PDS LIMITED — Investor Presentation 2023

Jul 26, 2023

==> picture [596 x 82] intentionally omitted <==

PDSL/SE/2023-24/274

July 26, 2023

Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra (E), Mumbai -400 051 Scrip Symbol: PDSL	Corporate Relationship Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 Scrip Code: 538730

Re: ISIN - INE111Q01021

Sub: Investors Presentation for the announcement of the Financial Results for the Quarter ended June 30, 2023, i.e., Q1 - FY2023-24 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 Limited for the announcement of the Financial Results for the quarter ended June 30, 2023, i.e., Q1 - FY2023-24 Earnings Release.

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

Thanking you,

Yours faithfully, for PDS Limited

(Erstwhile PDS Multinational Fashions Limited)

ABHISHE Digitally signed by ABHISHEKH KANOI KH KANOI Date: 2023.07.26 16:49:40 +05'30'

Abhishekh Kanoi Head of Legal & Company Secretary ICSI Membership No.: F-9530

Encl.: a/a

==> picture [594 x 68] intentionally omitted <==

==> picture [960 x 359] intentionally omitted <==

==> picture [202 x 92] intentionally omitted <==

Investor Update Q1 FY24 July 2023

Strictly Private & Confidential

Safe Harbor

==> picture [88 x 39] intentionally omitted <==

This presentation has been prepared by PDS Limited (“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 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

PDS@2023

2

Contents

==> picture [88 x 39] intentionally omitted <==

Power Of The PDS Platform Performance Overview 3 1 Other Updates Key Business Updates 2 4

PDS@2023

3

==> picture [88 x 39] intentionally omitted <==

POWER OF THE PDS PLATFORM

PDS@2023

4

Who are we?

Global Fashion Infrastructure Company with customized solutions to retailers & brands

==> picture [88 x 39] intentionally omitted <==

Our Philosophy Process of Value Creation Design-led Sourcing as a Technology Sourcing Service Our Vision Be the most admired global 600+ Compliant partnered Complete Outsourcing Solutions factories enterprise providing innovative Partnership model with full Growth Funding & fashion solutions in the most 250+ Dedicated designers transparency and strong controls Working Capital ethical and trusted way. In-house product development E xclusive teams and infrastructure expertise for customers as an Extension of the Brand/Retailer Leveraging Market and Global Trade intelligence for speed Risk Management Our Values Manufacturing Brand Management Trust, Integrity Transparency, Human Resource and Ethics Collaboration & Teamwork Management Owned Manufacturing Facilities End to End services of design, People First Customer Centricity range planning, product Dedicated capacities with a longterm commitment development, buying, and sourcing Entrepreneurial Social Spirit Responsibility Facilitates with LEED Gold Influencer led, Collab, Licensed Compliance, Legal, Certification and HIGG Index Brands, Acquired Brand Audit & Accounts Management Membership What we Attract and enable Maximize customer Drive economies of scale and Deliver world-class customized entrepreneurial creativity relationships synergies across operations offerings and services to customers

What we Achieve:

*Depending on the availability of credit insurance

PDS@2023

5

==> picture [88 x 39] intentionally omitted <==

Key Business Updates

PDS@2023

6

Key Highlights for the quarter

==> picture [88 x 39] intentionally omitted <==

==> picture [733 x 345] intentionally omitted <==

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

With pickup of
Gross Merchandise
demand, the
Value handled during
Margin expansion trajectory for margins
the quarter increased
accretion should
by 13%
continue
Building capabilities to
Gross margins of
$368mn monetize on
18.7% and EBITDA of
opportunities
(₹3,025 cr)
3.2%
unravelling
----- End of picture text -----

Note: Growth based on ₹ values; in $ terms 6%

PDS@2023

7

Macro Economic Factors Driving the Industry Falling raw material prices have eased cost pressures while Interest rates continue to be high

==> picture [88 x 39] intentionally omitted <==

Easing Inflation

==> picture [960 x 380] intentionally omitted <==

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

September 22 December 22 March 23 June 23
Consumer Price Index (CPI) Cotton and Crude Oil Trend
10.7%
9.9% 10.0%
8.2% 8.7% 9.2% 140 1.8
7.9% 7.4%
6.5% 4.1% 6.1%5.5% 5.9% 4.8%4.3% 120 1.6
7.9% 3.0% 1.4
100
1.2
80 1
3.0% US UK Europe India 60 0.8
0.6
40
0.4
20
0.2
Rising Interest Rates 0 0
6.5% 6.5%
US UK 5.3% 5.9% 6.3% Crude Oil ($/bl) Cotton (IFUS $/lb)
4.9% 5.0%
4.5%
4.3% 4.0%
3.3% 3.5% 3.5%
US CPI increased by 3%, the smallest 12-month 2.3% 2.5% Cotton prices have decreased by approximately 1% over
increase since Apr-21 1.3% the last 6 months
While the UK CPI rose by 7.9% in the 12 months Over the same time period, Crude oil prices have also
Federal Bank of European Reserve Bank
to Jun-23, down from 10.4% in February Reserve England Central Bank of India decreased by approximately 7%, but remain elevated
Source: https://www.marketwatch.com/investing/future/ct.1, https://www.emergingtextiles.com/220718-cotton-prices-on-international-and-domestic-markets-weekly/., https://tradingeconomics.com/country-list/inflation-rate, RBI repo rate - Indian central bank’s current and historic interest rates (global-rates.com), ECB refi rate - European Central Bank’s current
and historic interest rates (global-rates.com), BoE Official Bank Rate – British central bank’s current and historic interest rates (global-rates.com), Federal funds rate FED - American central bank’s current and historic interest rates (global-rates.com) https://www.marketwatch.com/watchlist?mod=top_nav, USD BDT | US Dollar Bangladeshi Taka - Investing.com India,
https://www.investopedia.com/terms/u/usdx.asp, https://www.marketwatch.com/investing/index/dxy,, 12-month percentage change, Consumer Price Index, selected categories (bls.gov),, https://www.ons.gov.uk/economy/inflationandpriceindices/datasets/consumerpriceinflation
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
----- End of picture text -----

PDS@2023

8

Strategic Growth Opportunities Available in the Economy

==> picture [84 x 85] intentionally omitted <==

Cost pressures have eased in the industry for the raw materials

Demand remained softened due to the rising interest rates and recessionary signals were witnessed across key geographies

==> picture [84 x 85] intentionally omitted <==

Strategic growth opportunities are unfolding in the industry

Translating into higher growth and profitability over medium and long term

==> picture [88 x 39] intentionally omitted <==

==> picture [84 x 84] intentionally omitted <==

==> picture [84 x 84] intentionally omitted <==

PDS@2023

9

Successfully Completed Acquisition of Ted Baker Design Group, UK

==> picture [88 x 39] intentionally omitted <==

Acquired 100% stake in Ted Baker Design Group

Global hub for the Ted Baker brand and manage the design, development, and product innovation servicing partners around the world

Core licensee and operating partner for Ted Baker in the UK & Europe

Acquisition includes Net Working Capital & Employees Acquired at NAV of £14.6mn transfer to the entity

Integration of Ted Baker Design Group (TDG) is currently underway

In the first 15 days of acquisition, TDG recorded ~₹30cr topline with ~9% bottom-line Acquisition is expected to be ROCE accretive and leading to unfolding of many similar opportunities

Note: Acquired legal entity New Lobster Ltd which has the employees and net working capital

PDS@2023

10

Continuing efforts towards Sustainable Fashion Capex incurred to enhance capabilities

==> picture [88 x 39] intentionally omitted <==

Installed a solar panel project at Green Smart Shirts Ltd

Generates clean energy and would be beneficial for the environment as well as the company

Enabling GSSL

• LEED Platinum Certification

• ▪ Cost savings

• Improved efficiency

~1.6mn kWh

• Lower Carbon emissions

• ▪ Create a healthier workplace

Annual Electricity ▪ Create a healthier workplace Consumption for last year Invested in upgrading its premises to improve fire resistance ratings, which also helps in securing U.S. customers

~1.15mn kWh Estimated Annual Output from the Solar Plant

~ $100k Progress Apparels, the second manufacturing facility Estimated Annual in Bangladesh, received funding from Good Fashion Savings Fund for the wash plant enabling reduction in water consumption

PDS@2023

11

Building a Diverse Global Enterprise

==> picture [88 x 39] intentionally omitted <==

==> picture [959 x 433] intentionally omitted <==

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

25+ Nationalities
22+
Countries
10,000+ 58%
60+
50+ Employees + Women
Verticals Factory Associates Offices
----- End of picture text -----

PDS@2023

12

PDS ESG Aspiration on a Page

==> picture [88 x 39] intentionally omitted <==

==> picture [48 x 44] intentionally omitted <==

REDUCE EMISSIONS RESPECT WATER & THE ENVIRONMENT To eliminate the risk of The PDS emissions strategy will deforestation within our man- place us on a path consistent made cellulosic fibres (MMCF) with limiting global warming to 1.5°C , in line with the Paris supply chain. Agreement on climate change and achieving Net Zero by To protect biodiversity and mitigate the use of hazardous chemicals 2050 at the latest .

To protect biodiversity and mitigate the use of hazardous chemicals We are committed to using only MMCFs from sources with the highest environmental standards by the end of 2027.

Our strategy and targets will be driven by and aligned to the United Nations Framework Convention on Climate Change, grounded in science and driven by data.

We will continue to focus on lower impact water usage processes for dying and finishing with a target of reducing our overall water usage by 20% in our own- and third-party facilities by 2030.

==> picture [393 x 83] intentionally omitted <==

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

THINK CIRCULAR
PEOPLE &
COMMUNITIES
Our aim is to progressively PDS is committed to creating a
sustainable future for our
----- End of picture text -----

PDS is committed to creating a sustainable future for our business, our people, supply partners and the communities we serve.

Our aim is to progressively support our industries move from a linear product model to a circular one with a focus on design longevity, product and raw material quality that keeps our products in use for longer and the use of lower impact or recycled materials.

We seek to create a positive impact throughout our supply chain by embedding the UN Global Impact principles into how we behave and act as a responsible business Education can transform a child’s life and break the cycle of poverty. We’re improving basic literacy and numeracy; working alongside communities in Bangladesh and India by providing free primary and secondary education for more than 1000 children by 2026

We aim to create Circular business models and end of life product solutions that can deliver value through innovation and new strategic growth opportunities.

The PDS objective is to be part of the solution, not the problem.

==> picture [207 x 97] intentionally omitted <==

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

2023
TARGETS Join the UN
Global
Compact
----- End of picture text -----

==> picture [650 x 99] intentionally omitted <==

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

2024 2025 2026 2027 2030 2050
1000 children
Define our from 2027 – All Reduce our
Define our
scope 1 and vulnerable MMCF to be water
Scope 2 scope 3 communities responsibly consumption Net zero
baseline
baseline in free sources by 30%
education
----- End of picture text -----

PDS@2023

13

S&P ESG Rating – PDS participation & outcome

==> picture [88 x 39] intentionally omitted <==

93 percentile scored 50 Out of the 196 companies evaluated in 2022

Started on a strong footing with and target to improve rating

==> picture [226 x 62] intentionally omitted <==

Criteria Include

• Governance & Economic dimension Environmental dimension Social dimension • • • Corporate Governance Environmental Reporting Human Rights

• • Code of Business Conduct • Operational Eco-Efficiency • Human Capital Development • • • Risk and Crisis Management Climate Strategy Corporate Citizenship & Philanthropy

PDS@2023

14

==> picture [88 x 39] intentionally omitted <==

Performance Overview

PDS@2023

15

Setting Context

==> picture [88 x 39] intentionally omitted <==

• ❑ Quarter 1 is usually the leanest quarter for PDS

• ❑ Q1 FY23 benefitted from pent-up demand and resulted in a strong quarter compared to a usual Q1

• ❑ This quarter was impacted by

• Global economic crisis

• Muted demand

• Inventory build-up

• Extended EID holidays of 16 days in Q1 FY24 compared to 9 days in Q1 FY23, due to which production slowed down

• ❑ However, key markets mainly the UK, Europe, and the US representing >80% of toplines is beginning to show signs of recovery

PDS@2023

16

Key Financial Highlights for this Quarter (Q1 FY24)

==> picture [88 x 39] intentionally omitted <==

==> picture [851 x 406] intentionally omitted <==

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

mn
$368mn $257 37%
(₹2,115cr)
(₹3,025cr)
Consolidated Topline ROCE
GMV increased by 13%
$48mn $8mn 27%
(₹395cr) (₹67cr)
Gross Margin: 18.7% | EBITDA | ROE
↑279bps Margin: 3.2%
mn
$3 $0.02
2 days
(₹23cr)
(₹1.44)
PAT Margin: 1.1%
Basic EPS Net Working Capital days
----- End of picture text -----

Note: Growth, margins, ROCE and ROE are based on ₹ values as reported on the stock exchange and published in the investor update | ROCE is based on Net Capital Employed. ROCE and ROE are based on ₹ TTM figures.

PDS@2023

17

Performance in Q1 over last 6 years Standing firm in the Volatile Markets with focus on delivering growth & profitability

==> picture [88 x 39] intentionally omitted <==

==> picture [56 x 18] intentionally omitted <==

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

Margin %
----- End of picture text -----

~~Sales (₹ cr)~~

Gross Profit (₹ cr)

==> picture [372 x 327] intentionally omitted <==

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

2,340 2,115
1,535 1,626
1,315
967
1.6x
Growth
Q1 FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24
EBITDA Margin (%)
3.2% 3.2%
2.1%
1.6% 1.6%
312bps
0.1%
Growth
Q1 FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24
----- End of picture text -----

==> picture [366 x 328] intentionally omitted <==

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

395
372
281
244
190
162
2.1x
14.4% 18.7%
Growth
Q1 FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24
PAT Margin (%)
1.9%
1.1% 1.1%
0.8%
0.7%
0.2% 43bps
Growth
Q1 FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24
----- End of picture text -----

Note: Q1 FY22 excludes Profit from the sale of real estate | Q1 FY21 was impacted by the Global Covid-19 Pandemic

PDS@2023

18

Revenue Break-up and Margin Thereof for Q1 FY24

==> picture [88 x 39] intentionally omitted <==

==> picture [928 x 375] intentionally omitted <==

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

Category Wise Split Geography Wise Split
Men’s
Men's wear
40%
Wear Europe
32%
Women’s
Ladies wear
34%
Wear Asia & Middle
East
11%
Children
Childrenwear 21% UK
Wear
41%
Australia
0%
Essentials
Essentials
1%
Wear
% of Total Revenue North America
14%
Others
Others
OTHERS 4%
2%
----- End of picture text -----

Note - *Broad Estimates

PDS@2023

19

Investment in PDS Ventures, Real Estate & others

==> picture [88 x 39] intentionally omitted <==

==> picture [876 x 395] intentionally omitted <==

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

Treasury Investments (31.3%)
7%
₹116cr | $14mn
PDS Investment Portfolio Real Estate & Others (14.3%)
21% 3%
₹372cr | $45mn ₹53cr | $6mn
PDS Ventures (54.4%) % of total PDS
11%
₹203cr | $25mn gross capital
employed
----- End of picture text -----

Note: Excludes HK real estate property used for operating purposes at a book value of $3.2mn (₹26cr)

PDS@2023

20

Q1 FY24 Performance Across Segments

==> picture [88 x 39] intentionally omitted <==

Revenue EBIT (Including other income) Gross Capital Employed % of Total Net Capital Employed ROCE	Sourcing	Manufacturing	PDS Ventures and Investments#	PDS Consolidated
	$247mn	₹2,031cr	$14mn	₹117cr
	$5mn	₹45cr (Margin: 2.2%)	$0.5mn	₹4cr (Margin: 3.5%
	$114mn	₹932cr 52%	$58mn	₹474cr 27%
	-	-	-	$140mn ₹1,147cr
	38%*	6%*	10%*	37%

*based on gross capital employed | Consolidated ROCE based on net capital employed | PDS Consolidated numbers above are post eliminations. Margins are based on ₹ figures. # Includes others |

PDS@2023

21

Consolidated Profit & Loss For the Quarter ended June 23

==> picture [88 x 39] intentionally omitted <==

₹ in Cr, unless mentioned otherwise

Particulars	Quarter ended 30-Jun-23	Quarter ended 30-Jun-22 2,340 1,968 372 15.9% 176 7.5% 122 5.2% 74 3.2% 19 3 58 2.5% 10 48 0 47 3 44 1.9% 37 7	Q1 Growth (Y-o-Y)	Full Year ended 31-Mar-23	Quarter ended 31-Mar-23
Income from Operations	2,115		-10%	10,577	2,742
COGS	1,720		-13%	8,806	2,287
Gross Profit	395		6%	1,771	454
Gross Margin(%)	18.7%		279 bps	16.7%	16.6%
Employee Expense	200		14%	761	189
% of Incomefrom Operations	9.5%		194 bps	7.2%	6.9%
Other Expenses	127		5%	551	133
% of Incomefrom Operations	6.0%		83 bps	5.2%	4.8%
EBITDA	67		-9%	459	133
EBITDA Margin(%)	3.2%		2 bps	4.3%	4.8%
Depreciation	22		15%	80	23
Other Income	5		79%	52	2
EBIT	51		-13%	431	112
EBIT Margin(%)	2.4%		-9 bps	4.1%	4.1%
Finance Cost	23		128%	74	27
Profit before exceptional items and tax	27		-43%	356	85
Add: Profit/(Loss)of Associates	1			0	1
Profit Before Tax	28		-40%	357	86
Tax Expenses	5		60%	30	9
Profit After Tax	23		-47%	327	77
PAT Margin(%)	1.1%		-78 bps	3.1%	2.8%
- Owners of the Company	19		-49%	265	57
- Non controlling interest	4		-37%	62	20

Key Highlights

1. Q1 FY24 was impacted by muted demand vs Q1 FY23 which was a strong quarter that benefited from pent-up demand

2. Gross Margins increased by 279bps to 18.7% vs 15.9%

3. a. Result of better pricing due to lower demand

4. Reported EBITDA at ₹67 with 3.2% margins

5. Finance costs continue to be high due to a higher base rate

6. a. Avg SOFR: Q1 FY23= 0.70% vs Q1 FY24=4.96%

7. Reported PAT of ₹23cr with 1.1% margin

PDS@2023

22

Consolidated Balance Sheet

==> picture [431 x 345] intentionally omitted <==

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

As on As on
Particulars
30-Jun-23 30-Jun-22
Non-Current Assets 903 823
Current Assets 2,443 2,369
Inventories 411 324
Trade Receivables 1,086 1,215
Cash and cash equivalents 401 324
Other Bank Balances 230 223
Other Current Assets 316 283
Total Assets 3,346 3,192
Total Equity 1,121 983
Non-Current Liabilities 104 117
Borrowings 0 0
Other Non-Current Liabilities 103 117
Current Liabilities 2,122 2,092
Borrowings 657 662
Trade Payables 1,260 1,287
Other Current Liabilities 205 143
Total Equity & Liabilities 3,346 3,192
----- End of picture text -----

==> picture [88 x 39] intentionally omitted <==

==> picture [460 x 176] intentionally omitted <==

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

₹ in Cr, unless mentioned otherwise
As on As on
Particulars
30-Jun-23 30-Jun-22
Calculated basis LTM P&L items
Inventory Days 18 15
Debtor Days 38 46
Payables Days 54 59
NWC Days 2 3
Total Debt 657 662
Net Debt 26 115
----- End of picture text -----

Working Capital & Leverage Ratios :

1. Increase in inventory attributable to the acquisition of Ted Baker

2. Net Working Capital Days of 2 days vs 3 days as of June 2022

3. Net Debt has decreased by ₹89cr to ₹26cr in June 2023 from ₹115cr in June 2022

==> picture [95 x 78] intentionally omitted <==

Return to Stakeholders :

1. Reported ROCE of 37% vs 30% in Q1 FY23

2. Reported ROE of 27% vs 28% in Q1 FY23

PDS@2023

23

Annexures

PDS@2023

24

Performance in Q1 over last 6 years Standing firm in the Volatile Markets with focus on delivering growth & profitability

==> picture [88 x 39] intentionally omitted <==

==> picture [56 x 18] intentionally omitted <==

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

Margin %
----- End of picture text -----

~~Sales ($ mn)~~

Gross Profit ($ mn)

==> picture [372 x 327] intentionally omitted <==

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

303
257
221 221
196
127
1.3x
Growth
Q1 FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24
EBITDA Margin (%)
3.2% 3.2%
2.1%
1.6% 1.6%
312bps
0.1%
Growth
Q1 FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24
----- End of picture text -----

==> picture [366 x 328] intentionally omitted <==

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

48 48
38
35
28
21
1.7x
14.4% 18.7%
Growth
Q1 FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24
PAT Margin (%)
1.9%
1.1% 1.1%
0.8%
0.7%
0.2% 43bps
Growth
Q1 FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24
----- End of picture text -----

Note: Q1 FY22 excludes Profit from the sale of real estate | Q1 FY21 was impacted by the Global Covid-19 Pandemic

PDS@2023

25

Consolidated Profit & Loss For the Quarter ended June 23

==> picture [88 x 39] intentionally omitted <==

Particulars		Quarter ended 30-Jun-22 302.9 254.8 48.1 15.9% 22.8 7.5% 15.7 5.2% 9.6 3.2% 2.4 0.3 7.5 2.5% 1.3 6.2 -0.1 6.1 0.4 5.7 1.9% 4.8 0.9			US$ in mn, unless mentioned otherwise Key Highlights 1. Q1 FY24 was impacted by muted demand vs Q1 FY23 which was a strong quarter that benefited from pent-up demand 2. Gross Margins increased by 279bps to 18.7% vs 15.9% a. Result of better pricing due to lower demand 3. Reported EBITDA at $8mn with 3.2% margins 4. Finance costs continue to be high due to a higher base rate a. Avg SOFR: Q1 FY23= 0.70% vs Q1 FY24=4.96% 5. Reported PAT of $3mn with 1.1% margin Quarter ended 31-Mar-23 333.4 278.2 55.2 16.6% 23.0 6.9% 16.1 4.8% 16.2 4.9% 2.7 0.2 13.6 4.1% 3.4 10.3 0.1 10.4 1.1 9.3 2.8% 6.8 2.5
	Quarter ended 30-Jun-23		Q1 Growth (Y-o-Y)	Full Year ended 31-Mar-23
Income from Operations	257.3		-15%	1,315.5
COGS	209.2		-18%	1,095.2
Gross Profit	48.1		0%	220.3
Gross Margin(%)	18.7%		279 bps	16.7%
Employee Expense	24.4		7%	94.7
% of Incomefrom Operations	9.5%		194 bps	7.2%
Other Expenses	15.5		-2%	68.5
% of Incomefrom Operations	6.0%		83 bps	5.2%
EBITDA	8.2		-15%	57.1
EBITDA Margin(%)	3.2%		2 bps	4.3%
Depreciation	2.6		8%	10.0
Other Income	0.6		68%	6.4
EBIT	6.1		-18%	53.6
EBIT Margin(%)	2.4%		-9 bps	4.1%
Finance Cost	2.8		114%	9.2
Profit before exceptional items and tax	3.3		-47%	44.3
Add: Profit/(Loss)of Associates	0.1			0.0
Profit Before Tax	3.4		-44%	44.4
Tax Expenses	0.6		50%	3.7
Profit After Tax	2.8		-50%	40.6
PAT Margin(%)	1.1%		-78 bps	3.1%
- Owners of the Company	2.3		-52%	33.0
- Non controlling interest	0.5		-41%	7.7

PDS@2023

26

Consolidated Balance Sheet

Non-Current Assets Particulars	As on 30-Jun-23	As on 30-Jun-22
	110.1	104.2
Current Assets	297.8	299.9
Inventories	50.1	41.0
Trade Receivables	132.4	153.9
Cash and cash equivalents	48.9	41.0
Other Bank Balances	28.1	28.2
Other Current Assets	38.5	35.8
Total Assets	407.9	404.1
Total Equity	136.7	124.5
Non-Current Liabilities	12.6	14.8
Borrowings	0.0	0.0
Other Non-Current Liabilities	12.6	14.8
Current Liabilities	258.6	264.9
Borrowings	80.0	83.8
Trade Payables	153.6	163.0
Other Current Liabilities	25.0	18.2
Total Equity & Liabilities	407.9	404.1

==> picture [88 x 39] intentionally omitted <==

Particulars	US$ in mn, unless mentioned otherwise As on As on 30-Jun-23 30-Jun-22 17 14 38 44 53 56 2 3 80 84 3 15
	As on 30-Jun-23
Calculated basis LTM P&L items
InventoryDays	17
Debtor Days	38
Payables Days	53
NWC Days	2
Total Debt	80
Net Debt	3

Working Capital & Leverage Ratios :

1. Increase in inventory attributable to acquisition of Ted Baker

2. Net Working Capital Days of 2 days vs 3 days as of June 2022

3. Net Debt has decreased by $11.4mn to $3.2mn in June 2023 from $14.6mn in June 2022

==> picture [90 x 87] intentionally omitted <==

Return to Stakeholders :

1. Reported ROCE of 37% vs 32% in Q1 FY23

2. Reported ROE of 28% vs 30% in Q1 FY23

PDS@2023

27

Standalone Profit & Loss For the Quarter ended June 23

==> picture [88 x 39] intentionally omitted <==

==> picture [943 x 310] intentionally omitted <==

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

Quarter ended Quarter ended Q1 Growth Full Year ended Quarter ended Quarter ended Q1 Growth Full Year ended
Particulars ($mn) Particulars (₹ cr)
30-Jun-23 30-Jun-22 (Y-o-Y) 31-Mar-23 30-Jun-23 30-Jun-22 (Y-o-Y) 31-Mar-23
Income from Operations 16.1 5.2 206% 57.6 Income from Operations 132 40 226% 463
COGS 12.2 2.8 335% 42.1 COGS 100 22 363% 338
Gross Profit 3.9 2.4 59% 15.5 Gross Profit 32 19 70% 125
Gross Margin (%) 24.2% 46.6% -2,236 bps 26.9% Gross Margin (%) 24.2% 46.6% -2,236 bps 26.9%
Employee Expense 1.5 1.3 14% 6.3 Employee Expense 12 10 21% 51
% of Income from Operations 9.3% 24.9% -1,564 bps 10.9% % of Income from Operations 9.3% 24.9% -1,564 bps 10.9%
Other Expenses 1.5 0.5 213% 5.3 Other Expenses 13 4 233% 43
% of Income from Operations 9.6% 9.4% 20 bps 9.3% % of Income from Operations 9.6% 9.4% 20 bps 9.3%
EBITDA 0.9 0.6 35% 3.9 EBITDA 7 5 43% 31
EBITDA Margin (%) 5.4% 12.3% -692 bps 6.7% EBITDA Margin (%) 5.4% 12.3% -692 bps 6.7%
Depreciation 0.2 0.1 62% 0.7 Depreciation 2 1 73% 6
Other Income 0.0 0.2 -89% 8.6 Other Income 0 2 -88% 69
EBIT 0.7 0.7 -8% 11.8 EBIT 6 6 -2% 94
EBIT Margin (%) 4.3% 14.2% -989 bps 20.4% EBIT Margin (%) 4.3% 14.2% -989 bps 20.4%
Finance Cost 0.0 0.0 59% 0.2 Finance Cost 0 0 69% 1
Profit Before Tax 0.6 0.7 -10% 11.6 Profit Before Tax 5 6 -5% 93
Tax Expenses 0.2 0.2 -5% 0.8 Tax Expenses 1 1 1% 7
Profit After Tax 0.5 0.5 -12% 10.7 Profit After Tax 4 4 -7% 86
PAT Margin (%) 2.9% 10.3% -733 bps 18.7% PAT Margin (%) 2.9% 10.3% -733 bps 18.7%
EPS Basic 0.00 0.00 -12% 0.08 EPS Basic 0.30 0.32 -6% 6.62
EPS Diluted 0.00 0.00 -13% 0.08 EPS Diluted 0.29 0.31 -7% 6.50
----- End of picture text -----

PDS@2023

28

Standalone Balance Sheet

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 Particulars ($ mn)	As on 30-Jun-23 25.4 21.6 0.0 8.5 6.7 4.4 2.0 47.0 27.7 0.7 0.0 0.7 18.6 1.5 8.6 8.4 47.0	As on 30-Jun-22
		26.4
		22.5
		0.0
		8.9
		7.0
		4.5
		2.1
		48.8
		28.8
		0.8
		0.0
		0.8
		19.3
		1.6
		9.0
		8.7
		48.8

==> picture [88 x 39] intentionally omitted <==

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 Particulars (₹ cr)	As on 30-Jun-23 208 178 0 70 55 36 17 386 227 6 0 6 152 13 71 69 386	As on 30-Jun-22
		208
		178
		0
		70
		55
		36
		17
		386
		227
		6
		0
		6
		152
		13
		71
		69
		386

PDS@2023

29

==> picture [106 x 37] intentionally omitted <==

==> picture [41 x 42] intentionally omitted <==

==> picture [73 x 37] intentionally omitted <==

==> picture [110 x 29] intentionally omitted <==

==> picture [84 x 38] intentionally omitted <==

==> picture [74 x 29] intentionally omitted <==

==> picture [115 x 22] intentionally omitted <==

==> picture [63 x 19] intentionally omitted <==

==> picture [76 x 19] intentionally omitted <==

==> picture [80 x 28] intentionally omitted <==

==> picture [53 x 38] intentionally omitted <==

==> picture [79 x 19] intentionally omitted <==

==> picture [60 x 34] intentionally omitted <==

==> picture [77 x 30] intentionally omitted <==

Together we’re building a better, more sustainable supply chain

==> picture [64 x 31] intentionally omitted <==

==> picture [71 x 32] intentionally omitted <==

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

==> picture [44 x 35] intentionally omitted <==

==> picture [91 x 11] intentionally omitted <==

==> picture [42 x 37] intentionally omitted <==

==> picture [56 x 59] intentionally omitted <==

==> picture [118 x 33] intentionally omitted <==

==> picture [86 x 31] intentionally omitted <==

==> picture [86 x 28] intentionally omitted <==

==> picture [137 x 57] intentionally omitted <==

For Further Information, please contact

Abhishekh Kanoi

Head of Legal & Company Secretary abhishekh.kanoi@pdsltd.com

Reenah Joseph

Head Corporate Finance & Investor Relations Reenah.Joseph@pdsltd.com

PDS Limited

(erstwhile 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@pdsltd.com

30