DCW Ltd. — Investor Presentation 2021

May 28, 2021

May 28, 2021

		May 28, 2021
To,
The BSE Limited	National Stock Exchange of India Ltd.
Department of Corporate Services,	Exchange Plaza Bldg.
1s floor, New Trading Ring	5 Floor, Plot No.C-1
Rotunda Building,	'G Block, Near Wockhardt,
Phiroze Jeejeebhoy Towers,	BandraKurla Complex,
Dalal Street, Mumbai - 400 001	Mumbai 400 051.
Fax : 22723121/3719/2037/2039Scrip Code :500117	Fax:26598237/38Code : DCW	Scrip
Dear Sir/Madam,
	Sub: Investors' Presentation
Pursuant to Regulation 30 and Para A of Part A of Schedule III of the SEBI (ListingRequirements)ObligationsandDisclosureherewith the presentation of DCW Limited ("the Company") for the fourthquarter andFinancialYear ended March 31, 2021, to be made to investors and analysts.	weRegulations,2015,are	submitting
uploadedsameThebeingalsoishttps://www.dcwltd.comcomplianceinObligations and Disclosure Requirements) Regulations, 2015.	Company'sonthewithregulationsof SEBI46(2)	websiteat(Listing
You are requested to take the aforesaid information on your record.
Thanking You,
Yours faithfully,
For DCW Limited,_Menbershiy No. ACS-22527

Sub: Investors' Presentation

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

May 2021

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.

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 MTPA	✓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✓~24% of thetotalrevenuefrom thissegment asof FY-21.	✓Situated atDhrangadhrafacility inGujarat✓InstalledCapacity:1,08,000MTPA✓Consistentdemand andhighutilisationprovideshealthy ROCEand marginprofile	✓Situated atSahupuramfacility✓InstalledCapacity:90,000 TPA✓~48% isderived fromthis businessas of FY-21.✓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 ~14.2% in FY21.

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

Evolution – Moving Up The Value Chain

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

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

Board of Directors – Wide Spectrum of Experience

Mr. Pramod Jain, Chairman & Managing Director

• Overall 51 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 39 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 37 years of wide experience in the Industry
• Under his leadership, the Company has set up C-PVC Project

Mr. Mudit Jain, Managing Director

• Overall 31 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 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.

12

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.

Revenue (INR Million)

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.

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

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 –Synthetic Rutile
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

139% YoY revenuegrowth in PVC business	Specialty Chemicals:Commodity Chemicalsrevenue mix (%)15:85	573% growth in EBITDAYoY
Cash Adjusted ROCE13.3% as of FY21	Net Debt: Equityat 0.68	Strengthening of SIOPbusiness
PVC & SpecialtyChemicals contributed72% of revenue & 95%of EBITDA	Issued NCD and OCD as apart of debt restructuringstrategy	Cash PAT at INR 287 Mn

Q4FY21 YoY ANALYSIS

-359 187 -12.2% 4.1% Q4FY20 Q4FY21 REVENUES EBITDA & EBITDA MARGIN PAT & PAT MARGIN 2,936 4,557 Q4FY20 Q4FY21 104 698 3.5% 15.3% Q4FY20 Q4FY21 65 -8.5% 1.4% Q4FY20 Q4FY21 55% 573% PBT & PBT MARGIN

In INR Million

-251

FY21 YoY ANALYSIS

-397.0 137.0 -3.1% 0.9% FY20 FY21 REVENUES EBITDA & EBITDA MARGIN PAT & PAT MARGIN 12,773 14,643 FY20 FY21 1,464 2,094 11.5% 14.3% FY20 FY21 38 -2.1% FY20 FY21 0.3% 15% 43% PBT & PBT MARGIN

In INR Million

-268

27

SEGMENTAL PERFORMANCE

	Revenue Breakdown -By Segments (INR Million)
Segments	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
PVC	2,591.6	1,086.0	138.6%	2,079.0	24.7%	7,081.6	4,541.0	55.9%
Caustic Soda	809.1	1,043.6	-22.5%	657.1	23.1%	3,557.1	4,675.3	-23.9%
Soda Ash	448.9	419.2	7.1%	506.0	-11.3%	1,787.0	1,982.6	-9.9%
C-PVC	459.1	215.2	113.4%	426.5	7.6%	1,485.7	1,029.5	44.3%
SIOP	224.5	144.7	55.2%	171.0	31.3%	597.7	396.4	50.8%
Revenue from Operations	4,533.2	2,908.7	55.9%	3,839.6	18.1%	14,509.1	12,624.8	14.9%

28

SEGMENTAL PERFORMANCE

EBITDA Breakdown -By Segments (INR Million)
Segments	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
PVC	416.2	-91.8	-553.5%	366.0	13.7%	1,044.5	-133.4	-
Caustic Soda	10.3	56.6	-81.8%	-46.6	-122.1%	159.1	799.0	-80.1%
Soda Ash	22.8	70.0	-67.4%	50.2	-54.6%	140.8	408.0	-65.5%
C-PVC	182.7	58.3	213.3%	168.5	8.4%	547.7	291.5	87.9%
SIOP	48.5	-6.1	-901.3%	22.4	116.6%	94.1	-25.7	-465.6%
EBITDA*	680.5	87.0	681.8%	560.5	21.4%	1,986.1	1,339.3	48.3%

* Including windmill EBITDA

Key Financial Metrics
Particulars (in INR Million)	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Revenue from Operations	2,592	1,086	138.6%	2,079	24.7%	7,082	4,541	55.9%
EBITDA	416.2	-92	-	366	14%	1,044.5	-133	-
EBITDA Margin (%)	16.1%	-8.5%	-	17.6%		14.7%	-3%	-

	Key Operational Metrics
Particulars	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Production (in MT)	22,950	16,726	37.2%	22,034	4.2%	79,264	67,771	17.0%
Capacity Utilization (%)	102%	74%	2800bps	98%	400bps	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)	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Revenue from Operations	809	1,044	-22.5%	657	23.1	3,577	4,675	-23.9%
EBITDA	10.3	56.6	-81.8%	-46.6	-122.1%	159	799	-80.1%
EBITDA Margin (%)	1%	5.4%		-7.0%	-	4.5%	17.1%

	Key Operational Metrics
Particulars	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Production (in MT)	13,820	13,510	2.3%	16,615	-16.8%	62,845	55,730	12.8%
Capacity Utilization (%)	58%	56%	200bps	69%	-1100bps	65%	58%	700bps

Fall in Caustic Soda prices were compensated by better realization in its intermediate product i.e. trichloroethylene

Soda Ash Business- Financial & Operating Metrics

Key Financial Metrics
Particulars (in INR Million)	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Revenue from Operations	449	419	7.1%	506	-11.3%	1,787	1,983	-9.9%
EBITDA	22.8	70	-67.4%	50	-54.6%	140.8	408	-65.5%
EBITDA Margin (%)	5.1%	16.7%		9.9%	-480 bps	7.8%	20.6%

	Key Operational Metrics
Particulars	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Production (in MT)	24,512	25,095	-2.3%	27,209	-9.9%	95,958	1,02,885	-6.7%
Capacity Utilization (%)	91%	93%	-200bps	101%	-1000bps	89%	95%	-600bps

The market for Soda ash remains stagnant with no significant demand in medium term.

Key Financial Metrics
Particulars (in INR Million)	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Revenue from Operations	459	215	113.4%	426	7.7%	1,486	1,029	44.3%
EBITDA	183	58	213.3%	168.5	8.4%	548	291	87.9%
EBITDA Margin (%)	39.8%	27.1%		39.5%	30 bps	36.9%	28.3%

Key Operational Metrics
Particulars	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Production (in MT)	2,853	1,575	81.1%	2,790	2.3%	9,813	8,316	18.0%

• Revenue growth was primarily driven by higher capacity utilization YoY.
• Firm domestic prices on account of dumping duties by the central government is further aiding the growth for this division

Key Financial Metrics
Particulars (in INR Million)	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Revenue from Operations	225	145	55.2%	171	31.3%	598	396	50.8%
EBITDA	48.5	-6	-	22.4	117%	94.1	-26	-
EBITDA Margin (%)	21.6%	-4.2%	-	13.1%	850bps	15.7%	-6.5%	-

Key Operational Metrics
Particulars	Q4FY21	Q4FY20	YoY%	Q3FY21	QoQ%	FY21	FY20	YoY%
Production (in MT)	3357	1743	93%	2486	35%	10229	6565	56%
Capacity Utilization (%)	50%	26%	2400bps	37%	1300bps	38%	24%	1400bps

Growth was primarily attributable to increase in capacity utilization by 2x YoY. For Q4FY21

Q4 & FY21 RESULT – PROFIT & LOSS STATEMENT

Particulars (INR Million)	Q4 FY21	Q4 FY20	YoY%	FY21	FY20	YoY%
Net Revenue from Operations (Net of Excise)	4557	2936	55.2%	14643	12773	14.6%
COGS	2651	1535	72.7%	7561	6360	18.9%
Gross Profit	1906	1401	36.0%	7082	6413	10.4%
Gross Margin (%)	41.8%	47.7%	-590	48.4%	50.2%	-180
Employee Expenses	275	324	-15.2%	1331	1225	8.7%
Other Expenses	933	974	-4.1%	3657	3723	-1.8%
EBITDA	698	104	573.1%	2094	1465	43.0%
EBITDA Margin (%)	15.3%	3.5%	1180	14.3%	11.5%	280
Other Income	73	46	59.6%	113	85	32.7%
Finance Costs	362	290	24.9%	1197	1075	11.4%
Depreciation	222	219	1.5%	874	872	0.2%
PBT	187	-359	-	137	-397	-
Taxes	123	-109	-	99	-129	-
Reported PAT	65	-251	-	38	-268	-
PAT Margin1(%)	1.4%	-8.5%	-	0.3%	-2.1%	-
Earnings Per Share (EPS)	0.25	-0.96	-	0.15	-1.12	-

FY21 RESULT – BALANCE SHEET

Asset (INRMillion)	FY21	FY20	Liabilities (INRMillion)	FY21	FY20
Non-CurrentAssets			Equity & Liabilities
Property, Plant &Equipment	14,069	14,670	Equity ShareCapital	522	522
Capital Work inProgress	38	125	OtherEquity	6,350	6,256
FinancialAssets			TotalEquity	6,872	6,778
Investments	0	0	Non-CurrentLiabilities
Loans &Advances	106	74	Borrowing	5,227	4,673
OtherBalances	374	42	Other FinancialLiabilities	374	101
Income Tax Assets(Net)	14	15	Provisions	153	137
Other Non-CurrentAssets	40	33	Deferred Tax Liabilities(Net)	616	540
Total Non-CurrentAssets	14,641	14,958	Other Non-CurrentLiabilities	98	105
CurrentAssets			Total Non CurrentLiabilities	6,468	5,556
Inventories	1,691	1,770
FinancialAssets			CurrentLiabilities
TradeReceivables	952	727	Borrowings	651	636
Cash & Cash Equivalents	500	87	TradePayables	2,980	3,232
Bank Balances Other thanabove	724	415	Other FinancialLiabilities	769	1,263
Loans &Advances	12	16	Provisions	56	47
Other CurrentAssets	232	364	Other CurrentLiabilities	957	824
Total CurrentAssets	4,112	3,379	Total CurrentLiabilities	5,413	6,003
TotalAsset	18,752	18,337	Total Equity &Liabilities	18,752	18,337

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

Mrs. Dikshita Jain /Mr. Chintan Mehta IR Consultant Email: dcw@dickensonworld.com Contact no: +91 9022487957/ 9892183389