DCW Ltd. — Investor Presentation 2021

Aug 3, 2021

	August 03, 2021
To, National Stock Exchange of India Ltd. BSE Limited
Exchange Plaza Bldg.	Department of Corporate Services,
5th Floor, Plot No.C-1	1st floor, New Trading Ring
'G' Block, Near Wockhardt,	Rotunda Building,
Bandra Kurla Complex
Mumbai 400 051.	Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai
Fax: 26598237/38	- 400 001. Fax : 22723121 /3719/ 2037/2039
Symbol: DCW	Scrip Code 500117
	:
Dear Sir(s)/ Madam,
Sub: Investors' Presentation
Pursuant to Regulation 30 and Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) herewith the presentation of DCW Limited ("the Company") for the first quarter ended June 30, 2021, to be made to investors and analysts.	Regulations, 2015, we are submitting
The same is also being uploaded https://www.dewltd.com in compliance Obligations and Disclosure Requirements) Regulations, 2015.	on the Company's website at with regulations 46(2) of SEBI (Listing
You are requested to take the aforesaid information on your record.
Thanking You,
Yours faithfully,
Qe For DCW Limited 0 \ SLL Oh Agus Set Dilip Darjt Sr. General Manager (Legal) & Company Secretary Membership No. ACS-22527

Sub: Investors' Presentation

For DCW Limited 0 \ Dilip Qe Darjt SLL Oh Agus Set

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.dewltd.com, CIN-L.24110GJ1939PLC.000748

De REED

INVESTOR PRESENTATION- Q1FY22

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.

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
• Commodity Chemicals Soda Ash, Caustic Soda, Poly Vinyl Chloride (PVC)
• o Intermediate Chemicals Liquid Chroline, Hydrochloric Acid, Trichloroethylene, Utox, Sodium Bicarbonate etc.
• 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:

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

Our Mission:

$\checkmark$ 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.

presence in the Chlor-Alkali, Synthetic Rutile and PVC business segments, with a successful record of innovation and in pioneering new products and processes.

Segment Overview

Segment Overview Commodity Chemicals Specialty Chemicals Intermediate Chemicals Synthetic Caustic ae HCl, Utox, Liquid Chlorine, Soda Xa) Sodium Bicarbonate, etc. Une) As Synthetic Y Y One of the ¥ Situated at ¥ Situated at v Situated at rutile or ¥ Situated at largest, Sahupuram Dhrangadhra Y Sole Sahupuram upgraded Sahupuram and commercial manufacturer in facility facility in ilmenite, is a facility Dhrangadhra India with scale Gujarat Y Installed chemically v Installed manufacturers facilities technical Capacity: Y Installed modified Capacity: v The intermediate of SIOP in license from 96,000 TPA Capacity: 90,000 TPA ilmenite sand chemicals are either India ¥ ~24% of the Arkema, France 1,08,000 ¥ ~48% that has had is used to make other ¥ Pigments MTPA ¥ Situated at total most of the derived from products or sold in Produced: Red Sahupuram revenue Y Consistent ferrous, non this business the open market and Yellow demand and from this facility titanium as of FY-21. based upon the Installed segment as Y Installed components high Vv ¥ Key Clientele: prevailing market Capacity capacity of of FY-21. utilisation removed and Leading pipe : demand and supply. 27,000 MTPA 10,000 MTPA provides upgraded into & building along with healthy ROCE Synthetic material 50,000 TPA and margin manufacturers Rutile which Calcium profile contain 92- Chloride 95wt.% TiO2. Installed Vv Capacity: 40,000 TPA

Niche, Diversified Product Mix Moving Up The Value Chain

• Y Diversified product mix of Commodity, Intermediate Y . . . . . and Specialty Chemicals Increasing the contribution from high value, high margin

• and Yellow Pigments

• Specialty Chemicals Segments

• ¥ Sole manufacturer of C-PVC in India , . . ¥ Revenue contribution from the Specialty Chemicals v Worlds largest commercial scale SIOP plant for Red Segment improved from ~0.6% in FY16 to ~14.2% in FY21.

No Major Capex Required For Additional Growth LE any

• Y Significant last 5 years capex to boost in specialty revenue chemical segment over
• Y No significant fresh capex needed for the next phase Tal DCW of growth in the Specialty Chemicals Segment

• ¥ Capacity restoration already in process for the Hydrochloric Acid, Leach Liquor etc are sourced in-house. Commodity Chemicals Segment

• Investi ng ¥ Cogen power plant with an installed capacity of 583 MW +12 MW DG sets for backup at Sahupuram facility ensures cost-effective, uninterrupted power supply

• ¥ Major raw materials like Salt, Liquid Chlorine, Hydrogen,

• ¥ 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.

• v Extension of ADD on imports of Caustic Soda from China and Korea

Evolution — Moving Up The Value Chain

» Sahupuram facility situated in the vicinity of the port provides logistical advantage > 58 MW Cogen Power Plant + 12 MW DG sets for backup at Sahupuram, Tamil Nadu » India's sole manufacturer of C-PVC with licenced technology from Arkema (one of the four companies in the world to hold » Over 2,000-acre land at Sahupuram facility provides easy scale-up opportunity for

for the exports markets and tactical raw material procurement

facility reduces dependency on external power supply

• 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
• 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 O

Mr. Pramod Jain, Chairman & Managing Director MLL ULB YC) a Pe cel

Mr. Vivek Jain, Managing Director Mr. Mudit Jain, Managing Director

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 49 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
• 34+ 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 24 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 28+ 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 13 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

Products Manufactured: Soda Ash, Ammonium Bicarbonate, Sodium Bicarbonate

Company Overview

Financial Overview

Capacity Overview

C-PVC — A Niche Play

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.

Revenue (INR Million)

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

SIOP Business Overview

• * World's first commercial scale Synthetic lron 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

FY19 FY20 FY21

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

Revenue (INR Million)

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.

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
• * 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.

Revenue (INR Million)

Intermediate Chemicals — Effectively Complements Other Segments 0)

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

Intermediate Chemicals — Product Overview

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

Company Overview

Business Segments

Financial Overview

Q1FY22 YoY ANALYSIS

$\left( 26\right)$

SEGMENTAL PERFORMANCE

				Revenue Breakdown - By Segments (INR Million)
Segments	Q1FY22	Q1FY21	YoY%	Q4FY21	QoQ%	FY21	FY20	YoY%
PVC	2,466.0	847.9	190.8%	2,591.6	$-4.8%$	7,081.6	4,541.0	55.9%
Caustic Soda	1,654.1	1,213.4	36.3%	809.1	104.4%	3,557.1	4,675.3	$-23.9%$
Soda Ash	407.1	366.9	11.0%	448.9	$-9.3%$	1,787.0	1,982.6	$-9.9%$
C-PVC	433.9	265.9	63.2%	459.1	$-5.5%$	1,485.7	1,029.5	44.3%
SIOP	188.3	103.0	82.9%	224.5	$-16.1%$	597.7	396.4	50.8%
Revenue from Operations*	5,205.1	2,845.9	82.9%	4,556.8	14.2%	14,642.6	12,772.8	14.6%

* Including windmill Revenues

SEGMENTAL PERFORMANCE

				EBITDA Breakdown - By Segments (INR Million)
Segments	Q1FY22	Q1FY21	YoY%	Q4FY21	QoQ%	FY21	FY20	YoY%
PVC	91.3	44.3	105.9%	486.9	$-81.3%$	1,141.8	$-133.4$	N.A
Caustic Soda	249.1	125.7	98.2%	10.7	3536%	157.4	799.0	$-80.3%$
Soda Ash	11.0	30.3	$-63.6%$	25.4	$-56.7%$	149.8	408.0	$-63.3%$
C-PVC	164.3	94.7	73.4%	184.4	$-10.9%$	551.6	291.5	89.2%
SIOP	30.3	$-4.1$	N.A	49.4	$-38.5%$	98.5	$-25.7$	N.A
EBITDA*	595.8	333.8	78.5%	771.1	$-22.7%$	2,207.2	1,550	42.4%

* Including windmill EBITDA

				Key Financial Metrics
Particulars (in INR Million)	Q1FY22	Q1FY21	YoY%	Q4FY21	QoQ%	FY21	FY20	YoY%
Revenue from Operations	2,466.0	847.9	190.8%	2,591.6	$-4.8%$	7,082	4,541	55.9%
EBITDA	91.3	44.3	105.9%	486.9	$-81.3%$	1,141.8	$-133$	$\sim$
EBITDA Margin (%)	3.7%	5.2%	$-150$ bps	18.8%	$-1510$ bps	16.1%	$-2.9%$	$\overline{\phantom{a}}$

				Key Operational Metrics
Particulars	Q1FY22	Q1FY21	YoY%	Q4FY21	QoQ%	FY21	FY20	YoY%
Production (in MT)	22,150	13045	69.8%	22,950	$-3.5%$	79,264	67,771	17.0%
Capacity Utilization (%)	98%	58%	4047 bps	102%	$-356$ bps	88%	75%	1300bps

Higher PVC prices coupled with higher capacity utilization has led to robust performance for this division.

Caustic Soda Business- Financial & Operating Metrics

				Key Financial Metrics
Particulars (in INR Million)	Q1FY22	Q1FY21	YoY%	Q4FY21	QoQ%	FY21	FY20	YoY%
Revenue from Operations	1,654.1	1,213.4	36.3%	809.1	104.4%	3,557	4,675	$-23.9%$
EBITDA	249.1	125.7	98.2%	10.7	3536%	157	799	$-80.3%$
EBITDA Margin (%)	15.1%	10.4%	470 bps	0.8%	1430 bps	4.4%	17.1%

				Key Operational Metrics
Particulars	Q1FY22	Q1FY21	YoY%	Q4FY21	QoQ%	FY21	FY20	YoY%
Production (in MT)	16,820	15,235	10.4%	13,820	21.7%	62,845	55,730	12.8%
Capacity Utilization (%)	70%	63%	660 bps	58%	1250 bps	65%	58%	700bps

Higher Synthetic Rutile export volumes in Q1FY22, led to strong performance of Caustic Soda division.

Soda Ash Business- Financial & Operating Metrics

Soda Ash Business- Financial & Operating Metrics
407.1 366.9	11.0%	448.9	-9.3%	1,787	1,983	-9.9%
11.0 30.3	-63.6%	25.4	-56.7%	149.8	408	-63.3%
2.7% 8.3%	-560 bps	5.7%	-300 bps	8.4%	20.6%
		Key Operational Metrics
Q1FY22 oh ral 24,196 20,448	YoY% 18.3%	ora val 24,512	-1.3%	95,958	1,02,885	-6.7%
	ohn oy. ohh val	YoY%	Key Financial Metrics fol pail

				Key Operational Metrics
Particulars	Q1FY22	oh ral	YoY%	ora val
Production (in MT)	24,196	20,448	18.3%	24,512	-1.3%	95,958	1,02,885	-6.7%
Capacity Utilization (%)	90%	76%	1388bps	91%	-117bps	89%	95%	-600bps

C-PVC Business- Financial & Operating Metrics
				Key Financial Metrics
Particulars (in INR Million)	Q1FY22	Q1FY21	(obs A	Q4FY21
Revenue from Operations	433.9	265.9	63.2%	459.1	-5.5%	1,486	1,029
EBITDA	164.3	94.7	73.4%	184.4	-10.9%	552	291
EBITDA Margin (%)	37.9%	35.6%	230 bps	40.2%	-230 bps	37.1%	28.3%
								44.3% 89.2% 880bps
Particulars	Q1FY22	QILFY21	YoY%	Key Operational Metrics Q4FY21
Production (in MT)	3,975	2,445	62.6%	3,778	5.2%	9,813	8,316	18.0%

				Key Operational Metrics
Particulars	Q1FY22	QILFY21	YoY%	Q4FY21
Production (in MT)	3,975	2,445	62.6%	3,778	5.2%	9,813	8,316	18.0%

				Key Financial Metrics
Particulars (in INR Million)	Q1FY22	Q1FY21	YoY%	Q4FY21	QoQ%	FY21	FY20	YoY%
Revenue from Operations	188.3	103.0	82.9%	224.5	$-16.1%$	598	396	50.8%
EBITDA	30.4	$-4.1$	$\overline{\phantom{a}}$	49.4	$-38.5%$	98.5	$-26$	$\overline{\phantom{0}}$
EBITDA Margin (%)	16.1%	$-4.0\%$	$\overline{\phantom{a}}$	22.0%	$-590$ bps	16.5%	$-6.5%$	$\overline{\phantom{a}}$

				Key Operational Metrics
Particulars	Q1FY22	Q1FY21	YoY%	Q4FY21	QoQ%	FY21	FY20	YoY%
Production (in MT)	3118	1518	105%	3357	$-7%$	10229	6565	56%
Capacity Utilization (%)	46%	22%	2370bps	50%	$-354$ bps	38%	24%	1400bps

Growth was primarily attributable to increase in capacity utilization

Q1FY22 RESULT — PROFIT & LOSS STATEMENT

Q1FY22 RESULT
—	PROFIT & LOSS STATEMENT
ali) en	Syl a py,	yl aps		FY21	FY20
Net Revenue from Operations	5205.1	2845.9	82.9%	14643	12773	14.60%
Other Income	22.4	8.2	171.6%	113	85	32.70%
Total Income	5227.4	2854.1	83.2%	14756.0	12858.0	14.8%
coGs	3235.6	1258.1	157.2%	7561	6360	18.90%
	1969.4	1587.9	24.0%	7082.0	6413.0
Gross Profit Gross Margin (%) Employee Expenses	37.8% 354.9	55.8% 354.4	-1800 bps 0.2%	48.4% 1331	47.7% 1225	10.4% 66 bps 8.70%
Other Expenses	1040.7	908.0	14.6%	3657	3723	-1.80%
EBITDA	595.9	333.8	78.5%	2207.2	1550.0	42.4%
EBITDA Margin (%)	11.4%	11.7%	-30 bps	15.0%	12.1%	290 bps
Finance Costs	308.7	277.2	11.4%	1197	1075	11.3%
Depreciation	219.2	216.3	1.3%	874	872	0.2%
PBT	68.0	-159.8	N.A	137.0	-397.0	N.A
Exceptional Items*	139	0.0	N.A			N.A
Taxes	73.3	-61.4	N.A	99	-129	-176.7%
Reported PAT	133.7	-98.4	N.A	38.0	-268.0	N.A
PAT Margin (%) Earnings Per Share (EPS)	2.6%	-3.5%	N.A N.A	0.3%	-2.1%	N.A N.A

FY21 RESULT — BALANCE SHEET

BALANCE SHEET
FY21 RESULT —
Asset (INR Million) Non-Current Assets	FY21	4)	MEL Net ey ia toem ced ad) Equity & Liabilities	FY21	FY20
Property, Plant & Equipment Capital Work in Progress	14,069 38	14,670 125.	Equity Share Capital Other Equity	522 6,350	522 6,256
Financial Assets			Total Equity	6,872	6,778
Investments Loans & Advances	0 106	0	Non-Current Liabilities 74 ~~ Borrowing	5,227	4,673
Other Balances Income Tax Assets (Net)	374 14	42 15	Other Financial Liabilities Provisions	374 153	101 137
Other Non-Current Assets	40	33	Deferred Tax Liabilities (Net)	616	540
Total Non-Current Assets Current Assets	14,641	14,958	Other Non-Current Liabilities Total Non Current Liabilities	98 6,468	105 5,556
Inventories	1,691	1,770
Financial Assets Trade Receivables	952		Current Liabilities 727 ~~ Borrowings	651	636
Cash & Cash Equivalents	500	87	_ Trade Payables Other Financial Liabilities	2,980 769	3,232 1,263
Bank Balances Other than above Loans & Advances	724 12	415 16	Provisions	56	47
Other Current Assets Total Current Assets	232 4,112	364 3,379	Other Current Liabilities Total Current Liabilities	957 5,413	824 6,003
Total Asset	18,752	18,337	Total Equity & Liabilities	18,752	18,337

HISTORICAL PERFORMANCE AT A GLANCE

In INR Million

DCW

LEVERAGE ANALYSIS

RETURN METRICS (%)

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

FOR FURTHER QUERIES:

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

Mr. Chintan Mehta Email: dcw@dickensonworld.com Contact no: +91 9892183389