Earnings Performance
• Q4 FY24 Results:
• Total income: Rs. 154.8 crores (up 13.6% from previous quarter)
• EBITDA: Rs. 14.8 crores (up 7.6%)
• Full Fiscal Year Results:
• Total income: Rs. 638.4 crores (up 6.9%)
• EBITDA: Declined by 16.4% due to high raw material costs
Future Outlook
• Anticipated improved demand from favorable monsoon forecasts
• Plans to increase share of value-added products
• Price hikes implemented to restore margins
Margin and Demand Insights
• Current margin outlook: Expected to align with last year's Q1
• Achieving past margins of 15-16% unlikely without significant price increases
• High inventory levels expected to decrease with rising demand
Raw Material Prices and Capacity Utilization
• Raw material prices stabilizing, but foreign exchange fluctuations may impact EBITDA margins
• Current capacity utilization: 72%, with a target of 77-80% in the coming year
• Southern unit utilization at 50%, projected to increase to 65-70%
Capital Expenditures and Product Strategy
• Expected capital expenditure for Wada plant: Rs. 8-10 crores this year, with potential additional Rs. 50-60 crores
• FY24 CAPEX incurred: Rs. 37 crores, including maintenance
• Strategy to increase value-added products contribution from 15% to 25%
• Focus on product innovation, especially in non-asbestos offerings
Market Challenges
• Challenges in restoring historical margins due to rising costs
• Demand-supply gap in existing markets noted
• Ongoing efforts to enhance dealer awareness and collaboration with architects

Conference Call Details
• Date: February 19, 2024
• Transcript submitted to Bombay Stock Exchange and National Stock Exchange of India
• Participants: CEO Tuljaram Maheshwari, Financial Controller Arvind Garg
Company Performance
• Challenging market conditions: subdued rural demand and pricing pressures
• Building materials segment growth:
• 15% sequential increase
• 13% year-over-year rise
• Q3 FY24 financials:
• Total income: INR 136.3 crores (10.2% increase YoY)
• Profit after tax: INR 3.2 crores
Management Insights
• Focus on cost management and innovation
• Optimism for growth in the non-asbestos segment
• Q&A session addressed industry trends and government initiatives
Raw Material Prices and Costs
• Decline in raw material prices noted (2% decrease in asbestos roofing materials)
• Imported raw material prices normalized
• Capacity utilization:
• Current: 76%
• Expected: 80%-82% by end of Q4
• Local sourcing: 50% for asbestos, 25%-30% for non-asbestos
Capital Expenditure and EBITDA
• Delays in capital projects due to land acquisition issues (commissioning pushed to FY'26 and FY'27)
• EBITDA growth dependent on demand, government spending, and geopolitical stability
• No specific forecasts for FY'25 provided
Demand Dynamics
• Importance of actual demand growth for financial results
• Government support crucial for rural economy
• Seasonality noted: quarter-on-quarter sales increase may not significantly improve bottom line
Financial Overview
• Total debt: INR 140 crores, blended cost of funds at 8%
• Southern unit capacity utilization: currently 60%, expected to rise to 80% next year
• Market share: 35%-37% in the West, 18%-20% in the South
Future Outlook
• Demand for current quarter remains subdued, potential improvement expected
• Upcoming elections may negatively impact demand in March and April
• Ongoing efforts in new product development for non-asbestos category
• Minimal increase in finance costs attributed to higher working capital utilization
Conclusion
• Maheshwari invited further inquiries through the investor relations team.

Conference Call Details
• Date: November 7, 2023
• Submitted Transcript: November 11, 2023
• Platforms: Bombay Stock Exchange and National Stock Exchange of India
• Key Participants: CEO and CFO Tuljaram Maheshwari
Financial Performance Highlights
• H1 FY '24 Total Income: Increased by 13.6% to INR 347.3 crores
• EBITDA Margin: 12.1%
• Challenges: Roofing business affected by inflation and adverse weather
• Future Outlook: Anticipated improved demand in H2 FY '24
Strategic Plans
• Maharashtra Capex Plan: Progressing well
• Revenue Target: INR 1,000 crores in the next 3-4 years
Analyst Inquiries
• Market Supply Impact: New entrants may face lower margins initially
• Asbestos Price Normalization: No specific forecasts on steady-state margins
• Raw Material Prices: Fixed for one year; potential price increases in Q3 and Q4
• Pricing Strategy: Varies by region; competitive in new markets like Odisha
Operational Insights
• Short-term Borrowings: Increased due to inventory buildup; control over debtor days maintained
• Product Share: 80% Asbestos and 20% Non-Asbestos for the half year
• Management Stability: Current management team to remain unchanged
• Confidential Information: Realization figures and sheet capacity not disclosed
Conclusion
• Maheshwari expressed optimism about demand in the second half of the year and concluded the call by wishing participants a happy Diwali.

Earnings Performance
• Date of Call: May 25, 2023
• Revenue Growth:
• FY23: 9.2% year-on-year
• Q4 FY23: 26.2% year-on-year
• EBITDA Margins: Pressured by rising raw material and fuel costs.
Capacity Expansion and Dividends
• New Plants: Expansion in Maharashtra and Orissa.
• Dividend Declared: Rs 1.5 per share.
Management Insights
• Demand Recovery: Optimism for June and July due to delayed monsoon.
• Profit Margins: Recent division margins around 9%, potential improvements if conditions stabilize.
• Inventory Levels: Increased days due to geopolitical factors, but gradual reduction expected.
Non-Fiber Segment (NFS) and Market Dynamics
• Revenue Share: Expected increase from 21% to 25% in the current year.
• Fiber Material Prices: High due to geopolitical factors; slight reduction anticipated.
Financial Position
• Net Debt: Rs 42 crores, linked to working capital for Peru plant.
• Borrowing Costs: Tied to MCLR.
Market Expansion Plans
• Target Markets: Plans to enter Eastern markets with a potential share of 5-7%.
• Production Capacity: Target utilization increase from 71% to 77-78%.
Operational Metrics
• Wada Project Expenditure: Rs 30 crores spent of Rs 65 crores allocated.
• Roofing Segment Capacity: 5.25 lakh tons with maximum achievable utilization of 85%.
• Retail Outlets: Approximately 3,000.
Future Outlook
• Q1 Performance: Key indicator influenced by monsoon timing and market conditions.
• Investor Engagement: Management invited further inquiries from investors.