GHCL Ltd. — Interim / Quarterly Report 2023

May 1, 2023

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May 1, 2023 वैशाख, शुक्ल प�, एकादशी २०८० �वक्रम सम्वत

National Stock Exchange of India Limite d

“Exchange Plaza” Bandra – Kurla Complex, Bandra (E), Mumbai – 400 051 NSE Code: GHCL

BSE Limited

Corporate Relationship Department, 1[st] Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai – 400 001 BSE Code: 500171

Dear Sir/Madam,

Subject: Investors’ Presentation – Q4FY23 Business Update

As informed on April 24, 2023 that a conference call to discuss the Q4FY23 results of the company with Mr. R S Jalan, Managing Director and Mr. Raman Chopra, CFO & Executive Director (Finance) is scheduled to be held on Tuesday, May 2, 2023 at 04.00 PM (IST). In this regard, copy of the financials and other business details for Q4FY23 (i.e. Business Update), which is going to be circulated for the scheduled investors’ conference, is enclosed herewith for your reference & record.

Please note that copy of this intimation is also available on the website of BSE Limited (www.bseindia.com/corporates), National Stock Exchange of India Limited (www.nseindia.com/corporates) and website of the Company (www.ghcl.co.in ).

You are requested to kindly take note of the same.

Thanking you

Yours truly

For GHCL Limited

Bhuwnesh Digitally signed by Bhuwneshwar war Prasad Prasad Mishra Date: 2023.05.01 Mishra 23:27:12 +05'30' Bhuwneshwar Mishra Sr. GM - Sustainability & Company Secretary (Membership No.: FCS 5330)

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GHCL Limited Q4 FY23 Business Update May 2023

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Safe Harbour

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and
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Management Commentary

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“ Demerger of spinning business will enable each business to concentrate on their specific areas of expertise and respond quickly to market opportunities.”

Commenting on the Q4 FY23 performance, Mr. R. S. Jalan, MD said:

“Top-line, EBITDA, as well as PAT performance was in-line with the expected trajectory, where all the metrices reported steady growth during the quarter. However, the industry witnessed some volatility in the past one-month or so, which resulted in price compression for soda ash. The moderation in pricing is largely on account of softening energy prices and supply chain cost, while margins are stable and the demand supply dynamics remain intact. Having said that, we continue to monitor for new capacities coming up from inner-Mongolia and the impact on supply side.

Despite this, we have a positive outlook for Inorganic Chemicals and believe that this performance will continue as we efficiently utilize our capacities. Furthermore, emerging end-use segments of solar glass and lithium carbonate are expected to meaningfully contribute to increased demand in the future.

We have stayed true to our promise and demerged our spinning business into ‘GHCL Textiles Limited’ effective April 1, 2023. With this, we will focus our expertise on sustainably driving the performance of Inorganic Chemicals segment. This demerger will result in creation of independent businesses that are uniquely positioned to enhance stakeholders' value over time.”

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Demerger of the Spinning business into ‘GHCL Textiles Limited’

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As of April 1, 2023, GHCL Limited has successfully demerged its spinning business into a separate entity called GHCL Textiles Limited.

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GHCL shareholders have received shares of
GHCL Textiles Limited in the ratio of 1:1
To be listed on both NSE & BSE post
regulatory approvals
Demerger
details
Shareholding pattern of GHCL Textiles to GHCL Textiles has assumed all the assets
remain same as on record date and liabilities of the spinning business.
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Post Demerger, GHCL Limited will be exclusively Inorganics chemical focused company.

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Performance Highlights – FY23 (Continued operations)

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50% 106% 159% 133%
FY23
Vs
FY22 Revenue EBITDA PAT Cash Profit
(Y-o-Y) Rs. 4,584 Rs. 1,520 Rs. 1,092 Rs. 1,187
crore crore crore crore
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Note: Revenue includes transportation charges recovered from customers as per IND AS requirement

Profit & Loss Statement

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(Rs. In Crore)

Profit & Loss Statement							(Rs.	In Crore)
Particulars	Q4 FY23	Q4 FY22	Y-o-Y	Q3 FY23	Q-o-Q	FY23	FY22	Y-o-Y
Revenue from continued operations*	1,141	1,058	8%	1,107	3%	4,584	3,061	50%
Operating Expenses of continued operations	771	721	7%	735	5%	3,064	2,323	32%
EBITDA from continued operations	370	338	10%	372	(1%)	1,520	737	106%
EBITDA Margins of continued operations	32.5%	31.9%	60 bps	33.6%	(110Bps)	33.2%	24.1%	910 bps
Depreciation of continued operations	27	22	24%	22	20%	94	87	8%
EBIT from continued operations	344	316	9%	350	(2%)	1,426	650	119%
Interest of continued operations	10	15	(33%)	10	5%	39	51	(25%)
Exceptional Item of continued operations	--	25	NM	--	--	(55)	25	NM
Profit Before Tax from continued operations	333	276	21%	340	(2%)	1,443	574	151%
Tax of continued operations	83	76	9%	86	(3%)	350	152	130%
Profit After Tax from continued Operations	251	200	25%	254	(1%)	1,092	422	159%
Profit After Tax from discontinued Operations	(33)	61	NM	-5	NM	24	215	(89%)
Profit After Tax	218	261	(16%)	249	(12%)	1,117	637	75%

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Note: Revenue includes transportation charges recovered from customers as per IND AS requirement

Spinning Business

Inorganic Combined Chemicals ( Rs. In Crore )

Balance Sheet

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Particular March 2022 March 2023 Non Current Assets (A) 2,810 1,968 Current Assets (B) 1,605 1,539 Assets Held for sale & Discontinued operations (C) 576 1,618 Total Assets (A)+ (B)+ (C) 4,992 5,125 Net Worth (D) 2,952 3,934 Other Non Current Liabilities (E) 428 262 Current Liabilities (F) 761 323 Long Term Debt (G) 425 243 Short Term Debt (H) 343 105 Total Debt (I)=(G)+(H) 768 348 Liabilities Held for sale & Discontinued operations (J) 82 259 Total Liabilities (D)+(E)+(F)+(I)+(J) 4,992 5,125 Spinning Business (Discontinued Operations)	March 2023
	1,072
	546
	1,618
	119
	61
	53
	25
	79
	259

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Note: * Assets Held for sale in FY22 pertains to Divestment of Home textiles business and Discontinued operations in FY23 pertains to Demerger of spinning division

Resource allocation & Key financial ratios

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Including Discontinued Operations Continued Operations Efficient Capital Allocation FY23 Key Ratio’s Rs. 341 crore Rs. 261 crore Rs. 348 cr. Gross Debt Debt Repayment Working Capital Net Debt (0.06)x Net Debt/Equity  Rs. 316 crore Free  Rs. 1,406 cr. Generated Cash Growth Capex (0.10)x[Net Debt/EBITDA] inflows  Increase in Non current assets Net Cash Surplus of Dividend 45%[ROCE] & Others Rs. 50 crore Rs. 143 crore Rs. 157 Cr. 42%[ROE] Increase in cash & Cash Closing cash & Cash Equivalents Rs. 295 crore. Equivalents - Rs. 525 crore.

Note: ROCE and ROE post tax are calculated based on trailing 12 months. ** Net Debt surplus is calculated after deducting cash, bank and current investments considered as cash and cash equivalents.

Proposed dividend of Rs. 17.5 per share amounting to 175% of the paid up equity capital.

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Q4 FY23 Highlights – Inorganic Chemicals (Continued operations)

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(Rs. In Crore)

Particulars	Q4 FY23	Q4 FY22	Y-o-Y	Q3 FY23	Q-o-Q
Revenue	1,141	1,058	8%	1,107	3%
EBITDA	370	338	10%	372	(1%)
EBITDA %	32.5%	31.9%	60 bps	33.6%	(110bps)

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Inorganic Chemicals – Quarterly Trend
Revenue (Rs cr) EBITDA (Rs cr) EBITDA (%)
1,153 1,183 1,107 1,141
1,058 35%
34%
32%
32% 338 32% 364 413 372 370
Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
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Performance Highlights
❖ Revenue: Y-o-Y growth was at 8 % fueled by healthy
realizations. The favorable demand-supply scenario
has led to stable gains in Soda Ash realization.
❖ EBITDA margins were higher by 60 bps and absolute
EBITDA improved by 10% on Y-o-Y basis
❖ One time Impacts during the quarter:
❖ Loss of Rs. 16.76 crore on account of
surrender of leased land to GIDC.
❖ Other Income of Rs. 11 Crore on account of
receipt of an insurance claim due to past
damages by storm “Tautke”
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Q4 FY23 Highlights – Spinning (Discontinued operations)

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(Rs. In Crore)

					(Rs. In Crore)
Particulars	Q4 FY23	Q4 FY22	Y-o-Y	Q3 FY23	Q-o-Q
Revenue	269	278	(3%)	233	16%
EBITDA	(27)	73	NM	3	NM
EBITDA %	(10%)	26.4%	NM	1.4%	NM

Spinning – Quarterly Trend

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Revenue (Rs cr) EBITDA (Rs cr) EBITDA (%)
26.3%
23.6%
278 275 260 233 269
11.3%
1.3%
73 65
29
3 -10.0%
Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
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Performance Highlights
❖ The textile industry continued to witness the ongoing
challenges due to volatility in cotton and yarn prices
coupled with softer demand. However, the spinning
industry is poised for the better performance in
medium term on the back of demand enquires from
downstream segment and moderation in cotton prices
from the peak.
❖ Revenues were lower by 3% on a Y-o-Y basis and up by
16% on Q-o-Q basis
❖ EBITDA was lower during the quarter mainly due to
one time raw material inventory write down of Rs.
36.36 Cr, owing to IND AS requirement to value the
raw material at replacement cost due to compressed
cotton and yarn spreads.
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Business outlook – Inorganic Chemicals

• As per global industry outlook, long term demand is very healthy and is likely to grow from 63 million MT to 78-83 million MT by 2030.

• This increase in demand shall be driven by newer segments such as solar glass, lithium and sodium bi-carbonate.

• In view of above, long term demand scenario will be very robust.

• However, some blip may occur in short term. While new capacities came on stream in China and US, supply in rest of the world remains tight.

• China’s presence in international trade in future will reduce significantly , as it is likely to focus more on its expanding domestic market on back of demand from solar glass and Lithium carbonate.

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• With softening of energy prices and input cost there may be some moderation in Soda ash prices, However the margins are likely to remain stable.

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Global outlook on the Soda Ash industry

Soda Ash Market Outlook

Soda ash market conditions remain balanced in most parts of the world. Soda Ash demand continued to get a boost from sectors linked to the environment including solar glass, lithium carbonate and FTG. With easing energy and input costs moderation in prices all-over witnessed.

GLOBAL SIZE: CAPACITY-71 MMT, PRODUCTION-64 MMT

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CAPACITY: 15.1 MMT
PRODUCTION: 13.6 MMT
CAPACITY: 31.2 MMT
PRODUCTION: 29.1 MMT
EUROPE & Turkey
AMERICA CHINA
CAPACITY: 4.3 MMT
PRODUCTION: 3.6 MMT
INDIA
CAPACITY: 13.3 MMT
PRODUCTION: 11.6 MMT
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Turkey: Soda ash demand is reported to be good, especially for container glass with detergents remaining balanced. Gas prices reduction making producers more cost competitive.

US: Soda Ash Market remained balanced, prices across the Americas are observed to be softening in early March.

Europe: Production facilities are back to optimized productions level with easing in energy prices. Stable demand-supply scenario.

China : Strong demand for Dense soda ash on account of push in solar glass production but weaker side on Light soda ash due to softer demand in chemicals and detergent. Berun’s Inner Mongolia plant can create a temporary blip in demand supply scenario.

Middle East & Africa: Demand in the Arabian Gulf is reported to be very strong with both container and flat glass performing well.

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ROW (CIS, Africa , M&E , Others) CAPACITY: 6.8 MMT PRODUCTION: 5.8 MMT

Globally market is growing @ 2.5%-3% pa CAGR generating around ~2Mn MT additional soda ash demand every year

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Quality assets, high-potential runway for growth

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Chemicals business

• 1.2 mn tons largest single location facility

• Comfort of key input material integration

• Industry leading efficiency and productivity

• Brownfield scale up achieved at minimal capex

Inorganic Chemicals	Performance
Revenues (5-year CAGR)	17%
EBITDA Margins (5 Years Avg.)	29%
Segmental Debt (Rs. Cr)	Zero Net Debt; Rs. (157 Cr.)

• Strong service orientation towards customers

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Key Differentiators

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Focus on driving responsible future growth – Inorganic Chemical

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GHCL Inorganic Chemicals growth levers

• Doubling RBC (Sodium Bicarbonate) Capacity from 60k to 120K MT

• Debottlenecking of existing soda ash facility.

• Vacuum salt from waste energy.

• Focus on Greenfield Soda Ash project of 5L MT

• Augmenting our backward integration of raw material for enhanced control on cost

• Focus on reducing carbon footprint – proposed 6.5 MW of renewable energy project

• Inducting AI & IoT 4.0 at plant level for manufacturing excellence which can enable immense efficiencies

Smarter foundation for better tomorrow; Creating scale - strengthening leadership

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Value added approach to business

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Continuous innovation to create value for customers

Intent to do different but do well

• Bulk chemicals/ managed commodity business is in the DNA of the Company and in-line with this, foraying into Soda Ash was by design – what Company has achieved here over the last decade in terms of size, scale and profitability is remarkable

• From incorporation till date, the intent has been to deliver best possible product at the most reasonable cost. While doing so, lot of initiatives have been undertaken to offer value to the customers

• Sodium Bicarbonate is a value-added product. While it has varied applications across many end-user industries, one potential application is for the flue gas treatment which is under trial; once approved, this could be a major game changer and will elevate the demand trajectory

• Based on key strengths and expertise in bulk chemicals, opportunities in adjacent chemistries are regularly evaluated to diversify the revenue streams while achieving leadership in the existing business

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Strategically identified customers with product quality that they seek

• Company is strategically identifying newer end-use opportunities emerging for its Sodium bi carbonate through solution based selling for flue gas treatment

• The objective is to target right set of customers within the industry and offer them the right products and solutions. Having right customers prevents fluctuation in pricing and therefore margins

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Inorganic Chemicals – Sodium Bicarbonate

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Doubled capacity
from 30,000 to
Doublings capacity from
60,000 MT in
December 2017 60,000 MT to 1,20,000 MT
Generally
named as baking
Specialization and
soda, bread
experience in
soda, cooking
manufacturing of
soda and
around a decade
bicarbonate of
Likely solution based
soda
offerings for Flue gas
Used in Cooking,
Pharmaceuticals, treatment
Fire Extinguishers,
pH balancer, and
Cleaning agent
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Key Application of Sodium Bicarbonate

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Potential
application of
Sodium
bicarbonate in
flue gas
treatment which
is under trial
phase; could be a
game changer
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Animal Feed Chemicals
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Awards & Recognitions

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HR Excellence Award

GHCL received 12[th] CII National HR Excellence Award for strong commitment 13th CEO

Mahatma Award for

CSR Excellence

Conference

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Sustainability 4.0 Awards

Gold National Awards

by Frost & Sullivan as Challenger Award 1st Runner Up, Mega large business, process sector.

for Manufacturing Competitiveness2019-20 by International Research Institute for Manufacturing

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5 Notch Upgrades in last 6 years
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Enhanced Credit Ratings – Upgraded to AAwith Stable outlook,

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338
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Referred as Great Place to work in seventh consecutive years of participation Recognized in Top 50 manufacturing workplace

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382
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Company Overview

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GHCL – An Introduction

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Best-in-class 1
❖ Operations management
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• ❖ CAPEX planning and execution

• ❖ Financial management

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• ❖ Focused management approach

• ❖ Strategy led by professional management team

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Targeting

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❖ To grow profits at a CAGR 15% on a long-term horizon
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• ❖ To inculcate value systems that defines our culture

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❖ To drive sustainable inclusive growth involving all stakeholders
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12 Lac MT Soda Ash Capacity Dividend Payout Policy (% of Profits) 15%-20%
2 [nd]
Zero Net Debt Largest manufacturer Return on Equity (ROE) 42%
of Soda Ash in India,
with 26% market
<1.0 Debt to equity ratio maintained over share Return on Capital Employed (ROCE) 45%
the last 3 years
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Note : *As on 31st March, 2023

GHCL Overview

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Best in class Business Focus to
3 decades of
Leading soda operational Philosophy of emerge as a Professionally
Indian
ash player in efficiencies Inclusive sustainable managed
Manufacturing
India and capacity growth of all business workforce
experience
utilizations stakeholders organization
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Evolution of GHCL through the years

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Soda Ash production capacity enhanced to 12 Lacs MT

Soda Ash production capacity increased to 9.75 Lacs MTPA

Soda Ash capacity increased to 8.5 Lacs MTPA

Doubled Sodium bicarbonate capacity to 60K MTPA

Spindles capacity increased to 225k and added 20 MW Renewable energy in spinning division

Added TFOs for value added yarn and Air Jet Spinning

Entered Spinning business with 65K s pindles subsequently increased to 140K Commissioned Home Textile plant with 36mn meters processing capacity and 96 Air Jet looms Commissioned Refined Sodium Bicarbonate plant

Home Textiles, Processing capacity increased to 45mn meters with total 190 Air Jet weaving looms

Demerged spinning business into GHCL Textiles Limited

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2009- 2021-
2015 2022
1988- Soda Ash production
2000 capacity increased to 11 Lacs
MTPA / year in FY2019
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Spindles capacity increased to 175K, installed 3320 rotors in spinning

GHCL is now the one of the largest manufacturer of Soda Ash in India at a single location.

Successfully completed divestment of Home Textile

Commenced Soda Ash Production with 4.2 Lacs MTPA which was further increased to 5.25 Lakh MTPA

business to lndo Count Industries Limited effective 2nd April 2022 for total consideration of Rs. 630 crore

Launch of ‘i-FLO’ salt and ‘i-Flo Honey’ brands

Spindles capacity increased to 185K

Commenced Edible Salt Production and Launched ‘Sapan’ salt

Air Jet Looms capacity increased to 162

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Our Objective

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“Achieve the CAGR growth of 15% in bottom-line with creating value for all our 5 stakeholders”

Responsible Growth

Organic Growth – CAPEX, NonCAPEX led Growth, Growth – M&A/ JV and Optimize Return on Capital

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Brand Image

Corporate Governance, Customer Focus and Stakeholder Engagement

ESG

HSE – Zero Harm, CSR - Responsible Citizen and Renewable Energy

Learning Organization

Competency Building, Talent Management and Employer of Choice

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To Grow our Business Responsibly, with Governance, Sustainability and Core Values as our Foundation

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Core Values at forefront

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MISSION

Responsibly maximising stakeholder value

• ❖ GHCL is a unique workplace which is dotted with its Core Values, defining its culture.

• ❖ Every employee in the Company is expected to imbibe its Core Values and interact within the business ecosystem with all its stakeholders accordingly.

• ❖ Here we have established the link for performance appraisals of every employee with core value surveys conducted twice a year.

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VISION

To grow our business responsibly, with governance, sustainability and core values as our foundation

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Integrated Respect Trust Ownership teamwork Thoughtful and Confidence in each Responsibilities of Each person to work show regards for others' capabilities own decisions and towards larger group another person. and intentions. actions. objectives.

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Spearheaded by distinguished management

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Experienced and accomplished Board of Directors
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R S Jalan Managing Director

Mr. Sanjay Dalmia Mr. Anurag Dalmia Neelabh Dalmia (Chairman) (Vice Chairman) (Executive Director, Growth & Diversification) Dr. Manoj Vaish Justice (Rtd.) Ravindra Singh Mr. Arun Kumar Jain (Independent Director) (Independent Director) (Ex-IRS) (Independent Director) Mrs. Vijaylaxmi Joshi Mr. Lavanya Rastogi (Independent Director) (Independent Director)

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Raman Chopra CFO & Executive Director

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Resilient Operational Team
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NN Radia R. Balakrishnan Sunil Singh President & COO, Soda Ash CEO, Spinning VP, Marketing (Soda Ash) & CEO CPD

Bhuwneshwar Mishra Biswarup Goswami CHRO VP, Sustainability & Company Secretary

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About Us

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GHCL Limited was incorporated on 14th October 1983. The Company has established itself as a well-diversified group with an ascertained footprint in chemicals and consumer products segments. In chemicals, the Company mainly manufactures Soda Ash (Anhydrous Sodium Carbonate) that is a major raw material for detergents & glass industries; and Sodium Bicarbonate (baking soda). Consumer Products operation is another business for GHCL where it is a leader in manufacturing and selling edible salt, industrial grade salt and jujube honey in the country under the brand name of I-Flo.

At GHCL Ltd., sustainability is a core element of the business strategy as defined under the aegis of 'GHCL Way' which has four pillars i.e., Responsible Stewardship, Social Inclusiveness, Promoting Relationship and Adding Value. GHCL is committed to working closely with all stakeholders at various plant locations for promoting the agenda of sustainability underpin on GHCL Ltd. core values (Respect, Trust, Ownership and Integrated Teamwork).

For more information, please visit us at www.ghcl.co.in

Contact Us:

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Abhishek Chaturvedi / Manu Jain

GHCL Limited

Tel: +91 120 493 9929 / 934 Email:

abhishekchaturvedi@ghcl.co.in/manujain@ghcl.co.in

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Siddharth Rangnekar / Nishid Solanki CDR India Tel: +91 22 6645 1209 / 1221

Email: siddharth@cdr-india.com / nishid@cdr-india.com

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Thank You
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27

Proforma Financials- Spinning Division (Discontinued Operations)

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Profit & Loss Statement	FY23	FY 22		Balance Sheet	FY23	FY22
Revenue	1,037	924		Non Current Assets (A)	1,072	932
Operating Expenses	966	669		Current Assets (B)	546	407
EBITDA	70	255
EBITDA Margins Depreciation	6.8% 40	27.6% 30		Total Assets (C) = (A)+ (B) Net Worth (D)	1618 1,359	1,338 1,044
EBIT	30	225		Other Non Current Liabilities (E)	119	80
Interest	7	12		Current Liabilities (F)	61	68
Profit Before Tax	23	213		Long Term Debt (G)	53	80
				Short Term Debt (H)	25	147
				Total Debt (I)=(G)+(H)	79	227
				Total Liabilities (J)=(D)+(E)+(F)+(I)	1,618	1,338

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