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INVESTOR PRESENTATION | Q3FY25 THE MAGIC OF BAKING
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Safe Harbor 2 This presentation has been prepared by and is the sole responsibility of Mrs. Bectors Food Specialities Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment thereof. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if the information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements.” You can generally identify forward-looking statements by terminology such as “aim” , “anticipate” , “believe”, “continue”, “could” , “estimate”, “expect” , “intend” , “may” , “objective”, “goal” , “plan”, “potential” , “project” , “pursue” , “shall” , “should” , “will” , “would” , or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to differ materially include, among others: (a) our ability to successfully implement our strategy, (b) our growth and expansion plans, (c) changes in regulatory norms applicable to the Company, (d) technological changes, (e) investment income, (f) cash flow projections, and (g) other risks. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes.
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Supportive Macro Drivers 3 India’s growth story continues amidst global slowdown. Inflation showing sings of moderation. India’s Real GDP Growth CPI Inflation 6.8 6.5 7.0 7.9 FY18 FY19 FY23 FY24 4.9 4.8 4.8 5.1 5.5 6.2 5.5 5.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 Mar-24 May-24 Jul-24 Sep-24 Nov-24Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 3.6 3.7 Source: Annual GDP, Ministry of Statistics & Programme Implementation (MOSPI) Source: CPI, Ministry of Statistics & Programme Implementation (MOSPI)
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India’s Consumption Story 4 Global consumption market - India remains one of the key consumer markets in the world India's consumption growth (in nominal terms) outpaced China, US and Germany (in US$ terms) Source: CEIC, Haver, UBS. Note: The data corresponds to nominal private final consumption expenditure. China data for 2023 is UBS estimate. 11.4 3.5 2.8 2.0 1.1 18.6 6.9 2.3 2.3 2.1 0 5 10 15 20 US China Japan Germany India 2013 2023 7.2 7.1 5.0 1.0 -2.0-2 -1 0 1 2 3 4 5 6 7 8 India China US Germany Japan Last 10-yr CAGR (2023)
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Mrs Bector Foods: At a Glance 5 MRS. RAJNI BECTOR FOUNDER OF THE COMPANY Mrs. Rajni Bector conferred with Padma Shri for her contribution to trade and industry I feel blessed and express my gratitude to the Central government for recognising my services. I am feeling honoured and want to thank my family, children, and staff. This is a very proud moment for me and for all at Bectors. I would like to dedicate this award to all who have worked that extra mile to make this possible. I would also like to thank our customers, who believed in us, supported us and continued relationships with us, which motivated us to work harder to give them the best products in our category. ‘Lifetime Achievement Award’ and ‘Pride of Punjab’ by Global Achievers Forum in 2017 Felicitated by SBI for her outstanding achievement as an entrepreneur and serving as a role model for the women fraternity in 2017 ‘Woman of Excellence’ from FICCI Ladies Organisation, Ludhiana in 2014 & 2009 ‘Outstanding Women Entrepreneur’ by SIDBI 2010 ‘Hall of Fame 2010, The Premier League’ by the Human Factor
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Large & Diverse Portfolio 6The brand names mentioned are the property of their respective owners and are used here for identification purpose only Domestic Range Of Cookies, Creams, Digestives, Marie And Crackers DOMESTIC BISCUITS Exports Range Of Crackers, Cookies, and Creams EXPORTS Breads, Bakery & Gourmet BAKERY Largest and the Most Trusted QSR players QSR + B2B
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}}} Performance Update
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Consolidated Performance Scorecard – Q3 FY25 8 Rs 492.1 Crs Q3 FY25 +14.8% 12 Months Growth +33.8% 24 Months Growth Rs 34.6 Crs Q3 FY25 -0.1% 12 Months Growth +24.6% 24 Months Growth Rs. 61.4 Crs Q3 FY25 0.4% 12 Months Growth +19.9% 24 Months Growth Net Revenue EBITDA % PAT
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Consolidated Performance Scorecard – 9M FY25 9 Rs 1,427.8 Crs 9M FY25 +17.3% 12 Months Growth +40.5% 24 Months Growth Rs 109.0 Crs 9M FY25 2.2% 12 Months Growth +74.6% 24 Months Growth Rs. 195.9 Crs 9M FY25 6.6% 12 Months Growth +54.3% 24 Months Growth Net Revenue EBITDA % PAT
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Consolidated Q3 FY25 Performance Highlights (YoY and 24 months comparison) 10 * Total Revenue includes revenue from contract manufacturing Revenue from Operations* 368 429 492 Q3FY23 Q3FY24 Q3FY25 +15% Segment Wise Revenues (Rs. Crs.) 219 268 308 Q3FY23 Q3FY24 Q3FY25 +15% Biscuit Segment Bakery Segment 127 146 175 Q3FY23 Q3FY24 Q3FY25 +20% Biscuit segment revenue In Q3 FY25 stood at Rs. 308 crores against Rs. 268 crores in Q3 FY24, registering a growth of 15% compared to Q3 FY24 including domestic and export biscuit segment. The Biscuit segment has grown by 40% compared to Q3 FY23 In Q3 FY25 stood at Rs. 175 crores against Rs. 146 crores in Q3 FY24, registering a growth of 20% compared to Q3 FY24 including retail bakery and institutional segment. The Bakery segment has grown by 37% compared to Q3 FY23 ➢ Biscuit Segment includes Domestic, Exports and CSD ➢ Bakery Segment includes Retail and Institutional Bakery segment revenue
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Consolidated Profit & Loss Statement – Q3 FY25 11 Profit & Loss Statement (Rs. Crs.) Q3 FY25 Q3 FY24 Y-o-Y Q2 FY25 Q-o-Q 9M FY25 9M FY24 Y-o-Y Revenue from Operations 492.1 428.9 14.8% 496.3 -0.8% 1,427.8 1,217.6 17.3% Cost of Materials Consumed 240.3 211.0 262.6 738.1 628.1 Purchase of stock-in-trade 9.3 8.5 8.8 27.3 31.9 Changes in inventories of finished goods, stock-in- trade and work-in- progress 20.7 14.8 -10.1 -5.2 -6.2 Gross Profit 221.8 194.6 14.0% 234.9 -5.6% 667.7 563.8 18.4% GP % 45.1% 45.4% 47.3% 46.8% 46.3% Employee Benefits Expense 68.7 56.6 66.5 199.0 160.5 Other Expenses 91.7 76.8 98.0 272.8 219.5 EBITDA 61.4 61.2 0.4% 70.5 -12.8% 195.9 183.8 6.6% EBITDA % 12.5% 14.3% 14.2% 13.7% 15.1% Other Income 7.0 4.7 5.6 17.6 12.4 Depreciation and Amortisation Expense 19.4 16.2 19.3 56.10 45.0 EBIT 49.0 49.7 56.8 157.4 151.1 Finance Costs 2.5 3.4 4.3 10.9 8.1 Share of net profit/Loss of associate accounted for using the equity method 0.0 0.0 0.0 0.1 0.0 PBT 46.5 46.4 52.5 146.5 143.1 Total Tax Expense 11.9 11.7 13.6 37.6 36.3 Profit for the period 34.6 34.6 -0.1% 38.9 -11.2% 109.0 106.7 2.1% PAT % 7.0% 8.1% 7.8% 7.6% 8.8%
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}}} Outlook & Approach
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Immense Industry Potential in the Biscuit Market 13 Growth in Biscuit Market (Rs. Bn.) Low per capita spending on biscuits 230 380 590 20 FY15 20 FY20 30 FY25e 250 400 620 +10% +9% Branded Biscuits Others 13.6 10.0 7.2 4.0 2.5 UK USA Japan Srilanka India Per Capita Consumption (Kg/Year) “Per capita consumption of biscuits in India has significantly increased in the last 5 years However, it still lags developed economies such as the US, UK and other developing countries such as China and Sri Lanka” Key Growth Drivers Key Trends Changing Lifestyles & Innovative Product Development Growth in Organized Retail Technological Advancements & Innovation in Ingredients Improved Packaging Solutions New products development and premiumization Healthy Options
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Growth Potential in Bread & Bakery Business 14 Indian Breads & Buns Market (Rs. Bn.) Chain QSR Market (Rs. Bn.) Premium Segment growing faster (Rs. Bn.) Dough Based Products Market for Chain Segment (Rs. Bn.) 33 50 76 FY15 FY20 FY25e +9% +9% 78 188 524 FY15 FY20 FY25e +19% +23% 4.0 7.5 15.0 FY15 FY20 FY25e +13% +15% 3.0 11.0 31.0 FY15 FY20 FY25e +30% +23% The size of the Indian Bread Market was Rs. 50 bn in FY20, of which premium category currently has a share of ~16% and is projected to grow at a rate of 15% for the next 5 years o QSR chain market in organized food services space is estimated at Rs. 188 bn in FY20 and is expected to grow at a CAGR of 23% to reach Rs. 524 bn by FY25e o Dough based products industry is expected to grow at a CAGR of 23% to reach INR 31 bn in FY25e o Introduction of new product variants o Increased in-house consumption due to COVID-19 o Increasing per capita income o Increasing per capita consumption High growth in premium and super premium segment o Higher disposable income o Exposure to international cuisines o Availability of varied range of breads Source: Technopak Report
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Our Approach 15 Building Portfolio of Offerings • Participate in all key segments, all Key Price Points • Build “Cremica” as a preferred Brand in all key geographies • New Product Development to cater to growing consumer need categories – Health, Price/value gap, New Age Product segments such as Sourdough, Millets etc Winning thru Quality • Recognized Certifications across all plants • Association with McDonald’s and Walmart is a testament of world class quality standards Augmenting Distribution (B2C and B2B) • Omni Channel Approach – Available on all touch points – Retail, MT, Ecommerce • Cremica Preferred Outlets – Retail loyalty to drive share in large outlets • Calibrated Expansion Plans – Increase in “Feet on Street” • South and West – Long-term vision of being a pan-India player Robust Supply Chain & Manufacturing • Automation from front-end to back-end to enable real time analysis and decision making • Leveraging technology for building Business Continuity measures and improving efficiency • Continuous investment behind capacity addition as well as New Product Development Growth Strategy
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Consolidated Performance Scorecard – FY24 16 Existing Geographies New Geographies States with supplies to CSD Depot Strong Multi Channel Distribution Network* 16 Depots 490+ Super Stockists 1250+ Distributers 4,000+ CPOs 7L+ Retail outlets 3L+ Direct Reach Among Top 2 in the premium and mid-premium biscuits segment in Punjab, HP , Ladakh and J&K Omni-Channel presence across Modern Trade, Retail, and Fast Commerce Robust Supply Chain & Distribution for Best-in-Class Freshness Delhi NCR + North Mumbai, Pune 600+ Distributers Bengaluru 1200+ FOS 40k+ Daily Direct Reach ENGLISH OVEN IS AMONGST THE FASTEST GROWING BRANDS PAN-INDIA ON FAST COMMERCE
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Cremica Brand footprint in 65+ Countries 17 Association with Walmart - Part of Walmart's commitment to source $10 bn in goods from India TRUST QUALITY COMMITMENT 70+ Overall number of countries catered Dedicated subsidiary setup in the UAE to cater to MENA and African markets; plans to expand footprint in FY24-25 Africa Europe Middle EastAmerica Bouquet of unique international offerings
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Preferred Supplier to Largest QSR Franchises in India 18 Company is a leading player in the institutional bakery segment Key Success Factors Stringent quality control and compliance with standards Dedicated lines for manufacturing buns to serve QSR customers Industry best practices such as use of premium quality raw materials Innovative lines for manufacturing desserts, pizzas, garlic breads, croissants Strong relationship with leading QSRs, multiplex chains, and cloud kitchens Plans to introduce new category of products including ‘frozen buns’, ‘dessert jars’ and ‘brownies’ in the Indian retail business segment One of the two key vendors, in India, working with institutions for the supply of processed and semi- processed dough-based offerings Well-positioned to capitalize on growth opportunities in the institutional bakery business by leveraging dedicated manufacturing facilities and long-standing relationships with key institutional customers
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Brand renovation across Crackers & Creams 19 New Pineapple Flavor Refreshed look of Crackers New Range of Magic Cream
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Gifting~ Brand Socialization Across Diwali and Christmas 20 Diwali Gifting Activations PrintDigital Influencer New Range of Diwali Gifting For the 1st Time, Christmas Range was introduced across MT and Quick Commerce
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New Introductions 21 Extension New Launch Activities Building ~Healthy Snacking Segment Burger Buns ~ New Shiny, Glazed Burger Bun Introduced
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On-ground Visibility across key Brands Continue 22 “No Means No” Campaign - Post Successful Print campaign, taken to Outdoor and Digital across Delhi NCR highlighting the “No Maida, No Palm Oil, No Added Color” Proposition Building Brand Visibility Continues On- Ground On Ground Visibility and Activations Continue in Identified Top Cities for Cremica
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Automated state of art manufacturing units 23 o Equipped with advanced modern technology and automated systems o Invested Rs. 469+ crores between FY20 to FY24 to build capacities with superior capabilities o Sourced best in class equipment from Denmark, Germany, US and Italy o Plants are equipped with best of technology with capability to produce international quality products o Focus on innovation Introduced ‘sub breads’ branded as ‘English Oven Sub’ Commissioned a sheeting line capable of producing ‘Focaccia Breads’, ‘Panini Breads’, ‘Ciabatta Breads’ Stringent Quality Controls State of the art quality assurance lab with highly capable personnel aiding quality and innovation
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Expansion Projects 24 Additions in Rajpura (Punjab) o 2 Biscuit lines have been commissioned in Rajpura in FY23-24 o 2 more lines have been commissioned in Rajpura in H1’24-25 01 Addition in Bakery Business o Bhiwadi plant has been commissioned in FY23-24 o The company will be initiating production at a new bakery unit in Kolkata in FY25-26 02 Biscuit Lines at Dhar (MP) o The company has completed construction of building, and is on course to get the plant commercialized by Q1 of FY25-26 03 New Bakery Plant in Khopoli (Maharashtra) o The company has started construction of building in Khopoli, Mumbai o Plant will be commissioned by FY25-2604
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Future Ready Production | Capacity Utilization 25 Phillaur, Punjab Tahliwal, Himachal Rajpura, Punjab Greater Noida, UPBhiwadi, Rajasthan Dhar, MP Kolkata, West Bengal Khopoli, Maharashtra Bengaluru, Karnataka Manufacturing facilities: Biscuits Manufacturing facilities: Breads & Buns Upcoming manufacturing facility Biscuits (Metric Tonnes) Bakery (Metric Tonnes) Current Capacity 1,48,344 94,984 Additional Planned 38,760 24,741 Total 1,87,104 1,19,725 Capacity Utilization* Biscuits Bakery Peak Average 93% 84% Peak Average 80% 73% Updated FY24
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Project Impact 1.0 (Initiatives For Mrs. Bectors' Cost Transformation) 26 We have launched Project IMPACT 1.0, embarking on a cost transformation journey that began in Q1 FY25 and will continue Key Enablers • Optimizing supply chain network and product flow path • Leveraging Technology for improving vehicle utilization Logistics • Sales Force Automation to enable front line efficiency • Improved product mix to increase premiumization • Implementation of Distribution Management System (DMS) for enhancing trade spends effectiveness Sales & Distribution • Strategic sourcing for raw materials • Packaging optimization across retail and SKUs Procurement & Packaging • Set up state-of-the-art manufacturing facilities • Optimizing utility consumption and manpower requirements Optimising Manufacturing Process Commercial Reducing Wastage • Technology enabled Demand/Supply Planning • Minimize Replacement and Damages • Reduce material consumption variance IMPACT 1.0
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‘Goodness Together’ - Building Communities around us 27 Under “Goodness Together”, we continuously look for every opportunity to develop the community around us School Infrastructure 90+ Mobile Health Camps Hospital Infra Development Women’s Health & Hygiene Facility for Technical Skills Development Ponds & Water Body Conservation
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}}} Historical Financials
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Consolidated Segment Performance Highlights 29 * Total Revenue includes revenue from contract manufacturing and other operating revenues Revenue from Operations* 881 988 1,362 1,624 FY21 FY22 FY23 FY24 +19% Segment Wise Revenues (Rs. Crs.) 574 592 807 991 FY21 FY22 FY23 FY24 +23% Biscuit Segment Bakery Segment Biscuit Segment includes Domestic, Exports and CSD ; Bakery Segment includes Retail and Institutional 259 339 487 572 FY21 FY22 FY23 FY24 +17%
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Consolidated Performance Highlights 30 Revenue (Rs. Crs.) Gross Profit Margins EBITDA (Rs. Crs.) EBITDA Margins PAT (Rs. Crs.) PAT Margins 881 988 1,362 1,624 FY21 FY22 FY23 FY24 141 123 175 242 FY21 FY22 FY23 FY24 72 57 90 140 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 47.6% 44.2% 44.6% 46.7% FY21 FY22 FY23 FY24 16.0% 12.4% 12.9% 14.9% FY21 FY22 FY23 FY24 8.2% 5.8% 6.6% 8.6%
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Consolidated Performance Highlights 31 Net Debt to Equity Cash Flow from Operations (Rs. Crs.) Working Capital (in Days) 0.1 0.1 0.1 0.2 Mar-21 Mar-22 Mar-23 Mar-24 110 84 164 153 FY21 FY22 FY23 FY24 45 52 39 44 30 28 24 30 45 38 38 45 Mar-21 Mar-22 Mar-23 Mar-24 Inventory Debtors Creditors Working Capital (in Days) 30 42 25 29
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Consolidated Profit & Loss Statement 32 Profit & Loss Statement (Rs. Crs.) FY24 FY23 FY22 FY21 Revenue from Operations 1,623.9 1,362.1 988.2 880.7 Cost of Materials Consumed 833.6 737.7 536.0 467.8 Purchase of stock-in-trade 40.6 23.8 15.6 0.6 Changes in Inventories of Finished Goods and Work in Progress -8.1 -7.4 -0.5 6.8 Gross Profit 757.8 608.1 437.1 419.1 GP % 46.7% 44.6% 44.2% 47.6% Employee Benefits Expense 218.2 163.0 137.8 126.9 Other Expenses 297.2 269.9 176.8 151.2 EBITDA 242.4 175.2 122.5 141.1 EBITDA % 14.9% 12.9% 12.4% 16.0% Other Income 19.0 12.0 6.3 10.1* Depreciation and Amortisation Expense 61.4 53.3 46.0 44.7 EBIT 200.1 134.0 82.8 106.5 Finance Costs 11.8 12.9 7.1 9.5 Share of net profit of associate accounted for using the equity method 0.1 -0.3 0.0 0.1 PBT 188.3 120.7 75.7 97.1 Total Tax Expense 47.9 30.6 18.6 24.8 Profit for the year 140.4 90.1 57.1 72.3 PAT % 8.6% 6.6% 5.8% 8.2%
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Consolidated Historical Balance Sheet 33 EQUITY AND LIABILITIES (Rs. Crs.) 31-Mar-24 31-Mar-23 31-Mar-22 31-Mar-21 Equity Equity share capital 58.8 58.8 58.8 58.7 Other equity 604.1 485.5 410.2 372.5 Total equity 662.9 544.3 469.0 431.2 Non-current liabilities Financial liabilities (i) Borrowings 149.0 94.0 88.0 114.8 (ii) Lease liabilities 18.3 5.1 5.9 1.0 Provisions 5.8 5.3 6.5 7.4 Deferred tax liabilities (net) 9.5 9.8 9.9 9.5 Other non-current liabilities 10.1 8.1 8.5 10.4 Total non-current liabilities 192.6 122.4 118.9 143.1 Current liabilities Financial liabilities (i) Borrowings 75.6 26.7 40.5 15.7 (ii) Lease liabilities 2.0 1.2 1.1 0.6 (iii) Trade payables 0.0 0.0 0.0 (a) Total outstanding dues of micro enterprises and small enterprises 9.3 10.4 9.0 5.3 (b) Others 97.4 67.1 48.7 52.0 (iv) Other financial liabilities 40.1 12.2 8.2 9.9 Other current liabilities 15.3 40.3 22.9 18.9 Provisions 5.0 6.0 3.8 3.0 Current tax liabilities (net) 0.0 0.9 0.1 1.5 Total current liabilities 244.8 164.7 134.3 106.8 Total liabilities 437.4 287.0 253.2 249.9 Total Equity and Liabilities 1,100.3 831.4 722.2 681.1
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Consolidated Historical Balance Sheet 34 ASSETS (Rs. Crs.) 31-Mar-24 31-Mar-23 31-Mar-22 31-Mar-21 Non-current assets Property, plant and equipment 491.6 407.6 391.4 339.7 Capital work-in-progress 94.4 48.7 11.9 55.3 Right-of-use assets 31.9 18.2 19.2 14.2 Goodwill 0.4 0.4 0.4 0.4 Other intangible assets 0.1 0.1 0.2 0.0 Equity accounted investment 3.7 3.6 4.0 3.9 Financial assets (i) Other Investments 0.4 0.5 0.3 0.0 (ii) Loans 0.3 0.0 0.0 0.0 (iii) Other financial assets 8.1 35.9 3.9 3.6 Income tax assets (net) 4.1 4.1 4.1 2.9 Other non-current assets 56.1 18.2 10.9 7.0 Total non-current assets 691.0 537.3 446.3 427.0 Current assets Inventories 103.7 81.4 78.7 56.9 Financial assets (i) Investment 0.0 6.9 6.5 6.2 (ii) Trade receivables 133.1 90.3 75.0 71.9 (iii) Cash and cash equivalents 7.6 9.0 32.5 34.7 (iv) Bank balances other than (iii) above 119.5 65.9 50.6 50.0 (v) Loans 0.6 0.5 0.5 0.0 (vi) Other financial assets 25.4 14.1 17.8 25.4 Other current assets 19.4 26.0 14.4 9.0 Total current assets 409.3 294.1 275.9 254.2 Total Assets 1,100.3 831.4 722.2 681.1
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Consolidated Cash Flow Statement 35 Cash Flow Statement (Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21 Cash Flow from Operating Activities Profit before Tax 188.3 120.7 75.7 97.1 Adjustment for Non-Operating Items 61.4 61.3 46.5 47.4 Operating Profit before Working Capital Changes 249.7 182.0 122.2 144.5 Changes in Working Capital -47.2 11.8 -16.8 -11.8 Cash Generated from Operations 202.5 193.8 105.4 132.6 Less: Direct Taxes paid -49.0 -29.8 -21.2 -22.4 Net Cash from Operating Activities 153.4 164.1 84.3 110.3 Cash Flow used in Investing Activities -223.5 -151.0 -56.5 -124.7 Cash Flow (used in)/ from Financing Activities 68.8 -36.6 -30.0 28.5 Net increase/ (decrease) in Cash & Cash equivalents -1.4 -23.5 -2.3 14.0 Cash and cash equivalents at beginning of the year 9.0 32.5 34.7 20.7 Cash and cash equivalents at the end of the year 7.6 9.0 32.5 34.7
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CIN: L74899PB1995PLC033417 Company Company parth.patel@linkintime.co.in Mr. Parth Patel +91 98197 85972 parth.patel@linkintime.co.in irfan.raeen@linkintime.co.in Mr. Irfan Raeen +91 97737 78669 irfan.raeen@linkintime.co.in