#1Q2 & H1 FY24 Earnings Presentation Best Agrolife Limited#2Globe Disclaimer Best Agrolife Limited The Presentation is to provide the general background information about the Company's activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any investor should subscribe / purchase the company shares. The Company 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 contained herein. This presentation may include certain "forward looking statements". These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others, general economic and business conditions in India and abroad, ability to successfully implement our strategy, our research & development efforts, our growth & expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global chemical/pharmaceuticals industries, increasing competition, changes in political conditions in India or any other country and changes in the foreign exchange control regulations in India. Neither the company, nor its Directors and any of the affiliates or employee have any obligation to update or otherwise revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. No part of this presentation may be reproduced, quoted or circulated without prior written approval from Best Agrolife Ltd. 2#3Globe Q2FY24 Highlights Mr. Vimal Kumar MANAGING DIRECTOR Revenue Best Agrolife Limited "Despite the challenging external environment, we have maintained a strong growth trajectory, with revenue from operations surging by 32% sequentially to reach Rs. 811 crores. This remarkable growth can be attributed to the success of our flagship products, including Ronfen, Tricolor, CTPR, Propique, Amito, and others. Notably, the second quarter is a pivotal season for Ronfen, and robust interest from farmers is contributing significantly to our growth. Our profit margins remain relatively resilient, driven by an improved product mix. The consistent demand for our products has shielded us from pricing pressures that generic agrochemicals are grappling with. I am also pleased at the ground-breaking achievement by our subsidiary, Seedlings India, which has been granted a 20-year patent for a revolutionary Synergistic Pesticidal Composition. This composition incorporates two insecticides and a fungicide, offering innovative solutions to the challenges faced in rice cultivation. We have additionally secured a vital 20-year patent for a revolutionary herbicidal composition that promises to enhance rice crop yields. This one-shot herbicide, set to launch in the next Kharif season under the brand name 'Orisulam,' will further bolster our herbicide portfolio. During this quarter, we introduced our patented product, Tricolor, which has garnered a very encouraging response from the farming community. Notwithstanding the industry's anticipated challenges in the forthcoming quarters, our differentiated product portfolio instils confidence in our ability to drive growth with improvised EBITDA for FY24." EBITDA PAT ROCE Rs. 811 cr Rs. 144 cr Rs. 95 cr 18% Q2 FY24 16% YoY 18% 12% 32% QoQ EBITDA Margin -21% YoY 300 bps PAT Margin -27% YoY 300 bps#4Financial Highlights Q2 FY24 Globe Best Agrolife Limited Revenue from operations for Q2 FY24 stood at Rs. 811 cr which grew by 32% QoQ and 16% on YoY basis compared to Rs. 612 cr in Q1 FY24 and Rs. 700 cr in Q2 FY23 ✓ EBITDA for the quarter came at Rs. 144 cr up 11% QoQ and de-grew 21% YoY compared to Rs. 130 cr in Q1 FY24 and Rs. 183 cr in Q2 FY23. The improvement in EBITDA for the quarter was on account of better product mix. ✓ EBITDA margin for the quarter came at 18% as compared to 21% in Q1 FY24 and 26% in Q2 FY23, down 300 bps QoQ and down 800 bps YoY. ✓ PAT for the quarter was at Rs. 95 cr, up 5% QoQ and down 27% YoY compared to Rs. 91 cr in Q1 FY24 and Rs. 130 cr in Q2 FY23. ✓ PAT margin for the quarter came at 12% as compared to 15% in Q1 FY24 and 19% in Q2 FY23, down 300 bps QoQ and down 700 bps YoY. 4#5Financial Highlights Globe Best Agrolife Limited H1 FY24 Revenue from operations for H1 FY24 stood at Rs. 1,423 cr which grew by 22% on YoY basis compared to Rs. 1,164 cr in H1 FY23 ✓ EBITDA for H1 FY24 came at Rs. 274 cr up 10% YoY compared to Rs. 248 cr in H1 FY23. The improvement in EBITDA was driven by better product mix and higher sales during H1FY24 ✓ EBITDA margin for H1 FY24 was at 19% as compared to 21% in H1 FY23, down 200 bps YoY. ✓ PAT for H1 FY24 came at Rs. 185 cr up 9% YoY compared to Rs. 170 cr in H1 FY23. ✓ PAT margin for H1 FY24 was at 13% as compared to 15% in H1 FY23, down 200 bps YoY. ✓ The drop in EBITDA and PAT % is mainly due to increase in Employee cost and Brand building exercise; which is in-line with Business Growth plans and expansion. 5#6Key Business Highlights Globe Best Agrolife Limited Product Launch in Q2FY24 ✓ BAL Launched 1 Herbicide and 1 Fungicide product during the quarter ✓ Fungicide: TriColor (Patented Combination of Trifloxystrobin 10%+ Difenoconazole 12.5% + Sulphur 3% Sc) ✓ Herbicide: Azaro-Pyroxasulfone 85% WG Other Business Highlights Started new office in Hyderabad, a strategic move to build a pivotal position in the region ✓ BAL Inked a marketing agreement with Syngenta for the marketing of Pyroxosulfone 85% WG herbicide under the brand name Movondo ✓ BAL invested to acquired 99% stake in Kashmir Chemicals [A Partnership Firm, based at Jammu] and became the major partner, a strategic aim to expand manufacturing capacity Capex Update Brown field Capex for Strobilurin Chemistry, Backward Integration of Technicals and Capacity enhancement for Formulation is going in full swing as per plans. 6#7Globe Key Business Highlights Approvals and Registrations received Q2FY24 Best Agrolife Limited ✓ Seedlings India has been granted a patent for an invention entitled "Synergistic Granular Herbicidal Composition For Paddy" for a term of 20 years. The company plans to launch the "Orisulam" brand name herbicide as a one-shot solution in the upcoming Kharif season. The newly patented herbicidal composition is a powerful and effective solution for addressing the challenges of Monocot and Dicot weeds in paddy crops. It offers a comprehensive strategy to combat weeds such as Echinochloa crusgalli, Echinochloa colonum, Ludwigia parviflora, Cyperus rotundus, Cyperus difformis, Cyperus iria, Fimbristylis miliacae, Monochoria vaginalis, Leptochloa chinensis, Panicum repens, Chenopodium album, Commelina benghalensis, and Eclipta alba. Seedlings India has been granted a 20-year patent for a revolutionary invention of a Synergistic Pesticidal Composition that includes two insecticides and a fungicide to address some of the most pressing challenges in rice cultivation. The patented innovation offers a potent and efficient remedy for addressing the issues posed by the Brown Plant Hopper (BPH), Green Leaf Hopper, White Backed Plant, and various fungal diseases that have been persistent challenges for rice crops in India and worldwide.#8Strong revenue growth coupled with improving margins Revenue EBITDA PAT Globe Best Agrolife Limited Q2 FY24 700 328 254 612 811 183 58 7 130 144 130 95 31 -8 90 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 FY23 FY23 FY23 FY24 FY24 FY23 FY23 FY23 FY24 FY24 Q2 Q3 Q4 FY23 FY23 FY23 Q1 Q2 FY24 FY24 H1 FY24 1,164 1,423 248 274 170 185 H1 H1 H1 H1 H1 H1 FY23 FY24 FY23 FY24 FY23 FY24 8#9Globe Glimpse of Differentiated products launched since 2022 Best Agrolife Limited TOMBO LAUNCHED Patented Product RONFEN LAUNCHED AXEMAN LAUNCHED WARDEN LAUNCHED REVEAL LAUNCHED TOMBO ✔ A new generation corn herbicide Tembotrione shows a fast efficacy in control of weeds. ✔ It is a post emergence herbicide that dissipates rapidly in the environment that causes any crop phytotoxicity. ✔ It has a low application rate per hectare and hence poses almost nil environment risk. A single shot solution that controls all sucking pests in various crops like cotton, chilly, vegetables, and many other segments ✓ Ronfen covers the composition of Pyriproxyfen 8%, Diafenthiuron 18%, and Dinotefuran 5% in a unique suspension concentrate formulation Domestic Market Size of around Rs. 8,000cr Best Afrolife Limited AXEMAN DANGEL ✔ AxeMan (Dinotefuran 15% + Pymetrozine 45 % WG), with its dual mode of action, helps protect the rice crop from the devastating pest BPH which develops high resistance against all agrochemicals. ✔ AxeMan provides healthy and vibrant tillers at the reproductive stage and helps in the long-duration control and resistance management of BPH in paddy. WARDEN REVEAL ✔ A ternary combination of two fungicides and one insecticide (Azoxystrobin 45% + Thiophanate Methyl 11.25% + Thiamethoxam 25% FS). It acts as a systemic fungicide and insecticide that provides effective seed treatment and can prevent pest and disease infestation for up to long if appropriately treated. ✔ A new generation systemic insecticide with dual action as insecticide & acarecide used as foliar spray for the control of red spider mite in Brinjal & Tea; yellow mite in Chilli, Eruopean red mite & red spider mite in Apple and White Fly & Mite in Tomato and cotton 9#10Globe first to launch in India after Innovator Glimpse of Differentiated products launched since 2022 Best Agrolife Limited CITIGEN (CTPR) LAUNCHED VISTARA (CTPR) CITICEN VISTARA ✅ It is a plant systemic insecticide that belongs to the group anthranilic diamide, which has a unique mode of action called Ryanodine Receptor Activators that disrupt normal muscle functions within the pest. ✔ Activation leads to the unregulated release of Ca2+ (Calcium) from the sarcoplasmic reticulum muscle cells resulting in impaired muscle paralysis, feeding cessation, lethargy and eventually insect death. ✔ Best Agrolife is the first generic company to launch the product in India post the product going off-patent ✔ Market Size of around Rs. 2,800cr as of 2023 LAUNCHED TRI-COLOR Patented (DIFENOCONAZOLE + TRIFLOXYSTROBIN + Product SULPHUR) LAUNCHED 9 (3) Registration AZARO (PYROXASULFONE) LAUNCHED PROPIQUE (PROPIQUAZAFOP) LAUNCHED AMITO (AMETRYN) LAUNCHED Best ate Limited TRICOLOR AZARO AMITO ✓ Broad spectrum fungicide 3X formulae where sulphur acts as a catalyst ✓ Composition of Difenoconazole, Trifloxystrobin and sulphur ✓ We plan to launch this combination PAN India with the brand name 'Tricolor' ✔ Novel pre-emergence herbicide for wheat, corn, and soybean. ✔ Until now India was dependent on other countries for Pyroxasulfone ₹ The market size of Pyroxasulfone is approximately 450 Crore as of 2023 ✔ Herbicide used for the post-emergence control of a wide range of annual and perennial grasses in various broadleaf crops such as soybean, cotton, pulses, sunflower, other field crops, vegetables, fruit trees, vineyards, sugarbeet, oilseed rape, and forestry. With 350 Cr of the market size in India. ✓ A new selective early post-emergence herbicide with broad-spectrum activity on grasses and broad-leaved weeds ✓ Provides a longer duration of weed control and shields sugarcane#11Product Launch Plan FY24 HERBICIDE Globe Agrie Best Agrolife Limited HALOXYFOP + Patented Product IMAZETHAPYR + CHLORIMURON TO BE LAUNCHED HALOSULFURON METHYL TO BE LAUNCHED PROPAQUIZAFOP + OXYFLUORFEN TO BE LAUNCHED Patent for herbicidal Composition of Haloxyfop + Imazethapyr + chlorimuron ✓ A very prominent one-shot solution for an important crop like Soyabean. High importance not only in India but in other soybean-producing countries as well ✓ Plan to launch Pan-India with the brand name 'Shot Down' ✔ Selective, systemic post-emergence herbicide with WDG formulation and residual soil activity ✔ Rapidly inhibits the growth of susceptible weeds in low doses Provides exponential benefits every season ✓ Contact and Broad Spectrum Herbicide, Post Emergence Herbicide ✔ Provides long-duration weed with foliar and residual activity grasses and broad-leaved weeds in Onion crop Patented Product FUNGICIDE CYAZOFAMID + DIMETHOMORPH + DIFENOCONAZOLE TO BE LAUNCHED METIRAM + PYRACLOSTROBIN TO BE LAUNCHED CYHALOFOP-BUTYL TO BE LAUNCHED ✓ Composition of Cyazofamid, Dimethomorph, and Difenoconazole ✓ Highly effective against Late Blight and Downy Mildew in tomato and grapes crops ✓ The approximate market size of this fungicidal composition is *350 crore. ✓ A novel combination of Metiram and Pyraclostrobin is effective against a broad spectrum of disease ✔ A premium broad-spectrum dual Al fungicide that provides extended disease protection and additional health benefits A post-emergence, herbicide Cyhalofop-butyl, is used for controlling weeds in rice plantations. These herbicides stop weed growth immediately, thus minimizing crop losses and facilitating high production#12P&L For Q2 & H1 FY24 Value (INR Cr) Globe Best Agrolife Limited Q2 FY24 Q2 FY23 YoY (%) Q1 FY24 QoQ (%) H1 FY24 H1 FY23 YoY (%) Revenue from Operation 811 700 16% 612 32% 1,423 1,164 22% Other Income (3) 1 4 2 1 Total Revenue 808 701 15% 616 31% 1,425 1,165 22% Cost of Goods Sold 597 467 28% 429 39% 1,026 832 23% Employee Benefits Expense 19 11 68% 16 18% 35 20 74% Other Operating Expenses 51 39 30% 37 37% 88 63 40% Total Expenses 667 518 29% 482 38% 1,149 916 26% EBITDA 144 183 -21% 130 11% 274 248 10% EBITDA Margin (%) 18% 26% 21% 19% 21% Depreciation and Amortisation 8 6 42% 7 12% 15 11 35% Finance Cost 15 10 61% 12 23% 28 17 67% Profit Before Tax 118 168 -30% 115 3% 232 222 5% PBT Margin (%) 15% 24% 19% 16% 19% Profit After Tax 95 130 -27% 91 5% 185 170 9% PAT Margin (%) 12% 19% 15% 13% 15% 12#13Balance Sheet H1 FY24 Value (INR Cr) Equity And Liabilities Share Holders Fund FY 21 153 FY22 330 FY23 527 H1 FY23 495 Globe Best Agrolife Limited H1 FY24 706 Non-current Liabilities Long Term Borrowings 73 52 43 42 36 Other Financial Liabilities 2 17 13 9 12 Total Non-current Liabilities 228 399 583 546 755 Current Liabilities Short Term Borrowings 92 218 525 432 558 Trade Payable 192 284 303 550 894 Other Current Liabilities 108 84 64 52 100 Total Current Liabilities 391 585 892 1,034 1552 Total Equity & Liability 619 984 1,475 1,580 2307 Assets Non-current Assets Net Fixed Asset 74 155 189 156 204 Intangible Asset Other Non Current Assets Total Non-current Assets 037 25 29 28 29 28 3 52 16 63 77 187 269 200 295 Current Assets Inventories* 287 455 709 633 890 Trade Receivables 174 256 349 563 1012 Cash & Bank Balance 39 40 89 149 57 Other Current Assets 42 46 60 35 53 Total Current Assets 542 797 1,206 1,380 2012 Total Assets 619 984 1,475 1,580 2307 13#14Globe Improving Return Ratios and Stable balance sheet Best Agrolife Limited ROCE ROE 24% 39% 50% 36% 33% 32% FY21 FY22 FY23 FY21 FY22 Net Debt to Equity 1.38 0.91 0.82 0.70 Current Ratio FY23 1.36 1.35 FY21 FY22 FY23 FY21 FY22 FY23#15Experienced Management with Domain Knowledge Management with a cumulative experience of more than five decades Best Agrolife Limited Globe Mr. Vimal Kumar MANAGING DIRECTOR A true visionary and a passionate entrepreneur, Mr Vimal Kumar is an eminent personality with vast and rich experience in the Agrochemicals Industry. He oversees strategy, management, development, and integration of the company policies. With Best Agrolife he is pioneering endeavors to provide farmers with safe agrochemical products at economical prices. He has been Interviewed by international magazines from "African Farming and Food Processing" to the publication Agro Pages, where he spoke on the "Taking Indian Brands and Leaders. Strides towards Make in India". In the 2018 edition of India Suppliers Guide, Mr. Vimal's views. were published as "An Agrochemical Perspective from India". In 2019, he was featured magazine's Fortune India magazine. in the Forbes India & in 2022 featured in Mr. S. B. V. Rama Prasad EXECUTIVE DIRECTOR A business leader with an excellent track record across leading companies Mr Bala has been associated at the apex level with several reputed organizations such as Adama India Pvt Ltd. An Agri graduate from Kanpur University Mr Bala comes with more than 40 years of substantial experience in the chemical industry. As a Founder member and Director of the Board of Adama India Pvt Ltd. since 2009, he has delivered significant portfolio and organizational change as part of transforming it into a more focused, growth-driven and business. sustainable two Prior to joining Adama India Pvt Ltd in 2009, Mr Bala worked for Nagarjuna Group (Fertilizers & Pesticides) for more than decades (1986-2009). With his analytical and strategic mindset and his ability to turn challenges into great Mr success, Bala took Nagarjuna Agrichem & Adama to new heights and turned them into high- revenue-earning companies. Mr. P. N. Karlerkar MANAGING DIRECTOR (Best Crop Science Pvt Ltd a A Chemical Engineer from UDCT- one of the top Indian Institute for Chemical Technology and Management Graduate from Mumbai University, he has a diverse and rich professional background. He has been associated at the apex level with reputed organizations such as -Rallis India Ltd as President thereafter Technology, worked at leadership levels including as President of the Agrochemical division of Atul Ltd, as COO of Deepak Nitrite Ltd., as Managing Director of Cheminova India Ltd from 2008 and subsequently as its President international region comprising of Asia-Pacific, Africa, Middle East. Later on, post-global acquisition of Cheminova by FMC corp (USA), he assumed the position of country head for FMC India. In these assignments he worked on strategic areas such as mergers and acquisitions and global business development etc. A Mr. N Surendra Sai HEAD INTERNATIONAL BUSINESS: passionate technologist and entrepreneur having 31 years of extensive experience and understanding of Organizational Program Management, Business Analytics, Innovation, Startup Culture and Technology. He has held various leadership positions at private and government sectors with national and international exposure. In his 15 years stint at Wipro Technologies, held the roles of Delivery Head (PES), Program Head of Microsoft Windows Sustenance Engineering Services, Head I of Cost of Delivery Optimization. As a scientist with DRDO he worked on technology development and R&D for critical systems of national importance. He was instrumental in creating India's first Quantum Secure Communication Stack for National Agencies. In his earlier stint with Best Group, The R&D environment created established manufacturing molecules. by a foundation him for of next generation Mr. Mr. Sanjeev Kharbanda CHIEF FINANCIAL OFFICER Sanjeev is a Post Graduate in Business Management (MBA) from IMT Ghaziabad & comes with a hands on experience of over 28 years His expertise lies in strategic & financial planning, business operations & transformation, investors relationship, audit, tax, treasury, enterprise risk management, governance & compliance. He has deep knowledge about both Indian and international financial markets and has been recognized among the Top Most Impactful CFO Leaders of 2022-23 by Transformance and recipient of Top CFONext100 Award in 2017 and 2016 Mr Kharbanda was also awarded among top 20 Treasurers (T20) twice by CFO India Finance. a He joins BAL from Aqualite (a footwear brand supported by PE fund), where he worked as CFO and Business Co-Pilot. He has also worked in senior finance positions with Mother Dairy and leading companies in FMCG & Telecom sector. 15#16Outlook Revenue Growth - 30% EBITDA Margin ~ 20% 1 2 3 Globe Best Agrolife Limited 4 Launch of new & innovative products with higher margins Ramping up distribution & branded products business Maximizing backward integration to improve efficiencies Building export business 16#17Share Information Shareholding as on 30th September 2023 Others 37.4% FII 9.9% DII 2.6% Globe Best Agrolife Limited Share Information (as on 30th September 2023) BSE Ticker 539660 Market Cap (INR Cr) 2657.31 % free-float 49.9% Free-float market cap (INR Cr) 1,325.93 Total Debt (INR Cr) 5,94 Promoters 50.1% Cash & Cash Equivalents (INR Cr)# 57 Shares Outstanding 2,36,44,740 3M ADTV (Shares)* 71,561 3M ADTV (INR Cr)* Industry *Source: NSE & BSE as of 30th September 2023 8.53 Agrochemicals 17#18Thank You For queries please contact: EY Investor Relations Rahul Thakur [email protected] Advait Bhadekar [email protected] DISCLAIMER This presentation includes certain forward looking statements and information including statements concerning the outlook for business. The statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risks, uncertainties and assumptions based on current expectations, within the meaning of applicable laws and regulations. Forward-looking statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions. The expectations, estimations and projections are majorly identified by the use of words such as "anticipates, "believes," "estimates," "expects," "intends," "plans," "predicts," "projects" and similar expressions. There are numerous risk and uncertainties, way beyond our control, that could cause our actual results to differ from the forward looking information and statements made in this presentation. The company, based on changes stated above, may alter, amend, modify or make necessary changes in any manner to any such forward looking statement contained herein or make, written or oral forward looking statement as may be required from time to time basis of subsequent developments and events. No part of this presentation may be reproduced, quoted or circulated without the prior approval from Best Agrolife Ltd. 18