#1INVESTOR PRESENTATION June 2017 fi Inspired by Science Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements," including those relating to general business plans and strategy of PI Industries Limited ("PIIL"), its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in PIIL's business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of PIIL's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of PIIL. PIIL, as such, 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 or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. PIIL assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. PIIL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner. THE INFORMATION PRESENTED HERE IS NOT AN OFFER OR SOLICITATION OF ANY OFFER TO PURCHASE OR SELL ANY EQUITY SHARES OR ANY OTHER SECURITY OF PI INDUSTRIES LTD. CDR India Nishid Solanki [email protected] Siddharth Rangnekar [email protected] Tel: +91 22 6645 1221/1209 Fax: +9122 6645 1213 BOVITA BIOVITA SEAWEED NOM NEE BINGO बिगो OSHIEN INRO VIBRANT OSHEEN FORRTOX-10 G de toat WICKET PMDC SANIPEB LURIT LOGIK enfore ROKET NBAA KITA ERFUP MELSA PI Industries Limited Jayashree Satagopan [email protected] Ashish Patel [email protected] Tel: +91 124 6790000 Fax: +91 124 4081247#2Incorporated in 1947, PI Industries Limited is an Agri Input and Custom Synthesis & Manufacturing company in India Multi-locational manufacturing facilities, including Jambusar SEZ Equipped with R&D facilities, with 350 researchers accredited for GLP and 'Norms on OECD Principles' by NGCMA, in Udaipur AN OVERVIEW fi Inspired by Science Currently operating through a unique model... Model built on the principles of respect of IP, partnership, strong relationship Domestic Brand Market Leveraging on pan India network, brand building capabilities and experienced team to deliver in-licensed, branded generics & co- marketed products Synergistic Benefits Exports Market Leveraging on chemistry process research and manufacturing capabilities Patented Molecules Pan-India presence through a vast distribution network with over 8,000 distributors and more than 40,000 retailers 3 subsidiaries, including PI Japan that carries out business development activities IN-LICENSING Enables us to introduce new and novel Products Have longer product cycles Yield higher margins Strengthen relations with global innovators • Common Infrastructure • Develop knowledge bank, processes and experience in different complex chemistries • Cross-Selling Opportunities Early stages of their life cycles Complex Chemistries First or Second suppliers Strong Financial Growth with a Revenue CAGR of ~21% from FY11 to FY17 ...well suited to partner with global innovators! 2#3VISION "Building on the foundation of trust, we shall be at the forefront of science-led opportunities by delivering innovative solutions." VALUES f Inspired by Science TRUST Like the earth, we are dependable. We work with integrity of purpose, honesty in action and fairness in all our dealings. SPEED Blazing ahead, like fire, we constantly strive to work with speed in the way we observe, think and act. INNOVATION Enlivening, like the air, in the constant quest for the horizon, the never-ending search for a better, newer way to do things; Innovation for us, is a way of life. ADAPTABILITY Adaptive, like water, we are constantly transforming ourselves. Being nimble footed, we are highly responsive to change. 3#4OUR DIFFERENTIATED BUSINESS MODEL "Leverage our capabilities across the Agri Sciences Value Chain by providing Integrated and Innovative Services & Solutions by Partnering with the best." fi Inspired by Science Discovery Development Scale-up Evaluation & Trials Regulatory services & Registrations Manufacturing Marketing & Distribution • Library Synthesis • • Molecule Design Process Development Analytical Development Lead Optimization • Kilo Lab Studies Route Synthesis • Pilot Plant Trials • Biological testing • Basic Engineering Green house testing • Geography Specific Bio- Efficacy Studies Sample import Evaluation & • Inclusion in the CIB Intimation / RTT application/ Large Scale Manufacturing Offering multiple chemical reaction Product Pre and Post Launch Activities & Campaign • Product Stewardship Schedule . High pressure to • Crop Diversification • Dossier low temperature • Preparation & • Formulations Combination Development Submission • Process Optimization Detailed Engineering • Plan Design HAZOP Small Scale manufacturing Trials Data Compilation Geographical Potential / Fitment Evaluation . for trails • Formulation Development Bio-efficacy Studies • Residue Studies . Toxicity Studies • Packaging Specifications Development Fastest growing Agri Sciences Company with strong domestic presence and relationship with more than 18 global innovators, and some more than a decade old. 4#5KEY MILESTONES - 1946 Founded as Mewar Oil & General Mills Ltd ◇ 1961 - Started Ag CChem Formulation and Marketing 1971 - Diversified into Mining later hived off ◇ 1976 - started the first Technical Manufacturing plant ◇ 1985 - Diversified into Energy Metering, later hived off ☐ 1991 - Name Changed to PI Industries Limited ◇ 1994- Started Polymer Compounding later divested 1992 - New Facility at Panoli (Gujarat) 1996 Started Custom Synthesis & Manufacturing ◇ 2001-1st company in the Agchem to implement SAP 2002 - Established Subsidiary in Japan (PI Japan Ltd) ◇ 2004 - Started New Rep Office in China (Shanghai) ◇ 2012 - Pl-Sony Research Initiative ◇ 2010 - Divested Polymer Compounding business Established PI Life Science Research Ltd. ооо 2011 - - GLP Accreditation GLP certification 2014 Established office in Germany ◇ 2015 - Technology upgrade to SAP Hana ◇ 2015 New formulation site setup at Panoli (Gujarat) ◇ 2016 Sollinos Agro - a JV with Mitsui Chemicals Agro New R&D Centre at Udaipur & - 2 MPPs at Jambusar commissioned OUR HISTORY ACCREDITIONS fi Inspired by Science RECOGONIZITIONS Responsible Care NABL ISO/IEC 17025 >> GLP for Research and Development Facility OHSAS 18001 O O O O O O ☐ ISO 9001 ISO 14001 ◇ Golden Peacock Awards Flame Awards Asia 2016 OOOOO Life Sciences by EY India - Entrepreneur of the Year Award ○ Certificate of Excellence -Global Sourcing by Bayer Group Green Manufacturing Excellence Award - by Frost and Sullivan ◇ National Safety Council Certificate of Appreciation \ ◇ India's Best CEO Award (Chemicals) by Business Today Recognized as Top 500 Companies in India by Economic Times. Agrow Strategic Vision Award Best Manager Mayank Singhal ◇ Golden Peacock Award for Environment Management Business Impact Award, Enterprise Security & Innovation in IT ◇ Best CEO Award Business India Mindrush ◇ Lifetime Achievement Award -Agriculture Summit ◇ Udyog Rattan Award to MD, Mr Mayank Singhal Best Supplier Award at Agrow Awards GMEA - Green Manufacturing Excellence Award by Frost and Sullivan ◇ Power Brands Hall of Fame - Corporate Leader of the Year Award to Mr. Salil Singhal - in Agriculture ◇ Certificate of Excellence for outstanding performance in Supplier Sustainability Program 2011 by Bayer Group of Companies#6OUR VALUE OFFER Discovery Development Scale-up Evaluation & Trials Regulatory services & Registrations Manufacturing Marketing & Distribution Quality Objective to be the best quality producer Control all processes that impact the quality of the end product • I Customer Needs Business Strategy Consistent Quality Cost Competitiveness Speed of execution, delivery Reliable & Adaptable Real-time monitoring & review Continuous improvement Efficiency Find better ways of doing things Target driven Ownership at sub- functional level Throughput Ensure consistent ,reliable delivery Continuous de-bottlenecking Automation Environment & Safety To set bench marks Address at source Lead by example Build into the DNA of our people Innovation Find better ways of doing thing We respect, protect and build IP Confidential 6 fi Inspired by Science#730+ Countries || 4 Offices OUR PRESENCE OUR EXPORT MARKETS PHYSICAL PRESENCE Nahircht's Madhya Proces indin Pacesh 71527 Crtass Skil By fi Incnired by Science 2000+ People || 30 Stock Points || 10000+ Distributors/Dealers || 40000+ Retail Points 7 Registered Office Corporate Office R&D Lab Manufacturing Units#8DOMESTIC BRANDS Long-term Relationship and reputation of trust and reliability with global innovators Punjab J&K HP Focus on Innovation Underlying principles Respect for IP developed by global innovators Benefit from Cross- selling opportunities Reputation of trust and reliability Forge long-standing relationships with them FORRTOX-10G OSHEEN KEEFUN. VIBRANT BIOVITA NOM NEE GOLD SEAWEED MELSA Guirat Procure Repeat Business Rajasthan UP (West) Haryana UP (East) Madhya Pradesh Maharastra Telangana Chattisgarth North Coastal Andhra South Coastal Andhra Karnataka Bavalscoma Taminadu Kerala & coimbatore West Bengal North Eastern Estate fi Inspired by Science Clear Distribution Policies that minimize dispute Provide delivery of products as required at a particular point in time and not in excess Once delivered any stock which remains unsold is not accepted back from the distributors Price margins for our products is pre determined prior to delivery to distributors, and not adjusted or negotiated post 8#9BRAND BUILDING CAPABILITIES & BRAND RECOGNITION More than 50 years Creating Market Leader Brands, step by step... More than 60% of revenue from Brands Ranked No 1 in the market, Some brands are more than a decade old. fi Inspired by Science Pre-Launch Trials Verifying the FABS Confirmation of USPS Identifying & Mapping the Target Users & Markets Pre-Launch Efforts On-Field Training of Team Product Launch Campaigns Generating Testimonials Farmer Database Compilation Brand Awareness Activities Teaser Campaigns (Brand Fascia) Setting Launch Objectives Finalizing Theme of Launches Location & Venue Finalization Identification and Invitation of Target Audiences (Farmers, Channel, Academia) Post Launch Efforts Exhaustive Branding Activities to create a strong brand Molecule Expansion - Co-Branding & Co- Marketing Partnerships Demand Generation Activities POG Tracking & Channel Hand- Holding User Feedback & Testimonial Generation Branding Activities Involvement of Stakeholders Press & Media Coverage Print & Electronic Media Promotion Geographical Expansion - Venturing into Under-Developed Geographies Crop Label Expansion Product Stewardship#10EXPORTS Custom Synthesis and Contract Manufacturing Provides contract research and contract manufacturing services Wide end use segments across global agrochemical, pharmaceutical and technology sectors • Associated with leading innovators primarily in Japan, Europe & US • R&D facility at Udaipur with GLP accreditation Plan to commercialize 2-3 new patented molecules every year Scope of Services Contract research, process development, analytical method development Synthesis of high purity product and impurities for analytical reference standards, 5 batch analysis under GLP conditions, Scale up studies, process detailed engineering and Commercial scale contract manufacturing Focus on Molecules Which are patented; In early stages of their life cycles; Of high / medium value and low volume; Involve complex chemistries; Would lead to high growth rates on commercialization across geographies Capabilities In-house process research Process engineering team Large scale manufacturing capabilities Integrates infrastructure for end-to-end activities Benefits Capitalizing on complete product life-cycle First or second supplier position Strengthens global innovator relationships Key growth driver, visibility for top line growth Long term sustainability for margins One stop shop for process scale up and large scale manufacturing for global innovators fi red by Science 10#11Deep rooted relationships build on trust, respect and delivery. Deepening our relationships across the value chain as a strategic partner 1st Indian AgChem co. to implement SAP in 2002 Unique IT tool for business management form R&D to sales with on line information for decision making OUR ASSETS A strong Board with 50% independent members Result oriented young & highly qualified team Growing our talent by nurturing, building and acquiring. World class assets with high level of automation, distribution network with last mile connectivity Having the ability to do largest no of reaction under one roof with multiple steps Unique Integrated business model leveraging capabilities across the Agri value chain built on trust & IP. fi Inspired by Science Customers Process People Infrastructure Intangibles 2 milfarmers we are connected 40,000 retailers, 10,000 + distributors pan India 24+ Global innovator partnership across the value chain 40 years plus of working with Japan ⚫ Trusted business partner relationship with customers in all segments - many of them more than a decade old • First in the Industry to implement SAP now on SAP Hana Web based integrated tools with connect stakeholders thru mobile and tablets ⚫ ELN for R&D • LIMS-seamless flow of information between Quality & Production • ESS & EPM System thru SAP • Built in strong information security & protection • Shared Service Centre for • centralized transaction processing Continuous rigor around EHS management system & practices · 2000+ Employees 51% workforce <35 years. 52% are post-graduate 270 scientists including 92 doctorates 50% of our top management > 5 years First company in the industry to reward ESOP's. 90% retention of our high- performing staff. 6000 man days of training every year • • • 3 manufacturing facilities 1 R&D Campus 8 Multi Purpose plants 5 formulation set ups 30 stock points Pan India International presence Japan, Germany and China for Customer connect and sourcing IT enabled and system driven Information and communication system with last mile connectivity Acclaimed for layout, systems and process management In house capabilities for flexibility & scalability Certified by MNC Audits • IP Protection Trust Partnership Approach • Established strong brands with majority brands as leaders • Farmer Connect ⚫ Partner of choice with alignment of customer needs and business strategy 11#12R&D & SCALE-UP FACILITIES fi Inspired by Science Research & Development Lab • • . • • • Kilo Lab World class state of the art R&D Lab at Udaipur 270 scientists, 150 process & 30 analytical chemists Work station with complete online utilities In-house library with vast array of knowledge resources NABL ISO 17025 Accredited and GLP certified • • Flexible Reactor for quick change over • Distillation facility to establish recycling of solvents Capability of handle varying temperature & pressure reactions • Pilot Plant • • Capability to carry various reactions including high pressure & Cyro, etc. Unit processes such as crystallization, filtration, vacuum distillation, continuos distillation, evaporation, etc Integrated from process evaluation, bench scale trials, kilo lab, pilot plant to commercial production • Centralized LIMS system for data and information management 用 12#13MANUFACTURING FACILITIES fi Inspired by Science Multi-locational manufacturing facilities • • 5 Multi-product plants in Panoli spread over 47,000 sq. mtr Formulation units in Panoli - WDG, WG, SC, SL, EC, DP, GR, etc. 3 Multi-product plants in Jambusar with ample scope for expansion 90,000 sq. mtr. Integrated process development team to handle scale up, safety and waste treatment aspects High quality Plant & Machineries like various MOC's of reactors, vessels, heat exchange systems and support equipment, vacuum systems, fractionating columns, filters & dryers ISO 9001, ISO 14001, OHSAS 18001 and ISO/IEC 17025 Best in class quality systems and analytical infrastructure Complete documentation for input traceability and batch logs Waste treatment facilities - Incinerator's, MEE, ETP, STP, RO and scrubbers for solid, liquid & gas, Captive gas based power plant#14SOCIAL RESPONSIBILITY & COMMUNITY DEVELOPMENT fi Inspired by Science "With a belief that economic development must be socially and environmentally sustainable and the benefits of science led innovation be made accessible to marginalized and disadvantaged sections of our society." In the Neighboring communities Agriculture Related Education Skill Development & Employability Women Empowerment Livelihood enhancement Preventive Health care Hygiene & Sanitation Water conservation through DSR Agri Skill Development Farmer Advocacy & Awareness Agri Research & Innovation through University tie ups Health 461 Valedictory Progr#158.79 FY 16 CARE FOR ENVIRONMENT, HEALTH & SAFETY Water Consumption / MT 8.67 FY 17 Total Effluent Generated/ MT Hazardous Waste Generated / MT 1.712 0.287 1.036 0.211 FY 16 FY 17 FY 16 FY 17 Near Miss Incidents 1039 Training Man-Hours / Employee 1226 13.10 11.54 FY 16 FY 17 FY 16 FY 17 fi Inspired by Science Responsible Care* OUR COMMITMENT TO SUSTAINABILITY PI INDUSTRIES LTD 100 ONAL SAFETY COUNCIL ap SAFETY AWARDS 2015 Environment Sustainability • Increasing farmer income & productivity through education on good educational practices. Conservation of Water through promotion of DSR Technology - Saving in FY 15-16 is 13.75 Million Lakh Ltrs. Waste Management through Incinerator, Multiple - Effect Evaporator & ETP. Multiple initiatives for conservation of energy & water in operations. Carbon footprint reduction through reduced emission. CERTIFICATE OF APPRECIATION Cende GOLDEN PEACOCK AWARDS This is motify that Plastustries Limited ged the WINNER GOLDEN PEACOCK ENVIRONMENT MANAGEMENT AWAID 2015 Health & Safety Sound manufacturing practices to minimize pollutants, occupational health and safety risks. Cost effective technological improvements to minimize risks to human beings, property and reduce adverse environmental impact. • Frequent training on safety aspects. • Hazard & Risk Management mandatory for process changeovers. Stewardship campaigns for safe & judicious use of agrochemicals. 15#16Mr. Narayan K. Seshadri - Independent Chairman A Qualified Chartered Accountant, started his career with Arthur Anderson. He subsequently joined KPMG and rose to become Managing Partner of the Business Advisory Practice of the firm in India. He possesses expertise in strategic planning, good management practices and financial engineering. He is in the Board of several reputed companies Mr. Mayank Singhal - Managing Director & CEO With over 20 years of experience in the Agrochemical industry, Mr. Mayank Singhal heads PI Industries as the MD & CEO. An engineering management graduate from the UK, he served the Company's interest across various positions and steers the company's growth setting the vision, driving business strategy, nurturing global relationships and Corporate Governance. Mr. Rajnish Sarna - Executive Director A qualified Chartered Accountant, Mr. Sarna brings with him a diverse experience of over 25 years in areas of business development & strategy, customer relationship management, operations, finance & risk management, legal contracting & compliances, investor relations, corporate planning & reporting, information technology & process reengineering etc. OUR BOARD Mr. Arvind Singhal, - Additional Director An entrepreneur, possess rich Industry experience of more than 4 decades spanning across various industries like mining & mineral processing, agro-chemicals and specialized chemicals, Electronic Metering System etc. Mr. Arvind Singhal is currently holding the position of Managing Director in M/s Wolkem India Ltd. He also serves on the Board of Secure Meters Limited, Mynores India Pvt Ltd. etc. Mr. Pravin K. Laheri - Independent Director Mr. Pravin K. Laheri (IAS, Retd., Gujarat cadre) has served the Government of Gujarat in various capacities including District Development Officer, Collector, Director - Cottage Industries, Joint Secretary (Education Department), Industries Commissioner, Principal Secretary to five Chief Ministers of Gujarat, Principal Secretary (Rural Development, Information etc.) & Chief Secretary. He has also served as Chairman & Managing Director of Sardar Sarovar Narmada Nigam Ltd. fi Inspired by Science Mr. Ravi Narain - Independent Director Mr. Narain holds a masters degree in economics and a masters degree in business administration. He cofounded the National Stock Exchange of India Ltd. (NSE) in 1994 as part of India's efforts to open up its economy to global capital and was its Managing Director & CEO till 2013. He serves as a Director is several large Corporates. Mrs. Ramni Nirula - Independent Director Mrs. Nirula holds a Bachelor's Degree in Economics and a Master's Degree in Business Administration. Beginning her career with the ICICI, she rose to the position of the MD & CEO of ICICI Securities Ltd. and also headed the Corporate Banking Group of ICICI Bank. Possessing a rich experience of more than 3 decades in the financial sector, she has held various leadership positions in areas of Project Financing, Strategy, Planning & Resources and Corporate Banking. Mr. Balaganesh- Additional independent Director He holds PhD in Medical Microbiology from University of Calcutta; PhD from Brookhaven National Lab, USA and Max Planck Institute, Germany. Awarded an honorary doctoral degree from the University of Uppsala, Sweden. 30 years' experience in antibacterial drug discovery, including as Head of Research at Astra Zeneca's antibacterial drug discovery. He also served as the Managing Director and member of the board of AstraZeneca India Pvt. Ltd. Also the President & on the board of GangaGen Biotechnologies Pvt Ltd,. Director on the Boards of Open Source Pharma India, IKP. "A strong well experienced board coming from diverse fields of expertise bringing a comprehensive outlook to steer us towards our goals, overseeing our performance and helping us serve our customers worldwide" 16#17Rs. in Crs Total Revenue 923 5yr CAGR 21% 1,218 2,383 Net Fixed Assets 2,033 2,197 1,681 5yr CAGR 22% Fy 12 Fy 13* Fy 14* Fy 15* Fy 16 Fy 17 EBITDA 5yr CAGR 31% 429 370 286 179 141 375 OUR FINANCIALS 1,000 Share Price performance 1,020 943 663 535 566 Adjusted Share Price (`) (Face Value - `1) 800 600 17 Aug 400 Stock Spilt from 10 to 5 per share 200 12 Apr Stock Spilt from 5 to 1 per share 0 Fy 12 Fy 13 Fy 14 Fy 15 Fy 16# Fy 17# Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 551 Net Worth 5yr CAGR 38% 1,155 883 681 523 317 1,609 14,000 12,000 Market Capitalisation 10,000 8,000 6,000 4,000 2,000 Fy 12 Fy 13 Fy 14 Fy 15 Fy 16# Fy 17# 0 Cash Profit 530 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 457 5yr CAGR 35% 363 Dividend Declared (% of Face Value) 292 215 118 118 400% 310% 250% 200% 100% 100% Fy 12 Fy 13 Fy 14 Fy 15 Fy 16# Fy 17# Net Profit 5yr CAGR 35% 101 310 243 184 96 Fy 12 Fy 13 Fy 14 Fy 15 Fy 16# Fy 17# Fy 12 Fy 13 Fy 14 Fy 15 Fy 16# Fy 17# # FY 16 & 17 numbers are IND AS financials * FY 12 to FY 15 revenue have been grossed up for comparison with INDAS financials of FY 16 &17 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 fi Inspired by Science Rs. 1,000 invested in Dec' 10 is worth Rs. 17,111 in May' 17 A return of more than 17x in the period of 6 ½ years One of the few Companies which has consistently delivered positive returns every year since 2008 о Consistent Growth Sustainable Margins Optimum Capital Structure Strong Balance sheet to support exponential growth 17#18EARNINGS SUMMARY fi Inspired by Science Rs in Crores Gross Revenue EBITDA PBT PAT FY 17 Standalone 2,383 551 506 457 YOY Growth +8% +28% +26% +48% Q4, FY 17 Standalone 627 154 130 135 YOY Growth 4% +42% +32% +41% Strong operating cash flows continue to strengthen the balance sheet 18#19OUTLOOK fi Inspired by Science o Maintain growth momentum backed by solid product mix, state of art infrastructure and long standing partnership with customers leveraging the integrated capabilities. o Growth in exports is expected to be muted for next couple of quarters as the outlook of global AgChem industry continues to be soft which is expected to rebound from 2018. The company has augmented the order book position and continues to significantly enhance its product pipeline in R&D for potential commercialization. Investment in technologies is envisaged to enhance product offerings across the industry verticals to help sustain the growth momentum.. o The domestic operations will be backed by exciting new brand launches that will strengthen the range of product offering to the farmers. The company will continue to build deeper strategic alliances to further strengthen its product portfolio by also adding new technology solutions. 19#20VALUES PI LIVES BY We strive for newer possibilities and creatively stimulate and carve paths never explored. Our Passion for Innovation drives our core competencies to reach out and strive towards excellence. fi Inspired by Science We believe in progress, facing challenges and adapting to changing needs of the market. We believe in dynamism and are deep rooted in our values of trust, adaptability, speed and innovation. We have consistently demonstrated various attributes - technical competence, research effectiveness, marketing reach, in-licensing proficiency, manufacturing capability, respect for intellectual property and deep rooted governance. 20 20#21PI Industries Ltd. Regd. Off.: Udaisagar Road, Udaipur - 313001 (Raj), India, Tel: +91 294 2492451, Fax: +91 2491946 Corporate Off.: 5th floor, Vipul Square, B Block, Sushant Lok, Phase - 1, Gurgaon www.piindustries.com THANK YOU fi Inspired by Science