Camlin Fine Sciences Ltd — Earnings Release 2021

Feb 9, 2021

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9[th] February, 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 February 2, 2021 in relation to the conference call with various domestic and international investors and analysts organized by Nirmal Bang Institutional Equities to discuss the financial results of the Company for the quarter ended December 31, 2020 (Q3) on February 9, 2021, please find enclosed herewith the earnings presentation 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

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Mandar Godbole Company Secretary & Compliance Officer

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EARNINGS PRESENTATION

9M / Q3-FY21

Sna shot p

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One of the few vertically and backward integrated players

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Serving more than 80 countries with over 100 products

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5 Manufacturing Facilities, 2 R&D Centres and 5 Application Labs

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3[rd] largest producer of Vanillin in the world

Leading Manufacturers of Antioxidants in the world with more than 30 years of experience

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Preferred Partner for manufacturing customized Strategic move to start blends which have products higher margins

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Global expertise, local solutions

Strong management team with experienced industry professionals

2

About the Company

• In 2006, Camlin Fine Sciences Limited (CFS) was formed after de-merging (mirror shareholding) the fine chemical business from Camlin Ltd.

• The Company has over 30 years of experience providing innovative solutions with a competitive advantage in fine sciences.

• CFS 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.

Food, feed, animal and pet nutrition Flavours & Fragrance Pharma Agro Chemicals Petro Chemicals Dyes and Pigments Polymers Bio Diesel

• CFS categorizes their business into 3 different verticals based on their product portfolio, namely: Shelf-Life Solutions (which include anti-oxidants, its blends and additives), Performance chemicals and Aroma Chemicals.

• CFS has subsidiaries in Mexico, North America, China, Europe and Brazil serving in more than 80 countries with more than 100 products and over 1,000 satisfied customers.

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

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Total Operational Revenue (INR Mn)

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10,491
8,922 8,605
7,228
5,469
FY17 FY18 FY19 FY20 9M-FY21
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9M-FY21 Operational Revenue Breakup
Others,
1%
Aroma
18% Performance
Chemicals
27%
Shelf-life
Extension
Blends
25%
29%
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3

9M / Q3-FY21 FINANCIAL OVERVIEW

9M / Q3-FY21 Financial and Operational Highlights

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Q3 FY21 Financial Highlights (Standalone): Q3 FY21 Financial Highlights (Consolidated):

INR 1,636 Mn INR 179 Mn 10.94% Total Revenue EBITDA EBITDA Margin

INR 2,979 Mn INR 468 Mn 15.71% Total Revenue EBITDA EBITDA Margin

INR 203 Mn INR 34 Mn 2.08% Adjusted EBITDA PAT PAT Margin

INR 487 Mn INR 194 Mn 6.51% Adjusted EBITDA PAT PAT Margin

9M-FY21 Financial Highlights (Standalone):

9M-FY21 Financial Highlights (Consolidated):

INR 4,316 Mn INR 412 Mn 9.55% Total Revenue EBITDA EBITDA Margin INR 510 Mn INR 61 Mn 1.41% Adjusted EBITDA PAT PAT Margin

INR 8,605 Mn INR 1,315 Mn 15.28% Total Revenue EBITDA EBITDA Margin INR 1,455 Mn INR 496 Mn 5.76% Adjusted EBITDA PAT PAT Margin

Operational Highlights (Standalone and Consolidated)

• Robust revenue growth of 16% QoQ and 9% YoY with the opening up of economies post COVID restrictions

• Other expenses include foreign exchange loss of INR 24.57m and INR 19.29m in standalone and consolidated financials respectively, for last quarter, the figures were INR 73.21 million and INR 88.52 million, while in the corresponding quarter last year, these figures were Nil

• QoQ increase in other expenses by INR 73.34m and depreciation by INR 39.78m is on account of expenditure of entire quarter of Dahej Di-phenol commercial production

• Dahej Di-phenol plant has achieved 55% capacity utilization in December 2020 and expected to achieve optimum utilization by the end of the financial year

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

Q3-FY21 Standalone Income Statement (Ind-AS)

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Income Statement (Mn)	Q3-FY21	Q3-FY20	Y-o-Y	Q2-FY21	Q-o-Q
Operational Revenue	1,636	1,532	6.8%	1,468	11.4%
Total Expenses	1,457	1,392	4.7%	1,397	4.3%
Operational EBITDA	179	140	27.9%	71	152.1%
Operational EBITDA Margins (%)	10.94%	9.14%	180 Bps	4.84%	610 Bps
Adjusted EBITDA*	203	141	44.0%	144	41.0%
Adjusted EBITDA Margins (%)	12.41%	9.20%	321 Bps	9.81%	260 Bps
Other Income	14	28	(50.0)%	13	7.7%
Depreciation	63	26	142.3%	34	85.3%
Finance Cost	81	69	17.4%	59	37.3%
Exceptional Items	-	-	-	-	-
PBT	49	73	(32.9)%	(9)	NA
Tax	15	26	(42.3)%	1	NA
Profit After tax	34	47	(27.7)%	(10)	NA
PAT Margins (%)	2.08%	3.07%	(99) Bps	NA	NA
Other Comprehensive Income	(1)	(3)	NA	(1)	NA
Total Comprehensive Income	33	44	(25.0)%	(11)	NA
Diluted EPS (INR)	0.25	0.39	(35.9)%	(0.08)	NA

9M-FY21 Standalone Income Statement (Ind-AS)

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Income Statement (Mn)	9M-FY21	9M-FY20	Y-o-Y
Operational Revenue	4,316	4,402	(2.0)%
Total Expenses	3,904	3,945	(1.0)%
Operational EBITDA	412	457	(9.8)%
Operational EBITDA Margins (%)	9.55%	10.38%	(83) Bps
Adjusted EBITDA*	510	457	11.6%
Adjusted EBITDA Margins (%)	11.82%	10.38%	144 Bps
Other Income	37	84	(56.0)%
Depreciation	127	82	54.9%
Finance Cost	226	213	6.1%
Impairment loss (exceptional item)	(5)	(31)	NA
PBT	91	215	(57.7)%
Tax	30	73	(58.9)%
Profit After tax	61	142	(57.0)%
PAT Margins (%)	1.41%	3.23%	(182) Bps
Other Comprehensive Income	(1)	(7)	NA
Total Comprehensive Income	60	135	(55.6)%
Diluted EPS (INR)	0.46	1.17	(60.7)%

Q3-FY21 Consolidated Income Statement (Ind-AS)

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Income Statement (INR Mn)	Q3-FY21	Q3-FY20	Y-o-Y	Q2-FY21	Q-o-Q
Operational Revenue	2,979	2,739	8.8%	2,568	16.0%
Total Expenses	2,511	2,444	2.7%	2,232	12.5%
Operational EBITDA	468	295	58.6%	336	39.3%
Operational EBITDA Margins (%)	15.71%	10.77%	494 Bps	13.08%	263 Bps
Adjusted EBITDA*	487	296	64.5%	425	(85.41)%
Adjusted EBITDA Margins(%)	16.35%	10.81%	554 Bps	16.55%	(20) Bps
Other Income	11	7	57.1%	13	(15.4)%
Depreciation	134	84	59.5%	96	39.6%
Finance Cost	67	75	(10.7)%	81	(17.3)%
Share ofprofit/ loss of associate	-	-	-	-	-
PBT	278	143	94.4%	172	61.6%
Tax	84	105	(20.0)%	75	12.0%
Profit After Tax	194	38	410.5%	97	100.0%
PAT Margins(%)	6.51%	1.39%	512 Bps	3.78%	273 Bps
Other Comprehensive Income	116	24	NA	42	NA
Total Comprehensive Income	310	62	NA	139	NA
Diluted EPS(INR)	1.15	0.42	NA	0.46	NA
8 * EBITDA after adjusting Foreign Exchange Fluctuation Gain/ (Loss)

8

9M-FY21 Consolidated Income Statement (Ind-AS)

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Income Statement (Mn)	9M-FY21	9M-FY20	Y-o-Y
Operational Revenue	8,605	7,563	13.8%
Total Expenses	7,290	6,606	10.4%
Operational EBITDA	1,315	957	37.4%
Operational EBITDA Margins (%)	15.28%	12.65%	263 Bps
Adjusted EBITDA*	1,455	964	50.9%
Adjusted EBITDA Margins (%)	16.91%	12.75%	416 Bps
Other Income	29	14	NA
Depreciation	325	237	37.1%
Finance Cost	254	279	(9.0)%
Share of Profit/loss of associates	-	-	-
PBT	765	455	68.1%
Tax	269	177	52.0%
Profit After tax	496	278	78.4%
PAT Margins (%)	5.76%	3.68%	208 Bps
Other Comprehensive Income	205	(32)	NA
Total Comprehensive Income	701	246	NA
Diluted EPS (INR)	2.73	2.28	19.7%

COUNTRY OVERVIEW

CFS India

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• R&D Centre at Tarapur that has developed many new Diphenol-downstream products

• Shelf Life Solutions Development, Testing and Applications Lab at Mumbai that works on testing food formulations and blends for the food, pet food and animal nutrition industries

• Provides technical expertise and support for shelf life solutions and aroma ingredients to the various laboratories of CFS located globally

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Operational Revenue (INR Mn)
Greenfield expansion 10,000
7,000 5,798
of Di-Phenols in Dahej MT 6,000 5,481
5,000 4,050 4,316
3,376
4,000
3,000
Manufacturing 10,000 2,000
Capacity / Year (PC) 1,000
Increased from MT -
FY17 FY18 FY19 FY20 9M-FY21
6,000 MT to
Dahej
Tarapur
Manufacturing Khopoli Mahad
5,000 Mumbai Quarterly Operational Revenue (INR Mn)
Capacity / Year 2,000
1,636
(Anti-oxidant Ingredients) MT 1,532 1,468
1,500
1,000
Total
Employee Strength 350+ 500
Owned Plant Marketing offices R&D/ Food Labs
-
Outsourced Manufacturing Facilities Blending Facility Q3-FY20 Q2-FY21 Q3-FY21
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CFS Mexico

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• Acquire 65% stake in Dresen Quimica SAPI De CV, Mexico in May 2016

• Primarily manufactures Blends and Additives

• Key customer segments: Oil, Poultry, Diary, Rendering,Aqua, Pet food, Swine,Vitamin Pre-mix

• Total Market size is ~USD 200 Mn and CFS Mexico enjoys an overall market share of ~15% giving enough growth opportunities

• CFS Antioxidantes De Mexico S.A.de C.V, the holding company has been reversed merged with effect from February 1, 2019 into Dresen Quimica S.A.P.I de C.V, Mexico

Operational Revenue (INR Mn)

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3,000 2,571
2,500 2,172 2,039
Cuba 2,000 1,642
Mexico city 1,500 1,210
Manufacturing 12,000 Republic of Dominica 1,000
Capacity / Year MT Guatemala 500
-
FY17 FY18 FY19 FY20 9M-FY21
Colombia
Quarterly Operational Revenue (INR Mn)
800 710
Total 130+ Peru 645 607
Employee Strength 600
400
200
Owned Plant Marketing offices Blending Facility
-
Q3-FY20 Q2-FY21 Q3-FY21
12
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CFS Euro e p

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Performance Chemicals

• Acquired the manufacturing facility at Ravenna, Italy in 2011, which provides captive requirements of key raw materials i.e. Hydroquinone and Catechol

• Capacity utilization achieved at 95% in FY19

• Considerable growth in EBITDA Margins & Profits due to favourable prices and better yields

Shelf Life Solutions

• Application lab commenced in October 2018

Operational Revenue (INR Mn)

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• 4,000 3,296
The Blending plant was commissioned in March 2019 3,091
2,771 2,766
• Dedicated Sales team being appointed to cover the entire European market 3,000 2,216
• On-boarded 5 customers 2,000
1,000
-
Manufacturing 12,000 FY17 FY18 FY19 FY20 9M-FY21
Capacity / Year MT
Ravenna, Italy Quarterly Operational Revenue (INR Mn)
951
1,000
800 697
533
600
Total
50+ 400
Employee Strength 200
Owned Plant Marketing offices R&D/ Food Labs -
Q3-FY20 Q2-FY21 Q3-FY21
13
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CFS Brazil

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Shelf Life Solutions

• Formed in 2013 for Blends and the production started in 2015

• Has an application lab in Indaiatuba – Brazil for customizing blends for Shelf-life Extension Solutions.

• Handles distribution of bulk antioxidants and vanillin.

• Key customer segments: Oil, Poultry, Diary, Rendering,Aqua, Pet food, Swine,Vitamin Pre-mix and Bio Diesel

• Dedicated facility for animal feed and pet food additives.

• Revenue will continue to grow due to launch of new products in animal nutrition and better penetration of markets

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Manufacturing 6,000
Capacity / Year MT
Indaiatuba, Brazil
Chile
Argentina
Total
30+
Employee Strength
Marketing offices R&D/ Food Labs
Outsourced Manufacturing Facilities Blending Facility
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Operational Revenue (INR Mn)

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800
618
600 498
411
400 252
172
200
-
FY17 FY18 FY19 FY20 9M-FY21
Quarterly Operational Revenue (INR Mn)
183
200 173
159
150
100
50
-
Q3-FY20 Q2-FY21 Q3-FY21
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CFS Wan lon g g

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• CFS along with CFS Europe acquired 51% stake in Ningbo Wanglong Flavours in 2017 which had an operational plant since 2011

• This acquisition makes CFS the 3[rd] largest producer of Vanillin

• Located in Grade 1 Industrial zone in the city ofYuyao Zhejiang Province, China.

• It manufacturesVanillin through a dedicated manufacturing facility which started at the end of Q2-FY18

• With capacity expansion of Guaiacol in India, we are covered for 100% of primary raw material

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• Establishing a distribution network across the globe
Operational Revenue (INR Mn)
2,000 1,765
1,470
Manufacturing 4,200 1,500 1,345
Capacity / Year MT 1,000
500
-
FY19 FY20 9M-FY21
Capacity utilization ~55% Yuyao Zhejaing
Province, China Quarterly Operational Revenue (INR Mn)
800 728
570
600
400 309
Total
Employee Strength 75+ 200
Owned Plant Marketing offices Wanglong -
Q3-FY20 Q2-FY21 Q3-FY21
15
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CFS North America

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Shelf Life Solutions

• Formed in October 2015 as a wholly owned subsidiary

Market focus

• Food - Bulk oils (synthetic antioxidants), Meat & poultry (natural antioxidants)

• Pet food - Rendering for pet food (natural antioxidants), Rendering for animal feed (synthetic antioxidants)

• Animal feed – Antioxidants, Mould Inhibitors, Gut Health Probiotics, Others

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Operational Revenue (INR Mn)
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• Has launched new products in natural anti-oxidants and animal nutrition

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500
386
• Built a strong diversified portfolio of 40+ products 400
264
300 236
178
200 109
Total Number of 100
Customers 15+ -
Iowa, USA FY17 FY18 FY19 FY20 9M-FY21
Quarterly Operational Revenue (INR Mn)
120
97
Total 10+ 100 91 79
Employee Strength 80
60
40
20
Marketing offices R&D/ Food Labs Outsourced Manufacturing Facilities -
Q3-FY20 Q2-FY21 Q3-FY21
16
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HISTORICAL FINANCIAL OVERVIEW

Historical Standalone Income Statement

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Particulars (INR Mn)	FY18	FY19	FY20	9M-FY21
Operational Income	4,050	5,481	5,798	4,316
Total Expenses	3,996	5,182	5,201	3,904
EBITDA	54	299	597	412
EBITDA Margin	1.33%	5.46%	10.30%	9.55%
Depreciation	91	91	113	127
Finance Cost	236	203	281	226
Other Income	92	137	241	37
Exceptional Items	-	-	31	(5)
PBT	(181)	142	413	91
Tax	(39)	35	106	30
Profit After Tax	(142)	107	307	61
PAT Margin	NA	1.95%	5.29%	1.41%
Other Comprehensive Income	1	(3)	(3)	(1)
Total Comprehensive Income	(141)	104	304	60
Diluted EPS (INR per share)	(1.63)	0.88	2.53	0.46

18

Standalone Balance Sheet

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Particulars (INR Mn)	FY19	**FY20 **	H1-FY21	Particulars (INR Mn)	FY19	FY20	H1-FY21
EQUITY	3,474	3,768	4,367	Non-Current Assets	2,733	3,802	3,812
a)EquityShare Capital	121	121	121	a)Property,Plant and Equipment	789	686	2,419
				b)Capital Work In Progress	523	1,742	65
b)Other Equity	3,353	3,647	4,246
				c)Right-Of-Use Assets	-	246	235
c)Non-ControllingInterest	-	-	-
				d)Investment Property	21	21	21
LIABILITIES	1,149	1,240	1,267
				e)Other Intangible Assets	6	4	243
Non-Current Liabilities
				f)Intangible Assets under Development	161	240	-
Financial Liabilities
				g)Financial Assets
a)Borrowings	1,111	1,130	1,156	(i)Investments	657	740	735
b)Lease Liabilities	-	50	45	(ii)Loans	288	36	31
c)Provisions	24	28	28	(iii)Other Financial Assets		-	2
				h)Deferred tax assets(Net)	12	-	-
d)Deferred Tax Liabilities(Net)	-	21	29
				i)Income Tax Assets	36	33	35
e)Other Non-Current Liabilities	14	11	9
				j)Other Non-Current assets	240	54	26
Current Liabilities	3,187	3,905	4,329
				Current Assets	5,075	5,112	6,151
a)Financial Liabilities
				a)Inventories	1,093	972	1,424
(i)Borrowings	1,990	2,184	2,229	b)Financial Assets
(ii)Trade Payables	1,059	1,330	1,718	(i)Investments	33	-	-
(iii)Other Financial Liabilities	115	250	265	(ii)Trade Receivables	2,619	3,235	3,271
(iv)Lease Liabilities	-	10	10	(iii)Cash and Cash Equivalents	189	7	365
				(iv)Other Bank balances	502	124	323
b)Other Current Liabilities	15	61	66
				(v)Loans	159	301	300
c)Provisions	3	4	12
				(vi) Other financial assets	221	235	203
d)Current Tax Liabilities(Net)	3	66	29
				c) Other Current Assets	259	237	265
GRAND TOTAL - EQUITIES & LIABILITES	7,808	8,913	9,963
				GRAND TOTAL – ASSETS	7,808	8,913	9,963

19

Historical Consolidated Income Statement

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PARTICULARS (INR Mn)	FY18	FY19	FY20	9M-FY21
Operational Income	7,228	8,922	10,491	8,605
Total Expenses	7,102	8,235	9,184	7,290
EBITDA	126	687	1,307	1,315
EBITDA Margin	1.74%	7.70%	12.46%	15.28%
Depreciation	267	290	328	325
Finance Cost	284	367	431	254
Other Income	116	138	34	29
Income from Associate	2	(1)	-	-
PBT	(307)	167	582	765
Tax	(68)	137	284	269
Profit After Tax	(240)	30	298	496
PAT Margin	-	0.34%	2.84%	5.76%
Other Comprehensive Income	124	5	13	205
Total Comprehensive Income	(116)	35	311	701
Diluted EPS (INR per share)	(3.01)	0.05	2.50	2.73

20

Consolidated Balance Sheet

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PARTICULARS (INR Mn)	FY19	FY20	H1-FY21	PARTICULARS (INR Mn)	FY19	FY20	H1-FY21
EQUITY	4,303	4,601	5,540	Non-Current Assets	4,143	5,591	5,576
				a)Property,Plant and Equipment	2,055	2,034	3,738
a)EquityShare Capital	121	121	121
				b)Capital Work In Progress	573	1,761	117
b)Other Equity	3,588	3,910	4,769
				c)Right-Of-Use Assets	-	338	325
c)Non-ControllingInterest	594	570	650
				d)Investment Property	21	21	21
LIABILITIES				e)Goodwill	444	444	444
Non-Current Liabilities	1,961	2,261	2,427	f)Intangible Assets	205	221	243
				g)Intangible Assets under Development	17	27	-
Financial Liabilities
				h)Investment in Associate	1	1	1
a)Borrowings	1,936	2,115	2,281
				i)Financial Assets
b)Lease Liabilities	-	97	90	(i)Investments	71	72	71
c)Provisions	24	28	27	(ii)Loans	111	123	128
				(iii)Other Financial Assets	0	0	2
d)Deferred Tax Liabilities(Net)	1	21	29
				j)Deferred tax assets(Net)	412	407	359
Current Liabilities	4,604	5,478	5,089
				k)Income Tax Assets	74	66	80
a)Financial Liabilities
				l)Other Non-Current assets	159	76	47
(i)Borrowings	2,443	2,781	2,602	Current Assets	6,725	6,749	7,480
(ii)Trade Payables	1,646	1,737	1,425	a)Inventories	2,854	2,981	3,167
				b)Financial Assets
(iii)Lease liabilities	-	33	35
				(i)Investments	33	-	-
(iii)Other Financial Liabilities	366	672	712
				(ii)Trade Receivables	2,093	2,528	2,117
b)Other Current Liabilities	73	110	195	(iii)Cash and Cash Equivalents	532	524	1,222
c)Provisions	71	79	91	(iv)Other Bank balances	502	124	323
				(v)Loans	31	11	10
d)Current Tax Liabilities(Net)	5	66	29
				(vi)Other financial assets	108	117	108
GRAND TOTAL - EQUITIES & LIABILITES	10,868	12,340	13,057
				c)Other Current Assets	572	464	533
				GRAND TOTAL – ASSETS	10,868	12,340	13,056

21

Consolidated Financial Hi hli hts g g

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Operational Revenue (INR Mn)

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12,000 10,491
10,000 8,922 8,605
7,228
8,000
5,469
6,000
4,000
2,000
-
FY17 FY18 FY19 FY20 9M FY21
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Net Debt to Equity

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1.5
1.3 1.19
1.03
1.1 0.95
0.9 0.77
0.7
0.5
0.3
0.1
-0.1
FY17 FY18 FY19 FY20
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EBITDA (INR Mn) & EBITDA Margin (%)

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1,500 15.28% 18.00%
16.00%
1,200 12.46% 1,315 14.00%
12.00%
900 1,307
7.70% 10.00%
8.00%
600 5.16%
687 6.00%
300 1.74% 4.00%
282 2.00%
126
- 0.00%
FY17 FY18 FY19 FY20 9M FY21
Net Worth (INR Mn)
5,000 4,303 4,601
3,712
4,000
3,000
2,126
2,000
1,000
-
FY17 FY18 FY19 FY20
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Ca ital Markets p

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60%

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40%
20%
0%
-20%
-40%
-60%
-80%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Sensex Camlin
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Price Data (31st December, 2020)	INR	Shareholding Pattern as on 31st December, 2020
Face Value	1.0	Promoters
Market Price	122.4	21.63%
52 Week H/L Market Cap (Mn)	133.7/33.4 15,596.2	FII/Banks 1.71% Public 56.33%
EquityShares Outstanding (Mn)	127.5	DII 20.33%
1 Year AvgTradingVolume(‘000)	703.6

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Disclaimer

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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 Company ’ s 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 Company ’ s 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:

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Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: camlin@valoremadvisors.com

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