Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Camlin Fine Sciences Ltd Investor Presentation 2021

Nov 12, 2021

59255_rns_2021-11-12_80a53799-d24a-4f67-98e9-b3831d8f8432.pdf

Investor Presentation

Open in viewer

Opens in your device viewer

==> picture [100 x 31] intentionally omitted <==

12[th] November, 2021

||To,
BSE Limited,
25, P. J. Towers,
Dalal Street,
Mumbai – 400 001
Ref:Company Scrip Code: 532834|To,
The Manager,
Listing Department,
National Stock Exchange of India Ltd.,
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai‐ 400051
Ref:Symbol:CAMLINFINE || Series: EQ|
|---|---|---|

Sub: Intimation pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ‐ (“SEBI LODR”)

This is in continuation to our disclosure dated November 11, 2021 in relation to the conference call with various domestic and international investors and analysts organized by ICICI Securities to discuss the financial results of the Company for the quarter and half year ended September 30, 2021 on November 12, 2021, please find enclosed herewith the earnings presentation to be made for the aforesaid call.

It is clarified that the presentation and the information contained therein does not constitute or form part of an invitation or solicitation to offer to purchase or subscribe to any securities of the Company in any jurisdiction. This presentation has been prepared for information purposes only. The information contained in the earnings presentation is not to be taken as any recommendation made by the Company or any other person to enter into any agreement with regard to any investment.

We request you to take the above on record and the same be treated as compliance under the applicable Regulations of SEBI LODR.

Thanking You, Encl.: a/a. For Camlin Fine Sciences Limited

==> picture [55 x 53] intentionally omitted <==

==> picture [106 x 51] intentionally omitted <==

_______ Santosh Parab Chief Financial Officer

==> picture [426 x 57] intentionally omitted <==

EARNINGS PRESENTATION

H1 / Q2-FY22

Sna shot p

==> picture [69 x 30] intentionally omitted <==

==> picture [55 x 55] intentionally omitted <==

==> picture [55 x 55] intentionally omitted <==

==> picture [55 x 55] intentionally omitted <==

==> picture [54 x 55] intentionally omitted <==

One of the few end-to-end Strong management team with Global experience with local 5 Manufacturing Facilities integrated specialty chemicals experienced industry professionals presence 2 R&D Centres company 5 Application Labs Diversified product basket of over Established customer base of over One of the largest global Strong operational efficiency with the 100 products catering to several 1,000 customers across 80 countries Antioxidant and Vanillin Diphenol facilities established at industries manufacturers Dahej, Gujarat Entered into preferred supplier 10-year CAGR Strategically expanding into high Proven track record of inorganic agreement with Lockheed Martin Revenue: 23.71% margin products like Blends and acquisitions and turnarounds Advanced Energy Storage to supply PAT: 50.72% Vanillin a specialty chemical CFO: 59.79%

2

About the Company

  • Camlin Fine Sciences Limited (CFS) was formed in 2006 after de-merging the fine chemical business from Camlin Ltd and got listed on the BSE and NSE in 2007 and 2011, respectively.

  • It is a vertically integrated company, engaged in research, development, manufacturing, commercializing and marketing of specialty chemicals and blends, which are used in a wide array of sectors such as – Food, feed, animal and pet nutrition, Pharma, Petrochemicals, Polymers, Flavours & Gragrance, Agrochemicals, Dyes & Pigments, and Bio Diesel.

  • CFS has subsidiaries in Mexico, North America, China, Europe and Brazil with Manufacturing Facilities in India, Brazil, China, Mexico and Italy, R&D Centres at Tarapur (India) and Ravenna (Italy) and Application Labs in India, Brazil, North America, Italy and Mexico

  • CFS markets its products to over 80 countries in Europe, Asia Pacific (including India), North Africa, Middle East, South, Central and North America.

FY21 Business Mix (Revenue Share %)

  • Shelf Life Solutions (53%) : Includes Anti-oxidants, Blends and Additives

  • Performance Chemicals (29%): Includes Specialty Chemicals

  • Aroma Chemicals (17%): Includes Vanillin and Ethyl Vanillin

  • Health and Wellness: Includes nutraceuticals

==> picture [69 x 30] intentionally omitted <==

Total Operational Revenue (INR Mn)

==> picture [183 x 112] intentionally omitted <==

----- Start of picture text -----

11,871
10,491
8,922
7,228
6,420
5,469
FY17 FY18 FY19 FY20 FY21 H1-FY22
----- End of picture text -----

H1-FY22 Operational Revenue Breakup

==> picture [202 x 137] intentionally omitted <==

----- Start of picture text -----

Others,
Aroma
1%
2%
Performance
Shelf-life
Chemicals
Extension
44%
25%
Blends
29%
----- End of picture text -----

3

H1 / Q2-FY22 FINANCIAL OVERVIEW

H1 / Q2-FY22 Financial Highlights

==> picture [69 x 30] intentionally omitted <==

Q2 FY22 Financial Highlights (Consolidated): Q2 FY22 Financial Highlights (Standalone):

INR 3,112 Mn INR 227 Mn INR 277 Mn INR (39) Mn INR 1,382 Mn INR 29 Mn INR 39 Mn INR (70) Mn Total Revenue EBITDA Adjusted EBITDA PAT Total Revenue EBITDA Adjusted EBITDA PAT

7.30% 8.92% (1.25)% EBITDA Margin Adjusted EBITDA PAT Margin Margin

2.13% 2.82% (5.06)% EBITDA Margin Adjusted EBITDA PAT Margin Margin

H1-FY22 Financial Highlights (Consolidated):

H1-FY22 Financial Highlights (Standalone):

INR 6,420 Mn INR 733 Mn INR 733 Mn INR 199 Mn INR 2,839 Mn INR 231 Mn INR 231 Mn INR (23) Mn Total Revenue EBITDA Adjusted EBITDA PAT Total Revenue EBITDA Adjusted EBITDA PAT

11.42% 11.42% 3.10% EBITDA Margin Adjusted EBITDA PAT Margin Margin

8.13% 8.13%

8.13% 8.13% (0.80)% EBITDA Margin Adjusted EBITDA PAT Margin Margin

5

* EBITDA after adjusting Foreign Exchange Fluctuation Gain/ (Loss)

H1 / Q2-FY22 Operational Highlights (Consolidated)

==> picture [69 x 30] intentionally omitted <==

  • Demand remained strong however reduction in turnover can be primarily attributed to tepid performance of CFS India

One time impacts

  • Loss of production compared to Q1-FY22

  • Due to disruptions in logistics & supply chain

  • Technical issues in scale up of Diphenol Plant at Dahej to attain 100% capacity

  • Consequent impact on production of high volume / high margin products such as TBHQ, BHA, MEHQ & PDMB compared to Q1-FY22 leading to reduction in sale of INR 25 Cr & margin of approx. INR 12.5 Cr

  • Consequent impact on product mix

  • Non-recurring expenditures amounted to INR 3.50 Cr in the quarter

  • Foreign exchange loss in the quarter of INR 5.03 Cr compared to gain of INR 9.63 Cr in Q1-FY22

Structural & Other Impacts

  • Unprecedented increase in logistic cost during the quarter which could not be passed on immediately – recovered with lag of a quarter – mitigation by way of changing terms to FOB from October 2021 wherever possible

  • Inflationary trend continues in crude impacting the raw material costs

  • Increase in employee costs of INR 1.80 Cr – yearly increment & induction of managing director & sales personnel and new business heads in the current quarter – benefits of new inductees will start fructifying in subsequent quarters

  • Gross Margins remained stable QoQ, however shy of expected 50%+ margin as increase in selling prices were undone by inflationary conditions and a lag of quarter to pass to the customer

6

Q2-FY22 Standalone Income Statement (Ind-AS)

==> picture [69 x 30] intentionally omitted <==

Income Statement (Mn) Q2-FY22 Q1-FY22 Q-o-Q Q2-FY21 Y-o-Y
Operational Revenue 1,382 1,457 (5.2)% 1,468 (5.9)%
Total Expenses 1,352 1,265 6.9% 1,397 (3.2)%
Operational EBITDA 29 192 (84.9)% 71 (59.2)%
Operational EBITDA Margins(%) 2.13% 13.18% NA 4.84% (271) Bps
Adjusted EBITDA* 39 192 (79.7)% 144 (73.0)%
Adjusted EBITDA Margins(%) 2.82% 13.18% NA 9.81% (699) Bps
Other Income 10 38 (73.7)% 13 (23.1)%
Depreciation 66 64 3.1% 34 94.1%
Finance Cost 75 96 (21.9)% 59 27.1%
PBT (101) 70 NA (9) NA
Tax (32) 22 NA 1 NA
Profit After tax (70) 47 NA (10) NA
PAT Margins(%) NA 3.23% NA NA NA
Other Comprehensive Income (2) 1 NA (1) NA
Total Comprehensive Income (72) 48 NA (11) NA
Diluted EPS(INR) (0.46) 0.31 NA (0.08) NA

* EBITDA after adjusting Foreign Exchange Fluctuation Gain/ (Loss)

7

H1-FY22 Standalone Income Statement (Ind-AS)

==> picture [69 x 30] intentionally omitted <==

Income Statement (Mn) H1-FY22 H1-FY21 Y-o-Y
Operational Revenue 2,839 2,679 6.0%
Total Expenses 2,608 2,446 6.6%
Operational EBITDA 231 233 (0.9)%
Operational EBITDA Margins(%) 8.13% 8.70% (57) Bps
Adjusted EBITDA* 231 302 (23.6)%
Adjusted EBITDA Margins(%) 8.13% 11.27% (314) Bps
Other Income 39 23 69.5%
Depreciation 131 64 104.1%
Finance Cost 171 145 17.9%
Exceptional Items - 5 NA
PBT (32) 42 NA
Tax (9) 14 NA
Profit After tax (23) 28 NA
PAT Margins(%) NA 1.05% NA
Other Comprehensive Income (1) (1) NA
Total Comprehensive Income (24) 27 NA
Diluted EPS(INR) (0.15) 0.22 NA

Q2-FY22 Consolidated Income Statement (Ind-AS)

==> picture [69 x 30] intentionally omitted <==

Income Statement (INR Mn) Q2-FY22 Q1-FY22 Q-o-Q Q2-FY21 Y-o-Y
Operational Revenue 3,112 3,308 (5.9)% 2,568 21.2%
Total Expenses 2,885 2,852 1.2% 2,232 29.3%
Operational EBITDA 227 456 (50.2)% 336 (32.4)%
Operational EBITDA Margins(%) 7.30% 13.78% (648) Bps 13.08% (578) Bps
Adjusted EBITDA* 277 456 (39.3)% 425 (34.8)%
Adjusted EBITDA Margins(%) 8.92% 13.78% (486) Bps 16.55% (763) Bps
Other Income 6 105 (94.3)% 13 (53.8)%
Depreciation 134 134 NA 96 39.6%
Finance Cost 91 101 (9.9)% 81 12.3%
Share ofprofit/ loss of associate (1) - NA - NA
PBT 8 326 (97.5)% 172 (95.3)%
Tax 46 88 (47.7)% 75 (38.7)%
Profit After Tax (39) 238 NA 97 NA
PAT Margins(%) NA 7.19% NA 3.78% NA
Other Comprehensive Income (62) 34 NA 42 NA
Total Comprehensive Income (101) 272 NA 139 NA
Diluted EPS(INR) (0.37) 1.48 NA 0.46 NA

* EBITDA after adjusting Foreign Exchange Fluctuation Gain/ (Loss)

9

H1-FY22 Consolidated Income Statement (Ind-AS)

==> picture [69 x 30] intentionally omitted <==

Income Statement (INR Mn) H1-FY22 H1-FY21 Y-o-Y
Operational Revenue 6,420 5,626 13.6%
Total Expenses 5,687 4,778 19.0%
Operational EBITDA 733 848 (13.5)%
Operational EBITDA Margins(%) 11.42% 15.07% (365) Bps
Adjusted EBITDA* 733 968 (24.3)%
Adjusted EBITDA Margins(%) 11.42% 17.21% (579) Bps
Other Income 61 17 NA
Depreciation 268 191 40.3%
Finance Cost 192 187 2.7%
Share ofprofit/ loss of associate (2) - NA
PBT 333 487 (31.6)%
Tax 134 185 (27.6)%
Profit After Tax 199 302 (34.1)%
PAT Margins(%) 3.10% 5.37% (227) Bps
Other Comprehensive Income (28) 89 NA
Total Comprehensive Income 171 391 (56.3)%
Diluted EPS(INR) 1.11 1.64 (32.3)%
0
* EBITDA after adjusting Foreign Exchange Fluctuation Gain/ (Loss)

10

COUNTRY OVERVIEW

Country Wise Quarterly Performance

==> picture [69 x 30] intentionally omitted <==

==> picture [673 x 182] intentionally omitted <==

----- Start of picture text -----

CFS India CFS Mexico CFS Europe
1,468 1,457 1,117
1,382
1,060
751 762 951
607
Q2-FY21 Q1-FY22 Q2-FY22 Q2-FY21 Q1-FY22 Q2-FY22 Q2-FY21 Q1-FY22 Q2-FY22
----- End of picture text -----

==> picture [455 x 161] intentionally omitted <==

----- Start of picture text -----

CFS Brazil CFS Wanglong
203 197
159
309
- -
Q2-FY21 Q1-FY22 Q2-FY22 Q2-FY21 Q1-FY22 Q2-FY22
----- End of picture text -----

CFS North America

==> picture [156 x 124] intentionally omitted <==

----- Start of picture text -----

167
121
97
Q2-FY21 Q1-FY22 Q2-FY22
----- End of picture text -----

12

Countr Wise Yearl Performance y y

==> picture [69 x 30] intentionally omitted <==

==> picture [706 x 352] intentionally omitted <==

----- Start of picture text -----

CFS India CFS Mexico CFS Europe
3,762
2,735
5,798 6,000 2,571 3,296
5,481 3,091
2,172 2,771
4,050 1,642 2,177
1,513
2,839
FY18 FY19 FY20 FY21 H1-FY22 FY18 FY19 FY20 FY21 H1-FY22 FY18 FY19 FY20 FY21 H1-FY22
CFS Brazil CFS Wanglong CFS North America
1,765 1,817 500
717
386
618
1,345 400 334
288
411 400 300 236
178
252 200
100
-
-
FY18 FY19 FY20 FY21 H1-FY22 FY19 FY20 FY21 H1-FY22 FY18 FY19 FY20 FY21 H1-FY22
(INR Mn)
Operational Revenue
(INR Mn)
Operational Revenue
----- End of picture text -----

13

HISTORICAL FINANCIAL OVERVIEW

Historical Standalone Income Statement

==> picture [69 x 30] intentionally omitted <==

Particulars (INR Mn) FY19 FY20 FY21 H1-FY22
Operational Income 5,481 5,798 6,000 2,839
Total Expenses 5,182 5,201 5,382 2,608
EBITDA 299 597 618 231
EBITDA Margin 5.46% 10.30% 10.30% 8.13%
Depreciation 91 113 193 131
Finance Cost 203 281 325 171
Other Income 137 241 55 39
Exceptional Items - 31 5 -
PBT 142 413 150 (32)
Tax 35 106 67 (9)
Profit After Tax 107 307 83 (23)
PAT Margin 1.95% 5.29% 1.38% NA
Other Comprehensive Income (3) (3) (4) (1)
Total Comprehensive Income 104 304 79 (24)
Diluted EPS (INR per share) 0.88 2.53 0.6 (0.15)

15

Standalone Balance Sheet

==> picture [69 x 30] intentionally omitted <==

Particulars (INR Mn) FY20 FY21 H1-
FY22
Particulars (INR Mn) FY20 FY21 H1-
FY22
EQUITY 3,768 4,646 5,064 Non-Current Assets 3,802 4,087 4,826
a)EquityShare Capital 121 127 128 a)Property,Plant and Equipment 686 2,457 2,428
b)Other Equity 3,647 4,519 4,936 b)Capital Work In Progress 1,742 184 706
c)Right-Of-UseAssets 246 227 271
c)Non-ControllingInterest - -
d)Investment Property 21 21 21
LIABILITIES 1,240 1,763 2,019
e)Other Intangible Assets 4 232 221
Non-Current Liabilities
f)Intangible Assets under Development 240 - -
Financial Liabilities
g) Financial Assets
a)Borrowings 1,130 1,627 1,859
(i)Investments
740 736 762
b)Lease Liabilities 50 41 61 (ii)Loans 36 31 36
c)Provisions 28 28 35 (iii)Other Financial Assets - 1 -
d)Deferred Tax Liabilities(Net) 21 63 60 h)Deferred tax assets(Net) - - -
i)Income Tax Assets 33 44 48
e)Other Non-Current Liabilities 11 4 4
j)Other Non-Current assets 54 154 333
Current Liabilities 3,905 4,258 3,922
Current Assets 5,112 6,580 6,180
a)Financial Liabilities
a)Inventories 972 1,314 1,400
(i)Borrowings 2,184 2,007 1,778
b) Financial Assets
(ii)Trade Payables 1,330 1,929 1806
(i)Investments
- -
(iii)Other Financial Liabilities 250 216 154 (ii)Trade Receivables 3,235 3,682 3,663
(iv)Lease Liabilities 10 12 18 (iii) CashandCash Equivalents 7 188 106
(iv)Other Bank balances 124 628 193
b)Other Current Liabilities 61 83 154
(v)Loans 301 299 345
c)Provisions 4 10 12
(vi)Other financial assets 235 207 219
d)Current Tax Liabilities(Net) 66 1 -
c)Other Current Assets 237 262 254
GRAND TOTAL - EQUITIES &
LIABILITES
8,913 10,667 11,005
GRAND TOTAL – ASSETS 8,913 10,667 11,005

~~16~~

Historical Consolidated Income Statement

==> picture [69 x 30] intentionally omitted <==

PARTICULARS (INR Mn) FY19 FY20 FY21 H1-FY22
Operational Income 8,922 10,491 11,871 6,420
Total Expenses 8,235 9,184 10,052 5,687
EBITDA 687 1,307 1,819 733
EBITDA Margin 7.70% 12.46% 15.32% 11.42%
Depreciation 290 328 443 268
Finance Cost 367 431 375 192
Other Income 138 34 50 61
Income from Associate (1) - - -
PBT 167 582 1,051 333
Tax 137 284 397 134
Profit After Tax 30 298 654 199
PAT Margin 0.34% 2.84% 5.51% 3.10%
Other Comprehensive Income 5 13 1,135 (28)
Total Comprehensive Income 35 311 1,789 171
Diluted EPS (INR per share) 0.05 2.50 3.68 1.11

17

Consolidated Balance Sheet

==> picture [69 x 30] intentionally omitted <==

PARTICULARS (INR Mn) FY20 FY21 H1-FY22 PARTICULARS (INR Mn) FY20 FY21 H1-FY22
EQUITY 4,601 7,131 7,737 Non-Current Assets 5,591 6,869 7,744
a)Property,Plant and Equipment 2,034 4,818 4,753
a)EquityShare Capital 121 127 128
b)Capital Work In Progress 1,761 237 843
b)Other Equity 3,910 6,307 6,885
c)Right-Of-Use Assets 338 313 391
c)Non-ControllingInterest 570 697 724
d)Investment Property 21 21 21
LIABILITIES e)Goodwill 444 444 444
Non-Current Liabilities 2,261 2,907 2,980 f)Intangible Assets 221 240 221
g)Intangible Assets under Development 27 1 1
Financial Liabilities
h)Investment in Associate 1 1 26
a)Borrowings 2,115 2,732 2,753
i)Financial Assets
b)Lease Liabilities 97 84 132 (i)Investments 72 72 72
c)Provisions 28 28 35 (ii)Loans 123 133 142
(iii)Other Financial Assets 0 1 -
d)Deferred Tax Liabilities(Net) 21 63 60
j)Deferred tax assets(Net) 407 330 347
Current Liabilities 5,478 4,778 4,674
k)Income Tax Assets 66 87 133
a)Financial Liabilities
l)Other Non-Current assets 76 171 350
(i)Borrowings 2,781 2,169 2,367 Current Assets 6,749 7,947 7,647
(ii)Trade Payables 1,737 1,584 1,646 a)Inventories 2,981 3,200 3,286
b)Financial Assets
(iii)Lease liabilities 33 37 50
(i)Investments - - -
(iii)Other Financial Liabilities 672 687 238
(ii)Trade Receivables 2,528 2,707 2,788
b)Other Current Liabilities 110 202 283 (iii)Cash and Cash Equivalents 524 755 691
c)Provisions 79 96 89 (iv)Other Bank balances 124 628 193
(v)Loans 11 10 50
d)Current Tax Liabilities(Net) 66 3 1
(vi)Other financial assets 117 101 105
GRAND TOTAL - EQUITIES &
LIABILITES
12,340 14,816 15,391
c)Other Current Assets 464 546 534
GRAND TOTAL – ASSETS 12,340 14,816 15,391

18

Consolidated Financial Hi hli hts g g

==> picture [69 x 30] intentionally omitted <==

==> picture [727 x 349] intentionally omitted <==

----- Start of picture text -----

Operational Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) Debt to EBITDA
28.44
14,000 11,871 2,100 15.32% 18.00%
16.00%
12,000 10,491 1,800
10,000 8,922 1,500 12.46% 1,819 11.42% 14.00%
12.00%
7,228
8,000 6,420 1,200 7.70% 10.00%
6,000 900 8.00%
1,307
4,000 600 1.74% 687 733 6.00%4.00% 6.38 3.75 2.69 6.99
2,000 300 2.00%
- - 126 0.00% 0
FY18 FY19 FY20 FY21 H1-FY22 FY18 FY19 FY20 FY21 H1-FY22 FY18 FY19 FY20 FY21 H1-FY22
Net Debt to Equity Net Worth (INR Mn) ROE (%)
1.5
9,000 15.00%
1.3 7,737 10.16%
1.1 0.95 1.03 8,000 7,000 7,131 10.00% 7.40%
0.9 0.77 6,000 5,000 4,303 4,601 5.00% 0.81%
0.7 0.56 0.55 3,712
4,000
0.00%
0.5 3,000 FY18 FY19 FY20 FY21
0.3 2,000 -5.00%
1,000
0.1 -6.46%
- -10.00%
-0.1 FY18 FY19 FY20 FY21 H1-FY22 FY18 FY19 FY20 FY21 H1-FY22
----- End of picture text -----

19

Ca ital Markets p

==> picture [69 x 30] intentionally omitted <==

==> picture [645 x 149] intentionally omitted <==

----- Start of picture text -----

110.00%
90.00%
70.00%
50.00%
30.00%
10.00%
-10.00%Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
-30.00%
Sensex Camlin
----- End of picture text -----

Price Data (30th September, 2021) INR
Face Value 1.0
Market Price 183.2
52 Week H/L 230.8/92.4
Market Cap (Mn) 23,370.3
EquityShares Outstanding (Mn) 127.6
1 Year AvgTradingVolume(‘000) 851.3

==> picture [263 x 153] intentionally omitted <==

----- Start of picture text -----

Shareholding Pattern as on 30 [th] September, 2021
Promoters
21.61%
Public FPI
54.35% 5.01%
DII
19.03%
----- End of picture text -----

20

Disclaimer

==> picture [69 x 30] intentionally omitted <==

Camlin Fine Sciences Limited

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Camlin Fine Science Limited, which are expressed in good faith and in their opinion reasonable, including those relating to the Companys general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Companys business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details, please feel free to contact our Investor Relations Representatives:

==> picture [84 x 64] intentionally omitted <==

Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: [email protected]

21