1000 2000 Imo Company Update 20230215

Ref: IIL/SE/2023/1502
Dated: February 15, 2023
The Manager
Listing Compliance Department Listing Compliance Department

BSE Limited National Stock Exchange of India Limited
(Through BSE Listing Centre) (Through NEAPS)
Scrip Code: 532851 Symbol: INSECTICID
Dear Sir/Madam,
Sub: Audio Recording of the Earnings Call for the Quarter and Nine Months ended
December 31, 2022
Pursuant to Regulation 30 read with Regulation 46 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, we wish to inform you that the Audio Recording of
the Earnings Call – Q3 & 9M FY 2023 held in connection with the Un-audited Standalone and
Consolidated Financial Results of the Company for the quarter and nine months ended December
31, 2022, held on February 14, 2023 is available on the website of the Company and can be
accessed on the following link:
https://www.insecticidesindia.com/wp-content/uploads/2023/02/CVE0420230214145912.mp3
This is for information and record.
Thanking you,
Yours Truly,
For Insecticides (India) Limited
SANDEEP
Digitally signed by SANDEEP KUMAR
DN: c=IN, o=INSECTICIDES(INDIA) LIMITED, ou=N/A,
postalCode=110033, st=Delhi,
2.5.4.20=23b395f7920f520054343f8e94b271dea81e
60e27111a24568ccb0310211d94f,
pseudonym=18EFB5F0BEF6DBC322806E67943F46C
KUMAR
19B8AB220,
serialNumber=036875AFA34F73021E0C2EE165D327
EE02AC859C5D75A9592268178DF7B5CDF7,
cn=SANDEEP KUMAR
Date: 2023.02.15 15:04:43 +05'30'
(Sandeep Kumar)
Company Secretary & CCO
TIME
February 15, 2023
To,
National Stock Exchange of India Ltd. BSE Limited
Exchange Plaza, 5th Floor, 1st Floor, New Trading Ring,
Plot No. C-1, Block G, Rotunda Building,
Bandra — Kurla Complex, P. J. Towers, Dalal Street,
Bandra (East), Mumbai — 400 051 Fort, Mumbai — 400 001
Symbol: TIMETECHNO Scrip Code: 532856
Dear Sir/Ma’am,
Sub: Received New Single Largest Order for Type - IV CNG Cascades and Expansion
Status
Ref: Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015
A) ORDER
We are pleased to inform you that Company has received their Single Largest Order from one
of the leading City Gas Distribution Company for supply of CNG Cascades made from Type
- IV Composite Cylinders, for a total value of INR 134 Crores (approx.) to be supplied within
one year period. :
Please find below details as required under SEBI Circular No. CIR/CFD/CMD/4/2015 dated
September 09, 2015:
Sr. | Particulars Details

No.
1 |name of the entity awarding the | Maharashtra Natural Gas Limited
order(s) /contract(s); [A Joint Venture of GAIL (India) and
BPCL]
2 | significant terms and conditions of | Order for supply of CNG Cascades
order(s)/contract(s) awarded in brief; made from Type - IV Composite
Cylinder. The supply of the order will
be completed within one year. Buyer
reserve the right to place a repeat
order within six months of upto 50%
of present purchase order value on the
same terms and conditions (including
rates).
3 | whether order(s)/contract(s) have been | Domestic Entity
awarded by domestic/ international entity;
4 __| nature of order(s)/contract(s); Supply of Product
5 | whether domestic or international; Domestic
6 | time period by which the | Within one year from the date of
order(s) /contract(s) is to be executed; Purchase Order.
TIME TEGHNOPLAST LTD.

Bringing Polymers To Life
CIN : L27203DD1989PLC003240
Regd. Office : 101, 1st Floor, Centre Point, Somnath Daman Road, Somnath, Dabhel, Nani Daman, Daman - 396210
Corp. Off. : 55, Corporate Avenue, 2nd Floor, Saki Vihar Road, Andheri (East), Mumbai - 400 072 INDIA Tel. : 91-22-7111 9999 Fax : 91-22-2857 5672 E-mail: tti@timetechnoplast.com Website : www.timetechnoplast.com
Bangalore : (080) 26608056/61 Baddi : 9816720202/9816700202/9816820202 Chennai (044) 4501 0019/29 Delhi : (0120) 4326144/4284946 Hyderabad : 9849019428 Kolkata : (033) 46037097/98
TIME
7 |broad consideration or size of the | INR 134 Crores (approx.)
order(s)/contract(s);
8 | whether the promoter/promoter group / | No
group companies have any interest in the
entity that awarded the
order(s)/contract(s)? If yes, nature of
interest and details thereof;
9 | whether the order(s)/contract(s) would fall | Not a related party
within related party transactions? If yes,
whether the same is done at “arms length’.
B) EXPANSION OF CNG CASCADES MADE FROM TYPE - IV COMPOSITE

CYLINDERS
In FY 2022, the Company had a manufacturing capacity of 180 CNG Cascades (10,800
cylinders) annually. In order to meet growing demand for Type - IV Composite Cylinders for
CNG Cascades, Management is undertaking capex in a phased manner:
Phase - I (FY 2022-23)

The Company is increasing the manufacturing capacity by 300 cascades (18,000 cylinders) in
FY 2023 with a capital outlay of INR 55 Crores.
With the above expansion, the total cascade manufacturing capacity will increase from 180 to
480 cascades (28,800 cylinders) by March 2023.
Phase - II (FY 2023-24)

Under Phase-II, Management has already undertaken expansion program to increase the
capacity by further 600 cascades (36,000 cylinders) and the same will be completed in Q4 FY
2024 with an outflow of INR 125 Crores. Total cascade manufacturing capacity after
completion of Phase-II will be 1,080 cascades (64,800 cylinders) per year from March 2024.
You are requested to kindly take the note of the same.
Thanking you,
Yours faithfully,
For TIME TECHNOPLAST LIMITED
joe Ds
BHARAT KUMAR VAGERIA

MANAGING DIRECTOR
DIN: 00183629
BHARAT Digitally signed by

BHARAT KUMAR
KUMAR VAGERIA
Date: 2023.02.15
VAGERIA 15:15:25 +05'30'
TIME TECHNOPLAST LTD.

Bringing Polymers To Life
February 15, 2023
To, To,
Phiroze Jeejeebhoy Towers, Exchange Plaza,
Dalal Street, Bandra Kurla Complex,
Mumbai- 400 001. Mumbai- 400 051.
Scrip Code: 526729 Scrip Code: GOLDIAM EQ
Respected Sir/Madam,
Sub:- Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations ("SEBI LODR Regulations")
This is to inform that the Company has received an aggregate of Rs.6.75 crores (net TDS) from
Goldiam Jewellery Limited (GJL)-Wholly Owned Subsidiary on February 15, 2023 towards 2nd
Interim Dividend for FY 2022-23 at the rate of Rs.75/- (i.e.750%) per equity share of face value of
Rs.10/- each declared by Board of Directors of GJL on February 10, 2023.
Kindly take the above on your records.
Yours faithfully,
For Goldiam International Limited
Digitally signed by PANKAJ PARKHIYA
PANKAJ
DN: c=IN, o=Personal,
2.5.4.20=20fe52eeeffb9343afb0e340d5
a6fdbc7c635c54f077beb9849a60a7f697
db37, postalCode=400068,
PARKHIYA
st=Maharashtra,
serialNumber=6589d711b0fc6c5e6f464
13237fe671e0af1f76000d17313054b76
1f06d7060f, cn=PANKAJ PARKHIYA
Date: 2023.02.15 14:10:46 +05'30'
Pankaj Parkhiya
Company Secretary & Compliance Officer (ACS 30395)
Registered Office
Gems & Jewellery Complex, Santacruz Electronics Export Processing Zone, Andheri (East), Mumbai‐400096. India
Phones: (022) 28291893/28290396/28292397 Fax : (022) 28292885
Email:‐ investorrelations@goldiam.com Website: www.goldiam.com

Date: February 15, 2023
To, To,
Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G
Dalal Street, Bandra Kurla Complex
Mumbai – 400 001 Bandra (E), Mumbai – 400 051
Scrip Code: 543434 Scrip Symbol: SUPRIYA
Dear Sir (s),
Subject: Audio recording of Earnings Call
Ref: Intimation of earnings conference call vide letter dated February 9, 2023
In accordance with Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, this is to inform you that the audio recording of the Company's Earnings
Call held today (i.e., February 15, 2023) regarding discussion on operational and financial performance for
the third Quarter and nine months ended of FY 2022-2023 (Q3 & 9M FY23) is available on the Company's
website.
The recording can be accessed from the link given below:

https://supriyalifescience.com/investor-relation/financial/earning-call-recordings/
You are requested to kindly take the same on record.
Thanking you,
Yours faithfully,
For Supriya Lifescience Limited
SHWETA Digitally signed by
SHWETA SHIVDHARI
SHIVDHARI SINGH
Date: 2023.02.15
SINGH 13:59:33 +05'30'
Shweta Singh
Company Secretary & Compliance Officer
Membership No.: A44973
Corporate office : 207/208, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400 063. Maharashtra, India.
Tel: +91 22 40332727 / 66942507 Fax : +91 22 26860011 GSTIN: 27AALCS8686A1ZX
CIN: L51900MH2008PLC180452 E-mail: supriya@supriyalifescience .com Website: www.supriyalifescience.com
Factory : A-5/2, Lote Parshuram Industrial Area, M.I.D.C.

Tal.– Khed, Dist. – Ratnagiri, Pin :415 722, Maharashtra, India.
Tel: +91 2356 272299 Fax: +91 2356 272178 E-mail: factory@supriyalifescience.com
GOVT. RECOGNISED EXPORT HOUSE

Date: 15th February 2023
To To
The Secretary The Secretary
BSE Ltd. National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers Exchange Plaza, Plot no. C/1, G Block
Dalal Street, Bandra-Kurla Complex, Bandra (E)
Mumbai - 400 001 Mumbai - 400 051
Security Code No.: 523716 NSE Symbol: ASHIANA
Sub: Investor Update/Presentation for the quarter ended on 31st December 2022
Dear Sir,
Please find attached herewith an Investor update/Presentation for the quarter ended on 31st
December 2022 in PDF form.
Kindly take the above presentation on record.
Thanking you,
For Ashiana Housing Ltd.
NITIN Digitally signed by

NITIN SHARMA
SHARMA Date: 2023.02.15

13:39:08 +05'30'
Nitin Sharma
(Company Secretary & Compliance Officer)
Membership No. 21191
Ashiana Housing Ltd.

304, Southern Park, Saket District Centre,
Saket, New Delhi– 110 017
CIN: L70109WB1986PLC040864
Regd. Office: 5F Everest, 46/C Chowringhee Road, Kolkata -700 071
Phone No: 011-42654265, Email: investorrelations@ashianahousing.com
Website: www.ashianahousing.com
For the Quarter ended 31st Dec 2022
BSE: 523716 | NSE: ASHIANA | BLOOMBERG: ASFI:IN| REUTERS: AHFN.NS | WWW.ASHIANAHOUSING.COM
© 2020, ASHIANA HOUSING LIMITED. ALL RIGHTS RESERVED.

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which
include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue",
"anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "likely", "project", "should",
"potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements", These
forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to
our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning
policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as
other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or
circumstances after the date thereof.
Glossary
Saleable Area Total saleable area of the entire project corresponding to 100% economic interest of all parties
Projects in respect of which (i) all title, development rights or other interest in the land is held
either directly by our Company and/or our Subsidiaries and/or other entities in which our
Ongoing Projects Company and/or our Subsidiaries have a stake; (ii) wherever required, all land for the project has
been converted for intended land use; and (iii) construction development activity has
commenced.
Future Projects either directly by our Company and/or our Subsidiaries and/or other entities in which our
Company and/or our Subsidiaries have a stake; and (ii) our management has commenced with the
formulation of development plans.
Lands in which we have obtained any right or interest, or have entered into agreements to
Land available for
Future Development sell/memorandum of understanding with respect to such rights or interest, as the case may be,
and which does not form part of our Completed, Ongoing and Future Projects
Project Project includes project phases
© Ashiana Housing Limited, All Rights Reserved. 3

Contents
01 Highlights and Overview 02 Ongoing Projects
03 Financials 04 Future Outlook
05 Annexures

Highlights and Overview
01 Highlights
02 Operational Overview
03 Financial Overview
04 Quarterly Performance
05 Cash Flow Position

Financial Highlights Q3FY23
 Total Revenue increased to INR 135.31 Crs (Q3FY23) from INR 91.72 Crs in Q2FY23
due to higher deliveries in AHL (3.24 lsft vs 1.70 lsft)
 TCI improved to positive INR 9.29 Crs (Q3FY23) from negative INR 1.31 Crs in Q2FY23
dur to higher revenues
 Pre-tax operating cash flows was positive at INR 35.6 Crores (Q3FY23) vs negative at
INR 1.05 Crores (Q2FY23)
 Credit Rating of the company was reaffirmed at “A Stable” by CARE

Financial Highlights 9MFY23
 Total Revenue increased to INR 308.25 Crs (9MFY23) from INR 155.31 Crs in 9MFY22
 TCI improved to positive INR 18.27 Crs (9MFY23) from negative INR 15.78 Crs in
9MFY22
 Pre-tax operating cash flows was positive at INR 62.26 Crores (9MFY23) vs positive at
INR 137.56 Crores (9MFY22)

Operational Highlights Q3FY23
 Value of Area Booked recorded at INR 485.29 Crores (Q3FY23) vs 240.19 Crores (Q2FY23)
 Improvement in realization price at Rs 5,373 per sq. ft. in Q3FY23 as compared to 4,904 Rs per
sq. ft. in Q2FY23
 Ashiana Advik was launched in Bhiwadi under Senior Living category
 Ashiana Amarah was launched in Gurugram in Oct 23 under Kid Centric category. All the 224
units(3.95 lakhs sq ft) sold on launch
 Last phase of Umang was launched in Jaipur (Kid Centric Homes)
 Last phase launched in Ashiana Dwarka (Phase 5) in Jodhpur
 Ashiana Daksh, Jaipur started handover with 2.99 lakhs sq ft delivered in Phase 1
 Area constructed was 3.42 lakhs sq ft in Q3FY23 vs 4.38 lakh Sq. ft. (Q2FY23) and 3.73 lakh Sq.
ft. (Q3FY22)

Quarterly Operational Overview
Quarterly Operational Overview
10.00
9.03
9.00
8.00
 Area booked was 9.03 Lakh Sq Ft in Q3 FY23 vs 4.90
7.00
Lakhs Sq. ft in Q2FY23
6.00
In Lakhs Sq. ft.
4.90  EAC was 3.42 Lakh Sq Ft in Q3 FY23 vs 4.38 lakhs Sq

5.00
4.38 4.21 ft in Q2 FY23
4.00 3.73
3.42
3.00
2.00
1.00
0.00
Equivalent Area Constructed Area Booked
Note : * Equivalent Area Constructed (EAC) excludes EWS/LIG area as it is not a
Q3 FY22 Q2 FY23 Q3 FY23 business activity of the company.

Quarterly Financial
 Sales and Other income increased to INR

135.31 Crores in Q3FY23 vis a vis INR 91.72
Crores in Q2FY23
 PAT was recorded at positive INR 9.05 Crs

for Q3FY23 vis a vis negative INR 1.81 Crs
for Q2FY23
 *Pre-Tax Operating Cash Flow was at

positive INR 35.59 Crs for Q3FY23 vs
negative INR 1.05 Crs for Q2FY23
*Pre – Tax Operating Cashflow is a modified version of operating cashflows and not as per statutorily required AS-3

Quarter wise Performance
INR Crores Lakhs Sq. ft. Lakhs Sq. ft. Lakhs Sq. ft.
Period Entity Area Delivered &
Value of Area Equivalent Area
Area Booked Recognized for
Booked Constructed*
Revenue
AHL 470.02 8.66 3.42 3.24
FY23 Quarter 3 Partnership 15.26 0.37 0.00 0.36
Total 485.29 9.03 3.42 3.60
AHL 224.19 4.52 4.37 1.70
Total 240.19 4.90 4.38 2.07
AHL 139.14 3.01 3.82 1.68
Total 152.14 3.34 3.85 2.11
AHL 506.57 12.92 13.91 4.10
FY 22 Partnership 66.68 1.84 2.29 4.77
Total 573.25 14.76 16.20 8.86
AHL 172.46 4.19 4.93 1.14
Total 185.57 4.53 5.07 4.47
AHL 145.59 3.55 3.26 0.94
Total 169.76 4.21 3.73 2.13
AHL 146.01 3.95 3.52 1.37
Total 165.72 4.51 4.50 1.45
AHL 42.51 1.23 2.20 0.65
Total 52.20 1.51 2.90 0.81
• *Equivalent Area Constructed (EAC) excludes EWS/LIG area as it is not a business activity of the company.
© Ashiana Housing Limited, All Rights Reserved.`` 11

Quarterly Sales Trend
Project Location Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY22 Q3FY23
AHL (Area in Sq. Ft. )
Aangan Neemrana Neemrana (1,199) 1,450 1,450 - - - - -
Anmol Gurgugram 60,895 2,550 28,495 85,788 58,126 1,04,384 1,81,226 1,28,714
Amarah Gurgugram 3,95,360
Tarang Bhiwadi 20,494 16,713 15,561 9,493 5,873 27,374 47,695 17,316
Ashiana Town Bhiwadi 26,990 5,340 17,210 - 8,890 13,335 11,060 4,715
Surbhi Bhiwadi - (1,100) 4,265 1,100 (845) 2,200 1,945 1,100
THR Bhiwadi - 9,921 9,921 - 3,307 -
Nirmay Bhiwadi 34,343 14,817 74,074 38,165 84,713 27,104 5,632 1,553
Advik Bhiwadi 1,28,953
Utsav Bhiwadi Bhiwadi - - - 1,420 - -
Dwarka Jodhpur 18,070 3,280 48,000 24,340 14,530 13,660 8,010 37,940
Utsav Jaipur Jaipur - - - - - -
Umang Jaipur 1,63,460 19,232 49,640 47,352 33,907 15,917 28,885 68,222
Ashiana Daksh Jaipur 35,840 7,600 11,968 19,584 3,264 2,176
Ashiana Amantran Jaipur 42,095 13,185 63,350 48,370 1,29,515 60,637 47,125 38,285
Navrang Gujarat 5,370 1,470 1,470 1,470 - -
Shubham Chennai 75,751 18,082 42,124 47,059 42,445 18,959 17,086 590
Utsav Lavasa Pune 2,210 - - 3,090 3,125 - (915)
Ashiana Malhar Pune 93,828 26,369
Ashiana Sehar Jamshedpur 7,736 10,107 27,885 27,655 32,048 15,409 10,580 16,587
Ashiana Aditya Jamshedpur 2,74,700 - - - - -
Total - Ashiana Housing Limited 7,66,755 1,22,647 3,95,413 3,54,886 4,18,898 3,01,155 4,52,157 8,65,704
Partnership (Area in Sq. Ft. )
Vrinda Gardens Jaipur 49,408 26,655 56,829 63,569 28,463 34,033 28,439 27,734
Gulmohar Gardens Jaipur 10,510 1,569 (1,695) 614 5,300 (1,325) 9,183 8,926
Rangoli Gardens Plaza Jaipur 3,680 - - 2,333 736 - - 798
Total - Partnership 63,598 28,224 55,134 66,516 34,499 32,708 37,622 37,458
Grand Total 8,30,353 1,50,871 4,50,547 4,21,402 4,53,397 3,33,863 4,89,779 9,03,162

Project wise Cash Flow Position in Ongoing Projects
Sale Value of Area Amount Equivalent Area
Saleable Area Area Booked
Entity Location Project Phase Booked Received Constructed *
(Lakhs Sq. ft.) (Lakhs Sq. ft.)
(INR Crores) (INR Crores) (Lakhs Sq. ft.)
AHL
AHL Bhiwadi Nirmay 4 2.09 1.79 67.43 40.58 1.24
Bhiwadi Advik 1 3.54 1.29 64.12 6.42 0.54
Bhiwadi Tarang 3 1.14 0.73 22.39 13.42 0.90
Bhiwadi Tarang 4A 0.65 0.54 21.90 3.11 0.18
Chennai Shubham 4 2.46 2.36 109.04 73.48 1.50
Gurgugram Anmol 2 2.83 2.82 149.92 58.95 1.57
Gurgugram Anmol 3 4.50 2.64 155.77 23.94 0.31
Gurgugram Amarah 1 3.95 3.95 242.64 54.89 0.75
Jaipur Daksh 2 2.35 2.35 76.30 68.89 2.33
Jaipur Daksh 3 1.17 1.17 41.68 37.58 0.93
Jaipur Amantran 1 3.58 3.16 122.20 100.16 3.49
Jaipur Amantran 2 1.20 1.18 45.15 37.09 0.94
Jaipur Amantran 3 3.79 2.31 100.15 29.80 1.13
Jaipur Amantran Shops 0.09 0.09 6.12 1.70
Jaipur Umang 5 4.45 3.42 112.86 93.85 2.84
Jaipur Umang 6 2.26 0.57 21.31 1.32 0.38
Jodhpur Dwarka 4 1.28 1.09 29.97 21.95 0.81
Jodhpur Dwarka 5 2.00 0.31 9.70 0.58 0.07
Jamshedpur Sehar 1 3.44 3.05 115.63 93.30 3.43
Jamshedpur Aditya 1 3.55 3.55 120.95 109.34 3.55
Jamshedpur Aditya 2 2.75 2.75 98.64 83.48 1.92
Pune Ashiana Malhar 1 2.62 1.20 62.97 10.63 0.45
Pune Utsav - Lavasa** 4 0.63 0.62
AHL Total 56.32 42.31 1,796.82 964.47 29.90
Partnership
Partnership
Partnership Total Partnership Total - - - - -
Grand Total AHL Total 56.32 42.31 1,796.82 964.47 29.90
*Equivalent Area Constructed (EAC) excludes EWS/LIG area as it is not a business activity of the company.
** Construction for Phase-4 Ashiana Utsav, Lavasa is complete and OC has been applied for, it is yet to be launched for sales
*** Projects in partnerships were fully executed at the year ending 31st Mar 2022
Cash Flow Position in Ongoing Projects
Equivalent
Sale Value of Area Amount
Saleable Area Area Booked Area
Entity Booked Received
(Lakhs Sq. ft.) (Lakhs Sq. ft.) Constructed*
(INR Crores) (INR Crores)
(Lakhs Sq. ft.)
AHL 56.32 42.31 1,796.82 964.47 29.90
Partnership 0.00 0.00 0.00 0.00 0.00
Grand Total 56.32 42.31 1,796.82 964.47 29.90
 Out of a total saleable area of 56.32 Lakhs Sq. ft., 29.90 Lakhs Sq. ft. (53%) has already been constructed
 Out of the total area booked so far, an amount of around INR 832.35 Crores is to be received in due course in future
*Equivalent Area Constructed (EAC) excludes EWS/LIG area as it is not a business activity of the company.
** Projects in partnerships were fully executed at the year ending 31st Mar 2022

Ongoing Projects
01 Geographical Presence
02 Ongoing Projects Summary
03 Break up of Area Booked
Operational data - Yearly

04
- Quarterly

Geographical Presence
Saleable Area of Ongoing Projects
Pune
6% Bhiwadi
13%
Gurugram Chennai
20% 4%
Jodhpur
6%
Jamshedpur
17%
Jaipur
34%

Ongoing Projects Summary – Expected Completion Timeline
Expected
Saleable Area Area Booked Timeline as per
Location Project Phase Economic Interest Project Type Customer
(Lakhs Sq. ft.) (Lakhs Sq. ft.) RERA**
Handover Date
Bhiwadi Nirmay 4 100% Senior Living 2.09 1.79 Q3FY25 Q3FY24
Bhiwadi Advik 1 100% Senior Living 3.54 1.29 Q1FY27 Q4FY25
Bhiwadi Tarang 3 100% Premium Homes*** 1.14 0.73 Q2FY25 Q2FY24
Bhiwadi Tarang 4A 100% Premium Homes 0.65 0.54 Q3FY26 Q4FY25
Chennai Shubham 4 73.75% of Revenue Share Senior Living 2.46 2.36 Q4FY24 Q3FY24
Gurugram Anmol 2 65% of Revenue Share Kid Centric Homes 2.83 2.82 Q1FY27 Q3FY25
Gurugram Anmol 3 65% of Revenue Share Kid Centric Homes 4.50 2.64 Q3FY28 Q3 FY 26
Gurugram Amarah 1 100% Kid Centric Homes 3.95 3.95 Q4FY27 Q1FY26
Jaipur Daksh 2 100% Premium Homes 2.35 2.35 Q3FY24 Q1FY24
Jaipur Daksh 3 100% Premium Homes 1.17 1.17 Q2FY25 Q1FY24
Jaipur Amantran 1 75% of Revenue Share Premium Homes 3.58 3.16 Q3FY24 Q1FY24
Jaipur Amantran Shops 75% of Revenue Share Premium Homes 0.09 0.09 Q2FY26 Q4FY25
Jaipur Umang 5 100% Kid Centric Homes 4.45 3.42 Q3FY25 Q4FY24
Jaipur Umang 6 100% Kid Centric Homes 2.26 0.57 Q1FY27 Q3FY25
Jodhpur Dwarka 4 100% Premium Homes 1.28 1.09 Q3FY25 Q3FY24
Jodhpur Dwarka 5 100% Premium Homes 2.00 0.31 Q2FY27 Q2FY26
Jamshedpur Sehar 1 76.75% of Revenue Share Premium Homes 3.44 3.05 Q2FY24 Q4FY23
Jamshedpur Aditya 1 74% of Revenue Share Premium Homes 3.55 3.55 Q1FY24 Q4FY23
Jamshedpur Aditya 2 74% of Revenue Share Premium Homes 2.75 2.75 Q2FY25 Q2FY24
Pune Ashiana Malhar 1 68% of Revenue Share Premium Homes 2.62 1.20 Q3FY26 Q4FY25
Pune Utsav - Lavasa* 4 100% Senior Living 0.63 0.00 OC/CC Pending
Total 56.32 42.31
*Phase-4 Ashiana Utsav, Lavasa Construction is complete and OC has been applied for. The Phase is yet to be launched for sales
** Timeline as per RERA are the original dates but the timelines have been extended by 6 months to one year by RERA authorities due to Covid-19
*** Formerly called Comfort Homes
Break Up of Area Booked (QoQ)
Jamshedpur Jodhpur Jamshedpur Jodhpur
2% 4% 2% 2%
Bhiwadi Chennai Bhiwadi
Jaipur 17% 4% 13%
Pune 16% Jaipur
3%
23%
Neemrana
Gurugram
0%
37%
Gurugram Pune
Q3 FY23 Q2 FY23
58% 19%
Gujarat
Jodhpur 0%
4% Jodhpur
Jamshedpur Jamshedpur
3%
5% Bhiwadi 7% Bhiwadi
Chennai 21% Chennai 23%
6% 9%
Gurugram
Jaipur
13%
33%
Gurugram Pune
31% 1%
Q1 FY23 Neemrana Pune Q4 FY22 Jaipur
44%
0% Neemrana
0%
Yearly Operational Data
Particulars Unit FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22
Equivalent Area
Lakhs Sq. ft. 17.87 22.8 23.44 17.39 8.16 7.68 9.85 11.66 16.20
Constructed*
Area Booked Lakhs Sq. ft. 22.13 18.12 8.63 6.96 6.93 10.79 19.82 14.97 14.76
Value of Area
INR Lakhs 64,756 54,772 28,421 22,508 21,736 33,262 67,163 53,468 57,325
Booked
Average
INR/Sq. ft. 2,926 3,023 3,293 3,234 3,137 3,082 3,388 3,571 3,883
Realization
*Equivalent Area Constructed (EAC) does not include EWS/LIG area as it is not a business activity of the company. EAC of The Ashiana School has been
excluded in this data as it was constructed with an intention to let out.
Quarterly Operational Data
Particulars Unit Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23
Equivalent Area
Lakhs Sq. ft. 3.90 2.89 4.50 3.73 5.07 3.85 4.38 3.42
Constructed*
Area Booked Lakhs Sq. ft. 8.30 1.51 4.51 4.21 4.53 3.34 4.90 9.03
Value of Area Booked INR Lakhs 29,969 5,220 16,572 16,976 18,557 15,214 24,019 48,529
Average Realization INR/ Sq. ft. 3,609 3,460 3,678 4,028 4,093 4,557 4,904 5,373
*Equivalent Area Constructed (EAC) does not include EWS/LIG area as it is not a business activity of the company. EAC of The Ashiana School has been excluded in
this data as it was constructed with an intention to let out.
Financials
01 Financial Summary YoY
02 Financial Summary QoQ

Financial Summary YoY (Consolidated)
Particulars Unit FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22
Sales and Other Income INR Crores 542.67 397.02 334.92 350.63 317.55 259.31 233.59
Operating Expenditure INR Crores 385.47 291.00 266.92 303.37 316.84 241.11 230.71
EBITDA INR Crores 157.20 106.02 68.00 47.26 0.72 18.20 2.89
Profit After Tax INR Crores 105.81 67.01 38.23 13.78 (30.24) 1.72 (7.04)
Other Comprehensive Income INR Crores 4.99 5.77 7.98 5.33 1.29 2.36 0.50
Total Comprehensive Income INR Crores 110.80 72.78 46.21 19.10 (28.95) 4.08 (6.56)
* Pre - Tax Operating Cash Flows INR Crores (10.89) (32.90) (20.21) 16.41 34.22 171.65 165.04
EBITDA Margin % 28.97% 26.70% 20.30% 13.48% 0.23% 7.02% 1.24%
Net Profit /(Net Loss) Margin % 19.50% 16.88% 11.42% 3.93% (9.52%) 0.66% (3.01%)
TCI Margin % 20.42% 18.33% 13.80% 5.45% (9.12%) 1.57% (2.81%)
Return on Average Net Worth % 17.60% 10.60% 6.21% 2.47% (3.78%) 0.53% (0.86%)
Debt to Equity Ratio 0.09 0.12 0.16 0.20 0.17 0.07 0.21

Financial Summary QoQ (Consolidated)
Particulars Unit Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23
Sales and Other Income INR Crores 89.71 81.36 40.43 60.69 54.19 78.28 81.22 91.72 135.31
Operating Expenditure INR Crores 71.23 83.66 44.10 63.33 55.08 68.19 65.24 91.63 119.67
EBITDA INR Crores 18.48 (2.30) (3.66) (2.65) (0.90) 10.09 15.98 0.09 15.65
Profit/(Loss) After Tax INR Crores 12.86 (5.57) (6.32) (5.74) (3.84) 8.87 10.26 (1.81) 9.05
Total Comprehensive
INR Crores 13.26 (5.13) (6.14) (6.36) (3.28) 9.22 10.29 (1.31) 9.29
Income
* Pre - Tax Operating
INR Crores 63.90 67.16 29.60 57.58 50.38 27.48 27.72 (1.05) 35.59
Cash Flows
EBITDA Margin % 20.60% (2.83%) (9.05%) (4.36%) (1.66%) 12.89% 19.68% 0.10% 11.57%
Net Profit /(Net Loss)

% 14.33% (6.85%) (15.63%) (9.47%) (7.09%) 11.33% 12.63% (1.97%) 6.69%
Margin
TCI Margin % 14.78% (6.31%) (15.18%) (10.49%) (6.05%) 11.78% 12.67% (1.43%) 6.87%
Q1FY23 Numbers have been reinstated due to some error in reporting last quarter

Future Outlook
01 Future Projects Summary
Land available for Future

02
Development
Completed Projects having

03
Inventory

Future Projects Summary
Saleable Area
Location Project Phase Economic Interest
(Lakhs Sq. ft.)
Bhiwadi Ashiana Tarang 4,5 & 6 100% 6.86
Bhiwadi Ashiana Advik 2,3,4 & 5 100% 10.57
Jaipur Ashiana Ekaansh All 77.25% Revenue Share 9.65
Gurugram Ashiana Amarah 2,3,4 & 5 100% 16.73
Chennai Ashiana Shubham 5 73.75% of Revenue 2.33
Chennai Ashiana Vatsalya All 100% 13.28
Chennai Ashiana Swarang All 50% of the Profits 5.55
Jamshedpur Ashiana Prakriti All 76.61% Revenue Share 4.43
Neemrana Ashiana Aangan 2 100% 4.37
Pune Ashiana Malhar 2, 3 and 4 65% Revenue Share 9.18
Pune Ashiana Amodh All 80% Revenue Share 8.95
Lavasa Utsav 5 100% 0.84
Total 92.73
* Nemili Land is acquired by Kairav Developers Ltd. (a joint venture company with equal economic interest of Ashiana Housing Ltd. and Arihant Foundations.)

Land available for Future Development
Estimated
Estimated Area
Location Land/ Project Name Saleable Area Economic Interest Proposed Development
(Acres)
(Lakhs Sq. ft)
Bhiwadi Milakpur 40.63 31.00 100% Premium Homes*/ Senior Living

85% Revenue
Kolkata Ashiana Maitri/Nitya 19.72 14.88 Premium Homes /Senior Living
Share
80.20% Revenue
Jaipur Bhankrota Land 8.08 6.50 Premium Homes
Share
Total 68.43 52.38
*Formerly called Comfort Homes

Note: Milakpur Land is under acquisition and company’s writ petition is pending before the Hon’ble High Court of Rajasthan against acquisition

Completed Projects having Inventory
Saleable Booked Unbooked

Location Projects Phase Share in Project Type
Area Area Area
Bhiwadi Ashiana Town 1, 2, & 3 100% Kid Centric Homes 15.33 13.87 1.46
Bhiwadi Surbhi 1-5 & Plaza 100% Premium Homes 4.02 3.56 0.46
Gujarat Navrang 1, 2 & 3 81 % of Revenue Premium Homes 3.27 3.26 0.01
Neemrana Aangan 1 & Plaza 100% Premium Homes 4.24 4.21 0.03
Jodhpur Dwarka 1,2&3 Area Share Premium Homes 3.33 3.30 0.03
Jaipur Rangoli Gardens Plaza 50% of Profit Premium Homes 0.69 0.56 0.13
Jaipur Umang 1,2,3 & 4 100% Kid Centric Homes 12.43 12.42 0.01
Jaipur Umang Plaza 100% Shops 0.08 0.05 0.03
Jaipur Vrinda Gardens 1, 2, 3A & 3B, 4 & 5 50 % of Profit Premium Homes 15.09 14.28 0.81
Jaipur Gulmohar Gardens 4 50 % of Profit Premium Homes 0.66 0.65 0.01
Jaipur Gulmohar Gardens Villas 50 % of Profit Premium Homes 1.48 1.39 0.09
Pune Utsav Lavasa 1, 2 & 3 100% Senior Living 4.51 4.28 0.23
Grand Total 65.13 61.82 3.32
* Formerly called Comfort Homes

Shareholding Pattern as on 31st Dec 2022
Shareholding Pattern Institutional Holding above 1%
Shareholding Pattern as on 31st Dec, 2022

Others Rank Fund / Institution No. of Shares % Holding
22.71%
1 India Capital Fund Limited 72,40,964 7.07%

FII & FPI
7.55%
Promoter & 2 SBI Contra Fund 50,27,871 4.91%
Promoter
Group ICICI Prudential Equity & Debt
3 36,04,258 3.52%
61.22% Fund
MF &
Financial
Institution
8.52%

investorrelations@ashianahousing.com
For Any
Queries, Contact +91 11 4265 4265
Regd. Office: 11G Everest, 46/C, Chowringhee Road, Kolkata - 700 071. West Bengal, India. Ph: 033-4037860
Head Office: 304, Southern Park, Saket District Centre, Saket, New Delhi – 110017 Ph : 011-4265 4265
© 2020 Ashiana Housing Limited., All Rights Reserved.

“Ashiana Housing Limited” and The Ashiana Logo are trademarks of Ashiana Housing Limited. In addition to Company data, data from market research agencies, Stock Exchanges and industry publications has been used for
this presentation. This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or reproduced in whole on or in part
in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned herein are the trademarks or registered trademarks of their respective owners.

Annexure
01 About Ashiana
02 Business Model
03 Accolades
04 Abbreviations

About Ashiana
Incorporation / 1979 in Patna, New Delhi

Headquarters
Industry Real Estate with focus on residential apartments
Business
Premium Homes, Senior Living & Kid Centric Homes
Segments
Areas of Jaipur, Bhiwadi, Jodhpur, Jamshedpur, Neemrana,

Operation Gurugram, Lavasa, Halol, Chennai and Kolkata
264.97 lakhs sq. ft. constructed

Key
Operations in 10 Locations
Metrics
15,881 units under maintenance
Note: Key Metrics are updated on annual basis at the end of each Financial Year

Business Model
In house end-to-end construction capabilities – Ensure higher control over cost and quality
High quality in-house and flexibility in execution
construction Focus on use of high quality and efficient construction methodologies & techniques to help
reduce time and cost
Instead of broker-driven model, Ashiana has in-house sales and marketing team
In-house sales and Ensures greater ownership of customers and helps in selling projects to them in future
marketing High proportion of customer referral sales to overall sales due to established brand and high
customer satisfaction level
Services provided to some of the projects of Ashiana through its wholly owned subsidiary
In-house Facility Other than facility management and maintenance facilities, resale and renting services also
Management Services provided
This acts as a continuous direct customer feedback channel
Execution based model instead of land banking model

Land is Raw Material
Target land inventory of 5-7 times of current year execution plan

Accolades
Awards & Recognitions
2010 2011 2012 2013 2014 2015
• Rated by FORBES’ among • Ashiana Aangan, • Received Bhamashah award • Awarded as Realty Giants • CNBC Awaaz
• Ashiana Aangan Bhiwadi
Asia's 200 Best Under a Bhiwadi awarded as for Contribution made in the North India by Realty Kings felicitated Ashiana
awarded as India's Best
Billion Dollar Companies India's Best Affordable field of Education by Govt. of North India Housing Limited with
Residential Project (North) by
Housing by CNBC Awaaz Rajasthan One of the Most
• Received BMA - Siegwerk ZEE - Business RICS Awards • Received Bhamashah award Promising Company
award for Corporate • Ashiana Aangan, • Think Media Award for for Contribution made in
• Ashiana Woodlands, of the Next Decade
Social Responsibility Bhiwadi awarded as Outstanding Corporate Social the field of Education by
Jamshedpur awarded as India's
NCR's Best Affordable Responsibility work in Real Govt. of Rajasthan • Rangoli Gardens,
Best Residential Project (East)
Housing by CNBC Awaaz Estate Sector Jaipur awarded as
by ZEE - Business RICS Awards • Ashiana Utsav, Lavasa The Best Budget
• Received BMA - • Honored by Bharat Vikas awarded as Senior Living
• Rated by FORBES’ among Asia's Apartment Project of
Siegwerk award for Parishad Rajasthan for Project of the Year in India
200 Best Under a Billion Dollar the Year by NDTV
Corporate Social Corporate Social by Realty Excellence Award
Companies twice in a row PROFIT
Responsibility Responsibility activities
2015 2017 2018 2019 2020

• Received Bhamashah award • NDTV Property Awards 2016 felicitated • Awarded Themed Project of • Recognised for Digital • Recognised as Best Theme
for Contribution made in the "Ashiana Dwarka" as "Budget Apartment the Year for Ashiana Umang, Campaign of the year based Project “Ashiana Anmol-
field of Education by Govt. of Project of the Year" in Tier 2 cities 2017 Kid Centric Homes by Realty+ “Behatar Parvarish ka Pata” Kid Centric” by Realty+
Rajasthan Excellence Awards (North) by ABP News Excellence Awards (North) 2019
• Received CIDC Vishwakarma Awards 2017
• Received FICCI "Category" - under the category "Achievement Award for • Awarded Real-Estate Website • Ranked as India’s No. 1 • Ranked as No. 1 Developer in
CSR Award for Small & Construction Skill Development" 2017 of the Year for being user Senior Living Brand 3 times North India and No. 5 in India
Medium Enterprises (SME) friendly, visually aesthetic with in a row by Track2 Realty by Track2 Realty.
with turnover upto 200 crores • Received CREDAI CSR Award 16-17 under the easy navigation by Realty+
p.a. category "Education (Establishing of schools, Excellence Awards (North)
educational institutions and creating
educational facilities)" 2017
2018 2021 2022
• Ranked as India’s No. 1 • Ranked as India’s No. 1
Senior Living Brand 4 Senior Living Brand 5th
times in a row by Track2 time in a row by Track2
Realty Realty
• Ashiana Amantran
awarded as best
"Residential Project – in
High-end (Non-Metro:
Ongoing)“ category by ET
Realty Awards 2022

Abbreviations
Sq. ft.: Square Feet
EAC: Equivalent Area Constructed
PAT : Profit after Tax
EBITDA: Earning before Interest, Tax, Depreciation and Amortization
TCI: Total Comprehensive Income

Glossary
Saleable Area Total saleable area of the entire project corresponding to 100% economic interest of all parties
either directly by our Company and/or our Subsidiaries and/or other entities in which our
Ongoing Projects Company and/or our Subsidiaries have a stake; (ii) wherever required, all land for the project has
been converted for intended land use; and (iii) construction development activity has
commenced.
Future Projects either directly by our Company and/or our Subsidiaries and/or other entities in which our
Company and/or our Subsidiaries have a stake; and (ii) our management has commenced with the
formulation of development plans.
Lands in which we have obtained any right or interest, or have entered into agreements to
Land available for
Future Development sell/memorandum of understanding with respect to such rights or interest, as the case may be,
and which does not form part of our Completed, Ongoing and Future Projects
Project Project includes project phases

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which
include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue",
"anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "likely", "project", "should",
"potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements", These
forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to
our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning
policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as
other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or
circumstances after the date thereof.
43/LG/SE/FEB/2023/GBSL
February 15, 2023
To, To,
Listing Department, Listing Department,
BSE Limited, National Stock Exchange of India Limited,
Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex,
Dalal Street, Fort, Mumbai – 400 001 Bandra (E), Mumbai – 400 051
Scrip Code : 509079 Scrip Symbol : GUFICBIO
Dear Sir/Madam,
Sub.: Intimation of Earnings Conference Call scheduled to be held on February 20, 2023
Pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to
inform that the Company will host an Earnings Conference Call for Investors/Analysts on
Monday, February 20, 2023, at 4:30 p.m. (IST), during which officials of the Company will
discuss the business background/prospects and financial performance of the Company and
take questions.
The details of the Earnings Conference Call are mentioned in the Call Invite enclosed herewith.
Kindly take the same on record.
Thanking You,
For Gufic Biosciences Limited
AMI Digitally signed

by AMI SHAH
SHAH Date: 2023.02.15

12:28:52 +05'30'
Ami Shah
Membership No. A39579
Encl.: As above
Cordially invites you to its
Q3 & 9M FY23 Earnings Call

To discuss the operational & financial performance
Day/Date: Monday, 20th February 2023

Time: 4:30 PM, IST
Request you to please pre-register for the call on

the below link:
Click Here
Access Numbers
+91 22 6280 1390

Primary Number:
+91 22 7115 8390
USA: 1 866 746 2133

UK: 0 808 101 1573
Toll Free Number:
Singapore: 800 101 2045
Hong Kong: 800 964 448
Participants
Senior Management Team
RSVP
Strategic Growth Advisors Pvt. Ltd.
Mr. Deven Dhruva / Mr. Jigar Kavaiya
Contact: +91 98333 73300 / +91 99206 02034
Proven Ability In Life Sciences
February 15, 2023
To,
Corporate Relationship Department Listing Department
Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra-Kurla Complex,
Dalal Street, Fort, Bandra (East),
Mumbai – 400 001 Mumbai – 400 051
Scrip code: 512529 Symbol: SEQUENT
Subject: Audio Recording of Earnings call and Earnings presentation pertaining to the Unaudited
Financial Results (Consolidated and Standalone) for the quarter and nine months ended
December 31, 2022
Dear Sir/ Madam,
Pursuant to Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the audio recording of the earnings call and earnings
presentation made on February 15, 2023, on Unaudited Financial Results (Consolidated and
Standalone) of the Company for the quarter and nine months ended December 31, 2022, is available
on the Company’s website at:
https://sequent.in/pdf/financial/2022-2023/Q3/SEQ0220230215145059.mp3
Kindly take the same on your records.
Yours faithfully,
For Sequent Scientific Limited
KRUNAL Digitally signed by
KRUNAL SHASHIRAJ SHAH
SHASHIRAJ Date: 2023.02.15 11:56:45
SHAH +05'30'
Krunal Shah
SeQuent Scientific Limited

Registered Office: 301, 3 Floor, Dosti Pinnacle, Plot No. E7, Road No. 22, Wagle Industrial Estate, Thane (W), Mumbai - 400604, Maharashtra, India
rd
Tel No.: +91-22-4111-4777 I CIN: L99999MH1985PLC036685

Website: http://www.sequent.in I Email Id: investorrelations@sequent.in
=
= MARATHON Regd. Address : Marathon Futurex, Mafatlal Mills
Compou nd , N. M. Joshi Marg, Lower Parel AAA
Mumbai - 400 013. , .. ,,
February 15, 2023
To,
The BSE Limited
National Stock Exchange of India Limited
Department of Corporate Services, Listing Department,
P.J . Towers, Dalal Street,
BKC, Bandra (E)
Mumbai- 400 001
Mumbai-400 051
Scrip Code: 503101

Symbol: MARATHON
Dear Sirs,
The Board took note of the appointment of M/s Ernst & Young LLP (EV), Mumbai as an Investor
Relations Support Agency by the Company.
This is for your information and record.
Thanking you,
Yours truly,
For Marathon Nextgen Realty Limited,
tL
K.S. Raghavan,
MARATHON NEXTGEN REALTY LTD. T : 022 6724 8484/88 CIN: L6 5990M H1 978PLC020080
702 , Marathon Max, Mulund-Gorega on Link Road, WEB: www.marathon.in
E : marath on@marathonrealty.com
Mulund (W) ,Mumbai 400080 www.marathon nextgen.co m
Accelya Solutions India Limited
Regd. Office: 5th & 6th Floor,
Building No. 4, Raheja Woods,
River Side 25A, West Avenue,
Kalyani Nagar, Pune 411 006
CIN: L74140PN1986PLC041033
T: +91 20 6608 3777
w3.accelya.com
15th February, 2023
The Executive Director, Deputy General Manager,

National Stock Exchange of India Ltd. Corporate Relationship Department
Exchange Plaza, BSE Limited
Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers,
Bandra Kurla Complex, Dalal Street, Fort,
Bandra (East), Mumbai 400 051. Mumbai 400 001
Scrip Code: ACCELYA Scrip code: 532268
Dear Sir/ Madam,
Sub: Intimation of Schedule of Analyst / Institutional Investor Meetings
We wish to inform you that, pursuant to Regulation 30 of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the schedule of
Analyst / Institutional Investor meet with the Company is as under:
Date of Meeting Name of Fund / Company Type of Meeting

Valcore Capital Advisors LLP One-on-One over call
16 February 2023
Centrum Broking Limited One-on-One over call
We request you to take the above information on your record.
Thanking you,
For Accelya Solutions India Limited
NINAD Digitally signed by NINAD GAJANAN UMRANIKAR
DN: c=IN, o=PERSONAL,
pseudonym=2c4b597486da0d42872e8759aa91cb
GAJANAN
862ab85f51bbf6e5915c9f09c20dbdc350,
postalCode=411038, st=MAHARASHTRA,
serialNumber=333dd841923bc510fe27af546049f7
6c32828bc554caf11d74c0874e396706ff,
UMRANIKAR cn=NINAD GAJANAN UMRANIKAR

Date: 2023.02.15 11:11:01 +05'30'
Ninad Umranikar
Company Secretary
February 15, 2023
To,
National Stock Exchange of India Limited BSE Limited
Exchange Plaza, 5th Floor, Corporate Relationship Department,
Plot No. C/1, G Block, 2nd Floor, New Trading Wing,
Bandra – Kurla Complex, Rotunda Building, P.J. Towers,
Bandra (E), Mumbai -400 051 Dalal Street, Mumbai – 400 001
Symbol: SJS Scrip Code: 543387
ISIN: INE284S01014
Dear Sir/Madam,
Subject: Transcripts of Analysts/Investor Meet/ Earnings Call of the Company pertaining to quarter
and nine-months ended 31st December 2022
Please find enclosed the transcripts of the Analysts/Investor Meet/ Earnings Call of for the quarter and
nine-months ended 31st December 2022 held on 10th February 2023.
This information will also be hosted on the Company’s website, at https://www.sjsindia.com/
The audio/video recordings of the press conference and earnings call are also made available on the
Company’s website, at https://www.sjsindia.com/
Request you to kindly take the above on record.
Thank you,
Yours faithfully,
For S.J.S. Enterprises Limited
THABRAZ Digitally signed by
THABRAZ HUSHAIN
HUSHAIN WAJID AHMED
Date: 2023.02.15
WAJID AHMED 11:18:39 +05'30'
_______________________
Thabraz Hushain W.
Encl: As mentioned above

“SJS Enterprises Limited
Q3 & 9M FY2023 Earnings Conference Call”
Feb 10, 2023
ANALYST: MR. RAKESH JAIN – AXIS CAPITAL
MANAGEMENT: MR. K.A. JOSEPH – MANAGING DIRECTOR

MR. SANJAY THAPAR – CEO & EXECUTIVE DIRECTOR
MR. MAHENDRA NAREDI – CFO
MS. DEVANSHI DHRUVA – HEAD – INVESTOR RELATIONS
Page 1 of 21
SJS Enterprises Limited
February 10, 2023
Moderator: Ladies and gentlemen, good day, and welcome to the SJS Enterprises Q3 FY23 Results Call
hosted by Axis Capital Limited. As a reminder all participant lines will be in the listen-only
mode and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference, please signal an operator by pressing star
then zero on your touchtone phone. Please note that this conference is being recorded. I now
hand the conference over to Mr. Rakesh Jain from Axis Capital. Thank you. Over to you, sir.
Rakesh Jain: Thank you, Dorwin. Good morning, and welcome, everyone. Welcome to Q3 FY23 Post Results
Conference Call of SJS Enterprise. Today, from the management team, we have with us Mr. K
A Joseph - Managing Director; Mr. Sanjay Thapar - CEO and Executive Director; and Mr.
Mahendra Naredi – CFO. Along with them, we have Devanshi Dhruva - Head of IR. Now I'll
request Devanshi to take over with the conference call.
Devanshi Dhruva: Thank you, Rakesh. Good morning, ladies and gentlemen, and thanks for being with us over the
call today. We appreciate it. Moving on, this is how we intend to take today's conference call
forward. I will pass on the dias to Mr. K A Joseph, our MD, who will make the opening remarks
and then hand it over to Mr. Sanjay Thapar, our CEO and Executive Director, who will take you
all through some of the slides of our presentation that has been uploaded on the stock exchanges
as well as on our website. Sanjay will take you all through the industry view, our business
performance and then along with Mr. Joseph, give the strategic outlook for the future growth of
the company at the end.
And Mr. Mahendra Naredi, our CFO, will update you on our financial highlights, post which,
we will open it up for Q&A. The duration of this call is around 60 minutes, and we will try to
wrap up in about -- we will try to wrap our comments in about 20 minutes. So we leave enough
time for you guys to ask questions. If the time is not enough, please feel free to reach out to us
through e-mail or to write us, and I will try to answer all your questions to the best of my ability.
Thank you once again. And I will now hand it over to Mr. Joseph to make his opening comments.
Over to you, Joe.
K.A. Joseph: Yes. Thank you, Devanshi. Hello, and good morning, everyone. I trust you all had a chance to
take a look at our investor presentation and the results published yesterday, which we will use
as a reference as we speak to you all today. If we can move on to Slide 4. As you all know, SJS
is an established market leader in a very attractive and niche business segment. We operate in a
high value-added, definitive aesthetic markets across multiple consumer-oriented industries.
We are a partner, co-creator and supplier of choice to several leading OEMs in the automotive
and consumer development industry with a dominant share of business in India and a focused
strategy to increase our global presence. Our company continues to deliver strong operating and
financial performance despite uncertainty in the global markets due to the geopolitical and
macroeconomic headwinds.
We are able to outperform the industry year after year due to our well entrenched customer
relationships, strong in-house design and engineering capabilities, leading edge technologies,
Page 2 of 21
February 10, 2023
offering a wide mix of products, and our lean operations designed to support multi-fold revenue.
Our robust performance is demonstrated by our financial numbers, which Sanjay and Mahendra
will take you’ll through shortly.
I would like to hand over to Sanjay to take you through some of the business and industry
highlights. Thank you. Over to you, Sanjay.
Sanjay Thapar: Thanks, Joe, and good morning, everyone. So SJS, as you know, is a fast-growing design and
aesthetics solution provider, our business model and diversification strategy is unique, and this
has enabled us to consistently outperform the underlying industry growth quarter-after-quarter,
and this quarter has been no different.
Yet again, we outperformed the automotive industry, premiumization theme continues to

accelerate very rapidly and we remain confident of our ability to benefit from this mega trend
that we see to grow our business over the medium and long-term. So specifically for this quarter,
we delivered strong performance in our automotive business that is two-wheelers and passenger
vehicles combined, SJS grew by 25% year-on-year, whereas the Industry, the two-wheeler, four-
wheeler production growth, was only 4%. Our total revenue for Q3 stood at about INR 106
crores, growing by 21% Y-o-Y.
The passenger vehicle business grew by 43% for us, and the two-wheeler business grew by about
14%. SJS generates strong cash flows, and we have a healthy cash and bank balance of INR 143
crores on books as of 31st of December. This cash, of course, will be used for the company's
growth and expansion plans. I'm also delighted to share that this quarter, we added new marquee
customers to our portfolio, customers like Foxconn and IFB to our already very large client-
base, and we hope to build a healthy, long-lasting relationship with them.
On the CSR front, the company's initiatives on garbage collection under the Clean Village
Initiative Campaign improved lives of close to 3,000 families across 12 villages, and we also
added 20 beds to local community center, hospitals here, with 50 patients everyday benefit from
this.
On the next slide, you see a graph where you have a performance of the industry and how SJS
performed. So for quarter ending December '22, the full year industry volumes were flat at about
-- just about 0.5% growth over the last year. Whereas SJS two-wheeler values were shot up by
14% for the same period. This superior growth in two-wheeler segment compared to the industry
quarter on account of new business wins and market share gains as we increase our share of
wallet with key customers.
The PV industry volumes grew by 21% Y-o-Y, whereas SJS volume sales grew by 43% on a Y-
o-Y basis. We have grown well within our set of PV customers. Our PV journey is still in early
stages, and we are bringing new businesses that can help us grow our Q3 FY '22 revenues, and
we hope to continue this momentum forward, especially with the introduction of new generation
products that are under development at SJS.
Page 3 of 21
February 10, 2023
Overall, the automotive segment grew by about 4% Y-o-Y, whereas SJS revenues on the
Automotive segment grew 25%, surpassing the overall combined industry growth.
Our consolidated sales grew by 21% Y-o-Y. This growth was despite slowdown in the consumer
durables market and the impact on exports due to this ongoing war in Europe and the other
geopolitical challenges like the rising in energy costs, high inflation in the developed nations
and the subdued demand both in Europe and North America. For the 9 months, SJS outperform
the market by growing at 54% where the industry grew by about 16%, and we have delivered a
strong revenue growth about 25% for the first 9 months.
On a sequential basis, the combined industry volume from quarter 2 to quarter 3 declined by
17% whereas SJS consolidated auto sales degrowth was limited to about 6%. Despite this impact
on export and consumer durables, I really appreciate the efforts of our team to consistently
maintain the company's sales momentum in this last quarter of Q3, and our strategy for
diversification by industry, segments and products has helped us minimize this impact.
Some key enablers of what helped us grow, let me summarize that for you. So, growing mega
accounts by consistently within key businesses is an important area of focus for us. We continue
to expand our share of wallet with key customers, by offering new products within new
businesses. This quarter, we won many new businesses from our customers like Mahindra, Tata
Motors, Toyota, Whirlpool, Electrolux, Royal Enfield, and many more.
We bagged our first order for optical plastics for a passenger vehicle manufacturer, and we are
very positive on executing many such businesses in the future. This quarter, we added leading
customers like Foxconn in the two-wheeler electric vehicle space and IFB Industries in the
consumer durable sector. We continue to enhance our global presence. We have added sales
representatives in Columbia. So now in addition to Brazil, Argentina in Latin America, we also
cover Columbia, and this ensures that we have a major presence in the Latin American market.
On the next slide, we tell you about how customers reward our efforts. So, Visteon in this quarter,
presented us with the best performance award for Extra mile Support with respect to the flawless
launch of Scorpio - N. This underscores our very, very strong new product development
capability. We also continuously participate in Kaizen Contest, so the SJS team won the prize,
third prize at the Kaizen competition organized by ACMA in the Southern Region.
We have laid down an ESG framework for the company. ESG essentially comprises of 3
dimensions: Environment, Social and Governance and our responsibilities towards fulfilling our
duties in each dimension as a responsible corporate citizen. If anybody would like to understand
further details on our ESG initiatives, please feel free to reach out to Devanshi, who heads IR at
SJS.
At SJS, we believe in inclusive growth, not just for the employees and stakeholders, but also for
the community around us. So last quarter, as mentioned, we adopted 7 villages under the Agara
Gram Panchayat jurisdiction, Bangalore, close to our factory, as a part of this Swachh Bharat
Page 4 of 21
February 10, 2023
Abhiyan. This initiative is helping improving health and hygiene conditions in these villages,
leading to a better living environment for all the villagers and minimize risk of health hazards.
Taking this initiative forward, we today cover 12 villages and 3,000 families benefit from our
Clean Village Initiative where we organized garbage collection from door step. We also added
20 beds at the Community Health Centre, as was said earlier. 50 patients benefit from that daily.
We also contributed towards infrastructure buildings for schools in our vicinity.
I would now like to hand over to Mahendra, our CFO. He will update you on the SJS financial
performance for the last quarter, before Joe and I come back to you and talk about the future
growth outlook. So over to you, Mahendra.
Mahendra Naredi: Thank you, Mr. Thapar. Good morning, everyone. Moving to Slide 12, which talks about our
financial performance in detail, I would like to highlight that the Company maintained a strong
pace of growth and delivered a robust Q3 FY23 financial performance despite various external
challenges. I would like to bring to your notice that revenue and margin for Q3 FY22 have been
adjusted for INR 37.6 million of provision for discount on a customer sale created during FY21
that was reversed in December '21, and this resulted in increased sales, EBITDA, PBT and PAT.
So, to make a like-to-like comparison, we have excluded that amount and shown our financials
for Q3 FY22 and 9M FY22.
Considering this, our consolidated revenue grew by 20.8% on Y-o-Y basis to INR 1,063.7
million. This strong revenue growth was on account of overall domestic sales, clocking 22.2%
Y-o-Y growth on back of 56.4% Y-o-Y growth in PV and 16.7% in two-wheeler.
EBITDA grew 25.3% on Y-o-Y basis to INR 284 million on a margin of 26.1%. Adjusted PAT
grew by 29.5% on Y-o-Y basis to INR 157.1 million, delivering a strong margin of 14.8%,
thereby maintaining around 15% profit margin consistently quarter after quarter in FY23.
On 9-month basis, we are consistently delivering a robust performance and inching closer to
achieving our target quarter after quarter. The company clocked 24.6% Y-o-Y growth in revenue
boosted by 31.7% Y-o-Y growth in domestic sales. EBITDA grew 31.6% on Y-o-Y basis to INR
896 million with a margin of 26.9% and margin improvement of 117 bps. PAT grew by 40.6%
on Y-o-Y basis to INR 518.7 million, or a margin of 15.9% and margin expanded by 181 bps.
I am happy to share that all our efforts and initiatives taken post Exotech acquisitions are adding
growth and momentum to the consolidated revenue. Exotech achieved FY22 full year revenues
in just 9M of FY23, with EBITDA margin improvement to 14% from 12.8% in FY22, which is
higher by around 115 bps improvement in 9 months. Overall, SJS delivered a strong ROCE of
33% based on 9M FY23 performance compared to 27% in FY22.
Talk about sales, both two-wheeler and passenger vehicle shares of revenue has improved to
47% and 31%, while consumer durables witnessed a decline in revenue share to around 15%
due to macroeconomic headwinds, rising inflation that led to subdued demand in Europe and
Page 5 of 21
February 10, 2023
North American markets. Other segments witnessed a little slowdown in revenue from farm
equipment, hence, the share marginally declined.
Exports declined due to adverse impact of geopolitical issues and macroeconomic challenges in
many regions. Decline in exports also impacted sale of new generation products to a certain
extent, and hence, overall contribution of new generation product to revenues is around 11% to
12% for 9M FY23.
However, we are confident that despite near-term challenges, our medium-term growth targets
for consumer durables and strong focus on export segment remain intact.
Moving to the next slide. This slide gives you financial highlights in a snapshot, which we have
already discussed in previous slides. As of 31st December '22, SJS has built a comfortable
consolidated cash and cash equivalent of around INR 1,431 million. We are a debt free company
on a net cash basis.
The company generates strong free cash flow, and for the 9 months, we have added INR 478
million to our balance sheets. Our free cash flow to EBITDA for 9M FY23 stands at a healthy
rate of 53.4%. As on 31st December '22, we have achieved robust ROCE of 33% and ROE of
15%.
I would now like to hand over to Mr. Joseph and Mr. Thapar to talk about our future plans and
growth outlook.
K.A. Joseph: Thank you, Mahendra. SJS, as you know, is a technology and innovation-driven company with
strong in-house design and engineering capabilities. The company has a track record of
successful new product development and commercialization, supported by its dedicated product
development and R&D teams. The company's strategy is to introduce premium futuristic
products that are complex to manufacture and increase our addressable market significantly for
automotive and consumer durables industries.
For passenger vehicles, we are working on products that will increase our kit value from a
current INR 1,200 to INR 1,500 by almost 3 to 4 times.
A few examples of these products are:
1. Optical plastics/cover glass with touch screen capability.

Recent vehicle launches have demonstrated a huge demand by the end consumer for larger
and integrated display screens inside the cars. These are very complex parts. At SJS, we
have had an early start in this technology, and we are very hopeful of growing this to
become a large part of our product portfolio in the coming years.
2. In-mould decoration integrated with In Mould Electronics for car interiors.
3. We have illuminated emblems and door projector branding and illuminated scuff plates are
other examples of our new products under development.
Page 6 of 21
February 10, 2023
For the two-wheeler industry, we target to increase the kit value from the current INR 300 to
INR 500 by around 2 times by highly futuristic products, such as,
1. Cover glass for two-wheeler instrument cluster with touch functionality

2. In Mould Electronic parts with integrated multiple functions in the moulded decorative
substrate, especially for EVs.
For the consumer appliances, we target to increase the kit value from the current INR 50 to
INR 150 by around 3 to 4x with the addition of futuristic products such as:
1. Optical glass with SMI functionality for control panels

2. Printed electronics with the capacitive touch function for consumer appliances again.
The opportunity for growth is significant, and the company is confident of achieving this in the
near future. With that, I would like to hand over to Sanjay to brief you all on our future outlook.
Sanjay Thapar: Thanks, Joe. So quickly moving to Slide 21, which talks about our organic strategy for the
medium-term. As you can see, SJS continues to deliver on its promise of strong operational and
financial performance.
Organically for the first 9 months for FY23, we delivered a strong 25% year-on-year growth,
maintaining best-in-class EBITDA margin of 27% and a PAT margin at 16%. We are confident
of maintaining a high growth trajectory for our company over the medium-term by gaining new
businesses, increasing wallet share with our existing customers, adding new customers,
increasing content by adding exciting new products to our portfolio.
We expect SJS to continue to outperform the industry growth. Recovery in the consumer
durables sector, in export markets and tailwinds of our resurging auto industry will add
momentum to our growth trajectory. On the capacity expansion plan at Exotech, with higher
customer demand pipeline, we are well on track as is our focus on new technology, product
development to meet the futuristic needs of our customers.
I now come to the inorganic growth strategy for the company.
So over the last 2 years, our company has demonstrated its ability to acquire and integrate and
grow acquired businesses. So we acquired Exotech 2 years ago. In the last 2 years, we've doubled
revenue, demonstrating ability to cross-sell products across new and existing customers very
rapidly. Sales have grown from INR 68 crores in FY21 to about INR 102 crores in FY22. And
for the first 9 months, we already achieved full sales of FY22, so we are on track to achieve a
great growth in that company this year as well.
We expanded EBITDA margins from 12.2% in FY21 to 14% over the last 2 years. And also,
we've successfully integrated operations of Exotech with SJS. We have great confidence to
acquire and integrate new businesses, and we are currently actively evaluating a few other
acquisition proposals that will add value to SJS.
Page 7 of 21
February 10, 2023
These acquisitions would require additional funds. Therefore, in a proactive manner, the Board
has passed an enabling resolution for a fund raise, for an amount not exceeding INR 300 crores.
This approval is valid for a year and can help us meet our fund requirement as and when we
conclude a suitable acquisition. Any acquisition, I can assure you will be done with a judicious
mix of debt and equity, keeping in mind the interest of all stakeholders and the best for the future
of the company.
I now come to our outlook for FY23. So SJS will continue to outperform the industry in terms
of growth. For the first 9 months of FY23, our revenues have grown by 25% despite a very
challenging external environment, especially in exports due to the ongoing war in Europe and
the subdued sentiment in North America and European markets. We continue to face headwinds
for exports in the current quarter as well. We are awaiting recovery here.
Considering this, we are moderating our FY23 guidance slightly from 25% revenue growth to
about 20% and our PAT growth estimates of 30% we would possibly reach 20% - 25% this year.
SJS will continue to maintain best-in-class margins with a very robust cash flow. So despite the
rise in the FY23 outlook numbers on some of these external factors, the company is still in a
very good shape. We are optimistic about achieving our mid-term guidance from FY23 to FY25.
We continue to maintain our target of revenue growth of 25% and a PAT growth of 30%. So
with this, we finish the presentation. Then I would open this floor for answering any questions.
Thank you.
Moderator: The first question is from the line of Deepen Shah an Individual Investor
Deepen Shah: I had a couple of questions. Firstly, just related to the business. Just wanted to understand, you
are into various products, as have depicted in PBT. If you can just give us some idea on what is
the kind of USP which you have when you approach clients for these new products, and what is
the competitive scenario in maybe the top 3 or 4 products which you have?
Sanjay Thapar: So thank you for your question, Dipen. So fundamentally, our competitive edge really is that we
have a seamless design to manufacturing and delivery company. So in terms of the number of
technologies that we have under one roof, we are quite unique not only in India, but across the
world. So that is a great USP and differentiator if I map competitors in India or overseas, either
they are printing companies, they don't do plastic moulding, or they are plastic moulding
companies, they don't do printing, or vice versa.
There are other technologies like chrome plating assemblies that are required, some special
finishing on badges required. So our competitors, because of their focus on a few product areas,
are not able to identify or deliver such a vast array. So that's on the technology side. On the
manufacturing side, we handled a very large number of SKUs, and we've handled it very
successfully, delivering across 22 countries worldwide, and customer lines have never stopped
because of us. So we are very strong in terms of our delivery capability, so that also is a
differentiator when you talk of competitors.
Page 8 of 21
February 10, 2023
And if I talk of export competitors in the other markets, our products are batch mode production.
So these are labor-intensive parts, and we have a very strong labour arbitrage and so SJS is far
more competitive. So that is why we are very excited about growth, and those, I think are the
key factors which differentiate us from competitors, both in India and overseas.
Devanshi Dhruva: Also, apart from the new products that we introduced, one of the other things is that the amount
of SKUs that we are able to handle and the number of products that we have under one roof that
we manufacture. We manufacture about 10, 11 products, and we are growing out there as well
by introducing new products as well as the number of SKUs we manufacture as well. 6,000
SKUs, and growing there as well.
So that sheer complication that is involved in manufacturing these number of SKUs and
delivering to all our OEMs on-time, quality products, that itself is one of the bigger challenge,
which acts as a barrier for our competitors.
Sanjay Thapar: I like to add one more point. The great strength we have is our new product development
capability. We have a very strong team. This team is focused only on futuristic products, so that
is why we are able to launch these products, wherein one of our very old standing customer
awarded us for that last mile support. They appreciate our quality levels to support global
volumes. So, I think all in all, we are quite uniquely positioned to support customers in the
aesthetic decorator space.
Deepen Shah: Sir, just to carry it a bit forward, like once when you go to a new client and pitch for a product,
why would it shift from their existing supplier to you? That is the first question. And the second
is that when you pitch to an existing customer that you need to gain market share and replace
another supplier with your products, why would he do that? Because that obviously is well
entrenched with the existing supplier, and the cost arbitrage which we speak about is probably
not that much because you contribute maybe INR 300 per vehicle in a two-wheeler and maybe
INR 2,000 in a four-wheeler. So why is cost arbitrage that important, when he has to change the
whole supplier for just a very small part?
K.A. Joseph: So answering your question, so we have a very long-standing relationship with customers. It is
not just a transactional thing that we support the part. We are co-developers of parts with them.
So for the customers, for new models, we have an insight onto what new model will happen,
maybe 1 year or 2 years before the customer launches the vehicle. So we do a like of ideation
workshops. We conduct what are called Bling workshops where we say, we offer the customer
multiple technology options.
So it's not just a part of or he wants a logo. We can offer them a logo in 5 - 7 different
technologies. We can do very rapid prototyping and show them the results, what the effect is
going to be. And that is the reason why customers like to come to us and not go to other people.
So for example, there is a chrome plating business, so company could start with thinking that I
want a chrome plated badge, but when he sees 5 options from SJS, he finds that there's a larger
variety and we have parts priced at different price points.
Page 9 of 21
February 10, 2023
So depending on what the requirement is, and that is something that I think we are quite unique
in that concept because of this early engagement, as I talked of. And the customers like to have
robust suppliers. So they are all financially robust, well-run companies, and there's already
consolidation that's happening. So a customer would like to have fewer suppliers buy larger
parts, larger quantity of parts from these supplies so we gain from that trend as well.
So we don't compete on price. We compete on our capability to differentiate products and add
value to the customers' product.
Deepen Shah: Okay. And I just wanted some data if you probably could. In what part of the revenue comes
from increase in market share? Like you replacing the existing supplier in an old model with
your product? And how much comes from new products of the customers, the new launches of
the customers?
Sanjay Thapar: To be honest, I don't have that breakup with me right now. But I can only say that our out
performance of the industry is primarily on increase in wallet share. So customers, I would not
like to name specific customers and give you data around that, but new model launches by a
very premium motorcycle manufacturer. So we virtually gained the wallet share across all and
our revenues have increased quite significantly. So again, as I said, this is confidential. I would
not like to name customers. But a large extent, it is because of premiumization and gain of wallet
shares. So these are the two significant drivers of growth when we outperform the industry.
Moderator: Sir, we request you to kindly return to the question queue as there are several participants waiting
their turn. The next question is from the line of Harsh M. from Kriis PMS.
Harsh M: Congrats on good set of numbers. I actually had 2 questions. One is more on if you can explain
what exact headwinds are we facing in consumer durables? And are we even facing headwinds
for our automobile sector as well in case of export, or it's just the CD segment? That is my first
question. And then I'll come to my second question.
Sanjay Thapar: Okay. So the headwinds are headline news across the world, so everybody reads the same papers.
So, the war in Ukraine continues, the sentiment is dampened because inflation is very high,
energy costs are spiralling out of control. So sentiment both in Europe and North America, which
are very large markets for us, are impacted.
The question was that is it only consumer durables or also automotive? So also automotive. For
example, we supply a lot of dials to customers across the world and with lower production in
Europe and North America that demand has fallen. So overall sentiment is low, and we are
hopeful that this demand should come back. But essentially, it is this rising interest rate and a
scenario where customers are cutting back on discretionary expenditure in those advanced
countries, which is impacting sales in the long-term. But nonetheless, these continue to be very
large consuming markets, and we are hopeful that return to growth will come in the near future.
So we are just crossing our fingers and watching how it plays out.
Page 10 of 21
February 10, 2023
Devanshi Dhruva: Also, the thing is that if you'll actually see in our consumer durables or in our auto segment, in
exports or in domestic as well, we've not lost any customers. It is just that because of this demand
has been subdued, that's why the volumes in consumer durables have gone down. And that's why
it has impacted us also.
Harsh M: Got it. Got it. No, the reason to ask this is because we've seen across few other auto ancillaries,
the exports has not been impacted significantly for other players, at least in the automobile
sector. So that is why it was a bit, I wanted to get that color, but fair enough.
And by when we can expect the volumes from the new customers then, the Foxconn and IFB
which have been added? So next financial year, can we expect some volumes from them or
they'll take time to get them into developing new products and then it will take time?
Sanjay Thapar: So most certainly, so Foxconn is an important win for us because they are famous for their
integration of manufacturing of Apple cell phones. But they are a large global integrator of
electronic parts. And when we look at integrated displays, which I talked about in my earlier
conference call, that there is going to be a pressure for localizing these, so that we see is
happening.
And now the product of Foxconn is already under development, and hopefully should see
volume within the next year.
Harsh M: Got it. Any number in terms of revenue, if you can follow on what we can expect from the
customer?
Sanjay Thapar: Strategically, we don't provide guidance on our customer, sir.
Moderator: The next question is from the line of Jigar Jani from Nuvama Wealth Management.
Jigar Jani: So firstly, on the guidance front, so I think in start of Jan, we were anticipating or reiterating our
guidance for FY23. So just wanted to understand the major reason for guidance cut in for this
year, was it a particular customer in the export market that we were anticipating, and we did not
onboard it?
And whether the guidance on PAT, which you are guiding about 20% to 25%, is basically on
the rebased numbers that you have done for 9 months FY22, or is it on the full year PAT? That's
the first question.
And secondly, on the acquisition. So, we have about INR 143 crore of cash, and we are planning
to raise another at least at max INR 300 crores, so that's about INR 400 crores of kitty for the
acquisition. So I just wanted to understand what is the color on or what kind of acquisition are
we planning, whether it is in the domestic or the export market? Some more color on what kind
of acquisition it is likely to be since we are in advanced stages? Because it's a significantly large
outlay on an acquisition, considering that we are also planning to take some debt for the
acquisition. So any color on that would be great.
Page 11 of 21
February 10, 2023
Sanjay Thapar: Yes. So thank you for your question, Jigar. So first on the guidance of FY23. So for the first 9
months of this year, we have stayed steadfast in our guidance in terms of revenue growth, so we
were at 25% for the first 9 months. It is only in all honesty I am sharing with you. So we were
hoping that the export demand will come back. We have not lost any business in exports. We
have not lost any customer in exports, so everything is intact. It's just the macroeconomic issues
that exist in Europe and North America that is causing subdued demand. So I'm only being
transparent when I say that we were hoping. So for the first half of this year, the domestic demand
compensated for the export demand. So export markets have been suppressed all through the
year since this war is going on.
We see fresh challenges every day. But despite that, our revenue growth for the first 6 months
was 26.5%. We still were at 25%. We were hoping that the export markets would kick in. The
domestic market was a little soft post the festive sales, which is seasonal, that happens. So we
are, at this moment, only revising that a little slightly to a growth of about 20% and a PAT
growth of about 20% - 25%, so that's what I said. So we remain extremely bullish on growth
prospects, and that is the reason why we see huge traction by our customers.
We are looking at expanding, because we have a lot of customer requirements that we are
wanting to fulfil. And we will outperform the industry. So the key point is that while we are not
completely insulated, our strategy of premiumization, our strategy of gaining wallet share,
adding new products, all has helped us compensate and outperform the industry. So the industry
numbers as we saw were flat, but we've still grown very, very strongly. So I'm very happy with
the performance my team has put in. And the second question that we have was the acquisition.
So I can't disclose specific details, but to tell you, we need the funds that we have, INR 143
crores, as we've already guided earlier. We are looking at capacity expansion at Exotech, so
some amount of money will go there. And the acquisition that we are doing are all value-added
synergistic acquisitions, which would help us propel the company on a very high growth
trajectory moving forward. So that is the reason for this enabling resolution that's been passed.
It's not that we are spending money now. We are very prudent, very cautious that we have the
right target as we've done successfully for Exotech, as I mentioned during my commentary.
Jigar Jani: So any time line on when we can expect this, and whether just, if you could share whether it
would be in a domestic market, or will it be an overseas acquisition?
Sanjay Thapar: I would not like to provide the details till the deal is done, so you can understand. But then, we
are pursuing hard. So that's all that I can say for the moment.
Devanshi Dhruva: Also Jigar, as Sanjay mentioned, this is just an enabling resolution from the Board, like for an
amount not exceeding INR 300 crores. It does not mean that we will actually raise INR 300
crores or anything. It could be in different tranches also.
And at the same time, this is moreover taken in advance so that this enabling resolution will help
us so that we can smoothly go ahead with the acquisition whenever it happens. Since equity
Page 12 of 21
February 10, 2023
raising is a lengthy and time-consuming process, we just thought we should start the process in
ahead. So whenever the transaction happens, it happens smoothly.
Sanjay Thapar: Expansion at Exotech is an important lever, which we've already gone on record, right? So we
see very strong traction. We have doubled the sales in 2 years. We've increased EBITDA
margins. So we are extremely bullish, we're looking at talking to large global customers.
So for that, we need capacity, like we've done at SJS. The same thing we want to build at Exotech
so that we can fully utilize the benefits of scale in that company and fully utilize the cross-selling
opportunities that we have with customers that we have large relationships with.
Moderator: The next question is from the line of Dhiral from Phillip Capital-PCG.
Dhiral: So if I look at your P&L, and particularly the other expense, so as I see our other expense on a
Y-o-Y basis has risen sharply by almost 30%. So any one-off line item over there, which has
impacted our margins?
Sanjay Thapar: So Mahendra will take that call.
Mahendra Naredi: Yes. We have a one-off expenses in this quarter in our subsidiary, Exotech. There was a rate
amendment request from the customer, which I mean, that has belong to the transaction we have
agreed before the acquisition. The details are yet to evaluated, but on a conservative side, we
have accounted for, and that is accounted for in our provision for doubtful debt. So that was one
item. That's impacting around INR 6 million.
Apart from that, all expenses are almost in line. And the percentage rise when we see it compared
to the last year, in the last year, we had a one-off income in our revenue, INR 37 million, which
I talked about in my commentary. If you see in an adjusted manner, you will find that the cost
has gone down.
Sanjay Thapar: But overall, just to add 1 more point. So Exotech, we've actually expanded EBITDA margin. So,
I think that is the way to look at it. We've grown sales, we’ve doubled sales, as I said earlier, in
2 years. Outlook is very bright. We also expanded margins, so we are on the right track in
Exotech, and this is what we'll try to do moving forward, growth and profitability.
Dhiral: So this is a onetime expense, sir, or…?
Mahendra Naredi: So Dhiral, we are still evaluating. But however, for the 9-month period, we have already
factored. So while we're giving the EBITDA of 14% that has already been factored there. But
yes, it is under evaluation.
Devanshi Dhruva: Yes. So despite factoring in that thing also, at 9 months, we still stand at 14%.
Page 13 of 21
February 10, 2023
Dhiral: Okay. And sir, when you're looking to increase our content per vehicle by almost 1.5x to 3x to
4x across our product category. So by when, sir, we are looking to achieve that number in coming
years?
Sanjay Thapar: So I'll request Joe to answer that.
K.A. Joseph: We are working on different technologies as we had mentioned during the presentation. So these
things will start, the SOPs probably would start by the second half of FY24. That is around
September, October days.
Sanjay Thapar: So these are all related to model launches. So we are pitching very hard for these new generation
products. Now as and when, so between award of a business and by the time the customer launch
so that we are controlled by the customer's launch timing, so that's what Joe’s referring to.
Dhiral: So sir, by FY25, are we able to achieve that content per vehicle across category?
Sanjay Thapar: Yes, the products in our portfolio now? So technically, we will then push it to other customers
as well. So as you've seen, with any new technology, there's a market leader which launches 1
product, which appeals to the market and then others follow suit. This is what we've seen in the
case of the huge screen that Mahindra launched with the XUV700. It was a game changer for
the market, and now other customers are wanting the same thing.
So similarly, whatever we launch for one customer will get adapted. And that's a matter of,in the
next couple of years, you see that transition commission happening very rapidly.
Devanshi Dhruva: Also Dhiral, it's very difficult to give exact time line because it also depends on how fast the
OEMs as well as the customers will adopt these new products. We definitely see demand in the
West also growing for these products. At the same time, it depends on how fast in the domestic
market also these products come in and how fast the demand picks up for it.
Moderator: We have the next question from the line of Karan Kokane from AMBIT Capital.
Karan Kokane: So first question is on Exotech. I wanted to understand, so already, you have shown like a good
improvement in the margins for Exotech. Wanted to understand what can be like sustainable
margins? And do you think that because of these capacity expansions, there could be like some
hurdles to margin expansion in the mid-term for Exotech?
Sanjay Thapar: Okay. So we've guided that standard steady-state margins would be about, let’s say 14% - 15%
is what our estimate is because understand that this business, largely, it's the legacy business that
we inherited. In the last 1 year, we've added many new customers. So, the margin expansion is
a function of the customer and the selling price that I get. So, we are opening doors wide.
So one reason why we're investing money in this company is that it should be a facility that
customers are happy to buy from, and when they compare the systems and processes, it should
be truly world-class. So that's what we aim to do as we've done the same for SJS.
Page 14 of 21
February 10, 2023
So margins would continue, I mean they would be, as I said, demonstrated increase in margins
has happened. And in addition to this, once we get into the export markets, then we should be
able to get even more traction and positive upside on the margin front at Exotech.
But this expansion in terms of capacity utilization you asked, so we are quite confident that our
ROCE here for whatever expansion we're doing will be upwards of 20%, so that is what is our
investment thesis of business.
Karan Kokane: Understood. And sir, second question is just on the ownership of the company. So if I look at
the promoter ownership, there is about a 35% stake, which is being held by a private equity
company, and then the promoter is holding around 15% stake. So just wanted to understand how
should we think about this 35% stake, which is being held by the private equity firm? So that's
my second question. And then I just have one last question after.
Sanjay Thapar: Look, so Everstone is a private equity player and at some point will exit, so that is the nature of
all PE funds. But essentially, the business is professionally run, so Joe, who is right next to me,
is the promoter. This is a business that is very close to his heart. He will continue to hold, and
he is very passionate about this new product that he is launching. So maybe you'd like to get it
from Joe as the promoter. So Joe?
K.A. Joseph: Yes. I think I have repeated this. For me, this is like live here, die here kind of business. So I
started with about 35 years back, and I continue to play a leading role, and I'd like to continue
as much as possible. So, there is no going back on that part of it at all.
Sanjay Thapar: So Joe's family is also committed to the business, so his son has joined the business, so he's not
going anywhere. I mean, that's what he is trying to say.
Karan Kokane: Okay. Understood. And sir, just one question on exports. So exports, you said that you're feeling
a lot of pressure because of demand weakness in North American and European geographies.
So just wanted to check if our company can also be a play on the China +1 thing? Because we've
seen other auto component players saying that the suppliers from China are facing heat, and
that's why they're gaining market share. So is there any scope for us to gain market share? And
if China is a big supplier, could you just name a few Chinese suppliers?
Sanjay Thapar: Yes, so very good point. So absolutely. So all the supply chains are aligning post-COVID and
this war. India is a great beneficiary and in SJS we have copied ourselves into a position that we
have won customer's trust. We have a very pro delivery model. We ship across the world both
on the supply side and to purchasing and delivery, both the supply chains have been tested during
COVID and customers have sent us appreciation letters. So that's a very strong point when I talk
to any customer.
So supply chains are re-aligning. We have large inquiries from global customers wanting to ship
business out of China. In fact, also ship business out of Europe because of this rising energy
costs and inflation in those countries, so those companies have lost their, I mean, we are always
more competitive than them. But now, the pressure is even more acute.
Page 15 of 21
February 10, 2023
So, that's the reason why I'm so very optimistic about exports, and it should pick up. So it's hard
to say what time when Mr. Putin will decide to end the war and things come back to normal. But
fundamentally, it cannot go on, right? So we are already in the worst stage, one year has gone,
we've still grown at 20% - 25% growth, despite these external challenges. What we could do at
these tough times is focused inwardly and work on improving our operational efficiencies, work
on improving rejections, be very prudent with what we do moving forward.
So I think we've utilized this challenge very well as the organization, and we are well poised for
growth in the mid to long term.
Moderator: The next question is from the line of Lokesh Manik from Vallum Capital.
Lokesh Manik: Sanjayji, sorry, I joined a little late. So if you can just briefly share on the acquisition of Foxconn
as a customer. What are the products that we are supplying to them, the end use of those products
and therefore, domestic requirements or for their exports requirements?
Sanjay Thapar: It is for the requirement in India. So as you are aware, Foxconn is a global and maybe the largest
global assembler of electronic parts. A lot of these displays that are used in both these 2 two-
wheeler, especially electric two-wheeler and the 4-wheelers, are all large electronic assemblies.
And as I said earlier in my call to the investor community, there is definitely going to be
localization that will happen once it reaches critical mass, and that is exactly what has happened.
So, we have won this first business, so that's a very important step.
We shook hands, the products are under development, and we will get this. So the product we
have is an optical plastic part for the 2-wheeler EV. And incidentally, we've also broken ground
in the PV industry, where we have the central stack display. So we won our first business again
in that business, so that is what products Joe talked about in this presentation. So we have a good
manner, we're getting a lot of customer traction on this.
Lokesh Manik: And Sanjayji, just a follow-up on this. So have you done any research in terms of that if this
product would be cost competitive in the export market versus their existing suppliers also?
Sanjay Thapar: Sorry, could you repeat that a little slowly for me?
Lokesh Manik: For the same products in the export market for their export requirements in the global market,
would we be cost competitive versus other players?
Sanjay Thapar: We are again, I would not like to name customers, but as I said earlier. So we've been working
on these products for almost 2 to 3 years now. So yes, there is an export market, and we are cost
competitive, so that also is a big lever. As we talk, we are knocking on doors all our customers
where we have long relationship with. So certainly, they will consider for the export market with
us.
Moderator: The next question is from the line of Neel Shah from ValueQuest.
Page 16 of 21
February 10, 2023
Neel Shah: So firstly, my question is around this equity raise that you're doing. We are a company. We have
very good cash. We have almost no debt, and we have generated good cash flow. So what is the
reasoning behind going down this equity route rather than going to a debt route?
Sanjay Thapar: So at the moment, we have not decided whether we get equity or a debt route or a mix of both,
so that the board will take an appropriate decision. But rest assured, we'll take a very prudent
decision, keeping uppermost the interest of our shareholders in here.
Mahendra Naredi: And just to add...
Devanshi Dhruva: Yes. Yes, Mahendra, continue.
Mahendra Naredi: Raising fund through equity is basically a lengthy and time-consuming process and require lot
of regulatory and internal approvals. Hence, we thought to take enabling regulations to be ready,
from a point of view for a potential acquisition.
But anyway, this enabling regulation and approvals are valid for a period of 1 year, so we have
enough time to decide about it. Like sir Thapar said, we are not in a hurry. And at an appropriate
time, it will be done.
Neel Shah: Right. And my second question is around these new products. So in the new products categories
that we have, so let's say, capacity overlays and the non-legacy business that we have, what is
the percentage revenue that we are doing as of 9MFY23?
Mahendra Naredi: For the new product, we have covered in our commentary at around 11% to 12%. Our new
products are also being exported to some of our customers. And like you see, the exports demand
is lower at this moment for many reasons we have discussed. So it has gone down compared to
the last year.
But yes, we are hopeful that the exports come back. We will be back on this trajectory.
Sanjay Thapar: And not just exports -- Yes, sorry. Just to add to that.
Not just export. Fundamentally, the new technology products will find a lot of traction in India,
which we've already seen. So all these optical parts that I talked of. So there's a huge demand,
and I think sooner than later, you will have this as an essential requirement by OEMs when they
launch new models.
Devanshi Dhruva: Yes, as Sanjay just highlighted in the question before. He mentioned that for Foxconn, for one
of the PV customers and many other customers, lens cover especially, and a lot of other new
products that we're introducing, we are already bagging orders for that as well. We are already
winning many new orders for that.
So in the future, we are very confident that these new generation products are going to grow at
a faster pace.
Page 17 of 21
February 10, 2023
Neel Shah: Right. And these products, do you have any target set for them as percentage of revenue in
medium-term?
Devanshi Dhruva: Sorry, could you repeat your question?
Neel Shah: So I was saying, do you have any target in mind as to what level do you want to reach as
percentage revenue in medium-term?
Sanjay Thapar: So my thinking is that we should be at least 25%. And in fact, let's say, 7 years later, it could be
almost 70% of our business. So big growth coming into this area. So 20% - 25% is what we can
realistically assume over the next 3 to 4 years.
Moderator: The next question is from the line of Dhananjay Jain from Brescon Ventures.
Dhananjay Jain: I wanted to ask first question on exports. So in export, can you give me a breakdown of
realization in terms of Latin America, Vietnam, Thailand and US and Europe, what is the
difference in relationship with India, US, Europe and other countries? That is one.
Second. What has been historically a percentage of revenue for export in North America, Europe
and other countries? Third one I want to know is what time it takes to onboard the OEMs in
overseas versus India, what is the process there? How much time it takes?
Sanjay Thapar: A lot of questions rolled into one. Let me answer one by one. So first question you asked was
what is the share of different geographies for exports, right? If I understood that question right.
So as I mentioned -- Yes, Devanshi, go on.
Devanshi Dhruva: Yes. In terms of share of export, we've always mentioned that Europe has been one of our larger
markets, and that could be somewhere around 30% - 35% of our revenues generally. And this
quarter, it's been a little lower than that because of the factors that we already mentioned. USA
is another market, which is somewhere about 8% - 10% of our revenue. And Asia is another
30% - 35% of our revenues, balance are other countries.
Dhananjay Jain: Okay. Differential realization?
Devanshi Dhruva: Sorry?
Sanjay Thapar: We don't guide on realization as per geography. So all export markets, primarily our competitors,
are different companies. So let's say, whatever margins we earn here, export margins are about
5% higher at an average compared to what margins we have in the normal domestic business
that we have.
Dhananjay Jain: Okay. And time it takes to onboard OEMs outside India. What is the process for OEM?
Sanjay Thapar: Depends on products. So we already have a relationship, for a company like Visteon, we
supplied to for many years. There is zero time, it is just they give us a number and specifications,
and we start developing the product, it is proven, so there is no challenge there. For some specific
Page 18 of 21
February 10, 2023
new generation products like these optical plastic parts or the lenses with the special coatings,
that could take maybe about 6 to 9 months for them to approve. But these are new technologies.
All the legacy products that we have, we don't wait for approval. Specifically for some special
export requirement like color matching, et cetera, we do some tests which again is 3 - 4 months
testing period.
Dhananjay Jain: Okay. And apart from this.
Yes. I wanted to know in chrome plating business, what is the growth percentage you are seeing?
Are you looking to go into areas, SJS customers as well? Can you bifurcate between cross sell
and non-cross sell revenue?
Sanjay Thapar: I think we have the last part of your question but let me report to what I heard.
Dhananjay Jain: Cross sell and non-cross sell revenue. My question was...
Sanjay Thapar: Your question is about cross sell opportunity -- cross sell. Okay.
So we increased sales -- we increased sales at chrome plating business by 50% last year. Again,
very strong growth as I said we are doubling sales in the last 2 years, so that's testimony to the
traction that we have with our existing customers. A lot of that business has come from cross
selling, especially this year. So it has come from cross selling, it has come from gaining market
share and launching new products very quickly. So it's a mix of all. Do we have it? But maybe
Devanshi will talk to you separately on this.
Moderator: The next question is from the line of Chirag Fialoke from RatnaTraya Capital.
Chirag Fialoke: Just a follow-up on the Exotech margin. Is it correct that the INR 6 million provision that has
been taken for a pricing negotiation, I believe, all of it should be adjusted to the Exotech
EBITDA? Is that right way to understand it?
Sanjay Thapar: Mahendra, could you take that?
Mahendra Naredi: Yes. So that was right. It was, as I said, with the Exotech contributions. Yes.
Sanjay Thapar: Let me give you some flavor around that.
So before -- I mean, the company entered into contract before we acquired Exotech. So this is
something that has been a request raised by the customer now, we are examining it. But yes, it
is specifically only Exotech.
Chirag Fialoke: Understood. But if I don't adjust for that, then this quarter, Exotech would have made something
like 12.4%, 12.5% EBITDA margin. Do you think that it's just because of that provisioning that
if you adjust for that comes to 14%, that's how I should understand it? Because from a quarterly
cadence point of view, we are at INR 35 crores, but the margins have come down on a quarterly
basis on Exotech, specifically.
Page 19 of 21
February 10, 2023
Mahendra Naredi: So you are right. Had this not been there, the margins would be higher for sure. And like we
were examining this point also. And going forward, we will improve our margins by the Exotech
margin improvement over a period of time.
Sanjay Thapar: So the way to look at it is, look at the 9-month margin, then we will have a better average. So
we are at 14% on a 9-month basis at Exotech, just to give you that figure. And that is after doing
this adjustment.
Devanshi Dhruva: Even for the same Q3, actually, if this adjustment had not been there, we would have been at a
15-16% margins at Exotech. So that's why on a 9-month basis, even after factoring in, we are
still at 14%.
Chirag Fialoke: Right. And this adjustment is for the whole of 9 months, is it is taken in this quarter, but it also
sort of retrospective in nature? Is that the right understanding, correct?
Mahendra Naredi: So right, this adjustment was taken in quarter 3, and this belongs to the whole year.
Chirag Fialoke: Understood. Just one more question. On the export split side, could you please share the number
for the split of exports for H1 also as you have done for 9 months?
Sanjay Thapar: Devanshi, could you take that?
Devanshi Dhruva: Yes. Could you just repeat the question?
Chirag Fialoke: Sorry, the split of exports in domestic for the half year.
Devanshi Dhruva: The breakup of exports in domestic, you mean?
Chirag Fialoke: Yes.
Devanshi Dhruva: Yes. For the half year, it would be somewhere around, our exports would have been around 7%
to 8%, similar to what it was this quarter also for the 9 months, and domestic was somewhere
around 90% to 93%, even for the half year.
Chirag Fialoke: And the same half year FY22 would have been around 13% - 14%?
Devanshi Dhruva: Last year, say, last year, exports was somewhere around for half yearly was somewhere around
12%.
Moderator: Ladies and gentlemen, that was the last question for today. I would now like to hand the
conference over to Ms. Devanshi Dhruva from SJS Enterprises for the closing comments. Over
to you, ma'am.
Devanshi Dhruva: Thank you. Thank you, everyone, for joining us on this call. If anyone's questions have still
remained unanswered, please feel free to contact me and I will answer it to the best of my ability.
Page 20 of 21
February 10, 2023
Thank you, everyone. Have a great weekend.
K.A. Joseph: Thank you.
Sanjay Thapar: Yes. Thanks.
Moderator: Thank you. On behalf of Axis Capital Limited that concludes this conference. Thank you for
joining us. You may now disconnect your lines.
Page 21 of 21
i-f� 11•H 2 f&ithl1 H•ld ffio
(��cfil�)
Mahanagar Telephone Nigam Ltd.

(A Government of India Enterprise)
MTNL/SECTT/SE/2023
To February 15, 2023
The Listing Department,
Bombay S tock Exchange (BSE)
National Stock Exchange (N
SE)
Ref: BSE Scrip Code: 500108/ NS

E Symbol: MTNL
SUB: COMPLIANCE OF REGU

LATION 30 OF SEBI (LODR),
- APPOINTMENT OF CFO
EVENTS OR INFORMATION 2015- DISCLOSURE OF
PERSONNEL (KMP) - reg & KEY MANAGERIAL
Dear Sir/Madam,
In continuation to our intimatio

n dated February 14, 2023 and
read wi th Schedule III of pursuant to Regulation 30(6)
the SEBI (Listing Obligations
Regulations, 2015, we would like and Disclosure Requirements)
.to inform you that Bo ard o f Dir
their meeting held on Februa ectors of the Company in
ry 14, 2023, have approved the
Ahmed, GM (Finance) MTNL appointment o f Shri Sultan
CO as Chief Financial Office
immediate effect i.e. February r & KMP of the Company wit
14, 2023. h
The disclosures as required

under SEBI Circular No.
Sep tember 09, 2015, are separa CIR/CFD/CMD/4/2015 dated
tely enclosed as Annexure -A.
This is for y our information and

kindly take the same on rec ord.
Thanking You
(S.R. SAYAL)
COMPANY SECRETARY
q·\111 a � f.f1ff4 cfilllf("lll: qg1•1'1< i(Ht'cm �, 5 c{f tffi, 0""' . . . cfi'fw#tqfl, � m, °" �-110003
�i!ft'au
• •
.
"i . . m <lil4f<14 : 24319020' $ff[ : 24324243
Regd. & Corporate Office
: Manager Do��:c�� 9 CGO Complex Lodhi Road, New Delhi-110003 lnd1a
.�;�:•95��10:�·x: 24324243
3nv�'UTI!J'ft,-;;:rrtt 'In o:;a,,...J,J ;;a::'T -u=-i= I

Annexure-A
The disclosures as required under SEBI Circular No. CTR/CFD/CMD/4/2015 dated

September 09, 2015, are disclosed hereunder:
. - - -- - -·--
Particulars Details --
Reason for change viz. appointment, Shri Sultan Ahmed hc1s been appointed
resignation, reme-wl, death or othervlise as Chief Financial Officer & KMP of the
Company. -
Date of appointment/ €€SsaBefl--fa-S February 14, 2023
a-wli-ea-ele-)
Term of appointment Not applicable
Brief profile (in case of appointment) Resume Attached
Disclosure of relationships between None (he is not related to any Directors
directors (in case of appointment of a of the Company)
director)
I
I
BRIEF PROFILE OF SHRI SULTAN AHMED CFO & KMP OF MTNL

Shri Sultan Ahmed CM (Finance) MTNL Corporate Office is an officer of 1995 batch
of the Indian Post & Telecommunication Accounts and Finance Service( IP & TAFs)
who subsequently got absorbed in MTNL w.e.f. 01.10.2000. He is a Post Graduate
in Mathematics, LLB & Diploma in Management. He has worked in MTNL Mumbai,
Delhi and CFO to UTL Nepal. He has experience in the Telecom industry for more
than 27 years.
He has got a complete domain knowledge and expenencc m the field of

Telecom Finance, Revenue, Billing & realization, financial advice, Audit &
Accounts, statutory compliance, raising of loans & bonds etc. He is a director on
the board of MTL which is a fully owned subsidiary of MTNL.
COMPANY SECRETARY
Ramco !ndustries timited N
Auras Corporate Centre, 6'6 Floor, 98-A, Dr Radhakrishnan Road, Mylapore, ChennaiSOO OO4. lndia
Z
+9L 44 284? 8585 / 4298110n. Fa\ +97 44 2847 8597. wuw.EmcolndM.com
Ref.No.ESOS202UAllotmenVReg,30-int oN:L26s43rN1e6spLcoos2s7,E:rir@rit.co.in
15.2.2023
National Stock Exchange of India Limited

Exchange Plaza, 5s Floor
Bandra-Kurla Complex, Bandra (E)
Mumbai - 400 051
Scrip Code: RAMCOIND EQ
BSE Limited
Floor 25, "P.J.Towers"
Dalal Street
Mumbai - 400 001
Scrip Code: 532369
Dear Sirs,
Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure

The Nomination and Remuneration Committee of the Board of Directors of the

Company at its meeting held on 15s February, 2023,has approved an allotment of
1,46,000 equity shares of Re.1/- each, being the exercise of 1,33,500 equity stock
options under the Employee Stock Option Scheme 2021- Plan A, (ESOS 2021 Plan A)
and 12,500 equity stock options under the Employee Stock Option Scheme 2021
Plan B, (ESOS 2021 Plan B).
-
Consequent to this, the equity share capital of the Company has increased from
8,66,63,060 equity shares of Re.1/- each to 8,68,09,060 equity shares of Re.1/- each.
Subsequent to this allotment, the Company's paid up share capital stands at
Rs.8,68,09,060/-.
The meeting commenced at 10.00 AM and concluded at 11.00 AM. The Company will
be applying for the listing and trading permission shortly.
Thanking you
Yours faithfully
FOT RAMCO INDUSTRIES LIMITED
SOMASUNDARAM BALA Digitally signed by SOMASUNDARAM

BALA MURUGA SUNDARAM
MURUGA SUNDARAM Date: 2023.02.15 11:11:42 +05'30'
S. Balamurugasundaram
Company Secretary & Legal Head
CALCIUM SlLI(ATE OryW.lle & C.ilinar
':?::HILUX
siEHttrEm
Fibre Cement Board
GEEENCOiI
R,nco a
NEW AGE AOOFIN6
@*
Fibr. C. m.. r th..r
Rtaco
Smart mfiI
Toch S.rvicos
Regislpred OIti( c 47, l).S K NrU,rr, lt.rj.rl),r1.)y,In 67i, l0l.l, ndr,r
15th February 2023 VCL/SE/116/2022-23
To To
Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G
Dalal Street, Fort, Bandra Kurla Complex, Bandra (East),
Mumbai – 400 001 Mumbai -400 051
Scrip Code: 516072 NSE Symbol: VISHNU
Through: BSE Listing Centre Through: NEAPS
Dear Sir/ Madam,
Subject : Outcome - Analyst/Institutional Investor Meeting – Disclosure Regulation 30

of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the details of Analyst/Institutional Investor Meeting held on 14th February
2023 is as under:
Date Name Venue Type of Meeting

14th February 2023 Satco Capital Markets - Teleconference Call
Discussions during the meeting were on general business and market outlook. No
unpublished price Sensitive information (UPSI) was shared during the interaction.
This is for your information and record.
Thanking You.
Yours faithfully,
For Vishnu Chemicals Limited
Vibha Digitally signed by

Vibha Shinde
Shinde Date: 2023.02.15

10:53:04 +05'30'
Vibha Shinde
Corporate Office & Communication Address:
40I Aza House, 24, Turner Road, Bandra (W), Mumbai 400 050. Website: www.panamapetro.com
Phone : 9I-22-42I77777 I Fax : 9I-22-42I77788 I E-mail : ho@panamapetro.com
CIN No. L23209GJI982PLC005062
February 15, 2023

Pjiroze Jeejeebhoy Towers, Exchange Plaza,5th Floor,Plot No. C/1
Dalal Street, Fort, G Block,Bandra-Kurla Complex
Mumbai 400 001 Bandra (E) ,Mumbai-400 051
Scrip Code: 524820 Scrip Symbol :PANAMAPET
Dear Sir/Madam ,
Sub: Transcript of Earnings Call
We are enclosing herewith a copy of the transcript of the Earnings /Investors Call on the
unaudited Standalone and Consolidated Financial Results of the Company for the quarter / nine
months ended December 31, 2022.
This is for the information of the exchange and the members.
Thanking You,
For Panama Petrochem Limited
Digitally signed
Gayatri bySharma
Gayatri
Sharma Date: 2023.02.15

11:05:20 +05'30'
Gayatri Sharma
“Panama Petrochem Limited
. Q3 and 9M FY '23 Earnings Conference Call”
February 10, 2023
MANAGEMENT: MR. MAHESH NARVEKAR – VICE PRESIDENT,

CORPORATE RELATIONS – PANAMA PETROCHEM
LIMITED
MR. HUSSEIN RAYANI – JOINT MANAGING DIRECTOR
– PANAMA PETROCHEM LIMITED
MR. PRAMOD MAHESHWARI – CHIEF FINANCIAL
OFFICER – PANAMA PETROCHEM LIMITED
Page 1 of 10
Panama Petrochem Limited
February 10, 2023
Moderator: Ladies and gentlemen, good day, and welcome to Q3 FY '23 Earnings Conference Call of
Panama Petrochem Limited. As a reminder, all participant lines will be in the listen-only
mode, and there will be an opportunity for you to ask questions after the presentation
concludes. Should you need assistance during the conference call, please signal an operator by
pressing star, then zero on your touchtone phone. Please note that this conference is being
recorded.
I now hand the conference over to Mr. Mahesh Narvekar, Vice President, Corporate Relations.
Thank you, and over to you, Mr. Mahesh Narvekar.
Mahesh Narvekar: Thank you. Good morning, everyone. Welcome to Panama Petrochem Limited Earnings
Conference Call for quarter 3 ending 31, December 2022. I would like to begin by expressing
my gratitude to all of you by taking our time to join us on this call. This conference call may
contain some forward-looking statements about the company, which are based on the beliefs,
opinions and expectations of the company as on the date of this call. These statements are not
guarantee of future performance and involve risk and uncertainties that are difficult to predict.
I would like to introduce Mr. Hussein Rayani, Joint Managing Director; and Mr. Pramod
Maheshwari, CFO, Panama Petrochem Limited.
I request Mr. Hussein Rayani to share the quarterly performance overview of our company.
Over to you, sir.
Hussein Rayani: Thank you, Mahesh. Good morning, everybody. It is my pleasure to welcome you all to the
quarter ending December 2022 Earnings Conference Call of Panama Petrochem Limited. The
geopolitical issues and volatile business environment persist in this quarter as well. The
company faces challenges in the form of volatile raw material price due to very uncertain oil
markets. The price has been very volatile, coupled with supply chain constraints. The
businesses were facing challenging times. War and sanctions era has made the international
commerce difficult to perform and execute, thus affecting the export markets. However, given
these challenges, Panama Petrochem has performed well with stable growth in revenues and
margins.
Going forward, we anticipate steady performance in coming quarters. We do expect the

domestic demand to remain stable and the company's reliance on value-added products would
enable us to weather these challenges. Customer requirements are expected to remain stable in
the near future as we have not observed any fall or postponement in their requirements, and the
order book remains healthy in the quarter. Company hopes to provide steady growth guidance
for next quarter as well, backed by good domestic manufacturing demand.
On margin front, we are confident of maintaining the trend in near future, backed by increasing
the product mix towards the value-add. Expansion programs have been successfully
implemented in batches with 30,000 metric tons going on stream in this quarter ending March
2023.
Page 2 of 10
February 10, 2023
Now I request Mr. Mahesh Narvekar to give the financial highlights.
Mahesh Narvekar: Thank you, sir. On a consolidated basis, for December '22 quarter, the operating income was
around INR 574 crores, which grew approximately 12.4% over December '21 quarter.
Operating EBITDA reported was INR 69 crores against INR 68.7 crores in the same period.
Operating EBITDA margin for the quarter stood at 12.03%, Net profit after tax was INR 50.15
crores against INR 54.12 crores on a year-on-year basis. PAT margins reported at 8.74%.
As for nine months ending December 2022, the operating income was INR 1,742 crores,
registering the growth of 7.07% over previous period. Operating EBITDA reported is INR
246.59 crores, which was an increase of about 7.4% on a year-on-year basis. Operating
EBITDA margin stood at 4.16% as against 14.1% on a year-on-year basis. Net profit after tax
reported was INR 182.16 crores, which was a net increase of about 5% on a year-on-year
basis. PAT margins were reported at 10.46%.
With this, we can now open the floor to questions-and-answer-session.
Moderator: The first question comes from the line of Harshil Solanki, Equitree Capital.
Harshil Solanki: I had few questions. Firstly, sir, if you can help us with the volume number for the current
quarter?
Hussein Rayani: Yes. In this quarter, we have clocked a volume of 59,000 tons on a consol basis.
Harshil Solanki: And this is including our 30,000 additional capacity, which has come up or this is excluded?
Hussein Rayani: The 30,000 tons additional capacity has been completed and the trials and if the production
will commence in this quarter.
Harshil Solanki: Sir, in the past, we have said that if the crude fall, we expect the volumes to increase. But in
the current quarter, our volumes have declined. So what is the reason behind that?
Hussein Rayani: We have been actually facing a global scenario and the recessionary pressures and the
inflationary concerns have led to an over on a little bit of the demand in the export and global
markets have been a little bit challenging. The environment is quite challenging. The raw
material prices, especially the oil prices are very volatile, but we are still quite happy with the
performance in this quarter. And we see that the order book in this current quarter is also quite
healthy. And going forward, we are hoping for a much more stable performance by the
company.
Harshil Solanki: Sir, you have earlier guided that we will touch 3 lack volumes in this full year, and in the nine
months, we have done close to 180,000, so do you think that number is achievable or we need
to revise our guidance for the volume, given the uncertainties?
Hussein Rayani: We anticipate about 10% to 15% growth in this year.
Page 3 of 10
February 10, 2023
Harshil Solanki: Yes, sir, but that looks cheap, right? We did 260,000 last year and nine months, we have done
INR 1,80,000. If I add 10%, 15%, it comes to roughly 3 lakh, so…
Hussein Rayani: Nine month basis, the total revenues of the company is about INR 1,740 crores, reserve is
about INR 1,627 in the nine months of last year. So we are on track, and we anticipate a 10%
to 15% growth.
Moderator: Harshil, we request that you return to the question queue for follow-up questions. Next
question comes from the line of Rajesh Mehta, an Individual Investor.
Rajesh Mehta: Sir, could you please guide us on revenue and operating margin in the coming quarters? And
how do you see a year forward from here? And will we be able to sustain the margin going
forward?
Hussein Rayani: We anticipate, Rajesh, revenue growth of 10% to 15% and sustainable margins in the range of
12% to 14% for this year. The domestic markets are quite resilient and the demand has been
encouraging.
Moderator: The next question comes from the line of Megha Verma, an individual investor.
Megha Verma: Sir, I wanted to know what is the contribution of value-added products in this quarter? And has
the margin in the segment impacted?
Hussein Rayani: Yes. Thank you so much for your question. The contribution from value-added products is
about 65%, and we have been able to maintain the margins in the range, in spite of volatility in
the raw material prices, which saw wide fluctuations over a short period of time.
Moderator: Next question comes from the line of Samir Goel from Investor.
Samir Goel: I just wanted to know in this period of crude volatility, if the company facing any challenges or
any anticipate any future with regard to base on performance?
Hussein Rayani: The company has further renewed long-term purchase contracts with our existing suppliers
from different parts of the world to ensure steady and timely delivery of raw materials. Due to
our firm contracts, we do not anticipate any disruptions.
Moderator: Next question comes from the line of Rohan Mehta, an individual investor.
Rohan Mehta: Sir, I just want to check that basis, if I see past two years demand of our products, what do you
think, I mean, whether company is looking for any significant capacity expansion? And if yes,
any tentative time lines for the same?
Hussein Rayani: Yes. We have a plan of a total addition in our capacity by 100,000 tons, out of which in this
year, we have completed about 30,000 tons. In the coming two years, we plan to add another
60,000 tons to our existing capacity.
Page 4 of 10
February 10, 2023
Moderator: Next question comes from the line of Dixit Doshi from White Stone Financial Advisors.
Dixit Doshi: I'm slightly new to the company. So a couple of basic questions. So you mentioned that 65%
of revenue was from value-added products. Can you mention that, two, three years back, pre-
COVID, how much was the value-added product mix?
Hussein Rayani: Sure. Thank you for your question. So we have been consistently changing the product mix in
favor of more value-added tailor-made specialized products. If you see about three to four
years back, the contribution from value add was about 50%. So we have been gradually
increasing in that, and we have plans to further introduce more product ranges in the special in
the value-added product range.
Dixit Doshi: Second question is, so if I see our historical performance see, till FY 2020, we were doing a
6% to 8% EBITDA margin. And from last 3.5 years, almost we are doing almost 13%, 14%
margin consistently. So what led to this change, if you can elaborate?
Hussein Rayani: Yes, it has been due to a combination of factors. But as I have also mentioned in the previous
calls that the direction of the management is to keep working on the specialty zone and the
change in the product mix is the reason why we have been able to -- the margins have been on
the upswing, and that's the direction we plan to go forward.
Moderator: Mr. Dixit, request that you return to the question queue for follow-up questions. Next question
comes from the line of Harshil Solanki from Equitree Capital.
Harshil Solanki: I had two questions. Any update on the drilling fluid? Have you started the full-fledged supply
or still we are under trial basis? Can you share some light on that?
Hussein Rayani: Yes. This is a new range of products which we have introduced in our portfolio, and we have
all the approvals required to supply this product commercially to the major service providers
worldwide. We have been supplying this product now on a regular basis to global service
providers. But in the last couple of years due to the very volatile situation in the oil markets,
we are still hoping that in the coming years, this will be a significant part of our revenues.
Harshil Solanki: Sir, next question is on the GDR. Last month, 750,000 GDRs are converted into equity. And
the promoters were bought close to 2 lakh shares on the market. So this has related into some
dilution of promoter holding. So how does the promoter family look at it going forward?
Because in future, the conversion continues to happen, are holding will be?
Hussein Rayani: Mr. Mahesh?
Mahesh Narvekar: Harshil, Mahesh here. As far as this promotes dilution, promoters have not sold any shares into
the market. Neither did they enter into all these transactions here. And GDRs have been totally
converted into equity. So further dilution, we don't anticipate any dilution from the promoter
side.
Page 5 of 10
February 10, 2023
Moderator: Mr. Harshil, we request that you return the question queue to ask a question. Next question
comes from the line of Abbas, an individual investor.
Abbas: I would like to ask one question. How are the export markets faring? And what is your
assessment going forward?
Hussein Rayani: Thank you for your question. The export has contributed 41% of the sales revenue, which is an
increase of 30% from the preceding quarter. We anticipate more stability in export markets this
year. We have successfully introduced our products to five new markets and thus have added
about 12 new customers.
Moderator: Next question comes from the line of Utsav Anand an Individual Investor.
Utsav Anand: Congratulation on great set of numbers. I just wanted to know the capacity that we are adding
for 30,000 tons this quarter, the additional capacity, right?
Hussein Rayani: Yes.
Utsav Anand: Will we see any production coming out of that for the quarter?
Hussein Rayani: In this quarter, the trials and productions will be in this quarter for the additional capacity.
Utsav Anand: So we can see that will be affecting the revenue also like growth in revenue because of the
additional capacity…
Hussein Rayani: In this quarter.
Utsav Anand: Sir, my next question is the next INR 30,000 that we'll be adding, by when you can see that
being added to the total capacity?
Hussein Rayani: It will be in batches in the second half of the next year.
Utsav Anand: Around at the same time?
Mahesh Narvekar: Around the same time.
Utsav Anand: And sir, my last question is regarding the capacity utilization that you're working on right
now? Manufacturing, what utilization are you working on?
Hussein Rayani: So we are currently working at about 95% capacity utilization.
Utsav Anand: So do we see that maintaining this quarter as well? Yes, for like…
Hussein Rayani: Yes, we are having the order books are quite healthy in this quarter, and we have seen steady
demand from our customers.
Page 6 of 10
February 10, 2023
Moderator: Mr. Utsav, we request that you return back to the queue for follow-up questions. Next question
comes from the line of Siddhant Dand from Goodwill.
Siddhant Dand: Regarding the GDR, so how many was the current status with the GDR? How many are
outstanding?
Hussein Rayani: We already shared this information in our BSE and NSE website, you can go through it.
Siddhant Dand: And what are the future capital allocation plans of the company?
Hussein Rayani: We already mentioned all the shareholding pattern in the last one…
Siddhant Dand: No. Capital allocation plans like in terms of dividend payouts or buybacks?
Hussein Rayani: Yes. Dividend payout, we have already mentioned our policy, 20% of net profit.
Siddhant Dand: We plan to continue with that, right?
Hussein Rayani: Yes.
Moderator: Next question comes from the line of Manpreet Singh, an Individual Investor.
Manpreet Singh: Mr. Rayani, I have two questions, basically follow-up from answers you gave during the call.
My first question is regarding this long-term supply of raw material that you were talking
about. From the earlier calls, I've understood that it's a monthly contract that you get into with
your customers. So whatever volatility in raw material happens, you are able to pass it on. But
in this quarter, it seems that you were not able to pass it on and your gross margins got
impacted.
So in light of it, are we to understand that now you've taken a policy of entering into long-term
contracts for your raw material supply so that you can assure your gross margins? If the
answer is yes, then I would want to know that wasn't this done earlier, considering the
volatility. So this is the question around the raw material.
And my second question would come around the volume, the sales volume, but that I’ll ask
later on.
Hussein Rayani: Yes. See, our purchase is under long-term contracts with our suppliers who are refineries who
are located world over in different parts of the world. And we've been having long-term
contracts with them over the years because in times of volatility and supply chain constraints,
if we have a contract that we get a steady flow of raw materials always. So this has been the
policy. We have about 50% of our raw material requirements are under long-term purchase
contracts. And the balance requirements we do spot purchase.
Page 7 of 10
February 10, 2023
In terms of the sales, with our customers, normally, we have a practice of quarterly
engagement on the volumes, but the prices are negotiated every month. So it is the same
strategy which we are following that every monthly any changes in the prices are always
passed on. In this quarter also, if you would have seen, there is a slight downward on the
margins. But we have always given the guidance on the margins, and we have been able to
have a steady performance in this quarter also. So there is no change in the business model in
terms of supply of raw materials and our sales to our customer.
Moderator: Mr. Manpreet, we request that you return to the question queue for follow-up questions. Next
question comes from the line of Venkatesh from Logic Tree.
Venkatesh: So one big picture question. I know that you expand capacity. You mentioned we are adding
30,000 this quarter and another 60,000 probably in the next one or two years. So what is your,
if I take a slightly long-term view on, say, a three-year or a five-year horizon, what is it that do
you envision for Panama Petro in terms of broad top line growth? And are there any new
opportunities, new value-added products that you may want to get into? Can you give us some
big picture and most importantly, sir, is Panama Petro, is it in terms of competitive
positioning? What is the advantage that we enjoy because we've been very successful at it for a
very long term, I just want to understand what is your strength?
Hussein Rayani: Yes. Thank you very much for your question. The company, the management has a very clear
direction to work more closely in the specialty zone and keep on adding new products, which
are much more environmental friendly which are much more specialized, which are much
more tailor-made. So if you see the long-term vision of the company is to keep introducing
newer and cleaner products, which are the need of the time.
So that is -- we have a very strong R&D center at our Ankleshwar unit, but there is a lot of
work going on not only to introduce newer products in our existing segments that we are
operating, but also to introduce some new products for new specialized application. So if you
would see, we are confident of having a growth of about 10% to 15% every year and with our
vision to change the product mix more towards the value adds.
Moderator: Mr. Venkatesh, we request that you return to the question queue for follow-up questions. Next
question comes from the line of Dixit Doshi from White Stone Financial Advisors.
Dixit Doshi: My question was approach this 30,000 tons expansion, how much is our capacity right now?
And what is the margin difference between the value-added products and non-value-added
products?
Hussein Rayani: The total capacity with this new addition would be about 270,000 tons as compared to 240,000
tons in the last year. And normally, we have about for the conventional grades, we have an
EBITDA margin of 8% to 10%, vis-à-vis about 14% to 15% for our value-add. So we have a
blended EBITDA in the range of 12% to 14%.
Page 8 of 10
February 10, 2023
Moderator: Mr. Dixit, we request that you return to the question queue for follow-up questions. Next
question comes from the line of Manpreet Singh, an Individual Investor.
Manpreet Singh: So Mr. Rayani, the second thing I wanted to understand is with respect to your volume done so
far and then your sales estimate for the entire year. So what I understand so far is that in nine
months, you've done around 170,000 tons to 180,000 tons of volume. But last year, you've
done 260,000 tons. So if I just sort of annualize the current run rate, it gets me to around
240,000 tons for the entire year, which is, of course, going to be lower than the previous year.
So in light of this, how do you expect that your sales volume you are going to enjoy growth of
10% to 15% in your revenues and probably your profitability as well?
Hussein Rayani: Yes. So if you will compare the revenues on a nine monthly basis, there has been an increase
of about 7% from INR 1,640 crores to INR 1,760 crores. So INR 1,742 crores for the nine
months of this year. In terms of volume, we have clocked about 180,000 tons. So we anticipate
in terms of the sales, we should be about 10% higher than the last year.
Moderator: Mr. Manpreet, to ask a question, please return to the queue. Next question comes from the line
of Venkatesh from Logic Tree.
Venkatesh: Yes. So just gain the capacity, right? Sir, we're adding 12,000 this quarter and the next 30,000
would in the second half of FY '24. Is that right, sir?
Hussein Rayani: Yes, that's right.
Moderator: Next question comes from the line of Manpreet Singh, an Individual Investor.
Manpreet Singh Mr. Rayani, I’m sorry, I'm back on the previous revenue part, I was not able to ask the
clarifying questions, I have to come back. So I was able to understand that you said that in nine
months, the revenues have increased to, I think, INR 1,738 crores versus INR 1,320. So then
the follow-up question is that if your volume has been lower, how is that your revenue has
gone up? Is it because you've been able to increase your selling price? Is it because you've
been able to improve your product mix? So what's the reason for that?
Hussein Rayani: So even if you compare for the nine months volume data, in the nine months last year, FY '22,
we had about 170,000 tons of volumes done vis-à-vis 80,000 tons in the nine months ending in
this year FY '23. So there has been about 6% increase in volume on a nine monthly basis.
Moderator: Mr. Mantri, please return to the question queue. Next question comes from the line of
Venkatesh from Logic Tree.
Venkatesh: Yes, sir. Following-up on the question on your competitive advantage. I wanted to check with
you as Panama Petro, is there a global company or a company in the region that you consider
as a benchmark or a competition somebody who we think we can kind of compare ourselves
with?
Page 9 of 10
February 10, 2023
Hussein Rayani: We cannot reveal any kind of data on the competition. But yes, for us, the advantage, as I said,
we are having a product mix where value-add is about 65% of our total revenues. Export
contributes about 41% of our total revenues. We are currently exporting our products to more
than 75 countries worldwide. And in terms of the domestic sales, we've been working with
most of the multinational companies in each segment. So we provide them with an import
substitute products, which otherwise they would have to be importing. So we give them a just-
in-time delivery with an import substitute. So all these advantages help us to further cement
our position with our customers and increase our relations with them.
Moderator: Thank you. That was the last question for today. We have reached the end of question-and-
answer session. I would now like to hand the conference over to Mr. Hussein Rayani for
closing comments.
Hussein Rayani: Thank you, everyone. I would like to thank everyone who have participated in this call. For
any further queries or information, please get in touch with our Investor Relations team, and
we will be very happy to answer them. Thank you very much, once again.
Moderator: Thank you. On behalf of Panama Petrochem Limited, that concludes this conference. Thank
you for joining us. You may now disconnect your lines.
Page 10 of 10
RAMA STEEL TUBES LTD.
Manufacturers & Exporters : ERW Steel Tubes (Btack & Galvanised)
CIN : 127201011974P1C00n14 | AN l5O 9001 : 2015 CO.
RAMA
BUILD WITH TRUST
(O
Q
neSU. Office: B-5, 3rd Fl.oor, Main Road, Ghazipur, New Dethi (lndia) - 110096
+(91)-(11)-43446600 @ infoeramasteet.com @ www.ramasteet.com
Date: February L4,2023
To
The Manager - Listing The Secretary
National Stock Exchange of India Limited, BSE Limited,
Exchange Plaza, Bandra Kurla Complex, Corporate Relationship Dept.,
Bandra (East), Towers, Dalal Street,
P. J.
Mumbai - 400 051 Mumbai - 400 001.
Symbol: RAMASTEEL Scrip Code: 539309
Dear Sir/Madam,
Sub: Press Release
We are enclosing herewith Press Release, pursuant to Regulation 30 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 20L5.
For Rama ted
Nêw
ARPIT Digitally signed by ARPIT SURI
DN: c=IN, postalCode=282005, st=UTTAR PRADESH,
street=31 323 A2 SHANTI NAGAR PROFESSOR
COLONY KAMLA NAGAR, l=AGRA, o=Personal,
serialNumber=020638acd2340ec12cf4eab7a0a8aff4
7d167848dd006057998ee459717ebc52,
SURI
pseudonym=44de619623b24bdabd35f3ecd8998a7f,
2.5.4.20=45c634e1fdeaf30d50b9554bd43ca4ff7a630
b32673feda1071ac3101a5177c7,
(
email=CSARPITSURI@GMAIL.COM, cn=ARPIT SURI
Date: 2023.02.15 10:52:24 +05'30'
x-
Company ompliance Officer
Email id: investors@ramasteel.com
Encl. As Above

PRESS RELEASE
ANNOUNCEMENT OF RESULTS Q3FY2023
Rama Steel Tubes Limited (RSTL) has found a place in several sectors ranging from Water Distribution,
Electricity Distribution & Street Lighting, Telecom Applications and Irrigation Projects etc.
New Delhi, 14th February, 2023- RSTL is one of the most trusted Manufacturers of Steel Tubes
and G.I. Pipes, MS Pipes, STP Poles etc. We have Japanese technology to cater to the growing
demand in Domestic & Global Market.
RSTL has constantly tried to be the best and our investments in product innovation and R&D have
yielded fruitful results. Our skilled technicians and stringent quality checks have produced steel
tubes and G.I. Pipes, MS Pipes, STP Poles etc. to meet all the international quality standards. The
Government of India has given an "Export House Status" to our company. Recently RSTL Signed
‘MOU’ with Government of Uttar Pradesh to set up a Steel Processing Unit including MS pipes,
STP poles, GI pipes, CR Coils, GP Coils, Colour Coated Coils “(Proposed investment: ` 6000
MN)”
Consolidated Financial Highlights Q3FY23

(In INR MN)
Parameters Q3FY23 Growth % YOY
Total Revenue 3559.45 89.48%
Total Sales Volume (MT) 53216.16 118.34%
EBIDTA 166.72 37.82%
PAT Margin (including OCI) 76.41 27.14%
Business Update
 RSTL has completed a capacity expansion of additional 30,000 MT at Khopoli Plant.
Maharashtra. The expansion is almost completed and commercial production is expected
to begin in Q4FY23. Rama Steel Tubes Industries Limited (stepdown subsidiary of RSTL)
has commenced the setting up of a new facility in Nigeria, South Africa having an installed
capacity of 20,000 MT. The total capital outlay for this expansion will be Rs. 200 MN and
will be funded through the internal accruals. The new facility is expected to be fully
functional in Q4FY23.
 On 14th February, 2022, The Board of directors have approved a scheme of Amalgamation
of Lepakshi Tubes Private Ltd, a wholly owned subsidiary of RSTL with the latter
company under sections 230-232 of The Companies Act, 2013. This merger has been
proposed to bring about operational synergies and cost savings to both the companies. The
scheme has already been approved by the shareholders and creditors in their respective
meetings held on November 15, 2022.

 During the period under review the following transaction were held:
 The Company has alloted 1625000 Warrants convertible into Equity Shares @112.50
on October 12, 2022.
 Company has announced the bonus shares in the ratio of 4:1, which have been
approved by the shareholders thorough Posal Ballot on December 23, 2022 and
corresponding allotment of the same was successfully done on January 07, 2023.
 The Company has increased its Authorised Share Capital from Rs. 11,50,00,000 /-
(Rupees Eleven Crore Fifty Lakhs Only) consisting of 11,50,00,000 /- (Eleven Crore
Fifty Lakhs Only) Equity Shares of Re. 1/- (Rupees One) each to Rs. 55,00,00,000/-
(Rupees Fifty Five Crore Only) consisting of 55,00,00,000 (Fifty Five Crore only)
Equity Shares of Re. 1/- (Rupees One) each w.e.f, December 23, 2022.
Management Comments
Mr. Richi Bansal- Executive Director said that RSTL has delivered steady growth in India
volumes despite the volatile operating environment. During Q3FY23 has registered healthy
set of numbers in terms of sale, revenue and profitability. The Q3FY23 with the growth in
Revenue from operations being 89.48% and growth in sales volume of 118.34 % on Y -0-
Y basis. There is growth in demand of our products having the highest level of quality and
our ability to cater the needs of all our customers on timely basis.
We are also in process of entering into certain niche segments like supply of steel pipes
and tubes to City Gas Distribution and Solar Energy power generation units. We plan to
dedicate at-least 25% of our production capacity 300000 MT to cater to the demand of the
Government sector in the coming years, which is having an EBITA margin of 9%-10%,
thereby significantly improving our overall margins.
From the facility, in the process of being set up, in Nigeria, we have already signed
purchase agreement of 15,000 MT p.a. for supply of specialty steel from Huihai Group Ltd,
Hong Kong. The potential market size for Specialty Steel in Nigeria is ~50,000 MTPA and
we are happy to cater almost 1/3rd of the total market size.
On the expansion front, we are in process of modernization of our plant located at

Sahibabad, Uttar Pradesh with a major goal of de-bottlenecking operations; which will
result in increasing our yield per tonne of finished products. The 1st phase of this
modernization is expected to be completed by Q4 of the Fiscal Year 2023.
Our efforts of backward integration at our plant in Anantpur District, Andhra Pradesh
wherein we are in process of Cold rolling and Galvanizing Steel Sheets will lead to an in-
house raw material support of 50,000 MT in the upcoming years. With the expansion of
Khopoli plant by ~30,000 MT and the setting up of facility in Nigeria by our stepdown
subsidiary, we expect our total capacity to increase to 300000 MT by end of FY23. Further

to this, we are in process of adding 10 SKUs to our repertoire on a monthly basis, projecting
a total of 1250 SKUs being produced in period of 2 years. This will strengthen our
relationships with distributors by offering a complete range of products and make RSTL
one of the leading suppliers of Steel Pipes and Tubes in the forthcoming years.
About Rama Steel Tubes Limited
RSTL is a one of the Pioneer and Leading Manufacturer in the Steel Tube and Pipes
industry established in 1974. RSTL has a proven track record of operational excellence,
cost efficiency, sustainable practices, high quality Manufacturer in Steel Tubes and Pipes
Industry. RSTL has 20% exports rate, with a global presence in more than 16 Countries.
It currently has an aggregate capacity of 2.94 Lac MTPA. RSTL has a subsidiary in UAE
and a stepdown subsidiary in Nigeria which has strengthened the company's presence in
global markets. RSTL has 4 state-of-art manufacturing capabilities located at Sahibabad
(U.P.), Khopoli (Maharashtra) and Anantpur (Andhra Pradesh). RSTL has recently
acquired 51% stake in Ashoka Infrasteel (Partnership firm) and 50% stake in Hagar Mega
Mart Private Limited. RSTL also have 25% stake in Peer Panchal Construction (JV) and
has got strong distributor network spread across India.
“We are RSTL, where every effort is

towards being better – than the best.”
DISCLAIMER: Certain statements in this document that are not historical facts are
forward looking statements. Such forward looking statements are subject to certain risks
and uncertainties like government actions, local, political or economic developments,
technological risks, and many other factors that could cause actual results to differ
materially from those contemplated by the relevant forward-looking statements. RSTL
Shall 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.
For further information on the Company, please visitwww.ramasteel.com
RAJEEV KUMAR AGARWAL-CFO
Rama Steel Tubes Limited Tel: +91-11-43446600
Email: cfo@ramasteel.com
ARPIT SURI-CS
Rama Steel Tubes Limited Tel: +91-11-43446600
Email: cs@ramasteel.com
Dept. of Corporate Services – Corporate Relationship, National Stock Exchange of India
BSE Limited, Limited,
Phiroze Jeejeebhoy Towers, Dalal Street, Listing Department,
Mumbai 400 001. Exchange Plaza, C-1, Block ‘G’
Bandra-Kurla Complex,
Bandra (East),
Mumbai 400 051.
Date Our Reference No. Our Contact Direct Line
15th February, 2023 SEC/2/2023 RAHUL NEOGI 91 22 67680814

rahul.neogi@itdcem.co.in
Dear Sirs,
Sub: ITD Cementation India Limited Secured new order worth ~Rs 833 Crore
Scrip Code No: 509496 (BSE) and ITDCEM (NSE)
This is to inform you that ITD Cementation India Limited has secured new order worth ~Rs 833
Crore.
We are sending a copy of Press Release being issued today in connection with the above which is
enclosed herewith for your information and record.
Thanking you,
Yours faithfully,
For ITD Cementation India Limited
RAHUL
Digitally signed by RAHUL NEOGI
DN: c=IN, o=Personal, postalCode=400101,
st=Maharashtra,
2.5.4.20=d6d0df5445796b87b8d90ab7a54e
cb6fa930dd593fdf12cc80090f398780228b,
pseudonym=6A90452343F3F023CF80080B
NEOGI
1BA7597371D386ED,
serialNumber=8D2A9ED0DFE2EEF0B6F68C
1B48856DD103F7E3A97C4B25E6D1B16D81
2D7260A5, cn=RAHUL NEOGI
Date: 2023.02.15 10:18:45 +05'30'
(RAHUL NEOGI)
COMPANY SECRETARY
ITD Cementation India Limited

Registered & Corporate Office: 9th Floor, Prima Bay,
Tower – B, Gate No. 5, Saki Vihar Road, Powai, Mumbai - 400 072.
Tel.: 91-22-66931600 Fax: 91-22-66931628 www.itdcem.co.in
Corporate Identity Number: L61000MH1978PLC020435
MEDIA RELEASE
- SECURED NEW ORDER WORTH ~RS 833 CRORE
- SECURED ORDERS WORTH OVER RS 8,800 CRORE SINCE APRIL TILL DATE
February 15, 2022, Mumbai:
ITD Cementation India Limited is pleased to inform that the Company has secured order to
construct Thal Sena Bhawan at Delhi Cantt-10 on EPC basis worth ~Rs 833 crore.
About ITD Cementation India Limited
ITD Cementation India Limited is one of the leading Engineering and Construction Companies
undertaking Heavy Civil, Infrastructure and EPC business and operating in India for nine decades
with an established presence and expertise in Marine Structures, Mass Rapid Transit Systems,
Airports, Hydro-Electric Power, Tunnels, Dams & Irrigation, Highways, Bridges & Flyovers, Industrial
Buildings and Structures, Foundation & Specialist Engineering.

Registered & Corporate Office: 9th Floor, Prima Bay,
Tower – B, Gate No. 5, Saki Vihar Road, Powai, Mumbai - 400 072.
Tel.: 91-22-66931600 Fax: 91-22-66931628 www.itdcem.co.in
Corporate Identity Number: L61000MH1978PLC020435
CFL/SE/2022-23/FEB/06 February 15, 2023
The Manager (Listing) The Manager (Listing)
BSE Limited National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers, Exchange Plaza,
Dalal Street, Plot no. C/1, G Block,
Mumbai-400 001 Bandra – Kurla Complex
Scrip Code: 508814 Mumbai-400 051
Security ID: “COSMOFIRST”
Sub: Investor Presentation
Dear Sir
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)

Regulations 2015, please find enclosed Investor Presentation on Operational and Financial
Performance of the Company for the Quarter ended on December 31, 2022. The Investor
Presentation is also being hosted on the website of the Company viz.,
https://www.cosmofirst.com/investors/investors-presentation.
You are requested to take the same on your records.
Thanking You
Yours faithfully
For Cosmo First Limited
(Formerly Cosmo Films Limited)
JYOTI Digitally signed
by JYOTI DIXIT
DIXIT Date: 2023.02.15

10:07:57 +05'30'
Jyoti Dixit
Encl: a/a
A Perspective
February 2023
Speciality Films, Speciality Chemicals & Petcare

Flexible Packaging I Lamination I Labeling I Synthetic Paper I Speciality Chemicals I D2C Petcare (Zigly)
Disclaimer
Certain statements in this presentation are forward-looking

statements. These statements are based on management’s
current expectations and are subject to uncertainty and
changes in circumstances. These statements are not
guarantees of future results or occurrences. Actual results
other financial condition may differ materially from those
included in these statements due to a variety of factors.
Any forward-looking statements made by or on behalf of

Cosmo First speak only as to the date they are made, and
Cosmo First does not undertake to update forward looking
statements to reflect the impact of circumstances or events
that arise after the date the forward looking statements
were made.
Discussion Summary
❑ Cosmo First – An Overview
❑ December 2022 Quarter - Performance

Snapshot
❑ Strategic Perspective
❑ Our Businesses:
✓ Films Business
✓ Speciality Chemical
✓ D2C Petcare – Zigly
❑ Financials Overview
❑ ESG Focus
COSMO FIRST - AN OVERVIEW
Company Overview
Strong History & Leading Position Global Leader in some Specialty Segments Unique Proposition
❑ Established in 1981, Cosmo Films ❑ World’s largest producer of thermal ❑ Uniquely positioned with good mix of
Ltd.is the pioneer of BOPP Films lamination films. specialty/semi specialty (64% volume
Industry in India. ❑ Global second largest player in FY’22) and commodity films.
❑ Promoted by Mr. Ashok Jaipuria, the Specialty label films ❑ Globally among top four players in BOPP
company is also the largest BOPP ❑World’s largest supplier of Industrial Speciality films
film exporter from India. Application Films.
Films Production Facilities – Annual Ventured into Specialty Chemicals D2C Petcare Venture - “ZIGLY”
❑ BOPP Films: 196K MT ❑ D2C Omni channel business model to
❑ Thermal Films: 40K MT ❑ Masterbatch: 10k MT
address pets need at every stage of life.
❑ BOPET Films: 30K MT ❑ Textile & Coating Chemicals: 5K MT
❑ To build India’s largest Pet care ecosystem
❑ Coated Speciality Films:20K MT ❑ Adhesives: 2.5K MT
with presence across the channels i.e.
❑ Metalized Films: 22K MT experience centers, online, mobile vans etc
❑ CPP Films: 10K MT
Strong Financials Strong R&D Focus ESG & Sustainability “CareEdge Good” Rating
❑ Environment: Focus on reducing Green House
❑ Continuous growth and profitability ❑ Collective R&D experience of over Gas missions, green energy at plants, waste
track record. 100 years. reduction, water treatment etc
❑ Net Debt/EBITDA: 0.7 times (Dec 22) ❑ Six current patents another six in ❑ Social: Education to 20k+ students, 2.5Lakh lives
❑ Net Debt/Equity: 0.3 times (Dec 22) pipeline. touched in the fight against COVID-19
❑ Governance: Strong Independent board with
66% of Independent Directors
Company Overview - Our Businesses
Speciality films focused business Three Verticals: Zigly is D2C, Digital First Omni
with target to sell 80% volume of ❑Masterbatch (From FY22) Channel platform for Pets (Petcare
value add speciality films by FY24 ❑Textile Chemicals (From FY22) is high growth Industry growing at
(FY22 64% speciality/semi ❑Adhesive (From H2, FY23) 25% CAGR)
speciality volume)
Company Overview - Key Milestones
►Established in1981, Cosmo Films Ltd.is the ►2012: 2nd ►Petcare
►2016: CPP line-1
coating line
pioneer of BOPP Films Industry in India; ►2017: 10th BOPP
►Speciality Chemicals
►2013: 9th
line 2022
►Itgradually scaled up the operations BOPP line
►2010: 2nd
accompanied by couple of acquisitions metallizer ►2014: 3rd 2023
2016-17
►3rd and 4th extrusion line coating line
coating line; ►2011: Korea ►Re-branded
2021
►1st coating line; plant 2012-14 to Cosmo
2018-20 First Limited
►Gas based
2010-11
electricity ►Specialized
►2018: CPP line-2
generation unit 2015 BOPET Line
►2020: 6th coating
line
2006 ►4thand 5th
►1996: 3rd BOPP line ►Acquired Gujarat coating line; 3rd
Propack Ltd 2009 Masterbatch Line-1
►2001: 4th BOPP line metallizer line;
2007-08
Upgradation of
1996-01 2002 US plant
2003-05 ►2007: 5th extrusion
►Cosmo Films Ltd, acquired the GBC Commercial Print
coating line
►2008: 6th and 7th Finish business of ACCO Brands Corporation of USA in
►2003: 5th BOPP line extrusion coating line June 2009;
1981-88 ►2004: 6th BOPP line; 1st
►Acquired GBC commercial ►The acquisition was made through its Netherlands
extrusion coating line; 1st
metallizer line subsidiary, CF Holdings Ltd. BV to become the
►8th BOPP line
►1981: 1st BOPP line ►2005: 2nd extrusion coating line world’s largest producer of thermal lamination films
►1988: 2nd BOPP line
Company Overview – Why Named “Cosmo First”
Known for launching

Pioneer of BOPP films
Innovative Speciality Films
Industry in India
first in India
First to have D2C Business Partners &

True Omni-Channel People First
Presence in India Approach
Sustainability First Speciality Chemical

Approach in the launched India first
Industry products
DECEMBER 2022Q RESULTS UPDATE
December 2022 Quarter - Performance Snapshot
INR Crores
Particulars Unaudited Q3 FY 22-23 Unaudited Q2 FY 22-23 Unaudited Q3 FY 21-22
Standalone Consolidated Standalone Consolidated Standalone Consolidated
Net Sales 625 730 725 778 739 771
EBITDA 75 86 117 124 132 161
EBITDA % 12% 12% 16% 16% 18% 21%
PBT 40 49 93 97 111 138
PAT 36 46 69 73 79 104
EPS* 106 119 122 141 106 135
* EPS is calculated on the TTM basis after adjusting for Bonus issue in June'22.
Management Commentary
❑ Q3, FY23 results were also adversely impacted by:
• one time inventory loss in Raw materials and Finished Goods (both in India and subsidiaries)
• planned maintenance of some of the production lines
• restricted flow of orders for speciality films due to festive and holiday season in Europe and USA
• larger funding of operating deficit in the rapidly growing Petcare vertical
❑ Management is confident about correction of one off items (inventory loss, BOPP volume loss and lower speciality sales) in coming
quarters.
❑ The Company’s financials remain strong with annualized ROCE and ROE at 20% and 25% respectively and net debt to EBITDA of less
than one times.
Management Commentary Continues
Film Business:
❑During the quarter, BOPP and BOPET industry faced excess supply caused due to bunching of new production lines
and on the other hand demand disruptions in overseas markets. The contribution margin dropped below the
sustainable levels and impacted everyone in the industry. The Company mitigated the impact on the back of its
strong presence in speciality films segment.
❑BOPP Films margins have been running at close to Rs 15/- per kg during Dec 2022Q vs Rs 42/- per kg during Dec
21Q and Rs 20 per kg during Sept 2022 quarter. This is much lower than average historical margins (in range of Rs
25 per kg).
❑The BOPET line which was commissioned towards the end of last quarter continued to focus on perfecting recipes,
processes and quality parameters for various speciality and value-added films in line with the Company’s entry
strategy in polyester films.
❑The near-term outlook for commodity films is expected to be challenging however the Company will continue to
expand on specialty films growth.
❑Speciality Chemicals:
▪ The speciality chemicals business has witnessed topline growth of over 30% in Q3, FY23 and 100% on YTD basis.
▪ We expect FY23 to close between Rs 160-170 crores with positive EBITDA. Beside some high-cost inventory,
speciality chemical subsidiary should post profit during FY23.
▪ FY24 will be year of scale-up for speciality chemicals.
▪ Has achieved about 75%-80% capacity utilization for masterbatch first line. Complimentary Adhesives for
packaging segment is planned to be launched in Q4, FY23.
❑PetCare:
▪ The Company’s Petcare vertical is rapidly expanding and clocked monthly GMV run rate of Rs. 1.3 crore with 11
experience centers and increasing online presence through its website and mobile apps. The company is targeting
10 times GMV growth within next 2 years.
▪ The company has served over 10k+ customers with over 4k being Zigly Pro members and repeat customer rate of
1/3. The brand has crossed 1 lakh followers over social media platforms.
▪ 3500+ SKUs available on website including some Private Label.
Speciality & Semi Speciality Growth and Margins
❑ Expanding Speciality & Semi-Speciality films portfolio (high margin category) (FY22 64% volume;
19% CAGR over last 3 years).
❑ Target 80%+ volume from Speciality & Semi Speciality segment by 2024.
120% 80
70
100%
60
80% 38% 43% 52% 64% 69% 57% 50
64%
60% 40
30
40%
62% 20
20% 48% 43%
57% 36% 31% 36% 10
0% -
FY19 FY20 FY21 FY22 Q1'FY23 Q2'FY23 Q3'FY23
Commodity Volume Speciality & Semi-Speciality Volume Commodity Margins Semi-Speciality Margins Speciality Margins
Notes:
1) Specialty sales during Q3, FY23 was impacted in export market primarily due to temporary supply chain issues and geo-political crisis
2) Margins denote per/kg contribution for respective films categories.
STRATEGIC PERSPECTIVE
Why Cosmo First ?
❑ A Company with diversified businesses with target 20% CAGR topline growth in next 3 years coupled with commensurate return growth
❑ Potential high Growth Engines include Speciality Films, Speciality Chemicals and a digital first, D2C Petcare business
❑ Speciality Films:
✓ Expanding Speciality portfolio (64% Volume; 18% annual growth in last 3 years). Target 80%+ Volume from Speciality by 2024 end
✓ Targeting High Growth (70% capacity increase in 3 years) – Specialized BOPET Line (Q3, FY23), CPP Line by FY’25, BOPP Line by H1’FY26
✓ R&D & Sustainability focus (30+ highly qualified polymer/chemical scientists; Further expanding)
✓ Four current patents & another fifteen are in pipeline
✓ 20% growth targeted from BOPET line (from H2’FY23)
✓ 20% ROCE and 25% ROE – Dec 2022
✓ Strong financials (net debt/EBITDA at 0.7 times, net debt/equity at 0.3 times)
✓ AA- Credit Rating with stable outlook by CRISIL
❑ Speciality Chemicals:
✓ Masterbatch plant (1st line with 75% captive consumption & 25% outside sale). Expansion expected in next one year
✓ Speciality Textile Chemicals – scale up in coming years
✓ Complimentary Adhesive business for Packaging, Lamination and Labels – under commissioning
✓ Target 25%+ ROCE business
❑ Petcare:
✓ Untapped Industry growing @ 25%+
✓ D2C Digital first Omni-channel presence in Products & Services
✓ Plans to launch about 15 experience centers during FY23 and enhance to 150 experience centers in next a couple of years.
✓ Plan to demerge Petcare vertical into separate company in medium term.
Key Capex to Fuel Growth
Films Business:
Estimated Annual Estimated

S.No. Capex Project Capex Capacity Commercial
(INR Crs) (MT) Production by
1 BOPP Line (World’s Largest Line) 350 67,000 H1’FY 2026
2 CPP Films Line (World’s Largest Line) 140 25,000 H1’FY 2025
Beginning of
3 Value add assets for Specialized BOPET line 100
FY2024
Total 590
Other Businesses:
❑ Specialized Chemicals (scaling up planned during FY23 for capex done in FY22) – Estimated INR 60 Cr
Capex in next 3 years.
❑ D2C Pet Care businesses (15 nos. of experience centers during FY23 and enhance online business)
What Investors may Expect ?
❑ Flexible Packaging Business: Transformation into primarily Speciality films company with late teens ROCE
❑ Speciality Chemicals: 10% -15% revenue with 25%+ ROCE in about 5 years.
❑ Petcare: Build and demerge the business vertical in medium term to drive shareholders valuation
❑ Going forward B2B segment (speciality films, packaging films, specialized BOPET line, speciality chemicals)
and B2C segments (D2C Pet Care and selective Speciality chemicals) will drive growth.
❑ ESG & Corporate Governance – ESG Initiatives & highest standard for corporate governance in place.
CareEdge Research initiated ESG assessment for Cosmo First at Grade 3 “Good Rating”.
BUSINESS OVERVIEW
“FILMS BUSINESS”
Films Business-India Industry Dynamics & Capex Strategy
Data Source: AMI/PCI/Other Independent Research and

Industry Sources
Films Business - Speciality Films Product Portfolio
PACKAGING FILMS LAMINATION FILMS LABEL FILMS INDUSTRIAL FILMS
o Print & Pouching Films o Thermal Lamination & Wet o Pressure Sensitive Label o Synthetic paper
o Tape & Textile Films Lamination stock films o Cable Overwrap
o Barrier Films o Special Application o Direct Thermal Printable o Other Specialized Film
Lamination Films films
o Overwrap Films o Premium Lamination Films o In-mould films
o Heat resistant Film o Wrap Around label films
Films highlighted above in red color are Specialty Films, while with blue color include both specialty & non-specialty
Disclosure: All these are trademarks of respective Owners
Speciality Films
❑ Grow Speciality portfolio by volume from 64% in FY22 to 80%+ by 2024
❑ Each 1% shift in Speciality adds EBITDA between Rs 4 to 5 crores
❑ Complimentary growth in Specialized BOPET Line (Shrink labels, Heat reduction films and other high end
Speciality) – target 20%+ ROCE in medium to long term
❑ Investing resources on R&D & Sustainability:

✓ Increased R&D headcount to 30+ highly qualified members. Further enhancing R&D capability
✓ Developed centralized R&D center at Aurangabad
✓ Driving & investing in several sustainability projects
Speciality Films Focus
❑ Key Speciality Products:
✓ Globally among top four players in BOPP Speciality films
✓ Speciality Label Films – Second largest player in the World
✓ Thermal Lamination Films – World’s largest supplier
✓ Industrial Application Films – World’s largest supplier
❑ Newer growth areas for Speciality:

✓ Synthetic Paper – Durable alternate to paper. Global market 100k MT (India 6k MT) - immense potential to grow.
✓ Sustainable solutions
❑ Future Pipeline:
✓ Direct Thermal Printable Film (first BOPP film producer to launch)
✓ Sustainable PVC free solutions for graphic applications
✓ Heat reduction films
✓ Shrink Label film
❑ Heat Control Film:

✓ Global Market size US$ 10 billion and expected to grow at 5% CAGR
✓ Increasing demand for films in the building and construction industry is expected to grow of the market.
Speciality Films: Specialized BOPET Line (H2, FY23)
❑ Worlds’ largest line for Shrink Labels and Heat Control Films
❑ Shrink Labels – global market @ 130k MT
❑ Opportunity in India to convert non-recyclable PVC film market (30k MT)
❑ Project estimated cost INR 450 crores (with value added assets) with about 4 years estimated payback
Speciality Films: Some Products launched during recent quarters
100% Opaque Synthetic Paper
Direct Thermal Printable Film o A non tearable, co-extruded, white
o A film specially designed for opaque and both sides matte coated film
niche applications like for dangler application.
information labelling (airport High Tear Resistant Synthetic Paper (CSP)
baggage tags etc.), inventory o Originally designed for high tear resistant
tracking, frozen food labeling tag applications. Also offers moisture, oil
and parking ticket applications. Industrial and chemical resistance just like standard
Films synthetic paper.
High Scratch Resistant Metalized
Film
o Specially designed for pressure Enhanced Barrier Metalized BOPP Film
sensitive label stock applications, o Suited for packaging of biscuits,
the film delivers spectacular Label Packaging snacks, bakery products, chocolates
print performance across a wide Films Films and personal care products like
variety of printing processes like shampoo sachets etc.
flexography, silkscreen, foiling
etc. White Cast Polypropylene (CPP) Film
o To address the issue of slippage of
layers over each other as having high
Coefficient of Friction (COF).
Films Business - Manufacturing Footprints
TOTAL INSTALLED CAPACITY
BOPP – 1,96,000 TPA ( 9 lines)
Thermal – 40,000 TPA ( 8 lines)
BOPET – 30,000 TPA ( 1 line)
BOPET– 1 line Coating – 20,000 TPA (6 lines)
Metalizing – 22,000 TPA (4 lines)
CPP – 10,000 TPA (2 lines)
CSP – 7,000 TPA ( 1 line)
Films Business - Customer Base
CANADA
GERMANY
US
KOREA
JAPAN
CHINA
INDIA
Manufacturing Locations
Sales Offices-Other than
manufacturing locations
.
Films Business – Customers/Brands we Serve
Disclosure: All these are trademarks of respective Owners

Research and Development – A Snapshot
Infrastructure Achievements
❑ R&D labs with most sophisticated ❑ Recognition and certification by

equipment and instruments, one in India & Department of Scientific & Industrial
another one in USA. Research, Government of India.
❑ R&D resources increased to 30+ nos during ❑ Six current patents another seven in
last 2 years. pipeline.
❑ The R&D team has PHD’s & Post Docs from ❑ Multiple product development Awards
renowned universities in the USA and such as Worldstar, Asia Star, IFCA
Europe and PFFCA awards.
❑ Investment of about 8M$ in R&D in last few ❑ Global experience in Packaging,

years Polymer Engineering, Biopolymers and
Nanomaterials.
❑ Screen, UV Flexo, Direct Thermal and
Thermal Transfer printers
Initiatives to improve Quality Culture
▪ Implemented Six Sigma System to improve quality culture. ▪ Got A grade rating from two of major customers during plant
quality audit.
▪ 15 people trained as six sigma green belts last year, completed
10 projects covering quality, cost reduction and process ▪ Initiated sharing product success stories for publishing on
improvements. social media.
▪ Second batch of six sigma underway, new projects initiated. ▪ Developed online COA (Certificate of analysis) generation
application in SAP for all three units (system generated COAs to
▪ Implementation of 5S at shop floor is underway to make customers).
Cosmo shop floors world class.
▪ Customer Complaints trend (last 4 years):
▪ Taken initiatives like double door system on each door,
automating door closures etc.
▪ Green rating awarded by EcoVadis Sustainability Ratings
▪ Initiated lean manufacturing from our Karjan unit which shall

be horizontally deployed at all three locations.
▪ Started shop floor technical training for sales & marketing

team
Cameras are installed on BOPP, Coating and Extrusion Coating Lines to detect inline defects and then rectify them
BUSINESS OVERVIEW
“SPECIALITY CHEMICALS BUSINESS”
Speciality Chemicals - Verticals
Specialty
Chemicals
Textile
Masterbatches Adhesives Chemicals &
(Capacity- 10K MT) (Capacity- 2.5K MT) Coatings
(Capacity- 5K MT)
Speciality Chemicals - Masterbatch
❑ India Industry size 500k mt
❑ Industry growing by 11% pa
❑ Masterbatch is a concentrated mixture of pigments and additives used for imparting specific
desired properties and coloring in plastic.
❑ Plans to produce all masterbatches (captive use) and niche Speciality focused for outside sale
❑ Some recently developed masterbatches include white masterbatch, anti-stat (with 30%
concentration), master batch for blown films etc.
❑ Target to reach 7%-8% of Company's consolidated revenue in 3-5 years from

masterbatches with 25% ROCE
Speciality Chemicals – Textile Chemicals
❑ India Industry size USD 1.4 billion
❑ Industry growing by 12% pa
❑ Commercialized 56 products and has started supplies to 40+ customers
❑ Plans to cater to niche Speciality focused

✓ either to address current problem area for the Industry or
✓ significantly better product compared to currently available
❑ Many textile chemicals products have already received prestigious GOTS approval
Speciality Chemicals – Adhesives
❑ Adhesive is planned to kick start from H2’FY23:
✓ Global Industry USD 52 billion (5% growth rate)
✓ India Industry USD 3.5 billion (8%-10% growth rate)
✓ Cosmo plans to launch products in niche areas
❑ Target 7%-8% of Company's consolidated revenue in 3-5 years with 25% ROCE
BUSINESS OVERVIEW –
D2C PETCARE UNDER BRAND “ZIGLY”
Petcare Vertical – The Industry
Indian Petcare Market Rs
12500
Cr
Rs 25%
Rs 5100
3000 19% Cr
Cr
FY 2020 FY 2023 FY 2027

• Petcare is one of the fastest growing category world The Pet care market in India is booming
wide.
• Pet penetration in developed markets like US & UK is • ~25% Projected Annual Growth
more then 68% and growing. • ~32MM pets
• ~1MM annual adoptions
Petcare Vertical – Business Plan
❑ India Petcare industry INR 5k crores (25% expected growth rate)
❑ Smaller families, rising income levels and limited social lives (especially post Covid-19)
❑ No large scale organized players in India offering end to end comprehensive solution
❑ Average spending on pets increasing significantly
❑ To tab the opportunity, planned D2C Omni channel business model to address pets need at every stage of life
❑ Launched Zigly in Sept 2021 with simultaneous launch of website, mobile van and its flagship store in Delhi
❑ 15 nos experience centers by FY23 (9 already started) and enhance online presence. Target 150 experience
centers in next a couple of years
❑ Key differentiator is services focus having high gross margin
❑ Target to be profitable within next 3 years
❑ Plan to demerge Petcare vertical from Cosmo First into separate company in medium term
Zigly – Key Tractions
12 crore 1.3 cr 10K + 3500+

Target GMV (FY 23) Current Monthly Customers served with 4k+ SKUs available
GMV Zigly Pro members
App 39% 22K + 1 lac +

First Petcare app Repeat customers Customers database Social Media
followers
Zigly - Business Model
Retail outlets Own E-commerce Service Other

Marketplace
website and App Marketplace
Private label
One Stop solution retail
available on Amazon
outlets offering 3500+ SKUs
Acting as an
Products available on website Grooming
aggregator for panel
Van
Veterinary of groomers and
Grooming Including Private
trainers on
Medicines label Grooming Van in
commission basis
Delhi NCR
through own website
Under one roof
Pets familia community

Social community with 1 lac + followers
Financial Overview
Recent Financials
INR Crores
Audited FY 19-20 Audited FY 20-21 Audited FY 21-22
Particulars
Standalone Consolidated Standalone Consolidated Standalone Consolidated
Net Sales 2,032 2,204 2,083 2,285 2,824 3,038
EBIDTA 262 280 398 430 526 620
EBIDTA % 13% 13% 19% 19% 19% 20%
PBT 163 163 305 329 430 517
PAT 114 113 216 237 313 397
EPS * 40 40 78 85 117 148
Book Value * 264 262 301 308 405 443
* Adjusted for Bonus shares.
Key Highlights – FY22 Results
❑ FY22 PAT has been increase by 68% on back of higher speciality sales, better operating margins, and uptick performance
by subsidiaries.
❑ CRISIL upgraded Company’s long term credit rating to AA- and short term credit rating to A1+ with a stable outlook.
❑Other key financial parameters like ROCE (29%), ROE (39%) and net debt to EBITDA (0.5 times) are one of the best in the
industry.
Key Financial Snapshot
ROCE % Networth and book value per share 1,191
854
29% 680 741
655
22% 573 620
488 458
381
14% 381 295 319 350
9% 251
196
Mar-19 Mar-20 Mar-21 Mar-22 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22
Global Net Worth (INR Crores) Book Value per Share *
* Without considering the impact of Bonus issue declared in March-2022.
ROE % Dividend (% to PAT)

40%
39% 30%
30% 30% 20% 22% 22% 24% 21% 20%
17%
20%
16%
9% 10%
0%
Mar-19 Mar-20 Mar-21 Mar-22 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Leverage Profile
Net Debt is coming down even with Capex
Net debt/EBITDA 0.5 times and net debt to equity at 0.3 times (March 2022)
Net Debt (INR Crores)

759 727
800
618 584
600 485 438 455
400 303
200
-
Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22
Shareholding Pattern - Dec 2022
1.31 Top Non-Promoter Shareholding – 31st Dec 2022
Shareholding
31st Dec. 2022 Acadian Emerging Markets Small Capp
1 0.86%
Equity Fund LLC
Promoter and Promoter
44.28 Group 2 Aequitas Equity Scheme I 0.71%
48.84 Institutional
3 Vikas Mehra 0.56%
Non Institutional
4 Shivani Tejas Trivedi 0.56%
Cosmo Films ESOP 2015
5.57 Trust Aequitas Investment Consultancy
5 0.55%
Private Limited
Historical Shareholding Pattern 6 Pankaj Poddar 0.48%
(in %) Dec-22 Sept-22 Jun-22 Mar-22 Emerging Markets Core Equity Portfolio
7 (The Portfolio) of DFA Investment 0.46%
Promoter 44.28 44.24 44.09 44.09 Dimensaions Group INC. (DFAIDG)
Institutional 05.57 06.78 06.90 07.18 8 Anishya Obhrai Madan 0.33%
Non Institutional 48.84 47.68 47.88 47.69 9 Tapasya Obhrai Nair 0.32%
Shares held by
01.31 01.30 01.12 01.04 10 Jhalar Vincom Private Limited 0.31%
Employee Trust
ESG and Sustainability Initiatives
CareEdge “GOOD” ESG Rating
Sustainable Manufacturing Practices
Recycling of manufacturing 5% reduction in carbon INR 10 cr initial investment to All plants use some
waste for further film emission scope 1 reduce environment impact amount of solar power
Production (about 95%) 2% reduction in carbon as a source of energy
emission scope 2
35% of water treated at Cosmo Constant monitoring of parameters

Rain water harvesting like noise, illumination, ventilation,
air quality etc.
Sustainable Product Practices
Offer mono-material poly-olefin UV stabilized Synthetic Paper can be

films for ease of recycling. used to replace PVC in outdoor
1 8 promotional applications for duration
Designed heat resistant BOPP films requirements up to one year.
replacing BOPET; giving last push to
creation of mono-material structures. 2 7
Use of Water Based Coatings.
Company has been partnering with Offer Oxo-Biodegradable Films.

some of the best global brands to
3 6
offer structure rationalization. Offer a suitable substitute for
Both BOPP and CPP films offer better 4 5 aluminum foil in form of its Ultra-High
Barrier Films.
yield, hence enabling reduced
consumption of plastics.
Corporate Governance
Well established practices in place
I. Well qualified Board of Directors from diversified fields with majority
of directors being independent
II. 66% independent directors
III. Independent Audit Committee with Board of Directors
IV. Established risk management practices
V. Separate Independent directors meetings
VI. Experienced and independent internal audit function
VII. Board performance evaluation
VIII. Statutory Auditors: M/s SN Dhawan (Mazars, International)
IX. Active Whistle Blower Policy
X. Professional Management
Board of Directors
Mr. Ashok Jaipuria Mr. Pratip Chaudhuri
Chairman & Managing Director Non-Executive & Non Independent Director
A first generation entrepreneur with over Extensive experience in the fields of Corporate Finance,
forty years of experience in the corporate Treasury, Asset Management and International Banking.
world
Mr. H N Sinor
Mr. A K Jain Independent Director
Over 4 decades experience in public as well as private sector
Director of Corporate Affairs
banks like UBI, Central Bank of India and ICICI Bank.
Over 4 decades of experience in Finance,
Accounts and General Management functions.
Mr. Anil Wadhwa
Independent Director
Ex- Member of the IFS, he has served as Indian Ambassador to
Mr. H K Agrawal Several country.
Over 4 decades of experience in the fields of
Strategic Management, Organization Structure, Mr. Rakesh Nangia
Finance and Training. Independent Director
4 decades of experience in advising Fortune 500 multinationals
and Indian Business houses on a wide range of matters.
Mrs. Alpana Parida
More than two decades of experience in
Mr. Arjun Singh
retail and marketing communications in the Independent Director
US and in India. 25 years of experience in running and growing businesses.
Leadership Team
Mr. Kulbhushan Malik
Business Head- Cosmo Films
Over 24 years of experience in the areas of Business &
Mr. Pankaj Poddar Strategy Management, Sales and Financial management.
Group Chief Executive Officer
Over 27 years of experience in Mr. Sanjay Chincholikar

finance, advisory and various Business Head- Technical Films & Rigid Packaging
leadership roles. Over 30 years of experience in the fields of manufacturing,
engineering, projects and quality control.
Mr. Ambarish Sikarwar

Mr. Neeraj Jain Business Head- Cosmo Films B2C Pets Business
Group Chief Financial Officer 19 years of experience in consumer categories.
Over 22 years of experience in
finance, strategy and risk
management with large Dr. Anil Vilas Gaikwad
manufacturing and service Business Head- Cosmo Speciality Chemicals
industries in leadership roles. 15 years of experience in wide range of polymer synthesis
techniques, inorganic and high temperature ceramic
coatings.
Corporate Social Responsibility
Some of the Flagship Programs
(Education to 20,000+ Students)
Computer Literacy Program Basic English Learning Program Cosmo Gyan Vihar Kendra
Covers 4,000 students from Implementation in 8 primary schools Identifies, enrolls and grades
class I to XII every year with 1,500 students 2,500+ students from
Class I to VII every year to strengthen
their reading & writing skills
▪ National Award for Excellence in CSR & Sustainability -2015 in the category "Education Improvement”
▪ Asia Pacific Enterprise Leadership Award -2013 in the category Commitment to Philanthropy
▪ Africa CSR Leadership Award-2012 in the category improvement of Education
▪ "Transforming young lives through technology": An evaluation of the impact of the Computer Literacy Program in rural areas of
Vadodra district - A paper Presented in Global Evaluation Conclave, New Delhi in 2010
Awards and Accolades
FY 2022-23
• Featured as one of the Top 10 Companies from India in Forbes Asia Best under A Billion 2022 list
• Ranked as one of India’s Fastest Growing Companies by BW Business World Magazine
• Cosmo First grabbed “Most enterprising Business Award” by prestigious Entrepreneur Magazine
• Zigly bagged the “Top 100 D2C Brands” of the year by the Retailer Magazine.
• Cosmo Speciality Chemicals won the Award for “20 Most Promising Chemical Companies in India 2022” by
Innovative Zone Magazine
FY 2021-22
• Bagged CII National Level Scale award for Supply Chain and Logistics Excellence
• IFCA Star Award under the innovations category for the Heat Resistant BOPP Film & CPP Specialized Film
• SIES SOP Star Awards for its one side printable and other side barrier coated facestock Film, Liner less Label
Films and Both side Top Coated Films
FY 2020-21
• Bagged CII National 5S Excellence Awards 2020
• Best exporter awards in Aurangabad region under Nagpur Custom Commissionerate
• WordStar Packaging Award 2021 in the Beverages category for Serializable Conduction Sealing Film
• WorldStar Global Packaging Award 2021 in Packaging Materials & Components category for CPP High Barrier
Films`
FY 2019-20
▪ th
Ranked as 10 in the list of Fortune’s Next 500 midsize companies
▪ Brand Excellence Awards for Effective Use of Marketing Communication & for Engineering, Research and
Development Sector
Thank You
For more information, please contact:
Cosmo First Ltd.
Mr. Neeraj Jain
Group Chief Financial Officer
Email ID: neeraj.jain@cosmofirst.com; sachin.goel@cosmofirst.com
Adfactors PR Pvt. Ltd.

Aashvi Shah / Snighter Albuquerque
Tel: +91 98210 43389/ +91 9819123804
Email: aashvi.shah@adfactorspr.com / snighter.a@adfactorspr.com
February 15, 2023
The Listing Department The Listing Department

The National Stock Exchange of India Ltd. Bombay Stock Exchange Limited
Exchange Plaza, Bandra-Kurla Complex Phiroze Jeejeebhoy Towers,
Bandra (E) 25th Floor, Dalal Street
Mumbai-400051. Mumbai-400001
Fax Nos. 022-26598236/237/238 Fax No. 022-22722061/41/39
Dear Sirs,
Ref: Regulation 30(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure
In terms of the Regulation 30(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, please find enclosed the Financial Press Release for the Third Quarter and Nine Months Ended
December 31,2022.
This is for your information and records.
Thanking You.
Yours Sincerely
FOR NUCLEUS SOFTWARE EXPORTS LIMITED
Digitally signed
Poonam by Poonam
Bhasin
Bhasin 09:56:02
Date: 2023.02.15
+05'30'
Poonam Bhasin
Company Secretary
Registered Office
33-35 Thyagraj Nagar Mkt, New Delhi - 110003
Tel.: +9.11.2462.7552 F.: +91.11.2462.0872
Press Release
New Delhi
15th of Feb 2023
Nucleus Software, the leading provider of lending and transaction banking product solutions sees a
strong growth in its financials due to sustained value delivery while announcing its Q3 results (2022-23)
➢ Revenue in Q3 2022-23 at Rs.169.33 Crore on a consolidated basis

➢ PAT in Q3 2022-23 at Rs. 38.34 Crore on a consolidated basis
➢ EPS at Rs. 14.40 on a standalone basis and Rs. 14.32 on a consolidated basis
Nucleus Software, the BSE & NSE listed, leading provider of lending and transaction banking solutions to
the global financial services industry, sees lower attrition and steady growth in its financials while
announcing its financial results for the Quarter ended December 31st ,2022.
The revenues on a consolidated basis, are at Rs. 169.33 Crore for the quarter ended December 31st ,2022,
as against Rs. 121.59 Crore in Q3 of 2021-22.
PAT in Q3 of 2022-23 stood at Rs.38.56 Crore on a standalone basis as against Rs. 8.82 Crore in Q3 of
2021-22. The PAT on consolidated basis was at Rs. 38.34 Crore, as against Rs. 8.04 Crore in Q3 of 2021-
22.
The basic EPS on standalone basis during this period was Rs. 14.40 as against Rs. 3.04 in 2021-22. The EPS
on consolidated basis stood at Rs. 14.32 in Q3 of 2022-23 as against Rs. 2.77 in Q3 of 2021-22.
“We are celebrating a milestone of completing 30 years of creating Intellectual Property on Indian Soil.
Our focus over the past three decades has been to ensure that our customers’ needs are met through
state-of-the-art technology solutions and customer service. We have successfully digitized our nation’s
lending technologies at an accelerated pace at various stages starting from manual to digital or mainframe
systems to modern tech stacks. This sustained value delivery is our core strength and our customers have
been a huge part of our Indian IP Journey. Their confidence in our product and services is reflecting in our
books. We are continuously innovating to bring the latest technological solutions to our customers to
enable them adapt to the constantly evolving financial landscape”, says Mr. Vishnu R Dusad, MD, Nucleus
Software.
“We are taking up strategic initiatives to implement our Indian IP solutions to reach customers within
India and overseas markets, where we have successfully demonstrated our capabilities and also in
strategic markets where our product and solutions will play a major role in digitally transforming the
banking landscape”, says Mr. Parag Bhise, CEO, Nucleus Software.
Registered Office
Tel.: +9.11.2462.7552 F.: +91.11.2462.0872
About Nucleus Software
Nucleus Software Exports Ltd. is a, publicly traded (BSE: 531209 NSE: NUCLEUS), software product
company that provides lending and transaction banking products to global financial leaders.
Nucleus Software powers the operations of more than 200 Financial Institutions in over 50 countries,
supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive
finance and other business areas. Its products facilitate more than 26 million transactions each day,
managing over US $ 200 billion of loans and enabling more than 300,000 users logging in daily.
Nucleus Software’s flagship products, built on the latest technology are:

• FinnOne NEOTM: The next-generation digital lending solution that is built on an advanced
technology platform, designed to shape the future of lending across Retail, Corporate and Islamic
sectors for banks and other financial service companies. The 10-time winner of ‘World’s Best
Selling Lending Solution’, helps digitize the complete loan lifecycle.
• FinnAxiaTM: An integrated global transaction banking solution used by banks worldwide to offer
efficient and Innovative global payments and receivables, liquidity management and business
internet banking services.
• PaySeTM: The world's first online & offline digital payment solution designed and created with an
aim to democratize money by making banking services available to the unbanked in remote
geographies.
Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking
statements, please visit http://www.nucleussoftware.com/safe-harbor
Registered Office
Tel.: +9.11.2462.7552 F.: +91.11.2462.0872
February 15, 2023
To,
BSE Limited
Corporate Relationship Department,
Phiroze Jeejeebhoy Towers
Dalal Street,
Mumbai-400001.
Scrip Code: 543284

Symbol: EKI
Subject: Clarification on the qualified opinion issued by the Statutory Auditors for Q3 of
F.Y. 2022-23.
Dear Sir(s),
This is with reference to the caption subject and pursuant to regulation 30 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, EKI Energy Services Limited
hereby present a clarification on the qualified opinion issued by the Statutory Auditor on
Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended
December 31, 2022, in the Limited Review Report.
Further, relevant information and updates in this regard will be shared with all the stakeholders
from time to time.
Kindly take the above information on records.
Thanking you,
Yours Faithfully
For EKI Energy Services Limited
ITISHA Digitally signed by
ITISHA SAHU
SAHU Date: 2023.02.15

09:08:00 +05'30'
Itisha Sahu
Encl: a/a
Clarification on the qualified opinion issued by the Statutory Auditors in the Limited
Review Report for Q3 of FY 2022-23
The Company has entered into contracts with certain parties wherein the Company has agreed to
deploy community-based projects and deliver carbon credits from such projects to the customers.
The performance obligation of the company from such contracts can therefore be segregated into
three segments:
1. Development and Implementation of the community-based project.
2. Registration of the project with respective carbon credit registry.
3. Issuance of the VCUs (verified carbon units i.e. carbon credits) from such project and delivery
of VCUs to the customer.
The revenue of the company will also accrue in a phased manner:
1. Upfront Revenue: At the time of project implementation and development, at a specified

rate.
2. Phased Revenue: Share of VCUs at the time of issuance thereof, which will form part of
inventory of the company and will be subsequently sold by the company.
Being niche contracts for the industry as well as for the company, the company had entered into
first of its contracts during this financial year with various parties, while there was negligible
revenue from similar community based projects during FY 21-22
Considering the clauses of the agreement, the Statutory Auditors of the company are of the opinion
that since the VCUs from the project are not yet delivered to the customers, the performance
obligation of the company is not yet satisfied and accordingly the company should recognize
revenue from the contract upon delivery of VCUs.
They accordingly implied that the amount received by the company till date from the customers
should be recognized as deferred revenue. The income and expenses from these contracts should
be recognized in profit and loss account as and when VCUs are delivered to the customers as per
the contract in due course.
The Statutory Auditors have accordingly issued a qualified opinion on the financials of the
company as under:
Qualified Opinion:
“During the quarters ended 31 December 2022 and 30 September 2022, and nine-month period
ended 31 December 2022, the Company has recognised revenue from contracts with certain
customers as detailed in Note 3 to the accompanying Statement. However, in our view, recognition
of aforesaid revenues and the corresponding cost to fulfil the underlying performance obligations
is not consistent with accounting principles as stated in Ind-AS 115, Revenue from Contracts with
Customers, as the performance obligation of delivering the verified carbon units under the
aforesaid arrangements, is not yet satisfied by the Company. Had the Company applied the
principles of revenue recognition as per Ind AS 115, revenue would have been lower by ₹1,818
Lakhs, ₹10,162 Lakhs and ₹19,011 Lakhs, cost would have been lower by ₹1,140 Lakhs, ₹3,950
Lakhs and ₹7,971 Lakhs and the profit before tax for the periods stated above would have been
lower by ₹679 Lakhs, ₹6,212 Lakhs, and ₹11,040 Lakhs respectively, together with corresponding
impact on the earnings per share for the aforesaid periods.”
Company Response
In the opinion of the management of the company, the revenue is recognized based on the
following principles:
1. Substance over form: In substance, the agreement between company and the customer is
development of carbon credit eligible projects whereas, the form of the agreements
between the company and the customers is delivery of VCUs from project implementation.
The projects have been implemented and some are also duly registered with the respective
registry bodies in the name of the project proponent (i.e. customer). Since the projects are
duly implemented in the name of the customer, the revenue is ought to be recognized
considering substance of the transactions over mere form.
2. Transfer of underlying asset: Majority of the projects deployed by the Company has to
be registered with the registry bodies in the name of the project proponent (customer),
which implies that the underlying asset generating VCUs are transferred by the company.
Accordingly, there will be no sale transaction at the time of generation of VCUs and thus
revenue must be recognized upon project development by the company.
3. Performance Obligation satisfied: The Company has duly deployed the project and
accordingly has satisfied its performance obligation in substance. In the routine course of
business of the company, the issuance of VCUs from a project is only an administrative
activity in nature and therefore does not qualify to be called as a performance obligation.
4. Standalone Transaction price received and recognized: The Company has recognized
only the transaction price relating to project deployment as its revenue in the results of
current period. The future revenue for issuance of VCUs will be earned by the company in
addition to the revenue already recognized and the same will be accounted for by the
company as revenue in the future as per the relevant and applicable accounting standards.
The company has duly received the stand-alone transaction price (Upfront Revenue) from its
customers as per the contracts. Further, even if the company accounts for the transactions as
provided by the auditors in their opinion, the same will only result in deferment of recognition of
revenue and will not impact the overall revenue and profitability of the company in the long run.
The company is in the process of counselling senior advocates and professionals in this regard
along with the customers to amend the contractual clauses so as to ensure the essence of the
contract is brought in properly within the contract to the satisfaction of the Statutory Auditors.
Relevant information and updates in this regard will be shared with all the stakeholders from time
to time.
For EKI Energy Services Limited

ITISHA Digitally signed
by ITISHA SAHU
SAHU Date: 2023.02.15

09:02:35 +05'30'
Itisha Sahu
February 14, 2023
BSE Limited National Stock Exchange of India Ltd.

Corporate Relationship Department Exchange Plaza,
P.J. Towers, Bandra-Kurla Complex,
Dalal Street, Fort, Bandra ( East)
Mumbai - 400 001 Mumbai - 400 051
Scrip Code : 506109 Symbol : GENESYS
Dear Sir,
Subject: Press Release ‐ Consolidated and Standalone Unaudited Financial Results for
quarter and nine months ended December 31, 2022

In continuation of our letter dated February 14, 2023 on the Consolidated and Standalone
Unaudited Financial Results for the quarter and nine months ended December 31, 2022, please
find enclosed herewith a copy of Press Release being issued by the Company in this regard.
Kindly take the above information on your record.
Thanking You,
Yours Faithfully,
For Genesys International Corporation Limited

Digitally signed
VINEET by VINEET
CHOPRA
CHOPRA Date: 2023.02.15
00:24:10 +05'30'
Vineet Chopra
Vice President - Legal & Company Secretary
Regd. Office: 73-A, SDF-III, SEEPZ, Andheri (E), Mumbai-400 096, India
Tel.: +91-22-2829 0303; +91-22-4488 4488; Fax: +91-22-2829 0603
Website: www.igenesys.com; E-mail:investors@igenesys.com
CIN: L65990MH1983PLC029197
Investor Release
Genesys International records highest ever quarterly Revenue and PAT

Mumbai, 14th February 2023: Genesys International Corporation Limited, pioneer in
providing advanced mapping, survey and geospatial services, announced Financial Results for
the quarter and nine months ended 31st December 2022
Total Revenue* EBITDA* Profit After Tax*
Rs. 55.9 Crs Rs. 21.0 Cr Rs. 13.6 Cr
+43.1% +63.7% +50.5%

*For Q3 FY23 Standalone; on a q-o-q basis
Key Standalone Financial Performance
Particulate (Rs. Crs) Q3 FY23 Q2 FY23 Q-o-Q Q3 FY22 y-o-y 9M FY23 9M FY22 y-o-y
Total Revenue 55.9 39.0 43.1% 39.9 40.2% 139.0 86.7 60.3%
EBITDA 21.0 12.8 63.7% 14.7 42.7% 47.1 20.6 128.5%
EBITDA Margin 37.5% 32.8% +470 bps 36.9% +60 bps 33.9% 23.7% +1020 bps
PAT 13.6 9.1 50.5% 9.0 51.0% 30.4 9.3 227.1%
PAT Margin 24.4% 23.2% +120 bps 22.6% +180 bps 21.9% 10.7% +1120 bps
Key Highlights:
✓ The company’s traction on its content program remains strong
✓ Standalone Revenue from 9M FY23 has already exceeded full year FY22 revenue
✓ Standalone EBITDA in Q3 FY23 stood at Rs 21.0 Crs, an increase of 63.7 % & 42.7% on a q-o-q and y-
o-y basis respectively. EBITDA Margin for Q3 FY23 stood at 37.5%
✓ Standalone PAT in Q3 FY22 stood at Rs. 13.6 Crs, an increase of 50.5% and 51.0% on a q-o-q and y-
o-y basis respectively
✓ The company continues to strengthen its management team with talent from leading technology
companies
1
Commenting on the Results, Mr. Sajid Malik – Chairman & Managing Director said, “The
results of the quarter reflect the pivot our organization has undertaken given the
investments we have made in our content program and our constellation of sensors.
In line with the new national geospatial policy the company has initiated content
development program to cater to the growing geospatial needs of India. While this policy
focuses on developing and updating location centric attributes for India, our content
development program augers well with the policy needs of the country.
The focus of the policy is to make India a world leader in geospatial space and support the
liberalization of geospatial sector and democratization of data for enhanced
commercialization and value-added services. We at Genesys are welcoming this and are
well positioned to support India’s journey of becoming ‘Atmanirbhar Bharat’.
Further, our major tech partnerships with Google, ESRI, Hexagon Geospatial & Bentley will
help us to capture the significant opportunity in digital maps & geospatial sector.
We at Genesys are extremely excited and given our past experience and technological
expertise, we are favorably positioned to offer next-gen solutions to our clients.”
About Genesys International Corporation

Genesys International Corporation Ltd, established in 1995 is a pioneer in advanced
mapping, survey and geospatial services. With team of 2000+ professionals and rich
experience, we deliver expertise services in Geographical Information System (GIS) and
Geospatial Engineering domain. We have a unique blend of understanding the emerging
consumer applications around mapping technology as well as the capability on the
enterprise side to offer solutions revolving around state-of-the-art remote sensing; LiDAR,
aerial survey, photogrammetry and ICT based e-governance solutions. We are one of the
largest LiDAR acquisition company and have expertise in processing capabilities in the
world.
Contact Details
Genesys International Investor Relations:
Press Related
Corporation Ltd Orient Capital
CIN: L65990MH1983PLC029197 Mr. Bhavin Soni Pooja Chetri

+91 9833537225 +91 9819763019
Name: Mr. Kenn Gonsalves Bhavin.Soni@linkintime.co.in pooja@Brandingedgestrategies.com
Mr. Ashish Chovatia

Email:
+91 9930044680
kenn.gonsalves@igenesys.com
Ashish.chovatia@linkintime.co.in

1000 2000 Imo Company Update 20230215

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

1000 2000 Imo Company Update 20230215

Uploaded by

Copyright:

Available Formats

Ref: IIL/SE/2023/1502

Dated: February 15, 2023

Listing Compliance Department Listing Compliance Department

Scrip Code: 532851 Symbol: INSECTICID

This is for information and record.

Ref: Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure

Sr. | Particulars Details

TIME TEGHNOPLAST LTD.

B) EXPANSION OF CNG CASCADES MADE FROM TYPE - IV COMPOSITE

Phase - I (FY 2022-23)

Phase - II (FY 2023-24)

You are requested to kindly take the note of the same.

BHARAT KUMAR VAGERIA

BHARAT Digitally signed by

TIME TECHNOPLAST LTD.

Kindly take the above on your records.

Dear Sir (s),

Subject: Audio recording of Earnings Call

The recording can be accessed from the link given below:

You are requested to kindly take the same on record.

Factory : A-5/2, Lote Parshuram Industrial Area, M.I.D.C.

GOVT. RECOGNISED EXPORT HOUSE

Kindly take the above presentation on record.

NITIN Digitally signed by

SHARMA Date: 2023.02.15

Ashiana Housing Ltd.

BSE: 523716 | NSE: ASHIANA | BLOOMBERG: ASFI:IN| REUTERS: AHFN.NS | WWW.ASHIANAHOUSING.COM

© 2020, ASHIANA HOUSING LIMITED. ALL RIGHTS RESERVED.

Project Project includes project phases

© Ashiana Housing Limited, All Rights Reserved. 3

01 Highlights and Overview 02 Ongoing Projects

03 Financials 04 Future Outlook

© Ashiana Housing Limited, All Rights Reserved. 4

05 Cash Flow Position

© Ashiana Housing Limited, All Rights Reserved. 5

 Credit Rating of the company was reaffirmed at “A Stable” by CARE

© Ashiana Housing Limited, All Rights Reserved. 6

© Ashiana Housing Limited, All Rights Reserved. 7

 Ashiana Advik was launched in Bhiwadi under Senior Living category

 Last phase of Umang was launched in Jaipur (Kid Centric Homes)

 Last phase launched in Ashiana Dwarka (Phase 5) in Jodhpur

© Ashiana Housing Limited, All Rights Reserved. 8

4.90  EAC was 3.42 Lakh Sq Ft in Q3 FY23 vs 4.38 lakhs Sq

© Ashiana Housing Limited, All Rights Reserved. 9

 Sales and Other income increased to INR

 PAT was recorded at positive INR 9.05 Crs

 *Pre-Tax Operating Cash Flow was at

© Ashiana Housing Limited, All Rights Reserved. 10

© Ashiana Housing Limited, All Rights Reserved.`` 11

© Ashiana Housing Limited, All Rights Reserved. 12

© Ashiana Housing Limited, All Rights Reserved. 14

02 Ongoing Projects Summary

03 Break up of Area Booked

Operational data - Yearly

© Ashiana Housing Limited, All Rights Reserved. 15

© Ashiana Housing Limited, All Rights Reserved. 16

01 Financial Summary YoY

02 Financial Summary QoQ

© Ashiana Housing Limited, All Rights Reserved. 21

EBITDA Margin % 28.97% 26.70% 20.30% 13.48% 0.23% 7.02% 1.24%

TCI Margin % 20.42% 18.33% 13.80% 5.45% (9.12%) 1.57% (2.81%)

© Ashiana Housing Limited, All Rights Reserved. 22

Net Profit /(Net Loss)