KRBL Ltd. — Investor Presentation 2023

Nov 9, 2023

Ref: KRBL/SE/2023-24/72

09 November 2023

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

Sub: Investor Communication on Unaudited Financial Results of KRBL Limited for the Second Quarter (Q2) and Half year ended 30 September, 2023

Dear Sir/Madam,

Pursuant to the provisions of Regulation 30 read with Para A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose herewith the Investor Presentation on Unaudited Financial Results of KRBL Limited for the Second Quarter (Q2) and Half year ended 30 September, 2023.

This is for your kind information and record.

Thanking you,

Yours Faithfully, For KRBL Limited

JYOTI VERMA Digitally signed by JYOTI VERMA DN: c=IN, postalCode=122001, st=HARYANA, street=H NO 871 SECOND FLOOR GURGAONSECTOR 40NEAR COMMUNITY CENTRE 122001, l=GURGAON, o=Personal, title=7135, serialNumber=e4a5c32bf0f695bc6dd92023f30f83262334c4279360d43c6c9bcc31262b5c3d, pseudonym=713520221018132322476, 2.5.4.20=5d7f1f48d3d1088e4300a3fd33ec2d4cc733bf4f536c78b2669f51f3bf9312c7, email=CS@KRBLINDIA.COM, cn=JYOTI VERMA Date: 2023.11.09 16:43:40 +05'30'

Jyoti Verma Company Secretary FCS-7210

Encl: As above

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KRBL Ltd. Investor Presentation - Q2 FY2024

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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’23

Unmatched Strengths

India’s largest exporter of branded basmati rice with #1 footprint in > 90 countries India Gate is recognized as the world’s no. 1 basmati rice brand* #1

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Integrated operations with world’s largest rice milling capacity and the world's largest plant in Punjab, #1 India

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1

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800+

KRBL has largest contact farming network coverage for rice Strong financial position; healthy internal accruals and liquidity with low reliance on debt Dealer and Distributors across India

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2 *As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’23

Q2 FY24 Consolidated Performance Highlights

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Total Income Gross Profit EBITDA PAT
1,246 361 228 153
1268 (1268) 4,609 2,703
Cash & Bank balance Net Bank Borrowings Net worth Total Inventory
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All figures in Rs . crore and are based on consolidated financials

*Includes Other Bank balances and Investments (excluding Investment in Equity Shares)

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3

Continuing Momentum in Revenue

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 3%
8% 2,548 2,627
1,319 65 67
1,213
31
39
1,405
1,785
696
940
592 1,077 775
235
Q2 FY23 Q2 FY24 H1 FY23 H1 FY24
Exports Domestic Power Exports Domestic Power
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• Domestic Revenue grew by 35% and 27% in Q2 FY24 and H1 FY24 on y-o-y basis. Robust double digit volume growth in both consumer pack and bulk pack segment.

• Export revenue declined by 60% in Q2 FY24 mainly due to lower bulk and branded sales in some key markets. H1 FY24 revenue lower by 28% on y-o-y on account of lower branded rice sales.

• Overall revenue grew by 3% in H1 FY24 due to strong growth in domestic business.

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All figures in Rs . crore and are based on consolidated financials

4

Profitability Metrics for Q2 FY24

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Gross Profit EBITDA
22.8%
34.5%
29.0% 18.3%
463 305
361 228
Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24
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Profit After Tax

Cash Profit

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15.9%
12.3%
213
153
Q2 FY23 Q2 FY24
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232
173
Q2 FY23 Q2 FY24
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• In Q2 FY24, average basmati realization declined by 6% compared to Q2 FY23 mainly due to lower exports.

• Basmati input costs increased by 10% in the same period. Average basmati input cost – though higher on y-o-y basis - is relatively stable vis-à-vis last three quarters.

• EBITDA margin was lower at 18.3% mainly due to lower Gross margin partially benefiting from lower freight on sales.

• PAT Margin was lower at 12.3% following the trend in EBITDA.

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All figures in Rs . crore and are based on consolidated financials

5

Superior Balance Sheet Matrix

Current Ratio (%)

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6
4
Q2 FY23 Q2 FY24
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Working Capital Days

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205 206
143 150
11 20 18 21
Inventory Days Payable Days Receivable Days Working capital days
Q2 FY23 Q2 FY24
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• Total inventory as of 30[th] Sept., 2023, is at Rs 2,703 Cr, compared to Rs 2,054 Cr as of 30[th] Sept., 2022.

• Overall liquidity position remains strong.

Inventory Position (Rs. Crore)

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2,110
1,751
439
160
Paddy Rice
Q2 FY23 Q2 FY24
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All figures are based on consolidated financials

6

Superior Balance Sheet Matrix

Net Bank Borrowing (Rs. Crore)

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Q2 FY23 Q2 FY24
(1,268)
(1,596)
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• Financial strength reflected in Strong Credit Rating: Long Term Rating : [ICRA] AA(Stable), upgraded on Feb 28, 2023.

• Short Term Rating: [ICRA] A1+; CARE A1+

Interest Coverage Ratio

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250
196
Q2 FY23 Q2 FY24
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• Internal accruals further strengthened balance sheet position and debt protection metrics.

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All figures are based on consolidated financials

7

H1 FY24 Highlights

Particulars (Rs in Cr.)	H1 FY24	H1 FY23	YOY Growth
Revenue From Operations	2,627	2,548	3.1%
Total Income	2,687	2,579	4.2%
Gross Profit	776	865	-10.4%
Gross Profit Margin	28.9%	33.6%
EBITDA	506	548	-7.6%
EBITDA Margin	18.8%	21.2%
Profit after tax	348	378	-7.8%
PAT Margin	12.9%	14.6%
Cash Profit	387	415	-6.7%

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• Revenue from operations grew by
3% mainly because of growth in
domestic business.
• Other income is higher in H1 FY24
due to MTM gains on investments
and better yield on treasury
investments
• Gross Profit has declined due to
increased input cost and change in
product mix in H1 FY24.
• EBITDA and PAT followed the trend
in Gross Margin, partially benefiting
from lower freight on sales.
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All figures are based on consolidated financials

8

Financial trends over the years

Gross Profit

Revenue

EBITDA*

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Revenue Gross Profit EBITDA
5,363
4,499 1,670 1032
4,120 3,992 4,211 1,242 1,300 1,264 1,192 865 893 845 705
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
PAT Net Worth Net Bank Borrowings
4693
4,070
701 3,693
3,128
503 558 559 2,727 1,381
459
374
53 (390) 77
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
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9 All figures are based on consolidated financials, *Includes Other Income

All figures in Rs. crore

Shareholder Distribution

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Dividend Buyback Dividend + Buyback
349 Cr
325
325
82 82
59 66
24 - - - - 59 66 82 82 24
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
Dividend Buyback Dividend Buyback
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Total Dividend + Buyback in period FY19 to Q2 FY24

Rs. 638 Cr.

• All figures in Rs . crore and are based on consolidated financials

• Buyback size excludes any expenses, fees or tax.

• Dividend amount excludes Dividend Distribution Tax.

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10
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10

India Business

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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’23

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Continuing Market Leadership

940

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Revenue* in Rs. Crore for Q2 FY24

• Revenue driven by 26% growth in basmati volume and

• 7% growth in basmati realization over Q2 FY23.

Trend in Domestic Business

• Both consumer pack and bulk pack segment volume grew in double digits.

35%

Revenue growth Y-o-Y

*Excludes Energy

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12

~~STRATEGIC PILLARS | DOMESTIC~~

1.

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INCREASING BRANDED BASMATI PENETRATION

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2.
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DENSIFYING DISTRIBUTION REACH

3. AUGMENTING PORTFOLIO ACROSS SEGMENTS

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~~STRATEGIC PILLARS | DOMESTIC~~

1. 2. INCREASING BRANDED BASMATI DENSIFYING PENETRATION DISTRIBUTION REACH

3. AUGMENTING PORTFOLIO ACROSS SEGMENTS

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India Gate Penetration continues to reach new hei hts g STRATEGIC PILLAR 1

Reaching out to more and more Indian Households…

HOUSEHOLD PENETRATION (%)*

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KWP | (MAT Sept’23)
India’s Total PENETRATION UNBRANDED
31%
(%) BASMATI
Basmati Huge headroom for
increasing Branded
Consuming 41% BRANDED Basmati’s penetration
Households 20% BASMATI
PENETRATION
INDIA GATE NO. OF HOUSEHOLDS | ALL INDIA URBAN
(%)
Consuming
1 CRORE 10 LAKH+
Households 10%
HHs
KWP | (MAT Sept’23) 11% Growth 11,060,038 Households (MAT Sept’23)
over ‘22
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Source : Kantar Household Panel (MAT Sept’23) – 11 Major Markets (Urban) | *All India - Urban Households Overall Basmati Rice Numbers : ‘Branded Basmati + Unbranded Basmati’ penetration is higher than Basmati penetration since this includes dual usage households also

With the new FSSAI standards on Basmati, Branded segment growth expected to accelerate

STRATEGIC PILLAR 1

KRBL partners with FSSAI’s ‘Eat Right India’ initiative, to drive Awareness around the new standards (wef 1[st] Aug’23)

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10 CONCLAVES
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Uniting Industry titans, regulatory authorities, renowned research institutions, and culinary experts, to facilitate an enriching exchange of thoughts

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CONSUMER AWARENESS
CAMPAIGNS
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India Gate – ‘The Asli Basmati’

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TV COMMERCIAL
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1000+ GRPs | 7,500+ spots | 7 wks

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DIGITAL
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100 Mn+ Impressions

Creating Awareness & Educating consumers, enabling them to make the right choice!

A PUBLIC INTEREST INITIATIVE

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EDUCATION INITIATIVES
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TRADE AWARENESS
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EDUCATION DRIVE
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STRATEGIC PILLAR 1[Growing Basmati in ][South][ through more regional Consumption & Usage occasions]

TV COMMERCIALS

DIGITAL & ACTIVATIONS

‘Make Traditions Taste Great with India Gate Basmati Rice’

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FILM 1 – GOOD CHOICE!
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Coconut Rice
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FILM 2 – 10 OUT OF 10!
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Mint Rice
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EXPERIMENTS WITH BASMATI
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KRBL X KUMUDAM

KRBL X PVR

Sourcing Inspiration from First of its Kind Interactive Consumers marketing in the category

Unleashing the versatility of basmati rice by trials

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https://www.youtube.com/watch?v=Qe3jPbi5j7Q

Inviting consumers to embark on a India Gate took the silver 6 EVENTS thrilling culinary journey, to “Experiment screen by storm at ‘Jailer’ Across Madurai, Pondicherry, with Basmati" and showcase their movie screening at PVR, Hosur, Kumbakonam, Trichy, Erode, culinary brilliance. Chennai, through its interactive campaign to bring home delectable Basmati Dishes

1000+ GRPs | 4,600+ spots | 8 wks

10 Mn+ Views | 28 Mn+ Impressions

1500+ Footfall per city

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~~STRATEGIC PILLARS | DOMESTIC~~

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1. 2. 3.
INCREASING
BRANDED BASMATI DENSIFYING AUGMENTING
PENETRATION DISTRIBUTION REACH PORTFOLIO ACROSS SEGMENTS
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STRATEGIC PILLAR 2[Densif][y][in][g][ distribution reach]

Increasing Penetration through improved availability, with the strongest Outlet presence in the category

KRBL’s

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RETAIL OUTLET PRESENCE | ALL INDIA Q2 FY24 | All Channels 3,87,022 +49,294 Outlets +36,893 Outlets (vs. Q1 FY24)(vs. Q2 FY23) WITH NUMERIC DISTRIBUTION (%)* | ALL INDIA TT Q2 FY24 +650 bps (vs. Q2 FY23) KRBL 54.4% +645 bps (vs. Q1 FY24)

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*Numeric Distribution = (No. of outlets in which KRBL packaged Basmati Rice is available) / (No of outlets in which Packaged Basmati) is available). Source: As per Nielsen’s Q2 FY24 RMS data

~~STRATEGIC PILLARS | DOMESTIC~~

1. 2. 3. INCREASING BRANDED BASMATI DENSIFYING AUGMENTING PENETRATION DISTRIBUTION REACH PORTFOLIO ACROSS SEGMENTS

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Regional Rice showing green shoots

STRATEGIC PILLAR 3

REGIONAL RICE

Regional Rice now at 5.9% of the overall KRBL Domestic Revenue in Q2FY24… Q2FY21 Q2FY23 Q2FY24 2.1% 3.8% 5.9%

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Positive response to Aged Regional Rice
offerings from the house of India Gate –
SURTI KOLAM, JEERA RICE, SONA MASOORI,
WADA KOLAM and GOBINDOBHOG
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…Well on track to achieve the 5% mark of Domestic Revenue as the year progresses

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H1FY23 H1FY24 3.3% 4.8%

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New Launch
GOBINDOBHOG
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* 5.9% (Q2FY24) & 4.8% (H1FY24) represents domestic branded regional rice sales as % of total domestic revenue (Excluding energy).

BRAND LANDSCAPE Maintaining leadership stance

ALL INDIA VOLUME SHARE (Q2 FY24)*

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VS. VS. VS.
Q2 FY24 Q1 FY24 Q2 FY23 H1’23 H1 FY24
Traditional
Trade 34.5% +210 bps +310 bps 33.4% +200 bps
Modern
Trade 28.8% -1310 bps -220 bps 34.4% +80 bps
Exiting Q2’24 with the highest ever monthly MS (%) of 35.9% in Sept’23 (TT)!
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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’23

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• Source: As per Nielsen’s Sept’23, Q2’23 & H1’23 RMS data

India Brand Portfolio

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Export Business

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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’23

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Leadershi be ond India p y

235

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Revenue in Rs. Crore for Q2 FY24

Trend in Export Business

• Export revenue declined by 60% in Q2 FY24 mainly due to lower bulk and branded sales in some key markets.

-60%

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Revenue growth Y-o-Y

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25

Positive trends for Rice export from India

Global markets offer exciting opportunities for KRBL to drive growth

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• High yielding varieties of rice have led to surplus production in the country

• Production • Adoption of technology in farming have helped spur growth in produce • Focus on quality has led to increased demand for Basmati globally

• Export • India is the #1 exporter of rice and has a 65% share of the global basmati market Leader • Globally, India accounts for ~85% of basmati exports which is expected to rise Indian • Increasing demand for the PUSA basmati variety in the US which was commercialized by Presence KRBL Globally • Large Indian diaspora aboard to drive rice as both a staple and a restaurant grade item Demand • Excellent quality standards have spurred increase in the demand for Indian basmati rice from amongst locals Middle • Supported by consistent supply, 52% of total rice consumption is Basmati Rice (As per AC East Nielsen)

• Shift to • ~$10 million of rice exported out of India under private label is Brown Rice

• Healthier • UK accounts majorly for the import of brown rice with shift to healthier alternatives

• Option

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Basmati rice exports from
India for FY23 – Volume - (%)
Asia; 4% Oceania; 1%
Africa; 4%
North America;
6%
Europe; 7%
Middle East;
78%
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Source: APEDA
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26

Overall international market position

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Middle East
Europe
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• •KRBL has leadership position in terms of market share in most GCC countries.

• •India Gate is #1 Indian Basmati rice brand in Qatar, UAE & Kuwait.

• •India Gate is the only premium Indian Rice brand in GCC. •Nur Jahan is the 2[nd] most popular brand in the region and preferred brand among price conscious consumers.

• •Europe is a growing market for KRBL.

• •KRBL’s growing portfolio of the health food segment to propel growth in the region. •Development of new crop will help in complying pesticide norms and will grow KRBL’s presence in the region.

• •KRBL consistently earns substantial premium on realizations. (~45% higher realization among other Indian exporters).

• •India Gate is #1 Indian Basmati rice brand in Canada both in Ethnic and Modern Trade.

• •Present in the dominant channels of trade.

• Americas •Popular brand among diaspora, rising local popularity.

• •KRBL has leadership position in Australasia for last 15 years.

• •India Gate is #1 Indian Basmati rice brand in Australia, New Zealand and Fiji with KRBL having 18% market share among Indian exporters.

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RoW
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• •Nur Jahan is #1 Indian Basmati rice brand in South Africa with KRBL having 39% market share among Indian exporters.

• •India Gate is the most preferred brand in Northern African market with KRBL having 16% market share among Indian exporters.

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27

Export Strategy

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Launch of economy
variants / small packs to
drive penetration
New products
Channel expansion
Existing
Markets
New / Seeded
Acquisition of markets
“adjacent” basmati
consumer Direct marketing
Channel
deepening &
diversification Direct marketing
- Penetration to locals with Arabic TVC in mainstream
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• Penetration to locals with Arabic TVC in mainstream channels

• -Targeting geo-location customers through social media

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• -Increasing focus on India Gate HORECA line up to target HORECA customers

28

Exports Brand Portfolio

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29

Contact Us

Safe Harbor

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.

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Investor Relations Desk

KRBL Ltd.

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

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

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30

Thank You

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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’23

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