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PDSL/SE/2022-23/210

January 24, 2023

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

Re.: INE111Q01021

Sub: Investors’ Presentation on Financial Results for Q3 FY23 and 9M FY23

Dear Sir/ Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Investors’ Presentation dated January 24, 2023 on Q3 FY23 and 9M FY23 Earnings.

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

Thanking you,

Yours faithfully, for PDS Limited (Erstwhile PDS Multinational Fashions Limited)

ABHISHEKH Digitally signed by ABHISHEKH KANOI KANOI Date: 2023.01.24 20:36:24 +05'30' Abhishekh Kanoi Head of Legal & Company Secretary ICSI Membership No.: F-9530

Encl.: a/a

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Investor Update Q3 FY23 and 9M FY23 January 2023

Safe Harbour

This presentation has been prepared by PDS Limited* (“PDS”, “the Company”) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute an offer.

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to the general business plans and strategy of PDS, its future financial condition and growth prospects, future developments in its industry and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, etc., or similar expressions or variations of such expressions. Such forward looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. PDS Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

PDS may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner

All values are rounded to the nearest crore or million except otherwise stated. Company reports its financials in ₹ terms.

*erstwhile PDS Multinational Fashions Limited

2

Contents

01

Power Of The PDS Platform

Key Business Updates 02

03

Performance Overview

04

Annexures

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3

Key Financial Highlights for the Nine Months(9M FY23)

mn $ 982 (₹7,835cr)

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29% consolidated topline growth
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mn mn $ $ 165 41 (₹1,317cr) (₹327cr) Gross Margin: 16.8% Margin 46% EBITDA growth | Margin: 4.2%

mn $ 31 (₹250cr) 21% increase in PAT

mn $ 3 15.97 (₹27cr) Basic EPS Net Debt

₹ 15.97

0 Days

Net Working Capital Days

Note: Growth rates, Margin, ROCE and ROE are based on ₹ figures.

4

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PDS PLATFORM

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5
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PDS - India’s Largest B2B Apparel Company Uniquely positioned to garner scale in India’s fashion & apparel value chain

01

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• ❑ PDS is India’s largest multinational apparel company in terms of size of business[(1)] with global operations

• ❑ Operates through a unique and asset light global platform built to achieve growth & scalability

❑ Driving c.$2.5bn in merchandise value of which c.$1.5bn is as principal and c.$1bn through sourcing as a service agreements

Highly scalable asset-light model

• ❑ Largest Multi-country, Multi-product apparel company with an international network spread across +22 countries catering to over +200 retail and apparel brands

• ❑ Supported by +550 vendor manufacturing facilities

Poised to lead ‘Make In India’ initiatives

• ❑ Initiatives rolled out by Indian Government to make India the leading player in the textile and apparel industry

• ❑ Exclusive sourcing agreements for the India region from leading brands like S.Oliver, Woolworth amongst others are expected to contribute to a higher share of exports

PDS’s India focus to benefit medium and small apparel manufacturers

• ❑ Exclusive sourcing agreements further create opportunities to increase sourcing from India from existing and new vendor partners

• ❑ Pursuing strategic opportunities to expand manufacturing footprint in India to further fortify our capabilities in the region

(1) based on the reported topline of listed companies in India in the apparel space

6

Who are we?

Global Fashion Infrastructure Company with customized solutions to retailers & brands

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Revenues FY21-22: $1.2bn
Design Led
Design-Led Sourcing as a Sourcing,
Manufacturing Brands
Sourcing Service 91%
• Owned Manufacturing • 550+ Compliant partnered • Managing entire sourcing • In – House developed
Facilities factories needs of the Retailers Propriety Brands ~Library of
• • • 20 IPs registered
Dedicated capacities with a 150+ Dedicated designers Partnership model with full
Long term commitment • transparency and strong • Collab brands with Retailers – Brands,
In-house product
• Facilitates with LEED Gold development expertise controls Conceptualise and curate 3%
Certification and HIGG Index • Leveraging Market and Global • Setting up exclusive team and • Influencer led Brands, Manufacturing,
Membership Trade intelligence for speed infrastructure for customers Licensed Brands, Acquired 6%
as Extension of Brand/Retailer Brands
Annual Revenue Potential
4-5 years: $2.5bn
Sourcing as
a Service
8%-10%
Design Led
Sourcing
75%-80%
Brands
4%-5%
PDS Ventures,
Tech
Strong Focus on Financial feeding
Enabled Manufacturing
Leadership ESG Strength innovation & 8%-10%
Platform
Newness
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Note: Revenue Split excludes contribution from others & intercompany eliminations

7

Unique Business Model to Deliver Stakeholders Value

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Asset Light Platform
Driving high volumes and delivering high ROCEs
Global Footprint
Diversified base of Customers and Vendors
enabling balancing the portfolio
Model
strategic relation with customers
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Diversified base of Customers and Vendors enabling balancing the portfolio

Enterpreneurial Business Model

+40 Business Heads driving long term and strategic relation with customers

Curated Service Offering Design to Delivery offiering | Sourcing | Manufacturing | Sourcing as a Service

Focus on mass to mid retailers

Cushions from macro risk; Further supported by a robust risk management framework

Committed to Sustainable Fashion

Constantly evolving the ESG goal across the value chain through sustainability reports and certifications

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8

KEY BUSINESS UPDATES

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Headwinds expected in short term, however, medium to long term outlook continues to be strong

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Macro Economic headwinds continue to impact the industry; 01 Demand has softened due to high levels of inventories Cost of raw material and freights 02 have softened The excess capacity with factories 03 is also putting pressure on Value chain consolidation margins opportunities are unfolding with 04 retailers and brands Balancing growth with managing 05 risks Continue to strengthen our capabilities through investment in new verticals, manufacturing 06 capabilities and our people

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10

Macro Economic Factors Driving the Industry PDS navigating cautiously and continues to invest to augment its capabilities

Strengthening of USD

Easing Inflation

US Consumer Price Index (CPI)

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Movement over the last 9 months While CPI is showing a declining trend, it is
March 22 June 22 September 22 December 22 still at high levels
24.8%
9.9% 10.7% 10.0%
8.4% 9.1%8.2% 7.9% 9.4% 7.4%8.6% 9.2% 7.0%7.4% 19.0% 8.70%
6.5% 7.0% 5.9%
6.70%
4.70%
8.4% 8.9%
2.70%
US UK Europe India 3.2% 0.70%
GBP EURO INR BDT LKR
Rising Interest Rates
UK CPI
6.25% Cotton and Crude Oil prices continue to UK CPI rose by 10.5% over last 2 years
5.90%
4.50% 4.90% show decreasing trend with a fall of 38% from 0.60% in Dec 21
4.00% 12.05%
3.50%
3.25% and 19% respectively over last 9 months
10.05%
2.50%
2.25%
1.75% 8.05%
1.25% 1.25%
0.75% 6.05%
0.50% 0.50%
0.00% 4.05%
2.05%
Federal Bank of European Reserve Bank PDS is cautiously navigating amongst
0.05%
Reserve England Central Bank of India macro economic developments
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
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Source:https://www.marketwatch.com/investing/future/ct.1 , https://www.emergingtextiles.com/220718-cotton-prices-on-international-and-domestic-markets-weekly/., https://tradingeconomics.com/country-list/inflation-rate, RBI repo rate - Indian central bank’s current and historic interest rates (global-rates.com),	ECB refi rate-
European Central Bank’s current and historic interest rates (global-rates.com), BoE Official Bank Rate – British central bank’s current and historic interest rates (global-rates.com), Federal funds rate FED - American central bank’s current and historic interest rates (global-rates.com) https://www.marketwatch.com/watchlist?mod=top_nav ,
USD BDT	US Dollar Bangladeshi Taka-Investing.com India,https://www.investopedia.com/terms/u/usdx.asp , 12-month percentage change, Consumer Price Index, selected categories (bls.gov),,https://www.ons.gov.uk/economy/inflationandpriceindices/datasets/consumerpriceinflation

11

Investing and Building Manufacturing Capabilities (1/2) Installation of Wash Plant at Bangladesh

Joining hands with impact focused Netherlands based Good Fashion Fund

1. Progress Apparels is based in Adamjee EPZ in Dhaka Bangladesh manufacturing approximately 900,000 units per month

2. Wash plant has been installed in January 2023 and is fully operational

3. Capacity to wash to six million garments per annum

4. 90% of the current wash requirement will be undertaken inhouse

5. Expected to translate into savings in transportation costs and time required for delivery of the finished merchandise

6. Resulting in margin improvement

7. Progress Apparels is the first investment[1] of Good Fashion Fund in Bangladesh

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1Subject to required regulatory approval

12

Investing and Building Manufacturing Capabilities (2/2) New Centralised Cutting Plant at Norlanka, Sri Lanka

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1. Norlanka, Sri Lanka installed a new centralised cutting plant with a capacity of cutting 250,000 pieces a day for babywear

2. Plant is operational with a digitalized and integrated system starting from mills inspection into a warehouse, fabric inspection, and the cutting process

3. Advanced automated machinery in partnership with TUKATECH, enabling smart cut planning and fabric cut efficiency to enhance the quality of the end product and productivity of the process

4. Environmentally structured plant having an efficient waste management system

5. Expected to serve all manufacturing facilities of Norlanka

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13

Investing in Operationalising the ASDA setup Catering to Sourcing as a Service Agreement for $350mn merchandise value

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14

Investing in Creating “Great Place to Work” Testament to the people policies and culture of the organization

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PDS Limited (India) &
Norlanka Manufacturing
(Sri Lanka) certified as a
‘Great Place to Work’ by
GPTW, India and Sri Lanka
respectively
15
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OVERVIEW Quarter and Nine Months ended December 2022 31[st]

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Key Financial Highlights for this Quarter (Q3 FY23)

$ mn $ mn $16mn $11mn 312 55 (₹2,574cr) (₹450cr) (₹132cr) (₹93cr) 15% consolidated topline growth Gross Margin: 17.5% | ↑86bps 27% EBITDA growth | 15% increase PAT Margin: 5.1%

38%

31% ROE

₹ 5.94 Basic EPS ROCE

Note: ROCE is based on Net Capital Employed, EBIT includes other income emanating from capital employed. ROCE and ROE are based on TTM figures. Growth rates, Margins, ROCE and ROE are based on ₹ figures

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17

Performance in Q3 over last 5 years Consistently delivered growth & profitability

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Margin %
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Sales (₹ cr) Gross Profit ₹ cr)
1 2
450
2,574
2,232 371
296
1,626
1,491 1,437 224 240
1.7x 2.0x
15.0% 17.5%
Growth Growth
Q3 FY19 Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23 Q3 FY19 Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23
3 EBITDA (₹ cr) 132 4 Reported PAT (₹ cr) 93
81
104
59
76
22 22
12 11
5.9x 7.9x
1.5% 5.1% 0.8% 3.6%
Growth Growth
Q3 FY19 Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23 Q3 FY19 Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23
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18

Revenue Break-up and Margin Thereof for 9M FY23

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Category Wise Split Geography Wise Split
Men’s
Men's wear
Wear 39% Europe
26%
Women’s
Ladies wear Asia & Middle
34%
Wear
East
9%
UK
Children
Childrenwear
20% 46%
Wear
Australia
1%
Essentials
Essentials
2%
Wear North America
% of Total Revenue
15%
Others
Others
OTHERS 4% 3%
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PDS’s portfolio of value and mass retailers cushions the impact of demand disruption due to macro and geopolitical factors

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Broad Estimates
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19

Investment in PDS Ventures, Real Estate & others

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PDS Investment Portfolio
₹376cr | $45mn
% of total PDS
22%
gross capital
employed
8% 5% 10%
Venture Tech Direct
Treasury Investments (35%) Real Estate & Others (22%)
Investments (44%)
₹131cr | $16mn ₹81cr | $10mn
₹164cr | $20mn
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Note: Excludes HK real estate property used for operating purposes at a book value of $3.2mn (₹25cr)

20

9M FY23 Performance Across Segments

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PDS Venture Tech
Sourcing Manufacturing Investments [#] PDS Consolidated
$0.4mn |₹3cr
$940mn | ₹7,497cr $63mn | ₹502cr $982mn
Revenue
Revenue captured in Other
up 29% vs LY up 32% vs LY ₹7,835cr
Income
$3mn | ₹24cr
EBIT $34mn | ₹274cr $2.6mn | ₹21cr $40mn |₹318cr
Gain from sale of real estate,
(Including other income) up 26% vs LY (Margin: 4.2% | -ve 5.6% LY) Margin: 4.1%
Rental & Treasury
Gross Capital Employed $95mn | ₹784cr $65mn | ₹541cr $45mn | ₹376cr $206mn
% of Total 46% 32% 22% ₹1,700cr
$133mn
Net Capital Employed
₹1,104cr
ROCE 47% 5% 7% 38%
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*based on gross capital employed | Consolidated ROCE based on net capital employed | PDS Consolidated numbers above are post eliminations. Growth rates are based on ₹ figures. # Includes others |

21

Consolidated Profit & Loss

For the Quarter ended December

Particulars	Quarter ended 31-Dec-22	Quarter ended 31-Dec-21	Q3 Growth (Y-o-Y)	Quarter ended 30-Sep-22	Year Ended 31-Mar-22
Income from Operations	2,574	2,232	15%	2,921	8,828
COGS	2,124	1,861 371 16.6% 154 6.9% 113 5.1%	14%	2,426	7,396
Gross Profit	450		21%	495	1,432
Gross Margin(%)	17.5%		86 bps	16.9%	16.2%
Employee Expense	193		25%	203	621
% of Incomefrom Operations	7.5%		58 bps	6.9%	7.0%
Other Expenses	125		11%	171	484
% of Incomefrom Operations	4.9%		-18 bps	5.9%	5.5%
EBITDA	132	104 4.7%	27%	121	327
EBITDA Margin(%)	5.1%		47 bps	4.1%	3.7%
Depreciation	19	17 5 92 4.1% 8 85 0 85 4	12%	20	70
Other Income	7		43%	39	86
EBIT	120		31%	140	343
EBIT Margin(%)	4.7%		55 bps	4.8%	3.9%
Finance Cost	21		170%	16	33
Profit before exceptional items and tax	100		18%	124	311
Add: Profit/(Loss)of Associates	0		-457%	0	-1
Profit Before Tax	99		17%	124	310
Tax Expenses	7		65%	11	17
Profit After Tax	93	81 3.6%	15%	113	293
PAT Margin(%)	3.6%		-1 bps	3.9%	3.3%
		66 15
- Owners of the Company	78		18%	94	248
- Non controlling interest	15		2%	19	44

₹ in cr, unless mentioned otherwise

Key Highlights

1. Income from Operations increased by 15% 2. Gross Margins increased by 86bps to 17.5% vs 16.6%

2. EBITDA increased by 27% largely driven by expansion in Gross Margins

3. EBITDA Margin increased to 5.1% vs 4.7% 5. Finance costs have increased due to the increased cost of borrowing over the last year

4. a) Impact has been partially mitigated by an increase in early payment discounts captured in gross margins

5. PAT increased by 15% with 3.6% margin

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22

Consolidated Profit & Loss

For the Nine Months ended December

Particulars	Nine Months ended 31-Dec-22	Nine Months ended 31-Dec-21	9M Growth (Y-o-Y)	Year Ended 31-Mar-22
Income from Operations	7,835	6,053	29%	8,828
COGS	6,518	5,040	29%	7,396
Gross Profit	1,317	1,013	30%	1,432
Gross Margin(%)	16.8%	16.7%	8 bps	16.2%
Employee Expense	572	444	29%	621
% of Incomefrom Operations	7.3%	7.3%	-4 bps	7.0%
Other Expenses	418	345	21%	484
% of Incomefrom Operations	5.3%	5.7%	-36 bps	5.5%
EBITDA	327	223	46%	327
EBITDA Margin(%)	4.2%	3.7%	48 bps	3.7%
Depreciation	58	51	14%	70
Other Income	49	65	-24%	86
EBIT	318	238	34%	343
EBIT Margin(%)	4.1%	3.9%	14 bps	3.9%
Finance Cost	47	21	125%	33
Profit before exceptional items and tax	272	217	25%	311
Add: Profit/(Loss)of Associates	-1	1	-230%	-1
Profit Before Tax	271	217	25%	310
Tax Expenses	21	11	92%	17
Profit After Tax	250	207	21%	293
PAT Margin(%)	3.2%	3.4%	-22 bps	3.3%
- Owners of the Company	208	171	22%	248
- Non controlling interest	42	35	18%	44

₹ in cr, unless mentioned otherwise

Key Highlights

1. Income from Operations increased by 29%

2. Gross Margins increased by 8bps to 16.8% vs 16.7%

3. EBITDA increased by 46%

4. Margin increased to 4.2% vs 3.7%

5. Finance costs have increased due to the increased cost of borrowing over the last year

6. a) Impact has been partially mitigated by increase in early payment discounts captured in gross margins

7. PBT increased by 25% to ₹271cr vs ₹217cr in 9M FY22

8. PAT increased by 21% with 3.2% margin

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23

Normalized PBT in Q3FY23 and 9M FY23

₹ in cr, unless mentioned otherwise

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Quarter ended Quarter ended 9M ended 9M ended
Particulars
31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21
Income from operations 2,574 2,232 7,835 6,053
PBT 99 85 271 217
% PBT Margin 3.9% 3.8% 3.5% 3.6%
Less: One time gain on real estate 0 0 36 41
Add: Loss of new business -14 -7 -37 -18
PBT Normalized 114 92 272 194
% Normalized PBT Margin 4.4% 4.1% 3.5% 3.2%
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ESOP Cost considered as operational in nature since it is now captured in Y-o-Y numbers

➢ Y-o-Y Normalized PBT margins expanded by +25bps in Q3 FY23 and 9M FY23

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24

Consolidated Balance Sheet

Non-Current Assets Particulars	As on 31-Dec-22	As on 30-Sep-22	As on 31-Mar-22
	883	822	787
Current Assets	2,357	2,488	2,611
Inventories	361	344	305
Trade Receivables	1,061	1,226	1,421
Cash and cash equivalents	403	449	460
Other Bank Balances	193	178	205
Other Current Assets	339	291	220
Total Assets	3,240	3,309	3,398
Total Equity	1,077	994	936
Non-Current Liabilities	115	115	112
Borrowings	0	0	0
Other Non-Current Liabilities	1	115	112
Current Liabilities	2,049	2,201	2,350
Borrowings	623	710	623
Trade Payables	1,244	1,312	1,566
Other Current Liabilities	181	179	160
Total Equity & Liabilities	3,240	3,309	3,398

Calculated basis LTM P&L items Particulars	₹ in cr, unless mentioned otherwise As on As on As on 31-Dec-22 30-Sep-22 31-Mar-22 15 15 15 36 44 59 51 56 77 0 3 -3 624 710 623 27 82 -41	₹ in cr, unless mentioned otherwise As on As on As on 31-Dec-22 30-Sep-22 31-Mar-22 15 15 15 36 44 59 51 56 77 0 3 -3 624 710 623 27 82 -41	₹ in cr, unless mentioned otherwise As on As on As on 31-Dec-22 30-Sep-22 31-Mar-22 15 15 15 36 44 59 51 56 77 0 3 -3 624 710 623 27 82 -41
	As on 31-Dec-22
			15 59
InventoryDays	15	15
Debtor Days	36	44
Payables Days	51	56	77
NWC Days	0	3	-3
Total Debt Net Debt	624	710	623
	27	82	-41

Working Capital & Leverage Ratios :

1. Net Working Capital Days of 0 days vs 3 days as of September 2022

2. Net Debt has decreased from ₹82cr in Sep 2022 to ₹27cr in Dec 2022

Return to Stakeholders :

1. Reported ROCE of 38%

2. Reported ROE of 31%

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25

Consolidated Cash Flow

₹ in cr, unless mentioned otherwise

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Nine Months ended Nine Months ended Nine Months ended Nine Months ended
Particulars Particulars
31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21
A. Cash Flow from Operating Activities C. Cash Flow from Financing Activities
Profit before tax 271 217 Proceeds from borrowings (net) -63 82
Depreciation and amortization expense 58 51 Interest paid -47 -21
Finance Costs 47 21 Payment of dividend to equity shareholders -95 -41
Gain on sale of subsidiary/investment property -36 -41 Payment of dividend to non-controlling interests -47 -44
Payment of principal portion of lease liabilities & Others -18 -16
(Increase)/Decrease in Net Current Assets & Others -84 12
C. Total Cash Flow from Financing Activities -270 -39
A. Total Cash Flow from Operating Activities 255 260
(A+B+C) Net increase / (decrease) in Cash and cash equivalent -107 105
B. Cash Flow from Investing Activities
Foreign exchange fluctuation & others 6 -3
Capex -44 -28 Add: Cash at the beginning & Cash of acquired business 465 282
Proceeds from disposal of real estate 57 Add: Bank overdraft 39 16
(Increase) / Decrease in bank deposits 11 -13 Cash and cash equivalent at the end 403 400
Venture Tech & Treasury Investments -64 -61
Investment in JVs & Subsidiaries & Others -52 -14
B. Total Cash Flow from Investing Activities -92 -116
(A+B) Total Cash Flow from Operating and Investing Activities 163 144
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26

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

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For Further Information, please contact

Abhishekh Kanoi

Head of Legal & Company Secretary [email protected]

Reenah Joseph

Head Corporate Finance & Investor Relations [email protected]

PDS Limited

(erstwhile PDS Multinational Fashions Limited) Unit No.971, Solitaire Corporate Park, Andheri-Ghatkopar Link Road, Andheri (E), Mumbai-400093, Maharashtra, India CIN: L18101KA2011PLC094125 Tel.: +91-22-41 441 100 Email: [email protected]

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Annexures

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PDS GIVING BACK TO THE SOCIETY

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Investing in Our Ecosystem Nearly 90% of the workforce in our Bangladesh facilities are women

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Initiatives at PDS manufacturing facility in Bangladesh (Green Smart Shirts)

Various initiatives like Shwapno Project, Pre-primary school for factory associates’ children, Transport facilities, etc taken for empowering the women workforce, giving them a happy work environment with opportunities to flourish and make them financially self-dependent

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Making difference in our Communities

Soham*- Efforts toward training adults and schooling children in Hyderabad and Dhaka

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Facilitating children with a platform to acquire knowledge on various educational fields with active participation in extra curricular activities and vocational training program for adults, Soham is contributing to their all-round growth and development

*Primary School Education initiative under the Soham umbrella

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PDS signatory to United Nations Global Compact Voluntary Initiative based on CEO’s commitment to implement universal sustainability principles

95,581 Public Reports

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21,218
Participants
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162
Countries
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Committed to support the 10 principles of the UN Global Compact

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Source- https://www.unglobalcompact.org/

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Financial Performance (Figures in $mn)

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Performance in Q3 over last 5 years Consistently delivered growth & profitability

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Margin %
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Sales ($ mn) Gross Profit ($ mn)
1 2
312 55
298
50
40
214 218
204 34
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1.5x 1.7x
15.1% 17.5%
Growth Growth
Q3 FY19 Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23 Q3 FY19 Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23
EBITDA ($ mn) PAT ($ mn)
3 4 11
11
16
14
8
10
3 3 2 2
4.8x 6.7x
1.6% 5.2% 0.8% 3.6%
Growth Growth
Q3 FY19 Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23 Q3 FY19 Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23
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Consolidated Profit & Loss

For the Quarter ended December

US$ in mn, unless mentioned otherwise

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Quarter ended Quarter ended Q3 Growth Quarter ended Year Ended
Particulars
31-Dec-22 31-Dec-21 (Y-o-Y) 30-Sep-22 31-Mar-22
Income from Operations 312.4 298.0 5% 366.8 1,184.8
1.
COGS 257.6 248.5 4% 304.6 992.6
Gross Profit 54.7 49.5 10% 62.2 192.2
2.
Gross Margin (%) 17.5% 16.6% 90 bps 17.0% 16.2%
Employee Expense 23.4 20.6 14% 25.4 83.3
3.
% of Income from Operations 7.5% 6.9% 59 bps 6.9% 7.0%
Other Expenses 15.1 14.9 2% 21.4 65.0
% of Income from Operations 4.8% 5.0% -15 bps 5.8% 5.5%
4.
EBITDA 16.1 14.0 15% 15.3 43.9
EBITDA Margin (%) 5.2% 4.7% 45 bps 4.2% 3.7%
Depreciation 2.3 2.2 2% 2.5 9.4 5.
Other Income 0.8 0.6 28% 5.0 11.5
EBIT 14.7 12.5 18% 17.8 46.1
EBIT Margin (%) 4.7% 4.2% 52 bps 4.9% 3.9%
Finance Cost 2.5 1.2 117% 2.1 4.38
Profit before exceptional items and tax 12.2 11.3 8% 15.7 41.69
Add: Profit/(Loss) of Associates 0.0 0.0 -434% 0.0 -0.08
Profit Before Tax 12.1 11.3 7% 15.7 41.62
Tax Expenses 0.8 0.5 50% 1.4 2.32
6.
Profit After Tax 11.3 10.8 5% 14.3 39.3
PAT Margin (%) 3.6% 3.6% 0 bps 3.9% 3.3%
- Owners of the Company 9.5 8.9 6% 11.9 33.3
- Non controlling interest 1.9 2.0 -8% 2.5 6.0
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Key Highlights

1. Income from Operations increased by 5%

2. Gross Margins increased by 90bps to 17.5% vs 16.6%

3. EBITDA increased by 15% largely driven by expansion in Gross Margins

4. EBITDA Margin increased by 45bps to 5.2% vs 4.7%

5. Finance costs have increased due to the increased cost of borrowing over the last year

6. a) Impact has been partially mitigated by an increase in early payment discounts captured in gross margins

Reported PAT of $11.3mn with 3.6% margin

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Consolidated Profit & Loss

For the Nine Months ended December

Particulars	Nine Months ended 31-Dec-22	Nine Months ended 31-Dec-21	9M Growth Year Ended (Y-o-Y) 31-Mar-22
Income from Operations	982.1	815.0	21% 1,184.8
COGS	817.0	678.7	20% 992.6 21% 192.2 8 bps 16.2% 20% 83.3 -4 bps 7.0% 13% 65.0 -36 bps 5.5%
Gross Profit	165.1	136.4
Gross Margin(%)	16.8%	16.7%
Employee Expense	71.7	59.8
% of Incomefrom Operations	7.3%	7.3%
Other Expenses	52.5	46.4
% of Incomefrom Operations	5.3%	5.7%
EBITDA	40.9	30.1	36% 43.9 48 bps 3.7%
EBITDA Margin(%)	4.2%	3.7%
Depreciation	7.2	6.8	6% 9.4 -29% 11.5 25% 46.1 14 bps 3.9% 109% 4.38 17% 41.69 -221% -0.08 16% 41.62 79% 2.32
Other Income	6.2	8.7
EBIT	39.9	32.0
EBIT Margin(%)	4.1%	3.9%
Finance Cost	5.9	2.8
Profit before exceptional items and tax	34.0	29.2
Add: Profit/(Loss)of Associates	-0.1	0.1
Profit Before Tax	33.9	29.3
Tax Expenses	2.6	1.4
Profit After Tax	31.4	27.8	13% 39.3 -22 bps 3.3%
PAT Margin(%)	3.2%	3.4%
- Owners of the Company	26.1	23.2	13% 33.3 10% 6.0
- Non controlling interest	5.2	4.8

US$ in mn, unless mentioned otherwise

Key Highlights

1. Income from Operations increased by 21%

2. Gross Margins increased by 8bps to 16.8% vs 16.7%

3. EBITDA increased by 36% with margin expansion of 48bps to 4.2% vs 3.7%

4. Finance costs have increased due to the increased cost of borrowing over the last year

5. a) Impact has been partially mitigated by increase in early payment discounts captured in gross margins

6. PBT increased by 16% to $34mn vs $29mn in 9M FY22

7. PAT increased by 13% with 3.2% margin

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Consolidated Balance Sheet

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As on As on As on
Particulars
31-Dec-22 30-Sep-22 31-Mar-22
Non-Current Assets 106.7 101.0 103.8
Current Assets 284.9 305.8 344.6
Inventories 43.6 42.3 40.3
Trade Receivables 128.2 150.7 187.5
Cash and cash equivalents 48.7 55.2 60.7
Other Bank Balances 23.4 21.9 27.0
Other Current Assets 41.0 35.7 29.0
Total Assets 391.6 406.8 448.4
Total Equity 130.2 122.2 123.5
Non-Current Liabilities 13.8 14.1 14.8
Borrowings 0.0 0.0 0.0
Other Non-Current Liabilities 0.1 14.1 14.8
Current Liabilities 247.6 270.5 310.1
Borrowings 75.4 87.2 82.2
Trade Payables 150.4 161.3 206.7
Other Current Liabilities 21.9 22.0 21.2
Total Equity & Liabilities 391.6 406.8 448.4
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US$ in mn, unless mentioned otherwise
As on As on As on
Particulars
31-Dec-22 30-Sep-22 31-Mar-22
Calculated basis LTM P&L items
Inventory Days 14 14 15
Debtor Days 35 41 58
Payables Days 49 52 76
NWC Days 0 2 -3
Total Debt 75 87 82
Net Debt 3 10 -5
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Working Capital & Leverage Ratios :

1. Net Working Capital Days of 0 days vs 2 days as of September 2022

2. Net Debt has decreased from $10mn in Sep 2022 to $3mn in Dec 2022

Return to Stakeholders :

1. Reported ROCE of 40%

2. Reported ROE of 33%

ROCE and ROE are based on $ values

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Normalized PBT in Q3FY23 and 9M FY23

US$ in mn, unless mentioned otherwise

ESOP Cost considered as operational in nature since it is now captured in Y-o-Y numbers Quarter ended Quarter ended 9M ended 9M ended 31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21 Income from operations 312 298 982 815 PBT 12 11 34 29 % PBT Margin 3.9% 3.8% 3.5% 3.6% Less: One time gain on real estate 0 0 5 6 Add: Loss of new business -2 -1 -5 -2 PBT Normalized 14 12 34 26 % Normalized PBT Margin 4.5% 4.1% 3.5% 3.2% Particulars

➢ Y-o-Y Normalized PBT margins expanded by 26bps in Q3FY23 and 43 bps in 9M FY23

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Consolidated Cash Flow

US$ in mn, unless mentioned otherwise

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Nine Months ended Nine Months ended Nine Months ended Nine Months ended
Particulars Particulars
31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21
A. Cash Flow from Operating Activities C. Cash Flow from Financing Activities
Profit before tax 32.7 29.2 Proceeds from borrowings (net) -7.6 11.0
Depreciation and amortization expense 7.0 6.8 Interest paid -5.6 -2.8
Finance Costs 5.6 2.8 Payment of dividend to equity shareholders -11.5 -5.5
Gain on sale of subsidiary/investment property -4.4 -5.5 Payment of dividend to non-controlling interests -5.7 -5.9
(Increase)/Decrease in Net Current Assets & Others -10.2 1.6 Payment of principal portion of lease liabilities & Others -2.2 -2.1
A. Total Cash Flow from Operating Activities 30.8 35.0 C. Total Cash Flow from Financing Activities -32.6 -5.3
B. Cash Flow from Investing Activities (A+B+C) Net increase / (decrease) in Cash and cash equivalent -13.0 14.1
Capex -5.3 -3.8 Foreign exchange fluctuation 0.7 -0.3
Proceeds from disposal of real estate 6.8 0.0 Add: Cash at the beginning & Cash of acquired business 56.3 38.0
(Increase) / Decrease in bank deposits 1.4 -1.7 Add: Bank overdraft 4.8 2.2
Venture Tech & Treasury Investments -7.7 -8.2 Cash and cash equivalent at the end 48.7 53.9
Investment in JVs & Subsidiaries & Others -6.3 -1.9
B. Total Cash Flow from Investing Activities -11.1 -15.7
(A+B) Total Cash Flow from Operating and Investing Activities 19.7 19.3
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Note: Cash flow conversion based on closing rates. Variation in P&L items is due to exchange rate which is on average rates.

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