Globus Spirits Limited — Investor Presentation 2022

Nov 14, 2022

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,�',, JIJ Globus Spirits

Doled : J 4th November. 2022

The National Stock Exchange of India Limited Exchange Plozo, C-1. Block-G Bandra Kurla Complex. Bandra (E). Mumbai - 400 051

The BSE Limited Phiroze Jeejeebhoy Towers Dalal Street. Fort Mumboi - 400 001

Sub: Presentation to be released before investors and Analysts:-

Ref: Scrip- EQ, Code: 533104

Dear Sir.

In terms of Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015. we are attaching herewith a copy of the earnings presentation to be released before Investors & Analysts.

Kindly take note of the same & acknowledgement the receipt of the same.

Thanking you,

Yours faithfully,

For Globus Spirits Limited

Globus Spirits Limited

(Corporate Identity Number: L74899DL 1993PLC052177) Registered & Corporate Office:

F-0, Ground Floor, The Mira Corporate Suites, Plot No. 1 & 2, lshwar Nagar, Mathura Road, New Delhi 110065 Tel.: +011-66424400 Works(1J: Village: Shyampur, Tehsil: Behror 301701 Distt.: Alwar (Rajasthan) Tel.: +91-08003592097 Works(2): Haryana Organics (A Unit of Globus Spirits Limited) 4 KM., Chulkana Road, Samalkha 132101 Distt.: Panipat (Haryana) Telefax: +91-180-2570122 Works(3): Associated Distilleries (A Unit of Globus Spirits Limited) Hisar Bye-Pass, National Highway, Hisar 125044 (Haryana) Tel.: +91-09896398187 Works(4): Village: Dhandua, Tehsil: Jandaha, Hajipur 844505 Distt.: Vaishali (Bihar) Tel.: +91-9917437425 Works(5): Plot No. 8-7, Panagarh Industrial Park, Panagarh 713420 Distt.: Burdwan (West' Bengal) Tel.: +91-9800297777 Works(6}: Village: Olda, Block Baharagora, Tehsil: Ghatshila, Post: Borsol, Distt: East Singhbhum, Jharkhand Mob.: +91-9717844388

E-Mail: corpoffice@globusgroup.inWeb:www.globusspirils.com

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Result Presentation | Q2 FY23

Q2FY23 - Revenue Growth Trajectory Continues…

Net Revenue at Rs 4,803 Mn grew 26% YoY but lowered marginally QoQ (-3%) due to change of mix in value spirits

Manufacturing (66% share) Rs 3,172 57% YoY & 5% QoQ

Consumer (34% share)

Rs 1,631

10% YoY & 16% QoQ

• Bulk Alcohol revenue at Rs. 2,534 Mn, up 84% YoY and 8% QoQ, led by enhanced capacities and improved realizations .

• Highest ever quarterly sales of 4.33 Cr litres, up 62% YoY and 6% QoQ, backed by expanded capacity (West Bengal capacity addition)

• Improved bulk alcohol realisations at ~Rs 59 per litre, up 14% YoY and 2% QoQ

• Haryana – Increased focus profitable sale has resulted in a temporary softening of market share in Q2FY23 and increased margin by 26 per case. Strategy starting to bear fruit and market share is building up

• Rajasthan – change of business mix due to policy change. Value segment market up by 25% yoy, Value Plus segment market down by 35%. GSL market share up by 2% points and 8% points in Value and Value plus segments respectively. Overall business volume up by 4%, from 5.3m cases H1FY22 to 5.5 million H1FY22

• Premium segment showing positive signs

2

Margins lower on account of high fuel costs & change of business mix

Gross Margin stable QoQ at ~41%; EBITDA margin at ~10%

▪ Gross Margin at ~41% was largely maintained on a QoQ basis

• Higher Bulk Alcohol realization from ~Rs. 57 in Q1FY23 to ~Rs. 59 per litre

• Higher Consumer segment realization from ~Rs 490 per case in Q1FY23 to ~Rs. 510 per case in Q2FY23 on account of better mix and lower trade spends in Haryana.

▪ EBITDA Margin at ~10%

• Bulk Spirits range- cost push has been mitigated to better ethanol and ENA realization rate

• Softening of market share in Haryana & change of business mix Rajasthan in Q2 impacted profitability.

• High costs of Power & Fuel continued, up 80 % YoY and 22 % QoQ in Q2FY23.

• Cost reduction initiatives including purchase of grain from FCI, reduction of energy consumption, backward integration for PET Bottles, which was put in place earlier this year, mitigated part of the rise in costs by approx Rs 12 Crs

• Finance cost remained stable; Credit Rating improved to ‘CARE A+/Stable’ from ‘CARE A/Stable’

• Effective Tax Rate - Based on cash outflow of tax paid, it is at ~ 17.47% for Q2FY23

3

Other Key Business HighlightsQ4 FY21 | Performance Highlights

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• Jharkhand Project (greenfield) - Commenced commercial production in Sept’22, adding incremental capacity of 140 KLPD; Likely to operate at optimum utilization in Q2FY23

• Consumer business – Premium Segment (IMFL)

• Showing signs of positive traction – Premium segment revenue up 297% YoY to Rs 44 Mn in Q2FY23

• Expecting full year revenue contribution to grow to 6% of total consumer segment, from 3% currently

• Geared up Innovations teams with core skills in product and packaging development – expect to see new brand launches in the next 12 months

• New market launches expected in H2FY23

• Inflationary pressure on input (grain and fuel) costs expected to soften with new crop season, aiding profitability

4

Status of ProjectsQ4 FY21 | Performance Highlights

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	Location	Capacity Additon in KLPD	Total Capacity after Completion	Status
1	West Bengal – II	140	240	Completed Q4FY22
2	Jharkhand	140	140	Completed Q2FY23
3	West Bengal - III	60	300	Q1FY24
4	Jharkhand - II	60	200	Q1FY24
5	Bihar	19	110	Q4-FY23
6	Orissa - greenfield	200*	-	Approvals in process
7	Uttar Pradesh - greenfield	200*	-	Approvals in process

* To be finalised after approvals are in place.

• At end of Q2FY23 total installed capacity is 760KLPD

• Strategically expanding capacities into new geographies which allows participation in the Consumer market of that state while ensuring capacity utilization through offtake of ethanol and ENA.

• Post the expansion (by FY25), we will have access to 100 Mn cases per annum Consumer market (combined market size of all the GSL states).

5

Consumer Business Performance Trend

Description	Q2	H1
	FY 2023 **FY 2022 YOY Gr % **	FY 2023 FY 2022 YOY Gr %
IMFL Volume in ‘000 cases Prestige & Above Regular & Others	30 5 500% 30 5 500% 0 0 0	70 10 600% 70 10 600% 0 0 0
Non IMFL Volume in ‘000 cases IMFL as % of total consumer volume	3160 3800 -17% 1% 0.1% 616%	7100 7180 -1% 1% 0.1% 603%

Description	Q2	H1
	FY 2023 **FY 2022 YOY Gr % **	FY 2023 FY 2022 YOY Gr %
IMFL Net Revenue in Rs. Cr Prestige & Above Regular & Others	4.44 1.1 304% 4.44 1.1 304% 0 0 0	11.64 2.11 452% 11.64 2.11 452% 0 0 0
Non-IMFL Net Revenue in Rs. Cr Total Consumer Revenue in Rs. Cr	158.6 179.4 -12% 163.04 180.5 0.26	345.4 333.94 3% 357.04 336.05 0.3
IMFL Revenue as % of Consumer Revenue Consumer Revenue as % of Operating Revenue	3% 1% 200% 34% 47% -27%	3% 1% 200% 37% 45% -18%

Focussing on building momentum in growing IMFL Revenue as a % of Consumer Business

6

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

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Brands that offer a distinctive value proposition for our strategic markets

Crafted a range of premium and super premium whiskies blended with scotch and French blended grape brandy

Strong Pipeline of brands to be launched to complete product offering

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Governor’s Reserve Semi-premium whisky Segment is ~ 50m cases

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Oakton
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Premium whisky Segment is ~ 15m cases

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Seventh Heaven
Super-premium whisky
Segment is ~ 2m cases
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L’Affaire Napoleon
3 years Brandy
Premium brandy
Segment is ~ 0.5m cases
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Terai - India Dry Gin
Premium Gin Segment
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*To be launched

Non IMFL – GSL is One of the Largest Value Liquor Player Product innovation and focus on brand building has enabled growth

Select Product Portfolio

Focus on Innovation through Investment in R&D

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Nimboo Ghoomar Heer Ranjha Narangi
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Value & Value Plus Segment

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461
382 429 377 427 14.00
12.00
10.00
14.6 8.00
12.8 11.9 12.3 6.00
11.0
4.00
2.00
-
FY18 FY19 FY20 FY21 FY22
Volumes (Mn Cases) Realizations (Rs/Case)
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8

Manufacturing Business – Strong Backbone Capacity utilisation at ~90% in H1FY23 with an expanded capacity

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Bulk Alcohol (ENA and Ethanol) – Revenue Trend (Rs. Mn )
2,343 2,534 4,877
1,380 2,920
Q2FY22 Q1FY23 Q2FY23 H1FY22 H1FY23
Bulk Alcohol Bulk Alcohol
Bulk Alcohol sales in Q2FY23 at 43.33 Mn litre (up 62% YoY and 6% QoQ), on account of new capacity at West Bengal effective Q4FY22
Average realization in Q2FY23 at Rs 58.5 per litre (up 14% YoY and 2% QoQ), on account of Ethanol price hike and better ENA realization
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Note : Manufacturing segment includes revenue from Bulk Alcohol, Franchise Bottling, Hand Sanitisers and Others (by-products)

Company Overview

A Well Entrenched Distillation Business

▪ Strong economy portfolio 01 02 ▪ Products ranging from ▪ Disruptive premium Rs 100 – Rs 3000 Well portfolio Widest ▪ Covering rural entrenched ▪ Presence in 7 strategic product consumption and consumer markets portfolio in aspirational urban business industry consumption ▪ ▪ Healthy pipeline of Strong operational 03 products based on local 04 platform Innovations tastes and preferences ▪ Relationships with key dedicated ▪ Allow business to react Hedged alcohol buyers towards quickly as well as set distillation consumption trends business ▪ Ethanol play to ensure capacity utilization patters

11

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

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Consumer Business - Owned Brands
Premium
Non-IMFL IMFL
Value Segment Segment
Globus Spirits Limited Key Raw Material
(Rice) Distillation
Premium Segment
(Franchisee Botting)
ENA & Ethanol
Sold to Beverage Companies & Fuel Companies
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Business Segments Divided into Manufacturing and Consumer segments

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Manufacturing Business (~59% of Revenue*) Strong Backbone…

Bulk Spirits Franchisee Bottling By Products

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Value

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Consumer Business (~41% of Revenue*) High Margin…

Value Plus Premium

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Rs.40-60 per 180 ml Rs.80-95 per 180 ml Rs.125-700 per 180 ml

13

*Revenue break up (FY22)

Financials

Profit & Loss Highlights | Q2 & H1 FY23

Particulars (Rs Mn)	Q2FY23	Q2 FY22	YoY (%)	Q1FY23	QoQ (%)	H1FY23	H1FY22	YoY (%)
Gross Revenues	6,335	5,939	6.7%	6,830	-7.2%	13,164	11,446	15.0%
Less- Excise duty	1,532	2,118	-27.7%	1,875	-18.3%	3,407	3,919	-13.1%
Net Revenues from Operations	4,803	3,822	25.7%	4,954	-3.1%	9,757	7,527	29.6%
Other Income	21	16	33.4%	17	22.2%	38	27	43.4%
Total Income	4,824	3,837	25.7%	4,971	-3.0%	9,795	7,553	29.7%
Total Expenditure	4,354	2,944	47.9%	4,268	2.0%	8,622	5,668	52.1%
Consumption of Material	2,829	1,972	43.4%	2,921	-3.1%	5,750	3,812	50.8%
Employee Cost	137	107	27.9%	142	-3.1%	279	252	10.5%
Other Expenditure	1,388	865	60.5%	1,206	15.1%	2,593	1,604	61.7%
EBITDA	470	893	-47.4%	703	-33.2%	1,173	1,885	-37.8%
Depreciation	129	104	24.0%	125	3.5%	254	208	22.4%
EBIT	341	789	-56.8%	578	-41.1%	919	1,677	-45.2%
Finance Cost	25	24	5.1%	22	14.1%	47	63	-25.4%
PBT	316	765	-58.8%	556	-43.3%	872	1,614	-46.0%
Tax Expense (Current, Deferred)	94	240	-60.7%	183	-48.5%	278	533	-47.9%
PAT (From ordinary activities)	221	525	-57.9%	373	-40.7%	594	1,081	-45.1%
EPS	7.68	18.28	-58.0%	12.94	-40.7%	20.62	37.61	-45.2%

15

Key Ratios | Q1FY23

Particulars (% of Total Income)	Q2FY23	Q2 FY22	Q1FY23	H1FY23	H1FY22
Other Income (% of Net Revenue)	0.4%	0.4%	0.3%	0.4%	0.4%
Raw material	59%	51%	59%	59%	51%
Employee Cost	3%	3%	3%	3%	3%
Other Expenditure	29%	23%	24%	27%	21%
Total Expenditure	90%	77%	86%	88%	75%
EBITDA	10%	23%	14%	12%	25%
Depreciation	3%	3%	3%	3%	3%
Finance Cost	1%	1%	1%	1%	1%
Tax Expense (% of PBT)	30%	31%	33%	32%	33%
PAT	5%	14%	8%	6%	14%

Gross Margin at ~41% was largely maintained on a QoQ basis, on account of Higher Bulk Alcohol realization and Higher Consumer segment realization (incremental contribution from Premium segment sales).

EBITDA Margin at ~10% was lower QoQ, on account of Lower operating leverage due to lower share of higher margin, Consumer Segment in Q2FY23 to ~34% of Net Revenue, caused by an aberration in consumer liquor sales in Rajasthan and Haryana and continuing high costs of Power & Fuel

16

Balance Sheet Highlights

Liabilities (Rs mn)	Mar-22	Sept-22
Networth	7,723	8,230
LT borrowings	1,105	1,247
Provisions	33	37
Deferred tax liabilities	887	1,013
Other non-current liabilities	67	64
Total Non Current Liabilities	9,816	10,591
ST borrowings	635	1,239
Trade payables	1,383	1,708
Provisions	67	65
Other financial liabilities	147	283
Current tax liabilities	24	55
Other current liabilities	294	439
Total Current Liabilities	2,549	3,790
Total Liabilities	12,365	14,381

Assets (Rs mn)	Mar-22	Sept-22
Fixed assets (incl. CWIP)	7,676	8,170
Investments	0	0
Other financial assets	189	328
Income tax assets	10	55
Other non-current assets	534	724
Total Non Current Assets	8,410	9,277
Inventories	1,085	1,465
Trade receivables	1,180	1,843
Cash & cash equivalents	820	590
Other financial assets	76	204
Other current assets	794	1,003
Total Current Assets	3,955	5,104
Total Assets	12,365	14,381

17

Annual | Profit & Loss Statement

Particulars (Rs Mn)	FY20*	FY21	FY22
Gross Revenues	12,674	16,721	23,438
Less- Excise duty	986	4,414	7,647
Net Revenues from Operations	11,688	12,308	15,791
Other Income	37	66	66
Total Income	11,726	12,373	15,858
Total Expenditure	10,441	9,756	12,506
Consumption of Material	7,176	6,532	8,384
Employee Cost	343	384	501
Other Expenditure	2,922	2,840	3,621
EBITDA	1,285	2,618	3,352
Depreciation	380	407	426
EBIT	905	2,211	2,926
Finance Cost	236	188	114
PBT	669	2,023	2,812
Tax Expense (Current, Deferred)	172	583	940
PAT (From ordinary activities)	497	1,440	1,872
EPS	17.33	50.01	65.06

Note: * Restated to include the effect of the merger of Unibev with Globus Spirits Limited

18

Annual | Key Ratios

Particulars (% of Total Income)	FY20	FY21	FY22
Other Income (% of Net Revenue)	0.3%	0.5%	0.4%
Raw material	61%	53%	53%
Employee Cost	3%	3%	3%
Other Expenditure	25%	23%	23%
Total Expenditure	89%	79%	79%
EBITDA	11%	21%	21%
Depreciation	3%	3%	3%
Finance Cost	2%	2%	1%
Tax Expense (% of PBT)	26%	29%	33%
PAT	4%	12%	12%

Note: * Restated to include the effect of the merger of Unibev with Globus Spirits Limited

19

Annual | Balance Sheet

|Annual | Balance Sheet||
|---|---|
|Liabilities (Rs mn)
Mar-20
Mar-21
Mar-22
Networth
4,500
5,907
7,723
LT borrowings
1,328
1,067
1,105
Provisions
28
30
33
Deferred tax liabilities
263
494
887
Other non-current liabilities
37
77
67
Total Non Current Liabilities
6,156
7,575
9,816
ST borrowings
449
721
635
Trade payables
1,085
1,187
1,383
Provisions
54
68
67
Other financial liabilities
62
48
147
Current tax liabilities
0
10
24
Other current liabilities
197
322
294
Total Current Liabilities
1,846
2,355
2,549
Total Liabilities
8,002
9,930
12,365|Assets (Rs mn)
Mar-20
*Mar-21
Mar-22|
||Fixed assets (incl. CWIP)
5,985
6,269
7,676
Investments
0
0
0
Other financial assets
183
176
189
Income tax assets
10
10
10
Other non-current assets
61
438
534
Total Non Current Assets
6,239
6,892
8,410
Inventories
1,063
1,021
1,085
Trade receivables
338
879
1,180
Cash & cash equivalents
200
581
820
Other financial assets
28
50
76
Other current assets
134
506
794
Total Current Assets
1,764
3,037
3,955|
||Total Assets
8,003
9,930
12,365*|

Note: * Restated to include the effect of the merger of Unibev with Globus Spirits Limited

20

Enhanced Net Cash Flow from Operations The business mix and focus on costs have led to strong operating cash flow generation

Net Cash Flow from Operations (Rs Mn)…

…Driven by the Following Key Factors

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2,187
1,416
1,354
306
FY19 FY20 FY21 FY22
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▪ Growth in business and improved profitability

• Lower Finance costs due to paring of debt & lower cost of debt

21

Note: * Restated to include the effect of the merger of Unibev with Globus Spirits Limited

Key Financial Ratios

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

Long Term Borrowing (Rs Mn)

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Net Debt/Equity (x)
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1,759
1,517
1,242
FY20 FY21 FY22
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0.35
0.20
0.11
FY20 FY21 FY22
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Finance Cost (Rs Mn) and Avg. Cost of Debt (%)

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12.5%
8.78%
236
188 3.9%
114
FY20 FY21 FY22
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Return Ratios (%)
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RoE RoCE
29% 30%
24% 24%
14%
12%
FY20 FY21 FY22
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• Restated to include the effect of the merger of Unibev with Globus Spirits Limited

• Note: Cost of debt is less due to lower interest rate

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Shareholding Pattern Total outstanding equity shares as of September 30, 2022, stand at 28.8 Mn shares

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Non-Institutuion
42.56%
Promoter Group
51.01%
Institutuion
6.43%
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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: broy@globusgroup.in

Ms. Pooja Sharma / Mr. Suyash Samant Stellar IR Advisors Pvt. Ltd.

Phone: +91 22 6239 8024

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