ETHOS LIMITED — Investor Presentation 2024

Nov 8, 2024

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Ref. no. : Ethos/Secretarial/2024-25/49

Dated: November 8, 2024

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Mumbai – 400 001 Bandra Kurla Complex, Bandra, Mumbai - 400 051

Scrip Code : 543532

Trading symbol : ETHOSLTD

ISIN : INE04TZ01018

Subject : Investor Presentation

Dear Sir/Ma’am

Greetings from Ethos.

We are enclosing herewith the Investor Presentation , to be used by the Company for the Earnings Call scheduled today i.e. on Friday, the 8[th] day of November, 2024 at 4:00 p.m. IST to discuss operational and financial performance of the Company for the quarter and half year ended on September 30, 2024.

We would request you to please take the same in your records and oblige.

Thanking you Yours truly For Ethos Limited

Digitally signed by Anil Anil Kumar Kumar Date: 2024.11.08 14:35:59 +05'30'

Anil Kumar Company Secretary and Compliance Officer Membership no. F8023

Encl.: as above

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ETHOS LIMITED

Results Presentation

Q2 & H1 FY25 | November’24

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Safe Harbor

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This presentation and the accompanying slides (the “Presentation”), which has been prepared by Ethos Limited, a material subsidiary of KDDL Limited, solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

Q2 & H1 FY25 Performance

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Key Highlights – H1FY25

“Achieving Consistent Growth”

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REVENUE
EBITDA PAT
Rs. 570.4 cr
Rs. 98.0 cr Rs. 44.0 cr
22.6% YoY
22.2% YoY 19.9% YoY
Opened 12 stores till Average Selling Price (ASP)
Added 3 watch brands SSG growth for Volume growth of 17%
Oct’24 and planned to increased to Rs 2.16 lacs
under exclusive H1FY25 stood at in Q2FY25 and 5% in
open 13 stores by the in H1FY25 from Rs 1.87
partnership in H1FY25 15.5% H1FY25 on YoY basis
end of FY25 Lacs in H1FY24
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Management Commentary

Commenting on the Results by Mr. Pranav Saboo – MD & CEO

“We are pleased to announce a 22.6% growth to Rs 570.4 cr in H1FY25 compared to Rs 465.2 cr in H1FY24. This growth is primarily driven by an increase in the share of luxury and high-luxury segments, a rise in ASP, and volume growth.

EBITDA also increased by 22.2% to Rs 98.0 cr in H1 FY25, up from Rs 80.1 cr in H1FY24, reflecting a robust operational performance. EBITDA margin stood at 16.8% in H1 FY25, slightly lower than 16.9% in H1 FY24. This dip was due to additional costs in H1FY25, including forex fluctuations, increased manpower for new store additions, and rent for new stores, which are still in the early stages of generating sales. Specifically, significant currency fluctuations, notably the depreciation of the INR against the CHF, resulted in a forex loss of Rs 4.65 crore. Currency volatility remains an inherent risk in global operations, and we have a comprehensive risk management framework to address such challenges effectively.

Since April 2024, we have opened 12 new stores, with plans to open 13 more by the end of FY25, in line with our objective to expand our presence quickly and enter new cities where we currently do not have a presence. We are now operational in 26 cities with a total of 72 stores (including 2 Duty-free Stores at Delhi and Bengaluru).

Additionally, since April, we have signedup three new exclusive brands, with more brand partnerships in the pipeline to be announced soon. Revenue from exclusive brands contributed 28% of the total revenue in H1 FY25.

To support our growth ambitions, we recognise the critical importance of talent acquisition and development, and we will continue to invest in this area to drive faster growth in this challenging environment. This comprehensive approach to human capital development will be instrumental in our goal of achieving a 10x increase in revenue over the next decade.”

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Financial Summary | Consolidated Performance Snapshot (Reported)

All Figures in Rs. Crs.

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Revenue from operations EBITDA EBITDA Margin PAT
+26.3%
+16.1% +14.0
297.1 48.2 17.3% 21.2
15.9%
41.5 18.6
Q2FY25 235.2
Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25
Revenue from operations EBITDA EBITDA Margin PAT
+22.6%
+22.2% +19.9%
570.4 98.0 16.9% 16.8% 44.0
465.2 80.1 36.7
H1FY25
H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25
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EBITDA Margin Impacted: Forex fluctuations (CHF appreciated), higher manpower, Rentals for new stores.

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Financial Summary | Consolidated Performance Snapshot (Reported) with adjustment of Forex Fluctuation

If the CHF/INR was at Q1 level, the EBITDA, EBITDA Margin% and PAT would be

All Figures in Rs. Crs.

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Revenue from operations EBITDA EBITDA Margin PAT
+26.3%
+27.4% +32.7%
297.1 52.9 17.3% 17.5% 24.7
41.5 18.6
Q2FY25 235.2
Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25
Revenue from operations EBITDA EBITDA Margin PAT
+22.6%
+28.1% +29.5%
570.4 102.7 16.9% 17.6% 47.5
465.2 80.1 36.7
H1FY25
H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25
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Financial Summary | Consolidated Performance Snapshot | Without IND AS 116

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All Figures in Rs. Crs.

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Revenue from operations EBITDA EBITDA Margin PBT
+26.3%
+15.8% +17.4%
297.1 36.0 31.7
31.1 13.0% 27.0
Q2FY25 235.2 11.9%
Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25
Revenue from operations EBITDA EBITDA Margin PBT
+22.6%
+21.3% +21.7%
570.4 72.9 64.5
12.7% 12.5%
465.2 60.1 53.0
H1FY25
H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25
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Financial Summary | Consolidated Operational Highlights

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Total Billings

Online Billings

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+26.4%
345.9
273.7
Q2FY24 Q2FY25
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+24.7%
110.9
88.9
Q2FY24 Q2FY25
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273.7 88.9
Q2FY25
Q2FY24 Q2FY25 Q2FY24 Q2FY25
Total Billings Online Billings
+22.6% +21.3%
664.1 208.7
541.7 172.1
H1FY25
H1FY24 H1FY25 H1FY24 H1FY25
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Financial Summary | Consolidated Reported Profit & Loss Statement

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Profit and Loss (in Rs. Crs) Q2FY25 Q2FY24 YoY H1FY25 H1FY24 YoY FY24
Revenue from Operations 297.1 235.2 26.3% 570.4 465.2 22.6% 999.0
Other Income 6.1 4.3 12.5 9.0 23.6
Total Income 303.2 239.5 582.9 474.2 1,022.6
Cost of Goods Sold 207.5 161.8 399.8 322.0 698.3
Gross Profit (Revenue - COGS) 89.6 73.4 22.1% 170.6 143.2 19.1% 300.7
Gross Profit Margin 30.2% 31.2% 29.9% 30.8% 30.1%
Employee Cost 20.7 17.3 39.7 34.6 70.4
Other Expenses 26.8 18.9 45.5 37.4 78.6
EBITDA 48.2 41.5 16.1% 98.0 80.1 22.2% 175.3
EBITDA Margin 15.9% 17.3% 16.8% 16.9% 17.1%
Depreciation 15.0 12.7 29.3 23.4 48.7
EBIT 33.2 28.8 15.3% 68.6 56.7 21.0% 126.6
EBIT Margin 11.0% 12.0% 11.8% 12.0% 12.4%
Finance Cost 4.5 4.1 9.1 7.9 16.0
Share in Profit/(loss) in JV and Associates -0.1 0.2 -0.3 0.4 0.7
PBT 28.6 24.9 14.9% 59.3 49.2 20.5% 111.3
PBT Margin 9.4% 10.4% 10.2% 10.4% 10.9%
Tax 7.4 6.3 15.3 12.5 28.0
PAT 21.2 18.6 14.0% 44.0 36.7 19.9% 83.3
PAT Margin 7.0% 7.8% 7.6% 7.7% 8.1%
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EBITDA Margin Impacted due to an additional

cost in H1FY25 attributable to the following:

• Forex Fluctuations

• Increased manpower for new store additions

• Rental for new stores, which are in the nascent stages

• of sales

Excluding the forex fluctuation, our actual

EBITDA for Q2FY25 would be Rs. 52.9 Cr. And

for H1FY25, it would be Rs. 102.7cr with a

margin of 17.5% and 17.6% respectively.

|Financial Summary | Consolidated Reported Profit & Loss Statement |
I|Without IND AS 116|11|
|---|---|---|
|FY24
YoY
H1FY24
H1FY25
YoY
Q2FY24
Q2FY25
Profit and Loss (in Rs. Crs)
999.0
22.6%
465.2
570.4
26.3%
235.2
297.1
Revenue from Operations
21.0
8.9
12.5
4.2
6.1
Other Income
1,020.0
474.1
582.9
239.4
303.2
Total Income
698.4
322.0
399.8
161.8
207.5
Cost of Goods Sold
300.6
19.1%
143.2
170.6
22.1%
73.4
89.6
Gross Profit (Revenue from operations - COGS)
30.1%
30.8%
29.9%
31.2%
30.2%
Gross Profit Margin
70.4
34.6
39.7
17.3
20.7
Employee Cost
120.8
57.4
70.5
29.2
39.0
Other Expenses
130.4
21.3%
60.1
72.9
15.8%
31.1
36.0
Normalized EBITDA including other income
12.8%
12.7%
12.5%
13.0%
11.9%
Normalized EBITDA Margin
14.4
7.1
7.9
4.1
4.1
Depreciation
116.0
22.6%
53.0
65.0
18.1%
27.0
31.9
Normalized EBIT
0.9
0.5
0.4
0.3
0.2
Finance Cost
0.9
0.5
-0.1
0.3
0.0
Share in Profit/(loss) in JV and Associates
116.0
21.7%
53.0
64.5
17.4%
27.0
31.7
Normalized PBT
11.4%
11.2%
11.1%
11.3%
10.5%
Normalized PBT Margin|||

|Financial Summary | Consolidated Balance Sheet
I|12|
|---|---|
|Mar-24
Sep-24
Assets (in Rs. Crs)
Mar-24
Sep-24
Equity & Liabilities (in Rs. Crs)
306.6
364.9
Non - Current Assets
884.0
928.0
Total Equity
70.3
85.2
Property Plant & Equipment's
24.5
24.5
Share Capital
24.0
23.8
Investment in joint venture
859.5
903.5
Other Equity
41.1
42.8
Intangible assets
1.5
0.0
Intangible assets under development
115.9
140.6
Non-Current Liabilities
125.4
157.7
Right of use asset
Financial Assets
Financial Liabilities
0.0
0.0
Loans
2.1
0.2
Borrowings
1.3
1.3
Investment
111.0
137.7
Lease Liabilities
28.2
26.9
Other Financial Assets
0.3
0.0
Other Financial Liabilities
9.0
10.2
Deferred Tax Assets (Net)
2.5
2.7
Provisions
2.1
2.1
Non - Current Assets (Net)
3.6
14.9
Other Non Current Assets
170.8
206.4
Current Liabilities
864.1
910.0
Current Assets
439.7
541.9
Inventories
Financial Liabilities
Financial Assets
4.6
5.3
Borrowings
15.6
17.6
Trade receivables
96.0
120.8
Trade Payables
60.6
235.8
Cash and cash equivalents (C&CE)
27.3
36.4
Lease Liabilities
284.9
35.6
Bank balances other than C&CE
23.6
20.5
Other Financial Liabilities
0.2
0.1
Loans
0.4
2.2
Current tax liabilities (net)
21.7
21.2
Other Financial Assets
4.6
5.1
Provisions
41.4
57.7
Other Current Assets
14.2
16.2
Other current liabilities
1,170.6
1,274.9
Total Assets
1,170.6
1,274.9
Total Equity & Liabilities||

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Ethos is in unique position to leverage its large base of Luxury Customers

Creating engaging shopping experience over the years has enabled us to build a large Luxury Customer base

Demand for our products is directly proportional to the number of HNIs

Factors leading to surge in the demand for luxury goods, including watches:

• ✓ Rise in the number of HNI’s in fast growing economies, such as China and India has led to increase in the wealth of people

• ✓ Awareness and availability of luxury brands at Ethos with International retail standard

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Share of Luxury & High Average Selling
luxury watch sales Price per watch (INR)
2,15,952
65% 66% 68% 72% 1,89,844
58% 1,49,318 1,59,476
48%
1,09,864
84,240
FY20 FY21 FY22 FY23 FY24 H1FY25 FY20 FY21 FY22 FY23 FY24 H1FY25
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Source: ‘Industry Report on Premium and Luxury Watch Retail in India dated April 26, 2022, prepared by Technopak Advisors Private Limited

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I Ethos Store Locations 14
E THOS WA T CH BOUT IQ UES
Mohali Chandigarh Our Store Locations
Ludhiana
Dehradun
Delhi / NCR • 72 stores across 26 cities in India, including
Gurugram Noida Siliguri two duty-free stores at the Delhi International
Jaipur Lucknow Guwahati Airport and Bengaluru International Airport
Ahmedabad Bhopal • Spread across the major metros, our boutiques
Indore Kolkata house the finest selection from over 70+ of the
Surat
Raipur Bhuvneshwar world’s top luxury watch brands
Nagpur
Thane
Mumbai • We have entered 3 New Cities Kochi,
Pune Hyderabad Dehradun & Mangaluru
Mangaluru Chennai
Bengaluru (International Airport)
Kochi
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Note – Maps not to scale. All data, information, and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness

*As on 8[th] November 2024

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Stores Opened in Q1FY25 (Apr-Jun’24) – 3

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Summit Boutique - Kochi

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Door No. 41, 148, By Pass Road, Next to Bhima Jewellers, Toll Junction, Edappally, Kochi, Kerala - 682024

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Ethos Boutique - Dehradun

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Unit No. 23, Ground Floor, Pacific Mall, Rajpur Road, Dehradun, Uttarakhand - 248006

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Ethos Boutique - Pune

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Shop No.- UG57, Phoenix Mall of the Millennium, Pune - Bangalore Highway, Shankar Kalat Nagar, Wakad, Pimpri-Chinchwad, Maharashtra, Pune - 411057

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Stores Opened in Q2FY25 (Jul-Sep’24) – 5

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Summit Boutique, Mall of Asia - Bengaluru

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UG 06, Phoenix Mall Of Asia, 239/240, Byatarayanapura, Hobli, Bellary Rd, Yelahanka, Bengaluru, Karnataka - 560092

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Breitling Boutique, Mall of Asia - Bengaluru

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Breitling Boutique - UG 07, Phoenix Mall Of Asia, 239/240, Byatarayanapura, Hobli, Bellary Rd, Yelahanka, Bengaluru, Karnataka - 560092

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Summit Boutique - Mangaluru

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Ground Floor, Parin Complex, Collectors Gate, Balmatta, Mangaluru, Karnataka - 575002

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Summit Boutique, T2 International Airport - Bengaluru

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Ground Floor, 3T54-05 Terminal 2, Kempegowda International Airport, Bengaluru, Karnataka - 560300

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Hublot Boutique, Mall of Asia - Bengaluru

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Hublot Boutique - UG 59, Phoenix Mall Of Asia, 239/240, Byatarayanapura, Yelahanka, Hobli, Yelahanka Taluk, Bellary Road, Bengaluru, Karnataka - 560092

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Stores Opened in Q3FY25 (Oct’24) – 4

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Bell & Ross Boutique, Mall of Asia - Bengaluru

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Bell & Ross Boutique - UG 28A, Phoenix Mall Of Asia, 239/240, Byatarayanapura, Yelahanka, Hobli, Yelahanka Taluk, Bellary Rd, Bengaluru, Karnataka - 560092

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IWC Boutique, Mall of Asia - Bengaluru

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IWC Boutique - UG 58, Phoenix Mall Of Asia, 239/240, Byatarayanapura, Yelahanka, Hobli, Yelahanka Taluk, Bellary Road, Bengaluru, Karnataka - 560092

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Summit, Tagore Garden - New Delhi

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Unit No. SH/GF/25, Ground Floor, Pacific Mall, Najafgarh Road, Tagore Garden, Tilak Nagar, New Delhi, Delhi - 110018

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QLOCKTWO UB City - Bengaluru

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Qlocktwo - Unit No. F-106, UB City, Vittal Mallya Road, Bengaluru, Karnataka- 560001

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New Brand Added in Q1FY25

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New Marquee Brand Exclusive Partnerships

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Signed Swiss Watch Brand ID Geneve

ID Geneve was started by three childhood friends in the year 2020 in Geneva, Switzerland. They are not a mere sustainable brand but the first 'Impact Native' luxury watch brand.

The Circular 1 collection is the first iconic timepiece ever created by ID Genève, where the stainless steel of the watch case is local and traceable. It comes from the waste of about forty companies in the Jura and surrounding areas.

They continue to further their mission with Circular S and Circular C collections which stand for Solar and Carbon, respectively.

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New Marquee Brand Exclusive Partnerships

Signed Swiss Watch Brand Singer Reimagined

Singer Reimagined is an award-winning high-watchmaking company, based in Geneva. It is part of Singer Group, the Californian-based luxury brand that has become globally renowned for its bespoke restorations of the Porsche 911. The brand has become synonymous with the concept of Reimagining – bringing together iconic design with twenty-first century engineering and material science.

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New Brand Added in Q2FY25

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New Marquee Brand Exclusive Partnerships

Launched Swiss Watch Brand HAUTLENCE

HAUTLENCE – whose name itself is an anagram of Neuchâtel – pays tribute to the birthplace of the watchmaking art and is one of the original independents as we know them today. Currently located in the canton of Schaffhausen, Switzerland, HAUTLENCE has become recognized for its iconic TV shaped case and its original concepts in movement and time. It adopts a think tank approach and brings a new vision to the art of watchmaking, while respecting its roots. From hours on chains and spheres to minutes on rotating sapphire discs, HAUTLENCE pushes the boundaries of traditional watchmaking codes while uniting them with mechanical solutions.

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For further information, please contact:

Company :

Investor Relation Advisors

Ethos Ltd.

Strategic Growth Advisors Pvt. Ltd.

CIN : L52300HP2007PLC030800

CIN : U74140MH2010PTC204285

Mr. Munish Gupta – Chief Financial Officer munish.gupta@ethoswatches.com www.ethoswatches.com

Mr. Shogun Jain/ Mr. Mandar Chavan +91 77383 77756 / +91 96993 82195 Shogun.jain@sgapl.net / mandar.chavan@sgapl.net www.sgapl.net