KRBL Ltd. — Interim / Quarterly Report 2021

Aug 13, 2020

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E:KRBL/BIBHU/STK_EX_2021/32 13 August 2020

The General Manager National Stock Exchange of India Limited Department of Corporate Services “Exchange Plaza”, C-1, Block-G BSE Limited Bandra-Kurla Complex Floor 25, Phiroze Jeejeebhoy Towers ✓ Bandra (E) Dalal Street, Mumbai – 400 001 Mumbai-400051 Scrip Code: 530813 Symbol: KRBL Series: Eq.

Dear Sir/Madam,

Sub: Investor Communication on Unaudited Financial Results of KRBL Limited for the First Quarter (Q1) ended 30 June 2020

Pursuant to the provisions of Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose herewith the Investor Communication on Unaudited Financial Results of KRBL Limited for the First Quarter (Q1) ended 30 June 2020.

This is for your kind information and record.

Thanking you,

Yours Faithfully, For KRBL Limited

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Raman Sapra Company Secretary

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INVESTOR PRESENTATION

Q1 FY21

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130-Year old legacy

Safe Harbor

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This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to KRBL Limited and its affiliated companies (“KRBL”) future business developments and economic performance.

While these forward looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations.

These factors include, but are not limited to, general market, macro‐economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance.

KRBL undertakes no obligation to periodically revise any forward looking statements to reflect future/ likely events or circumstances.

2

Management commentary Commenting on the performance for Q1 FY21, Mr. Anil Kumar Mittal – Chairman and Managing Director, KRBL Limited said,

“We have seen healthy demand coming for our branded portfolio during the quarter despite severe logistical issues on account of the lockdowns. Consumers are preferring packaged products from well-known brands that they trust. The exports segment, where we have very good presence in global markets, has seen good improvement in realisations. Further, we continue to have a very good order book in both the domestic and exports segments.

India Gate and our other brands continue to be well-regarded by customers around the world for trust, taste and quality. Our range of offering remains very elaborate with options for special occasions across a variety of cuisines. Products are available for both premium and daily consumption, as well as for health and nutrition related segments.

Customers are seen preferring branded options even in their basic food items of daily use. As the largest Basmati company in the world we are shaping the emerging consumption trends through maximized reach and visibility of our portfolio. The process of adding more products will continue as we believe in providing options that are relevant to the modern consumer and where we can create distinct advantage for ourselves.

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Operationally, we are implementing latest technologies at our processing and packaging facilities to further enhance efficiencies, thereby contributing towards consistency of earnings. Backed by robust procurement during the last season, we are looking at progressively building up volumes, Y-o-Y. It is also our objective to run an optimized balance sheet and our teams are working towards reducing utilization of borrowed funds to create growth through smart inventory creation. Thus we are on track to deliver healthy performance in the coming quarters on a sustained basis, as we have in the past.”

Contents

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01 Introducing

• KRBL through quick facts

02 Building

• Financial growth momentum QoQ

03 Response

• Challenging times during the pandemic

• 04 Evolving

‐ In the “New Normal” consumer trends 05 Personalizing

• Customer experience with range of products

• Anchored

06

• World class infrastructure

07 Registering

• Salience with investors

130-Year old legacy

KRBL

Some interesting facts

5

130-Year old legacy

Leadership through achievements

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~15% ~67%
#1 35%
Premium that KRBL’s Contribution of India
Basmati seeds sown in
Largest exporter of brands fetch in the Gate brand to the
Branded Basmati Rice India provided by KRBL domestic market branded basmati
from India historically portfolio
Highest ever ~30% 70% 12%
consumer pack volumes
growth in leadership growth registered in growth registered in
recorded in Q1’20‐21 ‐ consumer pack online sales‐ YoY basis modern trade sales
YoY basis markets‐ YoY basis volume – YoY basis
25% growth expected in FY 20-21 in consumer pack sales
Continuing robust opportunity in FY 20-21
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130-Year old legacy

Stability | Performance | Future Ready

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Revenue from operations (INR Cr.)

EBITDA (INR Cr.)

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4,499 894
CAGR
CAGR
@11.12%
@22.16%
322
6
FY95 FY95
FY20 FY20
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• Quantum improvement in turnover and earnings since listing. Building onto the rich 130-year legacy

• KRBL has milling capacity to process more than 1 million tonnes of paddy yearly. It believes in zero wastage. Along with rice several value added products get prepared from the by-products. All under 1 roof, all in 1 mega integrated process

• KRBL was the first in the industry to invest in advanced machinery. It has an inbuilt logistics system which takes care of all requirements along with automated supply chain management to maintain a smooth flow of goods to both domestic and international markets

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130-Year old legacy

KRBL’s domestic & international reach

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Diversifying distribution setup with
global network
Tie‐ups with leading retail chains
across the globe
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Tie‐ups with leading E‐Commerce
brands and B2B players across India
Tie‐ups with leading retail chains
500+ Exclusive Dealer and
Distributors
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Americas | Europe | Middle East | Asia | Africa | Australia

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130-Year old legacy

Building the financial momentum QoQ

9

130-Year old legacy

Focus on improving margins, QoQ

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(in INR Cr.)

Revenue from Operations

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1,329
1,218
1,062
890
764
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
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Gross Profit Gross Profit Margin
27% 35%
28% 32%
29%
338 262 361 339 267
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
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*Includes Other Income Details on standalone financials

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EBITDA EBITDA Margin
25%
20% 18% 22%
19%
240 173 243 238 193
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
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PAT PAT Margins
12% 16%
14%
11% 13%
136 114 159 150 126
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
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10

Sustaining brand realisations across industry cycles

Rice Sales* (Rate – in Rs./Mt)

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1,01,435
85,502 86,137 87,153
79,616
58,622 57,933
55,946
53,623
50,223
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
Indian Market Sales Export Market Sales
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* Details on standalone financials

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Diversified & well-balanced segment mix

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Standalone segment revenue
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Standalone segment revenue
1.84% 5.00% 1.36% 1.95% 3.77%
Energy
35.00%
50.60% 49.30% 46.23% 47.92%
Agri ‐ Export
47.56% 60.00% 49.33% 51.82% 48.21%
Agri ‐ India
Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21
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* Details on standalone financials

130-Year old legacy

Key ratios: Best-in-class financial management

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ROCE* (%)

Current Ratio

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Q1 FY21 4.85 Q1 FY21 4.61
130 bps 154 bps
Q1 FY20 6.15 Q1 FY20 3.07
Inventory (Rs. cr) Current Assets (Rs. cr)
Q1 FY21 2,551 Q1 FY21 2,892
66 3
Q1 FY20 2,485 Q1 FY20 2,895
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All financials are updated based on Standalone Financials *Not Annualised

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130-Year old legacy

Key ratios: Driving consistent reduction in debt

Net Debt (Rs. cr)

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Q1 FY21 268
421
Q1 FY20 690
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Net Debt to Equity Ratio

Interest Coverage Ratio*

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Q1 FY21 20.87
1112 bps
Q1 FY20 9.75
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Net Debt to EBITDA*

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Q1 FY21 0.08 Q1 FY21 1.39
16 bps 148 bps
Q1 FY20 0.24 Q1 FY20 2.88
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All financials are updated based on Standalone Financials *Not Annualised

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130-Year old legacy

Key ratios: Creating value for shareholders

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Shareholders Funds (Rs. cr)

Book Value per Share (Rs.)

ROE* (%)

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Q1 FY21 138.11 Q1 FY21 3.87
Q1 FY21 3,251
16.82 90 bps
396
Q1 FY20 121.29 Q1 FY20 4.77
Q1 FY20 2,855
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Operating Profit Margin (%)

Net Profit Margin (%)

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Q1 FY21 22.90 Q1 FY21 16.49
465 bps 531 bps
Q1 FY20 18.25 Q1 FY20 11.18
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All financials are updated based on Standalone Financials *Not Annualised

15

Strategic response to challenging times

130-Year old legacy

Reimagining attributes for business in a post Covid world

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IMPACT

As a responsible packaged food Company, KRBL has undertaken all the precautions/ steps against the spread of CoVID-19 through expertise.

Continued to witness logistical challenges due to prolonged lockdown ; this has started easing off from June 1[st] , 2020, in a phased manner

Supply chain impact due to congestion at port and constrained manpower availability affected the export momentum; this has started normalising

Restrictions on restaurant dine‐in and softness in hospitality sector significantly impacted HoReCa sales traction

Being in essential services category, the Company was able to run all its plants at stable utilisation levels post obtaining requisite permissions

Sales momentum of lower priced products sharply increased during the quarter vis‐à‐vis higher priced products, thereby impacting the realisation mix in the domestic market

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INITIATIVES

Implemented business continuity program to ensure limited impact on business operations and seamless transition to work remotely

Followed stringent hygiene protocols at all facilities and ensured that workforce upholds highest standards of hygiene

Launched multi‐media digital campaign: ‘India Gate – India ki Puraani Aadat’ to further strengthen the brand loyalty and celebrate culture of India

Built‐up adequate inventories of multiple product categories to cater the increased demand

Collaborated with Zomato & Swiggy , and various other food tech companies for doorstep delivery of products to further strengthening the e‐commerce reach

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130-Year old legacy

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Giving Back to Society – Philanthropic/CSR initiative with Chef Vikas Khanna #UmeedHainHum

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20 Mn+ 40+ 5 lakh+ Social #umeedhainhum 1 lakh+ Campaign Exclusive Massive online, Top trending Help extended Needy People campaign with offline and hashtag on Kg of rice MEALS in more than Served Celebrity Chef Media Social media distributed 40 cities Vikas Khanna Coverage channels

20 Mn+

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www.indiagatefoods.com/umeed

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130-Year old legacy

Massive PR coverage in more than 60 publications across India

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130-Year old legacy

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Evolving with the consumer trends

20

130-Year old legacy

Closely tracking evolution in consumer behavior post COVID -19

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Hygiene consciousness Increased home
driving preference for cooked food
packaged grocery
consumption
Preference for Consciousness
trusted brands towards health and
wellness
Online & MT grocery Seeking omni‐
shopping increased across channel product
regions availability
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130-Year old legacy

Aligning sales strategies to match changes in consumer sentiment/habits

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Focus on increasing penetration

New Outlet Expansion in fresh territories

E Commerce

Automation in Secondary Management Developing Alternate Channels

Enhanced and Effective management of Digital Sales To effectively serve markets and distribution channel

Digital distribution platforms (eB2B, eB2C)

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Product for every pocket

Improving product penetration

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130-Year old legacy

Building Emotional Engagement with Customers - During Lockdown Media Campaign- India ki Puraani Aadatein Laut Aayi Hain….

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Click to See The Full Video Here

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130-Year old legacy

Building Emotional Engagement with Customers – During Lockdown Media Campaign- India ki Puraani Aadatein Laut Aayi Hain….

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1 Month TV CAMPAIGN
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13500+ Spots aired on 50+ TV Channels

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Massive Reach & Impact

90% of TV & Digital audience reached during lockdown

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Customer Engagement More Than 5 Lakh Customers engaged on digital platforms.

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15 million+
Digital Views
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130-Year old legacy

Building Emotional Engagement with Customers – During Lockdown

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Lockdown IG Classic
Recipes Recipes
5 Lakh Views 5 Lakh Views
Staying
#MenAtWork
Healthy
1 Million+ 2.7 Million Views
Views
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130-Year old legacy

Building Emotional Engagement with Customers – During Lockdown

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Celebrating Festivals
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UmeidMubarak
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Giving Back to Society

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UmeedHainHum
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Cooking something new Everyday

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LockdownRecipes
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More than 10 Million Views on Social Channels

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130-Year old legacy

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Personalizing customer experience with range of products

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Widest Range of Products for Everyone

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Daily Premium Daily Regular
Range Range
Health Range
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Occasions / Recipe
Special
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130-Year old legacy

Anchored by world-class infrastructure and industry’s best experience

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130-Year old legacy

World-class operational set-up

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195 MT/hr 176 MT/hr 146.56 MW >1 million MT Paddy milling capacity of Rice Processing/Packaging Energy assets of Storage capacity Across Dhuri, Punjab and capacity of across Biomass, Wind and across rice and paddy Gautam Budh Nagar, UP Across Dhuri, Punjab and Solar Gautam Budh Nagar, UP

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*Refers to area covered by plant

130-Year old legacy

Research-based approach and quality control focus

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Halal Certified by Halal Certification Services

FSSC 22000 Version 5 Certified by Intertek

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US FDA registered

BRC Issue 8 certified by Eurofins

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SQF edition 8 certified by Intertek

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HACCP certified by Intertek

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130-Year old legacy

130-year old legacy, led by a committed management

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	o	Visionary of the company, with over 44 years of experience provides strategic direction to all aspects of business.
	o	Founder and former president of All India Rice Exporters Association.
umar Mittal	o	Member of Basmati Rice Farmers & Exporters Development Forum.
nd Managing Director	o	Member of Basmati Export Development Foundation (BEDF) and Rice Export Promotion Forum (REPF) APEDA.
	o	Recipient of the Silver Jubilee Award from the National Academy of Agricultural Sciences, India.
	o	Arts graduate from Delhi University.
	o	Expert on Basmati paddy supply chain management & paddy milling technology.
umar Gupta int Managing Director	o o	Over 36 years of experience in the rice industry. Associated with more than 200 Farmers.
	o	Commerce graduate from Delhi University.
	o	Oversees strategy and financial operations.
Kumar Gupta	o	Over 34 years of experience in the rice industry.
int Managing Director	o	Former Executive Committee Member of the All India Rice Exporters Associations.
	o	Science graduate from Delhi University.
	o	Over 19 years of experience, She is responsible for international sales & marketing of branded business. She brings innovative
		management strategies in the company.
	o	On Board of University of Southern California Veterbi School of Engineering.
	o	Represented KRBL at CII, ASSOCHAM, FICCI & FIEO. First woman elected as Northern Region Chairperson of FIEO, Ministry of
yanka Mittal Whole Time Director	o	Commerce, GOI. In 2018, she was awarded the Business Woman of Decade Award by W.E.F.
	o	Special Advisor to the Women Political Leaders Global Forum.
	o	Ms Mittal's recent subjects of interest and talks have been food security and sustainability, hunger and malnutrition issues, supply
		chain management and food storage and wastage.
	o	Graduate of Harvard Business School’s OPM programme and under graduate of University of Southern California.
	o	Over 35 years of experience in finance.
sh Mehrotra	o	Previously worked with some of the leading corporates such as Surya Group, Lakhani Group, Sanjay Dalmia Group, Mafatlal Group and
Chief Financial Officer		Onida Group.
	o	Chartered Accountant and First Class First Commerce Graduate from Banaras Hindu University.

Anil Kumar Mittal Chairman and Managing Director

Arun Kumar Gupta Joint Managing Director

Anoop Kumar Gupta Joint Managing Director

Priyanka Mittal Whole Time Director

Rakesh Mehrotra

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32

130-Year old legacy

130-year old legacy, well-charged for the future

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Ashish Mittal

• Mr. Ashish Mittal is having immense knowledge and 15 fruitful years of business experience. His valuable skills and expertise has brought a lot of change in the field of factory operations and technology.

• Ashish is looking after all the factory operations including procurement, production, seed development etc. at Gautam Budh Nagar Unit. Ashish is also looking after the packaging development, agri‐extension activities in contact farming network, advancing quality of seed and all the guidance related to pesticide free crop to the farmer.

• Ashish Mittal accomplished his Bachelors in Business Administration from University of Northridge, California, USA in the year 2004.

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Kunal Gupta

• Mr. Kunal Gupta is having a passion for rice and milling. He has continued the family tradition by undertaking an integrated approach to optimize operations and utilization of production plants within KRBL Ltd.

• Kunal's journey is in Rice Procurement Department and leading the operations at the flagship Dhuri plant, incharge of all rice and paddy commodity procurement and trading activity has been transformational. Under his supervision over past eight years, Dhuri plant has transformed into tightly run integrated unit with not only improvement in milling and output but also cost optimisation throughout the supply chain.

• Kunal attained his B.Sc in Business Management from the Cox School of Business, Southern Methodist University in Texas, USA and that gave him the solid foundation to lead basmati paddy supply chain management while constantly pursuing improvement in paddy milling technologies for effective yield of paddy and head rice recovery at KRBL Ltd.

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Akshay Gupta

• Mr. Akshay Gupta has worked in the Rice industry for 8 years, gained unparalleled experience in procurement, shipping logistics and sales. He is responsible for developing new markets for the company for both Basmati and Non‐Basmati rice products. He is passionate about advancing agri‐tech and extension services in Basmati rice growing areas and also has a keen interest in finance.

• Akshay Gupta achieved his graduate degree B.Sc in Finance and Operations Management from Indiana University in the year 2011. He has recently become a member of Entrepreneur’s Organisation Gurgaon Chapter.

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Ayush Gupta

• Mr. Ayush Gupta has invested 8 fruitful years in the family business gaining in‐depth knowledge and experience in the field of retail and distribution. He has an inherent passion to understand consumer behavior and their decision making. This knowledge lays foundation to his fundamental principles of branding and provide solid rationale for branding decisions.

• Ayush having graduated cum laude from Kelley School of Business, Indiana University with a B.Sc in Marketing and Operations Management is spearheading the company’s domestic business.

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33

130-Year old legacy

Experienced independent Board directorship profile

Devendra K Agarwal

Vinod

Ahuja

Mr. Ahuja is a B.Sc. Engg. (Mech.) Hons from Punjab Engineering College, Chandigarh. An integral part of the overall functioning of the company, he not only adds significant direction to the agro arm of the company, but also provides direction to the agri services division in order to strengthen the relations of KRBL with the farming community.

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Alok Sabharwal

Shyam

Arora

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Mr. Arora persued his education in UK and did his M. Tech in Electronic Instrumentation and Controls from Loughborough University of Technology.

Priyanka Sardana

Ashwani

Dua

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Mr. Dua graduated from Delhi University and has seventeen years of experience in the Rice business. With his wealth of knowledge, Mr. Dua adds immense value to the company.

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Mr. Devendra has vast experience of over 35 years in the area of financial management, management consultancy, business advisory, corporate taxation, auditing etc. Currently, a Practicing Chartered Accountant. Earlier, had worked with the Oriental Insurance Company Ltd., and also worked abroad with a construction company based in Iraq

Mr. Alok Sabharwal aged 67years is an Innovative Chartered Engineer with 45+ year of Professional experience in the field of High‐Technology, Multi Unit Business Operations. He has earlier worked with many companies of repute in various capacities which includes Tata, Bombay DyingSwiss MNC‐Bühler (India) Pvt. Ltd.

Ms. Sardana is a renowned lawyer and practicing since 28 years. She holds PG Diploma in IPR & Human Rights Law & also did M.Phil. She has a vast domestic & international experience of civil, criminal & service matters. At present, She is a Life Member Supreme Court Bar Association (SCBA),Indian Institute of Law,International Society of Law, Bar Association of India & also Arbitrator of ICA International Council of Arbitrators & Mediator of Delhi State Legal Services Authority

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34

130-Year old legacy

Registering salience within the investor community

35

130-Year old legacy

Shareholding pattern as of June 30th, 2020

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59.5% 0.5%
Promoter & Promoter Bank, FI, Insurance
Group & MF
6.2% 11.3% 22.5%
Foreign Portfolio NRI/OCB/Foreign
Public/Others
Investor National/QFI
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• Promoters have increased their holdings from 58.8% as on June 30, 2019 to 59.5% as on June 30, 2020 through creeping acquisition of shares.

130-Year old legacy

Top fund houses’ holding as on June 30, 2020

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1.86% 1.30% 0.49%

0.45% 0.24% 0.11%

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0.09%

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130-Year old legacy

Top banking relationships

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State Bank of India HDFC Bank Limited DBS Bank India Ltd.
Cooperatieve Rabo
ICICI Bank Limited Kotak Bank Ltd.
Bank U.A.
MUFG Bank Ltd Union Bank Of India IndusInd Bank Ltd.
Karnataka Bank
Limited
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130-Year old legacy

Initiatives for an assured future

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Strengthen
direct to
Tactically Continuous
consumer
expand the channel online assistance to
penetration of farmers through
value-added every step of
product the crop cycle
segment
Drive domestic Focus on
consumption of profitable
Basmati rice growth with
through branded Key Focus near zero
offerings
Areas borrowings
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130-Year old legacy

About KRBL

KRBL Limited (NSE: KRBL, BSE: 530813) is the world’s largest rice miller and Basmati rice exporter. It is India's first integrated rice company with an extensive supply chain with a 130‐year history and presence since 1889. With manufacturing capacities of 195 MT/per hour, KRBL is a branded Basmati rice company.

The Company engages in seed production, touch cultivation, paddy procurement, storage, processing, packaging, basmati rice branding and marketing. Operating divisions of the Company include Agri, which includes agricultural commodities such as rice, furfural, seed, bran and bran oil, among others, and Power, which includes wind turbine, husk‐based power plant and solar power plant power generation. The Company offers its rice under a varied range of brands namely India Gate, Nur Jahan and many more. The Company has its presence in the domestic as well as in the international market. It also exports its products to Saudi Arabia, United Arab Emirates, Iraq, Kuwait and Qatar among others.

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For further information, please contact:

Rakesh Mehrotra

KRBL Ltd. Tel: +91‐120‐ 4060 300 Email: investor@krblindia.com

Siddharth Rangnekar / Nishid Solanki

CDR, India Tel: +91 22 6645 1209 / +91 22 6645 1221 Email: siddharth@cdr‐india.com nishid@cdr‐india.com

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Thank You

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