Slides
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Investor Presentation: Q1’26 July 15, 2025 A L Agribusiness
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Safe Harbour Statement This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward-looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward-looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof. rtune edibk> ol~ ond foods
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Result Summary fi rtune· edible oils end foods
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AWL - P&L Highlights: Q1’26 ▪ Volume decline is on account of consolidation of regional rice (non-Basmati) business and sluggish palm sales ▪ Delivered healthy EBITDA & PAT in Q1’26. YOY decline is on account of high base quarter Consolidated Financials Q1'25 Q4'25 Q1’26 QoQ % YoY % Volume (in Million MT) 1.66 1.65 1.58 -4.3% -5.0% Revenue 14,154 18,230 17,059 -6% 21% Gross Profit (normalized) 1,799 1,724 1,757 2% -2% EBITDA (incl. Other Income) 680 510 572 12% -16% PBT 418 234 311 33% -26% PAT 313 191 238 25% -24% Per Ton: Gross Profit per MT 10,814 10,444 11,121 6% 3% EBITDA per MT (incl. Other Income) 4,089 3,092 3,623 17% -11% PBT per MT* 2,514 1,420 1,969 39% -22% 4Note: Gross Profit & EBITDA has been normalized by regrouping the derivative impact. Reconciliation is provided in Annexure INR Cr. fi rtune· edible oils end foods
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1,664 1,736 1,802 1,626 1,728 1,661 1,348 1,238 1,137 1,136 1,631 2,103 2,390 2,491 2,384 Dec 21 Mar 22 Jun 22 Sept 22 Dec 22 Mar 23 Jun 23 Sept 23 Dec 23 Mar 24 Jun 24 Sept 24 Dec 24 Mar 25 Jun 25 AWL - Quarterly Profit Trend │ 5 *Note: EBITDA has been normalized by regrouping the derivative impact. Reconciliation is provided in Annexure. Standalone EBITDA (Normalized)*: Quarterly Trend Impact of Hedge Dis- alignment • Strong operating EBITDA of ~2,400 cr. in LTM Jun’25 on consolidated basis • Strong profit in Q1 in Food & FMCG & Industry Essential segments, partially offset by lower EBITDA in edible oil impacted by custom duty cuts in INR Crores 352 379 425 507 414 396 258 623 340 122 156 530 333 609 624 847 462 484 Mar 21 Jun 21 Sept 21 Dec 21 Mar 22 Jun 22 Sept 22 Dec 22 Mar 23 Jun 23 Sept 23 Dec 23 Mar 24 Jun 24 Sept 24 Dec 24 Mar 25 Jun 25 Consolidated EBITDA (Normalized)*: LTM .- ---------- -. I I I I _) 1 I I I I ·o : I I I '------------ fi rtune· edible oils end foods
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AWL - Quarterly Profit Trend (per MT) │ 6 Standalone figures Quarterly Trend: Gross Profit per MT Quarterly Trend: EBITDA per MT in INR per MTAverage Gross Profit of INR 10,628 per MT Average EBITDA of INR 3,115 per MT 11,698 9,149 9,288 10,571 11,284 11,740 11,100 11,392 12,171 10,253 11,886 9,383 7,748 8,323 10,942 10,021 10,859 11,205 13,427 10,121 10,404 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 4,315 1,613 3,152 3,136 3,652 3,697 4,187 3,383 3,470 2,044 4,397 2,346 848 1,101 3,556 2,236 3,766 3,927 4,956 2,518 3,433 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 T T T T T T T T T T T T T T r T T r r T T r r F rtune· edible oils end foods
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Market Context 7 rtune· edibleollsondtoods
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75,000 85,000 95,000 105,000 115,000 125,000 135,000 145,000 Palm Soya Sun Edible Oil Price Trend (incl. Custom Duty) Long-term trend: Monthly Average Prices (CNF Prices / INR per MT)* *Including custom duty ▪ Crude Edible Oil Prices in India corrected post the duty cut on 31st May 2025 ▪ Post Q1 normalization, palm oil became the lowest-priced edible oil in the overall oil complex. Effective Duty w.e.f. 14th Sept'25 w.e.f. 31st May'25 Difference % Crude Edible Oil Crude Palm Oil 27.50% 16.50% -11.00% Crude Soyabean Oil 27.50% 16.50% -11.00% Crude Sunflower Oil 27.50% 16.50% -11.00% Refined Edible Oil RBD Palmolein 35.75% 35.75% 0.00% Refined Soyabean Oil 35.75% 35.75% 0.00% Refined Sunflower Oil 35.75% 35.75% 0.00% Difference b/w Crude & Refined -8.25% -19.25% - Duty Hike Duty cut Israel –Iran + US Biodiesel mandate Long-term trend: Monthly Average Prices (CNF Prices / INR per MT)* ▪ Import duty across 3 major imported crude edible oils was cut by 11% on 31st May 2025 ▪ There was no cut in import duty of refined edible oils, that led to the differential between crude & refined oils widening to ~19% levels, from earlier ~8% levels Note for Price Chart: Prices from Jul’23 to Apr’25 in above chart are monthly averages, while prices for 31st May, 20th June & 30th June 2025 are as on date ....... I [ C ~ C: ~ fi rtune· edible oils end foods
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Edible Oil Imports – monthly trend Source: Solvent Extractors Association (SEA) Total Imports: All edible oils (Palm, Soya, Sun) 1.1 1.3 1.2 1.0 1.1 1.3 1.51.6 1.2 1.0 0.9 1.0 0.9 1.2 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 OY'24 OY'25 Imports: Crude Palm Oil 0.7 0.6 0.5 0.4 0.4 0.5 0.50.5 0.3 0.2 0.3 0.3 0.2 0.5 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 OY'24 OY'25 Imports: Crude Sunflower Oil 0.1 0.3 0.2 0.3 0.4 0.2 0.4 0.3 0.3 0.3 0.2 0.2 0.2 0.2 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 OY'24 OY'25 0.1 0.2 0.2 0.2 0.2 0.4 0.3 0.4 0.4 0.4 0.3 0.4 0.4 0.4 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 OY'24 OY'25 Imports: Crude Soyabean Oil ▪ Imports of edible oils were lower in recent months due to high edible oil prices which led to weak consumer demand ▪ Crude Palm oil and Sunflower imports have been lower YoY. Crude Soyabean oil imports were higher YoY due to relatively high palm prices resulting in demand shift ▪ Palm imports gradually picking up in June with correction in its prices OY: Oil Year (November to October) • • • • I 11 1. 11 II 1. II • • • • ■ I I I ■ I 11 I ■ I ■ I ■ fi rtune· edible oils end foods
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Industry Volume Growth Trends: Retail Sales 10 Edible Oil (incl. Mustard) Wheat Flour Basmati Rice 13% 5% 3% 0% 2% 5% 0% 1% 15% 7% 3% -1% 2% 4% -0.10% 0% 10% 2% 2% 1% 2% 8% 0% 3% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Total Urban Rural 13% 4% 3% -2% 0% 4% -1% 4% 12% 2% -2% -6% -4% -1% -4% -1% 16% 11% 21% 15% 14% 24% 12% 19% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Total Urban Rural 10.0% 5.5% 7.8% FY'24 FY'25 Q1'26 Overall % ▪ Industry growth has been subdued for last few quarters in Edible Oil & Wheat Flour; Rural has been growing at a faster rate ▪ In Q1’26, Edible Oil (ROCP) increased by 1% YoY in the backdrop of elevated edible oil prices ▪ In Q1’26, the Wheat Flour industry grew 4% YoY, while Basmati Rice registered 7.8% YoY growth Source: Nielsen ROCP: Refined Oil Consumer Pack ■ ■ ■ · • - - - - _L - ---- ■ - ■ \ - ■ ■ ■ 111 • 1 _ I .l... 1 I __ I _._ I . J_ I ■ - fi rtune· edible oils end foods
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Business Updates 11 rtune· edibleollsondtoods
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Company Highlights: Q1’26 Consolidated figures 12 Segment Volume (Mn MT) YoY % Revenue (INR Cr.) YoY % PBT * YoY % Edible Oil 0.96 (4%) 13,415 26% 181 (54%) Food & FMCG 0.26 (20%) 1,414 (8%) 75 257% Industry Essentials 0.36 6% 2,230 12% 100 263% Total 1.58 (5%) 17,059 20% Segment Volume (Mn MT) YoY % Revenue (INR Cr.) YoY % Edible Oil 0.96 (4%) 13,415 26% Food & FMCG 0.26 (5%) 1,414 4% Industry Essentials 0.36 6% 2,230 12% Total 1.58 (2%) 17,059 21% Reported Excluding G2G Rice Business Category – Volume Mix Category – Value Mix * Excluding unallocated items Excluding G2G Rice business ▪ Q1 volume declined slightly: Reset of regional Rice business and sluggish Palm sales dragged down the overall sales ▪ Q1 revenue at INR 17,059 crores: Reported revenue grew by 21% YoY, driven primarily by edible oils and Industry essentials. Food & FMCG volumes impacted in Q1 due to consolidation of regional rice business and transitory operational challenges in Rice exports G2G business - 0.05 MT and INR 169 crores in Q1 ’25; discontinued after Q3 ‘25 Edible Oil, 61% Food & FMCG, 17% Industry Essential, 23% Edible Oil, 79% Food & FMCG, 8% Industry Essential, 13% fi rtune· edible oils end foods
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▪ Alternate channels revenue at INR 3,900+ crores; maintained its strong growth momentum o Quick commerce sales volume increased by 73% YoY in Q1 and 79% YoY on LTM basis o Q-com performance driven by continued adoption of the channel by customers and strong brand equity of AWL products ▪ Branded exports volume grew by 22% YoY and surpassed INR 300 crores revenue: ▪ Strengthened exports team; exports market offers large opportunity ▪ Q1 EBITDA at INR 520 crores, down by 16% YoY due to high base o Strong profits in both Food & FMCG and Industry Essentials segments o Custom duty cuts in May-end led to high-cost inventory pressures in edible oils segment o Strong LTM June ‘25 operating EBITDA at INR 2,384 crores, quite close to the highest-ever rolling 12- months operating EBITDA (INR 2,474 crores in FY ‘25) Company Highlights: Q1’26 13 Fortune Sunflower Oil | The Secret to Light Tasty Cooking_6sec Enjoy food that’s light, tasty, and healthy! Fortune Sunflower Oil is naturally packed with antioxidants, free from trans fats, and designed to keep your cooking light without compromising on flavor. Make every meal very very right! #FortuneSunflowerOil #VeryVeryLight AWL Agribusiness SHOP NOW une soya bad, ------------------- -- ----------------------------------- rtune· edible oils end foods
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▪ Volume declined by 4% YoY in Q1. Excluding Palm oil, branded volume grew in low- single digit o Revenue of INR 13,415 crores is Q1, up 26% YoY o Branded sales volume continued to be under pressure from sluggish sale of Palm oil due to its relatively higher prices, leading to loss of market share in value-for-money segment o AWL’s market share declined by 45bps due to market share loss of 135bps in Palm oil category ▪ Raw-material prices in Q1 was around 30% higher compared to base quarter o Weak consumer demand due to high prices; destocking by trade amidst price volatility ▪ Q1 volumes impacted by multiple headwinds; expecting improvement in quarters ahead ▪ Palm oil prices has dropped below Soyabean oil prices, leading to normalization of our Palm oil sales towards end of quarter ▪ Recent reduction in custom duty has curbed imports of refined edible oils from some of SAARC countries under Free Trade Agreement ▪ Custom duty cut will additionally reduce import of refined edible oil from producing countries, enabling better growth for Indian refiners ▪ Allowance of non-standardized packaging designed to resemble 1-liter packs has been favoring unorganized smaller players. Industry associations have called for reinstatement of standardized litre-based packaging to promote fair trade and transparency for consumers. Company is also taking measures to counter such moves. 14 Edible Oil Highlights: Q1’26 Figure YoY % Volume 0.96 Mn MT (4%) Revenue INR 13,415 Cr. 26% PBT INR 181 Cr. (54%) Edible Oil Market Share: MAT May 25* *Source: Nielsen MAT ROCP Mar’25 Segment Performance: Q1’26 18.2% 17.7% May'24 May'25 \ j ......... _________________________ / fi rtune· edible oils end foods
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Edible Oil: Delivering healthy volume growth along with strong cashflows Standalone Segment EBITDA ▪ Volume grew at 5.5% YoY in LTM June‘25 (vs LTM Jun‘24). Recent quarters growth impacted by high edible oil prices ▪ EBITDA declined by 63% YoY in Q1 as the custom duty cut during the quarter led to high-cost inventory ▪ Existing manufacturing capacity is adequate, limiting the need for additional capital expenditure Capacity Utilization % in INR Crores 118 84 541 371 595 549 840+ 317 354 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 59% 57% 63% 63% 63% 64% 58% 62% 59% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Edible Oil: Growth % (Consolidated) 0.70 0.89 1.00 0.96 Q1'23 Q1'24 Q1'25 Q1'26 in Million MT INR CroresQuarterly Volume Trend Quarterly Sales Trend Consolidated figures 15 Quarterly TrendSoyabean Palm Sunflower Mustard Others Product Volume Mix% 11,507 9,860 10,635 13,415 Q1'23 Q1'24 Q1'25 Q1'26 50/oCAGR 11% CAGR ► fortune ,_.,. kachi ghani ............. __ 1.111. : 111111111 -------~·· ... ________ _ fi rtune· edible oils end foods
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▪ Food & FMCG revenue (excl. G2G business) grew by 4% YoY in Q1 to INR 1,414 cr. o All categories, except Rice, continued to see good growth rates o GD Foods contributed 96 cr. in Q1’26. (consolidated for 76 days - transaction closed on 16th April) ▪ Profitability o Profitability recovered in Q1’26, as base quarter was impacted by losses in Rice business; additionally improved profitability of wheat business o Best-ever PBT in Q1 at INR 75 crores (5.3% PBT margin) ▪ Wheat flour business (packaged atta) gained market share in last 12 months o Wheat flour sales continued to outpace industry growth on LTM basis o Took calibrated pricing increases in select markets to enhance margins while monitoring market competitiveness o Q1 volumes were impacted by soft consumer demand, higher brand premiums and increased local competition ▪ Rice business strengthened; however, volume impacted due to recalibration of Regional Rice o Branded Basmati volumes grew in double digits, marking notable turnaround - driven by fixing gaps in our product portfolio, better fill rates in alternate channels, wider outlet coverage, and more distributors o Regional rice business consolidated by rationalizing our product offerings and reducing the number of leased units o Rice exports volume declined in Q1 from shipment delays due to transitional operational reasons Food & FMCG Highlights: Q1’26 16 Figure YoY % Volume 0.26 Mn MT (20%) Revenue INR 1,414 Cr. (8%) PBT INR 75 Cr. 257% Segment Performance: Q1’26 Market Share: MAT Mar 25* 5.2% 5.6% May'24 May'25 Wheat Flour Basmati Rice 7.8% 6.2% May'24 May'25 Wheat Rice Besan & Pulses; Soya Others Product Volume Mix% *Source: Nielsen MAT ROCP Mar’25 Figure YoY % Volume 0.26 Mn MT (5%) Revenue INR 1,414 Cr. 4% Reported Excluding G2G Rice Business .. - ( I I fi rtune· - oils end foods
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▪ Pulses & Besan sales continued its strong trajectory o Pulses & Besan volume continued to grow in strong double-digit in Q1, however value growth was lower due to fall in underlying commodity prices ▪ Soya nuggets, Sugar, Poha o Soya nuggets volume & value grew in double digits in Q1, supported by very strong growth in e-commerce. Partnered with Sourav Ganguly and Chef Sanjyot Keer in a high-impact video showcasing Fortune Soya Chunks. The collaboration earned over 10mn views and 3mn impressions. o Sugar sales grew in double digits in Q1, led by strong sales in both GT & E-commerce. Added leased unit in South to improve the penetration in South market o Poha witnessed the best growth rates in all our categories; continued to improve retail and add leased capacity. We promoted world poha day on 7th Jun on social media and ecommerce. ▪ Soap (FMCG) o Soap revenue declined in mid-single digit on a very high base, however, it grew in double-digits on a 2-year CAGR basis. Food & FMCG Highlights: Q1’26 17 MeetPoha I ek ,oop anek. aam • Wor Po Doy ------------------------ -..... \ rtune· edible oils end foods
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Food & FMCG: Growing rapidly, pursuing large TAM Quarterly Topline Growth % (Consolidated) ➢ LTM revenue of INR 6,154 cr. ➢ Highest ever quarterly EBITDA in Q1’26 at INR82 cr. & EBITDA margin of 5.7% ➢ Strong quarterly revenue CAGR of 19% in last 3 years. ➢ Commencement of Gohana & other projects has enhanced the in-house capacity. 0.19 0.23 0.33 0.26 Q1'23 Q1'24 Q1'25 Q1'26 Volume (in Mn MT) Standalone Segment EBITDA Quarterly Trend in INR Crores 42 60 18 51 31 18 (32) 46 82 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Revenue (INR Cr) 855 1,097 1,533 1,414 Q1'23 Q1'24 Q1'25 Q1'26 Capacity Utilization % 50% 53% 56% 55% 49% 57% 53% 50% 42% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Consolidated figures 18 New capacities added in Q1’26 11% CAGR l8%CAGR I I - I ■ - • I I I I I I I I I I I fi rtune· edible oils end foods
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Q1 volume increased by 6% YoY • Oleochemicals and Castor Oil & derivative volume was almost flat in Q1, primarily due to near full utilization of capacity. Overall growth was driven by de-oiled cake business ▪ India’s castor exports volume declined by 9% YoY in Q1 due to global uncertainties, which also impacted our volumes. Nonetheless, we improved our market share from 25.0% to 26.8% Q1 revenue at INR 2,230 crores, up 12% YoY: • Reported revenue growth driven by both Oleochemical business and de-oiled cake. Strong profits during Q1 with PBT of INR 100 crores o Delivered highest profits in last 12 quarters o Profit improvement driven by de-oiled cakes, as this business had losses in the base quarter Industry essentials: Q1’26 19 Figure YoY % Volume 0.36 Mn MT 6% Revenue INR 2,230 Cr. 12% PBT INR 100 Cr. 263% Segment Performance: Q1’26 ,,/····---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------.. \ ~ ~ ·--------------------------------------- tune· edible oils end foods
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Subsidiaries 20 rtune· edibleollsondtoods
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Update on GD Foods Aiming for mid-teen revenue growth in FY26 21Note: GD Foods’ financials have been consolidated effective April 17, 2025, post transaction closing. Key Interventions & Initiatives: Post Acquisition ~INR 96 Crores Revenue Q1’26 ~9% YoY YoY Value Growth Q1’26 Performance Setting up Controls & Process Institutionalization Increasing Outlet Reach Leveraging operational synergies with AWL Increasing Product Sampling by bundling with Fortune Ramping up Alternate Channels Automation & Operational Efficiency / .I' ••• fi rtune· edible oils end foods
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▪ Macro-economic condition is gradually stabilizing ▪ High inflation persists: Inflation has eased to 8.5% in the June 2025. However, still above the central bank target ▪ Subdued growth: As per World Bank, GDP growth expected at ~4% levels in 2- 2024-25 ▪ Fresh liquidity from IMF: Bangladesh received a fresh funding of US$ 1.3 Bn from IMF ▪ Key Risks: Proposed US tariff of 35% pose a significant risk to growth Update on Bangladesh Edible Oil Limited Near term outlook on Bangladesh business is moderate 22Note: xxx ~INR 485 Crores, 2% YoY Growth (15% YoY volume decline) Revenue Q1’26 Q1’26 Performance Bangladesh Highlights fi rtune· edible oils end foods
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GTM, Q-com 23 rtune· edibleollsondtoods
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Progressively transforming GTM capabilities; embedding technology Rural Saliency ~30% (Volumes) 24*Rural Town: Towns < 100,000 population • Food products leveraging edible oil distribution at front end as well • Improved salesman productivity and improved distributor throughput • Engaging top regional chains to build our next lever of growth • 7 products (vs 3 last year) crossed 2 lakh+ direct reach Merged Oil & Food distribution in Urban Embedding Technology • 100% of salesman now carries SFA software, with next-gen beat mapping, suggested orders, image capture for view of stock availability • Implementing Auto Replenishment System to reduce fill rate gaps Experimenting on Depot network and delivery models • Aiming for agile deliveries with limited product assortments in rural depots Outlets in Urban & Rural Driving Food penetration in our edible oil outlets • Wheat flour now ranks 2nd in our distribution system • Large opportunity to increase reach, particularly for Rice, nuggets, poha Total Reach* > 2.1 Mn+ Outlets 3.0 3.5 5.0 5.9 7.2 8.6 8.7 Mar'20 Mar'21 Mar'22 Mar'23 Mar 24 Mar'25 Jun 25 Direct Reach: Outlets (in Lacs) 2.9x x Direct Reach: increased by 10,000+ on QoQ basis 3,256 4,117 5,286 13,621 30,600 50,290 55,000 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 June'25 Rural Town Coverage Rural Town Coverage: increased by 5,000+ towns on QoQ basis ➢ Expanding outlets in both urban and rural towns ➢ Expansion of General Trade distribution will be a key growth driver in both Urban & Rural towns Growth % Urban Outlets: Growth 11% YoY Rural Outlets: Growth 26% YoY __ T __ T _ T _ T T a fi rtune· edible oils end foods
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Q-commerce growing at rapid rate Alternate Channel Key Highlights Volume Growth YoY % 50% 31% 18% 22% 19% 14% 16% 21% 12% 61% 43% 27% 43% 22% 27% 41% 40% 33% 66% 74% 51% 44% 41% 46% 81% 113% 73% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Overall Alternate Channel E-Com Quick Com Revenue from Alternate channels is INR 3,900+ crores in LTM June 2025 Fortune brand has a high market share in alternate channels across oils, besan, flour, sugar, poha Improved Product Assortment Better availability Data-driven promotions Sharpening capabilities to optimize sales of fast-growing Q-com channel Alternate Channel Tracking competitor’s prices ■ ■ ■ D a ~ ~ J!] raJJ~ ~®0 a □□ a □ @ .1 .l fi rtune· edible oils end foods
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Segment ROCE: LTM June 2025 As the Food business matures, ROCE in expected to reach 25%+ Standalone Figures ▪ Food business in investment phase, targeting 20-25%+ ROCE at Company level as it matures. ▪ Additionally, inventory gets largely funded by working capital debt, resulting in higher ROE *Capital Employed = Equity + Total Debt + Trade Credits - cash & cash equivalent #Unallocable primarily includes GST input credit and capital advances (for capex) **This also includes buildings at integrated plant in Gohana 26 Segment ROCE: LTM June 2025 Edible Oil Food & FMCG Industry Essentials Unallocable# Total Rev / Capital Employed – A 5.3x 1.9x 3.9x n.a. 4.0x EBIT % - B 3.3% 1.1% 4.4% n.a. 2.8% ROCE % [A x B] 18% 2% 17% n.a. 11% EBIT 1,689 67 347 -316 1,787 Segment Revenue 50,874 5,895 7,904 0 64,673 Fixed Assets 3,301 1,418 760 305 5,784 Capital Work-in progress (CWIP) 385 312 135 228 1,061 Intangible 0 126 0 10 136 NWC 6,826 1,749 1,156 -50 9,680 Other Assets, Net -494 -110 128 935 459 Capital Employed* 9,633 3,183 2,044 1,200 16,059 Food business is in investment phase . , , ! ! ! l ············································: C =:> C =:> C =:> rtune· edible oils end foods
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Segment ROCE & Capital Employed: 3 Year trend As the Food business matures, ROCE in expected to reach 25%+ Standalone Figures ➢ Limited investment required in Edible Oil business in the recent years, despite continuous growth ➢ Allocating capital to the Food business, to support its growth *Inventory of Edible Oil on 31st March 2022 and 30th June 2025 was at a higher level, due to elevated commodity prices ROCE % INR Crores FY22 FY23 FY24 FY25 LTM Jun 25 Edible Oil 14% 13% 13% 23% 18% Food & FMCG -2% 4% 5% 1% 2% Industry Essentials 25% 20% 6% 17% 17% Unallocable -48% -61% -49% -37% -26% Total 12% 10% 7% 15% 11% EBIT INR Crores FY22 FY23 FY24 FY25 LTM Jun 25 Edible Oil 1,317 1,124 846 2,082 1,689 Food & FMCG -17 71 143 22 67 Industry Essentials 391 352 103 282 347 Unallocable -250 -249 -266 -317 -316 Total 1,441 1,297 825 2,068 1,787 Capital Employed INR Crores FY22 FY23 FY24 FY25 LTM Jun 25 Edible Oil 9,225 8,541 6,647 9,050 9,633 Food & FMCG 886 1,684 2,867 2,449 3,183 Industry Essentials 1,538 1,759 1,646 1,670 2,044 Unallocable 519 408 547 856 1,200 Total 12,168 12,392 11,706 14,025 16,059 Fixed Assets INR Crores FY22 FY23 FY24 FY25 LTM Jun 25 Edible Oil 2,946 2,960 3,227 3,298 3,301 Food & FMCG 482 633 1,038 1,299 1,418 Industry Essentials 674 654 631 733 760 Unallocable 166 76 96 385 305 Total 4,268 4,323 4,992 5,715 5,784 Net Working Capital (NWC) INR Crores FY22 FY23 FY24 FY25 LTM Jun 25 Edible Oil 6,452 5,458 3,536 6,277 6,826 Food & FMCG 393 886 1,757 1,155 1,749 Industry Essentials 902 991 947 881 1,156 Unallocable -71 -55 -65 -44 -50 Total 7,676 7,280 6,175 8,270 9,680 ` ` ` ` ` I I I I fi rtune· edible oils end foods
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Marketing 28 rtune· edibleollsondtoods
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Rural penetration – High-impact rural branding at scale │ 29 Extensive on ground visibility in rural markets Focus on rural branding, aligned to strategy of increasing rural distribution Transit Branding Alife Gondhraj launch campaign Trade Marketing altfe· fi rtune· edible oils end foods
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On-ground consumer engagements at large scale (1/2) │ 30 High-touch, ground-level consumer engagement during festivities driving emotional connect Continuous engagement across markets Poila Parbon - Kolkata Pickle Activity Bihu Festival - Assam Nauchandi Mela - Meerut fi rtune· edible oils end foods
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On-ground consumer engagements at large scale (2/2) │ 31 Rathyatra Activity VR Experience Fortune Sunflower Oil - Campaign Booth at Venue Fortune Biryani Rice - Campaign High-touch, ground-level consumer engagement during festivities driving emotional connect Continuous engagement across markets S:O,tune #BhogYot , o Top oonlrlbulala Win --Colna .,_.. f'oftunal Fonun. • BhogYat,a rtune· edible oils end foods
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Innovative Campaign on TVC & Social media │ 32 Television Campaign: Associated with Celebrity chefs Kohinoor Ad Campaigns World Poha Day Continued investments in digital engagements King’s Soyabean Oil - TVC launch & campaign Regional Cooking Shows Sponsored rtune· edible oils end foods
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Nielsen FMCG Landscape Report: Top 10 FMCG Players 33 fi rtune· edible oils end foods
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AWL – 8th largest player in India’s FMCG sector (by Market Share in Q4’25) 34 Rank-2 in value growth and Rank-6 in volume growth amongst top players Source: Nielsen - based on the FMCG base of 88 categories. Data pertains to Q4 ‘25 period Base: Total FMCG HINDUSTAN I TC PARLE PiRO 'DS IUNILEVEIR IJIM ITED ·111111·111 84 69 65 73 - Top 10 Manufacturers ranked by Value IJl"OVL 1th vs YA MO IDEILEZ INTEIRNATIO NAL i 2 AOAN I W ILMAR 3 ESTI..E IIN IDIA 4 PARI..E PRODS 5 IHIIN DUSf A!N UNILEVIER LIM ITED ll PiROCTiER & GAM BtlE 7 IPA A!NJAU IFOOIDS l!IMfflED a n c Q BRII A IA INDS 10 li-lAI..IDI RAM NIQ To,p, 10 P llayers M S Vall PROCTER & GAM B!LE 72 Val ue growth vs YA 8.6 7.2 7.2 5.1 4.2 3.2 3.2 2.1 1.4 0.2 i ■ MONID 'EIJEZ IINTIERNATIONA L 39 2 3 4 5 i 6 7 8 9 1 [) Al (U+R) ■ - - 1111 NESTILE INDIA AOA NI W IIJMAR PATA NIJA!LI FOODS IHAIJDIRAM LI ITEID 52 21 33 39 Top 10 Manufacturers r anked by Volume growth vs YA MO DEl!EZ IINTERNA TIONAI.. IPARLEPRODS IHI IDUSTA UNII LEVER UM ITED IBHITAN A l DS i PROC TER & GAM BI..E PATA JAI..II IFOOIDS LIM ITED I T C HALDIRAM \······------ ~~-~~~--~ -~ -= --~~~-~ --~~--~~~----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------#~~,,_./ fi rtune· edible oils end foods
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ESG 35 fi rtune· edible oils end foods
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ESG - Environment KPIs (1/2) 36 KPI Savings Steam Savings 6.1% Power Savings 1.5% Water Savings 11.4% ➢ Savings driven by Lean six sigma projects 133,781 184,289 190,223 Mar '24 Mar '25 June '25 13 14 16 Mar '24 Mar '25 June '25 Tree Count Solar Plants Capacity (in KWp) Resource Savings (Q1’26) Solar Plants – Locations 8,819 9,648 10,928 Mar '24 Mar '25 June '25 ' I / -•-/ I ' ' I / -•-/ I ' /, 1- \--.\.. /.-.[--\ -'. ~/~\~ fi rtune· edible oils end foods
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ESG - Environment KPIs (2/2) 5 5 6 Mar '24 Mar '25 June '25 233,194 233,194 265,339 Mar '24 Mar '25 June '25 9 11 11 Mar '24 Mar '25 June '25 Rainwater Harvesting: Locations Rainwater Harvesting: Capacity (cm / year) ZLD: Locations ZLD: Capacity (KL per day) 2,900 3,100 3,100 Mar '24 Mar '25 June '25 • • • • • • • • • • • • • • • • • • • • • • • • ~..:::; :.;·1]1 - - ~ ...... ~ - ~ - ZLD ZLD fi rtune· edible oils end foods
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Direct Dispatch to Customers Volume Dispatch in Multi-Modal * Dispatch by Green Fuel (CNG) Remarks * Note: Volume dispatch is primarily for packaged oils and foods 38 39% 50% 55% 51% 53% FY'22 FY'23 FY'24 FY'25 Q1'26 18% 23% 25% 23% 22% FY'22 FY'23 FY'24 FY'25 Q1'26 3% 6% 4.5% 6% 9% 7.5%8% 13% 10.6% 9% 11% 10% Primary Secondary Total FY'23 FY'24 FY'25 Q1'26 • Pro-actively promoting green fuel in AWL supply chain • Continuous usage of Multimodal Transportation is enabling reduction in carbon emissions ESG - Logistic KPIs I I ■ ■ ■ ■
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External recognition of AWL for its sustainability practices Mode Emission Factor (KgCO2 per ton-km) Rail 0.009 Road 0.040 39 Indian Railways recognizes AWL for carbon emission reduction Inclusion of AWL in FTSE4Good Index Series Date: 14-0 -2025 This is to certify that . • S AD . .\.'11 WIL~L-\R LTD. has contributed in reduction of Carbon Emission by opting Rail Transportation over Road for movement of its cargo and earned 80607 RGPs since 01.04.2022. This contribution towards a Clean and Green India is highly appreciated. CERTIFICATE OF MEMBERSHIP This IS to certify that Adan i Wilmar IS a consllluent company in the FTSE4Good Index Series FTSE4Good June 2024 The FTSE4Good Index Senes ts deSK}l8d ro 1derm comparnes lha: demonsrr a strong erMrOnmental sooal and paman praciloos m a5ll8d ag.:vnst g!Obalty r&e0gnlsed stand~C!S V30 fi rtune· edible oils end 1oods
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Annexure 40 fi rtune· edible oils end foods
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AWL - P&L Highlights: Q1’26 ▪ Volume decline is on account of consolidation of regional rice (non-Basmati) business and sluggish palm sales ▪ Delivered healthy EBITDA & PAT in Q1’26. YOY decline is on account of high base quarter Standalone Financials Q1'25 Q4'25 Q1’26 QoQ % YoY % Volume (in Million MT) 1.62 1.59 1.56 -2% -4% Revenue 13,735 17,487 16,746 -4% 22% Gross Profit (normalized) 1,741 1,612 1,624 1% -7% EBITDA (incl. Other Income) 669 462 536 16% -20% PBT 434 208 301 45% -31% PAT 324 157 224 43% -31% Per Ton: Gross Profit per MT 10,747 10,138 10,410 3% -3% EBITDA per MT (incl. Other Income) 4,130 2,906 3,436 18% -17% PBT per MT* 2,679 1,308 1,929 47% -28% 41 Note: Gross Profit has been normalized by regrouping the derivative impact. Reconciliation is provided in Annexure. INR Cr. fi rtune· edible oils end foods
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Derivative gain / loss were classified under “Cost of Material Consumed” Derivative gain / loss were classified under “Other Income / Other Expenses” Reconciliation of Normalized Gross Profit and EBITDA Earlier Classification Revised Classification Since Q4’24 results, there has been a reclassification of Derivative gain / loss Normalized Gross Profit Normalized EBITDA (excl. Other Income) Derivate Impact (A): Loss included in “Other Expenses”; Derivative Impact (B): Gain included in “Other Income” Consolidated figures in INR Crores in INR Crores Q1'25 Q4'25 Q1’26 FY’24 FY’25 Reported Gross Profit 1,798 1,755 1,604 5,595 7,479 Derivative Impact (A) (other Expenses) - -32 - -355 -56 Derivative Impact (B) (other Income) 0.35 - 153 - - Normalized Gross Profit 1,799 1,724 1,757 5,240 7,423 Q1'25 Q4'25 Q1’26 FY’24 FY’25 Reported EBITDA 626 458 366 1,135 2,482 Derivative Impact (A) (other Expenses) - - - - - Derivative Impact (B) (other Income) 0.35 - 153 - - Normalized EBITDA 627 458 520 1,135 2,482 42 I I fi rtune· edible oils end foods
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Segment Results: Q1’26 Segment Revenue INR Crore Q1'25 Q4'25 Q1’26 QoQ % YoY % FY'24 FY'25 YoY % Edible Oil 10,635 14,769 13,415 -9% 26% 38,752 49,736 28% Food & FMCG 1,533 1,464 1,414 -3% -8% 4,994 6,273 26% Industry Essentials 1,986 1,997 2,230 12% 12% 7,479 7,663 2% Total 14,154 18,230 17,059 -6% 21% 51,225 63,672 24% Segment Results INR Crore Q1'25 Q4'25 Q1’26 QoQ % YoY % FY'24 FY'25 YoY % Edible Oil 398 184 181 -2% -55% 241 1,526 533% Food & FMCG 21 34 75 122% 255% 149 10 -93% Industry Essentials 28 74 100 34% 263% 47 239 404% PBT before Unallocable & exceptional item 447 292 356 22% -20% 438 1,775 306% Less: Finance Cost 9 17 7 -57% -17% 71 49 - Less: Unallocable Expenses [Net of Income] 20 41 38 -7% 89% 51 125 - Less: Exception Items - - - - - 54 - - PBT 418 234 311 33% -26% 262 1,601 510% Segment Volume in Million MT Q1'25 Q4'25 Q1’26 QoQ % YoY % FY'24 FY'25 YoY % Edible Oil 1.00 1.04 0.96 -8% -4% 3.67 4.02 10% Food & FMCG 0.33 0.30 0.26 -14% -20% 1.03 1.30 26% Industry Essentials 0.34 0.30 0.36 17% 6% 1.32 1.26 -5% Total 1.65 1.65 1.58 -4% -5% 6.02 6.57 9% 43 Consolidated Financials Note: Segment result has been arrived after allocation of Finance Cost to respective segments, and can be considered as Segment PBT fi rtune· edible oils end foods
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Segment-wise Profitability As the Food business matures, ROCE in expected to reach 25%+ 44 For the quarter Annual INR in Crores Q1’25 Q1’26 FY22 FY23 FY24 FY25 Segment EBITDA (Excluding Other Income) Edible Oil 595 354 1,532 1,356 1,078 2,322 Food & FMCG 31 82 4 98 172 63 Industry Essentials 48 112 419 389 140 324 Unallocable (58) (64) (230) (227) (242) (286) Total Standalone EBITDA 616 484 1,725 1,616 1,147 2,423 (+) Other Income 53 52 169 257 284 233 (-) Finance Cost 148 144 525 729 674 661 (-) Depreciation 86 90 285 319 322 355 PBT before Exceptional Items 434 301 1,084 825 435 1,640 (-) Exceptional Items* - - - - 54 - PBT after Exceptional Items 434 301 1,084 825 381 1,640 (-) Tax 111 77 276 217 103 424 Standalone PAT 324 225 808 607 278 1,216 (+) Share of Subsidiary Profit (11) 13 (33) (63) (111) (54) (+) Share of JV Profit 2 6 29 29 (23) 63 (-) Consolidation Adjustments 1 5 (0) 10 4 1 Consolidated PAT 313 238 804 582 148 1,226 I J fi rtune· edible oils end foods
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45 o' ~ tC I~ ICD •
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Company Overview fi rtune· edible oils end foods
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AWL: One of the largest packaged Foods Company in India *FY25 123 Million Households Household Reach 2.1 Million Outlets Retail Touchpoint Packaged Staple Foods revenue of ~INR 40,000 Crore* (~75% of overall oil & food sales) Value Added Products Soya Nuggets Poha Biryani Kit Soaps First pressed Mustard Oil Market share in consumer pack# Other products Premium, high-quality branded products, priced competitively, focused on capturing a significant share of large Household & HoReCa consumption Sharbati Atta ▪ Edible Oil: ~18% ▪ Wheat Flour: ~6% ▪ Basmati Rice: ~6% Blended Oils Poha Pan-India player Flagship Brands Best-in-class supply chain designed for cost efficiency, is a significant competitive advantage #1 Edibleoil Wheat Flour Rice Besan Pulses #2 #3 #1 #Note: Rank in terms of market share in consumer pack denoted in #Nielsen MAT Mar 2025 Sugar ~ce Besan fi rtune· edible oils end foods
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AWL Agribusiness as of Today [1/2] (1) Leadership in Soap Noodles, Stearic acid & glycerine Market Leader with Scaled & Iconic Brand Over 2 decades of trust #1 Edible Oil player #1 Oleochemicals(1) player #2 Wheat flour player #3 Basmati rice player Diversified Product Portfolio with Presence across Price Points Edible Oil Food & FMCG Industry Essentials Op. EBITDA FY’25 INR 2,482 Cr ~30% CAGR FY14-24 Revenue FY’25 INR 63,672 Cr ~14% CAGR FY14-25 (underlying volume CAGR of 8%) Strong Track Record of Growth & Profitability Fast Growing Foods & FMCG Segment 1,508 2,611 6,273 FY19 FY22 FY25 Food & FMCG Revenue (INR Cr) Addressing Multiple Customer Segments HoReCa Households Institutional Exports • l ···---------------------------------------------------------- ____ ,, D D D D i, I ~--------------------------------------------------------------------------------------------------------.. rtune· edible oils end foods
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AWL Agribusiness as of Today [2/2] *Source: Nielsen & IMRB End to End Integration Leading to Superior Efficiencies and Quality Control Tech Enabled Supply Chain & Logistics Highly digitized with Centralized Control Extensive use of Data & Analytics Online reverse auction for Truck Hiring Extensive Sourcing Network An intricate network of suppliers across continents Long standing relationship with all key global suppliers of Edible Oils Market Intelligence, Inputs from co-promoter Wilmar International World-Class Manufacturing Plants Strategically located Manufacturing Plants Own Units 24 Units Third Party Units 52 Units Spread across multiple States 76 Units Pan India Distribution Network Strong Parentage with Complementary Strengths Experienced Management Team with Strong Execution Capabilities Sustainability Traceable Palm Oil Sourcing 90%+ Recyclable Packaging98%+ Lives impacted by Fortune SuPoshan2 Mn+ Inclusion in FTSE4Good Index seriesESG Index Households 123 Mn* Urban Coverage 100% Retail Reach 2.1 Mn* Export Countries 30+ Rural Towns Covered 50,000+ Sales Personnel 2,500+ .. ',. D D D D D D .. ,, '· • . • - adani 'fl#' wilmar • m D D D D D D ___________ ,,:_,/ \, ----------~· ____________ ,,, fi rtune· edible oils end foods
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Large TAM and robust capabilities has enabled strong growth AWL has been a compounding growth story since inception in 1999 All figures are on consolidated basis 50 Revenue Op. EBITDA 417 1,825 3,393 12,043 17,887 29,657 63,672 64% 17% 37% 10% 13% 17% FY 01 FY 04 FY 08 FY 12 FY 16 FY 20 FY25 Revenue CAGR % INR Crores 23% CAGR *Sales Volume excludes pass through sales of raw sugar for FY14 to FY19 15 39 112 141 404 1,310 2,482 38% 30% 6% 30% 34% 14% FY 01 FY 04 FY 08 FY 12 FY 16 FY 20 FY25 EBITDA CAGR % 24% CAGR INR Crores T T - T - T - T T T - - . T -- - .. ,,. ___________________________________ ,,., .. ,,. ___________________________________ ,,. F rtune· edible oils end foods
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AWL: Addressing large opportunity in packaged staple foods Note: % is calculated on total Edible oil & Food revenue for FY’25 Edible Oil & Foods business Food & FMCG Products Atta, Suji, Rawa & Maida RiceBesan & Pulses Soya Nuggets Poha Sugar Edible Oil Products Worthmore Sunflower Soyabean Mustard Rice Bran Cottonseed Groundnut Industry Essentials Glycerine Distilled Fatty Acid Major Products Key applications Soap Noodles Stearic Acid Castor Oil FY’25 Revenue INR 7,663 Crores Manufacturing of various consumer goods Specialty chemicals provide key attributes to the consumer products FY’25 Revenue INR 6,273 CroresFY’25 Revenue INR 49,736 Crores Packaged staple foods revenue: INR 40,000 crores + ~75%+ contribution is from branded sales* Chemicals & other Industrial Essentials Our Business segments rtune rtune edible oils and foods edible oils and foods a a a l : ·--------------------------··,,· ·--------------------------····•' fi rtune· edible oils end foods
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Addressing opportunity through a household brand name 52 ‘Fortune’ brand size is INR 25,000+ Crores Our other brands fortune rice Soft ,oti ka vaada _j edible oils and foods rtune· refined sunflower oil KING'S' EDI BLE OIL S altfe· • Gold Relined Sunflower Oil ·---------------~· fi rtune· edible oils end foods
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Business Mix Volume Value Edible Oil Food & FMCG Industry Essentials 76% 78% 10% 10% 14% 12% FY'24 FY'25 61% 61% 17% 20% 22% 19% FY'24 FY'25 r r
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Growth driven by market share gains and expansion into new product categories AWL: Growing at fast-pace at scale All figures are on consolidated basis Sales Volume* Operating Revenue 2.92 2.70 2.43 3.05 3.29 3.79 4.12 4.31 4.46 4.80 5.48 6.02 6.57 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 in Million MT 14,253 17,394 17,347 17,887 23,309 26,472 28,797 29,657 37,090 54,155 58,185 51,262 63,672 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 in INR Crores 15% 8% *Sales Volume excludes pass through sales of raw sugar for FY14 to FY19 T T T T T T T T ~ / ···---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------·· r - • T • T • T T r T T T \ ·• .... l l fi rtune· edible oils end foods
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Our strengths enabled dominant leadership in Edible Oils Source: Nielsen ROCP MAT Mar 2025 55 No.1 >50% MS No.1 30-50% MS No.1 <30% MS Top 3 <20% MS Top 5 <10% MS Leading in most of the markets Strong platform has enabled AWL to launch & scale other products as well Soyabean Palm Oil Mustard Oil Sunflower Oil Ricebran Oil Groundnut Oil Cottonseed Oil #1 #2 #1 #1#3 #5#2 Market share ~1.5x of the next competitor Potential to consolidate market share, since ~50% share is held by regional brands 17.8%* 12.8% 7.6% 6.1%4.7% 51% Leadership across oils Dominant Leader AWL Agribusiness -- t a - - ·,' , a - \ '• fi rtune· edible oils end foods
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Edible Oils segment generating strong cash flows *EBITDA includes other income Sales Revenue Trend 21,540 23,477 30,819 45,378 46,104 38,788 49,736 FY19 FY20 FY21 FY22 FY23 FY24 FY25 INR Crores Sales Volume Trend 2.6 2.8 3.0 3.3 3.4 3.7 4.0 FY19 FY20 FY21 FY22 FY23 FY24 FY25 In Million MT Standalone EBITDA* 992 1,168 1,139 1,614 1,393 1,146 2,322 FY19 FY20 FY21 FY22 FY23 FY24 FY25 INR Crores 16% 15% 15% 23% FY22 FY23 FY24 FY25 % Capacity Utilization % 61% 51% 55% 52% 52% 60% 62% FY19 FY20 FY21 FY22 FY23 FY24 FY25 INR Crores Limited capex required due to adequate capacity availability Return on Capital Employed % • ■ , ■ 11,1 I ■ I I 1111 ■ ■ ■ I ■ ■ I fi rtune· edible olb and foods r 1111111 fi rtune· edible 01b and foods
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Edible oil & Staples together form 60-70% of the Indian kitchen / grocery spends Focus on Center of the Plate Categories Large scope to improve branded penetration Large TAM in staple foods; few large players have capabilities to benefit from formalization 57 Category TAM (in Lakh Cr.) Branded % Edible Oils 2.0 75% Wheat 1.5 12% Rice 2.1 11% Pulses & Besan 1.2 5% Sugar 0.6 6% Spices 1.4 18% Total 8.8 Source: Management estimates based on industry data & reports available in public domain ·-------------i I I I I I I I I , ___________ ., ~ / -------------------------------------- fi rtune· edible oils end foods
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Market Leadership across Categories Replicating edible oil playbook in other food products…. at a faster rate with all capabilities in place Wheat Flour Rice Besan Soya Products Others #2 Player #3 Player #2 Player #2 Player Aspire to be a leading player in all staple categories ‘Fortune’ brand has gained consumer acceptance in multiple Food categories Basmati Rice* Mar 25Mar 24Mar 23 5.8% 7.8% 7.2% Wheat Flour* Mar 25Mar 24Mar 23 5.6% 5.1% 5.0% *Source: Nielsen, MAT of respective years Food and FMCG Multi-fold Revenue growth INR Crores Increasing Share of Food and FMCG Business in Volume Mix % of Total Sales Volume Improving EBITDA Margins of Food and FMCG % 1,508 1,937 1,906 2,611 4,053 4,994 6,273 FY19 FY20 FY21 FY22 FY23 FY24 FY25 7% 9% 11% 13% 16% 17% 20%^ FY19 FY20 FY21 FY22 FY23 FY24 FY25 0.2% 2.4% 3.4% 1.0% FY22 FY23 FY24 FY25 ^ Volume share of Food & FMCG excl. G2G business /'•----- ---. fi rtune· edible oils end foods
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r edible oils and foods Ghar ka khaana. Ghar ka khaana hota hai. fi rtune· edible oils end foods
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Bundling is accelerating trial adoption across under-served geographies. Fortune has a unique advantage of bundling its new products with its established portfolio of Oils, Wheat Flour & Rice ~~ ~ a~~! _, __ .... .,.. ..... _.._"'-"""_ une· chakki fresh atta fi rtune· edible oils end foods
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Depth in each of our Product Categories Wide range of Products, while focusing on few Agri-commodities Wheat Flour Fortune Chakki Fresh Atta Refined Wheat Flour Fortune Maida Suji (Semolina) Fortune Suji Rawa (Semolina) Fortune Rawa Basmati Rice Fortune Basmati Rice Fortune Mogra Basmati Rice Kohinoor Basmati Rice Biryani Kit (RTC) Kohinoor Biryani Kit Fortune Banskathi Premium Rice Whole Wheat Fortune Sona Masoori rice Rice Wheat Products Non - Basmati Rice ~ C ::, -... J? fi rtune· edible oils end foods
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Building Health & convenience focused food product portfolio Almost all value-add products are forward-integration of our existing products and leverages our existing distribution network Increasing focus on value added products Rice Bran Oil Fortune Rice Bran Health Blended edible Oils Fortune Xpert Pro Sugar Conscious OilFortune Xpert Pro Immunity OilFortune Xpert Total Balance Oil Biryani Kit (RTC) Kohinoor Biryani Kit Chana Sattu Fortune Chana Sattu Poha Fortune Poha Health & Convenience Foods Health-focused Edible Oils Soya Chunks Fortune Soya Chunks Pehli Dhaar Premium Mustard Oil Brown Rice Kohinoor Brown Rice fi rtune· edible oils end foods
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Forward-integration of our oleo-chemical business Soap For Retail consumers Multi-purpose Cleaner For HoReCa clients For Surface and Utensils Cleaning Launched in FY20, sales crossed INR 100 Crores in FY23 Product was launched in Q1 FY24 Immense value addition opportunities available in Oleo business fi rtune· edible oils end foods
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Designed for structurally low-cost operations, while churning very large volumes Advanced capabilities driving profitability in packaged staple foods Source: Nielsen 64 Bypassing intermediaries Using intelligence from Wilmar’s global presence High asset utilization (8-10x asset turns) Additionally direct shipment to distributors; densely located depots High turns attracts distributors Customers Retail Consumers Institutional Buyers HORECA Exports Capabilities ROCP: Refined Oil Consumer Pack Sourcing Own manufacturingIntegrated Logistics Fortune brand Sales & Distribution Product Portfolio Edible Oils Wheat Flour Rice Value Added ProductsSugar Pulses & Besan Sourcing from origins Integrated Business Model Commodity Risk Management Integrated Manufacturing Highly efficient Logistics; Pan-India Distribution Centralized functions, amplified by technology Common functions for all products of oils & foods ,,.-------- -.... Customers ffl I I a a a ~<oduct Portfo110 ~ B ~==== I \ @ \ I ~._____/~ , .. 1 ::! ~ I ·----------: / a a .._____. D D fi rtune· edible oils end foods
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Platform strength is visible in numerous success stories Our robust platform gives us confidence in continuing the compounding growth journey for many more years ahead AWL Agribusiness has built a Strong Platform → Launchpad for Further Expansion Launch of Alife Soap in 2020 Kohinoor acquired in May 2022 HoReCa team set up in Q1 FY23 Branded Exports Wheat Flour in Chennai (GT): Market Share%* Crossed INR 100+ Cr. of sales within 2 years of launch Crossed INR 350+ Cr. of sales within 1.5 years of launch Crossed INR 500+ Cr. of sales within 2 years Grew 1.5x in revenue from FY24 to FY25 2.5% 6.0% 6.8% 11.5% 12.2% 9.2% 13.9% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 *Source: Nielsen Already reached #11 position in market share ~ ~ BC fl HORECA fi rtune· edible oils end foods
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Customers fi rtune· edible oils end foods
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Key benefits of presence in multiple segments Significantly increase in the TAM – all of these segments have large TAM Higher diversification, reducing demand volatility Provides scale enabling better utilization of manufacturing, logistics, fixed overheads Seizing opportunity in all key Customer Segments in oil & foods * Branded mix is only for the oils & foods portfolio (excluding Industry essential business which is 100% B2B) ~80%+ of sales is from branded products* Branded Households Branded HoReCa Non-branded Institutional Branded, Private Label, Non-branded Exports Emerging Opportunities D D D fi rtune· edible oils end foods
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Emerging Channels are growing at exponential rate *Note: Only the key brands have been shown above Organized HoReCa HoReCa sales crossed INR 500+ Crore in FY’25 HoReCa distribution is now present in 40+ major cities of India Branded Exports Branded Exports revenues crossed INR 270+ Crore in FY’25 Alternate Channels (E-com, Modern Trade, e-B2B) Continues to grow at a faster clip For FY’25, these channels contributed ~INR 3,600 crores of revenue for the Company To summarize Company has brought in focus on HORECA and exports customers and developing the distribution network to tap their large potential All of these 3 channels have been growing at much faster rate compared to overall branded sales .. a a ·., _________________________________ _ a a D a a ffil ,~,L..Si Carrefour Gr.' -.. Choithrams V• 0~ noon ......... -- v market """'t" ~ w A _s igµJ L!i JL.n.i I West Z ne ALMADEENA An SAD 6ALLtnv fi rtune· edible oils end foods
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Brands rtune· edibleollsondtoods
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Presence across the price spectrum *Note: Only the key brands have been shown above Super Premium Premium Popular* A healthy mix of premium and popular brands Bakery & Frying run • edible oils ond foods KING'S' - i=:::,- SOYABEAN 01t CtiARMINAR- altfe· fi rtune· edible oils end foods
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Portfolio of scaled up brands * Rupchanda is a brand under BEOL (100% subsidiary of AWL in Bangladesh) Note: Additionally, AWL also has branded sales of INR 1,000 Crores of bakery fats sold under various brands of Wilmar Interna tional Edible OilValue INR 25,000 Cr + INR 4,000 Cr + INR 1,000 Cr + INR 500+ INR 100 Cr + * Branded portfolio growing steadily Strong brands built on basis of trust and quality over last 2 decades Foods FMCG Palm Oil & Vanaspati '1 rtu edible oils and foods EDIBLE OILS & FOODS Refined Sunflower Oi l al1fe· fi rtune· edible oils end foods
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Sales & Distribution fi rtune· edible oils end foods
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Enhancing distribution is another key lever of growth Manufacturing network designed for logistics efficiency Enhancing sales productivity Sales function using customized approaches for different categories of outlets Manufacturing network designed for logistics efficiency Deeper penetration in existing towns Reaching new retail outlets Manufacturing network designed for logistics efficiency Focus on Range selling Salesmen to sell the entire range of oil & foods products to retail outlets Manufacturing network designed for logistics efficiency Product-level penetration Increasing product-level penetration in our existing outlets Manufacturing network designed for logistics efficiency Network expansion Adding towns in rural region (prioritizing larger towns) Manufacturing network designed for logistics efficiency Demand capture Increasing digitalization efforts to improve the fill rates Improving distribution infrastructure in southern states D D D D ~ / ~ / ~ / ----------- ----------- ----------- D D D fortune· edible oils end foods
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Increasing digitization of Sales function to capture demand Manufacturing network designed for logistics efficiency Everyday great execution Manufacturing network designed for logistics efficiency Route optimization Manufacturing network designed for logistics efficiency Rural Activation & Coverage Expansion Manufacturing network designed for logistics efficiency Distributor Segmentation Manufacturing network designed for logistics efficiency RURAL Sales Force Automation Manufacturing network designed for logistics efficiency Outlet Level Insights Using tech to determine sales beat, optimizing the daily market route Pilots have demonstrated significant reduction in distance travelled, improving salesman productivity Identification of similar potential outlets based on purchase patterns Classification of existing distributors based on their buying patterns and financial parameters Identify distributors at risk and take corrective actions to retain them Improving daily visit calls Improving productivity of calls Increase DSM effective coverage Improved penetration in urban towns Improved quality of Town Coverage in Rural Geo-tagging of Outlets in all categories Visibility of Rural Coverage: Orders addressed from SFA D D D D D D D ~ / ~ / ~ / ----------- ----------- ----------- D D D D D fortune· edible oils end foods
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Progressively transforming GTM capabilities; embedding technology Rural Saliency ~30% (Volumes) 75*Rural Town: Towns < 100,000 population • Food products leveraging edible oil distribution at front end as well • Improved salesman productivity and improved distributor throughput • Engaging top regional chains to build our next lever of growth • 7 products (vs 3 last year) crossed 2 lakh+ direct reach Merged Oil & Food distribution in Urban Embedding Technology • 100% of salesman now carries SFA software, with next-gen beat mapping, suggested orders, image capture for view of stock availability • Implementing Auto Replenishment System to reduce fill rate gaps Experimenting on Depot network and delivery models • Aiming for agile deliveries with limited product assortments in rural depots Outlets in Urban & Rural Driving Food penetration in our edible oil outlets • Wheat flour now ranks 2nd in our distribution system • Large opportunity to increase reach, particularly for Rice, nuggets, poha Total Reach* > 2.1 Mn+ Outlets 3.0 3.5 5.0 5.9 7.2 8.6 Mar'20 Mar'21 Mar'22 Mar'23 Mar 24 Mar'25 Direct Reach: Outlets (in Lacs) 2.9x x Direct Reach: grew by 19% YoY to 8.6 Lac Outlets 3,256 4,117 5,286 13,621 30,600 50,290 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Rural Town Coverage Rural Town Coverage: grew by 64% YoY to 50,290+ towns ➢ Expanding outlets in both urban and rural towns ➢ Expansion of General Trade distribution will be a key growth driver in both Urban & Rural towns Growth % Urban Outlets: Growth 8% YoY Rural Outlets: Growth 31% YoY• . ■ , I . I I a a fi rtune· edible oils end foods
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Q-commerce growing at rapid rate Alternate Channel Key Highlights Volume Growth YoY % 50% 31% 18% 22% 19% 14% 16% 21% 61% 43% 27% 43% 22% 27% 41% 40% 66% 74% 51% 44% 41% 46% 81% 113% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Overall Alternate Channel E-Com Quick Com Revenue from Alternate channels is INR 3,600+ crores in FY’25 Fortune brand has a high market share in alternate channels across oils, besan, flour, sugar, poha Improved Product Assortment Better availability Data-driven promotions Sharpening capabilities to optimize sales of fast-growing Q-com channel Alternate Channel Tracking competitor’s prices ■ ■ ■ a D ~ ~ J!] raJJ~ ~®0 a □□ a □ @ .1 .l fi rtune· edible oils end foods
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Supply Chain & Production Planning rtune· edibleollsondtoods
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Efficient logistics to lower cost and capture demand Manufacturing network designed for logistics efficiency Manufacturing network designed for logistics efficiency Port-based refineries for imported edible oil 51%+ of dispatches directly sent to customers Digitization Most of the supply chain workflow has been digitized, resulting in paper-less processes, availability of data, visibility of truck movement, faster payments to vendors Reverse Auction All truck hiring is done through online reverse auction to secure best rates and ensure process integrity Manufacturing network designed for logistics efficiency Least Cost Optimization Dispatch planning to optimize on various parameters like raw- material prices, logistic costs, plant utilization etc. Centralized control Digitalization enabled centralized control to drive further data driven efficiency, better monitoring & compliance, benefit of scale in procurement, process improvement, lesser manpower Promoting clean energy ~23% of dispatches are multi-modal ~5% of dispatches through green fuel (CNG) fortune· edible oils end foods
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Proximity to markets: A depot at every 250 KM 98 Depots ~2.42 Million Sq. Ft. (Depot Storage Space) fi rtune· edible oils end foods
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Tech-Enabled Lean Supply Chain Network and Integrated Logistics * Also includes sub-distributors Depot Dispatch from Plant to Customers % 39% 50% 55% 51% FY22 FY23 FY24 FY25 Depot Count 89 90 96 98 FY22 FY23 FY24 FY25 No. Storage Space 1.85 1.99 2.42 2.42 FY22 FY23 FY24 FY25 Mn Sq. Ft.4% 10% Proximity to Markets A depot at every 250 KM, with 98 depots having ~2.4 Million Sq. Ft. in Storage Space Efficient Logistics to lower cost & capture demand Digitization of Sales Function 01 02 Online reverse auction for truck hiring 95%+ OTIF Customer Engagement via Digital Channels Dispatch planning Highly digitized with centralized control Designed for structurally low-cost operations Extensive use of data & analytics for supply chain efficiency 0 I I fi rtune· edible ol~ end foods
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Extensive use of data & analytics for supply chain efficiency SnOP Sourcing Logistics Warehousing Manufacturing & Logistics Planner Clicksense Integrated Logistics Management System Warehouse Management System AWL’s SCM Landscape \, --------- - :: :: transportoo:I AWL In-Transit Dashboard F1lt•r .. , ... 111.l 3,377 TolalTnp ~ 790 AuloCloNd 0 2,587 Manu1laoHd Feb 1, 2025 • feb 11. 2025 T,ipSummary lnden1Typ,e -~ . .., ..... ·- ~TIOH """""' Location T>iM Vehicle Tracki 76 [1rlyTnp1 1,165 OnumeTnps 1,072 DelayT1>p1 _____________________________ ./ ~ 11 ... 111111 ..... ___ --- I filj I ;_.51 ij-5i·F-ff 2131@ AWL Indent vs Vehicle Placement Dashboard Filurr Feb 1, 2025 - Feb 11. 2025 8ex1ndTyp,e (1) • ~ 7,7~~ ~ Total Indent• Volume g. Freight Trend 150 ,560 :1 6... Produc!Typ,a -Onlme( C 103 .29 ~ 6,8~ ~ n On!ime Vol Lift M T Delay Vol. Loft MT T011ITt1p1 0 f19 .40 4,124 .13 f12 .24 Vol l.111 Amount(Cr) Q edible oils end foods
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Developed reliable systems to tackle supply chain complexities Forecasting Accuracy - Pan India Basis April May June July August September October November December January February March April 2024 2025 91% 118% 89% 84% 97% 93% 96% 86% 81% 97% 102% 93% 89% 101% May "The graph highlights the accuracy of our OIL category sales forecasting compared to actual sales, exceeding Indian FMCG industry standards.“ rtune edibk> ol~ ond foods
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Sourcing & Risk Management fi rtune· edible oils end foods
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Robust Risk Management Full proof risk management framework in place to mitigate commodity risk Robust policy in place to govern commodity risk Board approved policy Real-time intelligence on global supply & demand (Wilmar Group’s global network) Market Intelligence Daily Monitoring & Reporting of Exposure & Value at risk Periodic Review & Monitoring Regular oversight & guidance of Wilmar Group on Exposure Oversight of Wilmar Established Position Limits on Trader on long / short as well as MTM Defined Trader Limits Single In-house Sourcing team overseeing overall buying of all agri-commodities Experienced & Integrated Sourcing Team AWL is amongst the largest buyers of edible oil, wheat, paddy, pulses etc., giving scale benefits One of the Largest buyers AWL has a large domestic & international network of suppliers Strong supply network Strong Risk Management Expertise built over 2 Decades of Experience '•·----------------------------------------------------------------------------------------------------------------·/' .. _________________________ _/ F rtune· edible oils end foods
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An Intricate Network of Reliable Suppliers Across Continents, Procuring at Origin Locations Key Advantages Favorable commercial terms1 Market intelligence from both supply & consumption side 3 Bargaining Power due to huge scale2 Inputs from co- promoter Wilmar International4 3 million MT per annum Total volume of AWL’s oil imports 20% The volume of India’s edible oil imports is by AWL* >70% Palm oil procured from Wilmar International Largest Importer of Edible Oils in India* *Source: Solvent Extractor’s Association of India & management estimates Soyabean Oil Palm Oil Sunflower Oil Top 4 Suppliers Globally supply to Adani Wilmar Brazil Argentina Indonesia Russia Malaysia Ukraine ,.--------------------------------------------------------------------------------------------------------------------------------------------------- , ,I- ~ .-• ·,. --- * 7 ,..----------- .. !, .. ---- : .._ rtune· edible oils end foods
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Manufacturing fi rtune· edible oils end foods
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Strategically Located Manufacturing Facilities Spread across the Country resulting in Higher Efficiencies | Stringent Quality Controls in place Total 76 units spread across multiple states Third Party Units 52 Units Own Units 24 Units 2 2 4 2 2 2 2 2 3 2 Focus on building integrated plants that can process multiple products in same facility Company is building new capacities to increase in-house manufacturing Third-party units are primarily on exclusive basis for quality controls Segment Annual Capacity* Current Utilisation Products Included 60%5.5 mn MTEdible Oil – Refining Capacity Soya oil, sunflower oil, palm oil, cottonseed oil, groundnut oil1 50%0.9 mn MTFood Capacity Chakki atta (wheat flour), besan (chickpea flour), suji/ rawa / maida (semolina), rice, soya nuggets 2 1.6 mn MTIndustry Essentials Oleochemicals, Castor75%3Additionally, AWL’s 100% owned subsidiary (BEOL) has 2 Own Units in Bangladesh World Class Manufacturing Plants End to End Integration Capacity Expansion Underway 2 *Own capacities Toll Units Edible Oil (Own Units) Industry Essentials (Own Units) Food & FMCG (Own Units) JV Units ,,•····--------------------; ~ \ • . • l!.:.i 1.:.11!.:.i /!;;:.i l,;:;i ~ la l,;:;i l!.:.i ~· l!.:.il!.:.i l!.:.i • /!;;:.i l!.:.i l!.:.i l!.:.i • l!.:.i l!.:.i ~- •• l,;:;i l,;:;i ~, • l,;:;i la.(, l,;:;i • • ~ • • • • /!;;:.i • ,: • D • ,; ~ l) ··-... ===----------------- / -·· 0 ► ► fi rtune· edible oils end foods
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Integrated Business Model leading to Cost Efficiencies 24 Manufacturing Plants across India (11 plants are integrated complexes manufacturing both oil & foods) Vidisha Plant Covers entire value chain of soya-crushing, producing soya value-added products such as soya nuggets, soya flour,soya flaks and refined soya oil Integrated Plant for Soya Mundra Plant Crushing units and refineries Derive de-oiled cakes from crushing and oleochemicals from palm stearin derived from palm oil refining End-to-End Integrated Plant The Mundra plant is the largest single location refinery in India with a capacity of 5000 MT/day* Integrated to produce Vanaspati, margarine, oleo chemicals and soap bars with raw materials from refining Gohana Integrated Plant in Gohana, Haryana 3D Layout: Fully Integrated Plant Total Capex Outlay: ~INR 1,300 Crores Estimated Annual Capacity: ~627,000 MT Gohana project has achieved 95%+ completion, and production of Rice and Mustard has commenced Focus on Building Integrated Plants and adding New Units in Existing Locations *Source: Technopak Report (2020) I I , l , ... ,,, r· :'·· ' ' ' ' ' ' a D a a D a D a D \, ____ -- ----- ----- -- ----- ----- -- ----- ----- -- ---------- -- ----- ----- -- ----- --- .. ' \, ----------------------------------------------------------------------------_,,, \._ --------------------------------------------------------------------------- fi rtune· edible oils end foods
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Integrated Food Complex in Gohana, Haryana: Partial Commencement of Operations (1/2) Gohana project has achieved 95%+ completion, and production of Rice and Mustard has commenced Spread across 80 Acres: One of India’s largest Integrated Food Complex 89 Aerial View ( L II I I I I --- ------ ------ ------ - ----- - ----- - --- - - - - ---- ------ ------ --- I \ I \ I J/IIIIII I . //I/Ill I I \ \ I I \ I I I I I I I I I I I I JI I I I I I I I I I I I I I I I I //II/ I I I I/ I I I I I\\\ I/ II I I I I I I I I I I I I\\\\\\\\\\\\ fi rtune· edible oils end foods l
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Integrated Food Complex in Gohana, Haryana: Snapshots of ongoing Progress (2/2) Construction of Chakki Atta, Refined Flour Mill (RFM) and Refinery is underway Rice Storage Tanks Parboiling Unit Rice Bran / Mustard SEP Refinery Wheat Silo ETP 90 l J rtune· edible oils end foods
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Other Capex: Kadi Pulses & Besan / Mundra Castor Derivative 91 Castor Derivative Plant: Ongoing Pulses & Besan Plant: Under Commissioning Kadi Besan & Pulses Plant in under commissioning. Castor Derivative project is underway. fi rtune· edible oils end foods
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Adding another Integrated Plant in Gohana, Haryana Note: Construction is in progress and Project is expected to be completed by March 2025 Total Capex Outlay ~INR 1,300 Crores Land Area ~80 Acres Estimated Annual Capacity ~627,000 MT 3D Layout: Fully Integrated Plant Illustrative Depiction: Rice Plant Integration Paddy Milling Husk For Boilers Brown Rice Bran Extraction De-oiled Cakes Branded Oil Basmati Rice Product Category Estimated Annual Capacity Wheat Flour, Suji, Rawa & Maida Rice Mustard Oil Rice Bran Oil Cottonseed Oil Total Annual Capacity 627,000 MT ~182,000 MT ~445,000 MT Planned Capacities o' ~ tC I~ ICD • ,,-· ,..- ·•,. ! + .... .... ~----------------------------------------------·/ ,, .. - : vr··e µ an ........ ··----------------------------------------------------------------------~-···/ ~ ~ \· .. ························································-------------------·,,.
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Subsidiaries of AWL fi rtune· edible oils end foods
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*Ranking in North India basis company estimates The above portfolio contains only key products and is not exhaustive list Acquired ‘GD Foods’ to further enhance our kitchen offerings 80+ products across 8 categories Baking Powder Sauces and Condiments Meal preparation Cooking Aids No. 1* in culinary sauces No. 3* brand in tomato ketchup No. 1* brand snack sauce Continental sauce White vinegar Brown and Chili Vinegar Custard Powder Jelly mix Instant mixes Noodles & Instant noodles Jams Mix Pickles Mango Pickle Hero product Vermicelli Corn Flakes Choco Flakes Corn Starch Ginger-garlic Paste Hero product Pizza Pasta Sauce INR 385cr+ FY24 Revenue 15% Growth 3-Year CAGR: FY21 -FY24 50%+/8%+ FY24 Gross Margin / EBITDA margin 3 Own manufacturing facilities Acquired at an Enterprise Value of INR 603 Crores; signing of definitive agreement on 4th March; closing done on 16th April 1984 Started as noodle brand 1990 Launched Pickles 1990-1996 Launched sauces and tomato ketchup 2003 onwards Launched other products such as Instant mixes, corn flakes etc. Trusted Brand with 40+ years legacy Well established products in the market Hero products 0 0 fi rtune· edible oils end foods
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Bangladesh Business (100% Subsidiary of AWL) : Brief Snapshot Product Basket Brands Business Mix INR 2,314 Crores FY25 Sales Revenue Edible Oil 79%Food & FMCG 11% Industry Essentials 10% Edible Oil 89% Food & FMCG 8% Industry Essentials 3% Volume Mix: FY’25 Value Mix: FY’25 Soyabean Oil Mustard Oil Rice Bran Oil Sunflower Oil Palm Oil Rice Wheat Flour Refined Flour De-oiled Cake Revenue 1,879 3,109 2,084 2,314 FY22 FY23 FY24 FY25 7% INR in Crores 0.23 MMT FY25 Sales Volume 71% FY25 Branded Sales % ~8% Share of Foods – FY25 ' ' ·----- ·-----·----- · ....................................................................................................... , [~ ___ ] [~ ___ ] [~ ___ ] • \Je<!)~ KING'S [ ] [ ] [ 7 r r ,' ··--------------------~ fi rtune· edible oils end foods
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Brand Campaigns in Bangladesh ~t~~'lfRtH~ ◄ l\illt'it~ Ill-~ • ::, Bf L © ~ C91Ml'<lffi ~ ~-fwro~~ adari wi1mar BE L ~cf~~ ~~~ KING'S SunfloterOil Profession~ Q[ Occasion \Q "KING'S~--~~~ -·'ftf ~'f'I" • .. ... fi/CllRAIOI ✓ «fflffl~ ffl,~ffl~~ I ✓~~~~ ~mwrnm ✓~~~ffl(fi'll OITT''ral l ~~ Basmati Rice { (ff,!fmmlfoll~ I { Rffi'ROO'ffili:;Jl { ~~°ffl« I -'W d~{dd M et~l{rtl ~ ~~~ fi rtune· edible oils end foods
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Key Metrics fi rtune· edible oils end foods
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Key Financial Metrics (1/2) Credit Rating - Care Edge Ratings Return on Equity (ROE %) Net Fixed Asset Turnover % 2% 11% 6% 22% 27% 19% 20% 25% 15% 7% 2% 14% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 X Times 10.3x 9.9x 9.2x 11.6x 9.8x 8.0x 7.3x 8.8x 11.3x 11.8x 9.7x 10.6x FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Consolidated figures Inventory Days 55 46 52 51 55 54 58 54 58 56 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Receivable Days 12 12 15 16 11 15 15 12 13 15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 ·······----··'·,,·/\ •...... ____ ... •· .. fi rtune· edible oils end foods
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Other Financial Metrics (2/2) Consolidated Financials Total Debt to Equity 3.3x 2.8x 2.4x 2.9x 2.6x 2.2x 1.3x 1.1x 0.8x 0.8x FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Debt to Equity 5.4x 5.1x 6.0x 3.6x 3.2x 3.9x 3.7x 4.2x 2.8x 2.6x 2.6x 0.0x 0.4x 0.9x 0.8x 0.5x 0.2x 0.5x 0.4x 0.3x 0x 0x 0x 0x FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net Debt to EBITDA (times) D/E (times) Gradual Upgradation of Credit Rating BBB+ BBB+ A- A A A A A A+ AA- AA- AA- AA- 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 I I I I ■ I ____ / \ ___ =----- ■■ I ·-. fi rtune· edible oils end foods
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17,320 17,266 17,887 23,309 26,472 28,797 29,657 37,090 54,155 58,185 51,555 63,672 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 195 379 404 665 928 1,131 1,310 1,325 1,736 1,661 1,135 2,482 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Key Financial Metrics (1/2) All figures are on consolidated basis Revenue EBITDA INR Crores CAGR 25% INR Crores CAGR 13% 2,408 2,784 2,982 3,583 4,323 3,732 4,287 4,601 5,383 6,002 5,632 7,479 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 13 85 54 257 408 376 461 728 804 582 148 1,226 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Gross Profit INR Crores PAT INR Crores CAGR 11% CAGR 54% Revenue and EBITDA have grown at a CAGR of 13% and 25% respectively over the last 10 years Consolidated figures -~~ . ••• 11111 ■ 1111111 l --- ■ •111111 ___ .111111. \. _ ______ :·· .. ======== ----- fi rtune· edible oils end foods
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86% 79% 68% 66% 62% 63% 65% 66% 68% 61% 61% 61% 13% 17% 27% 29% 32% 30% 26% 23% 19% 23% 22% 20% 1% 3% 6% 6% 6% 7% 9% 11% 13% 16% 17% 19% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Edible Oil Industry Essentials Food and FMCG Key Financial Metrics (2/2) *excluding Other Income Sales Volume *Sales Volume excludes pass through sales of raw sugar for FY16 to FY19 in Million MT 2.7 2.4 3.0 3.3 3.8 4.1 4.3 4.5 4.8 5.5 6.0 6.6 88% 84% 79% 78% 74% 76% 79% 83% 84% 79% 76% 77% 11% 14% 16% 17% 21% 19% 15% 12% 11% 14% 14% 12% 1% 2% 4% 5% 5% 5% 7% 5% 5% 7% 10% 11% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Edible Oil Industry Essentials Food and FMCG Revenue INR Crores 14,302 13,919 17,373 20,744 24,341 28,390 29,657 37,090 54,155 58,185 51,555 63,672 Sales Volume has grown at a CAGR of 8% over a 10 Year Period Food & FMCG Revenue as a Segment of the Total Sales has gone up from 1% in FY14 to 20% in LTM Dec’24 Consolidated figures ■ ■ ■ fi rtune· edible oils end foods
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Annexure 102 fi rtune· edible oils end foods
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Balance Sheet Consolidated figures Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Property, Plant and Equipment 3,466 4,288 4,327 4,426 4,969 Capital Work in Progress 531 275 324 870 1,056 Goodwill and other intangible assets 15 67 185 182 191 Investments 282 312 342 312 374 Other non-current assets 327 993 1,265 1,269 1,208 TOTAL NON-CURRENT ASSETS 4,620 5,935 6,443 7,058 7,799 Inventories 4,778 7,717 7,681 7,204 8,641 Trade Receivables 1,515 2,219 1,931 1,783 2,416 Cash and other financial investments 1,238 4,544 3,774 2,810 2,575 Other Current Assets 1,176 903 1,145 922 983 TOTAL CURRENT ASSETS 8,707 15,382 14,532 12,718 14,616 TOTAL ASSETS 13,328 21,317 20,980 19,807 22,438 TOTAL EQUITY 3,299 7,606 8,166 8,316 9,424 Long-term Borrowings - - - - 186 Other Non-Current Liabilities 1,706 995 1,127 1,067 1,100 TOTAL NON-CURRENT LIABILITIES 1,706 995 1,127 1,067 1,287 Short-terms Borrowings 1,926 2,523 2,226 2,415 1,526 Trade Credits - 7,353 6,488 4,181 5,732 Trade Payables 5,193 1,839 2,050 2,777 2,956 Other Current Liabilities 1,204 1,001 923 1,051 1,513 TOTAL CURRENT LIABILITIES 8,323 12,716 11,687 10,424 11,727 TOTAL EQUITY AND LIABILITIES 13,328 21,317 20,980 19,807 22,438 fi rtune· edible oils end foods
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Cash Flow statement Consolidated figures Mar-22 Mar-23 Mar-24 Mar-25 Net Profit Before Tax 1,059 789 262 1,601 Direct Taxes Paid, net (244) (163) (162) (299) D&A 309 356 364 394 Other adjustments 330 211 133 356 Finance Cost 328 526 689 615 Interest Income (89) (211) (214) (173) OCF (Before WC Changes) 1,693 1,508 1,071 2,494 Working Capital Changes Inventory (2,491) (5) 467 (1,454) Trade Credits 3,018 (794) (2,315) 1,645 Payables 164 224 762 191 Receivables (666) 269 143 (637) Others (276) (376) 323 208 Working Capital Changes (252) (681) (620) (46) OCF, net 1,442 826 451 2,449 Capex (536) (679) (932) (996) Proceeds from Sale of MF and other bank balances (3,230) 1,017 846 531 Others 83 195 229 195 CF from Investing Activities (3,683) 533 143 (270) Borrowing/ repayments (492) (377) (106) (732) Proceeds from IPO 3,507 - - - Finance expenses (319) (467) (676) (618) Others (38) (75) (66) (193) CF from Financing Activities 2,658 (919) (847) (1,544) Net Increase in CC&E (5) 277 (416) 336 fi rtune· edible oils end foods
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Fortune SuPoshan: A Mission Against Malnutrition & Anaemia Fortune SuPoshan touches life of three Target Groups 0-5 yrs age children Adolescent Girls Women in Reproductive Age Fortune SuPoshan touches four core areas Health Education Women Empowerment Sustainable Livelihood Zero Hunger Good Health and Well-Being Gender Equality Our commitment towards a “Healthy growing nation” ( ~~_rtun U .:: - - - to-+- - " C:.JI lnltlath,• try Ad•nl li\ll m ■ r U d. ,,------------------------------------------------------------.. ] fi rtune· edible oils end foods
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Cumulative Coverage till March 2025 Zero Hunger Good Health and Well-Being Gender Equality Sites Achieved Results Ongoing Sites New sites Total sites 361 Total Households 5,77,0812 Total population 24,58,5913 Total under five children 1,73,6754 Total adolescent girls 1,04,2365 Total women in reproductive age 2,98,0706 Particulars Coverage Sites Achieved Results (by Mar 25) 161 Ongoing sites (Excluding New Sites) 112 New sites 53 Site Details Number f ~ \ ~ "'t"l.. rl ~ , (tb-,... r ~
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Current Footprint (FY’25) SAM: Severely acute malnutrition; MAM: Moderately acute malnutrition; NFHS: National Family Health Survey; NRC: Nutrition Rehabilitation Centre Zero Hunger Good Health and Well-Being Gender Equality Krishnapatanam Varanasi Kattupalli Vizhinjam 2 Saoner-2 Vidisha-2Medadraj Mangalore Alwar Haldia-2 Umarpada Neemuch Raipur Ongoing Sites New sites 16 Sites 707 Villages 11 States 16 Districts 97 Slums More than 81,406 registered children were screened within the project. A total of 96,626 family counselling and 37,191 Focused Group Discussion were carried out towards building awareness on relevant issue. 2651 children converted from Acute Malnutrition to Healthy 81,406 children 1,97,800 Women & girls 565 Sanginis Bardhaman Nimrani Kakinada • 1 • .. ·-- fi rtune· edible oils end foods
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Progress (FY’25) Particulars FY’25 81,460Total under five children screened1 165Total complicated SAM children referred to NRC2 350Total children shifted from SAM to MAM3 2301Total children converted from Acute Malnutrition to Healthy4 Achievement • A two-day SuPoshan meet was organized on November 26,27 & 28 2024 to provide technical understanding to field level officers and promote cross-learning among teams across 16 sites. 6 2 5 4 1 3 Family Counselling 96626 Focus Group Discussion 37191 Cooking demo 7326 Poshan Shivir 45 Community Events 3429 POSHAN Vatika 2781 SuPoshan Key project Activities Zero Hunger Good Health and Well-Being Gender Equality SAM: Severely acute malnutrition; MAM: Moderately acute malnutrition; NFHS: National Family Health Survey; NRC: Nutrition Rehabilitation Centre --- • F rtune· edible oils end foods
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Fortune SuPoshan: Highlights Zero Hunger Good Health and Well-Being Gender Equality quipping s ngl • knowl dge o tr n•-forr c;:.p Counselled families on th importance of milJ ts, legumes. vegetables and fruits • SuPoshan Sangin is hav1;1 improv1;1d the lives of wasted children in six sites Prep.:.rlng our troop t:o f"",ght the evils of m.>lnut:rit:ion SuPoshan Sanginis teach hygiene practices to everyone Tq ching mothers th import;:,nt t p,; ........... to nurture> thco growth of littlc;o onc;os; fi rtune· edible oils end foods
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Environment, Social & Governance Successful solar power implementation at 7 plants out of 24 own units. Plan to continue such installation across all plants over the years Green Energy Zero Liquid Discharge installed at 9 major plants (2900 KL per day) ZLD ensures recovery & reuse of water Water Conservation AWL Agribusiness is amongst the early adopters of Sustainable Palm Oil Traceability: Over 90% of palm oil Traceable upto Mills RSPO Certified: All plants are RSPO certified Sustainable Palm Oil Spearheading sustainability in Edible oils in India First Edible Oil Company to introduce recyclable packaging 98% of packaging is recyclable Recyclable Packaging Efforts towards reducing water waste Committed to environmental sustainability a a a a a a a a a \. ,,,./ \,__ / \ / \ / ----------------- ---------------------------------------------------------------------------------------------------------------------------· _______________________________________________________________________________________________________ ... fi rtune· edible oils end foods
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Backed by a Professional Management Team with Strong Execution Capabilities Notable Track Record of Achievements Strong stability in the senior management team. Strengthening the management team with experienced talent from leading FMCG companies to drive the next phase of growth. Proven track record of driving growth and securing dominant market share across multiple categories Expertise in creating strong customer propositions, building efficient supply chains, and implementing robust risk management systems. Experienced and Dedicated Senior Management… …Supported by a Deep Bench of Experienced Operators Relentlessly Pursuing Growth Opportunities… Mukesh Mishra Business Head – Edible Oils & Fats ~25 years of experience Ravindra Kumar Singh Head – Technical 30+ years of experience Siddhartha Ghosh CHRO 30+ years of experience Distinguished Board Ravindra Kumar Singh Whole-time Director 35+ years of experience Dorab Mistry Chairman & Independent Director 40+ years of experience Anup Shah Independent Director +25 years of experience Madhu Rao Independent Director +40 years of experience Dipali Sheth Independent Director 30 years of experience Saumin Sheth COO ~24 years of experience With AWL since inception Shrikant Kanhere Dy CEO & CFO 25+ years of experience Ex-Vodafone, RIL Ex-Dabur Ex-NDDB Rajiv Sharma Business Head – Rice ~23 years of experience Ex-Future Group Rajneesh Bansal Head - Supply Chain & Logistics 29+ years of experience Ex-Adani Ports/ Enterpsie, ISRO Ex-RIL, Jindal Steel & Power Venkata Rao CIO, DO 24+ years of experience Ex-Emami, ITC, Godfrey Phillips Vidyashankar Satyakumar Head - R&D 22+ years of experience Ex-Britannia Angshu Mallick MD & CEO 35+ years of experience Ex-NDDB / Amul Angshu Mallick MD & CEO 35+ years of experience Ex-NDDB / Amul Kuok Khoon Hong Non-Executive Vice Chairman 50+ years of experience $ SH,,'1C.R I-LA AS IA LIMITfD • !111.!l!t. t .::. lll)tilliil:'lil D D D D rtune· edible oils end foods
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Key Takeaways fi rtune· edible oils end foods
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AWL Agribusiness as of Today *including 52 leased units One of the youngest and largest Food FMCG company in India Over 2 decades of trust Food & FMCG player offering kitchen essentials across India 123 Million Household INR 63,672 Crores Revenue FY’25 2.1 Million Retail Reach No. #1 Edible Oil brand No. #2 wheat flour brand No. #3 Basmati rice brand 76 Manufacturing units* Pan-India player --\ fortune· ~olllandfoodl \~-----------------------····· ./ -- '-·~-----------------------···"· \ : : ' ~ ----------------------- -_,..,•·/ --------------------------· : ' / ----------------------- fi rtune· edible oils end foods
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Edible Oil #1 Edible oil brand in India #1 Soyabean oil, Mustard & Ricebran oil #2 in Palm oil #1 in North, East, West & Central markets Amongst top 5 in South India #1 in Urban & Rural markets Food & FMCG #2 in Wheat Flour (atta) #3 in Basmati Rice #2 in Soya Nuggets Amongst top 2 players in Besan Industry Essentials #1 Player in Stearic Acid, Glycerine & Soap Noodles #1 Castor exporter from India Consistently gaining market share across key categories Leadership Position in our Key Products \. ____________________ ./ .... ____________________ _ fi rtune· edible oils end foods
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Why staple food category is attractive for AWL? *including Sub-distributors Strong Capabilities Integrated business model from Sourcing to Sales Risk Management in agri-commodities 25 years expertise Wilmar Group expertise in agri-commodities & oleochemicals Strong Assets ‘Fortune’ Brand 24 Own Manufacturing Plants 10,000+ distributors* High Growth Potential Highly unorganized Branded Staples growing faster Few pan-India players Large Category Center of the plate Huge TAM India is the largest exporter of rice fortune ' ' d + '= .- .&. '"= .. + o' ~ i c 8: ~ ico l .. _____________ ~ . .....__ __ _
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AWL Structural Advantages *ROCP – Refined oil consumer pack Well positioned to capture demand driven by increasing per capita income in India Packaged Staple Foods is an attractive industry with large TAM of ~$90bn Branded staples have <15% penetration, but rising consumer preference is driving rapid growth in branded sales. Low-cost model with strategically located plants and co- manufacturing sites, enabling scale benefits in production and logistics. Portfolio leverages shared agri- sourcing, co-manufacturing, logistics, and common customer base, enabling focused, scalable, and efficient operations. Value added products – continued forward integration of products is margin accretive Edible oil scale (~500+ daily truck dispatches) enables cost- effective, high-frequency distribution of new products across India. ~ ~ fi rtune· edible oils end foods
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AWL’s Strengths Fast-paced growth at scale Potential for margin improvement Support of 2 strong promoter groups Strong Brand Portfolio Proven Track record (leadership position or amongst Top-3 in multiple categories) Large distribution network Strong Manufacturing setup Exports & HoReCa opportunity Large addressable market Leverage existing setup to scale up new categories Few competitors at national level Frugal operations fi rtune· edible oils end foods
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Multiple levers available to sustain fast growth and enhance margins Edible Oil Continue to gain market share in a highly fragmented market (2000+ brands), primarily in under-indexed markets and categories Increase distribution network Grow margin accretive categories like Mustard, Sunflower through regional strategies Improve mix of ‘Fortune’ brand, through improved distribution and better consumer connects Improve mix of value-added edible oils like blended oils, cold-pressed oils \ Growth Levers Margin Levers Food & FMCG Leverage edible oil distribution to increase penetration Enter into more categories that are forward integration of Rice, flour Enhance in-house manufacturing capacities Launch cleaning products for HORECA and mass segment in retail, only as forward integration of our Industry essential products Fine tune operating model of margin- accretive categories like Basmati Rice Normalize investments in the segment after reaching scale Launch value-added products to enhance margins Leverage Wilmar’s R&D to launch application-specific products in staples Acquire regional players in value- added categories \ Industry Essentials In-house capacity expansion Leverage R&D of Wilmar for specialty chemicals Build presence across segments – Food additives, home & personal care, plastic & polymers, lubricants & petrochemicals, agrochemicals Become leading specialty chemical player in India; additionally lead in Green products Improve the mix of specialty chemicals in our portfolio through in- house processing facilities Derivatization of basic oleo chemicals and castor oil for significant enhancement of margins \ Increase premiumization in our strong markets -------------------- • • D D D D D D D D D D D D D D D D D D D D D ··----------------------------------------------------------------------------------', __________ / ,, ___________ / '-·--------···················································································-·•' F rtune· edible oils end foods
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Legal Disclaimer The information contained in this presentation is provided by Adani Wilmar Limited (together with its subsidiaries, the “Company” or “AWL”) to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given solely for your information and your use, and may not be retained by you or copied, reproduced or redistributed to any other person in any manner nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) re-circulated, redistributed, passed on, published in any media, website or otherwise disseminated, to any other person, in any form or manner, in part or as a whole, without the prior written consent of the Company. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. This presentation does not purport to be a complete description of the markets’ conditions or developments referred to in the material. 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 general business plans and strategy of Adani Wilmar Limited (“AWL”), their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation is for private circulation only and does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of AWL’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under, or in relation, to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of AWL. AWL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation should not be used as a basis for any investment decision or be relied upon in connection with, any contract, commitment or investment decision whatsoever. This presentation does not constitute financial, legal, tax or other product advice. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. The statements contained in this presentation speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. Neither the Company nor any of its respective affiliates, its board of directors, its management, advisers or representatives, including any lead managers and their affiliates, or any other persons that may participate in any offering of securities of the Company, shall have any responsibility or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. AWL assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. AWL 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. Certain statements made in this presentation may be “forward looking statements” for purposes of laws and regulations of India and other than India. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition, general business plans and strategy, the industry in which the Company operates and the competitive and regulatory environment of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “targets,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal, regulatory and social conditions in India, which the Company believes to be reasonable in light of its operating experience in recent years. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of AWL.. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. This presentation contains translations of certain Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader. Investor Relations: Mr. Pulkit Mittal Head - Investor Relations Pulkit.Mittal@awl.in +91 79 2645 9100 Mr. Abhik Das Lead - Investor Relations Abhik.Das@awl.in +91 79 2645 8774 fi rtune· edible oils end foods