MTR Foods Acquisition of Eastern Condiments

MTR has built a nationwide presence across multiple categories from its base in Karnataka PURE O PERFECT MR SINCE 1924 Business highlights MTR's net sales since acquisition (INRm) • Orkla entered Indian market in '07 though the acquisition of MTR and has since grown MTR's topline almost fivefold 10,000 1.0 8,293 8,000 0.8 +13% • Being present in spices, MTR has a high focus on packaged food such as ready-to-eat products and vermicelli 6,000 0.6 4,000 0.4 1,829 2,000 0.2 . 2 fully owned production facilities and 1,000 FTEs produce ~350 SKUs 0 0.0 CY 2007 CY 2019 • MTR produces vegetarian products only Blended spices Single spices Food mixes MTR's net sales split by region (CY19) Export MTR Sambar Powder MTR MTR MTR Buy 1 Get 1 FREE!! Puliogare MTR Powder Chilli Coriander MTR Powder Powder Gulab Jamun East 10% BADAM West Drink Mix 6% 2% 10 MTR Rasam Powder Masala Four North 7% 52% Karnataka MPR 7% Rava Tamil Nadu MINUTE Idli 16% 4 Source: Company information Andhra Pradesh Orkla

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