Pidilite Industries Ltd. — Investor Presentation 2023

Aug 17, 2023

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17[th] August, 2023

The Secretary BSE Ltd. Corporate Relationship Dept., 14[th] floor, P. J. Tower, Dalal Street, Fort Mumbai - 400 001 Stock Code – 500331

The Secretary National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Stock Code - PIDILITIND

Sub: Investor Presentation

-------------------------------

Dear Sir,

Please find attached the Investor Presentation.

Thanking You,

Yours faithfully, For Pidilite Industries Limited

MANISHA Digitally signed by MANISHA RAKESH RAKESH SHETTY Date: 2023.08.17 SHETTY 09:08:02 +05'30'

Manisha Shetty Company Secretary

Encl: a/a

Regd. Office Regent Chambers, 7th Floor Jamnalal Bajaj Marg 208 Nariman Point Mumbai 400 021

Pidilite Industries Limited Corporate Office Ramkrishna Mandir Road Andheri - E, Mumbai 400059, India T + 91 22 2835 7000 2835 7952 / 2835 7365 F +91 22 2830 4482 www.pidilite.com ClN:L24100MH1969PLC014336

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BONDS

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Our Journey

Inception

1959 1965 1984 1993 Plants Fevicol Consumer Pidilite goes commissioned established as Products public, valued at for Acron brand Carpenters’ division INR 60 Crs. of Pigment preferred is born Emulsion and choice Fevicol brand of Adhesive

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Building Power Brands & Pioneer Categories

2000-01 Dr. Fixit and M-seal introduced

2002 2004 The “Bus” ad wins Pidilite the Silver Lion reaches award at 1000 Cr. mark Cannes Lions International Roff brand of Festival of Construction Creativity 2002. Chemicals is acquired

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Our Journey

Expanding the Global Footprint and entering into Collaborations

2005 2013 2015 2016 2017-19 Incorporated Acquired Nina On April 10th, Pidilite forms JV “Pidilite Construction and Mr. Bharat with Italy's ICA flooring space Middle Percept Puri took East Ltd” Waterproofing charge as MD Awarded the ‘Most in Dubai leading businesses of Pidilite Promising Company Jowat (joinery), in Waterproofing of the Year Award’ Litokol (grouts), consultancy at the CNBC-TV18, Grupo Puma and services. 11th Indian Business (mortars/tile Leader Awards (IBLA)

Acquisition of CIPY in

flooring space

Several collaborations

in growth areas - Jowat (joinery), Litokol (grouts), Grupo Puma (mortars/tile adhesives)

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2020-21

Pandemic strikes & Lockdown across the globe.

Investments in emerging digital platforms - Pepperfry, Homelane and Liv space.

Acquired majority stake in Tenax India Stone Products.

Acquired Consumer and Bazaar business of Araldite in Indian Sub-Continent.

2021-23

Business picks up pace despite multiple pandemic waves Established Pidilite Ventures, maiden innovation fund in partnership with 100X.VC

Investment in startups adjacent to Pidillite areas of interest - Buildnext, Kaarwan, Finemake, Onsite, Pace Robotics

Invested Rs. 500+ Cr for capacity building in last 2 years Mr. Sudhanshu Vats appointed as Deputy MD

Recognised as 'Great place to work' consecutively for 2 years

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2 2 2 3

Creating Value through Creating Categories

Winning with a New Edge

22 02 22 03

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Creating Value by Creating Categories
CORE GROWTH
Established Brands Emerging categories
with high market
with significant potential
maturity and strong for market growth or
share position share gain
1-2X GDP 2-4X GDP...
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PIONEER
Nascent Categories
with huge market
creation opportunity
100 Crores
revenue in 3 years
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2 2 2 3

Portfolio for Creating value

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INTERNATIONAL
GEOGRAPHIES
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IN NEW 2 2 2 3 WAYS

• Snapshot of the last 3 years We delivered profitable growth over the last 3 years despite challenging external environment

Sustained growth at 1.2x of GDP

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20
18 17%
16 15%
14
12
10
8
6
4
2
0
India Pidilite
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...with a continued improvement in portfolio mix

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42%
41%
40%
40%
39%
38%
37%
36%
35%
35%
34%
33%
32%
FY20 FY23
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…and effective margin management
in unprecedented inflation
60%
53% 53%
49%
50%
45%
43%
40%
30%
20%
10%
0%
FY20 FY21 FY22 FY23 Q1FY24
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Consolidated Value CAGR – Nominal India GDP vs Pidilite (FY20-23)

Contribution of Growth / Pioneer Businesses

Consolidated Gross Margins % to net sales

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Snapshot of the last 3 years

Our Philosophy: to make sustained investments with a long term view

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Investing for
Growth
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• Premiumization, innovation, and reinforcing brand leadership in the Core (e.g., Fevicol)

• Scaling-up Growth categories through penetration, brand, and portfolio (e.g., Roff, Dr. Fixit)

• Scaling-up Growth channels/ geographies (e.g., E-commerce, Africa, Emerging India)

• Establishing new/ Pioneer businesses (e.g., Sealants, PidilitePuma, Tenax)

• Inorganic investments (Araldite)

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Enabling Growth & Becoming Future Ready

• Investing in future-ready supply chain (stepped up capex, 24 capacity building projects, digitization & automation)

• Continued investment in R&D

• Accelerating digital & analytics interventions

• Maintaining people as a competitive edge ('Great place to work’, continued hiring)

• Investing in emerging areas/ business models (digital platforms, Pidilite Ventures)

• Significant thrust on sustainability

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Driving Productivity/ Efficiency

• Managing unprecedented input cost inflation

• effectively through pricing interventions

• Optimal working capital management

• Supply network optimization

• Executing on a large pipeline of productivity initiatives

2 2 2 3

How we grow our core at 1-2X GDP...

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CORE GROWTH
Premiumizing
Innovating
Reinforcing Brand Leadership
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PIONEER
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• Growing the Core at 1-2X of GDP: The Fevicol Story

Premiumization in Core: Fevicol Evolution

Innovation in Core: Fevicol Ezeespray

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FEATURES
Water resistant Anti-bubble Superfast setting, Heat Resistant
adhesive adhesive best coverage Rubber Adhesive
adhesive
APPLICATIONS
PVC & Acrylic AC Ducts Foam Sheets Vinyl Flooring
Laminates
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EASE OF USE

REACH ODD SPACES

LAST MINUTE FINISHING

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Reinforcing Brand Leadership Fevicol Sofa Fevicol 19/20 Fevicol Jija Saala M-seal Handkerchief Araldite

2 2 2 3

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How we fuel growth businesses at 2-4X GDP...
CORE GROWTH PIONEER
Creating
Categories
Wholistic Brand
Management
Driving
Penetration
International
Expansion
Inorganic Growth
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Creating Categories

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Continuous innovation

Passionate team

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Spotting unmet needs

Exhaustive insighting

Technical capabilities

Intense field marketing

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ATL support

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• Roff Growth Story - Driving Category Creation

Large untapped potential

• Tile and Stone Solutions market size estimated at Rs. 2500 Cr to Rs. 3000 Cr

• Penetration of category estimated at 18% to 20%, as majority market still using cement to fix tiles.

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Roff positioned as an expert Tile and Solutions provider, supported with best-in-class portfolio of brands/ products through JVs with global specialists

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Tile and Stone Stone and Tile Under Tile Installations Care products waterproofing Solutions

Via Specialized Grouts in partnership with Litokol, ROFF is aiming to expand category usage via upgrading customers from cement grout and gaining share via differentiated offerings vs. existing competition. The estimated size of this category today is between Rs. 500 Cr to Rs. 600 Cr

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Specialized Grouts

• Pidilite Litokol factory operational in 2022-23 to scale up supplies to all India markets

• Specialised grouts range (ROFF STARLIKE) further augmented with more shade offerings and finishes

• Differentiated product offering & user experience

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Premium
Tile Adhesive
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Premium stone care

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• Extensive user led demand generation activities (20k + users)

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• Multiple Anchored Sales & Marketing initiatives to drive Penetration & Market development

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2020 Now
Pidilite Rural Involved Site
ki Duniya Vans PBP visits
Towns
>18000 > 30000
covered
No. of
Pidilite
Integrated Partnership ~ 6000 > 8000
PIL Bike ki Duniya
Sub- with Govt.
outlets
World ISR
Stockists bodies
No. of
Dr. Fixit > 450 > 900
Centres
Rural
HUL Dr. Fixit End user
No. of
Specific
Shakti Centres connects
HUL > 9500 > 12500
products
Shaktis
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International Expansion

After sucess in the Indian sub-continent, taking Pidilite’s Success Story to other Emerging Markets

Pidilite Un-locking Growth in Africa

• Growing presence in most African countries through distribution expansion

• Play across all major categories of Pidilite (Wood Working Glues, Water proofing, Stainers)

• Investing in User marketing - India like approach

• Local manufacturing for select product categories in Egypt and Kenya

• Building local talent capability with Pidilite ways of working

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• Achieved revenue CAGR of 40% over the past 5 years

• Roadmap to lead markets in focused categories & countries over next 3-5 years

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Pioneering categories

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CORE GROWTH PIONEER
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New category for External Wall Finishing

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UNOFIN

DECORATIVE WATERPROOF RENDER

• UnoFin replaces conventional 4Ps (Plaster, Putty, Primer & Paint) system

• Joint venture between Pidilite Industries and Grupo Puma of Spain to cater to the residential, industrial, institutional & premium IHB construction segments

• Commercial production commenced in 2023-24

• Driving Certified Applicator Training Program to build application capabilities in the country

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• Awarded most innovative product at Acetech Delhi, 2022

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Pioneering with Sealants market

Total estimated market potential in construction: Retail & Project ~800 Cr

Large opportunity with multiple players, addressed by new products to disrupt the space

• Feviseal has a range of Silicone, Acrylic, PU, Hybrid, Polysulphide and Rubber sealants

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• It is one of the fastest growing brands in the category

• Huge pioneer opportunity available in unpenetrated Acrylic & Hybrid sealant applications In India

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Doors and Sanitary
window
gap filling
gap filling
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ACP Paneling

Mirror Mounting

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Facade
gap filling
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Construction joints
gap filling
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Range completion in our Coatings offering

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Bringing delight to our customers, contractors & dealers by adding to our existing range of Dr. Fixit WP Coatings, Stainers, Premium Distempers & Wood Finishes.

Introducing “HAISHA paints” a range of Interior Paint products which stay true to Fevicol legacy of “Mazbooti”.

HAISHA paints offers a range of simplified, differentiated and customized range to cater to the need of Indian users and consumers.

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RANGE OF INTERIOR EMULSIONS

• Luxury Emulsion : Long-lasting High Sheen emulsion

• Select Emulsion : Highly washable premium finish

SPECIALTY EMULSIONS

• Floor coat : Highly abrasion resistant floor coating

• Ceiling emulsion : Super white super matt ceiling paint

• Classic Emulsion : Affordable smooth finish

2 2 2 3

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• Winning in the new normal

2 2 2 3

• The world has changed dramatically and a new reality is emerging

VOLATILE GLOBAL SUPPLY CHAINS

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• Volatility in RM/ PM, and unprecedented inflation

• China + 1

• “Atmanirbhar”

DIGITAL BECOMES

UBIQUITOUS

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• Breaking adoption boundaries

• Targeted marketing

• E-commerce

• Real-time decision

HOME SWEET HOME

• Resurgence in real estate

• Home as the new hub

(work, study, shop, etc.)

• DIY

GREAT PLACE TO WORK/ CULTURE

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• Hybrid working model

• War for talent

• Purpose & sustainability

making

2 2 2 3

• Strong long-term tailwind with some near-term risks

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• Indian economy and domestic demand relatively

• well positioned

• Easing global supply chains, driving inflation

• under 6%

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• Global recessionary environment

• Potential spill-over impact on India

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• Continued revival of real estate market

• Govt. thrust on “building India”

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• Risk of prolonging/ escalation of geopolitical tension

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• Private capex expected to revive

• (Atmanirbhar Bharat, PLI, China + 1, etc)

• Emergence of high growth areas - electronics, green energy/mobility, etc.

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• Risk of delayed revival in rural demand

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• Digital adoption continues to accelerate

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• Winning in the new normal – key imperatives

Enhance agility and pace of innovation Invest in future-ready supply chain

Accelerate digital and analytics Expand in high potential/ emerging channels Imagine the new workplace, talent model and culture Drive greater focus on sustainability

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Accelerating Innovation

4 fully equipped in-house centres in India

• Gathered insights of changing Consumer behaviour

• Multi-generation product roadmap based on Platform approach

• Nurturing Zero Harm Safety culture at R&D

R&D centres >200% increase in R&D spends since 2015

R&D Team

• 150+ R&D scientists with 2000+ years of cumulative experience 1 centre overseas

2 2 2 3

Innovative disruptions

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Powerful & high-strength adhesive Sticks everything everywhere Water - resistant Safe to use

Sticks in 1-2 min

Carries up to 10 kgs after 4 hours

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Paint + Waterproofing at NO additional Cost!

Labour & time saving Available in 1000+ shades Upto 2 mm crack bridging Solution for all budgets – Raincoat Neo, Classic, Select

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Sticks multiple art & craft materials on Paper & Cardboard

Non-Messy way to create Safe to use

Childs independent way of doing craft

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Supply chain - Building Pidilite of future

• Invested Capex of Rs. 500+ Cr in the last 2 years

• Getting ready for next phase of growth: 29 capacity building projects (11 Greenfield & 18 Brownfield, of which 10 are completed till Jul’23) and several other projects aimed at improvements in productivity, quality, safety and environmental parameters are under progress

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• Automated and robotic solutions for packaging

• Use of Supply Chain Analytics & system automation (planning, execution and tracking) to improve predictability & agility in our service to customers.

• Implementing best-in-class Warehouse Management System (WMS) with high digitization and automated mobility, leading to system-driven approach and efficiencies

2 2 2 3

Supply chain - Building Pidilite of future

With aim of upgrading our manufacturing facilities and commensurate market demand, 5 new Greenfield projects will be commissioned across the country in 23-24, 6 projects already commissioned till Jul’23

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TENAX
GRUPOPUMA
FALNA PLANT
TENAX, AMOD
ROFF, AMOD
EPOXY PLANT
ROFF, KARAD
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LUCKNOW
PATALGANGA
VIZAG
VIZAG (2 PLANTS)
Plants already commissioned
Plants to be commissioned in 23-24
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This maps represents only Greenfield Projects.

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• Riding the Digital Wave - Making An Impact

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Customers & Offerings
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• Distributor, dealer and user apps for engagement, loyalty, learning, ordering, etc.

• 4.7L+ active dealers and

• 2.5L+active users on apps

• Intelligent lead generation and nurturing for B2B businesses

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Employees

• Digital, gamified and advanced analytics based selling for field force

• Digital platforms and bots

• Gurukool Learning Experience Platform for up-skilling

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Data & Analytics

Operations

• Intelligent dashboards on PowerBI (4000+ monthly active users)

• Robotic process automation (RPA) for enhanced productivity

• Advanced Analytics Centre of

• • Procurement automation based on SAP ARIBA Excellence driving high-impact use cases in sales, marketing

• • Greater automation and IoT-based and supply chain

• Greater automation and IoT-based monitoring in manufacturing

• Production planning on SAP PPDS

• Warehouse management system

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Engagement with
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strategic partners
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Platform-driven
approach
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Democratizaton of Digital agenda

Prioritizing, resourcing & upgrading capabilities

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Driving step-change in digital connect across stakeholders

Digital platforms across key PIL stakeholders

Genie - Retailer’s 24x7 digital assistant!

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Order anytime

Retailers

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Distributors

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View schemes Track performance & earnings Check billing

Share feedback

Users

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April 22

8% monthly business

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Now
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30% monthly business

4.7L+ dealers on app

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Sales Force
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• Evolving with times..Adapting to new ways of building brands

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From this
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Now also these
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2 2 2 3

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+ 10 awards

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Creating a new category
Brand ROFF
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Wholistic brand building across categories

20 marketing & media awards in the last one year

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Exchange for media Indian Digital marketing awards 2022 2 awards – one each for Mseal and Dr. Fixit

6 Elephants at Kyoorius awards

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Digixx 2022 awards - Gold Digital and direct Marketing for M-seal

Maddies 2022 - Gold Most engaging mobile creative

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Economic Times Shark Awards

Sammies 2022 - Gold Best use memes & moments

5 different awards for digital marketing initiatives including a Gold for CSR based marketing for a cause

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Investing in emerging channels: E-commerce

• Sales at 14X in around 3 years. We are present on more than 15 platforms (Flipkart, Amazon, eGrocery platforms like Zepto, etc.)

• Digital Shelf Analytics tool implemented, Organised retail, Supply chain dashboards implements for Analytics & Automation

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“Quick Fix” positioning of Consumer Adhesive portfolio on Quick Commerce Platforms for scale up

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E-Commerce first launches of relevant portfolio scaling to No.1 Best Sellers on Amazon - Dr. Fixit Kwik-n-Ezee & Fevicryl Art of India Kits

Stepping up play on Platform Performance Marketing & Creatives on Marketplaces

Gearing up for Pidilite’s journey on ONDC in 2023-24

2 2 2 3

As per highest rank achievers in Dec’22

Building an Inspiring Place to Work

Listening Culture MyPidilite

Helpline for all stakeholders, including employees

Focus on Frontline

Capability building Career map for field teams teams Engaged

Pidilite Gurukool

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Leadership Pipeline

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EMERGING LEADERS PROGRAM

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NPS turnaround,with scores at Best-In-Class

Recognised as 'Great place to work' consecutively for 2 years

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Economic Times recognised Pidilite as one of the Best Organisations for Employee Excellence in 2022 and Best Organisations for Women in 2023

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Journey towards Sustainability

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Environment Social Governance
Our Core
Combatting Climate Change Empowering Responsible
Pillars
& Sustainable Innovation Communities Value Creation
By 2030
Remain water positive; 80%+ renewable 80% reduction in Scope
50% reduction in usage energy mix 1 & 2 GHG emissions
Our By 2047
NET
Ambitions
ZERO
80 %+ reuse of plastic Zero occupational accidents, Zero non compliances.
packaging; 60% recycled illness & incidents of property Transparent Disclosures
content in plastic packaging damage. Livelihood
Improvement of communities.
Reduction in intensity
Measurable
Progress Water consumption Energy consumption Waste disposal Specific plastic
FY 23 by 43% by 48% by 47% consumption by 45%
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• Surpassed sustainability eco-efficiency targets set for 2022-23 with reduction In specific consumption of Water, energy & waste • Climate change risk assessment in line with Task force on Climate related Financial Disclosures (TCFD) framework is being undertaken.

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Please refer to our Sustainability reports on our website or our initiatives and progress

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Giving Back to Society

Agriculture & Horticulture Initiative

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Health
Initiative
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Farmer
Producer
Organization
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Education & Skill Initiative

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Water
Initiative
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Khadi and Handloom Initiative

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Swachtha
Initiative
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Women
Initiative
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We Will Create A Together Innovative Indian Multi-national , , High-performance OUR VISION Where It Is A Pleasure To Work.

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Thank you

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Investor Contact

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CIN : L24100MH1969PLC014336
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investor.relations@pidilite.co.in

Ramkrishna Mandir Road, Off Mathuradas Vasanji Road, Andheri (E), Mumbai - 400 059. Phone : +91 22 67697000 Fax : +91 22 28216007

Disclaimer: This presentation may contain statements which reflect the management’s current views and estimates and could be construed as forward looking statements.The future involves certain risks and uncertainties that could cause actual results to differ materially from the current views being expressed. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.

Annexures

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Company Overview

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>8500 permanent employees

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Operations in 7 countries

37 Mfg. Plants & >900 34 Co-Makers Products in India

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44 warehouses

Exporting to >80 countries

20 International & 13 Domestic Subsidiaries

5 R&D Centres

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Revenue Split

Standalone Results – % of Total Sales for 2022-23

4.4 % 0.9 % Others Pigment & Preparations

7.8 % Industrial Resins, Construction Chemicals (Project) etc. 5.8% Industrial Adhesives B2B 18.0% 6.1% C&B 81.1% Art & Crafts Materials etc. 55.7% Adhesives & Sealants

18.0% Business to Business Products

19.3 % Construction & Paints Chemicals

81.1% Consumer & Bazaar Products

0.9% Others

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Track Record of Rapid Growth

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14,000
12,000 11,752
9,880
10,000
8,000 7,251
5,333
6,000
3,658
4,000
2,000
0
2012-13 2015-16 2020-21 2021-22 2022-23
CAGR 12.4%
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Consolidated Net Sales(Rs Crores)*

7%

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17%
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19%

Net Sales growth over FY21-22

EBITDA growth over FY21-22

EBITDA as a % to sales FY22-23

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2,400 32%
2,200
30%
1,984
2,000
1,847 28%
1,800
1,681
1,600 26%
1,400
24%
1,200 1,173
22%
1,000 23%
22%
800 20%
593
600
19% 18%
400
17% 16%
200
16%
0 14%
2012-13 2015-16 2020-21 2021-22 2022-23
CAGR 12.8%
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Consolidated EBITDA(Rs Crores)* EBITDA as a % to Net Sales

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*Sales net of excise duty

**EBITDA before Non Operating Income

Creating Value for Shareholders

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1,60,000
1,40,000
1,24,803
1,19,647
1,20,000
1,00,000 91,945
80,000
60,000
40,000
30,212
13,488
20,000
0
2012-13 2015-16 2020-21 2021-22 2022-23
CAGR 24%
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Market Cap (Rs Crores)

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559
cr
Dividend Payout (FY23)
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44%
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24%
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Dividend Payout
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10yr CAGR - MCap
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559
600 49.0
550 508
47.0
500
432
429
45.0
450 44%
398 43%
400 43.0
350 41%
367 40% 41.0
300
39.0
250
200 38% 37.0
150 37%
35.0
100
33.0
50
0 31.0
FY18 FY19 FY20 FY21 FY22 FY23
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Dividend payout (Rs Crores)

% to Net Profit (excluding exceptional items)

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