Kwality Ltd. V/S Competitorsapp.pmgasia.com/InvestAsean2018/pdf/KwalityInvestor_25032018.pdfHaryana and Rajasthan. Launched Lassi and Masala Chaach in UHT packs in Northern parts of

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


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%


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


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


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


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

610

620

630

640

650

660

670

680

690

700

710

720

730

740

750

760

770

780

790

800

810

820

830

840

850

860

870

880

890

900

910

920

930

940

950

960

970

980

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

1,23 0

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%


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


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


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



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


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%

http://www.kwality.com/

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: [email protected]

[email protected]

R. RaghunathanKwality LimitedTel no.: 011 4700 6500/6600Email: [email protected]

Documents

Kwality Ltd. V/S Competitorsapp.pmgasia.com/InvestAsean2018/pdf/KwalityInvestor_25032018.pdfHaryana and Rajasthan. Launched Lassi and Masala Chaach in UHT packs in Northern parts of