KRBL Ltd. — Investor Presentation 2023

May 30, 2023

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Ref: KRBL/SE/2023-24/16 30[th] May 2023

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 Audited Financial Results of KRBL Limited for the Fourth Quarter (Q4) and Financial Year ended 31 March 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 Audited Financial Results of KRBL Limited for the Fourth Quarter (Q4) and Financial Year ended 31 March 2023.

This is for your kind information and record.

Thanking you,

Yours Faithfully, For KRBL Limited

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=e4a5c32bf0f695bc6dd92023f30f832122001, l=GURGAON, o=Personal, title=7135, serialNumber=e4a5c32bf0f695bc6dd92023f30f832serialNumber=e4a5c32bf0f695bc6dd92023f30f832 62334c4279360d43c6c9bcc31262b5c3d, pseudonym=713520221018132322476, 2.5.4.20=5d7f1f48d3d1088e4300a3fd33ec2d4cc7332.5.4.20=5d7f1f48d3d1088e4300a3fd33ec2d4cc733 bf4f536c78b2669f51f3bf9312c7, email=CS@KRBLINDIA.COM, cn=JYOTI VERMA Date: 2023.05.30 19:39:25 +05'30'Date: 2023.05.30 19:39:25 +05'30'

DN: c=IN, postalCode=122001, st=HARYANA, street=H NO 871 SECOND FLOOR street=H NO 871 SECOND FLOOR JYOTI GURGAONSECTOR 40NEAR COMMUNITY CENTRE 122001, l=GURGAON, o=Personal, title=7135, serialNumber=e4a5c32bf0f695bc6dd92023f30f832122001, l=GURGAON, o=Personal, title=7135, serialNumber=e4a5c32bf0f695bc6dd92023f30f832serialNumber=e4a5c32bf0f695bc6dd92023f30f832 62334c4279360d43c6c9bcc31262b5c3d, pseudonym=713520221018132322476, 2.5.4.20=5d7f1f48d3d1088e4300a3fd33ec2d4cc7332.5.4.20=5d7f1f48d3d1088e4300a3fd33ec2d4cc733 VERMA bf4f536c78b2669f51f3bf9312c7, email=CS@KRBLINDIA.COM, cn=JYOTI VERMA Date: 2023.05.30 19:39:25 +05'30'Date: 2023.05.30 19:39:25 +05'30' Jyoti Verma Company Secretary FCS-7210

Encl: As above

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KRBL Ltd. Investor Presentation - Q4FY23 & FY2023

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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’22

Unmatched Strengths

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India’s largest exporter of
branded basmati rice with
#1 #1
footprint in > 90 countries
India Gate is recognized as
the world’s no. 1 basmati
rice brand
#1
Integrated operations with
world’s largest rice milling
capacity and the world's
largest plant in Punjab,
#1 750+
India
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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’22

- FY23 Highlights

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Highest Ever
Annual
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Y-o-Y
Growth
Total Income: Rs 5,456 Cr 28%
Domestic Revenue : Rs 3,335 Cr 26%
EBITDA: Rs 1,031 Cr 46%
PAT: Rs 701 Cr 52%
EPS: Rs 29.77
52%
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*Excludes Energy, crossed Rs 3000 Cr mark for 1[st] time

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

3

Q4 FY23 standalone performance highlights

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Total Income Gross Profit EBITDA PAT
1,323 351 187 118
61 77 4,684 4,186
Cash & Bank balance Net Bank Borrowings Net worth Total Inventory
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All figures in Rs . crore and are based on standalone financials

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

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4

Continuing momentum in Revenue

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 27%
 30%
5,363
1280 4,211 97
987 17 112
30 3,335
932 2,648
677
331 1,451 1,931
280
Q4 FY22 Q4 FY23 FY22 FY23
Exports Domestic Power Exports Domestic Power
• Overall Revenue increased by 30% over Q4 FY22. Domestic revenue increased 38% and export by 18%
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• Basmati revenue increased by 31%, driven by 12% growth in volume and 17% growth in realization.

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All figures in Rs. crore

5 All figures are based on standalone financials

Profitability metrics for Q4 & FY23

Gross Profit

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30.6%
31.0%
28.0%
26.5%
1,671
1,191
308 351
Q4 FY22 Q4 FY23 FY22 FY23
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Profit After Tax

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12.8%
10.8%
11.0%
8.9%
109 118 460 701
Q4 FY22 Q4 FY23 FY22 FY23
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EBITDA

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18.9%
17.0% 16.6%
14.1%
170 187 705 1031
Q4 FY22 Q4 FY23 FY22 FY23
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Cash Profit

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776
534
127 137
Q4 FY22 Q4 FY23 FY22 FY23
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• During Q4 FY23, increase in basmati realization by 17% compared to Q4 FY22 was offset by a corresponding 24% rise in rice input costs.

• Gross Profit margin at 26.5% was lower owing to higher input cost and higher share of bulk nonbasmati export sale (11% as against 7% of rice sales) where original contract was cancelled and goods had to be sold at lower realization in a different country.

• EBITDA margin was at 14.1% and benefited from lower proportionate freight on sales, employee costs, and other expenses partially offset by Rs 10 Cr transshipment expenses related to aforementioned deal.

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All figures in Rs. crore

6 All figures are based on standalone financials

Superior balance sheet matrix

Current Ratio (%)

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9
8
Q4 FY22 Q4 FY23
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Working Capital Days

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294 306
257 263
20 8 26 20
Inventory Days Payble Days Recievable Days Working Capital Days
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Q4 FY22 Q4 FY23
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All figures are based on standalone financials

• To fulfil anticipated demand, the total inventory as of 31[st] Mar, 2023, is at Rs 4,186 Cr, compared to Rs 2,816 Cr as of 31[st] Mar, 2022.

• Overall liquidity position remains strong.

Inventory Position (Rs. Crore)

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2396
1803
1,616
869
Paddy Rice
Q4 FY22 Q4 FY23
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7

Superior balance sheet matrix

Net Bank Borrowing (Rs. Crore)

Q4 FY22 Q4 FY23

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77
-390
Interest Coverage Ratio
39
21
Q4 FY22 Q4 FY23
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All figures are based on standalone financials

• Total Bank Borrowing as of 31[st] Mar, 2023 at Rs 138 Cr as against Rs 6 Cr as on 31[st] Mar 2022)

• 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+

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8

FY23 standalone performance highlights

Particulars (Rs in Cr.)	FY22	FY23	YOY Growth
Revenue From Operations	4,211	5,363	27.4%
Total Income	4,253	5,456	28.3%
Gross Profit	1191	1,671	40.3%
Gross Profit Margin	28.0%	30.6%
EBITDA	705	1,031	46.2%
EBITDA Margin	16.6%	18.9%
Profit after tax	460	701	52.3%
PAT Margin	10.8%	12.8%
Cash Profit	534	776	45.3%

• In FY23, domestic sale increased by 26%, led by 6% basmati volume growth and 26% basmati realization growth.

• Export sale increased by 33% mainly due 38% higher basmati sales realization, partially offset by marginal drop in basmati sale volume by 2%.

• • Other income grew by 118% to Rs 93 Cr which includes Rs 44 Cr of Interest on IT refund.

• Better realization & higher other income, resulted in better margins which was partially offset by higher rice input cost, higher freight on sales, advertisement cost and other expenses.

All figures are based on standalone financials

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9

Financial trends over the years

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Gross Profit
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EBITDA
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Revenue

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Revenue Gross Profit EBITDA
5,363
4,499 1,671 1,031
4,120 3,992 4,211 1,241 1,299 1,255 1,191 865 894 846 705
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
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Net Bank Borrowings

PAT

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PAT Net Bank Borrowings
701
503 559 560 1,382
460
375
53 (389) 77
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
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10

All figures are based on standalone financials, *Includes Other Income

All figures in Rs. crore

Shareholder value creation

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Net worth (Rs. Crore)
 72%
Over FY19
4684
4,063
3,546
3,119
2,717
FY19 FY20 FY21 FY22 FY23
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All figures are based on standalone financials

Dividend as a % of FV

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Consistent increase
over the years
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350% 350%
280%
250%
FY19 FY20 FY21 FY22
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11
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11

India Business

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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’22

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Continuing market leadership

932

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Revenue* in Rs. Crore for Q4 FY23

Trend in Domestic Business

• Revenue driven by 18% growth in volume and 22% growth in realization.

• • Bulk pack sales continue to be strong after rationalization of GST in Q2 FY2023.

38%

Revenue growth Y-o-Y

*Excludes Energy

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13

~~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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STRATEGIC PILLAR 1

India Gate enetration reaches new hei hts p g

On the back of impactful media campaigns and improved distribution

Huge headroom for increasing Branded Basmati’s penetration

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PENETRATION (%) GROWTH
MAT ‘23 VS.
MAR’23 ‘22
UNBRANDED 29.2 -5.3%
BRANDED 19.5 2.4%
INDIA GATE 9.6 11.5%
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KRBL consuming Households cross 1 Cr milestone!

10,477,804 Households (MAT MAR’23)**

**Source : Kantar Household Panel (MAT Mar’23) – All India Urban

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*Source : Kantar Household Panel (MAT Mar’23) – 11 Major Markets (Urban)

Overall Basmati Rice Numbers : ‘Branded Basmati + Unbranded Basmati’ penetration is higher than Basmati penetration since this includes dual usage households also

STRATEGIC PILLAR 1

[‘Regionalization’ ][lens to the campaigns brings impact]

HINDI-SPEAKING MARKETS

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WEST BENGAL

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MAHARASHTRA

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‘Basmati Rice Se No Compromise’

Home Minister

Brand Power Preferred by 9 out of 10 women in Mah.

~70% Share Of Voice (TV)

17000+ Spots (in Q4’23)

60+ Integrations and Sponsorships on TV

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STRATEGIC PILLAR 1

Impactful Media & Digital presence

MASTERCHEF INDIA Season 7

HIGH IMPACT INTEGRATIONS

BUILDING REGIONAL CATALYZING DIGITAL RELEVANCY EVOLUTION

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Special partners for MasterChef India - Season 7

‘Drive switch from loose to packaged’ message seamlessly blended into the content

Product display | Active Integrations | Regular TVC spots | Relevant audience

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Bigg Boss
Hindi
‘Basmati Rice
Se No
Compromise’
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Message built into the storyline of Top GEC programs -> Reaching relevant audience

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Bigg Boss Marathi ‘9 out of 10 women in Maharashtra recommend India Gate’

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Active In-Content Integrations in top regional programs – Daily Soaps, Cookery Shows and Game Shows

#CLASSICRISHTA

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World’s First Interactive Diwali Campaign

EK MUTTHI CHAAWAL

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Social Movement Campaign against Food Wastage

NFT LEGACY GALLERY

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Durga Puja ‘Chaal Chitr’ Campaign

~~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

[Densifying distribution reach]

Increasing Penetration through improved availability

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MARKET REPRESENTATION

40% increase in number of distributors Having market representation in ALL 50k+ Pop. Towns in North & West & ALL 1 Lac+ Pop Towns in East & South

MARKET COVERAGE

50%+ increase in Feet On Street with focus on direct retailing and improved assortment availability

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SECONDARY COVERAGE
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Increase by 400 bps to 35%
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AVAILABILITY ACROSS
RETAIL OUTLETS
3,31,520
NUMERIC DISTRIBUTION (%)
TT Q4 FY23
KRBL 45.7% -280 bps
VS. Q4 FY22
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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 JFM’23 RMS data

~~STRATEGIC PILLARS | DOMESTIC~~

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

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Augmenting portfolio across segments

STRATEGIC PILLAR 3

PORTFOLIO INTERVENTIONS

HEALTH PORTFOLIO

REGIONAL RICE

KRBL further strengthens its health portfolio , by launching a Diabetic Friendly Rice

Successfully introduced offerings at attractive price points | Bridged the price gap in the portfolio

Positive response to Aged Regional Rice offerings from the house of India Gate – SURTI KOLAM, JEERA RICE and SONA MASOORI

INDIA GATE SUGAR WATCHERS

INDIA GATE DAILY PREMIUM INDIA GATE EVERYDAY

UNITY PULAV

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EXPANSION UPDATE

• Gujarat- Work in progress at final stage. Expected to go live by June,2023.

• Karnataka- Land acquisition complete, civil work in June’23.

• Madhya Pradesh- Land identified and token money paid.

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Launch of Diabetic-friendly ‘India Gate Sugar Watchers’ Low GI Rice

MODERN TRADE

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E-COMMERCE
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GENERAL TRADE

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TN & Karnataka
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Maintaining its leadership stance

BRAND LANDSCAPE

ALL INDIA VOLUME SHARE _(Q4 FY23)_ Q4 FY23 Q3 FY22 Q4 FY22 Traditional Trade 32.5% +10 bps -20 bps Modern 58.0% +1810 bps +300 bps Trade*

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• Source: As per Nielsen’s Q4’23 RMS data

India Brand Portfolio

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25

Export Business

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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’22

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Leadership beyond India

331

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Revenue in Rs. Crore for Q4 FY23

Trend in Export Business

18%

• Growth led by 19% increase in basmati realization.

• Total value of goods dispatched during the year but revenue yet to be recognized pending receipt of payment at the end of the quarter was at Rs 441 cr as against Rs 216 cr in the corresponding quarter – significant portion of this revenue is expected to be recognized in Q1FY2024.

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Revenue growth Y-o-Y

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27

Exports Brand Portfolio

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28

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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29

Overall international market position

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Middle East
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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.

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

Americas

• •Present in the dominant channels of trade •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

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RoW
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• •Nur Jahan is #1 Indian Basmati rice brand in South Africa •India Gate is the most preferred brand in Northern African market

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30

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

31

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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32

Thank You

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*As per Mordor Intelligence Report on packaged basmati rice, MAT Jun’22

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