DCW Ltd. — Investor Presentation 2020

Dec 3, 2020

December 03, 2020

DCW
LIMITED
December 03, 2020
To,The BSE LimitedNational Stock Exchange of India Ltd.Department of Corporate Services,Exchange Plaza Bldg.5 Floor, Plot No.C-11* floor, New Trading RingRotunda Building,'G' Block, Near Wockhardt,Phiroze Jeejeebhoy Towers,Bandra Kurla Complex,Dalal Street, MumbaiMumbai 400 051.- 400 001.Fax : 22723121/3719/ 2037/2039Fax:26598237/38
DCWScrip Code :500117Scrip Code:Dear Sir/Madam,
Sub: Investors' Presentation
Pursuant toRegulation 30andPara Aof Part A of ScheduleIII of the SEBI(ListingObligationsand DisclosureRequirements)Regulations,2015, we enclose herewiththepresentationof DCW Limited("theCompany")for thesecondquarter andhalf yearended September 30, 2020, to be made to investors and analysts.The same is also being uploaded on the Company's website at https://www.dcwltd.comincompliancewithregulations46(2)ofSEBI(ListingObligationsandDisclosureRequirements) Regulations, 2015
You are requested to take the aforesaid information on your record.
Thanking You,
Yours faithfully,Manager (Legal) & Company SecretaryGeneral

Sub: Investors' Presentation

General Manager (Legal) & Company Secretary

DCW LIMITED

HEAD OFFICE : "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAI-400 021. TEL.: 2287 1914, 2287 1916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE : DHRANGADHRA - 363 315 (GUJRAT STATE) Email: ho@dcwltd.com, Website: www.dcwltd.com, CIN-L24110GJ1939PLC000748

DCW LIMITED

INVESTOR PRESENTATION

December 2020

DISCLAIMER

The data mentioned in the presentation provided for general information purpose only. The information contained in the presentation is accurate only as of the date it was originally issued. The figures mentioned in the data are rounded off. DCW Limited ("DCW" or the Company) strictly denies the responsibilities of any obligation to update the information contained in such presentations after the date of their issuance.

This presentation and the following discussion may contain "forward looking statements" by DCW that are not historical in nature. These forward looking statements, which may include statements relating to future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of DCW about the business, industry and markets in which DCW operates.

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond DCW's control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of DCW.

In particular, such statements should not be regarded as a projection of future performance of DCW. It should be noted that the actual performance or achievements of DCW may vary significantly from such statements.

Company Overview

Business Segments

Financial Overview

DCW AT A GLANCE

Overview:

• Established as Dhrangadhra Chemical Works in 1939 at Dhrangadhra, Gujarat as India's first Soda Ash plant.
• Expanded, diversified and modernized its operations with a diversified range of products for supply to customers in both, domestic and international markets since then.
• Diversified Product Portfolio
  • o Commodity Chemicals Soda Ash, Caustic Soda, Poly Vinyl Chloride (PVC)
  • o Intermediate Chemicals Liquid Chroline, Hydrochloric Acid, Trichloroethylene, Utox, Sodium Bicarbonate etc.
  • o Specilaty Chemicals Synthetic Rutile (SR), Synthetic Iron Oxide Pigments (SIOP) and Chlorinated Poly Vinyl Chloride (C-PVC)
• Manufacturing facilities
  • o Sahupuram, Tamil Nadu
  • o Dhrangadhra, Gujarat

Our Vision:

• ✓ To Innovate & to Integrate
• ✓ Emphasis on the 4R's Reduce, Reuse, Recycle & Recover
• ✓ Enhance stakeholder value
• ✓ Diversify in synergistic businesses
• ✓ To be a responsible social citizen

Our Mission:

✓ It is our endeavour to become a chemical powerhouse by growing in a globally competitive market with a focus on the environment and community by optimizing use of all available resources.

and in pioneering new products and processes.

Segment Overview

	Specialty Chemicals		Intermediate Chemicals		Commodity Chemicals
C-PVC	SIOP	SyntheticRutile	HCl, Utox, Liquid Chlorine,Sodium Bicarbonate, etc.	CausticSoda	Soda Ash	PVC
✓Solemanufacturerin India withtechnicallicense fromArkema, France✓Situated atSahupuramfacility✓Installedcapacity of10,000 MTPAas of FY20	✓One of thelargest,commercialscalemanufacturersof SIOP inIndia✓PigmentsProduced: Redand Yellow✓InstalledCapacity :27,000 MTPAalong with50,000 TPACalciumChloride	✓Syntheticrutile orupgradedilmenite, is achemicallymodifiedilmenite sandthat has hadmost of theferrous, nontitaniumcomponentsremoved andupgraded intoSyntheticRutile whichcontain 92-95wt.% TiO2.✓InstalledCapacity:40,000 TPA	✓Situated atSahupuramandDhrangadhrafacilities✓The intermediatechemicals are eitherused to make otherproducts or sold inthe open marketbased upon theprevailing marketdemand and supply.	✓Situated atSahupuramfacility✓InstalledCapacity:96,000 TPA✓~35% of thetotalrevenuefrom thissegment asof FY-20.	✓Situated atDhrangadhrafacility inGujarat✓InstalledCapacity:1,08,000MTPA✓Consistentdemand andhighutilisationprovideshealthy ROCEand marginprofile	✓Situated atSahupuramfacility✓InstalledCapacity:90,000 TPA✓~35% isderived fromthis businessas of FY-20✓Key Clientele:Leading pipe& buildingmaterialmanufacturers

Niche, Diversified Product Mix Moving Up The Value Chain

• ✓ Diversified product mix of Commodity, Intermediate and Specialty Chemicals

• ✓ Sole manufacturer of C-PVC in India

• ✓ Worlds largest commercial scale SIOP plant for Red and Yellow Pigments

• ✓ Increasing the contribution from high value, high margin Specialty Chemicals Segments

• ✓ Revenue contribution from the Specialty Chemicals Segment improved from ~0.6% in FY16 to ~11.2% in FY20.

No Major Capex Required For Additional Growth Self-Sufficiency

• ✓ Significant capex in specialty chemical segment over last 5 years to boost revenue
• ✓ No significant fresh capex needed for the next phase of growth in the Specialty Chemicals Segment
• ✓ Capacity restoration already in process for the Commodity Chemicals Segment

Investing in DCW

• ✓ Cogen power plant with an installed capacity of 58 MW + 12 MW DG sets for backup at Sahupuram facility ensures cost-effective, uninterrupted power supply
• ✓ Major raw materials like Salt, Liquid Chlorine, Hydrogen, Hydrochloric Acid, Leach Liquor etc are sourced in-house.

Government Support to Key Products

• ✓ Recent anti-dumping duty (ADD) on imports of C-PVC from China and South Korea has helped to improve the realisations and margins for C-PVC**.**
• ✓ Extension of ADD on imports of Caustic Soda from China and Korea till November 2020

Evolution – Moving Up The Value Chain

Key Strengths: Strategic Location, Captive Power, Technology & Scale-up Opportunities

Significant Scale-up Opportunities Exclusive Technological Tieups for Specialty Chemicals Strategic Location Captive Power Plant ➢ Sahupuram facility situated in the vicinity of the port provides logistical advantage for the exports markets and tactical raw material procurement ➢ 58 MW Cogen Power Plant + 12 MW DG sets for backup at Sahupuram, Tamil Nadu facility reduces dependency on external power supply ➢ India's sole manufacturer of C-PVC with licenced technology from Arkema (one of the four companies in the world to hold the IP for C-PVC) to manufacture 10,000 TPA of CPVC Resin & 12,000 TPA CPVC Compound. ➢ One of the world's largest commercial scale plants to produce 27,000 TPA SIOP along with 50,000 TPA Calcium Chloride with technology from Rockwood Pigments and patented technology for Yellow Pigment ➢ Over 2,000-acre land at Sahupuram facility provides easy scale-up opportunity for specialty chemicals and PVC without incurring additional capex for land

Self-Sufficiency – CPP & Use Intermediate Products for Value Added Products

Board of Directors – Wide Spectrum of Experience

Mr. Pramod Jain, Chairman & Managing Director

• Overall 50 years of wide experience in the Industry
• Under his leadership, the capacity of Soda Ash Plant at Dhrangadhra increased from 65,000 TPA to 1,08,000 TPA
• Presently Chairman of the Board and oversees the entire operations of the Company

Mr. Bakul Jain, Managing Director

• Overall 38 years of wide experience in the Industry
• Presently looks after the overall general management including strategic planning and financial functions of the Company
• In charge of new projects and diversifications

Mr. Vivek Jain, Managing Director

• Overall 36 years of wide experience in the Industry
• Under his leadership, the Company has set up C-PVC Project

Mr. Mudit Jain, Managing Director

• Overall 30 years of wide experience in the Industry
• In charge of the Caustic Soda Division and also oversees the Marketing operations of the Beneficiated illeminte unit of the Company
• Instrumental in entering into long term contracts with overseas parties for supply of synthetic Rutile.

Qualified Management with Deep Understanding of Chemicals Sector

Mr. Amitabh Gupta, CEO

• Holds Bachelor's degree in Physics, Chemistry and Mathematics and Master's degree in Physics.
• Associated with the Company for the last 48 years and is presently Chief Executive Officer of the Company.
• Looks after the sales of all the Chemicals other than PVC and is involved in the day to day operations, strategic planning and finance of the Company.

Mr. S. Ganapathy, COO

• M.Sc. Chemistry & MMS Marketing from Mumbai University
• 33+ years of work experience spanning across various sectors.
• Looking after PVC & C-PVC divisions of the Company and is involved in the day to day operations, strategic planning and finance of the Company.

Mr. Vimal Jain, CFO

• Chartered Accountant (CA) With Masters Degree in Finance (MFM).
• Associated with the Company for the last 23 years.
• Presently Chief Finance Officer (CFO) of the Company.
• In-charge of the Finance, Accounts and strategic planning of the Company.

Mr. Ashish Jain, Sr. President

• M.B.A from New Port University.
• Overall experience of 27+ years and presently serving as Sr. President.
• Drives and leads all aspects of the Company's Soda Ash business. Actively involved in the identification of new opportunities for diversification and growth of Company and specifically in the Soda Ash business.

Mr. Saatvik Jain, President

• Holds bachelors degree from Babson College, USA.
• Overall 12 years of experience in the industry and currently serving as President of the Company.
• Involved in the financing activities of the Company along with strategy and cost cutting initiatives. He was also closely involved in the implementation of the C-PVC project.

State Of The Art, Strategically Located Manufacturing Facilities

Dhrangadhra Facility Sahupuram Facility

Products Manufactured: Soda Ash, Ammonium Bicarbonate, Sodium Bicarbonate

Products Manufactured: Caustic Soda, PVC, SIOP, C-PVC, SR, Liquid Chlorine, Utox, Hydrochloric Acid, Trichloroethylene, etc. 13

Company Overview

Business Segments

Financial Overview

Capacity Overview

Sole manufacturer of C-PVC in India

C-PVC Business Overview

• Sole manufacturer of C-PVC in India with technical license from Arkema, France
• Commenced operations at Sahupuram facility in 2017, successfully ramped-up utilisation since then
• Key client industries: Construction, firefighting sprinkler devices, home heating devices, and piping products

Favourable Industry Dynamics

• Given a huge demand supply gap, India is a net importer of C-PVC. Given DCW is the sole manufacturer of C-PVC in India, it provides significant visibility for demand and capacity utilisation.
• The Union Ministry of Commerce and Industry announced, on 19th February 2020, anti-dumping duty (ADD) on imported C-PVC resin/compound from China and South Korea. This move is followed by provisional anti-dumping duty announced on 26th August 2019. This has resulted into improvement in demand and average realisation significantly.

Intermediate Chemicals provide high self-sufficiency and operating leverage to SIOP Business

SIOP Business Overview

• World's first commercial scale Synthetic Iron Oxide Pigment to produce 30,000 TPA along with 50,000 TPA Calcium Chloride, using waste generated from Synthetic Rutile Plant using chloride route
• Established in 2016 at Sahupuram facility
• Technology: Rockwood Pigments
• Patented technology for Yellow Pigments
• Pigments Produced: Yellow & Red
• Backward Integrated: Only raw material sourced from outside is low cost scrap. Rest all raw materials are sourced in-house by using various intermediate chemicals.
• Key client industries: paints, coatings, plastics, automotive

Industry Dynamics

• Iron oxide powders are the most widely used of all coloured inorganic pigments, primarily for their magnetic and pigmentary properties
• Synthetic red iron oxide pigments have become increasingly important due to their pure hue, consistent properties, and tinting strength

With favourable market dynamics, PVC is expected to drive the next leg of growth in commodity chemicals

PVC Business Overview

• DCW's PVC plant is situated at Sahupuram, Tamil Nadu
• Well positioned to take the advantage of growing domestic demand
• Key client industries: plastics, building materials, pipes

Industry Dynamics

• The surge in the demand for pipes in the irrigation sector, building sector, and construction sector has been the major demand driver for the India PVC market.
• Furthermore, the increased focus of the Government on rural water management and agriculture irrigation has supported the demand growth for PVC in India.
• Recent demand-supply scenario and price trend indicates a positive momentum for PVC segment going forward

Company posted healthy ~11.5% EBIT Margin & ~70% utilisation as of FY20 despite industry headwinds

Caustic Soda Business Overview

• Pioneer of Caustic Soda manufacturing in India
• DCW's caustic soda plant is situated at Sahupuram, Tamil Nadu
• Plant location in the proximity of salt deposits makes raw material availability easier
• Company has taken cautious approach in production in recent times due to sharp fall in Caustic Soda prices
• Key client industries: Paper, alumina, soap and detergents, petroleum products, and chemical production, water treatment, food, textiles, metal processing, mining, glass making

Industry Dynamics

• Key growth drivers for the Caustic soda market are its use in the production of alumina, the pulp and paper, and industry and the textile industry.
• With the major markets in the US, Western Europe, and Japan being mature and only growing slowly, China and India are driving the growth in demand for caustic soda.

Revenue (INR Million)

Long term steady performance for key operating matrices - production and capacity utilisation

Soda Ash Business Overview

• DCW's soda ash plant is situated at Dhrangadhra, Gujarat
• Healthy EBIT Margin of 17.5% as on FY20
• Company's soda ash business witnessed robust growth over the last five years owing to robust demand.
• Company has witnessed robust 90%+ capacity utilisation over last 5 years
• Key client industries: fertilisers, detergent, glass, dyestuffs, petrochemicals

Industry Dynamics

• Soda ash is an essential raw material used in the manufacturing of glass, detergent chemicals, and other industrial products.
• Rising application of soda ash in dyes, detergents, fertilisers, and colouring agents is anticipated to drive the next leg of growth for soda ash.
• India already has the advantage in terms of production of Soda Ash, owing to the abundance of raw material for the production of Soda ash.

Intermediate Chemicals – Effectively Complements Other Segments

Intermediate Chemicals ensure the uninterrupted, cost-effective supply for value-addition products.

Intermediate Chemicals Overview

• Wide range: Intermediate chemicals ensure self-sufficiency and additional source of revenue
• Flexibility: The intermediate chemicals are either used to make other products or sold in the open market based upon the prevailing market demand and supply.
• Focus on value addition: Focus is to create value-added, high margin products by using intermediate chemicals

Hydrochloric Acid Plant Liquid Chlorine Plant

Trichloroethylene Plant

Intermediate Chemicals – Product Overview

Intermediate Chemical	Capacity (TPA)	Application
Liquid Chlorine	36,000	Captive Consumption -C-PVC
Hydrochloric Acid	90,000	Captive Consumption -C-PVC
Trichloroethylene	7,200	Sold in open market
Ferric Chloride	6,000	Captive Consumption –SIOP
Utox	1,800	Sold in open market
Sodium Bicarbonate	21,000	Sold in open market
Ammonium Bicarbonate	5,000	Sold in open market

Company Overview

Business Segments

Financial Overview

Q2FY21 YoY ANALYSIS

17.5 9.8 0.5% 0.3% Q2FY20 Q2FY21 REVENUES 1 EBITDA & EBITDA MARGIN 2 PAT & PAT MARGIN 3,554.7 3,394.4 Q2FY20 Q2FY21 506.1 495.5 14.3% 14.7% Q2FY20 Q2FY21 18.6 9.6 0.5% 0.3% Q2FY20 Q2FY21 4.5% 2.1% PBT & PBT MARGIN 43.9% 48.5%

In INR Million

1. Including other income 2. Excluding other income

In INR Million

H1FY21 YoY ANALYSIS

35.5 0.5% -2.4% H1FY20 H1FY21 REVENUES 1 EBITDA & EBITDA MARGIN 2 PAT & PAT MARGIN 6,720.1 6,248.6 H1FY20 H1FY21 992.5 821.0 14.8% 13.2% H1FY20 H1FY21 33.6 -88.7 0.5% -1.4% H1FY20 H1FY21 7 % 17 % PBT & PBT MARGIN

-149.9

1. Including other income 2. Excluding other income

27

SEGMENTAL PERFORMANCE

Revenue Breakdown -By Segments (INR Million)
Segments	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
PVC	1,563.1	1,177.0	33%	847.9	84%	2,411.0	2,233.2	8%
Caustic Soda	877.6	1,385.8	-37%	1,213.4	-28%	2,090.9	2,648.1	-21%
Soda Ash	465.1	493.0	-6%	366.9	27%	832.0	1,050.0	-21%
C-PVC	334.2	348.3	-4%	265.9	26%	600.1	522.7	15%
SIOP	99.2	83.9	18%	102.9	-4%	202.2	150.6	34%
Revenue from Operations	3,379.1	3541.7	-5%	2,845.9	19%	6225.0	6700.0	-7%

SEGMENTAL PERFORMANCE

EBITDA Breakdown -By Segments (INR Million)
Segments	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
PVC	227.9	16.2	1309%	44.3	414%	272.2	-10.7	-
Caustic Soda	71.5	300.6	-76%	125.7	-43%	197.2	601.1	-67%
Soda Ash	43.9	70.3	-38%	30.3	45%	74.2	225.8	-67%
C-PVC	103.9	94.3	10%	94.7	10%	198.7	130.9	52%
SIOP	30.8	-10.0	410%	-4.1	845%	26.7	-18.3	246%
EBITDA*	510.8	519.1	-2%	333.8	53%	844.6	1,012.7	-17%

* Including windmill EBITDA

29

Key Financial Metrics
Particulars (in INR Million)	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Revenue from Operations	1,563.1	1,177.0	33%	847.9	84%	2,411.0	2,233.2	8%
EBITDA	227.9	16.2	1309%	44.3	414%	272.2	-10.7	-
EBITDA Margin (%)	14.6%	1.4%	1320bps	5.2%	940bps	11.3%	-0.5%	1180bps

Key Operational Metrics
Particulars	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Production (in MT)	21,235	17,411	22%	13,045	63%	34,280	33,470	2%
Capacity Utilization (%)	94%	77%	1700Bps	58%	3600bps	76%	74%	200Bps

PVC resins prices witnessed sharp upward movement in Q2FY21. As a result, EBITDA margins improved significantly.

Caustic Soda Business- Financial & Operating Metrics

Key Financial Metrics
Particulars (in INR Million)	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Revenue from Operations	877.6	1385.8	-37%	1,213.4	-28%	2090.9	2648.1	-21%
EBITDA	71.5	300.6	-76%	125.7	-43%	197.2	601.1	-67%
EBITDA Margin (%)	8.1%	21.7%	-1360bps	10.4%	-230bps	9.4%	22.7%	-1330bps

Key Operational Metrics
Particulars	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Production (in MT)	17,175	15,285	12%	15,235	13%	32,410	29,265	11%
Capacity Utilization (%)	72%	64%	800bps	63%	900Bps	68%	61%	700Bps

Fall in Caustic Soda prices were compensated by higher volume sales and capacity utilisation.

Soda Ash Business- Financial & Operating Metrics

Key Financial Metrics
Particulars (in INR Million)	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Revenue from Operations	465.1	493.0	-6%	366.9	27%	832.0	1050.0	-21%
EBITDA	43.9	70.3	-38%	30.3	45%	74.2	225.8	-67%
EBITDA Margin (%)	9.4%	14.3%	-490Bps	8.3%	110bps	8.9%	21.5%	-1260bps

Key Operational Metrics
Particulars	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Production (in MT)	23,789	24,716	-4%	20,448	16%	44,237	51,887	-15%
Capacity Utilization (%)	88%	92%	-400Bps	76%	1200Bps	82%	96%	-1400bps

Soda Ash revenue grew on a sequential basis, in-line with the production volume. EBITDA margins improved sequentially due to recovery in prices.

Key Financial Metrics
Particulars (in INR Million)	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Revenue from Operations	334.2	348.3	-4%	265.9	26%	600.1	522.7	15%
EBITDA	103.9	94.3	10%	94.7	10%	198.7	130.9	52%
EBITDA Margin (%)	31.1%	27.1%	400Bps	35.7%	-460Bps	33.1%	25.0%	810Bps

Key Operational Metrics
Particulars	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Production (in MT)	3,002	3,156	-5%	2,445	23%	5,447	5,545	-2%
Capacity Utilization (%)	100%	105%	-500Bps	82%	1800bps	109%	111%	-200bps

Revenue growth was led by Healthy domestic demand and anti-dumping duty (ADD) on cheaper imports from South Korea and China. Higher capacity utilization and high average realisation improved the EBITDA margins.

Key Financial Metrics
Particulars (in INR Million)	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Revenue from Operations	99.2	83.9	18%	102.9	-4%	202.2	150.6	34%
EBITDA	30.8	-10.0	410%	-4.1	845%	26.7	-18.3	246%
EBITDA Margin (%)	31.0%	-11.9%	4290Bps	-4.0%	3500Bps	13.2%	-12.2%	2540Bps

Key Operational Metrics
Particulars	Q2FY21	Q2FY20	YoY%	Q1FY21	QoQ%	H1FY21	H1FY20	YoY%
Production (in MT)	2,868	1,589	81%	1,518	89%	4,386	3,051	44%
Capacity Utilization (%)	42%	24%	1800Bps	22%	2000Bps	32%	23%	900Bps

The production improved on a sequential and YoY basis due to pick-up in demand. EBITDA margins improved on a QoQ & YoY basis on account of better capacity utilisation.

Q2 & H1FY21 RESULT – PROFIT & LOSS STATEMENT

Particulars (INR Million)	Q2 FY21	Q2 FY20	YoY%	H1FY21	H1FY20	YoY%
Revenue from Operations	3379.1	3541.7	-5%	6225.0	6700.0	-7%
Other Income	15.3	13.0	18%	23.6	20.1	17%
Total Revenue	3394.4	3554.7	-5%	6248.6	6720.1	-7%
Cost of Material Consumed	1718.0	1738.8	-1%	2937.6	3290.9	-11%
Purchase of stock in-trade	1.9	1.0	98%	3.5	2.0	75%
Changes in inventories of finished goods, work-in progress and stock-in-trade	-119.7	-71.5	67%	-82.8	-182.9	-55%
Employee Expenses	357.4	328.7	9%	711.8	633.0	12%
Finance Cost	284.4	283.3	0.4%	561.7	541.4	4%
Depreciation	216.5	218.3	-1%	432.8	435.8	-1%
Other expenses	926.1	1038.6	-11%	1834.0	1964.4	-7%
PBT	9.8	17.5	-44%	-149.9	35.5	-523%
Tax Expense	0.2	-1.1	-118%	-61.2	1.9	-
PAT	9.6	18.5	-48%	-88.7	33.6	-364%
PAT Margin1(%)	0.3%	0.5%	-20bps	-1.4%	0.5%	-190bps
Earnings Per Share (in INR.)	0.04	0.08	-50%	-0.34	0.15	-327%

1. Reported PAT / Total Revenues 1

H1FY21 – BALANCE SHEET

Particulars (INR Million)	Sep-20	Mar-20
Equities&Liabilities
Shareholder'sFunds
ShareCapital	522.1	522.1
OtherEquity	6,172.2	6,256.0
TotalShareholder'sFunds	6,694.3	6,778.1
Non-CurrentLiabilities
a.FinancialLiabilities
Borrowings	4,062.7	4,673.1
b. Deferred Tax Liabilities (net)	481.4	540.1
c. Long Term Provisions	172.5	136.6
d. Other Long Term Liabilities	202.6	206.0
TotalNon-currentliabilities	4,919.2	5,555.8
CurrentLiabilities
a.FinancialLiabilities
Borrowings	525.5	636.2
Trade Payables	3,573.5	3,232.2
Other Financial Liabilities	2,199.7	1,404.5
b. Other Current Liabilities	908.1	891.8
c. Provisions	102.2	47.2
d.CurrentTaxLiabilities(net)	0.0	0.0
TotalCurrentliabilities	7,309.0	6,211.8
TotalLiabilities	18,922.5	18,545.7

Particulars (INR Million)	Sep-20	Mar-20
Assets
Non-CurrentAssets
a.FixedAssets	14,260.8	14,669.9
b.Capitalworkinprogress	186.9	124.7
c.InvestmentProperty	0.0	0.0
d.FinancialAssets
Investments	0.1	0.1
Loans&Advances	113.0	82.8
Others	0.0	0.0
e.Othernon-currentassets	34.5	38.9
TotalNon-CurrentAssets	14,595.2	14,916.4
CurrentAssets
a.Inventories	1,955.2	1,770.2
b.FinancialAssets
TradeReceivables	965.7	726.8
Cash&Cashequivalents	179.0	34.6
BankBalanceotherthanabove	863.8	508.7
ShortTermLoans&Advances	120.4	158.5
c.OtherCurrentAssets	243.1	430.6
d.CurrentTaxAssets(net)	0.0	0.0
TotalCurrentAssets	4,327.3	3,629.3
TotalAssets	18,922.5	18,545.7

HISTORICAL PERFORMANCE AT A GLANCE

In INR Million

LEVERAGE ANALYSIS RETURN METRICS (%)

1. Revenue from operations 2. Net Debt = Total Debt – Cash & Current Investments

FOR FURTHER QUERIES:

Mr. Dilip Darji General Manager (Legal) & Company Secretary Email: dilip.darji@dcwltd.com

Mr. Chinmay Madgulkar /Mr. Chintan Mehta IR Consultant Email: dcw@dickensonworld.com Contact no: +91 9860088296/ 9892183389