J. Kumar Infraprojects Limited — Investor Presentation 2020

Jun 27, 2020

J. Kumar Infraprojects Limited

16-A, Andheri Industrial Estate, Veera Desai Road, Andheri (W), Mumbai-400 053. E.mail:info@jkumar.com,website:www.jkumar.com ,Ph:+91-22-67743555 (CIN L74210MH1999PLC122886)

27th June, 2020

The General Manager The Listing Department Mumbai - 400 001 Mumbai-400 051 Fax: 2272 2037 / 39 /41/61 Fax No.26598237/8238

Department of Corporate Services National Stock Exchange of India Ltd Bombay Stock Exchange Ltd Exchange Plaza, Plot No.C/1, G- Block Mumbai Samachar Marg Bandra- Kurla Complex, Bandra East

Scrip Code: JKIL/532940

Sub: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulation)

Pursuant to the provisions of Regulation 30 of the Listing Regulation, please find enclosed herewith the Investor Presentation for the Audited Financial Result of the Company for the Year Ended 31st March, 2020.

We would request you to please take note of the same.

Yours faithfully For J. Kumar Infraprojects Ltd

Sd/- Poornima Reddy Company Secretary

J. Kumar Infraprojects Ltd .

We dream… So we achieve… On a Long

-term Growth Path…

Safe Harbor

This presentation and the accompanying slides (the "Presentation"), which have been prepared by J. Kumar Infra Projects Ltd. (the "Company"), have been prepared 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. 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.

This presentation contains certain forward looking statements concerning the Company's future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

COVID-19 impact

The company was unable to undertake planned work owing to the outbreak of pandemic and consequent imposition of lockdown by Government. March traditionally has been better in terms of revenue and realisation.

With Central Government relaxing lockdown in mid April, we commenced work at various sites with available labour. However, considering labour migration issues, we have not been able to achieve optimum scale.

Though the Company has been collecting receivables, the pace of recovery has been impacted. We do not forsee any challenge in recoverability of our receivables.

Imposition of lockdown caused a delay in starting of our Dwarka Project, NCR and Coastal Road, Navi Mumbai.

Revenue for FY20 was ₹ 29,705 mn (₹ 27,871 mn in FY19). EBIDTA for FY20 was ₹ 4,289 mn (₹ 4,363 mn in FY19). PAT for FY20 was ₹ 1,836 mn (₹ 1,771 mn in FY19).

Revenue for Q4FY20 was ₹ 8,778 mn (₹ 9,680 mn in Q4FY19). EBIDTA for Q4FY20 was ₹ 919 mn (₹ 1,341 mn in Q4FY19). PAT for Q4FY20 was ₹ 311 mn (₹ 573 mn in Q4FY19).

Our response to the COVID-19 impact

Initiated a business continuity plan and cost reduction program aimed at reducing breakeven levels

Cost Rationalization Workmen Safety Measures Cashflow Focus Execution Focus

Ensured heightened safety protocols at all operating sites by providing essential supplies and medical facilities

Large cash reserves and focus on collections during lockdown ensured we fulfilled all our obligations

Launched a plan towards optimising execution levels with available workforce . Also embarked on a mission to improve labour availability for ramping up execution

Risks Factors and Mitigation strategies implemented

1 Fixed cost management

2 Labour availability

3 Raw material availability

4 Liquidity risk

Risk factors Mitigation Strategies

Focusing on channelizing limited labour force with an aim to achieve operational efficiencies. Continuously engaging with labour contractors to facilitate labour return.

Long-standing relationships with suppliers and efficient supply chain management to ensure uninterrupted supply

Increased focus on collections with an aim to reduce debtor levels. High cash position and balance sheet strength to help tide over crisis

Maintain lower leverage and focus on strong cashflows

HIGHLIGHTS FY20

PERFORMANCE HIGHLIGHTS Q4 FY20 & FY20

FINANCIAL Q4 FY20 & FY20

Particulars (₹ In Mn)	Q4 FY20	Q4 FY19	Y-O-Y	Q3 FY20	FY20	FY19	Y-O-Y
Revenue from Operations	8,778	9,680	-9%	7,930	29,705	27,871	7%
Cost of Material Consumed	5,702	6,318		4,854	18,169	17,203
Employee Expenses	823	635		841	2,987	2,477
Other Expenses	1,334	1,387		1,056	4,260	3,828
EBIDTA	919	1,341	-31%	1,180	4,289	4,363	-2%
EBIDTA Margin	10.5%	13.8%		14.9%	14.4%	15.7%
Other Income	80	96		89	283	281
Depreciation	350	254		311	1,263	1,022
EBIT	650	1,183	-45%	957	3,310	3,622	-9%
EBIT Margin	7.4%	12.2%		12.1%	11.1%	13.0%
Finance Cost	247	308		218	977	939
Profit before Tax	403	875	-54%	740	2,333	2,683	-13%
PBT Margin	4.6%	9.0%		9.3%	7.9%	9.6%
Tax	93	302		183	497	912
PAT	311	573	-46%	557	1,836	1,771	4%
PAT Margin %	3.5%	5.9%		7.0%	6.2%	6.4%
Cash PAT	660	827	-20%	868	3,098	2,793	11%
Cash PAT Margin %	7.52%	8.55%		10.95%	10.4%	10.0%

BALANCE SHEET AS AT MARCH 31, 2020

Particulars (₹ in Mn)	As atMar 2020	As atMar 2019	Particulars (₹ in Mn)	As atMar 2020	As atMar 2019
ASSETS			EQUITY AND LIABILITIES
Non-Current Assets			Equity
Property, plant and equipment	8,545	7,788	Equity Share Capital	378	378
Capital work-in-progress	987	798	Other Equity	17,931	16,297
			Sub-total - Shareholders' funds	18,310	16,675
Financial Assets
Investments	12	316	LIABILITIES
Other Financial Assets	3,003	3,054	Non-Current Liabilities
Other Non Current Assets	484	304	Financial Liabilities
Sub-total - Non-Current Assets	13,031	12,259	Borrowings	978	1,407
			Lease Liability	192	-
Current Assets			Provisions	9	4
Inventories	3,126	9,187	Deferred Tax Liabilities (Net)	274	366
Financial Assets			Sub-total - Non-Current Liabilities	1,452	1,777
Trade Receivables	6,448	4,986
Cash and Cash Equivalents	591	704	Current Liabilities
Bank balances other than Cash and Cash equivalents	4,359	4,009	Financial Liabilities
Loans	105	106	Borrowings	4,787	4,625
Other Financial Assets	660	1,064	Trade Payables	4,604	3,029
Other Current Assets	8,475	2,659	Lease Liabilities	146	-
			Other Financial Liabilities	3,655	3,388
Sub-total - Current Assets	23,764	22,715	Other Current Liabilities	3,841	5,322
			Current Tax Liabilities (Net)	-	158
			Sub-total - Current Liabilities	17,033	16,522

Particulars (₹ in Mn)	As at	As at	Particulars (₹ in Mn)	As at	As at
	Mar 2020	Mar 2019		Mar 2020	Mar 2019
ASSETS			EQUITY AND LIABILITIES
Non-Current Assets			Equity
Property, plant and equipment	8,545	7,788	Equity Share Capital	378	378
Capital work-in-progress	987	798	Other Equity	17,931	16,297
			Sub-total - Shareholders' funds	18,310	16,675
Financial Assets
Investments	12	316	LIABILITIES
Other Financial Assets	3,003	3,054	Non-Current Liabilities
Other Non Current Assets	484	304	Financial Liabilities
Sub-total - Non-Current Assets	13,031	12,259	Borrowings	978	1,407
			Lease Liability	192	-
Current Assets			Provisions	9	4
Inventories	3,126	9,187	Deferred Tax Liabilities (Net)	274	366
Financial Assets			Sub-total - Non-Current Liabilities	1,452	1,777
Trade Receivables	6,448	4,986
Cash and Cash Equivalents	591	704	Current Liabilities
Bank balances other than Cash and Cash equivalents	4,359	4,009	Financial Liabilities
Loans	105	106	Borrowings	4,787	4,625
Other Financial Assets	660	1,064	Trade Payables	4,604	3,029
Other Current Assets	8,475	2,659	Lease Liabilities	146	-
			Other Financial Liabilities	3,655	3,388
Sub-total - Current Assets	23,764	22,715	Other Current Liabilities	3,841	5,322
			Current Tax Liabilities (Net)	-	158
			Sub-total - Current Liabilities	17,033	16,522
TOTAL - ASSETS	36,795	34,974	TOTAL - EQUITY AND LIABILITIES	36,795	34,974

Cash Flow Statement

Particulars (₹ In Mn)	FY20	FY19
PBT	2,333	2,683
Adjustments	2,010	1,692
Operating profit before working capital changes	4,343	4,375
Changes in working capital	(821)	(2,811)
Cash generated from operations	3,523	1,564
Direct taxes paid (net of refund)	(934)	(738)
Net Cash from Operating Activities	2,588	826
Net Cash from Investing Activities	(1,226)	(1,082)
Net Cash from Financing Activities	(1,475)	(14)
Net Change in cash and cash equivalents	(113)	(271)
Opening Cash Balance	704	975
Closing Cash Balance	591	704

KEY UPDATES FY 20

CORPORATE OVERVIEW

INCORPORATION

Incorporated in the year 1999 under the visionary leadership of Mr. Jagdishkumar M. Gupta, to undertake specialized construction work on EPC basis, while maintaining asset lite business model.

CAPABILITIES

Timely completion, ability to undertake complex project and delivering quality to the satisfaction of the client is what we take pride in. Within 2 decades of our existence, we have developed a niche in the field of Urban Infrastructure. We are today amongst few construction companies qualified to undertake large Metro Projects.

FINANCIAL DISCIPLINE

Rated "IND A/Stable+" for Fund based limit and "IND A1" for non-fund based limit. A improving net debt equity ratio of ~0.10, reinforces our commitment towards financial discipline.

EQUIPMENT BANK

Our Company owns a large fleet of construction equipment and machinery including 7 Tunnel Boring Machines, 44 hydraulic piling rigs and 2 Straddle Carriers. A technology focussed company, we continuously invest in cutting edge technologies to enhance our service offerings.

TRACK RECORD

We have a track record of efficaciously completing 85+ projects, demonstrating our operation efficiency and capability to undertake complex projects.

OUR PRESENCE

With established presence in major states namely Maharashtra, Delhi, Gujarat, Rajasthan and Uttar Pradesh, we are on continuous lookout for opportunity to expand in other part of the country. It's our endeavor to be a Company with a PAN India presence

PERFORMANCE

.

2

4

6

FY20 has been memorable one and has positively emerged as a year of many 'firsts'. We ended the year on a bright note, as we created the milestone of ₹ 2,970 Crores in revenue, ₹ 184 Crores in PAT and ₹ 11,644 Crores in order book

"Responsible bidding, better planning and efficient resource deployment…. the way we do business "

Shaping Modern India

1

5

7

A

Order Book

Order Book of ~₹ - 1,16,437 mn as on Mar 31, 2020

Projects

~35 Projects under various stages of execution

Manpower

C

Manpower of ~7,600 helping us complete our projects

D

Revenue

CAGR of 23% for the period FY 2017-2020

PAT

E

CAGR of 20% for the period FY 2017-2020

WORK WE DO

Metro

• Metros Elevated
• Metros Underground
• Metro Station & Depot

Flyovers & Bridges

• Flyovers, Bridges & Roads
• Pedestrian Subways
• Airport Runways

Civil & Others

• Hospital/Medical College
• Railway Terminus & Station
• Commercial Building
• Sports Complex
• Other Civil Constructions

ORDER BOOK BREAKUP AS ON MARCH 31, 2020

ORDER BOOK POSITION AS ON MARCH 31, 2020

			Order Backlog			Client Name	Order Backlog
Name of the Project	Sub Segment	Client Name	(₹ mn)	Name of the Project	Sub Segment		(₹ mn)
MUMBAI METRO LINE-09-07A (CA48)	Metro - Elevated	MMRDA	19,827	CHHEDA NAGAR FLYOVER	Flyover	MMRDA	1,380
MUMBAI METRO LINE-6 BC03	Metro - Elevated	DMRC	7,487	TELLI GALLI GRADE SEPARATOR	Flyover	MCGM	891
MUMBAI METRO LINE-6 BC01	Metro - Elevated	DMRC	3,897	KALWA CREEK BRIDGE	Flyover	TMC	663
MUMBAI METRO LINE-4A CA54	Metro - Elevated	MMRDA	3,293	MOTAGAON CREEK BRIDGE	Flyover	MMRDA	650
MUMBAI METRO LINE-2 AC02 (JKIL)	Metro - Elevated	MAHA METRO	2,262	JOGESHWARI (SOUTH) ROB	Flyover	MCGM	379
PUNE METRO ELEVATED P1C-05	Metro - Elevated	DMRC	2,076	Others	Flyover	Others	622
MUMBAI METRO LINE-2 AC01 (JKIL)	Metro - Elevated	DMRC	1,396		Sub Total (C)		37,995
MUMBAI METRO LINE-7	Metro - Elevated	MMRDA	155
Others	Metro - Elevated	Others	203	CIDCO COASTAL ROAD CA02	Road	CIDCO	4,090
	Sub Total (A)		40,595	JNPT PACKAGE-1, 2, 3	Road	NHAI	863
				Others	Road	Others	2,840
MUMBAI METRO LINE-3 PKG05	Metro-Underground	MMRC	12,363		Sub Total (D)		7,793
MUMBAI METRO LINE-3 PKG06	Metro-Underground	MMRC	8,616
MAHA METRO UG-01 PUNE	Metro-Underground MAHA METRO		1,521
	Sub Total (B)		22,500	SDMC HEAD QUARTER-NBCC DELHI	Civil	SDMC	5,598
				SGPGI MEDICAL SCIENCES-LUCKNOW	Civil	UPRNNL	885
DWARKA EXPRESSWAY-PKG-02	Flyover	NHAI	15,321	RML ACADEMY-LUCKNOW	Civil	UPRNNL	616
DWARKA EXPRESSWAY-PKG-01	Flyover	NHAI	13,490	Others	Others	Others	455
AIROLI CREEK BRIDGE	Flyover	MMRDA	2,609		Sub Total (E)		7,554
SCLR FLYOVER	Flyover	MMRDA	1,989
	TOTAL (A+B+C+D+E)						1,16,437

REVENUE – KEY CONTRIBUTORS

METRO - UNDERGROUND (₹ mn)

METRO - ELEVATED (₹ mn)

REVENUE – KEY CONTRIBUTORS

OUR MARQUEE CLIENTS

EQUIPMENT BANK

Piling Machine Casting Yard TBM Machine

Dumper / Tipper

RMC Plant Segment Rolling

Launching Gurder Bitumen Plant 21

OUR JOURNEY SO FAR

SOME OF OUR COMPLETED PROJECTS

Delhi Underground Metro

Sky Walk – Mumbai Project

KSB Underpass, Pune

ESIC Alwar

SOME OF OUR COMPLETED PROJECTS….1

Amar Mahal Flyover

Meenatai Thakre Flyover

BKC- Chunabhatti Flyover

KEY ONGOING PROJECTS – MUMBAI METRO

KEY ONGOING PROJECTS

Thane Belapur

Ahmedabad Metro JNPT

Kalwa Bridge Thane JNPT

KEY STRENGTH

Provides visibility of robust financial performance, with sustainable positive operating cash flows and stable margin profile making JKIL an eminent company in the construction EPC space

EXECUTIVE DIRECTORS

Mr. Jagdishkumar Gupta – Promoter & Executive Chairman

Mr. Jagdishkumar Gupta, the architect of JKIL, is a first generation entrepreneur and has led the company in undertaking projects of varied complexities and scale. It is his vision, passion, zeal and indefatigable energy which has been instrumental in shaping the company's growth path. He has over 50 years of experience in Infrastructure sector in India.

Mr. Kamal Gupta – Managing Director

• Graduated with Bachelors in Civil Engineering.
• Associated with JKIL since inception. Has an experience of more than 22 years in construction field.
• Plays a vital role in execution of projects within the stipulated time frame
• He looks after the civil construction works, metro railways, etc

Mr. Nalin Gupta – Managing Director

• A commerce graduate and Member of Indian Institution of Bridge Engineer.
• Associated with JKIL since inception. Has an experience of more than 22 years in construction field.
• Instrumental in setting and developing the piling business.
• He looks after construction of subway, elevated metro, underground metro, flyovers, rail over bridges etc.

INDEPENDENT DIRECTORS

Dr. R. Srinivasan

• •Holds a Doctorate in Banking and Finance
• Served as CMD of Bank of India and Allahabad Bank.
• Serving on board of several companies focused on software, pharmaceuticals, gems & jewellery, tea, paint in addition to mutual fund industry.

Padmanabh P. Vora

• Chartered Accountant with over 32 years experience in finance, banking and management.
• Served as the Chairman-cum-Managing Director of the Industrial Development Bank of India from which he retired in 2003.

Ajit Singh Chatha

• •Graduate with Honour's in Electrical Engineering.
• •Joined the I.A.S cadre of Punjab in 1963 and held wide range of assignments such as Deputy Commissioner, Managing Director, Joint Secretary, Principal Secretary and Chief Secretary

Padam Prakash Jain

• •M. Com and Diploma in Management from FMS, Delhi. Besides, he is an Associate of Indian Institute of Bankers and Chartered Institute of Bankers, London.
• •He has been a senior commercial banker /Investment banker with more than 39 years.

Archana S. Yadav

• •Chartered Accountant with over 15 years of experience.
• •A PGDBM holder, she has also Cleared Forensic Audit & Fraud Detection Course by ICAI
• She has been Appointed as GST Faculty by ICAI for knowledge sharing.

OUR CORE TEAM

Pradeep K. Kulshrestha

Chief Operating Officer

• He hold M Tech degree in Engineering
• He has 35 year's of experience .
• He has been associated with the Company since March, 2019.

Mayank Kumar Jain

Head Transportation-Project

• Hold B Tech & M Tech degree in Civil Engineering.
• He has 33 year's of experience
• He has been associated with the Company since January, 2019.
• He is responsible for Metro Line 2, 4, 6 and 9

Rajan Sharma

Regional Head , Delhi Metro

• He holds MBA degree and also Project Management Professional
• He has 26 years of techno commercial experience
• He has been associated with the group since 2010.

Arvind Gupta

Chief Financial Officer

• A Chartered Accountant and has over 17 years of experience in Accounting, Taxation and Auditing.
• He has been associated with our Company since April, 2010.

Ravinder Kulkarni

Vice President-Projects, IT, HR and Administration

• Holds a Diploma in civil engineering
• Over 42 years of experience. He has been associated with various government & private institutions including Maharashtra Irrigation department.
• He has been associated with the Company since 2011.

Dharmendra Singh

QAQC Head

• He hold degree in B. Sc. and B E (Civil Engineering) First Class Honors
• He has 27 years of experience in Infrastructure construction projects & building construction projects. International work experience of 15 years in Singapore.

Poornima Reddy

Company Secretary & Compliance Officer

• She is a Company Secretary, LLB and P.G. Diploma in Financial Management having more than 17 years of experience.
• She has been associated with our Company since July, 2007

S.M. Thorat Vice President (Projects)

• Holds bachelor's degree in civil engineering
• Over five decades of experience in planning and execution of various bridges, roads, flyovers and multi storied buildings and administration.
• He has been associated with the group since 1995 and responsible for project monitoring

Somesh Pandey

General Manager

• He holds post graduate degree in Civil engineering
• He has 31 years of experience.
• He has been associated with the group since 2017.

OUR CORE TEAM…1

Iftekhar Ahmed (JNPT Projects)

• He has degree in B.E. (Civil) and has total experience of 15 years.
• He has Expertise in Planning, Execution or Contract Management with in Construction of Flyovers / Bridges, Construction of Roads etc.

Urin Wanbanterng

Manager Tunnel

• He hold Bachelor Degree in Faculty of Civil Engineering.
• Has 17 years underground Construction Experience.
• He is currently working at package 5 as Manager Tunnel.

Dinesh Kumar Misra

(Sr. General Manager)

• He is B.Tech (Civil) and also hold Civil Engineering degree and has over 30 years of experience.
• Prior to joining our Company, he was associated with L&T for 20 years.
• He is is associated with our company since 2017.

STRATEGIC PRIORITIES

KEY FINANCIAL INDICATORS

PAT ₹ Mn Cash PAT ₹ Mn

KEY RATIOS

PROFIT & LOSS

Particulars (₹ In Mn)	FY17	FY18	FY19	FY20	CAGR
Revenue from Operations	16,043	20,507	27,871	29,705	23%
Cost of Material Consumed	9,659	12,087	17,203	18,169
Employee Expenses	1,267	1,971	2,477	2,987
Other Expenses	2,611	3,237	3,828	4,260
EBIDTA	2,506	3,212	4,363	4,289	20%
EBIDTA Margin	15.6%	15.7%	15.7%	14.4%
Other Income	311	285	281	283
Depreciation	556	727	1,022	1,263
EBIT	2,260	2,770	3,622	3,310
EBIT Margin	14.1%	13.5%	13.0%	11.1%
Finance Cost	662	703	939	977
Profit before Tax	1598	2,067	2,683	2,333
PBT Margin	10.0%	10.1%	9.6%	7.9%
Tax	525	701	912	497
PAT	1073	1366	1,771	1,836	20%
PAT Margin %	6.7%	6.7%	6.4%	6.2%
Cash PAT	1,630	2,093	2,793	3,098
Cash PAT Margin %	10.2%	10.2%	10.0%	10.4%

BALANCE SHEET

Particulars (₹ in Mn)	As atMar 2020	As atMar 2019	Particulars (₹ in Mn)	As atMar 2020	As atMar 2019
ASSETS			EQUITY AND LIABILITIES
Non-Current Assets			Equity
Property, plant and equipment	8,545	7,788	Equity Share Capital	378	378
Capital work-in-progress	987	798	Other Equity	17,931	16,297
			Sub-total - Shareholders' funds	18,310	16,675
Financial Assets
Investments	12	316	LIABILITIES
Other Financial Assets	3,003	3,054	Non-Current Liabilities
Other Non Current Assets	484	304	Financial Liabilities
Sub-total - Non-Current Assets	13,031	12,259	Borrowings	978	1,407
			Lease Liability	192	-
Current Assets			Provisions	9	4
Inventories	3,126	9,187	Deferred Tax Liabilities (Net)	274	366
Financial Assets			Sub-total - Non-Current Liabilities	1,452	1,777
Trade Receivables	6,448	4,986
Cash and Cash Equivalents	591	704	Current Liabilities
Bank balances other than Cash and Cash equivalents	4,359	4,009	Financial Liabilities
Loans	105	106	Borrowings	4,787	4,625
Other Financial Assets	660	1,064	Trade Payables	4,604	3,029
Other Current Assets	8,475	2,659	Lease Liabilities	146	-
			Other Financial Liabilities	3,655	3,388
Sub-total - Current Assets	23,764	22,715	Other Current Liabilities	3,841	5,322
			Current Tax Liabilities (Net)	-	158
			Sub-total - Current Liabilities	17,033	16,522
TOTAL - ASSETS	36,795	34,974	TOTAL - EQUITY AND LIABILITIES	36,795	34,974

For further information, please contact

J Kumar Infraprojects Ltd.

Mr. Arvind Gupta (Chief Financial Officer) Ph: +91-22-67743555 Email: arvind.gupta@jkumar.com www.jkumar.com

Marathon Capital Advisory Private Limited

Dr. Rahul Porwal Tel : +91-22-40030610 Email : rahul@marathoncapital.in www.marathoncapital.in