Emami Ltd — Investor Presentation 2021

Feb 5, 2021

Date: 5th February, 2021

The Secretary The National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, G. Block Bandra Kurla Complex, Bandra (E) Mumbai - 400 051

The Secretary BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

Dear Sirs,

Pursuant to Provision of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith copy of Investor Presentation on Company Overview."'

The aforesaid information will also be disclosed on the website of the company www.emamiltd.in

This is for your information and records.

Thanking you,

Yours faith.fully,

Assistant Company Secretary (Encl. : As above)

REFUELLING ITS GROWTH SPIRIT

EMAMI LIMITED COMPANY OVERVIEW FEBRUARY 2021

DISCLAIMER

Some of the statements made in this presentation may look forward looking information that involves number of risks and uncertainties. Such statements are based on certain assumptions, estimates, projections or plans that are inherently subject to significant risks, uncertainties and contingencies that are subject to change. Actual results can differ materially from those anticipated in the Company's forward‐looking statements as a result of a variety of factors, including those set forth from time to time in the Company´s press releases and reports and those set forth from time to time in the Company's analyst calls and discussions. We do not assume any obligation to update the forward‐looking statements contained in this presentation.

No part of this presentation shall form the basis of or may be relied upon in connection with any contract or commitment. This presentation is being presented solely for your information and is subject to change without notice. Previous years' financials re-casted as per Ind-AS.

All market shares mentioned in this presentation are as per AC Nielsen MAT Dec'19 in volume terms. Conversion rate : 1 US$ = ₹ 75.36/- (As on 31st March 2020) All share price data as on 1st February 2021

THIS PRESENTATION IS SEGREGATED INTO TWO PARTS FOR EASY READING

PART ONE. Review of Emami's performance in 2019-20

PART TWO. How are we transforming Emami

WHAT YOU NEED TO KNOW ABOUT OUR COMPANY BEFORE YOU PROCEED

R S Agarwal	R S Goenka	S K Goenka	Mohan Goenka		Aditya V Agarwal Harsha V Agarwal Priti A Sureka		Prashant Goenka
Founder &Executive Chairman	Founder &Executive Director	ManagingDirector	ExecutiveDirector	Non-ExecutiveDirector	ExecutiveDirector	ExecutiveDirector	ExecutiveDirector

K N Memani	Y P Trivedi	Rama Bijapurkar	P K Khaitan	Amit Kiran Deb	S B Ganguly	CK Dhanuka	Debabrata Sarkar
Ex- Country Head ofEY India	Eminent tax expertand Advocate. Ex-Rajya Sabha member strategist	Eminent consumerand marketing	Advocate & Sr.Partner, Khaitan& Co.	Ex- Chief Secretary,Govt. of WestBengal	Professional	Industrialist	Banker

BUSINESS STRUCTURE

Institutional business: 3.6%

International business: 15.6% Institutional business: 3.8%

PRODUCTS

Manufacturing and distribution of personal care and healthcare products with an Ayurvedic bias in most cases

Power Brands comprise Navratna, BoroPlus, Zandu, Mentho Plus, Fair and Handsome and Kesh King, among others

Locations	Manufacturingstrengths	Global footprint	People
Headquartered inKolkata, West BengalState-of-the-art R&Dcentre in Kolkata26 depots acrossIndiaListed on NSE (scripcode: EMAMILTD) &BSE (scrip code:531162)	Seven manufacturingunits in India; one inBangladeshThird partymanufacturing tie-ups in Sri Lanka,Germany and MiddleEastPachariaunit enjoysfiscal benefits tillFY26WHO-GMP certifiedmanufacturing unitsState-of-the-artplant with highdegree ofautomation	Products sold in 60countries across theglobe	Professionals havingdeep experience inrespectivebackgroundsheading keyportfolios andfunctionsA team of 3,200+experiencedprofessionalsMore than 3,300feet-on-streetmembersBalance betweenyouth andexperience

POWER BRANDS

10

BOROPLUS

Zandu - largest balm brand in India

Balm category penetration at 37%

Balm's market share at 54.9%

ZANDU Healthcare Range

Health expert for a changing lifestyle

Offering ayurvedic solutions for lifestylerelated health problems

OTC Range- Major products include Zandu Pancharishta, Zandu Nityam, Zandu Kesari Jivan, Zandu Chyawanprash etc

Generics and Ethicals Range - Wide range of ayurvedic generic and ethical products

13

MARKET SIZE AND MARKET SHARES

Brands	Segment	MarketSize (₹bn)	MarketSize (US$in mn)	Marketshare (%)*
NavratnaOil	Cooling oil	10.3	136.1	66%
Zandu& MenthoPlus Balms	Balms	12.6	167.5	55%
BoroPlus Antiseptic Cream	Antiseptic Cream	6.5	85.6	74%
Fair and Handsome Fairness Cream	Men's Fairness Cream	4.0	53.2	65%
KeshKing Oil	Ayurvedic Medicinal Hairand Scalp Care	9.9	131.5	27%
NavratnaCool Talc^	Cool Talc	7.6	101.1	26%
Fair and Handsome Face Wash	Men's Face Wash	4.0	53.3	12%

*AC Nielsen, MAT December 2019 ^AC Nielsen, MAT September 2019

KEY FACTS

BUSINESS HIGHLIGHTS

• One of the fastest growing personal and healthcare businesses in India

• Revenues growing at a 10-year CAGR of 10%

• EBIDTA growing at a 10 year CAGR of 11%

• Cash profits growing at a 10-year CAGR of 13%

• Superior Industry Margins-

• Gross Margins at 67.0%

• EBIDTA Margins before A&P at 43.8%

• EBIDTA Margins at 26.0%

• Production in tax-free zones.

• Direct Reach at 9.4 lac outlets.

• Best-in-class IT infrastructure.

• Building capabilities by engaging the best FMCG talents.

• Acquisition opportunitiesvigilant in India and International markets

18

EMAMI'S JOURNEY DOWN THE YEARS

EMAMI'S JOURNEY DOWN THE YEARS

OWNERSHIP STRUCTURE

CELEBRITY ENDORSEMENTS

• Emami is a pioneer in engaging celebrities to endorse its brands. These comprise renowned names from India's film industry, sportspersons and performing artists.
• Emami brands have been associated with more than 60 celebrities over the years.
• Invested ₹ 2284 cr in Advertisement and Publicity in the past 5 financial years
• Bollywood icons like Amitabh Bachchan and Shah Rukh Khan have been endorsing Emami brands since more than a decade.

30,000 sq. ft. stateof-the-art ultramodern R&D centre in Kolkata

Advisory panel comprising top ayurvedic experts

EMAMI'S RESEARCH AND DEVELOPMENT

Focus on product innovation, differentiation, cost control and superior quality

Modern laboratory with cGMP practices

Team comprises qualified ayurvedacharyas and specialized ayurveda scientists

PART ONE REVIEW OF EMAMI'S PERFORMANCE IN 2019 -20

CHALLENGING FMCG TIMES

Reported CAGR of 10% in the past 10 years

Industry went through structural changes in the past three years resulting in sectoral slowdown

Cautious environment marked by GST, demonetization, wholesale disruption and global volatility

Growth slowed to 3% in the last three years

Significant decline in consumer sentiment in FY2019-20

EMAMI'S PERFORMANCE, 2019-20

FINANCIAL HIGHLIGHTS, 2019-20

Challenging business environment; winter portfolio impacted due to delayed winters and unfavorable seasonality in Q3; sale of the summer portfolio affected due to operations disrupted from the last fortnight of March due to COVID-19.

Cash profit improved due to strict cost control - after absorbing one-time exceptional cost of ~Rs. 11 cr.

FINANCIAL HEALTH OF OUR BUSINESS

ATTRACTIVE VALUATIONS

While the revenues flattened and Cash Profits increased marginally by 2% Market cap decreased by 58% - a clear opportunity for Investors

Lowest compared to peers.

OUR OPERATIONAL HIGHLIGHTS, 2019-20

Growth in market shares

66.4%	54.9%	26.6%	74.1%	65.3%
10 bps+	130 bps+	140 bps+	30 bps+	Maintained
NavratnaCool Oil	ZanduandMenthoPlusBalms	KeshKingAyurvedicMedicinal Oil	BoroPlusAntiseptic Cream	Fair and HandsomeCream
*Volume market shares, MAT, December 2019

Profitability	Global	Distribution	Shareholder value
Cost reduction helpedmaintain cash profits(despite lower sales).Improvement in grossmargins and cash profit	International revenuesgrew 16%Creme21 integrated;introduced in newmarkets	Modern trade and ecommerce channelsreported strong growthContribution increased to9% by 150 bps	Share buyback of Rs.192 crDividends at 400% ofEquity share capital paidto shareholders
margins	Third partymanufacturing initiatedin Sri Lanka	Direct reach increasedfrom 6.4 lac outlets inFY16 to 9.4 lac outlets inFY20

EMAMI'S SEGMENTAL PRESENCE HAS WIDE ROOM FOR GROWTH

PART TWO HOW ARE WE TRANSFORMING EMAMI

TRANSFORMING EMAMI

WHAT A TRANSFORMING EMAMI INTENDS TO ACHIEVE

1	2	3	4	5
Grow existingbrands	Expand toadjacentcategories	Enter newcategories	Plough backcost reductionsto brandinvestments foraggressivegrowth	Increase theproportion ofInternationalBusiness inoverall revenues

9 ENGINES TO RE-ENERGISE EMAMI

Strengths

• Category creator
• Creating under-addressed niches
• Growing market and market share

Initiatives

• Continuous product reengineering
• Combining and blending therapeutic impact
• Cost moderation + Increased therapeutic value
• Decline in turnaround time in new product introduction

Desired outcomes

Enhanced product differentiation and competitiveness following product repositioning and relaunches in 2020-21

2 ESTABLISHING COST LEADERSHIP

Focus on generating a sustainable cost advantage through Project "War on Waste" (WoW)

Engaged AT Kearney to drive cost leadership

Cost advantage extending beyond mere raw material cost arbitrage

Cost reduction derived from an extensive structural review

To graduate the company to the next profitability level

Stronger control of efficiency drivers during the slowdown

Most savings to be reinvested to catalyse growth

OUR HEALTH CARE SEGMENT STRATEGY

1	2	3
Building on theZandubrand	Focus onimmunityenhancingbrands	Introducingofferingscomplementaryto traditionaltreatment

OUR PERSONAL HYGIENE SEGMENT STRATEGY

OUR HOME CARE SEGMENT STRATEGY

1

Heightened hygiene consciousness witnessed during and after COVID-19 pandemic.

2

Introducing a range of home hygiene products under the Emasol brand

Superior offering to cater the consumer need of both cleanliness & germs protection. 3

Range includes disinfectant floor cleaner, toilet cleaner, bathroom cleaner, dish wash gel and an all surface sanitizer launched in November'20

Enriched with BGV24™ advanced antimicrobials action that offers upto 24 Hours protection from virus, germs and bacteria.

BUILDING ON POWER BRANDS

NAVRATNA

Strengths	Market leader in aniche categorywith no significantcompetitors	Available in morethan 4.5 mnretailers acrossthe country	Successfulbrandextensions
4 subtle shifts		Initiatives		Outcomes
From standalone toextensionsFrom summer tomulti-seasonFrom core markets tonew marketsFrom single use tomultiple use	TikTokDe-seasonalisedGaramEngaged SalmanAmbassador	Strengthened presence in core markets(UP, Bihar and Jharkhand)Developed new markets (Gujarat,Maharashtra, AP, TelanganaWidened exposure on digital platformslike YouTube, Facebook, Instagramby launching NavratnaTel in winter (headache,numbness and lethargy)Engaged new users (students,housewives and farmers)Khan as Brand	and Bengal)and	Strengthened marketleadership withmarket share at 66.4%

PAIN MANAGEMENT

Strengths

Zandu Balm as all-round solution provider whereas Mentho Plus is positioned as headache specialist

Cumulatively account for ~55% of India's balm market by volume Available in over 1.6 mn retailers across the country

4 subtle shifts	Initiatives
From single use totargeted applicationsFrom core markets to	Core markets: Deepen presence in Maharashtra & South India;highlight multi-purpose use of ZanduBalm (EkBalm –Teen Kaam);establish superiority through Ultra Power variant;
wider marketspresence	Developing markets: Deepen Zandurelevance for headache, bodyaches and cold; target pill users through pocket power pack of ₹2 SKU
From generic to painmanagement expert	NPD funnel: Launch new formats for targeted application (pain reliefroll on etc.)
From head to full body

BOROPLUS

Strengths	Anti-septicleadershippositioning		Combination ofayurvedaandborois effectiveyet benign on skin	Availability inmore than 3.2 mnretail outlets panIndia	Gained share inthe emollientcategory againstMNC players
7 subtle shifts			Initiatives		Desired outcomes
From anti-septic tohygieneFrom standalone toextensionFrom winter use toperennialFrom occasional to usualFrom standalone toblended combinationFrom functional toexperientialFrom dependable toresponsible			the brandExtension of the brand to the youth throughyoung categories like Aloe Vera Gel;Leveraging the digital platformRechristened BoroPlusAyurvedic Antiseptic CreamLeveraging the power of 10 ayurvedicExtended to Aloe Vera GelExtended to hand wash and soapsAdded 24-hour moisturizationBody Lotions portfolio	Promoting the antiseptic & moisturizing values ofComing together of germ kill and moisturisationAntiseptic Cream asherbspositioning toEnvironment friendly with no sulphates/paraben	Greatertraction withthe youthWiden themarket;increasemarket shareStrengthenmarketleadership

46

HEALTHCARE RANGE

Deepknowledge inStrengthsayurvedawitha cutting-edgeR&D centre	Productsbacked byscientificstudies forefficacy	Tie-up withsectoralthinktanks for newproductdevelopment	A strong team ofbrandrepresentatives forpromotions withayurvedadoctors
---------------------------------------------------------------------------------------	----------------------------------------------------------------	-----------------------------------------------------------------------------	--------------------------------------------------------------------------------------------

Initiatives	Outcomes	Going ahead
RelaunchedPancharishtaNew campaignfeatured AmitabhBachchanPrototyped PETbottles to preventbreakageFocused on Pain,Digestion, Geriatrics andFeminine care etc.Focus on sustainedproduct launches andnew category creationLaunched innovativeayurvedic cough syrup(sachet and bottle)	Pacharishtaback ongrowth pathLaunched innovativeproducts like ZanduNityamTablet forconstipation, ZanduDiabrishtaforDiabetesmanagement, ZanduAyurvedic CoughSyrup for Cough andamong others	Digestive: Focus on sustained innovationLaxative: Extend penetration among a widerconsumer baseGeriatric: Increased focus on targeted consumeroutreach programmesImmunity: Introduce series of products focusedon immunity building, a target opportunity inthe post-COVID worldCough Cold and Immunity : Focus onestablishing ZanduAyurvedic Cough Syrup andcreating a larger product bouquet following thepandemic

Strengths

Strong ayurveda positioning Availability in ~8 lac retail outlets

Leading volume market share of 26.6% (MAT, December 2019)

Initiatives

• Strengthened Kesh King as a complete Ayurvedic solution for hair fall and allied problems
• Rejuvenated Kesh King Shampoo (to arrest hair fall) with new packaging, communication and market mix
• Deepening focus across target audience (25-45)
• Adapted change in product, positioning and packaging
• Trial launch (select cities) of hair mask in new product formats
• Focused on convenience (deep root comb applicator on oil)
• Effectively communicating the provenness by International and medical/ doctor certificates

Outcome

Increase market shares in the Ayurvedic oil category

FAIR AND HANDSOME

Strengths	Expert inMen'sGroomingfor 15 years	High brandawareness	Market leaderwith >65%volume marketshare
Initiatives		Outcomes	Going ahead
productswith Men's Face Wash category	Initiatives	Refreshed packaging with 'radiance' promise on allIntroduced new differentiated packaging design in line	•Campaign to strengthen thenew brand promise in light ofthe new context on fairness•Diversification of portfolio to
New Celebrity -	Salman Khan –	as the brand	target new consumer

• ambassador New 360 degree media campaign from November

• Refreshed digital strategy to deliver message to new age audience

• eCommerce specific large SKUs launched

• Partnership in category events in MT and ecommerce channels

• new brand promise in light of

• Diversification of portfolio to segments with new age benefits

• Leverage digital as a platform to drive consumer acquisition on brand

INTERNATIONAL BUSINESS

Strengths	Presencein 60+	De-risking to extensiveIndian presence (84%
	countries	revenues, 2019-20)

Subtle shifts

Key Initiatives

From organic toacquisitionsFrom steady growth tonimbleness

•Working on ayurveda globalization; introduced localized herbalproducts•Focus on top 5 countries (>65% of global revenues) where key brandsviz. Navratna, Fair and Handsome and BoroPlushave attainedleadership positions•Introduction of health, hygiene and immunity boosting products•Expanding portfolio; launched entire oils range in Bangladesh includingNavratna, 7 Oils in One and now Kesh King•Introducing Creme21 in Bangladesh. Extending the brand into skincare (all ages) and transforming it into a multi-category platform•Increase footprint in ASEAN•Federal structure; empower teams in countries•Supply chain localization (third party manufacturing in Germany,Bangladesh, Sri Lanka and Dubai)

RIDING E-COMMERCE

Overview	Access	Initiatives	Goal
Ecommerce adoptionin FMCG at ~5 %globally; Emamicloser to India'saverage ~2%Created a mix of inhouse experts hiredfrom Ecommerceindustry along withspecialist vendorpartnerships	Products availableacross all majorplatforms –Marketplaces:Amazon FlipkartGrocery platforms:Grofers Big Basket FlipkartGrocery Amazon PantryPharmaceuticalplatforms:Pharmeasy 1MG NetmedsBeauty platforms:Nykaa	Ensuring on-timeavailability of stocks,faster processingpurchase orders,higher fill-rates,flexible supply chainresponse anddelivery schedulingBuilding advanceanalytics capabilitiesfor understandingevolving consumerbehaviors on realtime basisCreatingecommerceexclusive SKUs andproducts	Reach global averageof ~5% of total sales
Revenues from e-commerce	0.5	%, revenues from e1.2commerce, FY18-19	% of revenues frome-commerce (FY19-20)

Focus

Wholesaler and rural growth, people growth and accountability

Programmes

Introduced Feet on Street and Play to Win initiatives to enhance sales person productivity; motivation and team building Udaan programme for the sales team

Technology

Implemented urban sales force automation; graduated the Distributor Management System to a Cloud-based distributor system

STRENGTHENING OUR GOVERNANCE

TRANSFORMATION AT EMAMI… TURNING INTO A REALITY

PERFORMANCE HIGHLIGHTS - Q2 & Q3FY21

PERFORMANCE HIGHLIGHTS - Q2 & Q3FY21

KEY INVESTMENT RATIONALE

Minimising fossil fuel use

Initiated use of renewable energy sources and energy efficient techniques

Giving back to the society

Emami promotes healthcare, education, rural development and social upliftment programmes

KEY SUSTAINABILITY INITIATIVES

Reduction in water consumption

Installed new technologies; treated effluent discharge

Community development

Emami engages communities proximate to its operations to gauge their needsand expectations

Sustainable sourcing

Engaged small scale farmers from tribal regions for ayurvedic herbs

Reduction in plastics use

Reduced plastic usage by adopting paper tray technology, foil modification, PVC film modification and container modification.

CORPORATE SOCIAL RESPONSIBILITY

MAJOR AWARDS & RANKINGS

Awarded the 'Golden Peacock Innovation Management Award' for the year 2016 in the FMCG Sector and 'Golden Peacock Innovative Product/Service Award' for the year 2019 for 'Kesh King Oil Applicator'

Awarded by the Economic Times Bengal Corporate Awards for its 'Best Financial Performance – 2018'

Navratna's'Saarthi 2.0' campaign, created a record and featured in the prestigious Limca Book Of Records, 2019 by training more than 10,000 drivers on road safety

Featured in the "SUPER 50 Companies" listing by Forbes India

Zandu, BoroPlus and Navratna bagged 35th, 75th and 96th positions among the "Top 100 Most Trusted Brands" by The Economic Times – Brand Equity

Awarded the 'Company of the year – FMCG" by CNBC-Awaazfor the company's outstanding performance

67

Thank You