Amongst Largest and Fastest Private Dairy Companies in India

Kwality Limited
Q1FY17 Investor Presentation
September 2016

www.kdil.in

www.kdil.in

Industry Overview

Company Overview
Quarterly Results Overview
Recent Key Developments
Shareholding Pattern

www.kdil.in

KWALITY LIMITED

Global Dairy Industry India is the largest Producer and Consumer of Dairy Products
Global Milk/Milk Products Production Volumes 2015E-2020E

Production

MMT
920

Global milk production grew at a CAGR of 2.3% during 2010-2014 to reach 792.0 million metric tones
(MMT) in 2014, on the back of population growth, rising disposable incomes, favorable demographics,
brand awareness, increasing urbanization & westernization of diets in emerging economies, primarily
India and China

CAGR
2.1%

900
880

864.9
846.7

860

828.5

840

901.2
883.1

India is the largest producer of Milk, accounting for over 18% of world production of milk and
dairy products

810.3

820
800

780

During the period 2015E-2020E, global production of Milk and Dairy products is expected to grow at a
CAGR of 2.1% to reach 901.2 MMT by 2020E

760

2015E

2016E

2017E

Brazil

35.1
38.8

2.0%

Country-Wise basis, India is the worlds largest consumer of milk, other key markets include USA, China,
Russia, and Pakistan

Pakistan

39.2
41.5

1.2%

Globally, approximately 66% of milk and dairy products are consumed for factory use, 33% for fluid use
and 1% for feed use

China

45.5
46.7

0.5%

USA

Foreign Trade

Top Import Markets China, Russia, MENA region, and South-East Asia account for majority of imports

India is expected to witness highest

volume growth during the period, to
surpass EU by 2020E

95.5
103.8

1.7%
163.5
177.4

EU

150.9

Source: IMARC, FAO, Crisil

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2020E

All figures in MMT, except CAGR

Consumption

Top Exporting Countries New Zealand and EU account for over 50% of world trade, followed by USA

2019E

Country-Wise Top Producers of Milk/Milk Products in 2015E-2020E

India is expected to grow at a CAGR of 4.2% during the same period to reach over 184.9 MMT,
to surpass EU (177.4) by 2020E

2018E

India

Source: IMARC

KWALITY LIMITED

184.9
2015E

2020E

1.6%
4.2%

CAGR

Dairy Industry in India Consumption levels are expected to surpass production by 2021E
Structure of Dairy Industry in India Largely Unorganized

Production

Milk production in India grew at a CAGR of 4.8% during FY11 - FY16E, estimated to be 154 MMT in 2015-16

Organized
Cooperatives

Total production of milk and dairy products in India is expected to reach over 189 MMT in 2021E

Key Production Markets: U.P , Rajasthan, Andhra Pradesh, Gujarat, and Punjab account for over 53% of
overall production in India
Unorganized
80%

Self Consumption

All Figures in INR Bn

Currently, over 52% of total production is consumed by people themselves, only 48% is marketable

Liquid milk is the largest consumed dairy product in India, with 52%, share, followed by Ghee
(12%)

Total consumption of milk and dairy products in India is expected to increase from 146 MMT in FY16E to
192 MMT in FY21E; implying a CAGR growth of 5.6%
Total market size of milk and dairy products in India estimated to be INR 6,671 Bn in FY16E; growing at over
15% annually

Largest Segment - Liquid Milk

17
43

20%

14
36

21%

Lassi

15
39

21%

Flavored Milk

16
48

UHT Milk

33

Butter Milk
Cheese

Butter
Curd

6,068
3,021

25%

2015E

195
251

14%

382

493

14%
709

1,367

Market Size is estimated to reach INR 11,543 Bn by 2020E

2015E

Source: IMARC estimates, Industry

2020E

26%

104

Ghee

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Local Vendors

Product-Wise Products Market Potential in India 2015E-2020E

Milk consumption in India grew at a CAGR of 5.3% during FY11 - FY16E, estimated to be 146 MMT in 201516E, driven by steady population growth, rising disposable incomes, favorable demographics, increasing
brand awareness and urbanization

Private Dairies

Unorganized

Buffalo milk accounts for 48.7% of total milk produced in India, followed by Cow (47.9%)

Consumption

Organized
20%

2020E

14%

CAGR

Source: Dairy India,Rabo Bank Estimates, Amrit Corp & IMARC estimates

KWALITY LIMITED

Dairy Industry in India Emerging Trends

Growth of Organized Segment outpacing Unorganized

The trend is expected to continue in the coming years. During the period 2015E-2020E, organized
segment is expected to grow at a CAGR of 19.6% as compared to 13.3% for the unorganized segment

CAGR%

Organized segment grew at a CAGR of 20.4% during 2010-2014 as against unorganized sector CAGR of
14.2% during the same period on the back of shift in consumer preferences towards branded
products

Organized
20.4%

Organized
19.6%

Dairy Industry in India - 2020E

Unorganized
13.3%

Unorganized
14.2%

Organized
26%

Unorganized
74%

Enhanced focus on Value-Added Products (VAPs) and B2C

In the recent past, change in demographics and rapid urbanization have resulted in significant demand
for VAPs like cheese, condensed milk, UHT, flavored butter/milk/yoghurt, protein-based
beverages/health supplements; VAPs expected to grow at a healthy rate of 23% annually till 2020E

2010-2014

Increasing Young Population Value added milk products like cheese finds usage in
convenience foods for Pizzas, Pasta, Burgers et al

2015E-2020E

Shift in Value Added Products (VAP)

Aggressive Growth plans of QSR players Rising demand for milk, condensed milk, and cream
especially from coffee chains

Emerging VAPs

Changing lifestyles and Increasing health awareness is evolving low-fat high-protein dietary
patterns especially among millennials and young population, driving demand for products like
low fat yoghurts/cheese, protein-based health drinks/supplements among others

Traditional VAPs
Liquid Milk &
Milk Powders

Shift towards Branded Products

Pouched Milk
Skimmed Milk
Powder
Dairy Whiteners

Rising disposable incomes and increasing brand awareness especially in urban markets resulting in
strong demand for branded products, thereby organized segment; Tier-I and Tier-II cities offer
significant growth opportunities for retail

Market Size (100%)

INR 11,543 Bn

Companies are enhancing their focus on brand building/Marketing activities with

aggressive spending and expansion of their marketing & sales team to create strong brand
recall, customer retention, and reach

Curd/Butter-Milk
Cottage-Cheese
Butter
Ice-Cream

Flavored
Milk/Yoghurt
UHT Milk
Flavored Butter
Protein-based
Beverages &
Supplements
Low-Fat
Cheese/Yoghurt

Shifting towards Branded Products

Source: IMARC, Crisil, Industry

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KWALITY LIMITED

Industry Overview

Company Overview
Quarterly Results Overview
Recent Key Developments
Shareholding Pattern

www.kdil.in

KWALITY LIMITED

Kwality Limited - Overview

Background

Revenue (INR Mn)

Established in the year 1992 as a backward integration unit of Kwality Ice-creams, later taken over by Mr. Sanjay
Dhingra & family in 2002, Kwality has emerged to be amongst largest and fastest growing private dairies in India

70,000

Procurement Network /MCCs

60,000

Established strong relationships with more than ca. 300,000 farmers spread across ca. 4,500 villages in U.P. ,
Rajasthan, and Haryana; with 24 MCCs located close to procurement areas

50,000

39,304

40,000
30,000

24,163

20,000

Manufacturing Facilities
Has six state-of-the-art milk-processing units in North India (Haryana, Rajasthan, and U.P.) with combined capacity
of 3.4+ Mn litres/day
Dedicated R&D department for product innovation, world-class testing labs and quality control systems

10,000
-

FY 12

FY 13

FY 14

FY 15

FY 16

Consolidated figures

Products

Amongst largest and fastest growing private dairy companies in India

Diversified product portfolio across Fresh Milk, Milk Powders, Curd, Chaach, and Ghee/Fat categories catering to
institutional and retail customers

58,914
50,150

Company intends to increase its procurement directly from farmers from current ca. 22% to 50% over the
medium term by leveraging and further strengthening its existing network

64,438

CAGR
28%

Product Portfolio

Product mix to rapidly shift towards value-added products such as Paneer, UHT, Flavored Milk, Cream,
Yoghurts, Table-Butter, Cheese, amongst others; to launch multiple variants over a period of time

Segment

Distribution Network
Established extensive distribution network with 1,800 distributors covering 40,000 touch points across Northern
markets ; continuous efforts underway to further expand into new and existing markets

Strong Management Team

Key
Products

Fresh Milk

Milk Powder

Curd & Chaach

Ghee/Fat

Pouched Milk

Skimmed Milk
Powder
Whole Milk
Powder
Dairy Whiteners

Set Curd
Pouched Curd
Chaach Plain
& Masala

Pure Ghee
Pure Cow
Ghee
Low
Cholesterol
Ghee
Butter Bulk

Bulk Milk
Skimmed Milk
Flavored Milk

Backed by strong management team comprising of industry experts with cumulative experience of over 200 years

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KWALITY LIMITED

Kwality Limited Roadmap

2016

2014: Acquired two facilities on lease, set-up owned MCCs

Our Journey So Far

Trial of flavored milk/lassi, yoghurt et al

Commenced adding new capacities for value-added

products like cheese, butter, UHT. Tetra packs, et al

2012: Started marketing of

pouched milk, curd, and paneer
under Dairy Best

2010:

Set up first MCC in Haryana

Launched Ghee, Dairy Whitener & other products under

Dairy Best brand

Agreement with Pashupati Dairies for milk processing

License received from NRDC for processing & manufacturing

of low cholesterol ghee

1992: Incorporated as Kwality

Dairy (India) Limited

2007: Strategic Alliance with

Britannia
industries
for
manufacturing and packing of
curd

As backward integration of
Kwality Ice Cream; listed in
1995 on BSE

2002

Set up wholly-owned subsidiary in Dubai

FTZ

Launched low cholesterol ghee Livlite

with Bipasha Basu as brand ambassador

Set up 2nd manufacturing facility in

Haryana for expansion of FDP products

Took on lease processing facility in

Ajmer, Sitapur, and Jarar

Added new clients including Railways

and penetrated into new markets

1992

2002: KDIL taken over by current

promoters together with its
manufacturing facility at
Haryana

www.kdil.in

2015:

2013: Name changed to

Kwality Ltd.

2010

2003

2012

2011

2007

2016: Ad-for-Equity
deal with HT Media
and ToI

2014

2013

2011:
2003: MoU signed with
GCMMF for processing and
packing milk for Amul brand

2015

Acquired facilities from

Varshney Bandhu in U.P

Marketing of UHT Milk

under Dairy Best

Involved E&Y for

IT transformation

Our Independent
Director Dr. R.K.
Khanna became
Chairman

Signed Bollywood
actor Akshay
Kumar as brand
ambassador

First dairy
company to
Launch companywide ESOP plan

Appointed
McCann for
Creative, Zenith
Optimedia for
media planning,
Adfactors for PR,
Digital Quotient
for Social
Marketing

Appointed Mr.
A.K. Gupta as
independent
Director,
an
expert
in
banking
practices across
various
domains

Traditionally a B2B player, rapidly shifting its business model

towards B2C

KWALITY LIMITED

Diversified Product Portfolio

Pouched Milk

Skimmed Milk
Powder

Instant Dairy
Whitener

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Flavoured Milk

Chaach

KWALITY LIMITED

Curd

Ghee

Paneer

Butter

Manufacturing Facilities Six World-Class Units, Capacity of 3.4 Mn Litres/Day

Close to Largest Milk Production Areas

Palwal, Haryana

Ajmer,
Rajasthan

Dibai, Sitapur, Saharanpur, and

Jarar, in U.P.

Rajasthan
11%
U.P
18%

Account for 34% of Total

Production in India

Others
66%
Haryana
5%

Streamlined Operations - Equipped with Robotic systems, cutting-edge technology for quality control systems and sophisticated R&D facilities

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KWALITY LIMITED

10

Quality Control and Certifications

Quality Control

Quality Certifications

The Company possesses a strong Research and Development infrastructure which

encompass a technological advanced equipment and in-house testing labs with
stringent quality control systems.
Supporting the strong infrastructure, the Company has a dedicated and experienced
team of professionals. The result is an enhanced focus of product innovation,
creating a strong pipeline of differentiated products.
Further, to ensure supreme quality across the value chain from farm to customer,
systemic fixes and process improvements are being implemented to make quality as
the strongest vertical within the organisation

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KWALITY LTD.

We are committed to the quality standards and

norms to ensure safe and quality products for
consumers.

11

Integrated Business Model

Established relationships
with over ca. 300,000
farmer families across ca.
4,500 villages in U.P,
Rajasthan, and Haryana

Currently, ca. 22% of

daily milk requirement
sourced directly from
farmers through village
level collection centers
(VLCCs) and 24 Milk
Chilling Centers (MCCs),
balance from large
contractors

Procurement

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Processing

Six dairy plants in North

India with combined
capacity of 3.4 Mn ltrs/day
World-class facilities with
streamlined operations
and dedicated R&D
department
Diversified product
portfolio Variants of
Fresh milk, Curd, Chaach,
Ghee, milk powders,
amongst others

Created separate SBUs

for Fresh products
division, Consumer
products division, and
Institutional division,
headed by profit
managers
Network of 1,800+
distributors covering
40,000+ touch points in
north markets
General and modern
trade channels
Exporting to 28 countries
Wholly-owned
subsidiary in Dubai

KWALITY LIMITED

Distribution

Branding

Signed Bollywood actor

Mr. Akshay Kumar as
brand ambassador
Engaged reputed
advertising/marketing
agencies for Creative,
Media Planning & Digital
Concluded Ad-for-Equity
deal with Times of India
and HT Media

12

Distribution Network Growing Retail Penetration

Growing Retail Network

Strong Presence in Largest Consumption Markets in India

Kwalitys Major Presence

NCR (Delhi)
Rajasthan
Haryana
Uttar Pradesh

2,000

1,800

1,800

35,000

1,150

1,400

32,000

1,050

1,200

1,000

40,000

1,600

1,600

30,000

27,000

26,000

900

25,000
20,000

19,000

800

15,000

600
400

10,000

200

5,000

FY 13

Implemented SBU Based Approach

Consumer Products Division

Institutional Division

Ghee, Milk powders, Bulk Milk &

Butter et al

FY 15
Points of Sale

FY 16

B2C
12%

B2C
32%

FY 12

FY 16

B2C Expansion
B2B
68%

B2B
88%

Sales & Distribution Strategy aligned with nature of products and

customers catered

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FY 14
Distributors

Sales Mix

Pouched Milk, Curd, Chaach, Paneer

et al
UHT, flavoured Milk, Cream, packed
Ghee, Table-Butter, Cheese, Yoghurts
et al

Marketing
& Sales
300+
employees

FY 12

Fresh Products Division

45,000

40,000

On Standalone Sales

KWALITY LIMITED

13

Growth Strategy Roadmap Vision 2020

Leading Consumer Dairy Company

B2C

B2B
Embark on B2C Model

Strategy

Milestones

Achieving Critical Mass

through B2B Model

Consolidated Sales
reached INR 24,163 Mn
in FY12

Capacity Expansion
Expand Product Portfolio

Established Subsidiary in
Dubai

Marquee client base

Penetrate new Markets India & Abroad
Manufacture Low
cholesterol Ghee

Capacity 2.4 Mn
litres/day

B2B

Clients: Added ITC,

Hindustan Unilever,
Railways among others
Launched Livlite , our
low-cholesterol ghee

Strategy

Milestones

Capacity expansion and

strengthen procurement
network
Strong position in North

Capacity of 3.4 Mn
ltrs/day across six plants
in U.P, Haryana, and
Rajasthan

Widening Product mix

with fresh milk products
like Pouched Milk, Dahi,
Chaach, amongst others

Established network
with ca.3 lac farmers
across ca.4,500 villages

Initiating Business
Transformation for B2C
Launch B2C
Marquee client base
Strengthen employee
base across levels
Launch ESOP scheme
across levels

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B2B

Launched Fresh Milk

Products under B2C
MCC Count - 22

Strengthen direct
Procurement, setup
MCCs and increase
network
Capacity expansion for
value-added products

Vision 2020

Strategy

Period 2012-2016

Period 2002-2012

Achieve Critical Mass

Sustainable Business Growth

Product mix shift

towards value-added
products cheese, butter,
UHT, yoghurt, flavoured
Milk,Paneer, et al
Launch multiple variants
of value-added products
Deleveraging with B2C
business model

Standalone Sales
reached INR 57,536 Mn
in FY16; 32% Retail

Build a Strong B2C brand

Subsidiary Sales INR

6,902 Mn
ESOP plan launch across
levels in 2015

Enhanced focus on IT
enablement

KWALITY LIMITED

Strengthen Distribution

B2C

Enter New markets

Target
Direct Procurement: 50%
MCC Count 50+
Capacity addition - 9 lac+
litres/day for valueadded products
Product mix shift
towards branded/B2C
products
Sales Mix 70% Retail,
balance B2B
Strong operating
margins and cash flow,
reduce leverage
Business automation
through IT enablement
Deeper retail
penetration in existing
and new markets
PAT expansion with
renewed Dividend
Policy

14

Industry Overview

Company Overview
Quarterly Results Overview
Recent Key Developments
Shareholding Pattern

www.kdil.in

KWALITY LIMITED

15

Quarterly Overview Q1FY17 Sales Overview

Sales (INR Mn)

+5.5% y/y

14,736

14,800
14,600
14,400
14,200

13,964

14,000

Sales Mix

13,800
13,600

Q1'FY16

Q1'FY17

13,400

Q1'FY16

B2C Sales (INR Mn)

Q1'FY17
32%

+30.6% y/y

40%

7,000

5,923

6,000
5,000

60%

68%

4,535

4,000
Institutional

3,000

Retail

Institutional

Retail

2,000
1,000

Standalone Sales

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Q1'FY16

Q1'FY17

KWALITY LIMITED

16

Quarterly Overview Q1FY17 Profitability

1,6 00
1,5 90
1,5 80
1,5 70
1,5 60
1,5 50
1,5 40
1,5 30
1,5 20
1,5 10
1,5 00
1,4 90
1,4 80
1,4 70
1,4 60
1,4 50
1,4 40
1,4 30
1,4 20
1,4 10
1,4 00
1,3 90
1,3 80
1,3 70
1,3 60
1,3 50
1,3 40
1,3 30
1,3 20
1,3 10
1,3 00
1,2 90
1,2 80
1,2 70
1,2 60
1,2 50
1,2 40
1,2 30
1,2 20
1,2 10
1,2 00
1,1 90
1,1 80
1,1 70
1,1 60
1,1 50
1,1 40
1,1 30
1,1 20
1,1 10
1,1 00
1,0 90
1,0 80
1,0 70
1,0 60
1,0 50
1,0 40
1,0 30
1,0 20
1,0 10
1,0 00
990
980
970
960
950
940
930
920
910
900
890
880
870
860
850
840
830
820
810
800
790
780
770
760
750
740
730
720
710
700
690
680
670
660
650
640
630
620
610
600
590
580
570
560
550
540
530
520
510
500
490
480
470
460
450
440
430
420
410
400
390
380
370
360
350
340
330
320
310
300
290
280
270
260
250
240
230
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
10
0

EBITDA and Margin

+13.4% y/y

PBT and Margin

800

5.6 %

790

8.2 %

7.1%

6.6%

780

770

760
5.1 %

+32.8% y/y

750

740

730

4.3%

7.2 %
720

710

1,046
923

700

4.6 %

690

+49 Bps y/y

6.2 %

680

670

636

660

650

3.4%

640

630

620

4.1 %

+88 Bps y/y

3.6 %

610

600
5.2 %
590

580
3.1 %
570

560

550

540
2.6 %
4.2 %

530

478

520

510

500

490

2.1 %

480

470
3.2 %
460

450
1.6 %
440

430

420

410
2.2 %

Q1'FY16

400

1.1 %

Q1'FY17
EBITDA

Q1'FY16

EBITDA %

Q1'FY17
PBT

+19.4% y/y

PAT and Margin

550

PBT %

EPS*

3.6 %

540

530

2.9%

520

510

500

3.1 %

1.8

1.9

490

480

470

460

450

+33 Bps y/y

2.5%

1.8

1.8

423

440

430

2.6 %

1.7

420
1.7

410

400

2.1 %
1.6

390

380

370

354

1.5

1.6

360
1.5
350

1.6 %

340

1.5
330

320

1.4
310

300

1.1 %

1.4

Q1'FY16

Q1'FY17
PAT

Q1'FY17

PAT %

Standalone financials; All figures in INR Mn except y/y growth, Margins, and EPS

www.kdil.in

Q1'FY16

*fully diluted basis

KWALITY LIMITED

17

Quarterly Overview Q1FY17 Income Statement

Key Result Highlights Q1FY17

Standalone Financials
Particulars

Q1FY17

Q1FY16

Growth y/y

Income from Operations

14,736

13,965

5.5%

Cost of Goods Sold

13,329

12,724

4.8%

Gross Profit

1,407

1,241

13.4%

Gross Margin (%)

9.5

8.9

67 bps

Employee Expenses

102

55

84.6%

Depreciation & Amortization

30

60

(50.5%)

Other Expenses

348

266

30.7%

1,046

923

13.4%

EBITDA Margin (%)

7.1

6.6

49 bps

Finance Costs

381

385

(0.9%)

PBT

636

478

32.8%

Tax Expense

213

124

71.4%

PAT

423

354

19.4%

PAT Margin (%)

2.9

2.5

33 bps

EPS (Diluted)

1.80

1.51

19.1%

EBITDA

Revenue
Revenue grew 5.5% y/y to reach INR 14,736 Mn primarily due to increase in
B2C business
B2C revenue increased 30.6% y/y to reach INR 5,923 Mn; accounted for 40%
of sales

Gross Margin
Margin expanded 67 bps y/y to 9.5% in Q1FY17, supported by relatively
higher realization from B2C business
Rise in milk prices increased valuation of inventory

EBITDA

In Q1FY17, EBITDA grew 13.4% to reach INR 1,046 Mn from INR 923 Mn,
growth partially offset by increase in operating expenses

PAT

Growth in PAT supported by other income and reduced finance costs,

partially offset by increase in income tax provisions

Unaudited financials as per Indian Accounting Standards; All figures in INR Mn except margins and Growth y/y

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KWALITY LIMITED

18

Industry Overview

Company Overview
Quarterly Results Overview
Recent Key Developments
Shareholding Pattern

www.kdil.in

KWALITY LIMITED

19

Recent Key Developments KKR to provide upto INR 520 Cr. For Expansion

Debt Consolidation

Strengthening infrastructure for direct

procurement

Debt
Repayment

KWALITY LIMITED

Procurement

Leading Private Equity Firm

Utilization
Areas

Brand
Building & IT
Infrastructure
Brand building, advertisements,

Sales Promotions, other marketing

activities
Developing robust IT Infrastructure

Capacity
Expansion
Capacity expansion by 9.0 lac
litres/day for value-added product
categories like Cheese, Paneer, UHT
Milk, Flavored Milk, Table Butter,
amongst others

Capital Infusion through Structured Debt with tenure of six years

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KWALITY LIMITED

20

Recent Key Developments Inked Ad-for-Equity Deal with ToI and HT Media

KWALITY LIMITED

and all Online Platforms

amongst others

Offers Advertisements and Promotions across BCCL and HT Media owned media properties including English dailies, TV channels, Radio
stations and a host of internet platforms, among others

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KWALITY LIMITED

21

Levers For B2C

Recent Key Developments Stepping up Multiple levers for B2C Strategy

Procurement
Infrastructure

Added 2 MCCs, conducted various farmer connect programs towards farmer

education, cattle management & health, schemes et al to strengthen network

Marketing & Brand

Building

Concluded Ad-for-Equity deal with HT Media and Times of India for brand
building/promotions across platforms owned by them

IT

Involved E&Y India for IT transformation, recently concluded B2C aligned IT

roadmap aimed towards business automation, real-time business monitoring for
faster decision-making backed by strong data analytics

Human Capital

Expansion of Sales & Marketing team

Further strengthening our management team
Appointed Mr. A.K. Gupta as Independent Director, a veteran in banking practices
across various domains

Ramp-up of key functions to support our B2C strategy

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Industry Overview

Company Overview
Quarterly Results Overview
Recent Key Developments
Shareholding Pattern

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Shareholding Pattern and Stock Data

Shareholding as on 30th June, 2016

Stock Data
As on 13th Sep, 2016

Individuals &
Corporates
33%

Share Price (INR)

120.7

Market Capitalization (INR Mn)

Promoter
65%

Institutions
2%

28,265.3

Outstanding Shares (Mn)

234.2

52-Week High/Low (INR)

153.7/68.0

Stock Price Movement : 01st Apr 13th Sep, 2016

160
120

80
40
01 April 2016

01 May 2016

01 June 2016

01 July 2016

01 August 2016

01 September 2016

Source: BSE

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Disclaimer
The information contained herein has been prepared to assist prospective investors in making their own evaluation of the Company and does not purport to be all-inclusive or to
contain all of the information a prospective or existing investor may desire.
This Information may include certain statements and estimates provided by the Company with respect to the projected future performance of the Company. Such statements,
estimates and projections reflect various assumptions by management concerning possible anticipated results, which assumptions may or may not be correct.
Prospective investors will be expected to have conducted their own due diligence investigation regarding these and all other matters pertinent to investment in the Company.
This presentation may contain statements that are forward looking statements. The companys actual future results may differ materially from those suggested by such
statements, depending on various factors for which the company and its management does not take any responsibility.

For further information, please contact:

Investor Relations
Kwality Limited
CIN L74899DL1992PLC255519

Mr. Varun Kapoor

Varun.Kapoor@kdil.in

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