DCW Ltd. — Investor Presentation 2021

Nov 4, 2021

National Stock Exchange of India Ltd.	BSE Limited
Exchange Plaza Bldg.	Department of Corporate Services,
5th Floor, Plot No.C-1	1 st floor, New Trading Ring
'G' Block, Near Wockhardt,	Rotunda Building,
Bandra Kurla Complex	Phiroze Jeejeebhoy Towers,
Mumbai 400 051.	Dalal Street, Mumbai - 400 001.
Fax: 26598237/38	Fax: 22723121/3719/2037/2039
Symbol: DCW	Scrip Code: 500117

DCW LIMITED

INVESTOR PRESENTATION- Q2 & H1FY22

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
✓SoleinmanufacturerIndia 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 atSahupuram andDhrangadhrafacilities✓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

	Internal Factors			External Factors
StrategicInitiatives	OperatingInitiatives	Sustainable Growth	DemandDrivers	GovernmentInitiatives
▪Increasing share ofSpecialty Chemicals▪Tying up capacitiesunder long termarrangements▪Preferential issue fororganising workingcapital and furtherstrengthening theBalance Sheet▪Raised INR 4,100 Mnthrough NCDs andOCDs in FY21	▪Re-Engineeringplants to givemaximum output.▪Increasing CapacityUtilization ofCommodityChemicals.▪Various Costrationalisationinitiatives to givedesired throughput	Long Term Value	▪Our demand forvarious productslike PVC, CPVC,Caustic Soda arebased on wide userbased industrieslike Agriculture andConstruction. TheseSectors remains thepredominantdemand driver.	▪Government's thruston Agriculture andConstruction sectorwill aid consistentdemand forCompany's product.▪Government supportin safeguardingdomestic industriesfrom cheap exports inform of Anti dumpingduties and safeguardduties.

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

Significant Scale-up Opportunities Exclusive Technological Tie-ups 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. ➢ Over 2,000-acre land at Sahupuram facility provides easy scale-up opportunity for specialty chemicals and PVC without incurring additional capex for land

➢ 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

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

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 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

Commodity Chemicals
National Aluminium Company(NALCO)	Finolex Industries Limited	Hindustan Unilever Limited (HUL)
Ashirvad Pipes Pvt Limited	Tamil Nadu Newsprint and PapersLimited	Manali Petrochemical Limited
	Specialty Chemicals
Osaka Titanium Corporation, Japan	TOHO Titanium Company, Japan	TOR Minerals Malaysia Sdn Bhd
Astral Polytechnik Limited	Venator Americas LLC, USA	Master Builders Solutions, USA(BASF)

Company Overview

Business Segments

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.

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

Q2FY22 YoY ANALYSIS

REVENUES EBITDA & EBITDA MARGIN PAT & PAT MARGIN 3,379.1 5,718.7 Q2FY21 Q2FY22 510.8 807.1 15.1% 14.1% Q2FY21 Q2FY22 69% 58% PBT & PBT MARGIN 9.8 294.9 0.3% 5.2% Q2FY21 Q2FY22 9.6 196.7 0.30% 3.40% Q2FY21 Q2FY22

H1FY22 YoY ANALYSIS

In INR Million

SEGMENTAL PERFORMANCE

Revenue Breakdown - By Segments (INR Million)
Segments	Q2FY22	Q2FY21	YoY%	Q1FY22	QoQ%	H1FY22	H1FY21	YoY%
PVC	3,148.7	1,563.1	101%	2,466.0	27.7%	5,614.7	2,411.0	132.9%
Caustic Soda	1,247.6	877.5	42%	1,654.1	-24.6%	2,901.7	2,090.9	38.8%
Soda Ash	510.1	465.1	10%	407.1	25.3%	917.2	832.0	10.2%
C-PVC	531.2	334.2	59%	433.9	22.4%	965.2	600.2	60.8%
SIOP	222.3	99.2	124%	188.3	18.1%	410.7	202.2	103.1%
Revenue from Operations*	5,718.7	3,379.1	69%	5,205.1	9.9%	10,923.8	6,225.0	75.5%

* Including windmill Revenues

SEGMENTAL PERFORMANCE

	EBITDA Breakdown - By Segments (INR Million)
Segments		Q2FY22	Q2FY21	YoY%	Q1FY22	QoQ%	H1FY22	H1FY21	YoY%
PVC		544.8	227.9	139%	91.3	496.7%	636.1	272.2	133.7%
Caustic Soda		17.8	71.5	-75.1%	249.1	-92.9%	266.9	197.1	35.4%
Soda Ash		29	43.9	-33.9%	11.0	163.6%	40.1	74.2	-46.0%
C-PVC		127.7	103.9	22.9%	164.3	-22.3%	292	198.7	47.0%
SIOP		36.7	30.8	19.2%	30.3	21.0%	67.1	26.7	151.3%
EBITDA		807.1	510.72	58.0%	595.8	35.5%	1403	844.5	66.1%
				SEGMENT EBITDA SHARE %
	Q2FY22		Q2FY21	5%	Q1FY22		H1FY225%		H1FY21
16%4%2%	5%68%	9%	6%20%45%	28%2%	15%42%	3%	45%21%	3%24%9%	32%23%
PVC	Caustic Soda	14%PVC	Caustic Soda	PVC	Caustic Soda	PVC	19%Caustic Soda	PVC	Caustic Soda
Soda Ash	C-PVC	Soda Ash	C-PVC	Soda Ash	C-PVC	Soda Ash	C-PVC	Soda Ash	C-PVC
SIOP		SIOP		SIOP		SIOP		SIOP

PVC Business- Financial & Operating Metrics

Key Financial Metrics
Particulars (in INR Million)	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Revenue from Operations	3,148.7	1,563.1	101.4%	5,614.7	2,411.0	132.9%
EBITDA	544.8	227.9	139.1%	636.1	272.2	133.7%
EBITDA Margin (%)	17.3%	14.6%	270 bps	11.3%	11.3%	-
			Key Operational Metrics
Particulars	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Production (in MT)	24,390	21,235	14.9 %	46,540	34,280	35.8 %
Capacity Utilization (%)	108%	94%	1400 bps	103%	76%	2700 bps

Higher realisations coupled with higher volumes has led to robust performance for this division.

Caustic Soda Business- Financial & Operating Metrics

Key Financial Metrics
Particulars (in INR Million)	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Revenue from Operations	1,247.6	877.5	42.2%	2,901.7	2,090.9	38.8%
EBITDA	17.8	71.5	-75.1%	266.9	197.1	35.4%
EBITDA Margin (%)	1.4%	8.1%	-670 bps	9.2%	9.4%	-20 bps

Key Operational Metrics
Particulars	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Production (in MT)	17,095	17,175	-0.5%	33,915	32,410	4.6%
Capacity Utilization (%)	71%	72%	-100 bps	71%	68%	300 bps

Higher Synthetic Rutile export volumes in Q1FY22, led to strong performance of Caustic Soda division in H1FY22.

Soda Ash Business- Financial & Operating Metrics

Key Financial Metrics
Particulars (in INR Million)	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Revenue from Operations	510.1	465.1	9.7%	917.2	832.0	10.2%
EBITDA	29.0	43.9	-33.9%	40.1	74.2	-46.0%
EBITDA Margin (%)	5.7%	9.4%	-370 bps	4.4%	8.9%	-450 bps

Key Operational Metrics
Particulars	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Production (in MT)	24014	23789	0.9%	48210	44237	9%
Capacity Utilization (%)	89%	88%	100 bps	89%	82%	700 bps

Revenue for Q2FY22 stood at INR 510 Mn, compared to INR 465 Mn in Q2FY22; a growth of 10 % YoY. Global Soda Ash market is witnessing tight demand and supply, supporting price improvements. Q2 demand remained positive due to continued revival across all segments with lower flat glass imports, although the detergent demand was subdued due to the monsoons.

C-PVC Business- Financial & Operating Metrics

Key Financial Metrics
Particulars (in INR Million)	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Revenue from Operations	531.2	334.2	58.9%	965.2	600.2	60.8%
EBITDA	127.7	103.9	22.8%	292.0	198.7	47.0%
EBITDA Margin (%)	24.0%	31.1%	-710 bps	30.2%	33.1%	-290 bps

Key Operational Metrics
Particulars	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Production (in MT)	2,837	1,960	44.7%	5,735	4,158	37.9 %

• The growth was primarily driven by higher volumes and better realisations.

• Firm domestic prices on account of favorable demand scenario coupled with suitable marketing strategy led to 60% growth in Revenue in H1FY22

Key Financial Metrics
Particulars (in INR Million)	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Revenue from Operations	222.3	99.2	124.2%	410.7	202.2	103.1%
EBITDA	36.7	30.8	19.1%	67.1	26.7	151.4%
EBITDA Margin (%)	16.5%	31.1%	-1460 bps	16.3%	13.2%	310 bps

Key Operational Metrics
Particulars	Q2FY22	Q2FY21	YoY%	H1FY22	H1FY21	YoY%
Production (in MT)	3,444	2,868	20.1%	6,562	4,386	49.6%
Capacity Utilization (%)	51%	42%	900 bps	49%	32%	1700 bps

Growth was primarily attributable to increase in capacity utilization Consistent efforts have led to a positive turnaround of this division.

Q2 & H1FY22 RESULT – PROFIT & LOSS STATEMENT

Particulars (INR Million)	Q2FY22	Q2FY21	YoY %	H1FY22	H1FY21	YoY%	FY21
Net Revenue from Operations	5718.7	3379.1	69.2%	10923.8	6225.0	75.5%	14642.6
Other Income	12.7	15.3	-17.4%	35.0	23.6	48.6%	113.3
Total Income	5731.4	3394.4	68.8%	10958.8	6248.6	75.4%	14755.9
COGS	3263.8	1600.2	104.0%	6499.6	2858.2	127.4%	7560.9
Gross Profit	2467.6	1794.3	37.5%	4459.2	3390.4	31.5%	7195.0
Gross Margin (%)	43.1%	53.1%	(995 bps)	40.8%	54.5%	(1364 bps)	49.1%
Employee Expenses	391.0	357.4	9.4%	746.0	711.8	4.8%	1331.3
Other Expenses	530.5	405.1	31.0%	946.0	812.3	16.5%	1709.0
Power & fuel	739.0	520.9	41.9%	1364.3	1021.7	33.5%	1947.5
EBITDA	807.1	510.8	58.0%	1403.0	844.5	66.1%	2207.2
EBITDA Margin (%)	14.1%	15.1%	(100 bps)	12.8%	13.6%	(70 bps)	15.1%
Finance Costs	289.0	284.4	1.6%	597.7	561.7	6.4%	1196.7
Depreciation	223.2	216.5	3.1%	442.4	432.8	2.2%	873.7
PBT	294.9	9.8	2908.8%	362.9	-149.9	-342.0%	136.8
Exceptional Items*				139.1
Taxes	98.2	0.2	61644.0%	171.5	-61.2	-380.2%	98.8
Reported PAT	196.7	9.6	1940.3%	330.5	-88.7	-472.4%	37.9
PAT Margin (%)	3.4%	0.3%	310 bps	3.0%	-1.4%	440 bps	0.3%
Earnings Per Share (EPS) - Basic	0.75	0.04	1675.0%	1.27	-0.34	-458.8%	0.15

* exceptional gain of INR 139 mn on account of maturities of insurance policies

BALANCE SHEET

Asset (INR Million)	Sept-21	March-21	Liabilities (INRMillion)	Sept-21	March-21
Non-Current Assets			Equity & Liabilities
Property, Plant & Equipment	13,710.1	14,069.2	Equity Share Capital	522.1	522.1
Capital Work in Progress	89.6	38.1	Other Equity	6,756.9	6,349.9
Financial Assets			Total Equity	7,279.0	6,872.0
Investments	0.1	0.1	Non-Current Liabilities
Loans & Advances	90.3	105.6	Borrowing	4,652.4	5,227.4
Other Financial assets	0.1	373.9	Lease Liabilities	26.6	9.6
Income Tax Assets (Net)		13.8	Other Financial Liabilities	322.5	364.2
Other Non-Current Assets	54.8	40.0	Provisions	169.0	153.2
Total Non-Current Assets	13,944.9	14,640.6	Deferred Tax Liabilities (Net)	702.7	615.5
			Other Non-Current Liabilities	94.5	97.9
Current Assets			Total Non Current Liabilities	5,967.7	6,467.9
Inventories	2,758.2	1,690.9	Current Liabilities
Financial Assets			Borrowings	1,329.6	1,003.2
Trade Receivables	1,145.9	952.0
Cash & Cash Equivalents	212.3	500.1	Lease Liabilities	9.3	1.3
Bank Balances Other than above	1,267.4	724.5	Trade Payables	3,802.1	2,979.8
Loans & Advances	9.3	12.0	Other Financial Liabilities	617.9	415.5
Other Current Assets	424.0	232.4	Provisions	50.9	55.9
Total Current Assets	5,817	4,112	Other Current Liabilities	680.1	956.8
			Current Tax liabilities	25.2
			Total Current Liabilities	6,515	5,413
Total Asset	19,762	18,752	Total Equity & Liabilities	19,762	18,752

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

Ms Jennifer Jacob Email: jennifer@dickensonworld.com Contact no: +91 9769814130

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