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Disclaimer

2

GMM Pfaudler: An Introduction

3

The Market Leader of Glass Lined Equipment in India

Rich Heritage

Strong Parentage

Experienced

Management

Team

Well Established

in the Indian

Market

Over 5 decades of glass lined equipment

manufacturing experience

Part of Pfaudler Inc., a global leader in

glass lined equipment manufacturing

Well-established player with a significant

market share

Senior management team with strong

technical expertise

Long standing track record of consistent

dividends

Consistent

Dividend Payout

4

Business Overview

Pfaudler

International

S.a.r.l

Luxembourg

Pfaudler Inc.

GMM Pfaudler Limited

Mavag AG

Patel

Family

50.44% 24.56%

• Owned by Deutsche Beteiligungs AG, and its Fund VI,

a PE, listed in German Stock Exchanges

• Established provider of

glass lined reactors to

pharmaceutical,

chemical and other

process industries

• One of the leading suppliers of

process equipment and systems

for pharmaceutical, specialty

chemical and agro chemical

verticals

• Strong presence in the supply

of highly engineered equipment

for the pharmaceutical,

bioengineering and fine

chemical industries

Organization Product Segments

Glass Lined

Equipment

Heavy

Engineering

Proprietary

Products

Segment

[Put pic for Pharma]

[Put pic for Specialty

Chemicals]

[Put pic for Agro

Chemicals]

End market

Public

25.0%

Product Portfolio

5

Glass Lined

EquipmentKilo Lab Units

Edlon PTFE Lined

Pipes and FittingsMixing SystemsFiltration & Drying

Engineered

SystemsHeavy Engineering

Chemicals , Pharma APIs Food Chemicals, PharmaBiotech,

Paints, Paper

Food, Fine

Chemicals,

Petrochemicals

Refineries, Natural

Resources,

Fertilizers

Pharmaceuticals, Specialty Chemicals, Agro Chemicals

Historical Milestones

6

2014

• Became part of

Deutsche

Beteiligungs AG post

acquisition of

Pfaulder stake from

National Oilwell

Varco (“NOV”)

1963

Started operations

with manufacturing

of glass lined

equipment

Listed on the

Bombay Stock

Exchange

1999

Pfaulder increase

its equity stake to

51%

1987

Pfaudler Inc. acquires

40% stake in GMM to

form Joint Venture

2008

Acquires MAVAG

AG, Switzerland

(Revenue $15

mm) in Jan 2008

2012

Became part of National Oilwell Varco (“NOV”) group post NOV’s acquisition of Pfaudler’s parent Robbins & Myers

2018

Crossed market capitalization of ₹ 10 Billion, Consolidated revenue ₹4 Billion & Listed on NSE

2019

Crossed Consolidated revenue ₹5 Billion. Acquired Industrial Mixing Solutions Division of SudershanChemical Industries Ltd in April 2019

Company Highlights

Positive Industry Fundamentals

Experienced Management Team

Well Established Player with Strong Parentage

State of the Art Manufacturing Capabilities

Strong and Stable Customer Base

Attractive Financial Profile and Consistent Dividend Payout

GMM Pfaudler: Corporate Highlights

8

1

6

2

3

4

5

Well Established Player with Strong Parentage

9

Presence across the entire chemical processing value

chain

Engineered systems

Mixing

Filtration

Reactor Systems

Biotech & Fermentation

Process Intensification

Drying

Tailor Made EquipmentPowder Handling Systems

Parentage of Pfaudler, Inc.

Inventor of glass-lined steel

One of the preeminent suppliers both domestically and

worldwide with a complete line of Glasteel® equipment

– Product include: Reactors, storage vessels, columns,

mixer systems, instrumentation, and reglassing

services

Also supplies reactor systems, thin film evaporator

systems and other types of modular process systems

for over 50 years

Technology Expertise

Petrochemicals Fats & Oils

Specialty

Chemicals

Biodiesel, corrosive

and other sensitive

materials

State of the Art plant spread over 20 acres at Karamsad, Gujarat

Covered area of over 41,000 sq. mts.

Has latest equipment required for quality fabrication along with 6

furnaces - 3 electric and 3 natural gas

State of the Art Manufacturing Capabilities

10

New Delhi

Ahmedabad

VadodaraKaramsad

Head Office

Mumbai

Corporate Office Hyderabad

ChennaiBengaluru

Sales office

Manufacturing Facility

Locations

Ankleshwar

Visakhapatnam

Sales & Service offices

Strong and Stable Customer Base

11

Ag

ro

Ch

em

ica

ls

Ph

arm

ac

eu

tic

als

Sp

ec

ialt

y

Ch

em

ica

ls a

nd

Dyes

35 Years 25 Years30 Years25 Years 15 Years>20 Years >25 Years20 Years

30 Years 20 Years 20 Years

20 Years 20 Years>15 Years >15 Years15 Years

15 Years 20 Years15 Years

10 Years

25 Years 25 Years 25 Years30 Years 20 Years >15 Years >15 Years

30 Years

>15 Years

Well Recognized by Industry

12

Business Leader of the Year in Medium Scale at the Chemtech

CEW

2013

Accreditation and Certifications

Vendor Registration

Certificate

DIN EN ISO3834-2 DIN EN

ISO 9001:2008

AD2000-

Merkblatt HP0

ASME U2 NB STAMP China Selo D CE0045

ASME U R STAMP

Mr. Ashok Patel, President of Sardar Patel Trust receiving the

Bharat Ratna on behalf of the trust from Bipinbhai Patel,

grandson of Vallabhbhai Patel in presence of Shri L. K. Advani,

Deputy Prime Minister of India and Mr. Narendra Modi, Chief

Minister of Gujarat

2004

IBR SHOP

RENEWAL

CERTIFICATE

KOREAN

CERTIFICATE

Attractive Financial Profile and Consistent Dividend Payout

13

Note:

1. EBITDA = Profit before tax – Other Income + Finance costs + Depreciation and amortization.

2. RoCE calculated on a pre-tax basis

INR mm FY18 Consolidated FY19 Consolidated

Strong Revenue Revenue of INR 4,057mn Revenue of INR 5,026mn

Attractive Profitability

EBITDA1 of INR 621mn

EBITDA1 margin of 15.3%

PAT of INR 427mn

PAT margin of 10.5%

EBITDA1 of INR 770mn

EBITDA1 margin of 15.3%

PAT of INR 506mn

PAT margin of 10.1%

Solid Balance Sheet

and Liquidity

Debt: Nil

Cash & Investments: INR 1,165mm

Debt: Nil

Cash & Investments: INR 1,230mm

Key Ratios RoCE(2): 26.6%

RoE: 18.7%

RoCE(2): 27.2%

RoE: 18.8%

Consistent Dividends Dividend per Share (INR)

Attractive Financial Profile and Consistent Dividend Payout

14

Note:

1. EBITDA = Profit before tax – Other Income + Finance costs + Depreciation and amortization.

2. RoCE calculated on a pre-tax basis

Consistent Dividends Dividend per Share (INR)

INR mm FY18 Standalone FY19 Standalone

Strong Revenue Revenue of INR 3,124mn Revenue of INR 4,187mn

Attractive Profitability

EBITDA1 of INR 462mn

EBITDA1 margin of 14.8%

PAT of INR 284mn

PAT margin of 9.1%

EBITDA1 of INR 656mn

EBITDA1 margin of 15.7%

PAT of INR 406mn

PAT margin of 9.7%

Solid Balance Sheet

and Liquidity

Debt: Nil

Cash & Investments: INR 610mm

Debt: Nil

Cash & Investments: INR 761mm

Key Ratios RoCE(2): 23.6%

RoE: 15.3%

RoCE(2): 28.1%

RoE: 18.7%

Company Directors and Management Team

Board of Directors

16

Committed Board of Directors with significant years of experience in the Industry

Dr. S. Sivaram

Chairman

Over 45 years of experience

Mr. Tarak A Patel

Managing Director

Over 18 years of experience

Mr. Thomas Kehl

Director

Over 24 years of experience

Dr. Amrita Patel

Director

Over 30 years of experience

Mr. Ashok Patel

Director

Over 34 years of experience

Mr. Khurshed Thanawalla

Director

Over 40 years of experience

Mr. Nakul Toshniwal

Director

Over 20 years of experience

Dr. Dominic Deller

Director

Over 26 years of experience

Experienced Management Team

17

Mr. Tarak A. Patel

Managing Director

Mr Tarak A Patel is the Managing Director of our Company from June 01,2015. He has also served as the Executive Director

of the Company since 2007 and has held various senior positions in Sales & Marketing since 2001. Prior to joining GMM

Pfaudler Limited Mr. Patel worked with Universal Consulting, a leading Strategy Management

Mr. Patel has a BA in Economics from the University of Rochester, USA and an MBA degree jointly conferred by Columbia

Business School, London Business School and University of Hong Kong (HKU) Business School

Mr. Ashok C. Pillai

Chief Operating Officer

Mr. Ashok C. Pillai has been the Chief Operating Officer of our Company since 2006. He has been with the company for more

than 23 years and has held various senior management positions in Sales & Marketing and Operations. Prior to joining our

company Mr. Pillai has held positions in Sales & Marketing with Larsen & Toubro, GE India and Raychem

Mr. Pillai has a BE (Hons) in Electrical and Electronics from BITS, Pilani and also holds a Diploma in Management Studies

from Mumbai University

Mr. Jugal Sahu

Chief Financial Officer

Mr. Jugal Sahu has been the Chief Financial Officer since 2016. He has more than 20 years of experience in Finance and

Accounts. Prior to joining our company he has worked with Mideast Integrated Steels, Alcan International Network India (Rio

Tinto Group), TEVA India, Boots Piramal Helathcare and United Phosphorus.

Mr. Sahu is a member of the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and has

a degree from the Institute of Cost Accountants of India and Chartered Institute of Management Accounts, UK.

Experienced Management Team

18

Mr. Anil Advani

Vice President –Alloy

Mr. Anil Advani rejoined GMM as VP Alloy Division in April 2012. Mr. Advani was at GMM from 1989 to 1996 in various

capacities before he was assigned to set up Pfaudler China as General Manager from 1996 to 2011. Prior to joining our

company Mr. Advani has held positions at Jasubhai Credfeld, Davy Powergas and InterNorth (predecessor to Enron)

Mr. Advani has a MS in Chemical Engineering from Georgia Tech in Atlanta, USA and a B.Tech in Chemical Engineering from

University of Madras

Mr. Chandulal Makadia

Vice President -

Manufacturing

Mr. Chandulal Makadia has been the Vice President – Manufacturing of GMM Pfaudler Ltd since 2017. He has been with the

company since 1992 and has held various positions with increasing responsibilities in Manufacturing and Operations.

Mr. Makadia has a Specialized Diploma in Fabrication from BPTI Bhavnagar, India and Graduate in Manufacturing and

Operational Management from Indian School of Business, Mohali, and has been trained in Welding Technology, Lean

Manufacturing and Theory on Constraints.

Ms. Mittal Mehta

Company Secretary

Ms. Mittal Mehta has been the Company Secretary & Compliance Officer of our Company since 2010. She has been an

integral part of our company for more than 9 years and is in charge of the Secretarial & Legal Department of the Company.

Ms. Mehta is a qualified Company Secretary and a Fellow Member of the Institute of Company Secretaries of India (ICSI). In

addition to her professional qualification as a Company Secretary, she also holds a bachelors' degree in Law.

Key Financials

Financial Performance

20

INR mm

Income Statement Consolidated

Fiscal Year Ending March 31,

FY16A FY17A FY18A FY19A

Revenue 2,921 3,530 4,057 5,026

Y-o-Y Growth (5.0%) 20.8% 14.9% 23.9%

EBITDA1 350 475 621 770

EBITDA Margin (%) 12.0% 13.5% 15.3% 15.3%

EBIT1 268 393 523 744

EBIT Margin (%) 9.2% 11.1% 12.8% 14.8%

PBT 298 441 607 733

PBT Margin (%) 10.2% 12.4% 15.0% 14.6%

PAT 201 311 427 506

PAT Margin (%) 6.9% 8.8% 10.5% 10.1%

Balance Sheet Consolidated

Long Term Debt - - - -

Short Term Debt - - - -

Shareholders' Equity 1,668 1,938 2,278 2,689

Cash & Current Investment 667 767 1,165 1,230

Earning per Share (INR) 13.76 21.29 29.20 34.60

Dividend per Share (INR) 3.0 4.0 4.0 4.5

(1) Excludes Other Income

Business Mix - Consolidated

21

Revenue by Product SegmentsINR mm

Revenue by Geographic SegmentsINR mm

EBIT by Product SegmentsINR mm

55.0% 8.3% 36.7% 50.4% 12.2% 37.4% 68% 7.8% 24.2% 75.7% 12.4% 11.8% 69.3% 13.1% 17.6%

61.7% 38.3% 72.7% 27.3% 70.8% 29.2%Share of

Revenue

Share of

RevenueShare

of EBIT52.8% 9.1% 38.1% 63.6% 6.0% 30.4%

70.1% 29.9%

56.7% 11.% 32.3%

Financial Performance

22

INR mm

Income Statement Standalone

Fiscal Year Ending March 31,

FY16A FY17A FY18A FY19A

Revenue 2,296 2,663 3,124 4,187

Y-o-Y Growth 2.5% 15.9% 17.3% 34.0%

EBITDA1 320 408 462 656

EBITDA Margin (%) 13.9% 15.3% 14.8% 15.7%

EBIT1 253 334 379 624

EBIT Margin (%) 11.0% 12.5% 12.1% 14.9%

PBT 278 378 439 613

PBT Margin (%) 12.1% 14.1% 14.1% 14.6%

PAT 184 261 284 406

PAT Margin (%) 8.0% 9.8% 9.1% 9.7%

Balance Sheet Consolidated

Long Term Debt - - - -

Short Term Debt - - - -

Shareholders' Equity 1,413 1,659 1,858 2,177

Cash & Current Investment 382 470 610 761

Earning per Share (INR) 12.56 19.31 19.41 27.80

Dividend per Share (INR) 3.0 4.0 4.0 4.5 (1) Excludes Other Income

Business Mix - Standalone

23

Revenue by Product SegmentsINR mm

Revenue by Geographic SegmentsINR mm

EBIT by Product SegmentsINR mm

72.4% 9.6% 18.0% 70.0% 10.5% 19.5% 66.9% 16.1% 17.0% 79.7% 9.2% 11.1% 79.9% 13.1% 7.0% 78.4% 14.8% 6.8%

84.8% 15.2% 92.5% 7.5% 93.8% 6.2%Share of

Revenue

Share of

Revenue

Share

of EBIT83.2% 7.8% 9.0%

91.9% 8.9%

68.5% 11.8% 19.7%

Thank you