Submission Details
• Date of submission: August 14, 2024
• Transcript submitted to: Calcutta Stock Exchange, BSE Limited, National Stock Exchange of India
• Compliance: SEBI regulations
• Availability: Public access on the company's website
Key Highlights from the Webinar
• Revenue Growth
• Q1FY25 revenue: ₹13,011 lakhs
• Year-on-year growth: 16.3%
• Pentonic Line revenue increase: 28.6%
• Profit Margins
• Gross profit margin: 31.2% (slight decline)
• Export revenue growth: 26.3% (18% of total sales)
• Sustainability Initiatives
• Introduction of Pentonic 75 (75% recycled materials)
• Strategic Partnerships
• Collaboration with Deli for exclusive distribution
• Long-term relationship with Mitsubishi for potential manufacturing in India
• Financial Performance
• Operating EBITDA increase: 8.4%
• PAT rise: 14.2%
• Focus on debt reduction and medium-term revenue growth target: 17%-20%
Future Growth and Challenges
• Growth Targets
• Aim for 17-20% CAGR over the next three years
• Target EBITDA margins: 12.5-13% by FY26
• Market Dynamics
• Anticipated growth in exports exceeding domestic market growth
• Potential demand sluggishness due to elections and weather conditions
• Logistical challenges affecting export transit times
Concerns Raised
• Operating Margins
• Acknowledgment of margin gap compared to competitors
• Need to improve product mix and increase Pentonic's share to 45-50% and exports to 25%
• Significant impact of polymer price fluctuations on margins
Conclusion
• Commitment to improved performance in future quarters
• Invitation for further questions from participants

Submission Details
• Date of submission: May 7, 2024
• Transcript submitted to: Calcutta Stock Exchange, BSE Limited, National Stock Exchange of India
• Key executives present:
• Deepak Jalan (Managing Director)
• N.K. Dujari (CFO)
• Sanjeev Sancheti (Investor Relations Advisor)
• Transcript availability: Company website
Financial Performance Highlights
• Revenue Growth:
• Surpassed ₹500 crore, 4% year-on-year growth
• Pentonic range: 21% increase in value, 32% quarter-on-quarter growth in Q4
• Exports:
• 34% quarter-on-quarter growth in Q4
• Dividend:
• ₹5 per share announced, pending AGM approval
• CFO Insights:
• 4.3% increase in revenue from operations
• Stable gross profit margin
Strategic Focus and Future Plans
• Product Strategy:
• Shift towards high-margin products, revitalizing legacy products
• New product launches planned, particularly in the Pentonic brand
• Market Expansion:
• Growth anticipated in North America and East Africa
• Leveraging Kenya's COMESA treaty for exports
• CapEx Plans:
• ₹35 crore investment in Kolkata for infrastructure modernization
• Capacity expansion deferred, flexibility through outsourcing
Competitive Landscape
• Market Dynamics:
• Acknowledgment of competitive intensity
• Focus on product innovation within the Pentonic portfolio
• Industry Growth:
• Estimated at 5-6%, with Linc maintaining market position
• Anticipated overall industry growth of 4-6% in volume
Production and Capacity Insights
• Production Capacity:
• Mold capacity of 60 million units per month for both Pentonic and Linc products
• Current underutilization with strong performance in Pentonic sales
• Revenue Growth Target:
• 17-20% growth projected, with a focus on protecting legacy product volumes
Strategic Partnerships and Market Focus
• Partnership with Mitsubishi Pencil Company:
• Aim to grow Uni-Ball brand to ₹100 crore in two years
• Market Challenges:
• Reduced focus on Middle Eastern markets due to economic and political issues
• Outlook:
• Optimism for FY25 despite disappointment with FY24 results
Conclusion
• The call concluded with gratitude for participants and an invitation for future interactions.

Communication to Stock Exchanges
• Date: February 13, 2024
• Recipients: Calcutta Stock Exchange, BSE Limited, National Stock Exchange of India
• Included: Scrip codes and symbols
Q3 FY24 Earnings Overview
• Earnings Call Date: February 9, 2024
• Key Executives: Deepak Jalan (Managing Director), N.K. Dujari (Director of Finance)
• Market Performance:
• Stable domestic sales
• 12% year-on-year decline in exports
• 33% quarter-on-quarter growth in exports
• Financial Highlights:
• Operating income: Rs. 124 crores (0.5% decline YoY)
• Gross profit: Rs. 39 crores (5.5% decline QoQ)
• Gross profit margin: 31.5% (down from 33.1% YoY)
• PAT: Rs. 7.5 crores (down from Rs. 11.1 crores YoY)
• Net debt reduced to Rs. 21 crores
Strategic Focus
• Emphasis on promotions and new product launches, particularly in the Pentonic line
• Postponed revenue target of Rs. 750 crores to FY26
• Plans for product expansion in adjacent categories
• Optimism about recovering export revenues, especially in North America
Retail and Market Presence
• Retail touch points: 250,000 (less than 100,000 active)
• Collaboration with Deli on selected SKUs
• Market share estimated at 7% with no recent growth
Debt Clarification
• Debt related to a loan for the Kenyan subsidiary, a strategic investment
Product Launch Insights
• New Pentonic products priced at Rs. 20, Rs. 30, and Rs. 40 expected to increase average selling price
• Positive feedback on the Rs. 40 pen launched in January
Competitor Landscape
• Temporary intensity in competitor discounting noted
• Planned promotions expected to maintain margins
Conclusion
• Management remains optimistic about future product launches despite recent challenges in Q3.

Submission and Compliance
• Linc Limited submitted Q2 FY24 earnings call transcript to stock exchanges on November 7, 2023.
• Call held on November 3, featuring Managing Director Deepak Jalan and Director of Finance N.K. Dujari.
Company Performance
• Challenges: Export market difficulties, particularly in Myanmar and Sudan.
• Financial Highlights:
• 3.3% year-over-year increase in operating income.
• Decline in gross profit margins due to lower exports.
• Revenue Guidance: Revised medium-term growth target to 17-20%.
Product Strategy
• New Launches: Introduction of Pentonic BRT pen and other products, including a Rs. 40 retractable gel pen.
• Margin Goals: Targeting gross margins of 42-45% for new products, with an aim to improve overall margins by 150-200 basis points.
Market Insights
• Export Performance: Anticipated flat export revenues for the current year, with a focus on 15-20% growth in the domestic market.
• Distribution Strategy: Emphasis on traditional trade channels, with growing e-commerce presence.
Competitive Landscape
• Competitors: Acknowledgment of Cello Brands' advantage in exports due to established networks.
• Acquisitions: Early stages of capitalizing on recent acquisitions in Africa.
Future Growth Projections
• Volume Growth: Projected 8-10% volume growth to achieve 17-20% value growth.
• Export Recovery: Management expects recovery in export revenue in the second half of the financial year.
Financial Guidance
• CAGR: Projected 17-20% CAGR based on FY23 figures, not specific to FY24.
• EBITDA Margins: Recent drop due to reduced export revenues and one-time bonus payments.
U.S. Market Strategy
• Entry Challenges: High barriers to entry in the U.S. market compared to Africa.
• Brand Commitment: Focus on promoting Linc's brand rather than white label exports.
Product Innovation
• Pricing and Innovation: Limited price increases, with plans for new product launches.
• Target Audience: Innovations aimed at attracting younger consumers through product diversification and packaging.

Meeting Overview
• Date: September 22, 2023
• Compliance: Transcript submitted to Calcutta Stock Exchange, BSE, and NSE
• Key Management: Deepak Jalan (Managing Director), N.K. Dujari (Director of Finance)
Company Performance
• Revenue Growth: 37% for FY23
• EBITDA Growth: 165% for FY23
• Key Product: Pentonic product line targeting ₹10 price point
• Distribution Expansion: Increased from 50,000 to 240,000 touchpoints since FY19
• Future Growth: Focus on improving product mix and expanding exports
Product Differentiation Strategy
• Transition from freelance designers to a top-tier designer for product development
• Aim to create products with perceived value exceeding cost
• Maintain gross margins of 40-50% despite competition
• Target to increase average selling price (ASP) of pens
Global Market Expansion
• Exports reached ₹100 crores, growing in North America and Southeast Asia
• Challenges in certain markets due to political issues
• Optimism about future growth opportunities
Conference Call Insights
• Net Realization: Pentonic product priced at ₹10 has a net realization of approximately ₹5.50
• Export Growth: Aim for ₹300 crores in exports within four years
• Capital Allocation: Open to acquisitions and preparing infrastructure for future opportunities
• Market Size: Significant growth in the segment for pens priced above ₹10
• Manufacturing Strategy: Balanced approach of 50% in-house manufacturing and 50% outsourcing
Industry Growth Prospects
• Optimism for pen industry growth despite digitalization
• Developed markets show flat growth; developing regions (Africa, Southeast Asia) at 3-4% growth
• Premiumization as a key growth driver
Future Guidance
• Revenue target of ₹750 crores by FY25
• EBITDA margin target of around 15%
• Acknowledgment of potential quarterly performance fluctuations due to export challenges
• Positive outlook for the company's future

Key Highlights
• Date of Call: August 1, 2023
• Submission Date: August 4, 2023
• Key Executives: Deepak Jalan (Managing Director), N.K. Dujari (Director of Finance)
Financial Performance
• Operating Revenue: Increased by 14.2% year-on-year to ₹111.88 crores.
• Gross Profit Margin: Improved to 32.3%.
• Profit After Tax: Rose to ₹7.39 crores.
• Pentonic Brand: Accounts for over 36% of revenue, expected to rise to 40%.
Strategic Plans
• Expansion Goals: Targeting a top line of ₹750 crores by FY2025 with a CAGR of 25%.
• Manufacturing Expansion: Plans to expand capacity in Gujarat; first phase cost estimated at ₹18 crores.
• Collaboration: Formed subsidiary Morris Linc Private Limited for co-branded pen production with a South Korean partner.
Market and Product Strategy
• Product Positioning: New Morris Linc products priced between Rs.30-Rs.50, focusing on advanced writing instruments.
• Export Strategy: Targeting markets in Southeast Asia, Africa, the Middle East, and Brazil; avoiding white labeling.
• Sales Seasonality: Q1 typically lower due to summer vacations affecting school purchases.
Growth Projections
• CAGR Target: 25% revenue growth anticipated, driven by new product launches.
• Marketing Plans: Limited current advertising budget; plans for future campaigns and e-commerce expansion.
Pricing and Cost Management
• Price Increase Capacity: Limited to 6%-7% for Rs.10 pens due to rising polymer costs.
• Revenue Contribution: Products priced at Rs.10 and below account for 40% of general trade volume.
Acquisition and Future Outlook
• Acquisition of Gelx India-Kenya: Aimed at bypassing tariff barriers in African markets, projecting a topline of approximately $2 million by FY25.
• Management Focus: Sustainable growth, profitability, and maintaining a strong balance sheet.
Conclusion
• The call concluded with an invitation for further questions and a video presentation, emphasizing Linc Limited's commitment to growth and strategic partnerships.

Linc Limited Q4 FY2023 Earnings Conference Call Summary
Key Highlights
• Date of Call: May 15, 2023
• Submission Date: May 19, 2023
• Participants:
• Mr. Deepak Jalan, Managing Director
• Mr. N.K. Dujari, Director of Finance
Financial Performance
• Record Performance: Highest revenue, profit, and margins in FY2023.
• Operating Revenue: Grew over 37% to Rs. 487 Crores.
• Gross Profit Margin: Expanded to 31.2%.
• Profit After Tax (PAT): Increased to Rs. 37.4 Crores from Rs. 8.13 Crores.
• Earnings Per Share (EPS): Rose to Rs. 25.15.
• Net Debt: Reduced to zero with free cash flow exceeding Rs. 7 Crores.
Growth Strategies
• Expansion Plans: Modular expansion in Gujarat to double production capacity (Rs. 50 Crores project).
• Revenue Target: Aim for over Rs. 750 Crores by FY25 with a CAGR of around 25%.
• Product Focus: Increase Pentonic brand revenue share to 40%.
• Sustainable Practices: Commitment to ESG initiatives, including reducing plastic use.
Market Positioning
• Competitive Strategies: Emphasis on new product introductions and maintaining margins.
• Export Focus: Targeting U.S., European, and African markets with own brand exports.
• Partnerships: Collaboration with Deli for stationary products.
Production Insights
• Manufacturing Ratio: 50:50 in-house vs. outsourced production.
• Future Capacity Needs: Anticipated need for additional capacity in FY25.
Revenue Growth Factors
• Volume Growth: Pen sales volume increased by 24%.
• Revenue Increase: Overall revenue grew by 38% from FY22 to FY23.
• Product Pricing: Introduction of higher-priced SKUs contributing to revenue growth.
Export Strategy
• Market Expansion: Plans to enhance distribution network and increase exports, especially in North and South America.
• African Market Potential: New factory agreement in Kenya to boost presence.
Financial Policies
• Dividend Payout: Expected to maintain 20-25% of net profits.
• EBITDA Margin Guidance: Projected around 15% for FY25.
Conclusion
• Optimism for Growth: Management expresses confidence in sustainable growth and maintaining investor trust.

Financial Performance
• Operating Revenue: Grew over 30% year-on-year to ₹124 crores.
• Profit After Tax (PAT): Increased to ₹11.1 crores from ₹2.8 crores year-on-year.
• Debt Status: Company is now debt-free.
• Profit Margins: Achieved highest profit margins; recent EBITDA margin at 14.6%.
Brand and Product Highlights
• Pentonic Brand: Contributes over 30% to core revenue.
• Deli Brand: Focus on calculators and scissors; no current plans for crayons.
• Export Revenues: Significant increase; exports to over 40 countries.
Growth and Expansion Plans
• Revenue Target: Aiming for over ₹700 crores by FY2025 with a CAGR of 20-25%.
• Manufacturing Capacity: Plans to expand capacity at the new Gujarat plant to meet growing demand.
• Distribution Strategy: Increasing touchpoints in retail; plans to enhance presence in local stationary shops.
Advertising and Competition
• Advertising Budget: Approximately 3% of sales allocated to maintain brand visibility.
• Competition: Acknowledgment of competition but focus on maintaining first-mover advantage with new product launches.
Challenges and Risks
• Distribution Network: Transitioning to distributors with broader reach will take time.
• Revenue Projections: Uncertainty about specific sales projections from increased stationary stores.
Key Drivers for Growth
• Premiumization: Shift from low-cost to higher-value products.
• Geographic Expansion: Focus on expanding into new markets.
• Export Growth: Higher margins from exports help mitigate risks from polymer price fluctuations.
Investor Relations
• Communication: Commitment to improve communication with investors, including physical reports and meetings.
• Feedback Acknowledgment: Recognition of the need to enhance distribution and investor engagement.
Conclusion
• The call emphasized Linc's strategies for growth, market expansion, and the importance of exports in driving profitability while navigating distribution and margin challenges.