KRBL Ltd. — Investor Presentation 2024

Feb 13, 2024

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Ref: KRBL/SE/2023-24/89 February 13, 2024

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 Third Quarter (Q3) and Nine months ended December 31, 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 Third Quarter (Q3) and Nine Months ended December 31, 2023.

This is for your kind information and record.

Thanking you,

Yours Faithfully, For KRBL Limited

Digitally signed by ANOOP KUMAR GUPTA ANOOP DN: c=IN, o=PERSONAL, pseudonym=bff5521e66181e9c1ff2d68e263 61cff, 2.5.4.20=6B8719AD8F8379DBF5DDD5F838D KUMAR 66349ECB5FC0D664F3A0F5010E45F70B84A0E, postalCode=110062, st=DELHI, serialNumber=7cd99fa3c59517d8ae97b963 341695e06cac378d1f4712037d8fe4b572d07 GUPTA ba3, cn=ANOOP KUMAR GUPTA Date: 2024.02.13 14:38:58 +05'30' Anoop Kumar Gupta Joint Managing Director DIN: 00030160

Encl: As above

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KRBL Ltd. Investor Presentation - Q3 FY2024

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

Market Leadership Highlights

Leadership as India's top exporter of branded basmati rice with a significant global footprint #1 #1 in 90 countries India Gate is recognized as the world’s no. 1 basmati rice brand* #1

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Unparalleled processing capacity with the largest rice milling plant in Punjab

1

800+

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KRBL has largest contact farming network coverage for rice Underpinned by a strong financial position with substantial internal accruals and minimal debt reliance Robust domestic network supported by over 800 distributors

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

Q3 FY24 Consolidated Performance Highlights

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Total Income Gross Profit EBITDA PAT
1,465 363 206 134
51 901 4,743 4,868
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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Revenue Performance Overview

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-0.5%
-6%
1,536 4,084 4,064
1,437
14 80 83
16
998 2,404
2,928
1,143
524 1,600 1053
278
Q3 FY23 Q3 FY24 9M FY23 9M FY24
Exports Domestic Power Exports Domestic Power
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• Domestic Revenue grew by 14% and 22% in Q3 FY24 and 9M FY24 on y-o-y basis. Robust growth seen in both consumer pack and bulk pack segment.

• Export revenue declined by 47% and 34% in Q3 FY24 and 9M FY24 mainly due to lower bulk and branded sales in some key markets.

• Overall revenue remained flat in 9M FY24 despite a decline in export revenue, highlighting strengthening domestic market base while navigating international market volatilities.

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

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Profitability Metrics for Q3 FY24

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Gross Profit
29.3%
24.8%
455
363
Q3 FY23 Q3 FY24
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Profit After Tax

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13.2%
9.1%
205
134
Q3 FY23 Q3 FY24
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EBITDA
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19.1%
14.1%
297
206
Q3 FY23 Q3 FY24
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Cash Profit

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224
154
Q3 FY23 Q3 FY24
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• Reduction in gross margin primarily attributed to the increased cost of basmati rice input, which outpaced the rise in average basmati realization prices (5% y-o-y).

• EBITDA margin was lower at 14.1% mainly due to the combined impact of higher basmati input costs and additional provision, albeit mitigated by some benefits from lower freight on sales.

• The PAT margin has followed the EBITDA trend, falling from 13.2% in Q3 FY23 to 9.1% in Q3 FY24.

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

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Superior Balance Sheet Matrix

Current Ratio (%)

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11
8
Q3 FY23 Q3 FY24
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Working Capital Days

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312 327
266 271
12 9 17 25
Inventory Days Payable Days Receivable Days Working capital
days
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• Total inventory as of 31[st] Dec., 2023, is at Rs 4,868 Cr, (primarily comprising 4.7 lakh MT basmati paddy and 3.8 lakh MT basmati rice) as compared to Rs 4,435 Cr as of 31[st] Dec., 2022 (primarily comprising 5.5 lakh MT basmati paddy and 3.3 lakh MT basmati rice). The rise in inventory days is primarily on account of higher per MT paddy and rice costs.

• Overall liquidity position remains strong.

Inventory Position (Rs. Crore)

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2,554
2,252 2,156
2,018
Paddy Rice
Q3 FY23 Q3 FY24
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Q3 FY23 Q3 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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901
502
Q3 FY23 Q3 FY24
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Interest Coverage Ratio

• Higher Net Bank Borrowing primarily on account of higher closing inventory.

• Strong credit ratings from ICRA (AA(Stable)) and [ICRA] A1+; and CARE (A1+) reflect the confidence in KRBL's financial discipline and stability.

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81
25
Q3 FY23 Q3 FY24
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All figures are based on consolidated financials

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9M FY24 Highlights

Particulars	9M FY24	9M FY23	YOY Growth
Revenue From Operations	4,064	4,084	-0.5%
Total Income	4,152	4,133	0.5%
Gross Profit	1139	1320	-13.7%
Gross Profit Margin	27.4%	31.9%
EBITDA	712	844	-15.7%
EBITDA Margin	17.1%	20.4%
Profit after tax	482	583	-17.3%
PAT Margin	11.6%	14.1%
Cash Profit	541	639	-15.3%

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• Revenue from operations has seen a
marginal decline of 0.5% YOY,
indicating stability in the company's
operations despite export challenges.
• Other income is higher in 9M FY24
due to MTM gains on investments
and foreign exchange gains.
• Gross Margin reduction is attributed
to increased basmati input costs and
lower exports.
• EBITDA and PAT followed the trend
in Gross Margin, partially benefiting
from lower freight on sales.
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All figures in Rs . crore and are based on consolidated financials

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Resilient financial trajectory

Gross Profit

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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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Focused on long-term financial stability and growth

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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
KRBL's strong commitment to shareholder returns – consistent
dividend payouts and a buyback in FY24, culminating in a total
distribution of Rs. 638 crore from FY19 to Q2 FY24
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• 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

1143

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Revenue* in Rs. Crore for Q3 FY24

Trend in Domestic Business

14%

• Growth primarily fueled by a significant increase in branded basmati sales, alongside an impressive 158% surge in non-basmati sales.

• Robust volume growth in both consumer and bulk pack segments.

Revenue growth Y-o-Y

*Excludes Energy

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Domestic Business Scales New Hei hts g

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Crossed
Rs.1000cr.
Revenue

in Q3 FY24

35.9%
Highest ever Market
Share(%) in
Traditional Trade!

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~~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

Widespread presence in Indian households

HOUSEHOLD PENETRATION | ALL INDIA URBAN

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KWP | (MAT Sept’23)

INDIA GATE PEN. NO. OF HOUSEHOLDS 10% 1 CRORE 10L+ _11% Growth over Sep‘22 11,060,038 Households**_

..and market share leadership across Traditional & Modern trade

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KRBL – MARKET SHARE (%) | Q3 FY24 Nielsen RMS | Q3 FY24 TT MT 35.9% 40.9% +350 bps vs. Q3 FY23 +100 bps vs. Q3 FY23

Dec’23 Exit with the highest ever monthly MS (%) of 37.3%!

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*Source: As per Nielsen’s OND’23 RMS data

Source : Kantar Household Panel (MAT Sept’23) – 11 Major Markets (Urban) | *All India - Urban Households

STRATEGIC PILLAR 1[Continued & relevant Media presence & extensions]

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ASSOCIATIONS

TV & DIGITAL

POSM ACTIVATION

RADIO

MASTERCHEF INDIA (HINDI)

Continued Journey of Pankaj Tripathi Campaign on TV & Digital, with a new film in the mix

HOSTEL “MAA KA PYAAR”

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HSM
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~4000 GRPs | 26,000+ spots | 22+ wks

68 Mn Impressions | ~1L+ Engagement

PAYTM SOUNDBOX

An on-ground extension, with Point of Sale Targeting across 3900 stores in Delhi NCR

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2.2 Mn. Unique Reach | 3900 Stores
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RJ RAUNAC ‘BAUAA’

Collaboration with Red FM RJ Raunac aka ‘Bauaa’ to create a series of Brand interactions in his unique style

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5 Collaborations 2.3Mn+ Impressions 1L+ Engagement

SPECIAL PARTNER

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60Mn+ Impressions
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Active integrations
across episodes, inc.
Diwali Special
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STRATEGIC PILLAR 1

[Drivin][g][ ‘Experience’ throu][g][h Modern Trade]

‘FARM TO FORK’ VR EXPERIENCE

‘LOOSE TO PACKAGED’  ‘UNITY’ BINS

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Creating a ‘Farm to Fork’ VR experience at Reliance outlets, showcasing our largest Rice Milling facility at Dhuri

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Driving consideration for Unity Biryani & Pulav, by placing them in a similar format to how Loose Basmati is placed and purchased in a modern trade scenario

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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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[Densifying distribution reach]

STRATEGIC PILLAR 2

Improving availability, with the strongest Outlet presence in the category

RETAIL PRESENCE | Q3 FY24

All Channels (TT+MT) +52,665 Outlets (vs. Q3 FY23)

3,85,970

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NUMERIC DISTRIBUTION | DEC’23

Traditional Trade +1190 bps (vs. Dec’22)

56.2%

*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 OND’23 RMS data

~~STRATEGIC PILLARS | DOMESTIC~~

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

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STRATEGIC PILLAR 3

Green shoots for the Re ional Rice ortfolio g p

REGIONAL RICE

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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Regional Rice is now at a considerable 5.62% of the overall KRBL Domestic Revenue, successfully surpassing the planned target of 5% by the end of FY23-24… Q3 FY24 YTD FY24 6.95% 5.62%

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* The numbers represents domestic branded regional rice sales as % of total domestic revenue (Excluding energy).

… Introducing Range of Biryani Masalas

STRATEGIC PILLAR 3

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3 REGIONAL VARIANTS 2 SKUs - 120G & 70G 3 EASY STEPS | 30 MINS
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...and crafting an experiential journey for the end consumer STRATEGIC PILLAR 3

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FROM THE PRODUCT…. …TO THE SHOP FLOOR
QR NECK TAG LANDING PAGE https://www.indiagatefoods.com/classiclucknowibiryanimasala/
PRODUCT VIDEOS
SAMPLING
COOK WITH US VIDEOS
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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

278

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Revenue in Rs. Crore for Q3 FY24

Trend in Export Business

• Export revenue declined by 47% in Q3 FY24 mainly due to lower bulk and branded sales in some key markets.

-47%

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Revenue growth Y-o-Y

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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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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. (~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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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

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Exports Brand Portfolio

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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’23

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