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www.Kwality.com
Largest Private Dairy Company in India
Kwality LimitedQ3’FY18 Investor Presentation
February 2018
www.Kwality.com 2KWALITY LIMITED
Quarterly Results Overview
Company Overview
Industry Overview
www.Kwality.com 3KWALITY LIMITED
Key Developments for Q3&9M FY18
✓ In order to boost direct milk sourcing program, entered into a Memorandum of
Understanding (MOU) with IDBI Bank Limited on 13th December, 2017 at Mumbai
✓ As per the MOU, IDBI shall extend credit facilities to medium and large milk producers for
establishing Modern Dairy Farms including the construction of milk shed, purchase of dairy
animals, installing of Bulk Milk Coolers & milking machines etc
✓ IDBI will also support in establishing Milk Chilling Centre/Milk Processing Units with special
emphasis on promoting producer companies
✓ In addition, vendors engaged in allied dairy activities such as milk transportation from
village to Milk Chilling Centre and milk road tanker for transporting chilled milk from Milk
Chilling Centre to Dairy Processing Plant will also be financed by IDBI Bank
✓ IDBI has also agreed to support Kwality towards establishing a marketing network by
promoting milk parlours through the franchisee model
✓ Competitive interest rate based on bank’s MCLR. Interest rate on 1 year 8.55% and 3
year 8.70%
www.Kwality.com 4KWALITY LIMITED
Key Developments for Q3&9M FY18
✓ Extended India’s first Vitamin A & D Fortified flavoured milk beyond
NCR into other parts of Northern India comprising UP, UK, Punjab,
Haryana and Rajasthan.
✓ Launched Lassi and Masala Chaach in UHT packs in Northern parts of
the country beyond NCR.
✓ Extended Brand Endorsement contract with Bollywood celebrity –
Ákshay Kumar’ for 2 more years
✓ Launched Festive packs range – ‘Health and Happiness’’ under the
Kwality Franchise during festival period in the quarter under review
✓ Rolled out new Brand campaign across ATL vehicles
(Newspaper/Radio/ Outdoor) and BTL (Digital & Consumer
Engagement) in Oct’18
www.Kwality.com 5KWALITY LIMITED
Awards & Recognitions
Mr.Sanjay Dhingra Managing
Director, has been ranked 34th
among the TOP100 CEO of India as
published January special edition
Kwality has been ranked 8th
position in INDIA in FMCG - sector
wise & elevated to 185th position
from 197th position during last
year in revenue wise growth –
Fortune India Magazine December
2017 edition
Kwality conferred with an award of
Delhi best Employers Brand Award
2017 by World HR Congress on 22nd
December 2017.
It features the top organizations from
Delhi, exemplifying in HR Practices to
translate organization’s Vision and HR
strategy
www.Kwality.com 6KWALITY LIMITED
Sales (INR Mn)
Q3FY18 – Sales Overview
Sales Mix
61%
39%
Q3'FY17
B2B B2C
57%
43%
Q3'FY18
B2B B2C
B2C Sales (INR Mn)
+12.02% y/y
15,830
17,733
14,500
15,000
15,500
16,000
16,500
17,000
17,500
18,000
Q3'FY17 Q3'FY18
Standalone Sales
6,135
7,558
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Q3'FY17 Q3'FY18
+23.2% y/y
www.Kwality.com 7KWALITY LIMITED
Sales (INR Mn)
9MFY18 – Sales Overview
Sales Mix
61%
39%
9M'FY17
B2B B2C
59%
41%
9M'FY18
B2B B2C
B2C Sales (INR Mn)
+9.1% y/y
45,968
50,159
43,000
44,000
45,000
46,000
47,000
48,000
49,000
50,000
51,000
9M'FY17 9M'FY18
Standalone Sales
18,108
20,464
16,500
17,000
17,500
18,000
18,500
19,000
19,500
20,000
20,500
21,000
9M'FY17 9M'FY18
+13.0% y/y
www.Kwality.com
451
209
2.8%
1.2%
0.0 %
0.5 %
1.0 %
1.5 %
2.0 %
2.5 %
3.0 %
3.5 %
4.0 %
0
100
200
300
400
500
600
700
800
Q3'FY17 Q3'FY18
PAT PAT %
EBITDA and Margin+13.3% y/y
8KWALITY LIMITED
+10 Bps y/y
Q3 & 9M FY18 – Profitability
Standalone financials; All figures in INR Mn except y/y growth, Margins, and EPS
1,126
1,277
7.1% 7.2%
2.2 %
3.2 %
4.2 %
5.2 %
6.2 %
7.2 %
0102030405060708090
100110120130140150160170180190200210220230240250260270280290300310320330340350360370380390400410420430440450460470480490500510520530540550560570580590600610620630640650660670680690700710720730740750760770780790800810820830840850860870880890900910920930940950960970980990
1,0 001,0 101,0 201,0 301,0 401,0 501,0 601,0 701,0 801,0 901,1 001,1 101,1 201,1 301,1 401,1 501,1 601,1 701,1 801,1 901,2 001,2 101,2 201,2 301,2 401,2 501,2 601,2 701,2 801,2 901,3 001,3 101,3 201,3 301,3 401,3 501,3 601,3 701,3 801,3 901,4 001,4 101,4 201,4 301,4 401,4 501,4 601,4 701,4 801,4 901,5 001,5 101,5 201,5 301,5 401,5 501,5 601,5 701,5 801,5 901,6 00
Q3'FY17 Q3'FY18
EBITDA EBITDA %
-54% y/y
-160 Bps y/y
PAT and Margin
• Consistent growth in B2C
revenue
• Growth in EBITDA due to
B2C focus
• PAT impacted due to
strategic investment in
capex 1,294
698
2.8%
1.4%
1.1 %
1.6 %
2.1 %
2.6 %
3.1 %
600
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990
1,00 0
1,01 0
1,02 0
1,03 0
1,04 0
1,05 0
1,06 0
1,07 0
1,08 0
1,09 0
1,10 0
1,11 0
1,12 0
1,13 0
1,14 0
1,15 0
1,16 0
1,17 0
1,18 0
1,19 0
1,20 0
1,21 0
1,22 0
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1,24 0
1,25 0
1,26 0
1,27 0
1,28 0
1,29 0
1,30 0
1,31 0
1,32 0
1,33 0
1,34 0
1,35 0
1,36 0
1,37 0
1,38 0
1,39 0
1,40 0
1,41 0
1,42 0
1,43 0
1,44 0
1,45 0
1,46 0
1,47 0
1,48 0
1,49 0
1,50 0
1,51 0
1,52 0
1,53 0
1,54 0
1,55 0
1,56 0
1,57 0
1,58 0
1,59 0
1,60 0
1,61 0
1,62 0
1,63 0
1,64 0
1,65 0
1,66 0
1,67 0
1,68 0
1,69 0
1,70 0
9M'FY17 9M'FY18
PAT PAT %
EBITDA and Margin+10.8% y/y
+10 Bps y/y3,224
3,5727.0%7.1%
2.2 %
3.2 %
4.2 %
5.2 %
6.2 %
7.2 %
1,0 001,0 101,0 201,0 301,0 401,0 501,0 601,0 701,0 801,0 901,1 001,1 101,1 201,1 301,1 401,1 501,1 601,1 701,1 801,1 901,2 001,2 101,2 201,2 301,2 401,2 501,2 601,2 701,2 801,2 901,3 001,3 101,3 201,3 301,3 401,3 501,3 601,3 701,3 801,3 901,4 001,4 101,4 201,4 301,4 401,4 501,4 601,4 701,4 801,4 901,5 001,5 101,5 201,5 301,5 401,5 501,5 601,5 701,5 801,5 901,6 001,6 101,6 201,6 301,6 401,6 501,6 601,6 701,6 801,6 901,7 001,7 101,7 201,7 301,7 401,7 501,7 601,7 701,7 801,7 901,8 001,8 101,8 201,8 301,8 401,8 501,8 601,8 701,8 801,8 901,9 001,9 101,9 201,9 301,9 401,9 501,9 601,9 701,9 801,9 902,0 002,0 102,0 202,0 302,0 402,0 502,0 602,0 702,0 802,0 902,1 002,1 102,1 202,1 302,1 402,1 502,1 602,1 702,1 802,1 902,2 002,2 102,2 202,2 302,2 402,2 502,2 602,2 702,2 802,2 902,3 002,3 102,3 202,3 302,3 402,3 502,3 602,3 702,3 802,3 902,4 002,4 102,4 202,4 302,4 402,4 502,4 602,4 702,4 802,4 902,5 002,5 102,5 202,5 302,5 402,5 502,5 602,5 702,5 802,5 902,6 002,6 102,6 202,6 302,6 402,6 502,6 602,6 702,6 802,6 902,7 002,7 102,7 202,7 302,7 402,7 502,7 602,7 702,7 802,7 902,8 002,8 102,8 202,8 302,8 402,8 502,8 602,8 702,8 802,8 902,9 002,9 102,9 202,9 302,9 402,9 502,9 602,9 702,9 802,9 903,0 003,0 103,0 203,0 303,0 403,0 503,0 603,0 703,0 803,0 903,1 003,1 103,1 203,1 303,1 403,1 503,1 603,1 703,1 803,1 903,2 003,2 103,2 203,2 303,2 403,2 503,2 603,2 703,2 803,2 903,3 003,3 103,3 203,3 303,3 403,3 503,3 603,3 703,3 803,3 903,4 003,4 103,4 203,4 303,4 403,4 503,4 603,4 703,4 803,4 903,5 003,5 103,5 203,5 303,5 403,5 503,5 603,5 703,5 803,5 903,6 003,6 103,6 203,6 303,6 403,6 503,6 603,6 703,6 803,6 903,7 003,7 103,7 203,7 303,7 403,7 503,7 603,7 703,7 803,7 903,8 003,8 103,8 203,8 303,8 403,8 503,8 603,8 703,8 803,8 903,9 003,9 103,9 203,9 303,9 403,9 503,9 603,9 703,9 803,9 904,0 004,0 104,0 204,0 304,0 404,0 504,0 604,0 704,0 804,0 904,1 00
9M'FY17 9M'FY18
EBITDA EBITDA %
-46% y/y
-140 Bps y/y
PAT and Margin
www.Kwality.com
• Revenue grew 12.02% y/y to reach INR 17,733 Mn in Q3’FY18, primarily driven by B2C business
• B2C revenue increased 23% y/y during the same period to reach INR 7,558Mn; accounted for 43% of sales
• For 9M’FY17, B2C business grew 13% y/y to reach INR 2,0464 Mn
Key Result Highlights
9KWALITY LIMITED
Q3/9M’FY18 – Income Statement Overview
*As % of SalesUnaudited financials as per Indian Accounting Standards; All figures in INR Mn except margins and Growth y/y
Revenue
• Expanded 56 bps y/y to 11% in Q3’FY18, supported by relatively higher realization from B2C business
Gross Margin
• Consistent growth in B2C revenue• In Q3’FY18, EBITDA grew 13.3% y/y to reach INR 1,277 Mn as against INR
1,126 Mn in Q3’FY17, owing to better B2C focus• For 9M’FY18, EBITDA stood at INR 3,572 Mn; registered growth of 10.8% y/y
EBITDA
• Impacted due to strategic investment in capex
PAT
Standalone Financials
Particulars Q3’FY18 Q3’FY17 Growth y/y 9M'FY18 9M'FY17 Growth y/y
Sales 17,733 15,830 12% 50,159 45,968 9%
Gross Profit 1,944 1,643 18% 5,413 4,526 20%
Gross Margin* (%) 10.96% 10.40% 56 bps 10.79% 9.80% 99 bps
Employee Expenses 188 100 88% 398 289 38%
Dep &Amortization
346 30 1052% 927 90 930%
Other Expenses 482 466 4% 1,483 1,172 27%
EBITDA 1,277 1,126 13.3% 3,572 3,224 10.8%
EBITDA Margin* (%)
7.20% 7.10% 10 bps 7.12% 7.0% 10 bps
Other Income 2 50 -95% 41 158 -74%
Finance Costs 562 407 38% 1,571 1,174 34%
PBT 369 690 -46% 1,074 1,961 -45%
Tax Expense 160 239 -33% 376 666 -44%
PAT 209 451 -54% 698 1,294 -46%
PAT Margin* (%) 1.18% 2.80% 1.39% 2.80%
EPS (Diluted) 0.88 1.91 -54% 2.92 5.48 -47%
www.Kwality.com 10KWALITY LIMITED
New Product Launched – Flavoured Milk
Launched new value-added product i.e.
‘Flavored Milk’
✓ Flavors - The product is available in five
flavors i.e. Kesar , Badam , Elaichi, Butter-
Scotch, and Cold-Coffee
✓ Differentiation - Its unique value proposition is
that it is fortified with Vitamins A & D and has a
shelf life of six months at ambient
temperature.
✓ Product Placement - We are leveraging on our
existing network and would continue to explore
alternate channels for its placement to ensure
availability in our target domestic markets.
✓ Response - The product is witnessing
overwhelming response from both,
consumers and channel partners.
Flavours Launched Placement – General & Modern Retail Channels
Our Campaigns
Delighted Consumers
Butterscotch CoffeeKesar BadamElaichi
www.Kwality.com 11KWALITY LIMITED
New Product Launched – Lassi and Chaach
Launched new value-added products i.e. Lassi and Chaach
✓ Flavors - The product is available as Masala Chaach and Sweet
Lassi
✓ Differentiation - Tetra packing which enhances shelf life to six
months at ambient temperature
✓ Product Placement - Leveraging on our existing network and would
continue to explore alternate channels for its placement to ensure
availability in our target domestic markets
✓ Response - Product is witnessing overwhelming response
from both, consumers and channel partners
Launched
Our Campaigns
www.Kwality.com
Management Message
Commenting on the performance, Mr Nawal Sharma, President and Head –Business Transformation, Kwality Limited, said, “We are happy to highlightthat post our success and acceptance in the Delhi/ NCR region for our fortifiedflavoured milk, Lassi and Masala Chaach we have entered other regions in thenorthern territory.
We have moved to other parts of Northern India comprising UP, UK, Punjab,Haryana and Rajasthan with India’s first vitamin A&D fortified flavoured milk.
Further we have launched lassi and masala chaach in UHT packs in regionsbeyond the NCR region.
The products are witnessing good acceptance in the newly entered regionsand we believe they will gain traction in the coming months.
We are confident of continuing to expand our presence in the B2C segmentover the next coming months. This combined with a continuing thrust onenhancing our direct procurement network will translate to improvedperformance metrics going forward”
12KWALITY LIMITED
www.Kwality.com
Quarterly Results Overview
13KWALITY LIMITED
Company Overview
Industry Overview
www.Kwality.com
Production
India is the largest producer of Milk, accounting for over 18.3% of world production of milk anddairy products
Key Production Markets: U.P , Rajasthan, Andhra Pradesh, Gujarat, and Punjab account forover 53% of overall production in India
Cow milk accounts for 49.9% of total milk produced in India, followed by Buffalo 46.7%
Consumption
Milk consumption in India grew at a CAGR of 5.3% during FY12 - FY17 at 154 MMT in 2016-17,driven by steady population growth, rising disposable incomes, favorable demographics,increasing brand awareness and urbanization
Currently, over 54% of total production is consumed by people themselves, only 46% ismarketable
Liquid milk is the largest consumed dairy product in India, with 52%, share, followedby Ghee (12%)
Total consumption of milk and dairy products in India increased from 163 MMT in FY17 to 201MMT in FY22E; implying a CAGR growth of 4.3%
India Dairy Industry Perspective
Product-Wise Products Market Potential in India – 2016-2022E
Structure of Dairy Industry in India – Largely Unorganized
Cooperatives Private Dairies
Local Vendors Self Consumption
Organized
Unorganized
Source: Dairy India,Rabo Bank Estimates, Amrit Corp & IMARC estimates
14KWALITY LIMITED
Source: IMARC estimates, Industry
690
122
73
124
70
58
58
73
251
40
23
31
18
17
14
23
Ghee
Curd
Butter
UHT Milk
Flavoured Milk
Lassi
Chesse
Butter Milk
2016 2022E
929
2,862
2016 2022E
Largest Segment - Liquid Milk
All Figures in INR Bn CAGR
20.0%
20.9%
25.8%
25.3%
22.6%
27.2%
20.9%
18.4%
67%
33%
www.Kwality.com
Unorganized14.2%
Unorganized13.6%
Organized, 20.4%
Organized, 20.0%
2010-2014 2016-2022E
Liquid Milk & Milk Powders
• Pouched Milk
• Skimmed Milk Powder
• Dairy Whiteners
Traditional VAPs
• Curd/Butter-Milk
• Cottage-Cheese
• Butter
• Ice-Cream
Emerging VAPs
• Flavored Milk/Yoghurt
• UHT Milk
• Flavored Butter
• Protein-based Beverages & Supplements
• Low-Fat Cheese/Yoghurt
Growth of Organized Segment outpacing Unorganized
Organized segment grew at a CAGR of 20.4% during 2010-2014 as against unorganized sector CAGR of14.2% during the same period on the back of shift in consumer preferences towards brandedproducts
The trend is expected to continue in the coming years. During the period 2016-2022E, organizedsegment is expected to grow at a CAGR of 20.0% as compared to 13.6% for the unorganized segment
Enhanced focus on Value-Added Products (VAPs) and B2C
In the recent past, change in demographics and rapid urbanization have resulted in significant demandfor VAPs like cheese, condensed milk, UHT, flavored butter/milk/yoghurt, protein-basedbeverages/health supplements; VAPs expected to grow at a healthy rate of ~ 12% annually till2021E
Increasing Young Population – Value added milk products like cheese finds usage inconvenience foods for Pizzas, Pasta, Burgers et al
Aggressive Growth plans of QSR players – Rising demand for milk, condensed milk, and creamespecially from coffee chains
Changing lifestyles and Increasing health awareness is evolving low-fat high-protein dietarypatterns especially among millennials and young population, driving demand for products likelow fat yoghurts/cheese, protein-based health drinks/supplements among others
Shift towards Branded Products
Rising disposable incomes and increasing brand awareness especially in urban markets resulting instrong demand for branded products, thereby organized segment; Tier-I and Tier-II cities offersignificant growth opportunities for retail
Companies are enhancing their focus on brand building/Marketing activities withaggressive spending and expansion of their marketing & sales team to create strong brandrecall, customer retention, and reach
Dairy Industry in India – Emerging Trends
Dairy Industry in India - 2022E
15KWALITY LIMITED
Shifting towards Branded Products
Shift in Value Added Products (VAP)
Source: IMARC, Crisil, Industry
Unorganized67%
Organized33%
CA
GR
%
Market Size (100%) INR 16,368 Bn
www.Kwality.com 16KWALITY LIMITED
Quarterly Results Overview
Company Overview
Industry Overview
www.Kwality.com
About Kwality Limited
Background
Established in the year 1992 as a backward integration unit of Kwality Ice-creams, later taken over by Mr. SanjayDhingra & family in 2002, Kwality has emerged to be amongst largest and fastest growing private dairies in India
Procurement Network /MCCs
Established strong relationships with more than ca. 350,000 farmers spread across ca. 4,700 villages in U.P. ,Rajasthan, and Haryana; with 29 MCCs located close to procurement areas
Company intends to increase its procurement directly from farmers from current ca. 26% to 50% over themedium term by leveraging and further strengthening its existing network
Manufacturing Facilities
Has six state-of-the-art milk-processing units in North India (Haryana, Rajasthan, and U.P.) with combined capacityof 4.3 Mn litres/day
Dedicated R&D department for product innovation, world-class testing labs and quality control systems
Products
Diversified product portfolio across Fresh Milk, UHT Milk, Flavored Milk, Milk Powders, Curd, Chaach, andGhee/Fat categories catering to institutional and retail customers
Product mix to rapidly shift towards value-added products such as Paneer, Cream, Yoghurts, Table-Butter,Cheese, amongst others; to launch multiple variants over a period of time
Distribution Network
Established extensive point of sales with 60,000+ touch points across Northern markets ; continuous efforts underway to further expand into new and existing markets
Strong Management Team
Backed by strong management team comprising of industry experts with cumulative experience of over 200 years
Segment Milk Milk Powder Curd & Chaach Ghee/Fat
Key Products
Pouched Milk Bulk Milk Skimmed Milk Flavored Milk UHT Milk
Skimmed Milk Powder
Whole Milk Powder
Dairy Whiteners
Set Curd Pouched Curd Chaach – Plain
& Masala
Pure Ghee Pure Cow
Ghee Low
Cholesterol Ghee
Cream/Bulk Butter
Product Portfolio
Revenue (INR Mn)
17KWALITY LIMITED
Amongst largest and fastest growing private dairy companies in India
39,304
50,150
58,914 64,438
68,718
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
FY 13 FY 14 FY 15 FY 16 FY 17
CAGR 15%
Consolidated figures
www.Kwality.com 18KWALITY LIMITED
Diversified Product Portfolio
Pouched Milk
Instant DairyWhitener
Skimmed MilkPowder Chaach/ButterMilk Ghee
CurdFlavoured Milk
UHT Milk UHT Cream
5 products have been rolled out , plan to roll-out 4-6 more variants of high margin value-added products such as Paneer, Cheese, Table-Butter, Yoghurts, Milk-based beveragesamongst others in phases over the next 12-15 months
www.Kwality.com
Full Cream MilkAvailable in:200ml, 500ml, 1ltr
Toned MilkAvailable in:200ml, 500ml, 1ltr
Double Toned MilkAvailable in:200ml, 500ml
Toned Milk DahiAvailable in:200ml, 400ml, 1ltr
Skimmed Milk DahiAvailable in:200ml, 400ml, 1ltr
ChaachAvailable in: 500ml
Product Range
19KWALITY LIMITED
www.Kwality.com
Integrated Business Model
• Established relationships with over ca. 350,000 farmer families across ca. 4,700 villages in U.P, Rajasthan, and Haryana
• Currently, ca. 26% of daily milk requirement sourced directly from farmers through village level collection centers (VLCCs) and 29 Milk Chilling Centers (MCCs), balance from large contractors
Procurement
• Six dairy plants in North India with combined capacity of 4.3 Mn ltrs/day
• World-class facilities with streamlined operations and dedicated R&D department
• Diversified product portfolio – Variants of Fresh milk, Curd, Chaach, Ghee, milk powders, amongst others
Processing
• Created separate SBUs for Fresh products division, Consumer products division, and Institutional division, headed by profit managers
• Covering 60,000+ touch points in north markets
• General and modern trade channels
• Exporting to 28 countries
• Wholly-owned subsidiary in Dubai
Distribution
• Extended contract with Bollywood actor Mr. Akshay Kumar as brand ambassador
• Engaged reputed advertising/marketing agencies for Creative, Media Planning & Digital
• Concluded Ad-for-Equity deal with Times of India and HT Media
• Started new brand campaign across Print, Radio, T.V. , Outdoor, and Online campaign
Branding
20KWALITY LIMITED
www.Kwality.com 21
Kwality Limited – Landscape
KWALITY LIMITED
B2C 12%
B2B 88%
B2B 59%
19,00026,000 27,000
32,00040,000 45,000
FY 12 FY 13 FY 14 FY 15 FY 16 FY17
FY 12 B2C Expansion
On Standalone Sales
Consumer ProductsDivision
Institutional Division
Pouched Milk, Curd, Chaach, Paneer et al
Ghee, Milk powders, BulkMilk & Butter et al
Fresh Products Division
UHT, Cream, Milk, Ghee, Cheese, Flavoured Packed, Lassi, Chaach, Table-Butter,Yoghurts et al
Sales & Distribution Strategy aligned with nature ofproducts and customers catered
Sales Mix
Network
Points of Sale
Strong Presence in Largest Consumption Markets
Strategic Business Units (SBU’s)
Kwality ’s Major Presence
– NCR (Delhi)– Rajasthan– Haryana– Uttar Pradesh
342+Marketing & Sales
Workforce
✓ Established strong position in key consumption
markets of North India
✓ Products available on General and Modern trade
channels and select online platforms in North India
✓ Have set-up SBU’s headed by respective profit
managers for increased penetration
✓ Have roped in learning facilitators with rich experience for
developing sales & distribution design for SBUs
and training modules (classroom and e-learning based)aimed to improve efficiency, effective channel
management, query/complaint handling, customer care
✓ In-process of implementing cloud based solution
‘Field-Assist’ to facilitate real-time decision making
based on comprehensive data analytics
✓ Kwality aims to enhance its presence to 100,000+ pointsof sale over medium term including modern tradechannels, exclusive brand stores, and select online modes
in sync with brand salience and launch of new products.
Overview
www.kwality.com
+60,000
9M FY18
9M FY18%B2C41%
www.Kwality.com 22
DisclaimerThe information contained herein has been prepared to assist prospective investors in making their own evaluation of the Company and does not purport to be all-inclusive or tocontain all of the information a prospective or existing investor may desire.
This Information may include certain statements and estimates provided by the Company with respect to the projected future performance of the Company. Such statements,estimates and projections reflect various assumptions by management concerning possible anticipated results, which assumptions may or may not be correct.
Prospective investors will be expected to have conducted their own due diligence investigation regarding these and all other matters pertinent to investment in the Company.
This presentation may contain statements that are “forward looking statements.” The company’s actual future results may differ materially from those suggested by suchstatements, depending on various factors for which the company and its management does not take any responsibility.
For further information, please contact:
KWALITY LIMITED
Investor Relations
Gavin Desa / Rabindra BasuCDR IndiaTel no.: 022 6645 1237/48Email: gavin@cdr-india.com
rabindra@cdr-india.com
R. RaghunathanKwality LimitedTel no.: 011 4700 6500/6600Email: investor.relation@kwality.com
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