38%
Q3FY23 Q2FY24 Q3FY24
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Financial Performance

Investor Presentation

Q3 & 9M FY24

SUSTAINED GROWTH DESPITE CHALLENGES: Q3 FY24

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Q3 FY23
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₹ in Cr
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• ❑ During the quarter, we maintained consistent growth momentum QoQ in our profitability despite of (4.3%) growth in top line, while EBITDA and PAT grew 12.9% & 55.7% respectively.

• ❑ The initiation of our new cotton yarn spinning unit in FY24 has resulted in increased depreciation and finance costs, impacting our bottom line.

• ❑ Our primary objective is to enhance the capacity utilization of these units and take advantage of the decline in raw material prices, which surged in FY23, to alleviate these expenses for our new project in the future.

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Financial Performance

Investor Presentation

Q3 & 9M FY24

₹ in Cr

HISTORICAL FINANCIAL PERFORMANCE

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Revenue
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Gross profit & GP Margin(%)

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472
437 436
390
321
FY19 FY20 FY21 FY22 FY23
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EBITDA & EBITDA Margin(%)

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51
40
35
31 30
10.9%
9.4% 9.2%
7.9% 7.9%
FY19 FY20 FY21 FY22 FY23
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250
224
210
199
166
47.9% 51.0% 51.6% 51.4% 52.9%
FY19 FY20 FY21 FY22 FY23
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PAT & PAT Margin(%)
3.6%
2.6%
0.2% 0.4% 0.4%
FY19 FY20 FY21 FY22 FY23
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Financial Performance

Investor Presentation

Q3 & 9M FY24

HISTORICAL FINANCIAL PERFORMANCE

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RONW

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ROCE RONW
10.9% 16.3%
9.7%
12.9%
7.6% 7.4% 7.3%
2.2%
1.7%
1.1%
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
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Fixed Asset Coverage Ratio

In times

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3.1
2.3
1.8
1.4 1.3
FY19 FY20 FY21 FY22 FY23
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Net Working Capital ₹ in Cr Net Debt ₹ in Cr
45.7
346
37.2 37.8
186
172 161 161
15.5
14.1
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
13 Investor Presentation || Financial Performance
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Net Debt to Equity

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3.3
2.2 2.2 2.1 2.1
FY19 FY20 FY21 FY22 FY23
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Financial Performance

Q3 & 9M FY24

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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

▪ In 2021, the Indian textile & ▪ India is working on getting a Free apparel industry is pegged Trade Agreement (FTA) with both at $105 bn, with ~71% by domestic United Kingdom & European Union. consumption and 29% by exports. By 2026, the industry is likely to ▪ PLI scheme was launched by GOI expand to $250 bn at 17-19% CAGR . for improving India’s export

▪ BSL Limited’s marketing strategy is 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.

▪ 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 has recently commenced ▪ BSL Limited’s marketing strategy is BSL Limited’s marketing strategy is commercial operations in its Cotton uniquely designed for the company Spinning Project where it has and helps gather strong brand installed a capacity of 29,184 recognition for its quality in spindles which will give a domestic and international brands. production of around 700 tons per month. ▪ Focus on exports helping us to ▪This is expected to generate This is expected to generate gain major market share in both additional revenue of ₹250 Cr . in suiting’s & furnishing with presence the Financial Year 2023-24 in over 60 countries.

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

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

▪This is expected to generate This is expected to generate gain major market share in both additional revenue of ₹250 Cr . in suiting’s & furnishing with presence the Financial Year 2023-24 . in over 60 countries. ▪ Specific & different strategy for different price segments for maximum outreach for both its mass and premium brands in the Yarn domestic market. Spinning Cotton Newly commenced Existing units units

▪ 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.

▪ 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) .

▪ 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.

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Drivers of Growth

Investor Presentation

Q3 & 9M FY24

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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 in 1971 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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• Experts Professional Team Members 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

Q3 & 9M FY24

COMPANY PROFILE

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MILESTONE

CAPACITY

CAPACITY MILESTONE	CAPACITY	CAPACITY
Investor Presentation		Company Profile 18 Q3 & 9M F Particulars Production Capacity Fabrics 178 Looms Worsted Yarn 8,768 Spindles Synthetic Yarn 20,544 Spindles Vortex Yarn 400 Positions Fabric Processing 288 Lac Mtrs. Top, Fiber & Yarn Dying 2,352 MT Cotton Yarn 29,184 Spindles 1970 1971 1976 Mid 80’s Mid 2000’s ▪ Year of Incorporation ▪ Incorporated under the name of “Raj General Udyog Private Limited”. ▪ The company started manufacturingGrey cloth on just 8 Looms. ▪ Converted into aPublic Limited Companyin the name of“Bhilwara Synthetics Limited”. ▪ The Company wasthe first in Indiato venture intoSuiting’s Exportand today is theleading exporterof suiting’s fabric from India. ▪ The company tookdecisive stepto venture intofurnishing fabricsand over the last decade or more, this has been thebiggest growth engine for success storyfor the company. 2023 ▪ BSLhas started itsCotton Spinning Projectwith29,184 spindles, capable of producing around700 tonsper month.
	Particulars	Production Capacity
	Fabrics	178 Looms
	Worsted Yarn	8,768 Spindles
	Synthetic Yarn	20,544 Spindles
	Vortex Yarn	400 Positions
	Fabric Processing	288 Lac Mtrs.
	Top, Fiber & Yarn Dying	2,352 MT
	Cotton Yarn	29,184 Spindles
1

Q3 & 9M FY24

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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Investor Presentation
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TR FABRICS

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Q3 & 9M FY24

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

Q3 & 9M FY24

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

Q3 & 9M FY24

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

TEXTILES

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• BSL Limited

• Maral Overseas Limited

• RSWM Limited

• Bhilwara Technical Textiles Limited

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• BMD Private Limited

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IT SERVICES
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HIGHLIGHTS

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• 5 Group companies listed on the Stock Exchanges.

▪ 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

Q3 & 9M FY24

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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 the Global sustainability movement, in FY23, the Company’s 62% 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

Q3 & 9M FY24

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.

in The company has been associated with active participation 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

Q3 & 9M FY24

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

Q3 & 9M FY24

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MANAGEMENT TEAM

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MANAGEMENT TEAM

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

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Shri Nivedan Churiwal Managing Director B.Com, 23+ 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

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Investor Presentation

Q3 & 9M FY24

Management Team

BOARD MEMBERS

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

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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

Shri Sushil Jhunjhunwala

Independent Director, B.Com, 52+ years of experience

Shri Kunal Jhunjhunwala

Independent Director, B.Com, 25+ years of experience

Smt. Aarti B Aggarwal

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

Shri Praveen Jain

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

Mrs. Abhilasha Mimani

Independent Director, F.C.A., 15+ years of experience

Shri G P Singhal

Independent Director, B.Com, FCA, 37+ years of experience

Shri Amar Nath Choudhary

Independent Director, F.C.A., F.C.S., 42+ 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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Investor Presentation

Q3 & 9M FY24

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

Q3 & 9M FY24

Thank You!

G E T I N T O U C H W I T H U S

BSL Limited

Shri Nivedan Churiwal Shri Praveen Jain Managing Director CFO & Director (Operations) E: nivedan@bslltd.com E: praveenjain@bslsuitings.com

Investor Relation Consultancy Rik Consultancy and Advisory Services LLP Mr. Ritesh Shashiprakash Singh M: +91 8329 385762 || E: ritesh.singh@rikcapital.in

ANNEXURE

Profit & Loss Statement

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₹ in Cr

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Parameter	Quarterly	Quarterly	Quarterly		Nine - Month	Nine - Month	Yearly
	Q3FY24	Q2FY24	QoQ	Q3FY23	9M FY24	9M FY23	FY23
Total Income	171.1	178.9	(4.3)%	108.1	510.8	353.7	472.7
Raw Material Cost	93.6	102.0		58.1	280.2	187.8	254.0
Employee Cost	22.7	23.1		19.2	68.4	57.2	75.5
Power, Fuel & Water Cost	14.1	14.3		11.4	42.8	36.7	46.2
Other Expenses	21.2	20.6		19.8	60.4	56.8	74.4
Inc./Dec. in Inventory	1.6	2.9		(15.5)	9.6	(23.9)	(31.9)
EBIDTA	17.9	15.8	12.9%	14.9	48.8	38.4	51.3
EBIDTA Margin (%)	10.5%	8.9%	+159 bps	13.8%	9.6%	10.9%	10.9%
Depreciation	4.4	4.7		2.7	13.9	8.3	10.9
Finance Cost	8.5	7.8		5.4	23.7	13.9	18.8
Profit Before Tax	5.1	3.6	43.8%	6.9	11.9	16.9	22.6
Tax	1.2	1.0		1.6	3.2	3.7	5.6
Net Profit After Tax (PAT)	3.9	2.5	55.7%	5.3	8.7	13.1	16.9
PAT Margin (%)	2.3%	1.4%	+88 bps	4.9%	1.7%	3.7%	3.6%

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Investor Presentation

Q3 & 9M FY24

Annexure