MBFSL/CS/2024-25 8th November, 2024

To, To,
Department of Corporate Relations, National Stock Exchange of India Ltd,
BSE Limited, Exchange Plaza, C- 1, Block G,
Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East),
Dalal Street, Mumbai – 400001 Mumbai– 400051

Scrip Code: 543253 Scrip Symbol: BECTORFOOD

Dear Sir/Madam,

Subject: Investor’s Presentation

In terms of Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, please find attached herewith copy of Investors’ Presentation with
respect to the performance of the Company for the Quarter and half year ended September 30, 2024.

The same is also available on the website of the Company i.e. www.bectorfoods.com

Thanking You,

Yours faithfully,

For Mrs. Bectors Food Specialities Limited

ATUL
Digitally signed
by ATUL SUD
Date:

SUD 2024.11.08
14:18:04 +05'30'
Atul Sud
Company Secretary and Compliance Officer
M.No. F10412
THE MAGIC OF BAKING
INVESTOR PRESENTATION | Q2FY25
Safe Harbor

This presentation has been prepared by and is the sole responsibility of Mrs. Bectors Food Specialities Limited (the “Company”). By accessing this presentation,
you are agreeing to be bound by the trailing restrictions.
This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to
purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection
with, any contract or commitment thereof. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any
jurisdiction, including India. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,
completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the
date of this presentation. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if the information, opinion,
projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements.” You can generally identify
forward-looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”,
“potential”, “project”, “pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and
unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. Important factors that could
cause actual results, performance or achievements to differ materially include, among others: (a) our ability to successfully implement our strategy, (b) our growth
and expansion plans, (c) changes in regulatory norms applicable to the Company, (d) technological changes, (e) investment income, (f) cash flow projections, and
(g) other risks.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular
person. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change
or changes.

2
Supportive Macro Drivers

India’s growth story continues amidst global slowdown. However, inflation is kicking back.

India’s Real GDP Growth CPI Inflation

7.9
6.0 5.7
5.5
7.0 5.5
6.8 5.1 5.1 5.1
6.5 5.0 4.9 4.8 4.8
4.5
4.0 3.7
3.6
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
FY18 FY19 FY23 FY24 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
Source: Annual GDP, Ministry of Statistics & Programme Implementation (MOSPI)
Source: CPI, Ministry of Statistics & Programme Implementation (MOSPI)

3
India’s Consumption Story
Global consumption market - India remains one of India's consumption growth (in nominal terms)
the key consumer markets in the world outpaced China, US and Germany (in US$ terms)

20
18.6 8
2013 2023 7.2 7.1 Last 10-yr CAGR (2023)
7

6
15
5.0
5

11.4 4

10 3

2
6.9 1.0
1
5 0
3.5
2.8 -1
2.3 2.0 2.3 2.1
1.1 -2
-2.0
0 India China US Germany Japan
US China Japan Germany India
Source: CEIC, Haver, UBS. Note: The data corresponds to nominal private final
consumption expenditure. China data for 2023 is UBS estimate.

4
Mrs Bector Foods: At a Glance

I feel blessed and express my gratitude to the Central government for

recognising my services. I am feeling honoured and want to thank my
family, children, and staff. This is a very proud moment for me and for
all at Bectors. I would like to dedicate this award to all who have
worked that extra mile to make this possible. I would also like to
thank our customers, who believed in us, supported us and continued
MRS. RAJNI BECTOR relationships with us, which motivated us to work harder to give them
FOUNDER OF THE COMPANY the best products in our category.

Mrs. Rajni Bector conferred with Padma Shri for her contribution to
trade and industry

Felicitated by SBI for her

‘Lifetime Achievement outstanding achievement ‘Woman of Excellence’
‘Outstanding Women ‘Hall of Fame 2010, The
Award’ and ‘Pride of as an entrepreneur and from FICCI Ladies
Entrepreneur’ by SIDBI Premier League’ by the
Punjab’ by Global serving as a role model for Organisation, Ludhiana
2010 Human Factor
Achievers Forum in 2017 the women fraternity in in 2014 & 2009
2017

5
Large & Diverse Portfolio
DOMESTIC BISCUITS BAKERY

Domestic Range Of Cookies, Creams, Digestives, Marie And Crackers Breads, Bakery & Gourmet

EXPORTS QSR + B2B

Exports Range Of Crackers, Cookies, and Creams Largest and the Most Trusted QSR players

The brand names mentioned are the property of their respective owners and are used here for identification purpose only
6
 }}}

Performance Update
Consolidated Performance Scorecard – Q2 FY25

Net Revenue EBITDA % PAT

Rs 496.3 Crs Rs. 70.5 Crs Rs 38.9 Crs

Q2 FY25 Q2 FY25 Q2 FY25

+19.7% 9.0% 4.4%

12 Months Growth 12 Months Growth 12 Months Growth

+42.9% +58.6% +77.7%

24 Months Growth 24 Months Growth 24 Months Growth

8
Consolidated Performance Scorecard – H1 FY25

Net Revenue EBITDA % PAT

Rs 935.7 Crs Rs. 134.5 Crs Rs 74.4 Crs

H1 FY25 H1 FY25 H1 FY25

+18.6% 9.7% 3.1%

12 Months Growth 12 Months Growth 12 Months Growth

+44.4% +77.6% +114.6%

24 Months Growth 24 Months Growth 24 Months Growth

9
Consolidated Q2 FY25 Performance Highlights (YoY and 24 months comparison)

Revenue from Operations* Segment Wise Revenues (Rs. Crs.)

496 Biscuit Segment Bakery Segment

415 +20%
320 167
347 +24% 140 +19%
259
125
206

Q2FY23 Q2FY24 Q2FY25 Q2FY23 Q2FY24 Q2FY25 Q2FY23 Q2FY24 Q2FY25

Biscuit segment revenue Bakery segment revenue

In Q2 FY25 stood at Rs. 320 crores against Rs. 259 crores in Q2 FY24, In Q2 FY25 stood at Rs. 167 crores against Rs. 140 crores in Q2 FY24,
registering a growth of 24% compared to Q2 FY24 including domestic registering a growth of 19% compared to Q2 FY24 including retail
and export biscuit segment. The Biscuit segment has grown by 55% bakery and institutional segment. The Bakery segment has grown by
compared to Q2 FY23 33% compared to Q2 FY23

➢ Biscuit Segment includes Domestic, Exports and CSD ➢ Bakery Segment includes Retail and Institutional

* Total Revenue includes revenue from contract manufacturing

10
Consolidated Profit & Loss Statement – Q2 FY25
Profit & Loss Statement (Rs. Crs.) Q2 FY25 Q2 FY24 Y-o-Y Q1 FY25 Q-o-Q H1 FY25 H1 FY24 Y-o-Y
Revenue from Operations 496.3 414.5 19.7% 439.4 12.9% 935.7 788.7 18.6%
Cost of Materials Consumed 262.6 217.7 235.2 497.9 417.1
Purchase of stock-in-trade 8.9 15.7 9.1 18.0 23.4
Changes in inventories of finished goods, stock-in- trade and work-in-
-10.1 -12.5 -15.8 -26.0 -21.0
progress
Gross Profit 234.9 193.6 21.4% 210.9 11.4% 445.8 369.2 20.8%
GP % 47.3% 46.7% 48.0% 47.6% 46.8%
Employee Benefits Expense 66.5 54.6 63.8 130.3 103.9
Other Expenses 98.0 74.3 83.1 181.1 142.7
EBITDA 70.5 64.7 9.0% 64 10.1% 134.5 122.6 9.7%
EBITDA % 14.2% 15.6% 14.6% 14.4% 15.5%
Other Income 5.6 3.2 5 10.7 7.7
Depreciation and Amortisation Expense 19.4 15.0 17.3 36.7 28.9
EBIT 56.8 52.8 51.7 108.5 101.4
Finance Costs 4.3 2.9 4.2 8.5 4.7
Share of net profit/Loss of associate accounted for using the equity
0.0 0.0 0.0 0.1 0.0
method
PBT 52.5 50.0 47.5 100.0 96.7
Total Tax Expense 13.6 12.7 12.1 25.7 24.6
Profit for the period 38.9 37.3 4.4% 35.4 9.9% 74.4 72.1 3.1%
PAT % 7.8% 9.0% 8.1% 7.9% 9.1%

11
Consolidated Balance Sheet as on 30th Sep 2024
EQUITY AND LIABILITIES (Rs. Crs.) 30-Sep-24 31-Mar-24 ASSETS (Rs. Crs.) 30-Sep-24 31-Mar-24
Equity Non-current assets
Equity share capital 61.4 58.8 Property, plant and equipment 547.8 491.6
Other equity 1,054.1 604.1 Right-of-use assets 46.4 31.9
Total Equity 1,115.4 662.9 Capital work-in-progress 79.9 94.4
Non-current liabilities Goodwill 0.4 0.4
Financial liabilities Other intangible assets 0.1 0.1
(i) Borrowings 59.9 149.0 Equity accounted investment 3.7 3.7
(ii) Lease liabilities 31.4 18.3 Financial assets
Provisions 6.5 5.8 (i) Investments 0.4 0.4
Deferred tax liabilities (net) 11.6 9.5 (ii) Loans 0.3 0.3
Other non-current liabilities 8.5 10.1 (iii) Other financial assets 15.7 8.1
Total non-current liabilities 117.9 192.6 Non-current tax assets (net) 4.2 4.1
Current liabilities Other non-current assets 73.7 56.1
Financial liabilities Deferred tax assets (net) 0.1 0.0
(i) Borrowings 52.2 75.6 Total non-current assets 772.6 691.0
(ii) Lease liabilities 3.9 2.0 Current assets
(iii) Trade payables Inventories 137.5 103.7
(a) Total outstanding dues (micro & small enterprise) 11.8 9.3 Financial assets
(b) Others 125.3 97.4 (i) Trade receivables 176.7 133.1
(iv) Other financial liabilities 49.1 40.1 (ii) Cash and cash equivalents 202.3 7.6
Other current liabilities 19.3 15.3 (iii) Other than (ii) above 160.3 119.5
Provisions 5.5 5.0 (iv) Other financial assets 0.6 0.6
Current tax liabilities (net) 0.5 0.0 (v) Loans 18.2 25.4
Total current liabilities 267.5 244.8 Other current assets 32.6 19.4
Total liabilities 385.4 437.4 Total current assets 728.2 409.3
Total Equity and Liabilities 1,500.9 1,100.3 Total Assets 1,500.9 1,100.3

12
Consolidated Cash Flow Statement

Cash Flow Statement (Rs. Crs.) Sep-24 Sep-23

Cash Flow from Operating Activities

Profit before Tax 100 96.7

Adjustment for Non-Operating Items 39.8 29.7

Operating Profit before Working Capital Changes 139.9 126.4

Changes in Working Capital -50.7 -22.2

Cash Generated from Operations 89.1 104.2

Less: Income tax paid (net) -23.3 -22.5

Net Cash from Operating Activities 65.9 81.8

Cash Flow used in Investing Activities -138.6 -97.1

Cash Flow from Financing Activities 267.4 19.2

Net increase in Cash & Cash equivalent 194.7 3.9

Cash and cash equivalents at beginning of the period 7.6 9.0

Cash and cash equivalents at the end of the period 202.3 12.9

13
 }}}

Outlook & Approach

Immense Industry Potential in the Biscuit Market
Growth in Biscuit Market (Rs. Bn.) Low per capita spending on biscuits

13.6 “Per capita consumption of biscuits in India

+9% 620 has significantly increased
10.0
+10%
in the last 5 years
400 7.2
However, it still lags developed economies
250 590
4.0 such as the US, UK and other developing
380
230
2.5 countries such as China and
20 20 30 Sri Lanka”
FY15 FY20 FY25e UK USA Japan Srilanka India

Branded Biscuits Others Per Capita Consumption (Kg/Year)

Key Growth Drivers Key Trends

Changing Lifestyles Growth in Organized Technological Improved Packaging New products development Healthy Options
& Innovative Product Retail Advancements & Solutions and premiumization
Development Innovation in Ingredients

15
Growth Potential in Bread & Bakery Business
Indian Breads & Buns Market (Rs. Bn.) Chain QSR Market (Rs. Bn.)
The size of the Indian Bread Market was Rs. 50 bn in FY20,
of which premium category currently has a share of ~16%
and is projected to grow at a rate of 15% for the next 5
+9% 76 524 years
+23%
+9%
50
33 +19% o QSR chain market in organized food services space is
188 estimated at Rs. 188 bn in FY20 and is expected to grow
78 at a CAGR of 23% to reach Rs. 524 bn by FY25e
o Dough based products industry is expected to grow at a
FY15 FY20 FY25e FY15 FY20 FY25e CAGR of 23% to reach INR 31 bn in FY25e

Dough Based Products Market for Chain Segment

Premium Segment growing faster (Rs. Bn.) o Introduction of new product variants
(Rs. Bn.)
o Increased in-house consumption due to COVID-19
o Increasing per capita income
o Increasing per capita consumption
+15% 15.0 31.0
+23%

+13%
7.5 +30% High growth in premium and super premium segment
11.0
4.0 o Higher disposable income
3.0 o Exposure to international cuisines
o Availability of varied range of breads
FY15 FY20 FY25e FY15 FY20 FY25e
Source: Technopak Report

16
Our Approach

Growth
Augmenting Distribution (B2C and B2B) Strategy Robust Supply Chain & Manufacturing

• Omni Channel Approach – Available on all touch points – Retail, MT, Ecommerce • Automation from front-end to back-end to enable real time analysis and decision making
• Cremica Preferred Outlets – Retail loyalty to drive share in large outlets • Leveraging technology for building Business Continuity measures and improving efficiency
• Calibrated Expansion Plans – Increase in “Feet on Street” • Continuous investment behind capacity addition as well as New Product Development
• South and West – Long-term vision of being a pan-India player

Building Portfolio of Offerings Winning thru Quality

• Participate in all key segments, all Key Price Points • Recognized Certifications across all plants
• Build “Cremica” as a preferred Brand in all key geographies • Association with McDonald’s and Walmart is a
• New Product Development to cater to growing consumer testament of world class quality standards
need categories – Health, Price/value gap, New Age Product
segments such as Sourdough, Millets etc

17
Consolidated Performance Scorecard – FY24

Existing Geographies Strong Multi Channel Distribution Network*

New Geographies
States with supplies to CSD Depot

16 Depots 490+ Super 4,000+ CPOs 1250+ 7L+ Retail 3L+ Direct
Stockists Distributers outlets Reach

Among Top 2 in the premium and Omni-Channel presence across

mid-premium biscuits segment in Modern Trade, Retail, and Fast
Punjab, HP, Ladakh and J&K Commerce

Robust Supply Chain & Distribution for Best-in-Class Freshness

Delhi NCR Mumbai, Bengaluru 600+ 1200+ 40k+ Daily

+ North Pune Distributers FOS Direct Reach

ENGLISH OVEN IS AMONGST THE FASTEST GROWING BRANDS PAN-INDIA ON FAST COMMERCE

18
Cremica Brand footprint in 65+ Countries

Association with Walmart - Part of Walmart's commitment to source $10 bn in goods from India

TRUST QUALITY COMMITMENT

Bouquet of unique international offerings

70+ Dedicated subsidiary setup in the UAE
to cater to MENA and African markets;
Overall number of plans to expand footprint in FY24-25
countries catered

America Africa Europe Middle East

19
Preferred Supplier to Largest QSR Franchises in India

Company is a leading player in the institutional bakery segment

Key Success Factors

Stringent quality control and Dedicated lines for manufacturing Industry best practices such as use of Innovative lines for manufacturing
compliance with standards buns to serve QSR customers premium quality raw materials desserts, pizzas, garlic breads,
croissants

Strong relationship with leading QSRs, multiplex chains, and cloud kitchens

Plans to introduce new category of products One of the two key vendors, in India, working Well-positioned to capitalize on growth
including ‘frozen buns’, ‘dessert jars’ and with institutions for the supply of processed opportunities in the institutional bakery
‘brownies’ in the Indian retail business segment and semi- processed dough-based offerings business by leveraging dedicated
manufacturing facilities and long-standing
relationships with key institutional customers

20
Brand Visibility across Key Segments

“School Shuru Cremica Bourbon “No Means No” Campaign with No Maida, Activations / Samplings & Out of Home
Shuru” No Palm Oil Range of Breads Visibility

21
New Introductions and Consumer Promotions
Region Specific Campaign ~ Punjab Re-purposing the Health Range ~ ZERO
Tactical Pricing Action continues
MAIDA & ZERO PALM OIL

New Launch New Look Packaging

Zero Maida Bread Continues

22
Automated state of art manufacturing units

o Equipped with advanced modern technology and automated systems

o Invested Rs. 469+ crores between FY20 to FY24 to build capacities with
superior capabilities

o Sourced best in class equipment from Denmark, Germany, US and Italy

o Plants are equipped with best of technology with capability to produce

international quality products

o Focus on innovation

Commissioned a sheeting line

Stringent
Introduced ‘sub breads’ branded as capable of producing ‘Focaccia
Quality
‘English Oven Sub’ Breads’, ‘Panini Breads’, ‘Ciabatta
Controls
Breads’

State of the art quality assurance lab with highly capable personnel aiding quality and innovation

23
Expansion Projects

Additions in Rajpura
(Punjab)
o 2 Biscuit lines have been commissioned
in Rajpura in FY23-24
o 2 more lines have been commissioned
01
in Rajpura in H1’24-25
Addition in Bakery Business
o Bhiwadi plant has been
commissioned in FY23-24
02 o The company will be setting up a
Biscuit Lines at Dhar new bakery unit in Kolkata in
(MP) FY24-25

o The company has started

construction of building, and is on
course to get the plant ready by
03
FY24-25
New Bakery Plant in Khopoli
(Maharashtra)
o The company has started construction
of building in Khopoli, Mumbai
04 o Plant will be commissioned by FY24-25

24
Future Ready Production | Capacity Utilization

Biscuits Bakery
(Metric Tonnes) (Metric Tonnes)

Tahliwal, Himachal Current Capacity 1,48,344 94,984

Phillaur, Punjab Rajpura, Punjab

Greater Noida, UP Additional Planned 38,760 24,741

Bhiwadi, Rajasthan

Total 1,87,104 1,19,725

Dhar, MP Kolkata, West Bengal Capacity Utilization*

Khopoli, Maharashtra
Biscuits Bakery

Manufacturing facilities: Biscuits 93% 80%

84% 73%
Manufacturing facilities: Breads & Buns

Upcoming manufacturing facility

Bengaluru, Karnataka

Peak Average Peak Average

Updated FY24

25
Project Impact 1.0 (Initiatives For Mrs. Bectors' Cost Transformation)
We have launched Project IMPACT 1.0, embarking on a cost transformation journey that began in Q1 FY25 and will continue

Key Enablers

Procurement & Packaging Logistics

• Strategic sourcing for raw materials

Commercial • Optimizing supply chain network and product flow path
• Packaging optimization across retail and SKUs
• Leveraging Technology for improving vehicle utilization

IMPACT 1.0
Optimising Manufacturing Process Sales & Distribution

• Set up state-of-the-art manufacturing facilities • Sales Force Automation to enable front line efficiency
• Optimizing utility consumption and manpower • Improved product mix to increase premiumization
requirements • Implementation of Distribution Management System
(DMS) for enhancing trade spends effectiveness

Reducing Wastage

• Technology enabled • Minimize Replacement and Damages

Demand/Supply Planning • Reduce material consumption variance

26
‘Goodness Together’ - Building Communities around us

Under “Goodness Together”, we continuously look for every opportunity to develop the community around us

School Infrastructure 90+ Mobile Health Camps Hospital Infra Development

Women’s Health & Hygiene Facility for Technical Skills Development Ponds & Water Body Conservation

27
 }}}

Historical Financials
Consolidated Segment Performance Highlights
Revenue from Operations* Segment Wise Revenues (Rs. Crs.)

1,624 Biscuit Segment Bakery Segment

991 572
+19%
1,362
+23% +17%
487
807

988
881 574 592 339

259

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

Biscuit Segment includes Domestic, Exports and CSD ; Bakery Segment includes Retail and Institutional

* Total Revenue includes revenue from contract manufacturing and other operating revenues

29
Consolidated Performance Highlights
Revenue (Rs. Crs.) EBITDA (Rs. Crs.) PAT (Rs. Crs.)

1,624 242 140

1,362
175
988 90
881 141
123 72
57

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

Gross Profit Margins EBITDA Margins PAT Margins

47.6% 46.7% 16.0% 8.2% 8.6%

44.2% 44.6% 14.9%
12.4% 12.9% 6.6%
5.8%

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

30
Consolidated Performance Highlights
Net Debt to Equity Working Capital (in Days)

Inventory Debtors Creditors

0.2
Working Capital (in Days)

0.1 0.1 0.1

30 42 25 29

52
Mar-21 Mar-22 Mar-23 Mar-24
45 45 44 45

38 39 38
Cash Flow from Operations (Rs. Crs.)
30 30
28
164
153 24

110
84

FY21 FY22 FY23 FY24 Mar-21 Mar-22 Mar-23 Mar-24

31
Consolidated Profit & Loss Statement
Profit & Loss Statement (Rs. Crs.) FY24 FY23 FY22 FY21

Revenue from Operations 1,623.9 1,362.1 988.2 880.7

Cost of Materials Consumed 833.6 737.7 536.0 467.8
Purchase of stock-in-trade 40.6 23.8 15.6 0.6

Changes in Inventories of Finished Goods and Work in Progress -8.1 -7.4 -0.5 6.8

Gross Profit 757.8 608.1 437.1 419.1

GP % 46.7% 44.6% 44.2% 47.6%
Employee Benefits Expense 218.2 163.0 137.8 126.9
Other Expenses 297.2 269.9 176.8 151.2
EBITDA 242.4 175.2 122.5 141.1
EBITDA % 14.9% 12.9% 12.4% 16.0%
Other Income 19.0 12.0 6.3 10.1*
Depreciation and Amortisation Expense 61.4 53.3 46.0 44.7
EBIT 200.1 134.0 82.8 106.5
Finance Costs 11.8 12.9 7.1 9.5

Share of net profit of associate accounted for using the equity method 0.1 -0.3 0.0 0.1

PBT 188.3 120.7 75.7 97.1

Total Tax Expense 47.9 30.6 18.6 24.8
Profit for the year 140.4 90.1 57.1 72.3
PAT % 8.6% 6.6% 5.8% 8.2%

32
Consolidated Historical Balance Sheet
EQUITY AND LIABILITIES (Rs. Crs.) 31-Mar-24 31-Mar-23 31-Mar-22 31-Mar-21
Equity
Equity share capital 58.8 58.8 58.8 58.7
Other equity 604.1 485.5 410.2 372.5
Total equity 662.9 544.3 469.0 431.2
Non-current liabilities
Financial liabilities
(i) Borrowings 149.0 94.0 88.0 114.8
(ii) Lease liabilities 18.3 5.1 5.9 1.0
Provisions 5.8 5.3 6.5 7.4
Deferred tax liabilities (net) 9.5 9.8 9.9 9.5
Other non-current liabilities 10.1 8.1 8.5 10.4
Total non-current liabilities 192.6 122.4 118.9 143.1
Current liabilities
Financial liabilities
(i) Borrowings 75.6 26.7 40.5 15.7
(ii) Lease liabilities 2.0 1.2 1.1 0.6
(iii) Trade payables 0.0 0.0 0.0
(a) Total outstanding dues of micro enterprises and small enterprises 9.3 10.4 9.0 5.3
(b) Others 97.4 67.1 48.7 52.0
(iv) Other financial liabilities 40.1 12.2 8.2 9.9
Other current liabilities 15.3 40.3 22.9 18.9
Provisions 5.0 6.0 3.8 3.0
Current tax liabilities (net) 0.0 0.9 0.1 1.5
Total current liabilities 244.8 164.7 134.3 106.8
Total liabilities 437.4 287.0 253.2 249.9
Total Equity and Liabilities 1,100.3 831.4 722.2 681.1

33
Consolidated Historical Balance Sheet
ASSETS (Rs. Crs.) 31-Mar-24 31-Mar-23 31-Mar-22 31-Mar-21
Non-current assets
Property, plant and equipment 491.6 407.6 391.4 339.7
Capital work-in-progress 94.4 48.7 11.9 55.3
Right-of-use assets 31.9 18.2 19.2 14.2
Goodwill 0.4 0.4 0.4 0.4
Other intangible assets 0.1 0.1 0.2 0.0
Equity accounted investment 3.7 3.6 4.0 3.9
Financial assets
(i) Other Investments 0.4 0.5 0.3 0.0
(ii) Loans 0.3 0.0 0.0 0.0
(iii) Other financial assets 8.1 35.9 3.9 3.6
Income tax assets (net) 4.1 4.1 4.1 2.9
Other non-current assets 56.1 18.2 10.9 7.0
Total non-current assets 691.0 537.3 446.3 427.0
Current assets
Inventories 103.7 81.4 78.7 56.9
Financial assets
(i) Investment 0.0 6.9 6.5 6.2
(ii) Trade receivables 133.1 90.3 75.0 71.9
(iii) Cash and cash equivalents 7.6 9.0 32.5 34.7
(iv) Bank balances other than (iii) above 119.5 65.9 50.6 50.0
(v) Loans 0.6 0.5 0.5 0.0
(vi) Other financial assets 25.4 14.1 17.8 25.4
Other current assets 19.4 26.0 14.4 9.0
Total current assets 409.3 294.1 275.9 254.2
Total Assets 1,100.3 831.4 722.2 681.1

34
Consolidated Cash Flow Statement
Cash Flow Statement (Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21

Cash Flow from Operating Activities

Profit before Tax 188.3 120.7 75.7 97.1

Adjustment for Non-Operating Items 61.4 61.3 46.5 47.4

Operating Profit before Working Capital Changes 249.7 182.0 122.2 144.5

Changes in Working Capital -47.2 11.8 -16.8 -11.8

Cash Generated from Operations 202.5 193.8 105.4 132.6

Less: Direct Taxes paid -49.0 -29.8 -21.2 -22.4

Net Cash from Operating Activities 153.4 164.1 84.3 110.3

Cash Flow used in Investing Activities -223.5 -151.0 -56.5 -124.7

Cash Flow (used in)/ from Financing Activities 68.8 -36.6 -30.0 28.5

Net increase/ (decrease) in Cash & Cash equivalents -1.4 -23.5 -2.3 14.0

Cash and cash equivalents at beginning of the year 9.0 32.5 34.7 20.7

Cash and cash equivalents at the end of the year 7.6 9.0 32.5 34.7

35
Company

CIN: L74899PB1995PLC033417

Company

Mr. Parth Patel Mr. Irfan Raeen

+91 98197 85972
parth.patel@linkintime.co.in
+91 97737 78669
irfan.raeen@linkintime.co.in

parth.patel@linkintime.co.in irfan.raeen@linkintime.co.in