PDS LIMITED — Investor Presentation 2021

Nov 9, 2021

PDS Multinational Fashions Limited

==> picture [83 x 51] intentionally omitted <==

PDS/SE/2021-22/70 November 9, 2021 Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra (E), Mumbai -400 051 Scrip Symbol: PDSMFL Corporate Relationship Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 Scrip Code: 538730	PDS/SE/2021-22/70 November 9, 2021 Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra (E), Mumbai -400 051 Scrip Symbol: PDSMFL Corporate Relationship Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 Scrip Code: 538730
Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra (E), Mumbai -400 051 Scrip Symbol: PDSMFL	Corporate Relationship Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 Scrip Code: 538730

Re: ISIN - INE111Q01013

Sub: Investors’ Presentation for the announcement of the Financial Results for the Second Quarter and Half Year ended September 30, 2021, i.e., Q2-FY2021-22 Earnings Release

Dear Sir/ Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Investors’ Presentation of PDS Multinational Fashions Limited for the announcement of the Financial Results for the Second Quarter and Half Year ended September 30, 2021, i.e., FY 2021-22 Earnings Release.

We request you to kindly take the above on record for the purpose of dissemination to the Shareholders.

Thanking you,

Yours faithfully, for PDS Multinational Fashions Limited - �J Abhishekh Kanoi Head of Legal & Company Secretary ICSI Membership No.: F-9530

==> picture [80 x 79] intentionally omitted <==

Encl.: As Above

Regd. Off: No. 758 & 759, 2[nd] Floor, 19[th] Main, Sector -2, HSR Layout, Bengaluru – 560 102, Karnataka, (India) Corp. Office: Unit No.971, Solitaire Corporate Park, Andheri – Ghatkopar Link Road, Andheri (East), Mumbai – 400093, Maharashtra (India) Email: info@pdsmultinational.com; Website: www.pdsmultinational.com; Telephone No.: +91 80 67653000; +91 22 41441100 CIN: L18101KA2011PLC094125

PDS Multinational Fashions Ltd Building Blocks and Strategizing for the future Investor Presentation - Second Quarter & Half Year Ended FY22

1

Safe Harbour

==> picture [142 x 66] intentionally omitted <==

This presentation has been prepared by PDS Multinational Fashions Ltd (“PDS”, “the Company”) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute an offer.

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to the general business plans and strategy of PDS, its future financial condition and growth prospects, future developments in its industry and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, etc., or similar expressions or variations of such expressions. Such forward looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. PDS Multinational Fashions Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

PDS may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner

2

Table of Contents Table of Contents

==> picture [142 x 66] intentionally omitted <==

1	PDS - Power of the PDS Platform	4-6
2	Key Strategic Business Developments	7-15
3	Strengthening the PDS Platform	16-22
4	Business & Financial Performance Overview	23-32
5	Shareholders Return	33-34
6	Annexure	35-37

3

Power of the PDS Platform

4

Ke Buildin Blocks for PDS’s Global Platform y g

==> picture [142 x 66] intentionally omitted <==

==> picture [855 x 110] intentionally omitted <==

----- Start of picture text -----

INVESTING IN THE ETHICS &
GLOBAL SCALE RISK MANAGEMENT
FUTURE SUSTAINABILITY
----- End of picture text -----

==> picture [854 x 110] intentionally omitted <==

----- Start of picture text -----

END TO END FINANCIAL
LEADERSHIP TEAM DIGITAL SOLUTIONS
CAPABILITIES STRENGTH
----- End of picture text -----

5

Power of the PDS Platform – Q2 & H1 FY22

==> picture [142 x 66] intentionally omitted <==

==> picture [132 x 300] intentionally omitted <==

Q2 FY22

Topline: ₹2,195cr | $297mn

Topline Growth: 18% Y-o-Y

PAT: ₹67cr | $9mn

PAT Growth: 3.7x Y-o-Y

H1 FY22

Topline: ₹3,821cr | $517mn Topline Growth: 35% Y-o-Y

PAT: ₹126cr | $17mn

PAT Growth: 6.2x Y-o-Y

==> picture [131 x 300] intentionally omitted <==

==> picture [52 x 55] intentionally omitted <==

30% ROCE

==> picture [51 x 52] intentionally omitted <==

34% ROE

==> picture [58 x 53] intentionally omitted <==

0.80x Net Debt/EBITDA With LT Debt/EBITDA 0.01x

Note: ROCE based on Net Capital Employed, EBIT includes other income emanating from capital employed. ROCE, ROE and Net Debt/EBITDA are based on TTM figures. Growth rates are based on ₹ figures.

6

==> picture [960 x 387] intentionally omitted <==

Key Strategic Business Developments

7

Expanding into new Geographies & Categories Expanding the North America Business

==> picture [142 x 66] intentionally omitted <==

==> picture [385 x 216] intentionally omitted <==

FY2019: Current: Potential: 9% 15% >20% of topline of topline of topline

==> picture [35 x 399] intentionally omitted <==

==> picture [63 x 63] intentionally omitted <==

==> picture [63 x 64] intentionally omitted <==

==> picture [48 x 50] intentionally omitted <==

Significant rise in North America Sales in H1 FY22 achieved ~90% of sales achieved in full year FY21

Working capital cycle of such a model is slightly longer than the traditional FOB business

PDS is focusing on optimizing the working capital cycle for this geography

8

Expanding into new Geographies & Categories Launching Brands in India

==> picture [142 x 66] intentionally omitted <==

==> picture [498 x 441] intentionally omitted <==

1. Launched the organic brand Turtledove London in India

2. Turtledove brand is part of Lilly & Sid (UK) portfolio

3. Turtledove London, with its responsibly created stylish unisex clothes for children, is housed in over 400 stores worldwide

4. Works with SEDEX certified factories and uses Global Organic Textile Standard (GOTS) certified organic cotton

5. Turtledove London is launched in India in a digital first format in association with Firstcry.com as well as on its own platform turtledovelondon.co.in.

9

Expanding into new Geographies & Categories Building teams for catering to new categories in UK

==> picture [142 x 66] intentionally omitted <==

On-boards team of 8 led by Russell Wyeth focusing on young fashion print and fast fashion

On-boards team of 8 led by Charlie Rudge focusing on lifestyle tech products, consumer products and accessories

==> picture [167 x 164] intentionally omitted <==

• Russell brings 30 years of experience supplying to the UK high street & digital retailers

• Will also collaborate with existing teams in Turkey to provide young fashion print for our fast-fashion customers

==> picture [164 x 164] intentionally omitted <==

• Founder & leader in consumer product for 19 years. Experience of IPO Process, PE and value creation in innovate product and brands globally

Brings in existing relationship with leading retailer and online channels

Empower businesses in the PDS ecosystem to leverage intercollaborator synergies

Diversify into new product categories and leverage power of PDS platform

• Drive more business and meet customer requirements by playing to the strengths of our platform

• Focus on developing, sourcing and supplying of sustainable, built to last consumer lifestyle brands, products and accessories

10

Strengthening vendor network Vietnam

Why Vietnam?

1. Established & skilled workforce with 1 million new entrants to the workforce each year

2. Vertically integrated vendor options from in house spinning, sewing, & in house laundries

3. Centralized location in South East Asia

4. Competitive price on high needle/ multiple process styling

5. Complicated wash and dry process capabilities + full range of sustainability offerings in washed product

==> picture [142 x 66] intentionally omitted <==

==> picture [211 x 211] intentionally omitted <==

Mr. L. Nilanka K. Fernando has joined PDS as Executive Director- PDS Vietnam

Sustainable Costing with Higher Growing Vendors Attributes for Speed to market Social Compliance Coverage Business Vertical Opportunities & Vietnam Product Diversity, Multi Product UK/EU FTA Duty Phasing out Category Experience Vendor Base Benefits

He was the Sourcing Director of MGF Sourcing Vietnam for last 6 years heading over $110 million business across 8 customers. Nilanka would be leading PDS growth plans in Vietnam

11

Strengthening vendor network Turke & surroundin re ions y g g

==> picture [143 x 55] intentionally omitted <==

==> picture [142 x 66] intentionally omitted <==

Our target is to grow 2x in 4 years from Turkey and surrounding regions operations

Sourcing operations in Turkey & Surrounding regions with 60+ partner factories

Benefits of being able to offer shorter lead times and increased speed and agility

==> picture [374 x 166] intentionally omitted <==

Broadens production reach to major European & Middle Eastern Markets

==> picture [344 x 194] intentionally omitted <==

----- Start of picture text -----

Lower Freight Costs
1
More predictable
Lower carbon
delivery timelines
footprint
5 2
4 3 Capability to offer
Lower working capital multi-product &
requirements manage small orders
----- End of picture text -----

Production reach: Bulgaria, Macedonia, Italy, Spain, Portugal, Morocco, Tunisia, Egypt, Romania, Ukraine, Turkey, Georgia, Jordon Israel

Categories: Jersey, Knitwear, Swimwear, Woven, Denim, Casual, Lingerie, Seam free, Home, Activewear etc

12

Strengthening vendor network Entered strate ic artnershi in Sri Lanka g p p

1. Norlanka (Sri Lanka based subsidiary), entered into a strategic partnership with Rich Light Exports Pvt Ltd and Rainbow Fashions Pvt Ltd.

2. Partnership enhances Norlanka’s capability to fulfil customer requirements by increasing its compliant and dedicated capacity

3. Deepening our commitment to empowering apparel sector SMEs

4. Norlanka will support the two facilities to improve their overall capabilities relating to the production of baby and kidswear, to cater to export markets in North America and Europe

5. Rich Light Exports and Rainbow Fashions are located in Kekirawa and Ippologama respectively and provide employment to nearly 1,400 individuals collectively

6. Further enhances the decade long engagement with these facilities

==> picture [142 x 66] intentionally omitted <==

==> picture [302 x 201] intentionally omitted <==

==> picture [302 x 201] intentionally omitted <==

13

Sustainability initiatives PDS Venture Tech Investments – Consciously working towards circularity

==> picture [142 x 66] intentionally omitted <==

FILKOR

LOOP Digital Wardrobe

• UK based entity that developed a product destruction process

• Allowing high-end fashion houses to transform waste and surplus stocks into a granulate

• Granulate can be 100% upcycled into brick slips, shop fittings and other artistic and functional objects

• This allows the PDS platform to offer complete sustainability and end of life solution (from takeback to resell to upcycle) for all fashion products.

==> picture [174 x 174] intentionally omitted <==

• UK based sustainability and marketing solution provider

• Empowering newest technology to positively impact environmental and business performance

• Enabling PDS to provide a sustainability ecosystem across the value chain

• Alleviating major customer concerns about the accumulation of excess stock

14

Sustainability initiatives PDS is a member of the Sustainable Apparel Coalition (SAC)

==> picture [142 x 66] intentionally omitted <==

==> picture [400 x 261] intentionally omitted <==

The SAC is a global, multi-stakeholder non-profit alliance for the fashion industry

• 250+ industry leading names work to preserve the environment and promote social justice across the global value chain

• Addressing the urgent, systemic challenges that are impossible to change alone

The SAC is part of an ecosystem of three organizations:

==> picture [23 x 24] intentionally omitted <==

----- Start of picture text -----

1
----- End of picture text -----

==> picture [172 x 37] intentionally omitted <==

Brings the industry together to develop the Higg Index

==> picture [59 x 47] intentionally omitted <==

==> picture [24 x 23] intentionally omitted <==

----- Start of picture text -----

2
----- End of picture text -----

==> picture [125 x 37] intentionally omitted <==

Manages the Higg Index platform. A suite of tools that standardizes value chain sustainability measurements for all industry participants

==> picture [58 x 47] intentionally omitted <==

==> picture [24 x 23] intentionally omitted <==

----- Start of picture text -----

3
----- End of picture text -----

==> picture [54 x 37] intentionally omitted <==

Uses Higg Index data to scale impact improvement programs globally

15

==> picture [960 x 387] intentionally omitted <==

Strengthening the PDS Platform

16

Strengthening the Board of Directors Diverse and global expertise added to the platform

New additions to the Board Directors*

• Chair & Founder of Innovator Capital, London based specialist corporate advisory firm, established 2003 focusing on health and climate change related technology innovation

• • 40+ years investment banking, sustainable technologies, life sciences & ICT

==> picture [117 x 12] intentionally omitted <==

----- Start of picture text -----

RECENTLY ADDED
----- End of picture text -----

==> picture [105 x 104] intentionally omitted <==

• Previous Non-Executive Director, CDTI - NASDQ listed Materials Sciences

• • CleanEquity® Monaco co-Founder with H.S.H. Prince Albert II of

• Mungo Park Monaco

• • Adviser CCF, UK Minister of State, Dept. Energy & Climate Change

Sunil Srivastav Director, Techno Design HK Limited

==> picture [110 x 111] intentionally omitted <==

• President of Supply Chain, Global Brands Group Holding Limited (Member of Fung Group) since 2018

• • Previously President of Supply Chain Solutions at Li & Fung which he joined in 2011

• Former Chairman and founding member of the Global Apparel Footwear and Textile Initiative (GAFTI)

• Robert Sinclair • Member of the American Chamber of Commerce in Hong Kong. Holds a BA from Carleton University in Canada

Parth Gandhi Non-Executive Non-Independent Director

==> picture [142 x 66] intentionally omitted <==

==> picture [86 x 104] intentionally omitted <==

Tarun Khanna

PDS Advisory Board

• Jorge Paulo Lemann Professor at the Harvard Business School

• For over two decades, studied entrepreneurship as a means to social and economic development in emerging markets

• At HBS since 1993, after obtaining degrees from Princeton and Harvard

Note: *Two existing Independent Directors to be succeeded by the new additions

17

Our ecosystem demands sustainability/compliance Let us look at what we are doing at PDS?

==> picture [208 x 23] intentionally omitted <==

----- Start of picture text -----

1 Our representation to customer
----- End of picture text -----

==> picture [216 x 193] intentionally omitted <==

----- Start of picture text -----

2 Our vendor partner network
Meet all required compliance standards
----- End of picture text -----

==> picture [217 x 144] intentionally omitted <==

We provide end-to-end solutions – from sourcing cotton to yarn to finished goods – the entire process is ESG compliant

4 Frequent Audits 5 Corrective Steps

==> picture [217 x 145] intentionally omitted <==

==> picture [216 x 145] intentionally omitted <==

==> picture [217 x 22] intentionally omitted <==

----- Start of picture text -----

Timely action undertaken
----- End of picture text -----

Help identify areas of improvement

==> picture [142 x 66] intentionally omitted <==

==> picture [172 x 23] intentionally omitted <==

----- Start of picture text -----

3 Proactive approach
----- End of picture text -----

==> picture [217 x 144] intentionally omitted <==

We work proactively through dedicated teams to ensure compliance & continuously improve our performance standards on ESG parameters

18

Ethics Hotline - A (g)local approach to compliance Customized URLs for each business → reports to central team

==> picture [142 x 66] intentionally omitted <==

==> picture [35 x 36] intentionally omitted <==

==> picture [35 x 35] intentionally omitted <==

Ethics Global Hotline is available for reporting of possible violations of PDS’s Code of Conduct

Enables any person to report any possible illegal, unethical or improper conduct either through a multilingual Hotline or by filing a report through the site

By customizing URL names for each business, there are better chances of employees / external parties to reach out more as they identify with the company name they are familiar with

Callers may remain anonymous & those who choose to provide their name have their identity protected to the extent allowed by law

S. No.	URL
1	www.casacollective.ethicspoint.com
2	www.clovercollections.ethicspoint.com
3	www.designarc.ethicspoint.com
4	www.twinsasia.ethicspoint.com
5	www.fareastvogue.ethicspoint.com
6	www.pdsmanufacturing.ethicspoint.com
7	www.gruposourcing.ethicspoint.com
8	www.jcraft.ethicspoint.com
9	www.kleider.ethicspoint.com
10	www.norwest.ethicspoint.com
11	www.pdsasiastar.ethicspoint.com
12	www.pggroup.ethicspoint.com
13	www.poeticbrands.ethicspoint.com
14	www.poeticgem.ethicspoint.com
15	www.sourcingsolutions.ethicspoint.com
16	www.springdesign.ethicspoint.com
17	www.springneareast.ethicspoint.com
18	www.styleberry.ethicspoint.com
19	www.technodesign.ethicspoint.com
20	www.transportpartners.ethicspoint.com
21	www.yellowoctopus.ethicspoint.com
22	www.zamirafashions.ethicspoint.com
23	www.simpleapproach.ethicspoint.com
24	www.krayonsourcing.ethicspoint.com
25	www.norlankamfg.ethicspoint.com

19

Further strengthening the Platform with industry ex erts p

==> picture [142 x 66] intentionally omitted <==

==> picture [119 x 118] intentionally omitted <==

Raamann Ahuja Group Chief Human Resource Officer

• Based out of Mumbai, Raamann would be responsible for Human Resources function driving PEOPLE FIRST vision along with senior Business Leadership and HR colleagues globally

==> picture [118 x 118] intentionally omitted <==

Leslie Durairaja Global Compliance Ex. Director

• Leslie is an accomplished professional who brings along an extensive experience of more than 24 years in leading compliance and sustainability field

• Raamann brings vast experience in business partnering, leadership development, talent management, HR transformation, M&A, HR process rigour and organisation culture building

• • Prior to joining PDS, Raamann worked with CK Birla group. He brings diverse Industry experience from FMCG, Banking, IT/ITES, Manufacturing & B2B business

• His professional work experience has allowed in handling compliance and sustainability work for MEA, Europe, Turkey, Bangladesh, Pakistan, India, and Sri Lanka.

• Previously, he has worked in senior positions with GAP, Walmart, and C&A.

• He will operate from Dubai

20

Value Creation Plan for Key Employees Roll-out of letters has been initiated

==> picture [142 x 66] intentionally omitted <==

Steps Followed SNO Particulars Desk-top assessment undertaken by 1 Central team Preliminary List prepared along with 2 eligibility criteria 3 Board & Shareholder Approval # of employees covered 104 Feedback taken from respective business 4 # of Proposed ESOPs 1.1mn heads on the names, KRA & proposal Market Price on date of Grant ₹1,369 ($19) per share 5 Approval taken from NRC 6 Roll-out of letters Exercise Price (20% Discount) ₹1,095 ($15) per share

Note: Exercise price for 100 employees

21

Creating Employee Friendly Environments Fair Price Shops in Bangladesh

==> picture [536 x 474] intentionally omitted <==

22

==> picture [960 x 387] intentionally omitted <==

Business & Financial Performance Overview QUARTER AND HALF YEAR ENDED FY2022

23

Key Business Highlights – Q2 FY22

==> picture [142 x 66] intentionally omitted <==

1. Achieved a topline of $297mn (₹2,195cr) (18% growth compared to Q2 FY21)

2. a) Reported best Q2 performance and is geared for further growth and profitability during the year

3. b) Gross Margins of 16.4% (increased by 321bps with a growth of 47%) and EBIT of $11mn (₹78cr) (increased 2.7 times) compared to Q2 FY21. We continue to keep a watch on input price and increase in freight cost

4. c) PAT increased by 3.7x to $9mn (₹67cr) compared to Q2 FY21

5. Manufacturing business has witnessed a good trajectory in Q2 FY22

6. a) Topline increased by 84% compared to Q2 FY21. Order book position in Q3 FY22 continues to be strong

7. b) Compared to last year PBT losses have significantly declined by 85% yoy. Trend is expected to continue

8. On run-rate basis, expect to cross $1bn topline this financial year

Note: Growth rates are based on ₹ figures.

24

Key Financial Highlights Q2 FY22

==> picture [142 x 66] intentionally omitted <==

==> picture [864 x 384] intentionally omitted <==

----- Start of picture text -----

2.7 times growth in EBIT 3.7 times increase in PAT
18% consolidated topline
Gross Margin of
growth
$11mn $9mn
16.4 %
$297mn
vs 13.2% in Q2 FY21 (₹78cr) (₹67cr)
(₹ 2,195 cr)
Expansion in EPS ROCE ROE
₹19.83 30% 34%
vs FY21 Full Year vs 22% in Q2 FY21 vs 11% in Q2 FY21
EPS of ₹32.37
----- End of picture text -----

Note: *ROCE based on Net Capital Employed and EBIT includes other income emanating from capital employed | NWC Days, ROCE and ROE’s are based on TTM figures | Basic EPS considered. Growth rates are based on ₹ figures.

25

Performance in Q2 over last 5 years Consistently delivered growth & profitability and have reported best Q2 performance

==> picture [142 x 66] intentionally omitted <==

==> picture [62 x 13] intentionally omitted <==

----- Start of picture text -----

Sales (₹cr)
----- End of picture text -----

==> picture [348 x 120] intentionally omitted <==

----- Start of picture text -----

2,195
1,856
1,596 1,673
1,236
Q2 FY18 Q2 FY19 Q2 FY20 Q2 FY21 Q2 FY22
----- End of picture text -----

==> picture [397 x 160] intentionally omitted <==

----- Start of picture text -----

Gross Margin (₹cr)
360
280
245
227
175
Q2 FY18 Q2 FY19 Q2 FY20 Q2 FY21 Q2 FY22
Margin (%) 14.1% 14.2% 16.7% 13.2% 16.4%
----- End of picture text -----

EBITDA (₹cr)

==> picture [400 x 141] intentionally omitted <==

----- Start of picture text -----

84
35
27
15
-1
Q2 FY18 Q2 FY19 Q2 FY20 Q2 FY21 Q2 FY22
Margin (%) -0.1% 0.9% 1.6% 1.9% 3.8%
----- End of picture text -----

PAT (₹cr)

==> picture [399 x 148] intentionally omitted <==

----- Start of picture text -----

67
21 18
13
1
Q2 FY18 Q2 FY19 Q2 FY20 Q2 FY21 Q2 FY22
Margin (%) 0.05% 0.8% 1.3% 1.0% 3.0%
----- End of picture text -----

26

Ke Business Hi hli hts – H1 FY22 y g g

==> picture [142 x 66] intentionally omitted <==

1. Achieved a topline of $517mn (₹3,821cr) (35% growth compared to H1 FY21)

2. a) Reported best H1 performance and is geared for further growth and profitability during the year

3. b) Gross Margins of 16.8% (increased by 239bps with a growth of 58%) and EBIT of $20mn (₹144cr) (increased 3.1 times) compared to H1 FY21. We continue to keep a watch on input price and increase in freight cost

4. c) PAT increased by 6.2x to $17mn (₹126cr) compared to H1 FY21

5. Manufacturing business has witnessed a good trajectory in H1 FY22

6. a) Topline increased by 84% compared to H1 FY21. Order book position in Q3 FY22 continues to be strong

7. b) Compared to last year PBT losses have significantly declined by 68% yoy. Trend is expected to continue

8. On run-rate basis, expect to cross $1bn topline this financial year

Note: Growth rates are based on ₹ figures.

27

Ke Financial Hi hli hts H1 FY22 y g g

==> picture [142 x 66] intentionally omitted <==

==> picture [864 x 384] intentionally omitted <==

----- Start of picture text -----

3.1 times growth in EBIT 6.2 times increase in PAT
35% consolidated topline
Gross Margin of
growth
$20mn $17mn
16.8 %
$517mn
vs 14.4% in H1 FY21 (₹144cr) (₹126cr)
(₹3,821cr)
Expansion in EPS ROCE ROE
₹40.52 30% 34%
vs FY21 Full Year vs 22% in H1 FY21 vs 11% in H1 FY21
EPS of ₹32.37
----- End of picture text -----

Note: *ROCE based on Net Capital Employed and EBIT includes other income emanating from capital employed | NWC Days, ROCE and ROE’s are based on TTM figures | Basic EPS considered. Growth rates are based on ₹ figures.

28

H1 Performance Across Se ments g

==> picture [142 x 66] intentionally omitted <==

==> picture [768 x 369] intentionally omitted <==

----- Start of picture text -----

PDS Venture
Sourcing Manufacturing Tech Investments PDS Consolidated
$0.4mn |₹3cr
$495mn | ₹3,662cr $30mn | ₹225cr $517mn
Revenue
Revenue captured in
up 32% vs H1 LY up 84% vs H1 LY (₹3,821cr)
Other Income
EBIT $17mn | ₹123cr -$2mn | -₹18cr $5 mn | ₹40cr $20mn
(Including other income) up 24% vs H1 LY down 70% vs H1 LY Rental, Treasury & Sale of (₹144cr)
Real Estate
Gross Capital Employed $90mn | ₹669cr $72mn | ₹532cr $31mn | ₹227cr $193mn
(% of Total) (47%) (37%) (16%) (₹1,427cr)
$134mn
Net Capital Employed
(₹990cr)
ROCE 49% -ve 16% 30%
----- End of picture text -----*

*based on gross capital employed and TTM figures | Consolidated ROCE based on net capital employed and TTM figures | PDS Consolidated numbers above are post eliminations. Growth rates are based on ₹ figures.

29

Revenue Break up (H1 FY22)*

==> picture [142 x 66] intentionally omitted <==

==> picture [862 x 361] intentionally omitted <==

----- Start of picture text -----

Category wise (% share) Geography wise (% share)
Ladies UK &
38% 80%
Wear Europe
Men’s
Wear 34% North 14%
America
Children
20%
Wear Asia & 3%
Middle East
Essentials 5%
Others 3%
Others 3%
----- End of picture text -----

*Broad Estimates

30

Consolidated Profit & Loss Statement

==> picture [142 x 66] intentionally omitted <==

₹ in cr, unless mentioned otherwise

Particulars	FY22 FY21 Q2	FY22 FY21 Q2	Q2 Growth (Y-o-Y)	Q2 Growth (Y-o-Y)	Q1 FY22	Q1 FY22	FY22 FY21 H1	FY22 FY21 H1	Key Highlights of performance : Q2 FY22 vs Q2 FY21 : 1. Income from Operations increased by 18% coming out of impact of Covid 2. Gross Margin increased by 321bps to 16.4% 3. EBITDA increased by 193bps to 3.8% 4. PBT increased by 3.1x to ₹71cr 5. PAT increased by 3.7x from ₹18cr to ₹67cr 6. PAT margin expanded by 206bps to 3.0% H1 FY22 vs H1 FY21 : 1. Income from Operations increased by 35% coming out of impact of Covid 2. Gross Margin increased by 239bps to 16.8% 3. EBITDA increased by 110bps to 3.1% 4. PBT increased by 4.9x to ₹133cr 5. PAT increased by 6.2x from ₹20cr to ₹126cr H1 Growth (Y-o-Y) 35% 32% 58% 239 bps 64% 132 bps 35% -4 bps 110% 110 bps 8% 185% 214% 215 bps -23% 388% -2% 519% 258 bps
Income from Operations COGS	2,195 1,856 1,835 1,611		18% 14%		1,626 1,345		3,821 2,822 3,179 2,416		35% 32%
Gross Profit Gross Margin(%)	360 245 16.4% 13.2%		47% 321 bps		281 17.3%		642 407 16.8% 14.4%		58% 239 bps
Employee Expense % of Income from Operations Other Expenses % of Income from Operations	155 102 7.1% 5.5% 121 108 5.5% 5.8%		52% 157 bps 13% -28 bps		135 8.3% 112 6.9%		290 177 7.6% 6.3% 233 173 6.1% 6.1%		64% 132 bps 35% -4 bps
EBITDA EBITDA Margin(%)	84 35 3.8% 1.9%		138% 193 bps		34 2.1%		119 57 3.1% 2.0%		110% 110 bps
Depreciation Other Income EBIT EBIT Margin (%) Finance Cost Add: Profit/(Loss) of Associates Profit Before Tax Tax Expenses	17 16 11 10 78 29 3.6% 1.6% 7 5 0 -1 71 23 4 5		5% 11% 168% 200 bps 41% 205% -19%		17 49 66 4.0% 5 1 62 3		34 32 60 21 144 46 3.8% 1.6% 12 16 0 -3 133 27 7 7		8% 185% 214% 215 bps -23% 388% -2%
Profit After Tax PAT Margin(%)	67 18 3.0% 1.0%		267% 206 bps		59 3.6%		126 20 3.3% 0.7%		519% 258 bps

Note: Please refer to Annexure for financials in US$ mn

31

Consolidated Balance Sheet Return on capital employed continues to improve

==> picture [142 x 66] intentionally omitted <==

₹ in cr, unless mentioned otherwise

Particulars	30-Sep-21 31-Mar-21
Non-Current Assets Current Assets Inventories Trade Receivables Cash and cash equivalents Other Bank Balances Other Current Assets Total Assets Total Equity Non-Current Liabilities Borrowings Other Non-Current Liabilities Current Liabilities Borrowings Trade Payables Other Current Liabilities Total Equity & Liabilities	657 594 2,249 1,752 347 197 1,158 910 296 293 142 137 306 214 2,905 2,346 757 716 81 66 3 2 78 64 2,066 1,564 666 488 1,136 892 264 184 2,905 2,346

==> picture [364 x 126] intentionally omitted <==

----- Start of picture text -----

As on
Particulars
30-Sep-21 31-Mar-21
Inventory Days 21 14
Debtor Days 59 53
Payables Days 70 63
NWC Days 10 5
Net Debt 232 59
----- End of picture text -----

Working Capital & Leverage Ratios :

1. North American operations witnessed high growth in H1 FY22 translating in to increase in working capital and corresponding increase in utilization of working capital lines

2. PDS continues to operate at comfortable leverage ratios, with Net Debt/Equity of 0.31x, Net Debt/EBITDA of 0.80x and insignificant Long-Term Debt / EBITDA of 0.01x

Return to Stakeholders :

1. ROCE* has increased to 30% vs 22% last year

2. ROE* has increased to 34% vs 11% last year

Note: *ROCE based on Net Capital Employed and EBIT includes other income emanating from capital employed | NWC Days, ROCE and ROE’s are based on TTM figures | Please refer to Annexure financials in US$ mn

32

33

1,000

What PDS has achieved since listing PDS Share Price Evolution since Listing

==> picture [142 x 66] intentionally omitted <==

1,600

1,400

PDS Price Evolution Since Listing= XIRR of 29% (BSE SENSEX XIRR: 12%, BSE MidCap XIRR: 15%)

1,200

800

600

400

200 -

PDS CMP

Note : BSE Sensex and BSE MidCap XIRR calculated from October 2014 till 04 Nov 2021 Source : BSE

34

==> picture [960 x 387] intentionally omitted <==

Annexure

35

Consolidated Profit & Loss

==> picture [142 x 66] intentionally omitted <==

US$ in mn, unless mentioned otherwise Key Highlights of performance: Q2 FY22 vs Q2 FY21:

Particulars	FY22 FY21 Q2	FY22 FY21 Q2	Q2 Growth (Y-o-Y)	Q2 Growth (Y-o-Y)	Q1 FY22	Q1 FY22	FY22 FY21 H1	FY22 FY21 H1	Key Highlights of performance : Q2 FY22 vs Q2 FY21 : 1. Income from Operations increased by 20% coming out of impact of Covid 2. Gross Margin increased by 321bps to 16.4% 3. EBITDA increased by 193bps to 3.8% 4. PBT increased by 3.1x to $9.6mn 5. PAT increased by 3.7x from $2.4mn to $9mn 6. PAT margin expanded by 206bps to 3.0% H1 FY22 vs H1 FY21 : 1. Income from Operations increased by 38% coming out of impact of Covid 2. Gross Margin increased by 239bps to 16.8% 3. EBITDA increased by 110bps to 3.1% 4. PBT increased by 5.0x to $18mn 5. PAT increased by 6.3x from $2.7mn to $17mn H1 Growth (Y-o-Y) 38% 34% 60% 239 bps 67% 132 bps 37% -4 bps 113% 110 bps 9% 190% 219% 215 bps -22% 395% 0% 529% 258 bps
Income from Operations COGS	297.0 247.2 248.2 214.6		20% 16%		220.6 182.4		517.0 376.0 430.2 321.8		38% 34%
Gross Profit Gross Margin(%)	48.7 32.6 16.4% 13.2%		49% 321 bps		38.2 17.3%		86.8 54.2 16.8% 14.4%		60% 239 bps
Employee Expense % of Income from Operations Other Expenses % of Income from Operations	21.0 13.6 7.1% 5.5% 16.4 14.3 5.5% 5.8%		54% 157 bps 14% -28 bps		18.3 8.3% 15.2 6.9%		39.2 23.5 7.6% 6.3% 31.6 23.1 6.1% 6.1%		67% 132 bps 37% -4 bps
EBITDA EBITDA Margin(%)	11.4 4.7 3.8% 1.9%		142% 193 bps		4.6 2.1%		16.0 7.5 3.1% 2.0%		113% 110 bps
Depreciation Other Income EBIT EBIT Margin (%) Finance Cost Add: Share of Profit/(Loss) of Associates Profit Before Tax Tax Expenses	2.3 2.1 1.5 1.3 10.6 3.9 3.6% 1.6% 1.0 0.7 0.0 -0.1 9.6 3.1 0.6 0.7		6% 13% 172% 200 bps 44% 210% -17%		2.3 6.6 8.9 4.0% 0.6 0.1 8.4 0.4		4.6 4.2 8.1 2.8 19.5 6.1 3.8% 1.6% 1.6 2.1 0.1 -0.4 18.0 3.6 0.9 0.9		9% 190% 219% 215 bps -22% 395% 0%
Profit After Tax PAT Margin(%)	9.0 2.4 3.0% 1.0%		273% 206 bps		8.0 3.6%		17.0 2.7 3.3% 0.7%		529% 258 bps

36

Consolidated Balance Sheet Return on capital employed continues to improve

==> picture [142 x 66] intentionally omitted <==

US$ in mn, unless mentioned otherwise

Particulars	As on
	30-Sep-21 31-Mar-21
Non-Current Assets Current Assets Inventories Trade Receivables Cash and cash equivalents Other Bank Balances Other Current Assets	89 81 303 240 47 27 156 124 40 40 19 19 41 29
Total Assets	392 321
Total Equity Non-Current Liabilities Borrowings Other Non-Current Liabilities Current Liabilities Borrowings Trade Payables Other Current Liabilities	102 98 11 9 0 0 11 9 279 214 90 67 153 122 36 25
Total Equity & Liabilities	392 321

==> picture [364 x 126] intentionally omitted <==

----- Start of picture text -----

As on
Particulars
30-Sep-21 31-Mar-21
Inventory Days 21 14
Debtor Days 59 54
Payables Days 70 64
NWC Days 10 5
Net Debt 31 8
----- End of picture text -----

Working Capital & Leverage Ratios :

1. North American operations witnessed high growth in H1 FY22 translating in to increase in working capital and corresponding increase in utilization of working capital lines

2. PDS continues to operate at comfortable leverage ratios, with Net Debt/Equity of 0.31x, Net Debt/EBITDA of 0.80x and insignificant Long-Term Debt / EBITDA of 0.01x

Return to Stakeholders :

1. ROCE* has increased to 30% vs 22% last year

2. ROE* has increased to 34% vs 11% last year

Note: *ROCE based on Net Capital Employed and EBIT includes other income emanating from capital employed | NWC Days, ROCE and ROE’s are based on TTM figures

37

==> picture [142 x 66] intentionally omitted <==

==> picture [233 x 90] intentionally omitted <==

For Further Information, please contact

Abhishekh Kanoi

Group General Counsel & Company Secretary abhishekh.k@pdsmultinational.com

Reenah Joseph Head Corporate Finance & Investor Relations reenah@pdsmultinational.com

PDS Multinational Fashions Limited Unit No.971, Solitaire Corporate Park, Andheri-Ghatkopar Link Road, Andheri (E), Mumbai-400093, Maharashtra, India CIN: L18101KA2011PLC094125 Tel.: +91-22-41 441 100 Email: investors@pdsmultinational.com

38