Sandhar Technologies Limited — Investor Presentation 2023

Nov 9, 2023

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Ref: STL/SE/2023-2024/Regulation 30/44

Dated: 09[th] November, 2023

To, To, Department of Corporate Services, Listing Department, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Dalal Street, C-1, G-Block, Bandra-Kurla Complex Mumbai – 400 001 Bandra, (E), Mumbai – 400 0051

BSE Code: 541163; NSE: SANDHAR

Sub: Intimation to Stock Exchange - Investor Presentation in connection with Unaudited (Standalone & Consolidated) Financial Results for the Quarter and Half Year ended on the 30[th] September, 2023

Dear Sir/Madam,

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the copy of Investor Presentation in connection with Unaudited (Standalone & Consolidated) Financial Results for the Quarter and Half Year ended on the 30[th] September, 2023.

The above information will also be available on the Company’s website www.sandhargroup.com

Kindly take the above on your record.

Thanking you, Yours faithfully ,

For Sandhar Technologies Limited

Komal Digitally signed by Komal Malik Malik Date: 2023.11.09 15:10:20 +05'30' Komal Malik Company Secretary & Compliance Officer

Encl: As above

Sandhar Technologies Limited

Corporate Office: 13, Sector-44, Gurugram-122 002, Haryana, India. Ph: + 91 12-4518900 Registered Office: B-6/20, L.S.C., Safdarjung Enclave, New Delhi-110 029, India, Ph: +91-11-40511800 E-mail: enquiries@sandhar.in, website: www.sandhargroup.com; CIN-L74999DL1987PLC029553

INVESTOR PRESENTATION H1 & Q2, FY 2024

SAFE HARBOUR

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This presentation and the accompanying slides (the “Presentation”), has been prepared by Sandhar Technologies Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the auto ancillary industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

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All Rights Reserved @ Sandhar 2023

Major Operational Highlights – Consolidated – Y-o-Y

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For the half year - H1 FY24 For the Quarter - Q2 FY24

Total Income Operational EBITDA

Total Income

Operational EBITDA

• Total Income

• Increased by 20% to Rs. 1,720 Crs.

• Operational EBITDA Increased by 33% to Rs. 160 Crs.

• Total Income Increased by 18% to Rs. 888 Crs.

• Operational EBITDA Increased by 35% to Rs. 84 Crs.

EBITDA in %

PAT

EBITDA in %

PAT

• EBITDA Margin  PAT increased higher by 90 bps by 69% to Rs. at 9.3% 49 Crs.

• PAT increased

• EBITDA Margin higher by 120 bps at 9.5%

• PAT increased by 68% to Rs. 28 Crs.

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Operating Cash Flow

• Cash Generated Rs. 159 Crs.

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Operating Cash Flow

• Cash Generated

Rs. 61 Crs.

All Rights Reserved @ Sandhar 2023

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Financial Highlights, H1 FY 24 – Y-o-Y

(fig. in ₹ Crs.)

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Consolidated

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TOTAL INCOME EBITDA EBT PAT
20% 33% 57% 69%
49.03
160.04 65.13
1,719.82
1,428.90 120.21 41.47 29.08
2.9%
9.3% 3.8% 2.9% 2.0%
8.4%
H1 FY 24 H1 FY 23 H1 FY 24 H1 FY 23 H1 FY 24 H1 FY 23 H1 FY 24 H1 FY 23
Standalone
TOTAL INCOME EBITDA EBT PAT
11% 21% 54% 58%
90 10%
120 10.0%
80
105
240.00 70
210.00 90 68.26 60 51.29
180.00 75
50
150.00 118.22 60 5.1% 44.23 40 3.8% 32.42 5%
120.00 97.66
90.00 45 3.7% 30 2.7%
60.00 8.9% 8.1% 30 20
30.00 15 10
- 0 0.00 % 0%
H1 FY 24 H1 FY 23 H1 FY 24 H1 FY 23 H1 FY 24 H1 FY 23
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4 All Rights Reserved @ Sandhar 2023

Financial Highlights, Q2 FY 24

(Y-o-Y) (Q-o-Q)

(fig. in ₹ Crs.)

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Consolidated

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TOTAL INCOME EBITDA EBT PAT
18% 35% 56% 68%
7% 11% 19% 28%
Standalone
TOTAL INCOME EBITDA EBT PAT
8% 21% 59% 67%
6% 8% 10% 17%
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- H1 FY 24 Revenue Snapshot – Consolidated – (Y-o-Y)

(fig. in ₹ Crs.)

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Category wise Revenue* Share (₹ 1,713.75 Crs.)

Product Wise Revenue Share (%)

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	Overall 2W PV OHV CV Others*
FY 2023-24	1,713.75 991.47 342.11 254.99 36.35 88.83
Share in %	57.9% 20.0% 14.9% 2.1% 5.2%
FY 2022-23	1,421.38 819.43 276.16 207.08 32.29 86.42
Share in %	57.7% 19.4% 14.6% 2.3% 6.0%
Growth	20.6% 21.0% 23.9% 23.1% 12.6% 2.8%

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20.4%
18.7%
15.1%
13.9% 13.4% 13.2% 13.3% 13.9% 14.2%
12.0%
11.0% 10.4%
8.6%
8.0% 7.7%
6.2%
Locking Vision Cabins & Sheet ADC - ADC - Assemblies Others
Systems Systems Fabrication Metal Overseas Domestic
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All Rights Reserved @ Sandhar 2023

- Q2 FY 24 Revenue Snapshot – Consolidated – (Y-o-Y)

(fig. in ₹ Crs.)

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Category wise Revenue* Share (₹ 884.84 Crs.)

Product Wise Revenue Share (%)

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Overall 2W PV OHV CV Others
Q2 FY- 23-24 884.84 521.15 169.06 126.90 19.82 47.92
Share in % 58.9% 19.1% 14.3% 2.2% 5.4%
Q2 FY- 22-23 746.28 438.23 135.86 109.09 15.48 47.62
Share in % 58.7% 18.2% 14.6% 2.1% 6.4%
Growth 18.6% 18.9% 24.4% 16.3% 28.0% 0.6%
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20.6%
19.3%
15.3%
14.1%
13.3% 13.4%12.6%13.5% 13.2% 11.7% 12.2%
11.0%
8.4%
7.7% 7.5%
6.2%
Locking Vision Cabins & Sheet ADC - ADC - Assemblies Others
Systems Systems Fabrication Metal Overseas Domestic
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All Rights Reserved @ Sandhar 2023

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FINANCIAL INFORMATION & RECENT UPDATES

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Profit & Loss Statement – Consolidated

(fig. in ₹ Crs)

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	Particulars	Q2 FY 24	Q2 FY 23 YoY (%)	Q1 FY 24 QoQ (%)	H1 FY 24	H1 FY 23	YoY(%)	FY 22-23
	Total Income	888.02	750.81 18.3%	831.80 6.8%	1719.82	1428.90	20%	2921.40
	Expenses Cost of materials Labour cost Personnel expenses Other expenses		480.37 12.9% 56.03 36.2% 41.04 9.3% 110.70 26.6%	508.57 6.6% 70.20 8.7% 44.64 0.5% 132.69 5.6%		906.00 108.57 79.11 215.01	16% 35% 13% 27%
		542.36			1050.93			1826.87
		76.31			146.51			227.45
		44.87			89.51			157.16
		140.16			272.84			448.34
	Total expenses	803.70	688.15 16.8%	756.08 6.3%	1559.78	1308.69	19%	2659.82
	EBITDA	84.32	62.66 34.6%	75.72 11.4%	160.04	120.21	33%	261.58
	EBITDA % Finance costs Interest on lease liabilities Depreciation	9.5%	8.3% 1.1% 7.21 53.1% 1.06 53.0% 29.07 26.8%	9.1% 0.4% 9.97 10.7% 1.40 16.1% 34.93 5.5%	9.3%	8.4% 11.17 4.22 57.91	0.9% 75% 5% 24%	9.0%
		11.03			19.59			31.80
		1.62			4.44			3.97
		36.86			71.79			121.52
	Profit before exceptional item, share of loss in joint ventures and tax (EBT)	34.80	25.32 37.5%	29.42 18.3%	64.22	46.92	37%	104.28
	Exceptional item Profit/(Losses)from JV	-	1.10 -1.50 143.8%	- 0.25 161.7%	0.00	1.10 -4.34	121%	1.10
		0.66			0.91			-2.81
	Profit after exceptional item, share of loss in joint ventures before tax	35.46	22.71 56.1%	29.67 19.5%	65.13	41.47	57%	100.36
	EBT % Tax Expenses	4.0%	3.0% 1.0% 6.35 25.0%	3.6% 0.4% 8.17 -2.9%	3.8%	2.9% 12.39	0.9% 30%	3.4%
		7.93			16.10			26.81
	Netprofit	27.52	16.37 68.2%	21.51 28.0%	49.03	29.08	69%	73.56
	Net Profit % Other comprehensive income	3.1%	2.2% 0.9% -0.03 -462.7%	2.6% 0.5% 1.27 -113.1%	2.9%	2.0% -0.40	0.8% 372.1%	2.5%
		-0.17			1.10			2.11
	Total comprehensive income	27.36	16.34 67.4%	22.77 20.1%	50.13	28.68	75%	75.67
	Comprehensive Income %	3.1%	2.2% 0.9%	2.7% 0.3%	2.9%	2.0%	0.9%	2.6%
	Cash Profit	66.54	47.34 40.5%	58.36 14.0%	124.90	90.76	38%	199.83
	Earnings Per Share(EPS)*	4.58	2.72 68.2%	3.57 28.2%	8.15	4.83	69%	12.22
	Cash Earning Per Share (CEPS)*	11.05	7.87 40.5%	9.70 14.0%	20.75	15.08	38%	33.20
	Return on Capital Employed - Adjusted ****	3.8%	3.1% 0.7%	3.2% 0.6%	7.2%	5.8%	1.4%	11.3%

*** Not Annualized**

** Not Annualized and adjusted for Capital work in progress.

All Rights Reserved @ Sandhar 2023

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Profit & Loss Statement – Standalone (fig. in ₹ Crs)

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	Particulars	Q2 FY 24	Q2 FY 23 YoY (%)	Q1 FY 24 QoQ (%)	H1 FY 24	H1 FY 23	YoY(%)	FY 22-23
	Total Income	686.43	634.03 8.3%	647.08 6.1%	1333.51	1205.99	11%	2409.76
	Expenses Cost of materials Labour cost Personnel expenses Other expenses		439.97 5.6% 45.12 18.8% 27.11 2.1% 70.96 11.6%	440.40 5.5% 49.88 7.5% 26.92 2.8% 73.07 8.4%		832.87 86.98 52.58 135.90	9% 19% 4% 12%
		464.52			904.92			1638.17
		53.62			103.50			174.39
		27.67			54.59			101.69
		79.21			152.28			278.58
	Total expenses	625.02	583.15 7.2%	590.27 5.9%	1215.29	1108.32	10%	2192.82
	EBITDA	61.41	50.87 20.7%	56.81 8.1%	118.22	97.66	21%	216.95
	EBITDA % Finance costs Interest on lease liabilities Depreciation	8.9%	8.0% 0.9% 3.82 -31.8% 0.35 27.4% 21.09 6.9%	8.8% 0.2% 2.63 -1.3% 0.45 0.1% 21.28 5.9%	8.9%	8.10% 6.42 1.36 42.62	0.8% -27% 9% 3%	9.0%
		2.60			4.65			13.78
		0.45			1.48			1.73
		22.54			43.82			84.44
	Profit before exceptional item and tax	35.82	25.61 39.8%	32.44 10.4%	68.26	47.27	44%	116.99
	Exceptional item	-	3.04	-	-	3.04		3.04
	Profit after exceptional item and before tax (EBT)	35.82	22.57 58.7%	32.44 10.4%	68.26	44.23	54%	113.95
	EBT % Tax Expenses	5.2%	3.6% 1.7% 5.95 36.8%	5.0% 0.2% 8.83 -7.8%	5.1%	3.7% 11.81	1.5% 44%	4.7%
		8.14			16.97			30.17
	Netprofit	27.68	16.62 66.5%	23.62 17.2%	51.29	32.42	58%	83.78
	Net Profit % Other comprehensive income	4.0%	2.6% 1.4% 0.05 239%	3.6% 0.4% 0.14 33%	3.8%	2.7% -0.61	1.2% 152%	3.5%
		0.18			0.32			-1.34
	Total comprehensive income	27.86	16.67 67.1%	23.75 17.3%	51.61	31.81	62%	82.44
	Comprehensive Income %	4.1%	2.6% 1.4%	3.7% 0.4%	3.9%	2.64%	1.2%	3.4%
	Cash Profit	50.22	37.71 33.2%	44.90 11.9%	95.11	75.04	27%	168.22
	Earnings Per Share(EPS)*	4.60	2.77 66.4%	3.92 17.3%	8.52	5.39	58%	13.92
	Cash Earning Per Share(CEPS)*	8.34	6.26 33.2%	7.46 11.9%	15.80	12.47	27%	27.95
	Return on Capital Employed - Adjusted ****	3.8%	3.1% 0.7%	3.4% 0.4%	7.3%	5.8%	1.5%	13.0%

*** Not Annualized**

** Not Annualized and adjusted for Capital work in progress.

All Rights Reserved @ Sandhar 2023

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Balance Sheet

(fig in ₹ Crs)

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Consolidated Standalone
Particulars
30-Sep-2023 31-Mar-23 30-Sep-2023 31-Mar-23
Application of Funds
Gross Fixed assets 1,976.83 1,858.47 1,121.24 1,081.14
Less: Acc. Depreciation 640.10 571.74 457.53 415.13
Net Fixed assets with CWIP 1,336.73 1,286.73 663.71 666.01
Non-current investments 43.83 42.92 218.84 195.71
Other non-current assets 47.65 52.49 20.01 23.21
Inventories 311.97 300.45 172.17 164.97
Trade receivables 421.90 355.36 348.17 293.01
Other Current Assets 105.46 117.44 41.64 36.19
Total Application of Funds 2,267.53 2,155.38 1,464.54 1,379.10
Sources of Funds
Share capital 60.19 60.19 60.19 60.19
Reserves and surplus 894.97 860.26 905.21 868.65
Shareholders' Funds 955.16 920.45 965.40 928.84
Minority Interest 4.81 4.46 - -
Other Non-current liabilities 132.92 142.19 20.58 24.77
Long Term Secured Loans (A) 299.45 304.77 69.06 84.06
Short Term Loans (B) 258.59 242.66 33.13 36.06
Total Loans (A+B) 558.04 547.43 102.19 120.13
Current liabilities & Provisions 616.61 540.84 376.36 305.36
Total Sources of Funds 2,267.53 2,155.38 1,464.54 1,379.10
Ratios :
Current Ratio 0.96 0.99 1.37 1.45
Debt Equity Ratio 0.58 0.59 0.11 0.13
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 Credit Rating A1+ (ST) and AA- (LT) Re-Affirmed till Dec’23 (INDIA Ratings)

All Rights Reserved @ Sandhar 2023

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Cash Flow Statement (fig in ₹ Crs)

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Consolidated Standalone
Particulars
Sept'23 Mar'23 Sept'23 Mar'23
Cash Flows from Operating Activities
Profit before tax 65.13 100.36 68.26 113.95
Depreciation and amortization expense 71.79 121.52 43.82 84.44
Other adjustments 19.84 34.33 3.29 13.20
Operating profit before working capital changes 156.76 256.22 115.38 211.59
Movements in working capital: 18.02 78.76 11.29 61.34
Cash generated from operations 174.78 334.98 126.67 272.93
Taxes Paid 15.34 27.08 14.68 26.32
Net cash inflow from operating activities ( A ) 159.44 307.90 112.00 246.61
Cash Flows from Investing Activities
Capital Expenditure (120.71) (256.65) (46.29) (60.19)
Purchase/Investments in joint ventures / subsidiaries (0) (0) (23.13) (35.75)
(Purchase) / Proceeds from Sale of investments in Joint - 0.73 - 0.73
Other Reciepts 2.28 8.38 2.97 8.19
Net cash used in investing activities ( B ) (118.44) (247.54) (66.45) (87.02)
Cash Flows from Financing Activities
Borrowings Proceeds /(Repayments) 10.61 26.94 (17.93) (123.43)
Payment of lease liabilities including lease interest (11.18) (19.66) (4.50) (9.38)
Dividend Paid (15.08) (13.57) (15.05) (13.54)
Interest paid (21.30) (30.60) (5.39) (13.34)
Net cash flow used in financing activities ( C ) (36.95) (36.89) (42.86) (159.70)
Foreign currency translation gain 5.19 (21.06) - -
Net increase/(decrease) in cash and cash equivalents (A+B+C)
4.05 23.47 2.68 (0.11)
Opening Cash Balance 6.51 4.10 0.13 0.24
Cash and equivalents at the end of the year 15.75 6.51 2.82 0.13
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All Rights Reserved @ Sandhar 2023

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Sandhar’s EV Readiness and Product Profile

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EV Products Under Development

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DC-DC Converter
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MCU
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DC-DC Converter

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Motor Controller Unit
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• Range: 5A, 10A, 15A, 20A

• • Non-isolated

(MCU)

• Range: 250W, 1.5kW, 2kW, 4kW, 6kW

• Protections : I/P under & over voltage, O/P over current & short circuit, Reverse Polarity

• Suitable for: 2W, 3W & up to L5

• Efficiency: > 97%

• Auto Recovery from faults .

• Compactible to- BLDC, PMSM & Induction Motor

• • IP67 compliant

• IP67 compliant

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Off Board Charger
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Off Board Charger

• Range: 550W ,750W, 1.5 kW, 3.3 kW

• Max Charging Current: 14A, 25A & 55A

• Charging Voltage: 60V

• Efficiency: > 92%

• Compatibale to- Both NMC & LFP Cell 14 14

• All Rights Reserved @ Sandhar 2023

DC-DC Converter Road MAP

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2024 2026
60A & 70A
10A & 15A 10A & 15A
48V – 72V
48V – 72V 48V – 72V
(Isolated & Non-
(Non-Isolated) (Isolated) Isolated with CAN
20A & 30A
10A & 15A
48V – 72V
48V – 72V
(Non-Isolated) (Isolated & Non-Isolated
with CAN)
2023 2025 2027
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CONFIDENTIAL | FY’2023| SAESPL

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Motor Controller Road MAP

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2024 2026
Motor Controller
with added Features
15KW to 100KW
a) Smart Key System
(400V to 800V)
250W to 6KW b) TPMS
(48V/60V/72V)
c) ASIL B Compliant
Motor Controller 3in1 System
With 96V a) Motor Controller
b) DC-DC Convertor
c) Battery Charger
2023 2025 2027
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CONFIDENTIAL | FY’2023| SAESPL

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Battery Charger Road MAP

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2024 2026
550 &750 W 3300 W Charging Station
48V & 72V 96 V & Above
3500 W & 1500 W
6600W
48V & 72V
96 V & Above
2023 2025 2027
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CONFIDENTIAL | FY’2023| SAESPL 17 All Rights Reserved @ Sandhar 2023

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THANK YOU

Sandhar Technologies Limited Corporate Office: Plot No. 13, Sector 44, Gurugram-122001, Haryana- India CIN: L74999DL1987PLC029553 Website: www.sandhargroup.com Email: investors@sandhar.in (For Retail Investors) Investor.relations@sandhar.in (For Institutional investors)

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All Rights Reserved @ Sandhar 2023