FERMENTA BIOTECH LIMITED — Earnings Release 2025

Nov 18, 2024

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Ref: F.No.:908

November 18, 2024

Corporate Relations BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001

Dear Sir,

Sub.: Intimation of Earnings Presentation for Quarter 2 of Financial Year (‘FY’) 2024-25

[Q2-FY25]

Ref: Scrip Code: 506414

Further to our intimation dated November 14, 2024 regarding approval of unaudited financial results (standalone and consolidated) by the Board of Directors for the quarter and half year ended September 30, 2024, we hereby enclose a copy of Earnings Presentation for Quarter 2 of FY 20242025.

The said Earnings Presentation will thereafter be uploaded on Company’s website at

www.fermentabiotech.com

Kindly take the same on record.

Thanking you,

Yours faithfully,

for Fermenta Biotech Limited

VARADVINAYA Digitally signed by VARADVINAYAK VIJAY K VIJAY KHAMBETE Date: 2024.11.18 16:25:56 KHAMBETE +05'30'

Varadvinayak Khambete Company Secretary and Head - Legal CS Membership No: A33861

A-1501, Thane One, DIL Complex, Ghodbunder Road, Majiwade, Thane (W) 400610

Encl: As above

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Earnings Presentation | Q2/H1-FY25

Snapshot

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Top 3 Amongst top 3 manufacturers of Vitamin D3 globally

Only manufacturer of Vitamin D3 in India

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Proprietary technology to manufacture Vitamin D3

55 Years of Vitamin D3 manufacturing experience

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DSIR approved R&D facility

Patents

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350+ clients across Backward integrated the globe

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Global Presence in 60+ countries

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Both manufacturing facilities certified by global regulatory bodies

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Big 4 statutory auditor

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Forward Integrating and diversifying to offer more nutraceutical products

Fermenta Biotech Limited

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Company Overview

• Fermenta Biotech Limited (FBL) (Erstwhile DIL Ltd.) incorporated in 1951 by Dr. DVK Raju, is engaged in development and manufacturing of pharmaceuticals, biotechnology and environmental solutions used across various industries.

• With a rich history of seven decades FBL has evolved as a key global player in manufacturing of Vitamin D3 in all its formats and has a non-China dependent supply chain.

• FBL manufactures a range of Vitamin D3 variants having an optimal mix between human and animal feed products which have applications across multiple sectors like:

• Pharmaceuticals 4. Animal feed 2. Dietary and nutritional supplements 5. Veterinary 3. Food and beverage fortification 6. Rodenticides

• The company is also involved in manufacturing of APIs for muscle relaxant and anti-flatulent applications.

• FBL delivers innovative enzymes used in manufacturing of active pharmaceutical ingredients and is involved in environmental solutions used for waste water treatment and management.

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Consolidated Revenue (INR Mn) & EBITDA Margins (%)

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3,985
3,499
3,357
15.41%
11.32%
1,732
8.19%
5.12%
FY22 FY23 FY24 H1-FY25
Operational Revenue Operational EBITDA (%)
Revenue Mix % (FY24)
Vitamin D3
23% Fish Oil Cholesterol
Other APIs and
Intermediary
Environmental
3% Business
4% 53% Enzymes and Other
traded products
4% Rental Income
Real Estate Sale
11%
2%
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Fermenta Biotech Limited

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Q2/H1-FY25

Q2/H1-FY25 Financial Highlights

Q2-FY25 Standalone Performance

INR 895 Mn INR 156 Mn 17.43% Operational Income Operational EBITDA Operational EBITDA Margin INR 82 Mn 9.16% INR 2.81 /share Net Profit PAT Margin Diluted EPS

Q2-FY25 Consolidated Performance

INR 950 Mn INR 187 Mn 19.68% Operational Income Operational EBITDA Operational EBITDA Margin INR 111 Mn 11.68% INR 3.94 /share Net Profit PAT Margin Diluted EPS

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H1-FY25 Standalone Performance

INR 1,622 Mn INR 173 Mn 10.67% Operational Income Operational EBITDA Operational EBITDA Margin INR 33 Mn 2.03% INR 1.14 /share Net Profit PAT Margin Diluted EPS

H1-FY25 Consolidated Performance

11.32% Operational EBITDA Margin

INR 1,732 Mn INR 196 Mn 11.32% Operational Income Operational EBITDA Operational EBITDA Margin INR 52 Mn 3.00% INR 1.92 /share Net Profit PAT Margin Diluted EPS

INR 52 Mn Net Profit

Fermenta Biotech Limited

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Q2/H1-FY25 Operational Highlights

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• Volumes of Vitamin D3 for Human Nutrition in Q2-FY25 increased by 62% YoY and in H1-FY25 it increased by 54% YoY.

• Volumes of Animal Feed in Q2-FY25 increased by 137% YoY and in H1-FY25 it increased by 33% YoY, while the average prices of Animal Feed were 3 times higher in Q2-FY25 as compared to Q2FY24 and 2 times higher in H1-FY25 over H1-FY24.

• In continuation of its strategy to monetize its real estate assets the company has entered into an MOU to sell its Ceejay House property for a consideration of INR 400 million, subject to execution of definitive agreements.

• The Company has in the month of November completely repaid its high interest bearing real estate debt. With this the overall term debt currently is around INR 350 Million with the focus to reduce the same in future quarters.

Fermenta Biotech Limited

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Vitamin D3 500 Animal Feed Price Trend

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85
80
75
60
40
33
32
30
25
22
20 20
16
13
12 12
9 10 8 10
8 8
7
6 6 6
7 7 7
7
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024
Calendar Year
Source: feedinfo.com
Min of Low Max of High
Price (Euro/kg)
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Fermenta Biotech Limited

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Quarterly Standalone Financial Performance

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PARTICULARS (INR Mn)	Q2-FY25	Q2-FY24	Y-o-Y	Q1-FY25	Q-o-Q
Operational Revenue	895	513	74.5%	727	23.1%
Total Expenses	739	629	17.5%	708	4.4%
Operational EBITDA	156	(116)	NA	19	NA
Operational EBITDA Margins (%)	17.43%	NA	NA	2.61%	NA
Other Income	29	20	45.0%	26	11.5%
Depreciation	59	57	3.5%	59	NA
Finance Cost	37	37	-	34	8.8%
Profit/ (Loss) Before Tax and Exceptional Items	89	(190)	NA	(48)	NA
Exceptional Items	-	(90)	NA	-	NA
Tax	7	-	NA	-	NA
Profit/(Loss) after Tax	82	(280)	NA	(48)	NA
PAT Margins (%)	9.16%	NA	NA	NA	NA
Other Comprehensive Income	-	-	NA	-	NA
Total Comprehensive Income	82	(280)	NA	(48)	NA
Diluted EPS (INR)	2.81	(9.69)	NA	(1.68)	NA

Fermenta Biotech Limited

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Half Yearly Standalone Financial Performance

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PARTICULARS (INR Mn)	H1-FY25	H1-FY24	Y-o-Y
Operational Revenue	1,622	1,281	26.6%
Total Expenses	1,449	1,265	14.5%
Operational EBITDA	173	16	NA
Operational EBITDA Margins (%)	10.67%	1.25%	942 Bps
Other Income	56	41	36.6%
Depreciation	118	114	3.5%
Finance Cost	71	85	(16.5)%
Profit/ (Loss) Before Tax and Exceptional Items	40	(142)	NA
Exceptional Items	-	(90)	NA
Tax	7	-	NA
Profit/(Loss) after Tax	33	(232)	NA
PAT Margins (%)	2.03%	NA	NA
Other Comprehensive Income	-	-	-
Total Comprehensive Income	33	(232)	NA
Diluted EPS (INR)	1.14	(8.03)	NA

Fermenta Biotech Limited

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Quarterly Consolidated Financial Performance

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PARTICULARS (INR Mn)	Q2-FY25	Q2-FY24	Y-o-Y	Q1-FY25	Q-o-Q
Operational Revenue	950	569	67.0%	781	21.6%
Total Expenses	763	708	7.8%	773	(1.3)%
Operational EBITDA	187	(139)	NA	8	NA
Operational EBITDA Margins (%)	19.68%	NA	NA	1.02%	NA
Other Income	29	19	52.6%	28	3.6%
Depreciation	61	59	3.4%	61	-
Finance Cost	37	37	-	34	8.8%
Profit/ (Loss) Before Tax and Exceptional Items	118	(216)	NA	(59)	NA
Exceptional Items	-	(75)	NA	-	NA
Tax	7	-	NA	-	NA
Profit/(Loss) after Tax	111	(291)	NA	(59)	NA
PAT Margins (%)	11.68%	NA	NA	NA	NA
Other Comprehensive Income	(21)	8	NA	3	NA
Total Comprehensive Income*	90	(283)	NA	(56)	NA
Diluted EPS (INR)	3.94	(9.89)	NA	(2.01)	NA

*Total OCI is calculated Excluding Non-controlling Interest

Fermenta Biotech Limited

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Half Yearl Consolidated Financial Performance y

PARTICULARS (INR Mn)	H1-FY25	H1-FY24	Y-O-Y
Operational Revenue	1,732	1,394	24.2%
Total Expenses	1,536	1,423	7.9%
Operational EBITDA	196	(29)	NA
Operational EBITDA Margins (%)	11.32%	NA	NA
Other Income	57	39	46.2%
Depreciation	123	119	3.4%
Finance Cost	71	85	(16.5)%
Profit/ (Loss) Before Tax and Exceptional Items	59	(194)	NA
Exceptional Items	-	(75)	NA
Tax	7	-	NA
PAT	52	(269)	NA
PAT Margins (%)	3.00%	NA	NA
Other Comprehensive Income	(18)	6	NA
Total Comprehensive Income*	34	(263)	NA
Diluted EPS (INR)	1.92	(8.99)	NA

*Total OCI is calculated Excluding Non-controlling Interest

Fermenta Biotech Limited

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Historical Standalone Income Statement

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PARTICULARS (INR Mn)	H1-FY25	FY24	FY23	FY22
Operational Revenue	1,622	3,071	3,289	3,880
Total Expenses	1,449	2,701	2,905	3,120
Operational EBITDA	173	370	384	760
Operational EBITDA Margins (%)	10.67%	12.05%	11.68%	19.59%
Other Income	56	82	85	75
Depreciation	118	237	245	237
Finance Cost	71	171	208	172
Profit/ (Loss) Before Tax and Exceptional Items	40	44	16	426
Exceptional Items	-	(90)	(596)	-
Tax	7	141	(10)	124
Profit/(Loss) after Tax	33	(187)	(570)	302
PAT Margins (%)	2.03%	NA	NA	7.78%
Other Comprehensive Income	-	2	1	(2)
Total Comprehensive Income	33	(185)	(574)	300
Diluted EPS (INR)	1.14	(6.49)	(19.75)	10.43

Fermenta Biotech Limited

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Historical Consolidated Income Statement

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PARTICULARS (INR Mn)	H1-FY25	FY24	FY23	FY22
Operational Revenue	1,732	3,357	3,499	3,985
Total Expenses	1,536	3,082	3,323	3,371
Operational EBITDA	196	275	176	614
Operational EBITDA Margins (%)	11.32%	8.19%	5.12%	15.41%
Other Income	57	118	86	81
Depreciation	123	247	282	255
Finance Cost	71	170	208	171
Profit/(Loss) before Exceptional Items and Tax	59	(24)	(228)	269
Exceptional Items	-	(74)	(285)	-
Tax	7	140	18	118
Profit/(Loss) after Tax	52	(240)	(531)	154
PAT Margins (%)	3.00%	NA	NA	3.86%
Other Comprehensive Income	(18)	(2)	(15)	7
Total Comprehensive Income	34	(242)	(546)	161
Diluted EPS (INR)	1.92	(7.99)	(17.7)	5.33

*Total OCI is calculated Excluding Non-controlling Interest

Fermenta Biotech Limited

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Historical Standalone Balance Sheet

PARTICULARS(INR Mn)		H1-FY25	FY24
Equity		3,150	3,142
a) Equity share capital		145	144
b) Other equity		3,005	2,998
Liabilities
Non-current liabilities		694	895
a) Financial liabilities
i) Borrowings		229	426
ii) Lease liabilities		50	55
iii) Other financial liabilities		37	35
b) Provisions		54	54
c) Other non-current liabilities		324	325
Current Liabilities		1,663	1,609
a) Financial liabilities
i) Borrowings		959	897
ii) Lease liabilities		10	10
iii) Trade payables		488	530
iv) Other financial liabilities		88	76
b) Provisions		6	6
c) Other current liabilities		104	83
d) Current tax liabilities (Net)		3	4
e) Contract Liability		5	3
TOTAL EQUITY AND LIABILITIES		5,507	5,646

PARTICULARS(INR Mn)	H1-FY25	FY24	FY23
Assets
Non-current Assets	3,165	3,264	4,105
a) Property, plant and equipment	2,291	2,364	2,048
b) Capital work-in-progress	63	16	419
c) Right of use assets	148	154	117
d) Investment property	53	54	287
e) Goodwill	41	41	41
f) Other intangible assets	38	54	74
g ) Intangible assets under development	-	-	31
h) Investments
i)Investments in subsidiaries	32	32	122
i) Financial assets
i) Investments	5	4	4
ii) Loans	74	74	72
iii) Others financial assets	40	40	210
iv) Trade Receivables	125	117	180
j) Deferred tax assets (Net)	220	220	333
k) Non-current tax assets (Net)	27	82	103
l) Other non-current assets	8	12	64
Current Assets	2,342	2,382	2,533
a) Inventories	837	786	1,097
b) Financial assets
i) Trade receivables	916	771	674
ii) Cash and cash equivalents	124	186	321
iii) Bank balances other than (iii) above	162	380	230
iv) Investments	-	-	28
v) Loans	11	47	10
vi) Other financial assets	12	13	9
c) Other current assets	243	167	132
d) Contract assets	37	32	32
TOTAL ASSETS	5,507	5,646	6,638

Fermenta Biotech Limited

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Historical Consolidated Balance Sheet

PARTICULARS(INR Mn)		H1-FY25	FY24	FY23
Equity		2,860	2,851	3,126
a) Equity share capital		145	144	144
b) Other equity		2,756	2,744	3,009
c) Non-controlling interests		(41)	(37)	(27)
Liabilities
Non-current liabilities		693	894	1,152
a) Financial liabilities
i) Borrowings		228	425	836
ii) Lease liabilities		50	55	20
iii) Other financial liabilities		37	35	11
b) Provisions		54	54	46
c) Other non-current liabilities		324	325	239
Current Liabilities		1,840	1,733	2,087
a) Financial liabilities
i)Borrowings		959	897	1,333
ii)Lease liabilities		10	10	7
iii)Tradepayables		661	649	458
iv)Other financial liabilities		89	77	91
b)Provisions		8	11	26
c)Other current liabilities		105	83	168
d)Current tax liabilities(Net)		3	3	3
e)Contract Liability		5	3	1
TOTAL EQUITY AND LIABILITIES		5,393	5,478	6,365

PARTICULARS (INR Mn)	H1-FY25	FY24	FY23
Assets
Non-current Assets	2,949	3,061	3,835
a)Property, plant and equipment	2,291	2,364	2,048
b)Capital work-in-progress	63	16	419
c)Right of use assets	148	154	117
d)Investmentproperty	53	54	287
e)Goodwill	41	41	115
f)Other intangible assets	51	72	102
g )Intangible assets under development	-	-	31
h) Financial assets
i)Investments	5	4	4
ii)Loans	2	3	2
iii)Others financial assets	40	40	210
i)Deferred tax assets(Net)	220	220	333
j)Non-current tax assets(Net)	27	82	103
k)Other non-current assets	8	11	64
Current Assets	2,444	2,417	2,530
a)Inventories	1,013	874	1,301
b) Financial assets
i)Trade receivables	757	698	416
ii)Cash and cash equivalents	206	218	353
iii)Bank balances other than(iii)above	162	380	230
iv)Investments	-	-	28
v)Loans	11	47	10
vi) Other financialassets	6	9	4
c) Othercurrent assets	252	160	156
d) ContractAssets	37	31	32
TOTAL ASSETS	5,393	5,478	6,365

Fermenta Biotech Limited

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Historical Consolidated Financial Performance

Operational Revenue (INR Mn) Operational EBITDA (INR Mn) & Margins (%)

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3,985
3,499 3,357
1,732
FY22 FY23 FY24 H1-FY25
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614
15.41%
275 11.32%
196
176 8.19%
5.12%
FY22 FY23 FY24 H1-FY25
EBITDA (INR Mn) EBITDA Margins (%)
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Working Capital Days

RoCE & RoE (%)

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98
74
46
FY22 FY23 FY24
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7%
-2% 1%
4%
FY22 FY23 FY24
-8%
-17%
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PAT (INR Mn) & Margins (%)
154
52
3.86%
3.00%
FY22 FY23 FY24 H1-FY25
-7.15%
-240
-15.18%
-531
PAT (INR Mn) PAT Margins (%)
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Net Debt to Equity (x)

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0.55
0.51
0.29
0.25
FY22 FY23 FY24 H1-FY25
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RoCE (%) RoE (%)

Fermenta Biotech Limited

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Disclaimer

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No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management Fermenta Biotech Limited (“Company” or “FBL”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and 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. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

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For further information please contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: fermenta@valoremadvisors.com

Fermenta Biotech Limited

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Thank You