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Result Presentation | February 2021

ENA | IMIL| Bottling | Premium IMFL

CONTENT

Q3/9M FY21 Performance Performance Highlights 3 Financial Highlights 6 Segmental Performance 8

Annexure

Annexure
Company Overview	12
Financials	25
Shareholding Pattern	29

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Q3FY21
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Q3FY20
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21.5%
Rs. 4,288 Mn Rs. 3,529 Mn
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Gross Revenue

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96%
Rs. 704 Mn Rs. 360 Mn
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EBITDA
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175%
Rs. 403 Mn Rs. 147 Mn
PAT
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108%
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Cash Profit

Enhanced Net Cash Flow from Operations…

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

Strong Net Cash Flow from Operations (Rs Mn) …

… Driven by the following Key Factors

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23%
1,540
1,276
1,035
613
558
FY18 FY19 FY20 9MFY20 9MFY21
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▪ 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 16.45% (% of PBT) in FY20, and is likely to continue over the next 2-3 years

…Leading to a Strengthened Balance-sheet Consistent focus on reducing debt from business cashflow; improving return ratios

Gross Debt (Rs Mn)

Net Debt/Equity (x)

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2,515
2,298
1,777
1,555
FY18 FY19 FY20 9MFY21
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0.66
0.55
0.34
0.17
FY18 FY19 FY20 9MFY21
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Finance Cost (Rs Mn) and Avg. Cost of Debt (%)

Return Ratios (%)

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10.5% 10.8% 12.5%
8.8%
271 263
235
147
FY18 FY19 FY20 9MFY21
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RoE RoCE
25%
21%
16%
13%
10%
8%
6%
2%
FY18 FY19 FY20 TTM
Trailing Twelve Months
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Profit & Loss Highlights | Q3 & 9MFY21 Standalone financials

Particulars (Rs Mn) Q3 FY21 Q3 FY20 YoY (%) Gross Revenues 4,287.9 3,529.1 21.5% Less- Excise duty 1,141.2 267.3 327.0% Net Revenues from Operations 3,146.7 3,261.9 -3.5% Other Income 12.5 5.8 114.7% Total Income 3,159.2 3,267.7 -3.3% Total Expenditure 2,455.5 2,907.8 -15.6% Consumption of Material 1,602.9 2,112.1 -24.1% Employee Cost 89.4 77.5 15.4% Other Expenditure 763.2 718.2 6.3% EBITDA 703.6 359.9 95.5% Depreciation & Amortization 100.1 95.1 5.3% EBIT 603.6 264.8 127.9% Finance Charges 47.4 62.1 -23.6% PBT 556.1 202.7 174.3% Tax Expense (Current, Deferred Tax) 153.1 55.9 173.8% PAT (From ordinary activities) 403.0 146.8 174.5% EPS 13.99 5.10 174.4%*	Q2 FY21 QoQ (%) 4,536.9 -5.5% 1,275.3 -10.5% 3,261.6 -3.5% 36.3 -65.7% 3,297.9 -4.2% 2,638.8 -6.9% 1,764.2 -9.1% 96.1 -6.9% 778.5 -2.0% 659.1 6.8% 99.2 0.9% 559.9 7.8% 49.0 -3.2% 510.9 8.9% 153.6 -0.3% 357.3 12.8% 12.41 12.8%	9M FY21 9M FY20
		11,721.1 9,616.3
		3,021.1 681.4
		8,699.9 8,934.9
		59.2 30.8
		8,759.1 8,965.7
		6,980.8 7,976.4
		4,754.9 5,568.6
		269.9 233.0
		1,956.1 2,174.8
		1,778.2 989.4
		294.5 282.7
		1,483.8 706.7
		147.3 185.7
		1,336.5 521.0
		375.2 143.4
		961.3 377.6
		33.38 13.11

Note: Excise duty increased YoY and QoQ as a result of addition of Rajasthan Medium Liquor (RML) category (in IMIL business), which carries higher excise duty; Gross revenue was impacted Q-o-Q, on account of the impact of floods in Bihar during the quarter, which led to lower capacity utilisation at Bihar Plant

Key Ratios | Q3 & 9MFY21 Standalone financials

Key Ratios (% of Total Income) Q3 FY21 Q3 FY20 EBITDA 22.3% 11.0% PAT 12.8% 4.5% Total Expenditure 77.7% 89.0% Raw material 50.7% 64.6% Employee Cost 2.8% 2.4% Other Expenditure 24.2% 22.0%	Q2 FY21 20.0% 10.8% 80.0% 53.5% 2.9% 23.6% 1.5% 3.0% 1.1%	9M FY21 9M FY20
		20.3% 11.0%
		11.0% 4.2%
		79.7% 89.0%
		54.3% 62.1%
		3.1% 2.6%
		22.3% 24.3%

Interest 1.5% 1.9% Depreciation 3.2% 2.9% Other Income 0.4% 0.2%		1.7% 2.1%
		3.4% 3.2%
		0.7% 0.3%

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

Q3FY21

Q3FY20

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Hand
sanitisers Bulk
0.2% Alcohol
43.1%
Rs. 3,146 Mn Franchisee
IMFL
1.6%
IMIL
45.1%
Others
10.0%
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Bulk
Alcohol
51.6%
Hand
sanitisers
0.0%
Franchisee
Rs. 3,262 Mn
IMFL
1.5%
IMIL
34.2%
Others
12.7%
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Share of Consumer business (IMIL) increased by ~1088 bps YoY from ~34% in Q3FY20 to ~45% in Q3FY21
Revenue from Manufacturing business - Rs. 1,725 Mn in Q3FY21, as against Rs. 2,146 Mn in Q3FY20
Manufacturing includes revenue from Bulk Alcohol, Franchise Bottling, Hand Sanitisers and Others (by-products)

Consumer Business – IMIL…

State-wise performance – Making progress in both volumes sold and value earned

Total IMIL Sales volumes in Q3FY21 grew by 14% YoY to 3.27 Mn cases

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Rajasthan IMIL Haryana & Delhi IMIL
1,138.1 2.50
2.40
895.6 2.42 2.30 222.0 1.00
0.90
2.20
2.23 171.0 0.80
2.10
0.70
0.77
2.00 0.60
1.90 0.50
1.80 0.50 0.40
0.30
1.70
0.20
1.60 0.10
1.50 0.00
Q3FY20 Q3FY21 Q3FY20 Q3FY21
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West Bengal IMIL
65 0.25
55 49.6
0.20
45
35 30.2 0.15
0.15
25
0.10
15
0.09
0.05
5
-5 0.00
Q3FY20 Q3FY21
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Revenue (Rs. Mn) Volumes (Mn Cases)

Aggregate IMIL Revenue in Q3FY21 grew by 25% YoY to Rs. 1,390 Mn, as against Rs. 1,116 Mn in Q3FY20
Aggregate IMIL realizations - Rs. 425.1 per case in Q3FY21 against Rs. 387.6 per case in Q3FY20
*** Exited Delhi market in Q3FY20; However, re-started IMIL sales recently, albeit on a small scale**

…Witnessing Positive Changes Good Agri year ➔ equals to ➔ Growth in Rural Consumption

Rajasthan: ~29% market share in Rajasthan Medium Liquor (RML) and IMIL

Rajasthan Government increased the price of IMFL by increasing surcharge; Resulted in increased demand of RML

Haryana : Increase in market size of IMIL

During the pandemic, Governments have focused to improve revenue through increase in taxes; resulted in to increase in market size of IMIL
Witnessing gradual down-trading from standard IMFL to IMIL
GSL achieved volume growth and market share (~9%)
GSL’s market share remained largely stable
Green Shoots visible for higher demand of IMIL; tracking developments closely to ascertain sustainability of demand

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

Franchise Bottling (Mn Cases)

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4030 92.3%36.9 91.6%36.6 10.50 403020 1,68230.0 1,35525.7 1766.11762.56781759.03561755.50341751.97121748.4391744.90681741.37461737.84241734.31021730.7781727.24581723.71361720.18141716.64921713.1171709.58481706.05261702.52041698.98821695.4561691.92381688.39161684.85941681.32721677.7951674.26281670.73061667.19841663.66621660.1341656.60181653.06961649.53741646.00521642.4731638.94081635.40861631.87641628.34421624.8121621.27981617.74761614.21541610.68321607.1511603.61881600.08661596.55441593.02221589.491585.95781582.42561578.89341575.36121571.8291568.29681564.76461561.23241557.70021554.1681550.63581547.10361543.57141540.03921536.5071532.97481529.44261525.91041522.37821518.8461515.31381511.78161508.24941504.71721501.1851497.65281494.12061490.58841487.05621483.5241479.99181476.45961472.92741469.39521465.8631462.33081458.79861455.26641451.73421448.2021444.66981441.13761437.60541434.07321430.5411427.00881423.47661419.94441416.41221412.881409.34781405.81561402.28341398.75121395.2191391.68681388.15461384.62241381.09021377.5581374.02581370.49361366.96141363.42921359.8971356.36481352.83261349.30041345.76821342.2361338.70381335.17161331.63941328.10721324.5751321.04281317.51061313.97841310.44621306.9141303.38181299.84961296.31741292.78521289.2531285.72081282.18861278.65641275.12421271.5921268.05981264.52761260.99541257.46321253.9311250.39881246.86661243.33441239.80221236.271232.73781229.20561225.67341222.14121218.6091215.07681211.54461208.01241204.48021200.9481197.41581193.88361190.35141186.81921183.2871179.75481176.22261172.69041169.15821165.6261162.09381158.56161155.02941151.49721147.9651144.43281140.90061137.36841133.83621130.3041126.77181123.23961119.70741116.17521112.6431109.11081105.57861102.04641098.51421094.9821091.44981087.91761084.38541080.85321077.3211073.78881070.25661066.72441063.19221059.661056.12781052.59561049.06341045.53121041.9991038.46681034.93461031.40241027.87021024.3381020.80581017.27361013.74141010.20921006.6771003.1448999.6126996.0804992.5482989.016985.4838981.9516978.4194974.8872971.355967.8228964.2906960.7584957.2262953.694950.1618946.6296943.0974939.5652936.033932.5008928.9686925.4364921.9042918.372914.8398911.3076907.7754904.2432900.711897.1788893.6466890.1144886.5822883.05879.5178875.9856872.4534868.9212865.389861.8568858.3246854.7924851.2602847.728844.1958840.6636837.1314833.5992830.067826.5348823.0026819.4704815.9382812.406808.8738805.3416801.8094798.2772794.745791.2128787.6806784.1484780.6162777.084773.5518770.0196766.4874762.9552759.423755.8908752.3586748.8264745.2942741.762738.2298734.6976731.1654727.6332724.101720.5688717.0366713.5044709.9722706.44702.9078699.3756695.8434692.3112688.779685.2468681.7146678.1824674.6502671.118667.5858664.0536660.5214656.9892653.457649.9248646.3926642.8604639.3282635.796632.2638628.7316625.1994621.6672618.135614.6028611.0706607.5384604.0062600.474596.9418593.4096589.8774586.3452582.813579.2808575.7486572.2164568.6842565.152561.6198558.0876554.5554551.0232547.491543.9588540.4266536.8944533.3622529.83526.2978522.7656519.2334515.7012512.169508.6368505.1046501.5724498.0402494.508490.9758487.4436483.9114480.3792476.847473.3148469.7826466.2504462.7182459.186455.6538452.1216448.5894445.0572441.525437.9928434.4606430.9284427.3962423.864420.3318416.7996413.2674409.7352406.203402.6708399.1386395.6064392.0742388.542385.0098381.4776377.9454374.4132370.881367.3488363.8166360.2844356.7522353.22349.6878346.1556342.6234339.0912335.559332.0268328.4946324.9624321.4302317.898314.3658310.8336307.3014303.7692300.237296.7048293.1726289.6404286.1082282.576279.0438275.5116271.9794268.4472264.915261.3828257.8506254.3184250.7862247.254243.7218240.1896236.6574233.1252229.593226.0608222.5286218.9964215.4642211.932208.3998204.8676201.3354197.8032194.271190.7388187.2066183.6744180.1422176.61173.0778169.5456166.0134162.4812158.949155.4168151.8846148.3524144.8202141.288137.7558134.2236130.6914127.1592123.627120.0948116.5626113.0304109.4982105.966102.433898.901695.369491.837288.30584.772881.240677.708474.176270.64467.111863.579660.047456.515252.98349.450845.918642.386438.854235.32231.789828.257624.725421.193217.66114.128810.59667.06440 [3.5322] 1.21.00.80.60.40.2 1.03 0.600.210.22 0.600.040.38 1.02
0.0
Q3FY20 Q3FY21 Q3FY20 Q3FY21
Q3FY20 Q3FY21
Production (Mn BL) Sales Volumes (Mn BL)
Haryana Rajasthan West Bengal
Capacity Utilization (%) Revenue (Rs Mn)
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Average Captive Consumption (% of production) of bulk alcohol stood at 36% in Q3FY21

Behror, Rajasthan – 63% Samalkha, Haryana – 34% West Bengal – 16%

During Q3FY21, Bihar witnessed flood situation which impacted the capacity utilization at our Bihar Plant, leading to overall lower production and sales in the quarter

Company Overview

The 360[o ] Business Model

ENAbling high capacity utilisation and sustainable & balanced growth

Unique 360⁰ model straddling across the entire alcohol value chain

▪ Large, efficient manufacturing operations

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360 [o]
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Amongst the largest and most efficient grain-based distilleries in India with ~160 million bulk litres of distillery capacity
Present in DDGS – a high-potential co-product used as Animal Feed
Well placed to benefit from the Fuel Ethanol blending opportunity in India
Bottling for India’s Top 3 IMFL companies
Established consumer business (IMIL) in North India
Pioneered IMIL branding with launch of NIMBOO brand
Leading IMIL player in Haryana, Rajasthan and Delhi
Establishing presence in IMFL consumer segment - Unibev
Asset light, high margin, brand led business model
Successfully launched three brands, forayed into 10 states and growing footprints in other states

Presence Across the Value Chain

Well integrated operations aid in ensuring quality and cost control

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(Country Liquor)IMIL & (Franchisee Botting)IMFL
Globus Spirits Limited
Bottling IMFL (Future Segment)
Value addition to ENA Value addition
Premium IMFL
ENA & Ethanol
Key Raw Material
UNIBEV
(Broken Rice) (160 Mn Litre p.a)
Distillation
UNIBEV
ENA Sold to IMFL players IMIL presence in Rajasthan,
is an Asset Light Model
Captive use towards IMIL and Haryana, West Bengal
Manufacturing through
Bottling Franchisee Bottling for USL
third party bottling or at
Ethanol sold to OMCs and ABD
Globus’ facilities
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Business Segments Largely divided into Manufacturing and Consumer segments

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Manufacturing Business (64% of Revenue) Strong Backbone…

Bulk Spirits	Franchisee Bottling	By Products
77%	3%	20%

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Consumer Business (36% of Revenue) High Value… IMIL Premium IMFL 99% 0.1%

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Recently, commenced Production of Sanitizers

Consolidated revenue break up FY20 revenue

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)

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100% 93% 91% 91%
90%
80% 72%
70%
60%
50%40% 127 145
30% 88 114
20%
10%
0%
FY17 FY18 FY19 FY20
Prodction (Mn liters) % Capacity Utilization
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2,367 4,028 4,270 5,755
120 52.5 54.0
52.0
100
48.0 50.0
80
46.0 48.0
60 44.0 46.0
110
40 80 93 44.0
20 54 42.0
40.0
0 38.0
FY17 FY18 FY19 FY20
ENA Volume (Mn Litres) ENA Realization (per litre)
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FY19 capacity includes Bihar Plant FY20 capacity expanded to ~160 Mn BL

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

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50.00 60.00
46.00
43.46
40.72
40.00
20.00
3.3 3.4 4.5 4.0
0.00
FY17 FY18 FY19 FY20
Bottling volume (Mn cases) Bottling Fee (INR/case)
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Franchisee Bottling Brands

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Diageo & USL in Haryana & West Bengal
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ABD in Rajasthan

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3. By-Products

Process efficiencies lead to zero discharge and incremental revenues

❑ DDGS

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By-products (% of Total Operating Income)
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Major by-product from distillation process is Distillers Dried Grains with Solubles or DDGS
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

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13%
12%
10%
9%
FY17 FY18 FY19 FY20
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Note: Major contribution is of DDGS, followed by Co2

4. Hand Sanitizers

Emerging as a new segment, amidst the Covid-19 pandemic

Contract bottling for major FMCG and OTC brands in some of our facilities.
Initiated manufacturing of sanitizers under our own brand that is sold directly to retail

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Consumer Business

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

Existing Product Portfolio

State wise Market Share in IMIL (FY20)

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Nimboo Ghoomar Heer Ranjha Narangi
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Rajasthan	Largest Private Player	29%
Haryana	4th largest player	8%
West Bengal	Recent entrant	2%

IMIL Sale Volumes (Mn Cases)

Focus on Innovation through Investment in R&D

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22
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382 429 377 14.0
315 12.0
10.0
8.0
12.8 6.0
11.8 11.9 11.0
4.0
2.0
0.0
FY17 FY18 FY19 FY20
Volumes (Mn Cases) Realizations (Rs/Case)
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IMFL – UNIBEV - Unique Value Proposition Asset-light | Focus on niche segments | Building blocks for a high margin brand play

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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

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

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Governor’s Reserve
12 years Scotch Whisky
Semi-premium whisky segment
Segment is about 20m cases
23
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Oakton
18 years Scotch Whisky
Premium whisky segment
Segment is about 8.5m cases
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L’Affaire Napoleon
3 years Brandy
Premium brandy segment
Segment is about 0.5m cases
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Investing for Future Growth

Strategically utilising free cashflows from GSL towards high ROCE business (UNIBEV)

High Cashflow Generation

Particulars	FY19	FY20
Profit After Tax	31 crores	59 crores
Cash Profit	67 crores	97 crores
FCF	45 crore	115 crore
Debt to Equity (x)	0.55x	0.34x

Standalone numbers

Re-investment towards high value growth

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Actions
De-leverage Balance Sheet	Re-payment of ~52 crores in FY20
Investment in creating a brand “UNIBEV”	Entry into high ROCE – premium IMFL business

Financials

Annual | Profit & Loss Statement Standalone Financials

Particulars (INR Mn)	FY17	FY18	FY19	FY20
Gross Revenues	11,082.1	9,322.1	10,734.7	12,545.1
Less- Excise duty	3,339.6	771.1	891.5	914.7
Net Revenues from Operations	7,742.4	8,551.0	9,843.2	11,630.4
Other Income	47.6	54.0	79.5	48.3
Total Income	7,790.1	8,605.0	9,922.7	11,678.7
Total Expenditure	7,186.4	7,856.0	8,901.0	10,299.7
Consumption of Material	4,677.3	5,169.0	5,974.9	7,127.0
Employee Cost	169.2	228.1	256.1	311.1
Other Expenditure	2,339.8	2,458.9	2,670.0	2,861.6
EBITDA	603.7	749.0	1,021.7	1,379.0
Depreciation & Amortization	268.7	361.9	361.1	378.6
EBIT	335.0	387.1	660.7	1,000.4
Finance Charges	175.2	271.4	263.1	235.2
PBT	159.8	115.7	397.6	765.1
Tax Expense (Current, Deferred Tax)*	-1.7	45.2	91.9	172.0
PAT (From ordinary activities)	161.4	70.5	305.7	593.1
EPS	5.60	2.45	10.64	20.60

Annual | Key Ratios Standalone Financials

Key Ratios (% of Total Income)	FY17	FY18	FY19	FY20
EBITDA	7.7%	8.7%	10.3%	11.8%
PAT	2.1%	0.8%	3.1%	5.1%
Total Expenditure	92.3%	91.3%	89.7%	88.2%
Raw material	60.0%	60.1%	60.2%	61.0%
Employee Cost	2.2%	2.7%	2.6%	2.7%
Other Expenditure	30.0%	28.6%	26.9%	24.5%

Interest	2.2%	3.2%	2.7%	2.0%
Depreciation	3.4%	4.2%	3.6%	3.2%
Other Income	0.6%	0.6%	0.8%	0.4%

Annual | Balance Sheet Standalone Financials

Liabilities (INR Mn)	FY17	FY18	FY19	FY20
Net-worth	3,723.0	3,793.7	4,100.1	4,688.8
LT borrowings	1,750.4	1,434.9	1,692.9	1,341.8
Provisions	14.2	17.0	17.2	27.3
Deferred tax liabilities	238.8	258.7	241.5	282.6
Other non-current liabilities	21.8	27.1	24.9	22.7
Total Non Current Liabilities	5,748.2	5,531.3	6,076.5	6,363.2

ST borrowings	740.0	785.7	314.2	44.8
Trade payables	1,034.2	1,340.7	1,292.5	1,522.0
Provisions	12.5	14.8	16.5	51.8
Current tax liabilities	-	-	10.2	6.9
Other current liabilities	452.6	95.3	88.5	196.2
Total Current Liabilities	2,239.3	2,236.6	1,721.8	1,821.7

Total Liabilities	7,987.5	7,767.9	7,798.3	8,184.9

Assets (INR Mn)	FY17	FY18	FY19	FY20
Fixed assets (incl. CWIP)	6,320.8	6,090.1	5,860.1	5,982.5
Investments	49.5	49.5	49.5	274.5
Other financial assets	204.6	124.2	119.3	105.1
Income tax assets	30.0	31.9	15.3	0.3
Other non-current assets	192.3	237.4	343.2	205.7
Total Non Current Assets	6,797.3	6,533.1	6,387.5	6,568.1

Inventories	678.3	603.8	708.4	978.6
Trade receivables	352.9	483.5	475.5	292.8
Cash & cash equivalents	23.1	23.5	15.8	197.3
Other financial assets	13.8	10.1	19.0	17.8
Other current assets	122.1	113.8	192.2	130.3
Total Current Assets	1,190.2	1,234.8	1,410.9	1,616.8

Total Assets	7,987.5	7,767.9	7,798.3	8,184.9

Shareholding Pattern Total outstanding equity shares as on December 31, 2020, stands at 28.8 Mn shares

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Corporate Bodies,
Individuals &
Others
27%
Promoter Group
56%
FIIs
17%
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Major Non-Promoter Shareholders % shareholding	Major Non-Promoter Shareholders % shareholding
Name	% Share
Templeton Strategic Emerging Markets Fund IV, LDC	17.49%

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.

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Let’s Connect

Mr. Bhaskar Roy Globus Spirits Limited Phone: +91 11 6642 4600 Email: [email protected]

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

Phone: +91 22 62398024

Email: [email protected] / [email protected]