• 8 ION EXCHANGE Ref, ~e<l,~ eeu, P~Mt

February 3, 2021

To, BSE Limited The Corporate Relationship Dept. P.J. Towers, Dalal Street, Mumbai - 400 001

BSE Company Code: 500214

Dear Sir/ Madam,

Sub: Submission of Analyst I Investor Presentation

Pursuant to Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed presentation being made to Analyst I Institutional Investor to discuss the Financial performance of the Company for the Third Quarter Ended December 31, 2020.

The aforesaid information is also disclosed on website of the company 1.e. www.ionindia.com

Kindly take the information on record.

Thanking You,

Yours faithfully, For Ion Exchange (India) Limited ~ Puranik

Milind Company Secretary

ION EXCHANGE (INDIA) LTD. I GIN: L74999MH1964PLC014258

Regd. Office: Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011, India. Board: +91 22 3989 0909 I Fax: +91 22 2493 8737 I E-mail: [email protected] I Web: www.ionindia.com

Offices: Bengaluru I Bhubaneswar I Chandigarh I Chennai I Hyderabad I Kolkata I Lucknow I New Delhi I Pune I Vadodara I Vashi I Visakhapatnam

EARNINGS PRESENTATION – 9M / Q3-FY21

Executive Summary

FY20: Operating Income* INR 14,798 Mn

FY20: Operating EBITDA* INR 1,346 Mn

FY20: PAT* INR 940 Mn

OVERVIEW

Ion Exchange (India) Ltd (Ion Exchange), formed in 1964, is a pioneer in water, waste water treatment & environment solutions and caters to various industries, institutions, homes & communities.
Headquartered in Mumbai, the company has seven manufacturing & assembly facilities across India, and one each in Bangladesh, UAE, Bahrain and Indonesia. It also has presence across other key geographies.
Installation: 100,000 + globally; 1000+ in core sectors.

BUSINESS & FY20 REVENUE MIX (%) - CONSOLIDATED

Engineering (61%) – Provides comprehensive and integrated services and solutions in water & waste water treatment including Sea Water desalination, Recycle and Zero liquid discharge plants to diverse industries.
Chemicals (31%) – Provides a comprehensive range of resins, speciality chemicals and customized chemical treatment programmes for water, nonwater and specialty applications.
Consumer Products (8%) – Caters to individuals, hotels, spas, educational institutions, hospitals, laboratories, railway and defence establishments providing safe drinking water and a clean environment.

MARQUEE CLIENTS

Industrial – NTPC, NPC, Reliance, IOCL, JSW, CPCL, L&T, Arcelormittal Nippon Steel, Nayara Energy, IRCTC , BHEL, Tata Group.
Institutional – Leela, Military Engineering Services, Taj Hotels, Holiday Inn, Hyatt Regency, Oberoi Hotels, Apollo Hospitals, Escorts Heart Institute, DLF, Puravankar.
International – Cargill, Technip France, Unilever Group, Jurong, Thyssenkrupp (Uhde), Jacobs, Kawasaki, Mitsubishi, PDO Oman, Emirates Steel, IKPP Indonesia.

*Consolidated

Company Overview

Ion Exchange was originally formed as a subsidiary of Permutit, UK in 1964. It became a wholly owned Indian company in 1985. The company is currently in its 56th Year of operations.
The company has expanded its footprints globally and possesses a diversified product range. It offers one stop water and non-water treatment solutions catering to diverse segments like infrastructure, industry, institutions, municipalities, homes and communities, urban and rural.
The company offers a wide range of solutions across the water cycle from pretreatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc.
The company is also engaged in manufacturing ion exchange resins, membranes, speciality chemicals for water and waste water treatment as well as non-water applications.
It has two facilities for in-house R&D and two applications and testing centers.
The company has over 50 patents to their credit and 100+ products commercialized.
The company has a global presence apart from presence in major cities in India with 36+ sales & service centers and 100+ Channel Partners.
The company exports to Africa, Japan, Middle East, Russia, South East Asia, Europe, UK, USA, Canada and neighbouring countries.

REVENUE BREAK UP FY20*

GEOGRAPHICAL BREAKUP FY20*

9M / Q3- FY21 Financial Highlights

Q3-FY21 Performance (Standalone)

INR 3,338 Mn Operating Income	INR 421 Mn Operating EBITDA	12.61% Operating EBITDA Margins
INR 307 Mn Net Profit	9.20% PAT Margins	INR 24.94 /Share Diluted EPS
	9M-FY21 Performance (Standalone)

INR 9,688 Mn Operating Income	INR 1,150 Mn Operating EBITDA	11.87% Operating EBITDA Margins

Q3-FY21 Performance (Consolidated)

INR 3,492 Mn Operating Income	INR 445 Mn Operating EBITDA	12.74% Operating EBITDA Margins
INR 287 Mn Net Profit	8.22% PAT Margins	INR 24.57 /Share Diluted EPS

	9M-FY21 Performance (Consolidated)
INR 10,044 Mn Operating Income	INR 1,167 Mn Operating EBITDA	11.62% Operating EBITDA Margins

Q3 - FY21 Operational Highlights

BUSINESS OPERATIONS

Steady improvement in the financial performance of the company post the gradual resumption of economic activity.

ENGINEERING

The order inflow has improved during the quarter and we expect the trend to continue in the ensuing quarter as well.
Supplies and civil works of the Sri Lanka Project were adversely affected due to resurgence of COVID infections in the country. Revenue has been recognized in the quarter based on work progress. We expect the situation to normalise in this quarter.
Order execution of other on-going Engineering orders further picked up pace resulting in improved sales and margins.

CHEMICALS

Sales and despatches have normalised in this quarter and we remain cautiously optimistic of continued improvements in this segment.
Margins improved due to higher turnover coupled with operational efficiencies and benefits on account of improved product mix.

CONSUMER PRODUCTS

Whilst volumes picked up in this quarter, certain segments continue to remain affected due to after effects of the COVID lockdown measures thereby impacting the turnover.

ENGINEERING ORDER BOOK AND PIPELINE (As on 31st December, 2020)

Engineering projects^ ~ 6,200 INR Mn

Outstanding Sri Lanka ~ 68 USD Mn

Bid Pipeline ~ 50,000 INR Mn

^Excluding Sri Lanka Order

Q3 - FY21 Standalone Income Statement (IND-AS)

INCOME STATEMENT (INR MN)	Q3-FY21	Q3-FY20	Y-o-Y	Q2-FY21	Q-o-Q
Operating Income	3,338	3,781	(11.7)%	3,753	(11.1)%
Expenses	2,917	3,413	(14.5)%	3,331	(12.4)%
Operating EBITDA	421	368	14.4%	422	(0.2)%
Operating EBITDA Margins (%)	12.61%	9.73%	288 Bps	11.24%	137 Bps
Depreciation	66	55	20.0%	68	(2.9)%
Finance Cost	21	35	(40.0)%	26	(19.2)%
Other Income	95	104	(8.7)%	93	2.2%
PBT	429	382	12.3%	421	1.9%
Tax	122	104	17.3%	109	11.9%
Profit After Tax	307	278	10.4%	312	(1.6)%
PAT Margins (%)	9.20%	7.35%	185 Bps	8.31%	89 Bps
Other Comprehensive Income	(3)	(2)	NA	(2)	NA
Total Comprehensive Income	304	276	10.1%	310	(1.9)%
Diluted EPS (INR)	24.94#	22.87#	9.1%	25.37#	(1.7)%
		IEI	#Earnings per equity share Shareholding (Staff	includes impact of Welfare) Trusts.	equity shares held by

No. of Shares- 23,68,939

Segmental Breakup - Quarterly Standalone

9M - FY21 Standalone Income Statement (IND-AS)

INCOME STATEMENT (INR MN)	9M-FY21	9M-FY20	Y-o-Y
Operating Income	9,688	10,793	(10.2)%
Expenses	8,538	9,911	(13.9)%
Operating EBITDA	1,150	882	30.4%
Operating EBITDA Margins (%)	11.87%	8.17%	370 Bps
Depreciation	198	160	23.8%
Finance Cost	79	100	(21.0)%
Other Income	268	330	(18.8)%
PBT	1,141	952	19.9%
Tax	310	250	24.0%
Profit After Tax	831	702	18.4%
PAT Margins (%)	8.58%	6.50%	208 Bps
Other Comprehensive Income	(6)	(4)	NA
Total Comprehensive Income	825	698	18.2%
Diluted EPS (INR)	67.61#	58.30#	16.0%
	#Earnings per IEI Shareholding No. of Shares-	equity share includes impact (Staff Welfare) Trusts. 23,68,939	of equity shares held by

Segmental Breakup – 9 Months - Standalone

380

9M-FY20 9M-FY21

(42)

-50

Q3 - FY21 Consolidated Income Statement (IND-AS)

INCOME STATEMENT (INR MN)	Q3-FY21	Q3-FY20	Y-o-Y	Q2-FY21	Q-o-Q
Operating Income	3,492	3,982	(12.3)%	3,900	(10.5)%
Expenses	3,047	3,590	(15.1)%	3,490	(12.7)%
Operating EBITDA	445	392	13.5%	410	8.5%
Operating EBITDA Margins (%)	12.74%	9.84%	290 Bps	10.51%	223 Bps
Depreciation	70	59	18.6%	73	(4.1)%
Finance Cost	27	42	(35.7)%	29	(6.9)%
Other Income	64	76	(15.8)%	74	(13.5)%
PBT	412	367	12.3%	382	7.9%
Share of Profit of equity accounted Investee	(1)	3	NA	4	NA
Tax	124	107	15.9%	120	3.3%
Profit After Tax	287	263	9.1%	266	7.9%
PAT Margins (%)	8.22%	6.60%	162 Bps	6.82%	140 Bps
Other Comprehensive Income	(14)	(7)	NA	(3)	NA
Total Comprehensive Income	273	256	6.6%	263	3.8%
Diluted EPS (INR)	24.57#	22.63#	8.6%	22.72#	8.1%

#Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts (No. of Shares-23,68,939) and shares held by Subsidiary companies (No. of Shares- 4,37,874)

Segmental Breakup - Quarterly Consolidated

9M - FY21 Consolidated Income Statement (IND-AS)

INCOME STATEMENT (INR MN)	9M-FY21	9M-FY20	Y-o-Y
Operating Income	10,044	11,287	(11.0)%
Expenses	8,877	10,335	(14.1)%
Operating EBITDA	1,167	952	22.6%
Operating EBITDA Margins (%)	11.62%	8.43%	319 Bps
Depreciation	211	171	23.4%
Finance Cost	98	120	(18.3)%
Other Income	193	245	(21.2)%
PBT	1,051	906	16.0%
Share of Profit of equity accounted investee	2	9	(77.8)%
Tax	324	262	23.7%
Profit After Tax	729	653	11.6%
PAT Margins (%)	7.26%	5.79%	147 Bps
Other Comprehensive Income	(26)	(11)	NA
Total Comprehensive Income	703	642	9.5%
Diluted EPS (INR)	62.22#	56.44#	10.2%
		#Earnings per equity share includes impact of equity shares held by

IEI Shareholding (Staff Welfare) Trusts (No. of Shares-23,68,939) and shares held by Subsidiary companies (No. of Shares- 4,37,874)

Segmental Breakup – 9 Months - Consolidated

HISTORICAL FINANCIAL OVERVIEW

Standalone Income Statement (IND-AS)

INCOME STATEMENT (INR MN)	FY18	FY19	FY20	9M-FY21
Operating Income	9,943	11,023	14,072	9,688
Expenses	9,239	10,110	12,862	8,538
Operating EBITDA	704	913	1,210	1,150
Operating EBITDA Margins (%)	7.08%	8.28%	8.60%	11.87%
Depreciation	119	181	221	198
Finance Cost	157	162	132	79
Other Income	300	441	485	268
PBT	728	1,011	1,342	1,141
Tax	250	345	351	310
Profit After Tax	478	666	991	831
PAT Margins (%)	4.80%	6.04%	7.04%	8.58%
Other Comprehensive Income	(2)	(5)	(9)	(6)
Total Comprehensive Income	476	661	982	825
Diluted EPS (INR)	39.78*	55.47*	81.85#	67.61#

*Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts. No. of Shares- 26,62,914

#Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts. No. of Shares- 23,68,939

Financials - Standalone

Standalone Balance Sheet (As Per IND-AS)

PARTICULARS (INR MN)	FY19	FY20	H1- FY21	PARTICULARS (INR MN)	FY19	FY20	H1-FY21
EQUITIES & LIABILITIES				ASSETS
Equity				Non-Current Assets
(A) Equity Share Capital	147	147	147	(A) Property, Plant and Equipment	1,425	1,385	1,410
(B) Other Equity	3,597	4,668	5,169	(B) Capital Work-in-progress	123	115	46
Total Equity	3,744	4,815		5,316 (C) Right-of-Use Assets	-	368	334
Non-Current Liabilities				(D) Other Intangible Assets	14	16	14
(A) Financial Liabilities				(E) Financial Assets
(i) Borrowings	261	187		133 (i) Investments	607	620	623
(ii) Lease Liabilities	-	101		71 (ii) Trade Receivables	36	29	29
(iii) Other financial Liabilities	81	81		82 (iii) Loans	403	420	420
(B) Provisions	118	140	140	(F) Other Non-Current Assets	63	54	51
(C) Deferred Tax Liabilities (Net)	11	-	-	(G) Deferred Tax Assets	-	6	18
(D) Liabilities for Non-Current Tax (Net)	15	19	19	Total Non – Current Assets	2,671	3,013	2,945
Total Non – Current Liabilities	486	528		445 Current Assets
Current Liabilities				(A) Inventories	1,092	1,180	1,060
(A) Financial Liabilities				(B) Financial Assets
(i) Borrowings	434	640		300 (i) Investments	4	1	1
(ii) Lease Liabilities	-	95		80 (ii) Trade Receivables	4,276	5,137	5,094
(iii) Trade Payables	3,948	4,570		4,953 (iii) Cash & Cash Equivalents	360	846	681
(iv) Other Financial Liabilities	380	394		459 (iv) Bank Balances	2,394	2,691	3,411
(B) Other Current Liabilities	2,979	3,118		2,821 (v) Loans	509	472	548
(C) Provisions	38	49		81 (vi) Other Financial Assets	184	224	53
(D) Liabilities for current tax (Net)	141	158	181	(C) Other current assets	660	803	843
Total Current Liabilities	7,920	9,024		8,875 Total Current Assets	9,479	11,354	11,691
GRAND TOTAL - EQUITIES & LIABILITES	12,150	14,367		14,636 GRAND TOTAL – ASSETS	12,150	14,367	14,636

Consolidated Income Statement (As per IND-AS)

INCOME STATEMENT (INR MN)	FY18	FY19	FY20	9M- FY21
Operating Income	10,549	11,623	14,798	10,044
Expenses	9,779	10,557	13,452	8,877
Operating EBITDA	770	1,066	1,346	1,167
Operating EBITDA Margins (%)	7.30%	9.17%	9.10%	11.62%
Depreciation	131	196	237	211
Finance Cost	187	190	160	98
Other Income	211	333	354	193
PBT	663	1,013	1,303	1,051
Share of Profit of equity accounted Investee	(1)	5	4	2
Tax	263	359	367	324
Profit After Tax	399	659	940	729
PAT Margins (%)	3.78%	5.67%	6.35%	7.26%
Other Comprehensive Income	(14)	1	2	(26)
Total Comprehensive Income	385	660	942	703
EPS Diluted (INR)	34.46*	56.99*	80.10#	62.22#

*Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts (No. of Shares-26,62,914) and shares held by Subsidiary companies (No. of Shares- 4,37,874)

Financials - Consolidated

Consolidated Balance Sheet (IND-AS)

PARTICULARS (INR MN)	FY19	FY20	H1-FY21	PARTICULARS (INR MN)	FY19	FY20	H1-FY21
EQUITIES & LIABILITIES				ASSETS
Equity				Non-Current Assets
(A) Equity Share Capital	142	142	142	(A) Property, Plant and Equipment	1,507	1,459	1,477
(B) Other Equity	2,458	3,489	3,906	(B) Capital Work-in-progress	123	115	46
Equity attributable to owners	2,600	3,631		4,048 (C) Right-of-Use Assets	-	379	339
Non Controlling Interest	22	20	15	(D) Other Intangible Assets	14	16	15
Total Equity	2,622	3,651		4,063 (E) Goodwill	86	86	86
				(F) Investment accounted using Equity Method	34	37	40
Non-Current Liabilities				(G) Financial Assets
(A) Financial Liabilities				(i) Investments	7	7	25
(i) Borrowings	261	187		134 (ii) Trade Receivables	142	62	62
(ii) Lease liabilities	-	106		72 (iii) Loans	100	118	118
(iii) Other Financial Liabilities	81	81		82 (iv) Other Financial Assets	70	65	62
(B) Provisions	133	157	158	(H) Deferred Tax Assets (Net)	10	15	27
(C) Deferred Tax Liabilities (Net)	11	5	4	(I) Other Non-Current Assets	167	165	162
(D) Other Non-Current Liabilities	6	5	5	(J) Non-Current Tax Assets	5	5	4
(E) Liabilities for non-current tax (Net)	16	19	19	Total Non – Current Assets	2,265	2,529	2,463
Total Non – Current Liabilities	508	560		474 Current Assets
				(A) Inventories	1,298	1,345	1,290
Current Liabilities				(B) Financial Assets
(A) Financial Liabilities				(i) Investments	4	1	1
(i) Borrowings	667	858		524 (ii) Trade Receivables	4,242	5,019	4,938
(ii) Lease liabilities	-	97		83 (iii) Cash & Cash Equivalents	452	1,015	805
(iii) Trade Payables	4,151	4,800		5,142 (iv) Bank Balances	2,452	2,716	3,436
(iv) Other Financial Liabilities	428	438		526 (v) Loans	91	173	175
(B) Other Current Liabilities	3,078	3,190		2,886 (vi) Other Financial Assets	197	237	68
(C) Provisions	45	57	97	(C) Current Tax Assets (Net)	13	15	6
(D) Liabilities for current tax (Net)	154	171	192	(D) Other Current Assets	639	772	805
Total Current Liabilities	8,523	9,611		9,450 Total Current Assets	9,388	11,293	11,524
GRAND TOTAL - EQUITIES & LIABILITES	11,653	13,822		13,987 GRAND TOTAL – ASSETS	11,653	13,822	13,987 20

Market Data (Bloomberg – ION IN, Reuters – IONX.BO)

1 YEAR SHARE PRICE MOVEMENT (UP TO 31st DECEMBER, 2020)

SENSEX ION

Disclaimer

Ion Exchange (India) Limited

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

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

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

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

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91-22-49039500 Email: [email protected]