Gland B2B Business Model and Growth Strategy

34 Proven Track Record of Financial Performance Revenue from Operations (INR Mn) FY 18-21 Growth and Profitability from a Diversified Revenue Base CAGR: 29% 20,442 16,229 FY18 FY19 EBITDA (1) / EBITDA Margin (2) (INR Mn / %) FY 18-21 CAGR: 35% 34,629 40% 40% 26,332 37% 14,370 35% 10,946 7921 5841 FY20 FY21 Increase in Export Sales, Driven by 57 and 51 New Product Launches in FY21 and FY20 respectively FY18 FY19 FY20 FY21 EBITDA has Grown at 35% CAGR from FY18 to FY21 PBT/PAT / PAT Margin (3) (INR Mn / %) FY 18-21 CAGR: 46% 28% R&D Expenses / R&D (% of Revenue) (INR Mn / %) 28% 21% 13,348 19% 6,863 5,015 4,519 3,211 9,929 9,970 7,729 3.5% 4.7% 3.5% 1,220 3.8% 966 922 615 FY18 FY19 FY20 FY21 ■Profit Before Tax Profit After Tax FY18 FY19 FY20 FY21 Increasing PAT Margin Given No Significant Borrowings and Adoption of New Concessional Tax Rate (FY20) In-house Centralized R&D Lab with Nearly 268 Scientists Note: (1) EBITDA stands for earnings before interest, taxes, depreciation and amortization which has been arrived at by adding finance expense, depreciation expense, exceptional items and total tax expense to the profit for the year (2) EBITDA margin = EBITDA / Total Income; (3); PAT margin = Profit for the year / Total Income Margin GLAND

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