#1APAR Tomorrow's solutions today Q1 FY2023 INVESTOR PRESENTATION#2Table Of Contents 04 FINANCIAL OVERVIEW 11 COMPANY OVERVIEW 24 ANNEXURES 29 SHAREHOLDING PATTERN#3Safe Harbour APAR Tomorrow's solutions today This presentation may have certain statements that may be "forward looking" including those relating to general business plans and strategy of APAR Industries Ltd., its outlook and growth prospects. The actual results may differ materially from these forward-looking statements due to several risks and uncertainties which could include future changes or developments in APAR Industries Ltd. (APAR), the competitive environment, the company's ability to implement its strategies and initiatives, respond to technological changes as well as sociopolitical, economic and regulatory conditions in India. All financial data in this presentation is obtained from the unaudited/audited financial statements and the various ratios are calculated based on these data. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, invitation or a solicitation of any offer, to purchase or sell, any shares of APAR and should not be considered or construed in any manner whatsoever as a recommendation that any person should subscribe for or purchase any of APAR's shares. None of the projection, expectations, estimates or prospects in this presentation should be construed as a forecast implying any indicative assurance or guarantee of future performance, nor that the assumptions on which such future projects, expectations, estimates or prospects have been prepared are complete or comprehensive. This presentation is for information purposes only. This document and its contents should not be forwarded or delivered or transmitted in any manner to any person other than its intended recipients and should not be reproduced in any manner whatsoever. The recipients further represents and warrants that: (i) It is lawfully able to receive this presentation under the laws of the jurisdiction in which it is located, and / or any other applicable laws, (ii) It is not a U.S. person, (iii) This presentation is furnished to it, and has been received, outside of the United States, and (iv) It will not reproduce, publish, disclose, redistribute or transmit this presentation, directly or indirectly, into the United States or to any U.S. person either within or outside of recipient's organization. 3 Q1 FY23 INVESTOR UPDATE#4FINANCIAL OVERVIEW#5Q1 FY23: Strongest revenue quarter, sequential momentum continues APAR Tomorrow's solutions today. 71% Revenue ↑ 3,093 YOY EBITDA 73% 239 YOY Margin at 7.7% up 15 bps YoY Q1 FY23 revenue up 71% YoY with growths coming in from all the three business divisions on the back of higher volume and commodity prices Exports' revenue up 76% YoY driven by 248% increase in cable export. Export mix at 42% versus 41% in Q1FY22 PAT 97% 122 YOY Margin at 4% up 54 bps YoY Segmental Mix | Q1FY23 Revenue Others, 1.0% Cables, 20.0% EBITDA up 73% YoY partly due to high oil prices and inventory gains and margins coming in from premium products in conductors Conductor business recorded strong EBIDTA at 21,933 per MT PAT up 97% YoY to reach INR 122 crore with 4% margin versus 3.4% in Q1FY22. Higher interest cost absorbed within EBIDTA gains Lubricants (Auto & Industrial), 7.0% Speciality Oils, 27.0% amounts in INR crore Q1 FY23 INVESTOR UPDATE Conductors, 45.0% 5#6Conductors: Q1 FY23 Highlights 128% YOY INR 91% YOY INR Revenue 1,548 Volume 64% YOY crore ↑ 35,877 M MT EBITDA per MT 23,670 INR 12,364 (Q1FY22) EBITDA post adj* 232% YOY INR 79 crore INR 24 crore (Q1FY22) Margin at 5.1%; 3.5% (Q1FY22) Revenue up 128% YoY on the back of higher volume and metal prices Exports up 120% YoY, contributing 42% to revenues versus 46% in Q1FY22 Premium products (HEC + Copper Conductor + OPGW + CTC) contribution up to 47% from 44% in Q1FY22 ⚫ HEC contributed 26% versus 15% in Q1FY22 EBITDA per MT at INR 21,933 at historic high levels on the back of improved mix of premium products. New order inflow of INR 2,017 crore, up 30% YoY ○ Robust order book at INR 3,647 crore with 54% share from premium products amounts in INR crore EBITDA 209% YOY INR 85 crore INR 27 crore (Q1FY22) Margin at 5.5%; 4% (Q1FY22) 103% YOY EBITDA* per INR MT 21,933 INR 10,809 (Q1FY22) *After adjusting open period forex, before unallocable expenditure (net of income) Q1 FY23 INVESTOR UPDATE APAR Tomorrow's solutions today. 6#7Speciality Oils & Lubricants : Q1 FY23 Highlights Revenue 28% YOY INR 1,068 crore 31% YOY EBITDA per KL ↑ INR 10,238 INR 7814 (Q1FY22) Volume 0.8% YOY 11,15,359 KI 32% YOY EBITDA post adj* INR 112 crore INR 85 crore (Q1FY22) Margin at 10.5%; 10.2% (Q1FY22) Revenue up 28% YoY, driven by base oil prices with volume increase of 0.8%. Export contributed 44% to revenue EBITDA post forex adjustment came in strongly at INR 9,712 per KL, 32% YOY INR EBITDA 118 crore INR 89 crore (Q1FY22) Margin at 11.1%; 10.8% (Q1FY22) EBITDA* per KL 31% YOY INR 9,712 INR 7406 (Q1FY22) APAR Tomorrow's solutions today. ○ Weighted average costs of inventories was low due to supply chain disruptions due to delay in incoming cargos. This will result in a higher weighted average cost in Q2FY23, reducing margins in Q2. We expect slowdown in volume as customers are struggling to pass on price increases. ○ We expect better volume of transformer oils going forward amounts in INR crore *After adjusting open period forex, before unallocable expenditure (net of income) Q1 FY23 INVESTOR UPDATE 7#8Lubricants: Q1 FY23 Highlights Revenue 36% YOY INR 217 crore Volume 26% YOY ↑ 17,618 KI APAR Tomorrow's solutions today. Revenue up 36% YoY driven by strong growth of industrial and automotive volumes Industrial volume up 31% YoY, Automotive volume up 24% YoY across the board due to lower base last year (COVID disruptions), however, retail volumes are down and OEM's are affected, taking long to absorb high price level Note: Above numbers are given only for analytical purpose. These numbers are already included in Slide 7 in Speciality Oils & Lubricants performance amounts in INR crore 8 Q1 FY23 INVESTOR UPDATE#9Cables: Q1 FY23 Highlights Revenue 60% YOY INR 638 crore EBITDA 98% YOY INR 52 crore INR 26 crore (Q1FY22) Margin at 8.1%; 6.5% (Q1FY22) 95% YOY EBITDA post adj* INR 49 crore INR 25 crore (Q1FY22) Margin at 7.6%; 6.2% (Q1FY22) Revenue up 60% YoY with strong growth across all sub-segments except OFC sales which were impacted by muted Telco's business Strategic focus on exports continues to deliver, contributing 43% to sales versus 19% in Q1FY22. ⚫ XLPE cables revenue up 60% YoY from significant increase in exports. Elastomeric cables revenue up 84% YoY from increased business in renewable energy installations, railways & defence. EBITDA, post forex adjustment at 7.6% versus 6.2% in Q1FY22. Margin up 140 bps YoY with improved order/product mix We expect continued volume growth through the rest of the year. amounts in INR crore *After adjusting open period forex, before unallocable expenditure (net of income) Q1 FY23 INVESTOR UPDATE APAR Tomorrow's solutions today. 9#10Significant change in customer mix with focus on premiumisation Particulars % of Total* Exports Industries/Corporates Specific industry groups OEM's EPC Transmission companies Transmission companies Renewables Utilities Electricity Distribution Boards - EPC Diversified customer base across industry verticals - Others Total Industries/Corporates includes Cosmetics, Pharma, Rubber, Plastics, Lubricants etc. Specific industry groups includes Rail, Defence, Shipping, Mining, Telecom etc. With change in customer mix, there is limited exposure to State owned electricity distribution boards amounts in INR crore 38.2% 21.3% 11.4% 6.4% 6.0% 5.7% 4.1% 1.6% 1.5% 3.9% 100.0% APAR Tomorrow's solutions today *based on FY22 Consolidated Sales 10 Q1 FY23 INVESTOR UPDATE#11COMPANY OVERVIEW#12APAR Industries: Tomorrow's solutions today #1 Largest global aluminum & alloy conductors' manufacturer 3rd #1 Largest global manufacturer of Transformer oils Cables manufacturer for renewables in India APAR Tomorrow's solutions today. 9,346 Cr FY22 Consolidate Revenue, 14.1% FY17-FY22 CAGR Leveraging global network Multi-year relationships with Indian & global majors Global presence Exporting to 140+ countries Leading the innovation curve ○ Vast range of technologically advanced products O All products developed with in-house R&D ○ Intellectual Property for most products o Global leader in key segments 12 Q1 FY23 INVESTOR UPDATE#13Well-diversified across industries & segments Conductors 180 thousand MT capacity One of the largest global manufacturers Pioneered turnkey solutions for reconductoring with HEC, live line installation with OPGW ○ 1st to develop copper-magnesium conductors as per R.D.S.O. specification Cables One of the world's largest manufacturers of specialized cables #1 in domestic renewables 1st Indian player to create guidance OFC for torpedoes & tether cables for surveillance systems Specialty Oils ○ 540 thousand KL capacity (including lubricants) ○ 3rd largest global manufacturer of T-oils APAR Tomorrow's solutions today. ○ 1st globally to supply the entire range of T-oils compliant to new corrosive Sulphur standards ○ 1st in India to have T-oils approved for ultra high voltage transformers Lubricants (Auto & Industrial) A leading domestic player in auto lubes ○ Licensing agreement for auto lubes from ENI, Italy for ENI brand ○ Over 150 BIS-certified grades APAR today targets: 1st in India to create affordable, high-quality products for the injection moulding industry Power Transmission & Distribution (T&D) and Renewable Energy sectors through Conductors, Cables and Transformer oils (T-oils) Railways through Copper Catenary Conductors, XLPE & Elastomeric cables & Harnesses Defence through Elastomeric Cables & Specialty Cables Automotive by Auto Lubes and Automotive Cables Telecom through Optical Fiber Cables (OFC 13 Q1 FY23 INVESTOR UPDATE#14Conductors - One of the largest global manufacturers APAR Tomorrow's solutions today ACCC OPGW Copper Railway conductors CTC Turnkey Solutions Strong leadership & competitive edge 1.8 lakh MT p.a. capacity FY22 revenue of INR 4,200 crore, 13.3% FY17-FY22 CAGR Largest manufacturer in India O O O о O O Pioneer in aluminium alloy rod & conductors Technology tie-up with CTC-Global, USA, for ACCC conductors One of the first to test successfully 765KV & 800KV conductors in India Supplies to all top 25 global turnkey operators and leading utilities Manufacturing since 1958 Strategic focus on higher-value products (49% in FY22 up from 33% in FY21) Adj. EBITDA* per MT at INR 17,095 in FY22 INR 343 crore invested in FY16-FY22 ○ Jharsuguda, Odisha plant (Sep'16). Logistical benefits with proximity to smelters, capture growing generation capacity in eastern India ○ Aluminium rod facility at Lapanga, Orissa ○ Agreement with Hindalco for sourcing molten metal, cost saving of Rs 1,000/ MT ○ New products launched - Copper conductor for Railways, Optical Ground Wire o (OPGW) & CTC for transformer industry (Q1 FY20) Q1 FY23 INVESTOR UPDATE 14#15Specialty Oils & Lubricants - 3rd largest in Transformer-Oils globally .APAR Tomorrow's solutions today Transformer oil White oils Industrial & process oils Industrial & auto lubricants Petroleum jelly POWEROIL TO NE premium Strategic focus on higher-value products (49% in FY22 up from 33% in FY21) INR 229 crore invested in FY16-FY22 Strong leadership & competitive edge Leading domestic player in auto lubes. FY22 revenue of INR 3,564 crore, 16% FY17-FY22CAGR. 5.42 lakh KL capacity Preferred supplier to over 80% of its Specialty Oil customers in India Manufacturing since 1958, 400+ different types of Specialty Oils Pioneer in transformer oils in India - 60% market share in power transformer oil & 40% in distribution transformer oil in India Only Indian company to win new business to supply all major HVDC projects with transformer oils in FY18 & FY19 In Auto lubes since 2007 Lubricants (Auto lubes & industrial oils) contributed 8% to Company's FY22 revenues Al-Hamriyah, Sharjah plant (1 lakh KL capacity, Jan'17). Proximity to customers in Middle East & East Africa. New avenues for bulk exports ○ Expanded T-Oils capacity and range ((including 765KV & 800KV HVDC) Doubling Industrial & Automotive blending and automated packing capacity ○ Licensing agreement for auto lubes from ENI, Italy for ENI brand ○ New R&D facility at Rabale Q1 FY23 INVESTOR UPDATE 15#16Cables - Largest domestic player in renewables APAR Tomorrow's solutions today Power cables House wire & cable Elastomeric cables E-beam irradiated cables OFC Speciality hybrid cables Strong leadership & competitive edge 60% share in domestic wind sector Strategic focus on higher-value products INR 309 crore invested in FY16-FY22 FY22 revenue of INR 1,993 crore, 18.2% FY17-FY22 CAGR O O Launched India's most advanced E-beam facility Largest & most innovative Indian supplier to the Nuclear Power industry One of the widest ranges of medium-voltage & low-voltage XLPE cables, elastomeric cables, fibre optic cables and speciality cables One of the largest cable exporters, a leader in CATV/ broadband fibre optic cables In cables since 2008 (Uniflex acquisition) ○ Green-field Khatalwada plant for E-beam Elastomeric Cables, OFC Cables, others o High-voltage power cables using the latest CCV technology in FY18 HT expansion in Umbergaon and LT consolidation in Khatalwada Debottlenecking of HT/LT cable capacity at Umbergaon plant in Q4FY19 New product - MVCC launched in FY20 ○ Exploring new opportunities in MVCC, harnesses, more products for Railways, pressure tight cables, 66KV cables & contracts Q1 FY23 INVESTOR UPDATE 16#17Sonu Sood as the face of APAR Industries OUR LIGHT DUTY CABLE RANGE APAR Anushakti ISS TAAR KI SHAKTAPA 2.5 HR FR PVC APAR Shakti 15 TAAR ISHAKTIANT 2.570 FR PVC APAR Anushakti House wire Round Multicore 3 core flat cable Solar cable APAR Alum Shakti House wire ○ Round Multicore APAR Tarang Shakti CAT 6 LAN cable O Telephone cable CCTV Speaker cable APAR Fire Protekt O HFFR O EBXL HFFR APAR Mahashakti 3 core flat cable ○ Round Multicore O 3 core flat cable O Fibre optic cable ○ Fire survival cable Fire alarm cable APAR Shakti House wiring ○ Round multicore O Core flat cable ○ Uninyvin ○ Braided cable ○ Welding cable Q1 FY23 INVESTOR UPDATE APAR Tomorrow's solutions today. 17#18Strong financial performance sustained over the years Consolidated Revenue 7,971 7,438 6,405 5,823 4,840 9,346 Exports contribution at 38% in FY22 5,774 5,528 4,956 3,736 3,297 3,751 3,550 2,443 2,555 2,637 2,087 1,544 EBITDA 475 468 425 412 422 APAR Tomorrow's solutions today 574 FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22 Conductors Revenue 4,200 3,915 3,600 2,908 2,567 2,251 Specialty Oils & Lubricants Revenue 3,564 2,630 2,162 2,311 2,364 1,699 Cables Revenue 1,684 1,600 1,270 1,116 864 1,993 FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22 amounts in INR crore Q1 FY23 INVESTOR UPDATE 18#19Extensive global presence driving exports APAR Tomorrow's solutions today. Export revenues up 34.7% YoY, contributed 38.1% to FY22 revenues. Present in 140+ countries with a focus on Southeast Asia, Middle East, Africa & South America ○ New geographies in North America/Latin America added for conductor exports Plants strategically located close to ports ○ Hub and spoke manufacturing & distribution model for specialty oils, allows efficient delivery cycles to global transformer OEMs across Asia, Africa and Australia Al-Hamriyah, Sharjah plant enabled fulfilment of global orders during lockdown in India 19 Q1 FY23 INVESTOR UPDATE#20Unique capabilities 01 Diversified business across product portfolio, market segments, customer base and geographies 04 Strong financial performance sustained over the years 02 Well positioned to capture industry trends related growth both globally and in India 59 05 Robust in-house technology, innovation and R&D capabilities 03 Strong competitive position in attractive growing markets coupled with lower cost and strategically located manufacturing footprint 06 Experienced management team and technically skilled and motivated employees APAR Tomorrow's solutions today. 20 Q1 FY23 INVESTOR UPDATE#21Focus on Revenue Growth and Increased Efficiency Enhancing Operational Efficiency Continue to seek to improve efficiencies, streamline capacities and asset utilization and manage capital expenditure for each of the production facilities Implemented various initiatives to lower costs, such as purchasing raw materials in bulk to take advantage of promotions and economies of scale Ensure high quality, low costs and on-time delivery for customers in India Increased penetration in High Growth Markets ○ Capitalize on global manufacturing presence, strong product capabilities and existing relationships to capture these industry growth trends Become a globally preferred Conductor provider while sustaining leadership segmentally Boosting Customer Revenue for India Business Capitalize on current strong positioning to capture the overall expected growth in Indian markets ○ Increase revenue with existing customers by expanding the array of existing products supplied and by continuing to develop solutions aligned with customers' needs Continued introduction of products and solutions catering for emerging trends in Global markets Continue to Invest in R&D, Design, and Engineering ○ Committed to the drive for innovation and intend to continue expanding our R&D, engineering and software development capabilities in order to capture future growth trends ○ Seek to benefit from key trends in the automotive industry, including EVs, emission reduction and shared mobility ○ Expand capabilities in a cost-efficient manner, by focusing on low-cost geographies near major automotive markets APAR Tomorrow's solutions today 21 Q1 FY23 INVESTOR UPDATE#22Key growth drivers 01 02 03 04 Global Infrastructure Spends . Electrification Rise in Power spending Considerable investment dedicated to infrastructure China Plus One Risk diversification with increased manufacturing capabilities New market access Carbon Neutrality Adoption of diverse renewable energy solutions Consolidation of supplier base Organized businesses, higher compliance D www.w www Q1 FY23 INVESTOR UPDATE 22 APAR Tomorrow's solutions today.#23Strategic outlook APAR Tomorrow's solutions today 1 Product diversification with focus on premium offerings Innovation and digitisation 2 4 3 Expanding capacities Improvement in supply chain and production process 5 Exploring new markets with export led focus, with wider distribution network APAR Tomorrow's solutions today. 23 Q1 FY23 INVESTOR UPDATE#24ANNEXURES#25Q1 FY23: Consolidated Profit & Loss Statement APAR Tomorrow's solutions today Particulars Q1FY23 Q1FY22 % Chg YoY Q4FY22 % Chg QoQ Gross sales Other Operating Income 3,083.4 1,803.1 71.0% 3,003.9 2.6% 9.8 6.6 48.5% 8.6 14.0% Total Operating Income Total Expenditure Cost of Raw Materials 3,093.2 1,809.6 70.9% 3,012.5 2.7% 2,855.9 1,682.9 69.7% 2,838.9 0.6% 2,337.4 1,365.3 71.2% 2,344.3 -0.3% Employees Cost 48.3 43.4 11.3% 43.7 10.5% Other Expenditure 470.2 274.2 71.5% 450.9 4.3% Profit from operations before other income, finance 237.3 126.7 87.4% 173.6 36.7% costs and exceptional items Other Income 1.8 11.4 -84.6% 7.3 -76.1% EBITDA 239.1 138.0 73.2% 180.9 32.1% Depreciation 24.9 22.0 13.3% 24.8 0.4% EBIT 214.2 116.0 84.6% 156.1 37.2% Interest & Finance charges (net of interest income) 58.6 36.9 58.5% 44.2 32.4% PBT 155.6 79.1 96.7% 111.9 39.1% Tax Expense 33.2 16.8 97.6% 29.3 13.3% Net Profit 122.4 62.3 96.5% 82.6 48.2% 25 amounts in INR crore Q1 FY23 INVESTOR UPDATE#26Q1 FY23: Consolidated Segment Analysis APAR Tomorrow's solutions today Segment 2 Q1FY23 Q1FY22 % Chg YoY Q4FY22 % Chg QoQ Revenue Conductors 1,548.2 679.5 127.8% 1,503.4 3.0% Transformer & Specialty Oils 1,068.0 831.7 28.4% 928.2 15.1% Power & Telecom Cables 637.8 399.8 59.5% 682.7 -6.6% Others/Unallocated Total 23.5 10.6 121.7% 15.8 48.7% 3,277.5 1,921.6 70.6% 3,129.9 4.7% Less: Inter - Segment Revenue 184.2 112.0 64.5% 117.5 56.8% Revenue from Operations 3,093.2 1,809.6 70.9% 3,012.4 2.7% Segment Results before Interest and Tax Conductors Transformer & Specialty Oils Power and Telecom Cables Others/Unallocated Total 77.4 19.0 307.4% 57.3 35.1% 112.4 85.6 31.3% 64.8 73.5% 44.4 18.7 137.4% 42.4 4.7% 0.7 0.6 16.7% 1.3 -46.2% 234.9 123.8 89.7% 165.8 41.7% 26 amounts in INR crore Q1 FY23 INVESTOR UPDATE#27Q1 FY23: Consolidated Segment Analysis APAR Tomorrow's solutions today. Segment Q1FY23 Q1FY22 % Chg YoY Q4FY22 % Chg QoQ Less Finance costs (net) 61.3 38.3 60.1% 45.8 33.8% Less Unallocable expenditure net of income 17.9 6.4 179.7% 8.2 118.3% Profit before Tax 155.6 79.1 96.7% 111.9 39.1% Segment Results - % to Segment Revenue Conductors 5.0% 2.8% 3.8% Transformer & Specialty Oils 10.5% 10.3% 7.0% Power and Telecom Cables 7.0% 4.7% 6.2% Total 7.2% 6.4% 5.3% Segment contribution- as % to total revenue Q1FY23 Q1FY22 Q4FY22 Conductors 47.2% 35.4% 48.0% Transformer & Specialty Oils 32.6% 43.3% 29.7% Power and Telecom Cables 19.5% 20.8% 21.8% amounts in INR crore 27 Q1 FY23 INVESTOR UPDATE#28Q1 FY23: Financials Key Ratios Q1FY23 Q1FY22 Q4FY22 EBITDA Margin 7.8% 7.8% 6.1% Net Margin 4.0% 3.4% 2.7% Total Expenditure/ Total Net Operating Income 92.3% 92.9% 94.2% Raw Material Cost/ Total Net Operating Income 75.6% 75.4% 77.8% Staff Cost/ Total Net Operating Income 1.6% 2.4% 1.5% Other Expenditure/ Total Net Operating Income 15.2% 15.0% 15.0% Capital Employed Conductors Transformer and Speciality Oils Power/Telecom Cable Others Total amounts in INR crore APAR Tomorrow's solutions today. 30-June-22 690.7 31-Mar-22 31-Dec-21 30-Sep-21 30-Jun-21 681.7 315.5 336.9 434.1 750.6 655.3 696.6 597.9 528.6 487.7 581.2 519.3 801.3 473.8 103.7 102.2 398.4 165.1 389.9 2,032.8 2,020.4 1,929.8 1,900.7 1,826.5 Q1 FY23 INVESTOR UPDATE 28#29Market performance and shareholding structure APAR has been consistently outperforming market 210 190 170 150 130 110 90 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 APAR BSE Capital Goods ⚫BSE Sensex As on June 30, 2022 Outstanding shares - 3,82,68,619 14.0% 1.6% 17.9% 5.9% 60.6% Promoter FII/FPI DII Corporate Bodies Others 75% 14% 1% Chart has been rebased to 100 Major Non-Promoter Shareholders Shareholding (%) HDFC Trustee Company Ltd. 8.5% L & T Mutual Fund Trustee Ltd. 4.3% Nippon Life India Trustee Ltd. 3.4% Raiffeisen -Eurasien-Aktien 1.5% Q1 FY23 INVESTOR UPDATE APAR Tomorrow's solutions today. 29#30APAR Tomorrow's solutions today Mr. Sanjaya Kunder Contact No: +91 22 67800400 E-mail [email protected] Add: APAR house, Bldg no. 4 & 5, Corporate Park, V.N. Purav marg, Chembur Mumbai- 400 071. India Balshiram Seetaram 日 Surve Chowk IK Bharat Petroleum, Petrol Pump-Autopet भारत पेट्रोलियम, पेट्रोल पंप... VIJAY SALES CHEMBUR विजय सेल्स चेंबूर Vn Rd. & Research Centre Sushrut Hospital सुश्रुत हॉस्पिटल 日 & रिसर्च सेंटर Swastik Chowk Apar Industries Chembur Tata Motors Cars Showroom-Wasan... 日 目 Sion - Trombay Rd Splits Villa स्प्लिट व्हिला VN Purav Marg H 日日 урби Surana Sethia Hospital सुराणा सेठिया रुग्णालय Waman Wa Hemu Kalani M EC EXCHANGE Connect Mr. Nihar Mehta / Mr. Mohit Joshi Contact No: +91 99202 52534 / +91 99302 06777 E-mail - [email protected]/ [email protected] # 215, Shiv Shakti Industrial Estate, 2Nd Floor, JR Boricha Marg, Lower Parel, Mumbai - 400011 Thank You