Faze Three Ltd. — Interim / Quarterly Report 2023

Feb 2, 2023

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February 02, 2023

To, BSE Limited National Stock Exchange of India Limited Department of Corporate Services, Listing Compliance Department, P. J. Towers, Dalal Street, Exchange Plaza, Plot No. C/ 1, G Block, Mumbai – 400 001. Bandra Kurla Complex, Bandra (E), Mumbai – 400 051. Scrip Code: 530079 Symbol: FAZE3Q

Dear Sir/Ma’am,

Sub: Disclosure of information pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In compliance with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Company presentation on Un-Audited Financial Results of the Company for the Quarter and Nine Months ended December 31, 2022.

You are requested to kindly take the same on record and bring it to the notice of your constituents.

Thanking you,

Yours Sincerely, For Faze Three Limited

Digitally signed by AJAY BRIJLAL AJAY BRIJLAL ANAND ANAND Date: 2023.02.02 18:29:14 +05'30' Ajay Anand Managing Director DIN: 00373248

Encl. A/a

FAZE THREE LIMITED

(CIN: L99999DN1985PLC000197) Regd. Office: Survey 380/1, Khanvel Silvassa Road, Dapada, Silvassa – 396 230, UT of D&NH Corporate Office: 63/64, 6[th] Floor, Wing C, Mittal Court, Nariman Point, Mumbai - 400021. Tel. : 91 (22) 43514444, 66604600 * Fax : 91 (22) 24936811 * E-mail : cs@fazethree.com * Website : www.fazethree.com

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February 02, 2023 Financial Results for Quarter ended December 2022 & Company presentation

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About the Company

Engaged in manufacturing of Technical & Home Textiles

Technical & Home Textiles Products : Floor coverings (Bathmats / Rugs – Rubber backed), Performance & Outdoor Home Textiles, Cushions, Top of the Bed Products, Blankets, Curtains, Accessories, etc. Handloom Home Textiles Products : Bathmats, Accent Rugs, Cushions, Power-loom rugs, Accessories, etc.

Direct Exports to Large Retailers in USA, UK & EUR region. Over 90% Revenue is Exports only China plus One: Eureka moment this decade for above categories akin to Sheets and Towels in 2008-09 wherein India is leader today aided by move from China Visit http://www.fazethree.com/ for more details

PLI scheme for MMF in India is recognition to the opportunity, will build optimum supply Automotive Technical Textiles (Passenger Car Fabrics) under Faze Three Autofab Limited. chain for company’s products Established in 1985 Listed in 1995 Focused on Home & Technical Textiles manufacturing since its Inception

8 factory locations including captive process houses.

Factory Locations: Silvassa (2) (UT of DN&DD) and Vapi (1) (Guj.) for Home & Technical Textiles. Panipat (4) (Haryana) for Handloom Home Textiles. (1) in Aurangabad, Maharashtra

Factories built and operated as per globally mandated / acceptable standards of infrastructure and operation.

Management Team Consists of Founder / Promoters, Professionals heading core functions in each factories

Inhouse capability for Design, Development & Innovations across all the product offerings

Vertically integrated operations for all products starting from Yarn

Company has capability to offer every product other than sheets and towels under Home Textile segment. Currently floor covering segment is the dominant product category

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Business Model

• Inhouse Capability from Design to Delivery : Yarn to Finished Product

• Significant engagement with customer prior to order confirmation on Design, development, etc.

• Order backed manufacturing only

• Direct exports to customers, ~95% FOB

• Over 90% domestic raw materials

• Faster order turnaround times (75d-120d)

• Moderate MOQ’s, flexibility across products / Colours

Markets & Customers

• USA 65%, UK/EUR 30%, Bal ROW

• Strong relationship with Top 15 customers over last 2 decades. Consistent business across product lines

• Top 15 customers contribute around 80% of Revenue

• Any single Customer revenue < 15% of Revenue of the company

• Most customers procure multiple products across factories

Business Potential

• Top 15 Customers comprise of very large retail chains in USA, UK, EUR

• Customer appetite is atleast 10x across all product lines given their global sourcing including in India

• Tangible move for

• sourcing to India from erstwhile China across Company’s products amongst company’s Customers

• Huge un-fulfilled demand within existing customer base / product mix offered by company

Competition / Peer Exporters

• Company is uniquely placed to have Handloom, Technical & Rubber backed floorcoverings under one umbrella. Organised / well positioned

• Most Peers have one of the many products

• Competition in core product : Bathmats is fragmented / privately owned out of India

• Major suppliers out of China ranging from ~$ 150Mln - $ 250 Mln in the core category

• Cost arbitrage is largely neutralised between India & China in the sector

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Our Valued Customers

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Product glimpse: refer www.fazethree.com

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Home Textile Industry / Global Supply Chain : Trends & Update

India is a leading supplier of Sheets & Towels under the Home Textiles Segment (Bed & Bath) given the availability of Cotton. Budget 2023 allocates funds for improving long staple Cotton production in India.

Floor coverings (Bathmats, Rugs, Outdoor, performance textiles) being predominantly polyester based and technical in nature were largely exported out of China until 2018/2019 & estimated exports are said to be at least 20 times of India

Post 2019, Tariffs imposed on China textiles exports, rising labour & power costs, pollution crackdowns, diminishing incentives, etc made the Chinese exports relatively expensive

In 2020/21 owing to COVID Pandemic, supply chain disruptions & strong momentum towards “China Plus One” has led to demand shift from Top Organised Retailers across the Globe towards India, being a natural ally & having reliably delivered over the years

Owing to Domestic challenges & demand scenario, many known contemporary suppliers out of China in range of USD 150 Mln – 250 Mln annual revenue have downsized / diversified out of business

Customer preference across USA, UK & EUR has tangibly shifted to “other than Made in China” as demonstrated from surveys / trends

Incumbent suppliers in India have a huge demand tailwind from above factors. Effective expeditious execution by brownfield / green field expansion is the key to tap demand momentum

Other Supplier countries likes Turkey, Egypt, Portugal, Pakistan, Bangladesh have also faced challenges leading to customer preference towards India

PLI for MMF will establish a robust supply chain of MMF, esp. for Polyester based raw materials to make company’s final products more competitive globally

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Management Comments ~ YTD December 2022

• ✓ Revenue for YTD Dec 22 grew 18% over YTD Dec 21 i.e ~INR 4,201 Mln for YTD Dec 22 over PY YTD Dec 21~INR 3,547 Mln. ✓ Profit After Tax grew 23% for YTD Dec 22 over YTD Dec 21

• ✓ The significant push into new product categories, innovative offerings and timely expansions post covid have aided the growth of 18% in this fiscal despite very challenging backdrop all through FY 23.

• ✓ FY 23 begun with retailers guiding slowdown / inventory pile ups and high prices of key raw materials (both cotton & polyester) whereas H2 of FY 23 has seen significant improvement in inventory levels with retailers, cotton prices have halved & polyester prices are falling gradually. Further the container costs are back to pre-covid levels and energy costs have moderated. However these tailwinds are yet to result into high demand owing to noise around recession / rate hikes in the USA. Whereas EU/UK is looking encouraging since last 2 months given the cool off in energy prices and clarity on availability.

• ✓ Order visibility / pipeline for Q4 FY 23 & FY 24 next year are encouraging and indicating moderate growth as base case across all existing product lines, while new products / development pipeline / orders are expected to spur incremental additional revenue. Company’s well diversified product range & wide customer base has been a strong antidote against direct impact of slowdowns in the past, the same is evidently playing out this fiscal.

• ✓ All Capex planned in western India is concluded and currently planned capex at north India unit is underway as per original schedule. The Company strongly believes that it would be better served & well prepared to service customers once the revival of sentiment & higher demand kicks in during FY 24 as base case.

• ✓ USA continues to witness a strong job market alongside soaring wages / salaries, low delinquency on retail loans, healthy individual b/s etc. This being more relevant metrics for company’s segment of products. The slowdown in US Housing is a headwind for home interiors segment whereas a tailwind for home improvement / home textile ~ merchandising segment.

• ✓ Company’s products largely positioned in the band at $10-25$ per piece / per set band for sale by retailers which empirically have not seen significant reduction in demand in tough times. In fact, benefits accrue from pocket share saved on larger items which is expended on smaller merchandise, though counter-intuitive.

• ✓ Big picture, China plus one sentiment continues to improve in India’s favour overall and especially in value added Textile merchandises pertaining to MMF. Ban on cotton from China is now fully implemented globally. 7

Company’s readiness to capitalize on the Global Opportunity

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• ✓ Invested over ~INR 120 Crs from internal accruals across units for Expansion, new machinery, new technologies & de-bottlenecking from 2019 - Dec 2022

✓ Concluded / Ongoing Expansions:

• ✓ Concluded Expansion at Silvassa April 2021 - June 2022 to have 3x capacity of earlier (brown field) on existing spare land, under Floor coverings / Rugs segment. Overall Investment of INR 35 Crs

• ✓ Expansion under Top of Bed & Blankets segment (Nov 2021 to Nov 2022) is concluded to increase capacity to 3x of existing capacity on existing land (brownfield), backed by commitments from various customers. Overall investment INR 25 Crs

• ✓ Ongoing expansion at Panipat, Cotton Home Textiles division to have 3x capacity by Oct 2023. Overall Investment INR 35 Crs (estimated).

• ✓ Investment in subsidiary Mats and More Pvt Limited (Aurangabad) to cater to a new category under floor coverings being patio mats including outdoors to cater to the existing customers based on business visibility. Investment of INR 12 Crs over July 2022June 2023, building a revenue potential of at-least USD 10 Mln in phase 1 within 3-4 years

• ✓ All of the above expansions shall be funded from Internal Cash Accruals

• ✓ Company is also under process of evaluating / exploring relevant / ready to use for manufacturing (brownfield opportunities) from time to time.

• ✓ Invested in Talent acquisition across units, new product development, green initiatives, etc.

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Company’s readiness to capitalize on the Opportunity

• ✓ Comfortable Capital Structure. Rated “A-” “Positive” Long term & A2+ Short term (Sept 2022). Significant ability to withstand supply chain pressures on working capital. Entire internal accruals directed towards accelerated expansion & growth in operations

• ✓ Zero Long term debt since 2018. Factories / Infrastructure current replacement value estimated > INR ‘425 Crs, poses significant entry barrier for new entrants

• ✓ Focus on reducing costs, being innovative and most competitive manufacturer for the customer globally while maintaining budgeted net profit margins

• ✓ Strong partnerships with Key Domestic Suppliers / Vendors (being large corporates) with assured business certainty and upfront payment terms to secure quality and timely supplies from best in business

• ✓ Commenced Rooftop Solar of 1.1 MW during the quarter at Silvassa location for captive consumption contributing up to 33% of existing electricity units consumed. Company’s finished goods warehouses (capacity upto 130 HQ containers at a time) are operated by fully Electric lithium-ion fleet of forklifts / reach trucks. Both these initiatives are conscious efforts towards ESG goals of the company with sustainable capital paybacks

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Profit and Loss Summary ~ YTD December and TTM (trailing twelve months) / Annual Trend
(INR in Crs.)
YTD Dec 2022 TTM (Trailing Twelve Months)
Particulars FY 22 FY 21 FY 20
(9Months) (Jan 22 to Dec 22)
Total Income 420.2 577.0 512.0 326.3 306.3
Total Income growth % 13% 57% 7% 15%
EBIDTA 74.2 98.3 86.6 48.0 38.9
EBIDTA margin % 17.7% 17.0% 16.9% 14.7% 12.7%
Depreciation 10.4 13.0 10.2 8.8 8.0
Finance Cost 5.1 6.0 5.0 3.8 8.6
@
PBT 58.7 79.3 71.4 35.4 22.3
PAT 43.5 59.2 51.1 25.0 19.3
PAT margin % 10.35% 10.27% 9.97% 7.7% 6.3%
Cash Profit 53.9 72.2 61.3 33.8 27.2
Cash Profit margin % 12.8% 12.5% 12.0% 10.4% 8.9%
EPS (INR) annualised 24.4 21.0 10.3 7.9
EPS growth % 16.0% 104.2% 29.7% 18.4%
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Profit and Loss Summary ~ YTD December and TTM (trailing twelve months) / Annual Trend (INR in Crs.)

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Profit and Loss Summary (INR in Crs.) – YTD and Quarterly update

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Particulars YTD Dec 22 YTD Dec 21 % growth QE Dec 22 QE Dec 21
Total Income 420.19 354.71 18% 134.18 132.69
EBIDTA 74.17 62.48 19% 24.90 23.43
EBIDTA mar in % 17.7% 17.6% 18.6% 17.7%
g
De reciation 10.39 7.59 3.67 2.69
p
Finance Cost 5.07 4.09 1.88 2.25
PBT 58.7 50.8 16% 19.4 18.5
PAT 43.47 35.31 23% 14.51 12.65
PAT mar in % 10.3% 10.0% 10.8% 9.5%
g
Cash Profit 53.9 42.9 26% 18.2 15.3
Cash Profit margin % 12.8% 12.1% 13.5% 11.6%
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• ✓ Revenue for YTD Dec 22 grew 18% over YTD Dec 21 i.e ~INR 4,201 Mln for YTD Dec 22 over PY YTD Dec 21~INR 3,547 Mln

✓ Profit After Tax grew 23% for YTD Dec 22 over YTD Dec 21

• ✓ Revenue & PAT for QE Dec 22 over QE Dec 21 has been at similar levels.

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Balance Sheet Summary (INR in Crs)

Particulars	Dec 31,2022	**Mar 31,2022 **	**Mar 31,2021 **	Mar 31,2020	Mar 31,2019
Networth^	317.9	280.7	228.6	203.9	186.4
ST Borrowings (Net of Cash & Cash Eq)*	64.7	77.7	50.4	37.7	58.2
Current liabilities	58.1	51.1	37.7	29.9	20.4
Total Liabilities	440.7	409.5	316.6	271.5	265.1
Net Fixed Assets^	203.1	164.8	141.9	137.5	121.0
Net Current Assets(Excl Cash & Cash Eq& others)*	237.6	244.8	174.7	133.9	144.1
Total Assets	440.7	409.5	316.6	271.5	265.1
Core Capital Employed#^	326.3	302.1	223.9	186.6	189.6
*Cash and Cash Equivalents	94.21	79.95	41.90	15.73	6.07

^includes INR 56.41 of Land Revaluation Reserve

*Excludes Cash and Cash Equivalents (which includes cash and bank balances and current investments in liquid securities) # Core capital employed excludes revaluation of INR 56.41 and Current Liabilities

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atios Summary					Mar 31, 2019 12% 14% Mar 31, 2019 7.05 4.06 1.27 97 62 13 146 Mar 31, 2019 0.42 0.31 1.85 3.65
Return Ratios	Dec 31,2022	**Mar 31,2022 **	**Mar 31, 2021 **	**Mar 31, 2020 **	Mar 31, 2019
ROE^	22.6%	22.8%	14.4%	13.0%	12%
Core ROCE #^	27.1%	29.0%	19.1%	16.4%	14%
Operating Ratios	Dec 31,2022	**Mar 31,2022 **	**Mar 31, 2021 **	**Mar 31, 2020 **	Mar 31, 2019
Current Ratio	4.09	4.79	4.64	4.48	7.05
Fixed Asset Turnover Ratio*	3.93	4.72	3.76	3.71	4.06
Total Asset Turnover Ratio*	1.50	1.45	1.25	1.42	1.27
Inventorydays*	71	91	85	77	97
Debtor days*	65	63	81	55	62
Payable days*	13	18	17	9	13
Cash Conversion Cycle*	123	136	149	123	146
Solvency Ratios	Dec 31,2022	**Mar 31,2022 **	**Mar 31, 2021 **	**Mar 31, 2020 **	Mar 31, 2019
Total Outside Liabilities/Total Equity	0.39	0.46	0.39	0.33	0.42
Net Debt/Equity	0.20	0.28	0.22	0.19	0.31
Net Debt/EBIDTA*	0.66	0.90	1.05	0.97	1.85
Interest Coverage Ratio	14.28	15.31	10.39	3.59	3.65

Ratios Summary

*TTM (Trailing Twelve Month) Profit / Loss account figures used for said ratios for Dec 2022 ^INR 56.41 of Land Revaluation Reserve excluded for calculation of the said ratio #Average Capital Employed considered for calculation of Core ROCE

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Cash Flows Update (YTD/Annual)

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Dec 31, Mar 31, Mar 31, Mar 31, Mar 31, Cumulative
Particulars % of OP
2022 2022 2021 2020 2019 (FY 19- Dec 22)
Profit Before Tax 58.7 71.4 35.4 22.3 19.1 206.9
Operating Profit (OP) 71.0 83.2 49.1 35.2 29.5 268.1
working capital changes 20.5 (76.4) (34.5) 0.6 10.1 (79.7) 29.7%
CFO (gross) 91.5 6.8 14.6 35.8 39.7 188.3
CFO (net of tax) 78.7 (6.5) 8.9 30.8 37.1 149.0
-
CF Investing - Fixed assets (46.6) (40.4) (13.6) (10.2) (9.4) (120.2) 44.9%
CF Investing - liquid assets (20.8) (10.5) (39.0) 5.0 (5.9) (71.3)
CF Financing (5.2) 60.8 30.9 (21.8) (13.0) 51.7
-
CF changes 6.0 3.4 (12.8) 3.8 8.7 9.2
-
Cash / Bank Balance 11.4 5.3 1.9 14.7 10.9
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CFO for FY21,FY22 was lower owing to supply chain elongation primarily due to container / shipping delays and delayed receipts of govt incentives for exports due to policy changes.

~30% of OP has been invested back into working capital and ~45% of OP has been invested back for expansion for future growth over last 5 years

The Company’s capex plan would be concluded during FY 24. This would make ~40-45% of CFO generated available for alternative uses from H2FY 24 for other purposes.

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Company Update

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Listing on National Stock Exchange

Faze Three Limited has Listed its equity shares on National Stock Exchange of India Limited (NSE), w.e.f. from the trading hours of Friday, November 18, 2022 on Main Board of NSE. Your Company is now Listed on both Major Stock Exchanges in India i.e. NSE & BSE Limited.

Awards & Recognition

• Faze Three Limited was declared as the Award Winner of Dun & Bradstreet “Business Enterprises of Tomorrow 2022” Business Excellence Awards in Textile & Textile Articles Category (Mid-Corporate). The event took place on the eve of November 29, 2022 at Mumbai

For more details kindly refer the following link: https://www.dnb.co.in/events/business-enterprises-of-tomorrow/default.aspx

• -Faze Three Limited was declared as the Award Winner of Dun & Bradstreet – Business Excellence Awards 2021 under Best Global Business Category (Mid-Corporates). The event took place virtually on November 24, 2021.

Thank you

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Faze Three group

For any further details please contact: Ankit Madhwani, CFO ankit@fazethree.com 022 43514444 Corporate office: 63, C wing, Mittal Court Nariman Point, Mumbai 400021

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Disclaimer

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The information contained in this presentation is provided by Faze Three Limited (the “Company”), although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject to change without notice, its accuracy, fairness or completeness is not guaranteed and has not been independently verified and no express or implied warranty is made thereto. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. Neither the Company nor any of its directors assume any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein. Neither the Company nor any of its directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. This document is for informational purposes and does not constitute or form part of a prospectus, a statement in lieu of a prospectus, an offering circular, offering memorandum, an advertisement, and should not be construed as an offer to sell or issue or the solicitation of an offer or an offer document to buy or acquire or sell securities of the Company or any of its subsidiaries or affiliates under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, both as amended, or any applicable law in India or as an inducement to enter into investment activity. No part of this document should be considered as a recommendation that any investor should subscribe to or purchase securities of the Company or any of its subsidiaries or affiliates and should not form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax, investment or other product advice. This presentation contains statements of future expectations and other forward-looking statements which involve risks and uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results, performances or events may differ from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, or that assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.

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