Globus Spirits Limited — Interim / Quarterly Report 2021

Jun 16, 2021

==> picture [135 x 116] intentionally omitted <==

Result Presentation | June 2021

ENA | Value Segment | Franchise Bottling | Premium Segment

TABLE OF CONTENT

Q4/ FY21 Performance	Q4/ FY21 Performance
Performance Highlights	3
Segmental Performance	5
Financial Highlights	8
Annexure
Company Overview	11
Financials	21
Shareholding Pattern	27

2

Q4 FY21 | Performance Highlights Q4 & FY21 | Performance Highlights

==> picture [68 x 58] intentionally omitted <==

Q4FY21 (YoY %) FY21 (YoY %) Consolidated	Q4FY21 (YoY %) FY21 (YoY %) Consolidated
Gross Revenue 66% Rs 4,909 Mn	Gross revenue growth backed by increase in both volume and value, mainly in the Consumer Business segment EBITDA Margin grew by over 1000 bps YoY in Q4 & FY21, on account of higher share of Consumer Business, and better realizations on ENA and Ethanol Continuing to generate high Cash Profit Rs 16,721 Mn Rs 2,613 Mn Rs 1,408 Mn Rs 1,815 Mn Finance cost declined by 18% YoY to Rs 41 Mn in Q4FY21 and by 20% YoY to Rs 188 Mn in FY21 32% 103% 183% 107%
EBITDA 142% Rs 893 Mn
PAT 162% Rs 506 Mn
Cash Profit 112% Rs 617 Mn

Q4 FY21 | Performance Highlights Key Business Updates

==> picture [68 x 58] intentionally omitted <==

The Board has recommended a dividend of 20%, that is, Rs 2.00 per share (FV of Rs 10 per share) for FY21

Consumer Business:

• The share of consumer business grew to ~43% in FY21 from ~35% in FY20, on the back of both volume and value growth

• The value segment sales volumes and realisations grew by 12-13% YoY each to 12.34 Mn cases and Rs 427 per case, respectively

• The value segment revenue grew by 27% YoY to Rs 5,263 Mn

West Bengal project update:

• Work is going on smoothly except for the slight delay due to Covid-19; commercial production estimated to start by Sep 2021

• 140 KLPD of capacity to be added at an estimated cost of Rs 1,100 Mn. The total capacity at WB will stand at ~280 KLDP post this expansion

Status of Unibev Merger:

• Shareholders, Secured Creditors and Unsecured creditors of both the companies have already approved the scheme

• Final hearing at NCLT was fixed for 10-Jun-21 but due to covid situation the final hearing date has been postponed for 22-Jul-21

Segment-wise Net Revenue Mix (Standalone) Moving towards a more favourable mix with higher share of Consumer Business

==> picture [718 x 260] intentionally omitted <==

----- Start of picture text -----

Quarterly Revenue Mix Yearly Revenue Mix
41.9%
44.0%1,565 5137
35.7%4147
34.6%932
1,763.065.4% 56.0%1,983 5,752.064.3% 58.1%1,280
Q4FY20 Q4FY21 FY20 FY21
Manufacturing Business Consumer Business
----- End of picture text -----

• Share of Consumer business (value segment) increased by ~900 bps YoY from ~35% in Q4FY20 to ~44% in Q4FY21

• Manufacturing includes revenue from Bulk Alcohol, Franchise Bottling, Hand Sanitisers and Others (by-products)

5

Consumer Business

Total Value Segment* Sales volumes in Q4FY21 grew by 50% YoY to 3.74 Mn cases

==> picture [719 x 237] intentionally omitted <==

----- Start of picture text -----

Value Segment Quarterly Value Segment Yearly
3.7 4.00
12.3 13.50
11.0
3.50 11.50
9.50
3.00
2.5 7.50
1,565 5,137
2.50
4,147 5.50
932.3
2.00 3.50
1.50
1.50
FY20 FY21
Q4FY20 Q4FY21
----- End of picture text -----

Revenue (Rs. Mn) Volumes (Mn Cases)

• Aggregate Value Segment Revenue in Q4FY21 grew by 68% YoY to Rs. 1,565 Mn, as against Rs. 932 Mn in Q4FY20

• Aggregate value segment realizations -Rs. 419 per case in Q4FY21 against Rs. 373 per case in Q4FY20

• Value Segment : Includes all Country Liquor and Medium Liquor Brands)

6

Manufacturing – Strong Backbone Strong pick-up post lockdown; facilities ramped up to reach high utilisation levels

Bulk Alcohol Segment: Total Capacity of 160 Mn bulk liters per annum

==> picture [719 x 237] intentionally omitted <==

----- Start of picture text -----

120 110.0
28.4 110 103.2
100
90
80
70
26.2 1,537 605040 5,752 5,495
30
1,347 20
10
0
Q4FY20 Q4FY21 FY20 FY21
Revenue (Rs Mn) Sales Volumes (Mn BL) Revenue (Rs Mn) Sales Volumes (Mn BL)
----- End of picture text -----

Capacity Utilization for Q4FY20 was 88.8% compared to 99.4% in Q4FY21

Average realization for bulk alcohol increased to Rs. 54.2 per litre in Q4FY21 from Rs. 51.4 per litre in Q4FY20

7

Profit & Loss Highlights | Q4 & FY21 Consolidated financials

Particulars (Rs Mn) Q4 FY21 Q4 FY20 YoY (%) Gross Revenues 4,909.1 2,966.1 65.5% Less- Excise duty 1,342.3 251.0 434.7% Net Revenues from Operations 3,566.8 2,715.1 31.4% Other Income 13.1 16.1 -18.7% Total Income 3,579.9 2,731.2 31.1% Total Expenditure 2,687.4 2,361.8 13.8% Consumption of Material 1,744.8 1,572.8 10.9% Employee Cost 90.5 85.0 6.4% Other Expenditure 852.2 704.0 21.1% EBITDA 892.5 369.4 141.6% Depreciation & Amortization 110.9 97.4 13.9% EBIT 781.6 272.0 187.3% Finance Cost 40.9 49.8 -18.0% PBT 740.7 222.2 233.4% Tax Expense (Current, Deferred Tax) 234.4 28.6 718.3% PAT (From ordinary activities) 506.3 193.5 161.6% EPS 17.58 6.74 161.0%	Q3 FY21 QoQ (%) 4,325.1 13.5% 1,161.3 15.6% 3,163.9 12.7% 9.5 37.4% 3,173.4 12.8% 2,489.4 8.0% 1,619.4 7.7% 94.0 -3.8% 776.0 9.8% 684.1 30.5% 100.5 10.4% 583.6 33.9% 47.5 -13.8% 536.1 38.2% 153.1 53.1% 383.0 32.2% 13.27 32.5%	FY21 FY20 YoY (%)
		16,721.3 12,674.3 31.9%
		4,413.6 986.1 347.6%
		12,307.7 11,688.2 5.3%
		65.6 37.4 75.6%
		12,373.3 11,725.5 5.5%
		9,760.7 10,440.8 -6.5%
		6,531.6 7,175.8 -9.0%
		384.2 342.8 12.1%
		2,844.8 2,922.2 -2.6%
		2,612.6 1,284.8 103.4%
		406.6 380.2 6.9%
		2,206.0 904.6 143.9%
		188.3 235.5 -20.1%
		2,017.7 669.0 201.6%
		609.5 172.0 254.4%
		1,408.2 497.0 183.3%
		48.90 17.33 182.2%

8

Note: Higher Excise Duty on a YoY basis is on account of addition of Rajasthan Medium Liquor (RML) category (in Value Segment), which carries higher excise duty

Key Ratios | Q4 & FY21 Consolidated financials

Key Ratios (% of Total Income) Q4 FY21 Q4 FY20 EBITDA Margin 24.9% 13.5% PAT 14.1% 7.1% Total Expenditure 75.1% 86.5% Raw material 48.7% 57.6% Employee Cost 2.5% 3.1% Other Expenditure 23.8% 25.8%	Q3 FY21 21.6% 12.1% 78.4% 51.0% 3.0% 24.5% 1.5% 3.2% 0.3%	FY21 FY20
		21.1% 11.0%
		11.4% 4.2%
		78.9% 89.0%
		52.8% 61.2%
		3.1% 2.9%
		23.0% 24.9%
Finance Cost 1.1% 1.8% Depreciation 3.1% 3.6% Other Income (% of Net Revenue) 0.4% 0.6%		1.5% 2.0%
		3.3% 3.2%
		0.5% 0.3%

EBITDA Margin expansion driven by higher share of Consumer business, better realizations in ENA and Ethanol and softened Input prices

Higher EBITDA Margin coupled with lower Finance Cost drove profitability at PBT level

9

Balance Sheet | March 2021 Consolidated Financials

Liabilities (INR Mn)	Mar-20	Mar-21
Net-worth	4,473.0	5,853.2
Minority Interest	-9.0	-9.2
LT borrowings	1,328.0	1,067.1
Provisions	27.8	30.1
Deferred tax liabilities	282.6	524.8
Other non-current liabilities	37.0	77.0
Total Non Current Liabilities	6,139.4	7,542.9
ST borrowings	44.8	272.8
Trade payables	1,084.9	1,187.4
Provisions	6.9	67.7
Other financial liabilities	466.4	496.4
Current tax liabilities	53.6	31.4
Other current liabilities	197.0	321.5
Total Current Liabilities	1,853.5	2,377.2
Total Liabilities	7,992.9	9,920.2

Assets (INR Mn)	Mar-20	Mar-21
Fixed assets (incl. CWIP)	5,978.5	6,268.5
Intangible assets under development	6.1	-
Other financial assets	183.3	175.8
Income tax assets	0.3	0.3
Other non-current assets	61.1	437.9
Total Non Current Assets	6,229.3	6,882.5
Inventories	1,062.8	1,021.3
Trade receivables	338.1	879.2
Cash & cash equivalents	199.9	581.3
Other financial assets	28.3	49.9
Other current assets	134.5	505.9
Total Current Assets	1,763.6	3,037.6
Total Assets	7,992.9	9,920.2

10

Company Overview

Presence Across the Value Chain Well integrated operations aid in ensuring quality and cost control

==> picture [863 x 323] intentionally omitted <==

----- Start of picture text -----

Consumer Business - Owned Brands
Premium
Value Segment
Segment
(Country Liquor)
(UNIBEV)
Globus Spirits Limited Key Raw Material
(Broken Rice) Distillation
Premium Segment
(Franchisee Botting)
ENA & Ethanol
(160 Mn Litre p.a)
Sold to Beverage Companies & Fuel Companies
----- End of picture text -----

==> picture [13 x 9] intentionally omitted <==

----- Start of picture text -----

12
----- End of picture text -----

Business Segments Largely divided into Manufacturing and Consumer segments

==> picture [64 x 64] intentionally omitted <==

Manufacturing Business (~57% of Revenue) Strong Backbone…

Bulk Spirits	Franchisee Bottling	By Products
44%	1%	12%

==> picture [74 x 77] intentionally omitted <==

==> picture [46 x 78] intentionally omitted <==

==> picture [108 x 76] intentionally omitted <==

Consumer Business (~43% of Revenue) High Value… Value Segment Premium Segment 42.5% 0.5%

==> picture [62 x 84] intentionally omitted <==

==> picture [62 x 77] intentionally omitted <==

• Recently, commenced Production of Sanitizers

13

Consolidated revenue break up (FY21)

Manufacturing Business

1. Bulk Alcohol

Backbone of the 360[o] business model; Generating robust cashflows

• Globus is the largest grain based Extra Neutral Alcohol (ENA) manufacturer in India with a capacity of 160 Mn Litres

• Reputed IMFL players are major customers for Bulk Alcohol

• Presence in Rajasthan, Haryana, Bihar and West Bengal

ENA Production and Utilisation

ENA Revenue (INR Mn)

==> picture [274 x 169] intentionally omitted <==

----- Start of picture text -----

100% 93% 91% 91%
86%
90%
80% 72%
70%
60%
50%40% 145 138
127
30% 88 114
20%
10%
0%
FY17 FY18 FY19 FY20 FY21
Prodction (Mn liters) % Capacity Utilization
----- End of picture text -----

==> picture [274 x 182] intentionally omitted <==

----- Start of picture text -----

2,367 4,028 4,270 5,752 5,495
120 52.5 53.2 60.0
48.0
100 44.0 46.0 50.0
80 40.0
60 110 103 30.0
40 80 93 20.0
20 54 10.0
0 0.0
FY17 FY18 FY19 FY20 FY21
ENA Volume (Mn Litres) ENA Realization (per litre)
----- End of picture text -----

FY19 onwards capacity includes Bihar Plant

FY20 capacity was expanded to ~160 Mn BL

15

2. Franchisee Bottling Strong relationships with pedigreed players ensures steady offtake

Bottling volume (Mn cases)

20 year old relationships with ABD and USL / Diageo

Proxy play on growth in IMFL industry

Ramp up expected in West Bengal

==> picture [388 x 141] intentionally omitted <==

----- Start of picture text -----

80.00
63.6
40.7 43.5 46.0 50.0 60.00
40.00
20.00
3.3 3.4 4.5 4.0 2.8
0.00
FY17 FY18 FY19 FY20 FY21
Bottling volume (Mn cases) Bottling Fee (INR/case)
----- End of picture text -----

Franchisee Bottling Brands

==> picture [219 x 13] intentionally omitted <==

----- Start of picture text -----

Diageo & USL in Haryana & West Bengal
----- End of picture text -----

ABD in Rajasthan

==> picture [13 x 10] intentionally omitted <==

----- Start of picture text -----

16
----- End of picture text -----

==> picture [251 x 118] intentionally omitted <==

==> picture [43 x 88] intentionally omitted <==

==> picture [57 x 126] intentionally omitted <==

==> picture [82 x 106] intentionally omitted <==

3. By-Products

Process efficiencies lead to zero discharge and incremental revenues

❑ Animal Feed Supplements (AFS)

• Major by-product from distillation process is Animal Feed Supplements with Solubles & AFS

• Used as food for the animal feed industry

• High protein (min 45% ) and energy (~3500 K/cal)

• Provides excellent animal health, performance, and food product quality

❑ CO2

• Commercially available as high pressure cylinder gas , relatively low pressure refrigerated liquid , or as dry ice

• Commonly used as a raw material for production of various chemicals; carbonation of soft drinks; freezing of food products such as poultry, meats, vegetables and fruit

==> picture [238 x 12] intentionally omitted <==

----- Start of picture text -----

By-products (% of Total Operating Income)
----- End of picture text -----

==> picture [360 x 200] intentionally omitted <==

----- Start of picture text -----

13%
12%
11%
10%
9%
FY17 FY18 FY19 FY20 FY21
----- End of picture text -----

Note: Major contribution is of AFS, followed by Co2

17

Consumer Business

Value Segment – GSL is One of the Largest IMIL Players Product innovation and focus on brand building has enabled growth

Existing Product Portfolio

Focus on Innovation through Investment in R&D

==> picture [366 x 132] intentionally omitted <==

----- Start of picture text -----

Nimboo Ghoomar Heer Ranjha Narangi
----- End of picture text -----

==> picture [72 x 73] intentionally omitted <==

==> picture [70 x 73] intentionally omitted <==

==> picture [73 x 72] intentionally omitted <==

==> picture [13 x 10] intentionally omitted <==

----- Start of picture text -----

19
----- End of picture text -----

==> picture [289 x 183] intentionally omitted <==

----- Start of picture text -----

Value Segment Sale Volumes (Mn
Cases)
382 429 377 427 14.00
315 12.00
10.00
8.00
11.8 12.8 11.9 11.0 12.3 6.00
4.00
2.00
-
FY17 FY18 FY19 FY20 FY21
Volumes (Mn Cases) Realizations (Rs/Case)
----- End of picture text -----

==> picture [64 x 73] intentionally omitted <==

==> picture [71 x 73] intentionally omitted <==

Premium Segment – UNIBEV - Unique Value Proposition Asset-light | Focus on niche segments | Building blocks for a high margin brand play

==> picture [53 x 61] intentionally omitted <==

==> picture [47 x 46] intentionally omitted <==

Unibev has come out with disruptive & exclusive USP with value proposition

Crafted a range of premium and super premium whiskies blended with Upto12, 18 years old scotch & a 3 years old French blended grape brandy

==> picture [57 x 58] intentionally omitted <==

For the first time, discerning consumers in India will get palate experience of Made in India whiskies which are blended with aged imported scotch from Scotland

==> picture [304 x 253] intentionally omitted <==

----- Start of picture text -----

Oakton
Premium whisky segment
Segment is about 8.5m cases
----- End of picture text -----

==> picture [275 x 255] intentionally omitted <==

----- Start of picture text -----

Governor’s Reserve
Semi-premium whisky segment
Segment is about 20m cases
----- End of picture text -----

==> picture [251 x 243] intentionally omitted <==

----- Start of picture text -----

L’Affaire Napoleon
3 years Brandy
Premium brandy segment
Segment is about 0.5m cases
----- End of picture text -----

20

Financials

Annual | Profit & Loss Statement Consolidated Financials

Particulars (INR Mn)	FY18	FY19	FY20	FY21
Gross Revenues	9,323.8	10,807.0	12,674.3	16,721.3
Less- Excise duty	771.4	947.9	986.1	4,413.6
Net Revenues from Operations	8,552.4	9,859.1	11,688.2	12,307.7
Other Income	53.2	70.9	37.4	65.6
Total Income	8,605.6	9,930.0	11,725.5	12,373.3
Total Expenditure	7,870.5	8,976.6	10,440.8	9,760.7
Consumption of Material	5,169.0	5,990.2	7,175.8	6,531.6
Employee Cost	229.4	277.3	342.8	384.2
Other Expenditure	2,472.1	2,709.1	2,922.2	2,844.8
EBITDA	735.0	953.3	1,284.8	2,612.6
Depreciation & Amortization	362.0	361.2	380.2	406.6
EBIT	373.0	592.2	904.6	2,206.0
Finance Cost	271.4	263.1	235.5	188.3
PBT	101.7	329.1	669.0	2,017.7
Tax Expense (Current, Deferred Tax)	45.2	91.9	172.0	609.5
PAT (From ordinary activities)	56.5	237.2	497.0	1,408.2
EPS	1.98	8.26	17.33	48.90

22

Annual | Key Ratios Consolidated Financials

Key Ratios (% of Total Income)	FY18	FY19	FY20	FY21
EBITDA	8.5%	9.6%	11.0%	21.1%
PAT	0.7%	2.4%	4.2%	11.4%
Total Expenditure	91.5%	90.4%	89.0%	78.9%
Raw material	60.1%	60.3%	61.2%	52.8%
Employee Cost	2.7%	2.8%	2.9%	3.1%
Other Expenditure	28.7%	27.3%	24.9%	23.0%
Finance Cost	3.2%	2.6%	2.0%	1.5%
Depreciation	4.2%	3.6%	3.2%	3.3%
Other Income (% of Net Revenue)	0.6%	0.7%	0.3%	0.5%

23

Annual | Balance Sheet Consolidated Financials

Liabilities (INR Mn)	FY19	FY20	FY21
Networth	3978.8	4,473.0	5,853.2
Minority Interest	-7.2	-9.0	-9.2
LT borrowings	1695.4	1,328.0	1,067.1
Provisions	17.2	27.8	30.1
Deferred tax liabilities	241.5	282.6	524.8
Other non-current liabilities	24.9	37.0	77.0
Total Non Current Liabilities	5950.6	6139.4	7542.9
ST borrowings	314.2	44.8	272.8
Trade payables	946.6	1,084.9	1,187.4
Provisions	16.5	6.9	67.7
Other financial liabilities	364.5	466.4	496.4
Current tax liabilities	10.2	53.6	31.4
Other current liabilities	89.6	197.0	321.5
Total Current Liabilities	1741.5	1853.5	2377.2
Total Liabilities	7692.1	7992.9	9920.2

Assets (INR Mn)	FY19	FY20	FY21
Fixed assets (incl. CWIP)	5854.2	5,978.5	6,268.5
Intangible assets under development	6.1	6.1	-
Financial assets	149.6	183.3	175.8
Income tax assets	15.3	0.3	0.3
Other non-current assets	150.5	61.1	437.9
Total Non Current Assets	6175.8	6229.3	6882.5
Inventories	777.8	1,062.8	1,021.3
Trade receivables	490.9	338.1	879.2
Cash & cash equivalents	25.1	199.9	581.3
Other financial assets	70.9	28.3	49.9
Other current assets	151.7	134.5	505.9
Total Current Assets	1516.3	1763.6	3037.6
Total Assets	7692.1	7992.9	9920.2

24

Enhanced Net Cash Flow from Operations

The business mix and focus on costs have led to strong operating cash flow generation

Consolidated Net Cash Flow from Operations (Rs Mn)…

…Driven by the Following Key Factors

==> picture [344 x 178] intentionally omitted <==

----- Start of picture text -----

1,484
1,354
558
306
FY18 FY19 FY20 FY21
----- End of picture text -----

▪ Growth in business and improved profitability

• Lower Finance costs due to paring of debt

▪ Lower cash outlay for taxes* - 80IA deduction (on account of biomass-based power plant) and MAT Credit (available for next 2-3 years based on current estimates)

• This led to a lower effective tax rate of 18% (% of PBT) in FY21, and is likely to continue over the next 2-3 years

25

Key Financial Ratios Consistent focus on reducing debt from business cashflow; improving return ratios

Gross Debt (Rs Mn)

==> picture [345 x 22] intentionally omitted <==

----- Start of picture text -----

Net Debt/Equity (x)
----- End of picture text -----

==> picture [345 x 118] intentionally omitted <==

----- Start of picture text -----

2,515
2,299
1,777 1,760
FY18 FY19 FY20 FY21
----- End of picture text -----

==> picture [344 x 103] intentionally omitted <==

----- Start of picture text -----

0.67
0.57
0.35
0.20
FY18 FY19 FY20 FY21
----- End of picture text -----

==> picture [345 x 23] intentionally omitted <==

----- Start of picture text -----

Finance Cost (Rs Mn) and Avg. Cost of Debt (%)
----- End of picture text -----

==> picture [345 x 131] intentionally omitted <==

----- Start of picture text -----

10.5% 10.8% 12.5%
8.78
271 263
236
188
FY18 FY19 FY20 FY21
----- End of picture text -----

==> picture [345 x 165] intentionally omitted <==

----- Start of picture text -----

Return Ratios (%)
RoE RoCE
29%
24%
15%
11%
9%
6% 6%
2%
FY18 FY19 FY20 FY21
----- End of picture text -----

26

Consolidated financials

Shareholding Pattern Total outstanding equity shares as on March 31, 2021, stands at 28.8 Mn shares

==> picture [450 x 196] intentionally omitted <==

----- Start of picture text -----

Corporate Bodies,
Individuals &
Others
27%
Promoter Group
56%
Foreign Nationals
17%
----- End of picture text -----

Major Non-Promoter Shareholders % shareholding	Major Non-Promoter Shareholders % shareholding
Name	% Share
Templeton Strategic Emerging Markets Fund IV, LDC	17.26%

27

Disclaimer

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Globus Spirits Limited (the “Company”), 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. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained is subject to change without notice and past performance is not indicative of future results. 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 guaranteeing 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 worldwide, 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.

You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely and completely responsible for forming your own view of the potential future growth and performance of the Company. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update, amend, modify or revise these forward-looking statements to reflect subsequent events or developments. 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 statement/s and projection/s made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statement/s and projection/s. The contents of this presentation have not been reviewed by any regulatory authority in any jurisdiction where such presentation has been made or distributed.

28

==> picture [960 x 286] intentionally omitted <==

Let’s Connect

Mr. Bhaskar Roy Globus Spirits Limited Phone: +91 11 6642 4600 Email: broy@globusgroup.in

Ms. Pooja Sharma / Ms. Sheetal Keswani Stellar IR Advisors

Phone: +91 22 62398024

Email: pooja.sharma@stellar-ir.com / sheetal@stellar-ir.com