Largest Private Dairy Company in India

Kwality Limited

Corporate Presentation

December 2016

Strictly Private & Confidential

Disclaimer

This presentation has been prepared by Kwality Limited (the “Company”) solely for information purposes, without regard to any specific
objectives, financial situations or informational needs of any particular person. All information contained has been prepared solely by the
Company. No information contained herein has been independently verified by anyone else. This presentation may not be copied,
distributed, redistributed or disseminated, directly or indirectly, in any manner. No part of it should form the basis of or be relied upon in
connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. Any person placing
reliance on the information contained in this presentation or any other communication by the Company does so at his or her own risk and
the Company shall not be liable for any loss or damage caused pursuant to any act or omission based on or in reliance upon the
information contained herein. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the
fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and
opinions are in all events not current after the date of this presentation. Further, past performance is not necessarily indicative of future
results. This presentation is not a complete description of the Company. This presentation may contain statements that constitute forward-
looking statements. All forward looking statements are subject to risks, uncertainties and assumptions that could cause actual results to
differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to
differ materially include, among others, future changes or developments in the Company’s business, its competitive environment and
political, economic, legal and social conditions. Given these risks, uncertainties and other factors, viewers of this presentation are
cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these
forward-looking statements to reflect future events or developments. Except as otherwise noted, all of the information contained herein is
indicative and is based on management information, current plans and estimates in the form as it has been disclosed in this presentation.
Any opinion, estimate or projection herein constitutes a judgment as of the date of this presentation and there can be no assurance that
future results or events will be consistent with any such opinion, estimate or projection. The Company may alter, modify or otherwise
change in any manner the content of this presentation, without obligation to notify any person of such change or changes. The accuracy of
this presentation is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the
Company. This presentation is not intended to be an offer document or a prospectus under the Companies Act, 2013, as amended, the
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended or any other
applicable law.
This presentation does not constitute an offer or invitation, directly or indirectly, to purchase or subscribe for any securities of the
Company by any person in any jurisdiction, including India and the United States.

Strictly Private & Confidential

 Company Overview

Industry Snapshot

Business & Operations

The Road Ahead

Summary Financials

Annexure

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Kwality Ltd. – Key Highlights

Overview
 One of the Largest & fastest growing Player in the Private Dairy Sector in India
– Kwality Limited is one of the largest manufacturer and processor of dairy products in the private sector in India.
– Established in 1992 as backward integration unit of Kwality Ice Creams and acquired by the current promoters in 2002.
– Currently, Processing capacity of more than 3.4 mn litres of milk per day with Six (6) milk processing units in Palwal (Haryana),
Saharanpur (UP), Bulandshaher (UP), Jarar (UP), Sitapur (UP) & Ajmer (Rajasthan).
 Increasing Direct Procurement : Key to Success
– Currently, procuring ca. 22% of milk requirement directly from more than 325,000 farmers spread across ca. 4500 villages through
24 MCCs - Company intends to increase this procurement mix from the current ca. 22% to ca. 50% directly from farmers in 3-4 yrs
– Ensuring consistent quality and taste which are important parameters for success in value added products
– Currently, operating 24 Milk Chilling Centres (MCCs) in U.P. Rajasthan and Haryana which the Company intends to expand to
achieve the above objective to improve the procurement mix
 Transforming Business
– Company’s primary focus is to transform from a traditional B2B to B2C Company. Strategically looking to change the current
business mix from 60%:40% in Q1’FY17 (Institutional : Retail) to 70%:30% in favour of retail by 2020
– Product Portfolio Expansion – Evolving from a Commoditised Player to a Branded Player in the dairy industry by adding Value
Added Products like flavoured milk, cheese, UHT Milk, table butter, cream, paneer, yoghurts, amongst others in various variants
and other dairy products
– Signed Bollywood actor Mr. Akshay Kumar as Brand Ambassador. Focusing on Brand Development with investments being planned
in ATL/BTL and customer engagement channels
– Strengthening and enhancing of its retail distribution network
– Strategic partnership with different Agencies Like McCANN & Cheil India for Creative, Adfactors for PR, Digital Quotient for Social
Media, Zenith Optimedia for Media Planning, Ernst & Young for IT and Akshay Kumar as brand Ambassador.
– Involved E&Y for IT transformation
 Strengthening Human Capital
4
– Building upon Management with recruits from cooperatives, leading FMCG companies, and large corporates
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Kwality Limited - Growth Path till date . . .
~5.4x Growth
SALES (Rs. Mn)* 10,541 23,947 57,536

~6.6x Growth
EBITDA (Rs. Mn)* 576 1,653 3,785

Farmers Network – No. of Farmers 75,000 325,000

(Direct Procurement) N.A

Processing Capacity
664 891 1244
(Mn Kg)
* Standalone Numbers

2010 2012 2016

Pasteurised/Standardised Milk Pasteurised/Standardised Milk

Pasteurised/Standardised Milk
Ghee Ghee
Ghee
Skimmed Milk Skimmed Milk
PRODUCTS Skimmed Milk
SMP SMP
SMP
Curd Curd
Curd
Other Milk Powder Other Milk Powder
Other Milk Powder
Butter Bulk Pouched Milk
Pouched Milk
Pouched Curd Pouched Chaach
Butter Bulk Pouched Curd
Sterilized Flavoured Milk
Butter Bulk 5

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Key Milestones

1992  Company was incorporated as Kwality Dairy (India) Limited (Kwality)

1995  Company became public listed on Bombay Stock Exchange (BSE).

2002  KDIL taken over by current promoters together with its manufacturing facility at Haryana.

2003  MOU signed with Gujarat Co-operative Milk Marketing Federation Limited (GCMMF) for processing and packing milk to be sold under
AMUL brand

2007  Strategic alliance with Britannia Industries for manufacturing and packing of Curd products

 Backward integration initiative by setting up first Milk Chilling Center (MCC) at Fatehabad, Haryana.
 Launched own brand “Dairy Best” to deliver premium quality Ghee, Dairy Whitener & other dairy products.
2010  Agreement with Pashupati Dairies for Milk Processing on Job work basis at Saharanpur plant
 License granted by the National Research Development Corp for know how and process of manufacturing of low cholesterol Pure
Ghee

 Launch of Livlite (85% Low Cholesterol Ghee) with Bipasha Basu as Brand Ambassador.
 Set up 100% wholly owned subsidiary in the Free Trade Zone of Dubai
 Penetrated new markets both nationally & internationally.
2011
 Added new institutional clients such as the Indian Railways and other Private Sector companies
 Set up its second manufacturing facility for expansion in FDP range of products at Haryana.
 Took on lease processing facility in Ajmer (Rajasthan), Sitapur (UP) & Jarar (UP).

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Key Milestones

2012  Started marketing of pouched milk, curd & paneer under “Dairy Best” brand.

 Acquired the processing facilities from Varshey Bandhu, Dibai, UP.

2013  Started marketing of UHT milk under “Dairy Best” brand.
 Change in the name of Company to Kwality Limited.

 Started trial of value added products like Flavoured milk, flavoured lassi, yogurt etc.
 Embarked on the expansion plan to increase capacities of existing plants and also to add capabilities for new value added products
2014 like various variants of cheese, UHT milk, paneer, Table butter in tubs, cream in tetra packs etc.
 Started process of setting Company Milk Chilling centres
 Acquired two milk processing plants on lease

 Started streamlining the Marketing and Branding initiatives.

 Signed renowned Bollywood actor Mr. Akshay Kumar as Brand Ambassador
 Appointed Cheil India & McCann as Creative Partners, Adfactors for PR, Zenith Optimedia for Media Releases, Digital Quotient for
2015 Social Media.
 Appointed Mr. S.K. Bhalla, an Dairy Industry Veteran as whole time Director on the Board of the Company
 Involved Ernst & Young for IT Transformation in company.
 Became first Dairy Company to grant ESOP’s to all its employees across levels

 Acquired ‘KDIL’s Kwality’ Brand for the entire range of Dairy Products.
 Leading Private Equity Firm Kohlberg Kravis & Roberts (KKR) agrees to provide capital of up to INR 5,200 Mn through structured Debt
 Executed Ad-for-Equity deal with HT and ToI for branding and advertising of ‘KDIL’s Kwality’
2016
 Expansion at Softa (Haryana) plant for new value added products like UHT Milk, Cheese, Table Butter in tubs etc. is near to
completion.

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 Company Overview

Industry Snapshot

Business & Operations

The Road Ahead

Summary Financials

Annexure

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Brief Overview of the Indian Dairy Industry

• India is the largest milk producing nation in the world - Production of ca. 147 mn metric tonnes in 2014-15
• Consumption in India stood at ca. 138 mn metric tonnes during this period and as per the Planning Commission of
India, the domestic demand for milk is expected to be ca.192 mn metric tonnes by 2021-22
• Milk production growing at a CAGR of ca. 4-5% and consumption growing at CAGR of ca. 5-6%
• Present per capita availability of milk in India is 290 grams/day — higher than the average for the developing
countries in the Asia-Pacific region, against the world average of 284 grams
• About 80% of milk produced is still handled by the unorganized sector and the remaining 20% is equally shared by
Co-operatives and Private Dairies
• India is the world’s largest producer, consumer of Milk and has the maximum number of Milching Animals.
• Total dairy market is estimated to be Rs. 5,796 Bn in 2014-15.
Source: IMARC Report

Trends in Milk Production and Per Capita Availability: 1960 to 2015

200 300
250
150
147 200
133 140
100 122 128 150
108 112 116
97 100
81
50
56 50
20 22 32
0 0
1960-61 1970-17 1980-81 1991-92 2000-01 2005-06 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15

Production (million tonnes) Per capita availablity grams/day

9
Source: FAOSTAT
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Dairy Industry : Growing Organized Market

Organized market is growing at a healthy rate 100.0%

82.8% 82.3% 81.5% 80.5% 79.6%
80.0% 73.8%

 Indian Organised Dairy market size Rs. 1,233 bn in 2015 comprising 60.0%
of Cooperative and Private Players 40.0% 26.2%
17.2% 17.7% 18.5% 19.5% 20.4%
20.0%
 This segment is expected to grow at a CAGR of over 19.6% till
2019-20E 0.0%
2010 2011 2012 2013 2014 2020 (E)
Source: IMARC Report
Organised Unorganised
Source: IMARC Report
INDIA ORGANISED DAIRY INDUSTRY – KEY GROWTH DRIVERS
Supported by

Government • Increase in consumer base – Growing

Initiatives Population with growing nuclear families
• Exposure to Western consumption pattern -
Increasing increased consumer interest in high protein diet
Urbanization Shift from the • Increasing awareness and availability of dairy
& Unorganised to products through channels such as organised
Rising Disposable Organized Sector
Income retail and food service segments
• Introduction of new types of dairy products
• Increased consciousness about quality of food
products
Strong Co- Entry of • Shift of consumers from unbranded to branded
operative Private Sector products.
Movement Players

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 Favourable Demographics

India - A Widening Market

Population Growth with growing Urban Population Rs. Per Capita Income
140.00 In Crs.
128.00 80,000.0 74,380.0
121.06
120.00 70,000.0
102.86
100.00 60,000.0
50,000.0
80.00 Urban Population %
40,000.0
60.00 (31.15%)
30,000.0 24,143.0 Kwality’s Major Presence
40.00 Urban Population %
20,000.0
(27.82%)
20.00 10,000.0 – Delhi/NCR
- - – Rajasthan
2001 2011 2015(E) 2005 2014
– Haryana
Source: Census of India, 2001 & 2011 and News Reports Source: RBI
– Uttar Pradesh
Kwality’s Target Market – Better Positioned in terms of % Growth

Delhi 2001 2011 Rajasthan 2001 2011 Per Capital Income* Growth (Year 2005 to 2014)
Total Population (Crs) 1.38 1.67, Total Population (Crs) 5.65 6.85 2,50,000 Rs. 2,19,979
Growth(%) 46.31 21.21 Growth(%) 28.33 21.31
Urban (% of Total Popln.) 93% 98% Urban (% of Total Popln.) 2,00,000 12.58% 14.86%
23% 25% CAGR – 14.73% 14.96%
1,50,000 1,32,089

1,00,000 63,877 65,098

Uttar Pradesh 2001 2011 Haryana 2001 2011 37,630 37,972
50,000 18,565 12,950
-
Total Population (Crs) 16.61 19.98 Total Population (Crs) 2.11 2.53
Delhi Rajasthan Uttar Pradesh Haryana
Growth(%) 25.8 20.23 Growth(%) 28.06 19.9
Urban (% of Total Popln.) 21% 22% Urban (% of Total Popln.) 29% 35% 2005 2014
Source: Census of India, 2001 & 2011 and News Reports
*Per Capita Net State Domestic Product at Factor Cost 11
Source: RBI
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Organized Dairy Market - Transformation

Organized Dairy Market - Landscape  Value added products have gained importance due to a change in
demographic and dietary patterns
Raw Milk
 The market share of value added products is expected to increase from
21% to 31% from 2012-13 to 2019-20 and the VAPs market is expected to
Liquid Milk Value Added Products
grow at a CAGR of 23%

Non-Traditional VAP’s:  Factors driving this growth : (a) Increasing young population - Value added
Traditional VAP’s: Flavoured Milk, Low Fat & milk products like cheese finds usage in convenience foods like pizza, pasta,
Butter Milk, Cottage Cheese, Flavoured Yogurt, UHT Milk, and burgers. (b) Aggressive growth plans of QSR players - demand for milk,
Butter, Ice-cream Flavoured Butter condensed milk and cream is high from coffee chains

Value added products in the Organized market is growing at a healthy rate

Market: 2012-13 – USD 10 Bn Market: 2019-20 – USD 24 Bn Dairy whitner
Ghee (Clarified Paneer
Dairy whitner Paneer Ghee (Clarified Others 1%
butter) Others 1%
2% 1% Milk Powder butter) 2%
0% UHT
Milk Powder 8% 6%
products 3%
5% 2%
Other Other
Ice cream
21% Baby foods 31%
8% Baby foods
4% 5%
Ice cream
4%
UHT products
Cheese 3%
Cheese
(Processed and
(Processed and
Mozzarella)
Mozzarella)
3%
2%
Liquid Milk Butter
66% Butter Liquid Milk
3% Dahi Flavoured 2% Dahi (Yoghurt) Flavoured Milk
60%
(Yoghurt) Milk 4% 2% 12
Source: Rabobank 2013 2% 1%
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 Dairy Products – Huge Market Potential

Liquid Milk – Market (Sales) UHT Milk – Market (Sales) Butter - Market (Sales) Cheese– Market (Sales)
Rs. Bn Rs. Bn Rs. Bn Rs. Bn
7,000 120 40 36
6,068 104
6,000 500 35
100 382
5,000 400 30
4,006 80 25 21
4,000 53 300 259
3,021 60 20
3,000 2,621 195 14
33 200 168 15 12
1,501 40 26
2,000 91 10
10 100 5
1,000 20
5
- - - -
2010 2014 2015 2017 2020 2010 2014 2015 2017 2020 2010 2014 2015 2017 2020 2010 2014 2015 2017 2020
(E) (E) (E) (E) (E) (E) (E) (E) (E) (E) (E) (E)

Butter Milk (Chaach)–

Flavored Milk – Market (Sales) Curd – Market (Sales) Lassi - Market (Sales)
Market (Sales)
Rs. Bn Rs. Bn Rs. Bn Rs. Bn
60 50
600 45 39 43
48 493 45
50 40
500 40
35 35
40 400 30
331 30 25
25 23
30 25 300 251 25
217 20 15 20 17
20 16 13 14
13 200 15 15
124
10 5 10 6
10 5 100
5 5
- - - -
2010 2014 2015 (E) 2017 (E) 2020 (E) 2010 2014 2015 2017 2020 2010 2014 2015 2017 2020 2010 2014 2015 2017 2020
(E) (E) (E) (E) (E) (E) (E) (E) (E)
13

Strictly Private & Confidential Source: IMARC Report (Numbers rounded off)
 Company Overview

Industry Snapshot

Business & Operations

The Road Ahead

Summary Financials

Annexure

14

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Business Description

Product Portfolio
Curd &
• Kwality produces a range of quality milk and milk products Segment Ghee /Fat Milk Powder Milk
Chaach
• Transforming itself into a complete dairy products with
introduction of variety of Value added Products Key  Pure Ghee  Skimmed  Pouched  Set Curd
Products  Pure Cow Milk Milk in  Pouched
• In the last three years, the Company transformed itself and Ghee Powder Variants Curd
has launched new products targeting the retail consumers viz.  Low  Whole Milk  Bulk Milk  Chaach
consumer packs for Pure Ghee, Pure Cow Ghee, Low Cholesterol Powder  Skimmed
Cholesterol Ghee, Pouched milk, pouched curd, dairy Ghee  Dairy Milk
whitener, chaach, etc.  Butter Bulk Whitener

Desi ghee Pure Cow ghee Low Cholesterol Ghee Flavoured Milk
Paneer

15

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Business Description

Pouched Milk Butter

Skimmed Milk Instant Dairy

Powder Whitener Curd & Chaach Lassi

16

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Kwality - Milk Procurement till date . . .

Milk Procurement Strategy Annual Milk Procurement

• Over the years, Kwality has developed a network of vendors to

source quality milk - one of the most important success factors in 200 193.74
the industry 180.36
180 170.14
165.2
• The Company has a strong reach in the rural regions of milk 160
producing states surrounding the National Capital Region (NCR)
140

Milk Solids In ‘000 tonnes

120
• Currently sources ca. 78% of milk from large contractors (Vendors) in
102.5
the states of U.P., Rajasthan & Haryana and the rest from its own 100
procurement network comprising Milk Chilling Centers (MCC).
80

• Commenced its own procurement network from MCCs in 2010. 60

40
• Currently having 24 MCCs in the states of Rajasthan, Uttar Pradesh
and Haryana 20

0
• The company currently procures milk directly from ca. 3,25,000 FY12 FY13 FY14 FY15 FY16
farmers spread across ca. 4,500 villages.
Source: Company Management 17

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 Kwality - Procurement Models

Direct Procurement Channel Contractor Procurement Channel Hybrid Procurement Channel

Owned/Leased by the Dairy Company

Dairy Processing Dairy Processing Dairy Processing

Contractors to ensure quality

Milk Analysers provided to
Plant Plant Plant

Milk Chilling Centre

Local Contractors Local Contractors
(MCC)
Collection once a day without Collection twice a day with
Equipment's Equipment's (Milk Analysers)

Village Level
Collection Centre
(VLCC)
Collection twice a day with Equipment's
(Automatic Milk Collection unit)

Milk Producer Milk Producer Milk Producer

Member Member Member 18

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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
Others Total Production in
66%
India
Haryana
5%

Streamlined Operations - Equipped with Robotic systems, cutting-edge technology for quality control systems and sophisticated R&D
facilities
.
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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
We are committed to the quality
products. standards and norms to ensure
 Further, to ensure supreme quality across the value chain from farm to safe and quality products for
customer, systemic fixes and process improvements are being
implemented to make quality as the strongest vertical within the
consumers.
organisation 20

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Kwality - Sales Mix . . . so Far

Kwality Margin Enhancers

Growing Retail Sales Coupled with Improving Branded Sales

100% 100%
90% 90%
80% 80%
70% 60% 70% 64% 64% 61% 63% 60%
69% 68% 73% 73% 72%
60% 81% 76% 60%
91% 90% 88%
50% 50%
40% 40%
30% 30%
20% 40% 20% 36% 36% 39% 37% 40%
31% 32% 27% 27% 28%
10% 19% 24% 10%
9% 10% 12%
0% 0%
FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 Q1 FY 17 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 Q1 FY 17

Retail Insitutional Branded Unbranded

Institutional Client Base

21

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Distribution Network – Growing Retail Penetration

Strong Presence in Largest Consumption Markets Growing Retail Network

in India
3,000 50,000
45,000
40,000 45,000
2,500
40,000
32,000 35,000
2,000 27,000 1,900
1,800 30,000
Kwality’s Major 26,000
Presence 1,500 1,600 25,000
19,000
1,150 20,000
– NCR (Delhi) 1,050
– Rajasthan 1,000 900 15,000
– Haryana
– Uttar Pradesh 10,000
500
5,000
- -
FY 12 FY 13 FY 14 FY 15 FY 16 H1 FY 17
Distributors Points of Sale

Implemented SBU Based Approach

Sales Mix
Pouched Milk, Curd, Chaach,
Fresh Products Division
Paneer et al
B2C
UHT, flavoured Milk, Cream, 12%
Consumer Products
packed Ghee, Table-Butter, B2C
Division
Cheese, Yoghurts et al
B2C 40%
FY 12
Expansion B2B Q1 FY 17
Ghee, Milk powders, Bulk Milk
Institutional Division 60%
& Butter et al
B2B
88%
Sales & Distribution Strategy aligned with nature of On Standalone Sales
products and customers catered
22
.
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Kwality – International Operations

Kwality Dairy Products FZE (KDPF)

 Kwality has established its 100% subsidiary, Kwality Dairy Products, FZE (KDPF) at Jebel Ali Free Zone, Dubai to
focus on international trade.

 KDPF has got trading license for trading of various milk based products.

 KDPF import the Dairy Products from India, Australia, New Zealand and Eastern European Countries including
Turkey, Ireland, Holland, Poland and Ukraine, New Zealand and sell the products, both domestically and
export to GCC, Middle East, Far East, Bangladesh, China, Thailand, Africa etc.

 Product portfolio consists of Pure Ghee, Cow Ghee, Livlite Ghee (85% Cholesterol Free), Skimmed Milk
Powder, Whole Milk Powder, Butter, Dairy Creamer, Dairy Mix, Paneer and other dairy products.

 During the FY 15-16, Company has achieved the sales Turnover of INR 6,902 mn with PAT of INR 294 mn
(4.25%).

Exports from India

 With the removal of ban on export of milk powder, Kwality has increased its focus on export of dairy products
from India. Kwality is emerged as one of the largest exporter of dairy products from India, exporting across
continents like Asia, Africa & Australia and to more than 28 countries including Japan, UAE, Seychelles,
Bangladesh, Sri Lanka, Jordan, Niger, Morocco etc.

 Kwality has posted Export Turnover of Rs. 7,300 Mn during FY 2015-16.

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Board of Directors
Dr. Rattan Sagar Khanna
(Chairman & Independent Director)
Sanjay Dhingra (MD)
Sidhant Gupta (Director)
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 Aged 69 years and currently associated with a no. of reputed institutions in Dairy Sector including,
Deptt. Of Animal Husbandry, Sikkim, Namastey India Foods, Ganesh Scientific Research Foundation,
CIAHDD, Gerson Lehrman Group, New York etc.
 In past, served as a Consultant of Department of Animal Husbandry, Fisheries & Veterinary Services,
CEO of Animal Feeds Business in Dabur Ayurveda Limited., Advisor to the GCMMF, GM in GCMMF,
New Delhi, MD of Rajasthan Co-operative Dairy Federation, Resident Representative of National
Dairy Development Board, head (Projects) of Indian Dairy Corporation, Baroda etc.
 Contributed about 100 researchers, reviews and sectoral articles.
 Significant experience of more than two decades in the business of FMCG products with varied
exposure in manufacturing, trading and international marketing.
 Business acumen combined with his grass root level exposure in the FMCG industry
 Instrumental in turning around the business post taking over in 2003 and establishing Kwality as a
dominant player in the dairy industry in the Country.
 Felicitated by, the then, Hon’ble Union Finance Minister Mr. Pranab Mukherjee for being a successful
self industrialist and for his immense contribution to the Dairy sector.
 Management graduate with rich experience of more than a decade, in strategic business
development, liasoning & international trade.
 Key member Instrumental in implementation of the growth strategy and ongoing expansion project
in the Company.
 Played a pivotal role in expanding the company’s global footprint with tremendous growth and
enhancement of the group’s value by launching new dairy products.
 He has been instrumental in bringing about technological & managerial excellence in the company’s
operations.
24
Board of Directors

 P.HD by qualification, has more than 40 years of experience in Dairy Industry

 Has worked as Chief Executive “Maahi” Milk Producer Company Limited, COO of Mother Dairy Fruit & Vegetable
Private Limited, General Manager (QA) of GCMMF Ltd., President Operations of Dynamix Dairy Industries Ltd., Senior
Manager in Tech. Div. of Nestle India Ltd., etc.
 Also served as Federation Nominee on the Board of Surat District Co-operative Milk Producers Union Ltd., Surat,
Banaskantha District Co-operative Milk Producers' Union Ltd., Palanpur and Kaira District Co-Operative Milk
Producers Union Ltd., Anand.
 Holds rich experience in planning and setting up of manufacturing plant, , Development of new products and their
market trials, Production related trouble shootings at various levels in manufacturing units, Co-ordination of
production planning with sales and marketing, etc
Dr S.K. Bhalla
(Director)

 More than 26 years of experience in the Dairy Industry

 Expert in setting dairy plants, development of dairy products and implementing latest developments in dairy
industry.
 Responsible for handling technical issue at the Pant and milk chilling centers.
 Responsible for bringing lots of reforms in manufacturing of SMP, Ghee, Cheese, Paneer, Dairy Whitener and other
dairy products. He has expert knowledge in the products manufactured by Kwality Limited and its utilization

Manjit Dahiya
(Director)

 A fellow member of Institute of Chartered Accountants of India and a graduate in commerce.

 Brings with her the vast expertise in the field of implementation and design of systems, audit, and advisory services.
 Has business and financial expertise in financial accounting, taxation, auditing and management accounting.
 She is a partner of Chartered Accountancy firm Precious

Ankita Mehrotra
(Independent Director) 25

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Kwality Organisation Setup Strategic Shift

Board Members

Business Transformation Team

Backed by Expansion / Development

Manufacturing Procurement
Expansion

Human Capital New Products Engagement of

INTEGRATION Development
Development External Partners
for Enhancement
of Integration

IT Development Branding & Marketing

Consistent Quality Distribution Network

26

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Key Management Profile
Nawal Sharma
(President & Head Business
Transformation)
Rajesh Verma
(VP- International Marketing)
Rajendra Singh
(MCC State Head)
Jayant Karmakar
(CGM- Palwal)
Subhadeep Dasgupta
(Group Brand Manager)
Adarsh Kumar Abrol
(GM Works- Bulandsahar)
Sanjeev Tomar
(GM Production, Palwal)
Pawan Sharma
(Vice President & Head-HR)
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 25 years of rich experience across multiple industry including Business Transformation (Consulting), Telecom, BPO
& FMCG and worked with companies like Reliance Communications, Bharti BT Internet etc.
 Key professional experience cuts across all layers of organization management, i.e., business layer, process layer,
organization layer & execution layer.
 Having 2 decades of experience in FMCG majors & blue chip companies such as Blowplast Industries, VIP Industries,
HUL, Bata India.
 Responsible for handling Sales & Marketing function including International Marketing.
 An MBA from IGNOU and M.Sc in Agricultural Botany from Meerut University
 He has more than 33 years of experience in the implementation of the world’s largest poverty alleviation
programme “Operation Flood”
 A Graduate in Dairy Technology, having more than 23 years of experience in Dairy Industry.
 Expert in Strategic decisions, planning and budgets, Milk Procurement, Quality Processing, cost control etc.
 MBA in Marketing with over 8 years of experience. Resposible for brand development, marketing and
communications to improve brand visibility and salience”
 Before joining Kwality, he served as a Brand Head with Godfrey Phillips where he worked in various capacities in the
marketing department, managing brand strategies, positioning, proposition development, new market expansions
and overall brand management
 B.Sc Dairying (Dairy Technology) from Dairy Science College, National Dairy Research Institute, Karnal, Haryana
 He has more than 37 years of experience, an expert in manufacturing techniques of Condensed Milk, SMP and Desi
Ghee and also have good knowledge for erection of Condensing Plant, Tetra Pack Unit, Recombination Section,
Packing & Sterilization Plant
 Dairy Technologist by qualification having an experience of more than 16 years. He has worked on all Dairy
products on commercial scale namely Market Milk, Aseptic Milk, Flavoured Milk , milk powders of all types etc.
 MBA in HR with experience of more than 26 years.
 Responsible for developing, implementing and maintaining HR strategies, policies and procedures and monitor as
well as to identify manpower requirements and make appropriate recommendation to management for
implementation.
27
Key Management Profile
Sachin Sachdeva
(GM Procurement)
Anil Katyal
(Chief General Manager –
Sales CPD II)
Inderjeet Singh
(Chief General Manager –
Institutional Sales )
S. K. Gupta
(Chief Financial Officer)
Naveen Sharma
(Head – Purchase)
Pradeep Srivastava
(C.S. & Compliance Officer)
Ramanuj Acharya
(Deputy General Manager - Sales)
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 He has 16 years of experience in milk procurement as well as MCC operations.
 He is having more than 25 years of experience in Sales and Marketing in FMCG Companies including VRS
Foods
 B.Com from Delhi University and has more than 30 years of experience in Dairy Industry including Milk Food,
Cepham Milk Specialties, Parle Exports, HMM etc..
 CA with more than 36 years of experience across various level in the field of Finance & Accounts. He has
overall worked as Director Finance for more than 21 years in various corporates including PSU of Central
Govt. of India & represented the Board.
 An MBA from Global Open University and MDP in Logistics and Supply chain from IIM Ahmedabad having an
experience of more than 15 years
 Experience in Agro Chemical and FMCG Industry in areas of strategic sourcing, procurement, Packaging
Materials (from Flexible to Rigid), logistics, performance optimization (Business Solutions), supplier
development, business negotiations & supply-chain management
 He is a Fellow member of Institute of Company Secretaries of India and in addition to it also holds a Bachelor’s
degree in Law and Science. Mr. Pradeep Srivastava is having more than 13 years of experience and an expert
in Corporate Laws, Securities Laws, SEBI, RBI and other compliances.
 He is carrying around 26 years of rich experience into sales in FMCG Industry. He worked with prestigious
organizations like Gandour India Foods, GM Pens (Reynolds), Cadbury India, BPL Soft Energy, Medimix & Parle
Agro.
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Corporate Social Responsibility

• Kwality has till date taken conscious steps towards raising the quality
& hygiene of raw milk obtained and also to improve the health and
life style of the farmer community

• Organizes various camps and village meetings regularly to discuss the

requirements of farmers

• Assist in issues pertaining to Vaccination, Cattle feed, increasing milk

yield and facilitating the loan requirements of farmers through
financial institutions.

• Educate farmers on the general quality of life improvement and

hygienic living standards along with other social issues

Milk Procurement Team’s CSR Activities

• Animal Health: Kwality deploys a team of veterinary doctors who are based in rural areas who look after the health of farmers’ animals and provide
necessary education
• Artificial Insemination (AI): Doctors deputed by KDIL also take care of AI needs of the farmers’ animals
• Cattle Feed: KDIL provides good quality and balanced cattle feed at cost price to take care of nutrition needs of the milk animals
• FMD vaccination: An annual FMD vaccination program at subsidized cost is organized for vaccination of animals to protect them against Foot and
Mouth disease
• Loaning for farmers: Kwality has tied up with various banks including Allahabad Bank, Central Bank of India, Bank of India, Syndicate Bank etc. to
provide loans to its farmer for not only buying animals but also tractors etc.
• Village Adoption programmes: Kwality is adopting villages where it takes initiative in educating women about cleanliness, primary health, providing
scholarship to girl child etc.
• Insurance: Providing insurance not only for the animals but also the farmers by providing them with medical & accidental insurance
29

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 Company Overview

Industry Snapshot

Business & Operations

The Road Ahead

Summary Financials

Annexure

30

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 Growth Strategy Roadmap – Vision 2020

Leading Consumer Dairy Company

B2B B2C
Embark on B2C Model
Achieve ‘Critical Mass’
Sustainable Business Growth Strategy Target

 Strengthen direct  Direct Procurement:

Strategy Milestones Procurement, setup  MCC Count – 50+
MCCs and increase
network  Capacity addition - 9
 Capacity expansion  Capacity of 3.4 Mn lac+ litres/day for
and strengthen ltrs/day across six  Capacity expansion value-added
procurement plants in U.P, for value-added
Strategy Milestones products
network Haryana, and products
 Strong position in Rajasthan  Product mix shift
 Achieving Critical  Consolidated Sales North
reached INR 24,163  Product mix shift towards
Mass through B2B  Established network
Mn in FY12 towards value-added branded/B2C
Model  Widening Product with ca.3 lac farmers products cheese, products
mix with fresh milk across ca.4,500 butter, UHT,
 Capacity Expansion  Capacity – 2.4 Mn
Period 2012-2016

products like villages yoghurt, flavoured  Sales Mix – 70%

Vision 2020
litres/day
Period 2002-2012

Pouched Milk, Dahi, Milk,Paneer, et al Retail, balance B2B

 Expand Product
 Established
Chaach, et al B2B Launched Fresh Milk
Portfolio Products under B2C
Subsidiary in Dubai  Launch multiple  Strong operating
 Initiating Business variants of value- margins and cash
 Marquee client base Transformation for  MCC Count - 22
 Clients: Added ITC, added products flow, reduce
B2C leverage
 Penetrate new B2B Hindustan Unilever,  Standalone Sales
Railways among  Deleveraging with
Markets - India &  Launch B2C reached INR 57,536
others B2C business model  Business automation
Abroad Mn in FY16; 32%
 Launched ‘Livlite’ , through IT
 Marquee client base Retail  Build a Strong B2C enablement
 Manufacture Low our low-cholesterol
ghee brand B2C
cholesterol Ghee  Strengthen  Subsidiary Sales –  Deeper retail
employee base INR 6,902 Mn  Strengthen penetration in
across levels Distribution existing and new
31
markets
 Launch ESOP scheme  ESOP plan launch  Enhanced focus on IT
across levels across levels in 2015 enablement  PAT expansion with
renewed Dividend
 Enter New markets Policy

31

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Future Strategy

New Products & Building upon Human

Milk Procurement
Consumer Brands Capital

DIRECT PROCUREMENT PLANS • Company is currently selling a • Company’s key focus has been
diverse range of products including on strengthening its
Liquid Milk in pouches and management expertise in line
50%
otherwise, Milk Powders, Ghee, with the expansion plan
Current 25% Curd, Chaach etc.
18%
Plans to Achieve the Targets
• Planning to open another 25-30 MCCs in • Company plans to launch various • Company has and is in the
next 3-4 years to ensure sustained new products catering to the process to build upon its
availability of quality milk increasing health needs of the management team with recruits
• Setting up MCCs with a capacity of more Indian Consumer including from leading FMCG companies
than 20,000 LPD flavoured milk and large corporates
• To further increase milk procurement • Recent senior level recruits
through Hybrid system • Launch of milk powders for retail include – HR Head, Head –
consumers in small packages. Purchase, Head – Products,
Future • To increase the facilities/ incentives to
Objective Group Brand Manager
farmers including veterinary doctors to look
• Setting up manufacturing facilities • To retain quality personnel,
after animal health and artificial
for products like variants of various initiatives introduced
insemination need, subsidised animal feed
cheese, yogurt , table butter, like ESOPs for all its employees
and annual FMD vaccination to ensure that
paneer, cream in tetra pack, at all levels, Fast Track Growth
farmers is associated to Kwality and thus flavoured milk, UHT milk, amongst & Reward plans for performing
increase the number of farmers under each others. To launch 10-12 variants in employees
VCC next 12-18 months • Involved Ernst & Young to
develop B2C aligned IT roadmap
SMP – Skimmed Milk Powder; WMP – Whole Milk Powder 32

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 Future Strategy – Action Plan

 To ensure consistent quality and taste which are important parameters for success in value added
products, the Company has embarked upon a massive expansion in milk procurement
Procurement

 Company intends to increase the procurement mix from the current ca. 22% to ca. 50% over next 3-4 years
directly from farmers for which extensive surveys have already been done.

 Total CAPEX envisaged by the Company for this exercise would be ca. Rs. 1,200 Mn

 Various initiatives for development of direct Farmer Connect in order to achieve the desired results

 Kwality has undertaken an expansion plan at its plant location at Softa, Haryana with a total CAPEX of
Production Facilities

Rs. 4,000 Mn

 Expansion to increase our processing capacity by 9 lakh litres / day, taking up to 4.3 Mn litres/day

 This enhancement in production is primarily to cater to value added products like flavoured milk, variants
of cheese, UHT milk, Butter in tubs, Cream in Tetrapacks, paneer, amongst others

 Installing latest processing machines including robots which involve minimum human intervention

 Company is currently in the process of testing few of these value added products like flavoured milk,
variants of cheese, etc. for early launch.
33

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Brand Strategy

Primary Focus Would be Towards Brand Development to Transform from a Traditional B2B to B2C Business Model
• Integrate corporate & consumer branding under KDIL’s Kwality for synergies

• Roll out high margin value added products under KDIL’s Kwality with mother brand architecture

• Build a modern, youthful & trendy brand with focus on “Active performance” as against general goodness
of milk

• Roped in India’s leading Bollywood actor Akshay Kumar as brand ambassador to promote range of
products & get quick consumer mindshare.

• Engaged marketing partners who are best in their respective fields for seamless roll out of integrated
marketing program focussing on ATL, BTL & consumer engagement programs. This include McCANN &
Cheil India for creative, Zenith Optimedia for media planning, Adfactors for PR & Digital Quotient in
digital space.

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

• Debt Consolidation • Strengthening infrastructure for

direct procurement

Debt
Procurement
Repayment Leading Private Equity Firm

Utilization
Areas

Brand
Capacity
Building & IT
Expansion
Infrastructure
• Brand building, advertisements, • Capacity expansion by 9.0 lac
Sales Promotions, other marketing litres/day for value-added product
activities categories like Cheese, Paneer, UHT
•Developing robust IT Infrastructure Milk, Flavored Milk, Table Butter,
amongst others

.
Capital Infusion through Structured Debt with tenure of six years
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 Recent Key Developments – Inked Ad-for-Equity
Deal with ToI and HT Media

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
KWALITY LIMITED 36
host of internet platforms, among others
36

Strictly Private & Confidential

Recent Key Developments - Stepping up Multiple
levers for B2C Strategy

Procurement  Added 2 MCCs in Q1FY17, conducted various farmer connect programs towards farmer
1 Infrastructure education, cattle management & health, schemes et al to strengthen network

Marketing & Brand  Concluded Ad-for-Equity deal with HT Media and Times of India for brand
2
Levers For B2C

Building building/promotions across platforms owned by them

 Involved E&Y India for IT transformation, recently concluded B2C aligned IT roadmap aimed
IT towards business automation, real-time business monitoring for faster decision-making
3 backed by strong data analytics

 Expansion of Sales & Marketing team

Human Capital  Further strengthening our management team by inducting professionals with rich experience
4 from top notch companies

Ramp-up of key functions to support our B2C strategy

.
37

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 Company Overview

Industry Snapshot

Business & Operations

The Road Ahead

Summary Financials

Annexure

38

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Financial Snapshot (Standalone)

Total Income EBDITA and Margin%

70000 4000 CAGR 23% 3,785 8.0%
CAGR 25% 57,536 3500 3,296
60000 52,806 6.9%
6.0%
50000 45,820 3000 6.6% 6.0%
5.7% 2,753 6.2%
2500
In Rs mn

36,930

In Rs mn
40000 2,111
2000 1,653 4.0%
30000 23,947
1500
20000
1000 2.0%
10000
500
0 0 0.0%
2012A 2013A 2014A 2015A 2016A 2012A 2013A 2014A 2015A 2016A

EBIT and Margin% PAT and Margin%

3046 3,556 3000 6.0%

3000 CAGR 23% 8.0%
2,623 2500 CAGR 12%
2500 6.6%
2,008 6.0% 2000 3.8% 4.0%
2000 5.8%
In Rs mn

1,578 6.2% 2.6% 1,409 1,442

In Rs mn

5.4% 5.7% 1500 1,266

1500 4.0%
910 965 2.7%
1000 2.8% 2.5% 2.0%
1000
2.0% 500
500
0 0.0%
0 0.0%
2012A 2013A 2014A 2015A 2016A
2012A 2013A 2014A 2015A 2016A
39
Figures in INR Mn, except margins
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Financial Snapshot (Consolidated)

Total Revenues EBITDA and Margin%

70000 64,438 4500 CAGR 26% 4,185 8.0%
CAGR 28% 58,914
60000 4000 3,617
50,150 6.9% 5.9%
50000 3500 5.6%
6.0%
39,304 3000 2,966 6.5%
In Rs mn

40000 6.1%

In Rs mn
2500 2,210
30000 24,163 4.0%
2000 1,667
20000 1500
10000 1000 2.0%

0 500
2012A 2013A 2014A 2015A 2016A 0 0.0%
2012A 2013A 2014A 2015A 2016A

EBIT and Margin% PAT and Margin%

4500 CAGR 26% 8.0% 2000 CAGR 17% 4.0%

3,952 3.8% 1,665 1,736
4000
6.6% 5.7% 3,364 1,449
3500 5.4% 6.0% 1500 2.7% 3.0%
3000 2,836 6.1%
In Rs mn 1,056 2.9% 2.8%
In Rs mn

2500 5.7% 923 2.7%

2,106 1000 2.0%
4.0%
2000 1,591
1500
2.0% 500 1.0%
1000
500
0 0.0% 0 0.0%
2012A 2013A 2014A 2015A 2016A 2012A 2013A 2014A 2015A 2016A
40
Figures in INR Mn, except margins
Strictly Private & Confidential
 Company Overview

Industry Snapshot

Business & Operations

The Road Ahead

Summary Financials

Annexure

41

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Historical Financials (Standalone)

Income Statement (Rs in mn)

Particulars FY 12 FY 13 FY 14 FY 15 FY16

Total Income 23,947 36,930 45,820 52,806 57,536

Growth in Income(%) 49% 54% 24% 15% 9%
Total Expenditure 22,006 34,379 42,568 48,805 52,510
Gross Profit 1,941 2,551 3,252 4,001 5,026
Gross Profit (%) 8.1% 6.9% 7.1% 7.6% 8.7%
Operating Expenses 288 440 499 705 1,241
EBITDA 1,653 2,111 2,753 3,296 3,785
EBITDA% 6.9% 5.7% 6.0% 6.2% 6.6%
Interest Expense 651 923 1,118 1,341 1,473
Depreciation / Amortization 75 103 130 250 228
Profit Before Tax (PBT) 926 1,085 1,505 1,705 2083
PBT% 3.9% 2.9% 3.3% 3.2% 3.6%
Tax 17 119 239 295 641
Profit After Tax (PAT) 910 965 1,266 1,409 1442
PAT% 3.8% 2.6% 2.8% 2.7% 2.5%

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Historical Financials (Standalone) (cont’d.)

Balance Sheet (Rs in mn)

YE March 2012A 2013A 2014A 2015A 2016A
Cash and equivalents 89 324 127 286 542
Inventory 987 987 1,675 2,646 1,426
Debtors 6,562 9,309 12,000 11,514 14,192
Other current assets 558 851 709 1,650 1,893
Current assets 8,197 11,471 14,511 16,095 18,053
Creditors 206 484 1,093 455 393
Other current liabilities 203 350 619 1,040 1,130
Current liabilities 410 833 1,712 1,495 1,523
Net current assets 7,787 10,637 12,798 14,600 16,530

Fixed assets (net) 641 815 1,211 1,791 2,580

Other non current assets 40 201 333 1,843 2,618

Total assets 8,468 11,654 14,343 18,235 21,729

Shareholders' funds 2,548 3,608 4,977 7,271 8,487

Deferred tax liabilities (net) 5 -12 -8 -15 -118

LT debt 429 504 406 1,578 3,032
ST debt 5,486 7,553 8,967 9,401 10,329
Total debt 5,916 8,057 9,373 10,978 13,360

Total liabilities 8,468 11,654 14,343 18,235 21,729 43

Strictly Private & Confidential

Historical Financials (Consolidated)

Income Statement (Rs in mn)

Particulars FY 12 FY 13 FY 14 FY 15 FY 16

Total Income 24,163 39,304 50,150 58,914 64,438

Growth in Income(%) - 63% 28% 18% 9%
Total Expenditure 22,204 36,623 46,634 54,552 58,958
Gross Profit 1,959 2,681 3,515 4,362 5,480
Gross Profit (%) 8.1% 6.8% 7.0% 7.4% 8.5%
Operating Expenses 292 471 549 745 1,295
EBITDA 1,667 2,210 2,966 3,617 4,185
EBITDA% 6.9% 5.6% 5.9% 6.1% 6.5%
Interest Expense 651 931 1,148 1,403 1,574
Depreciation / Amortization 75 104 130 254 234
Profit Before Tax (PBT) 940 1,176 1,688 1,960 2,377
PBT% 3.9% 3.0% 3.4% 3.3% 3.7%
Tax 17 119 239 295 641
Profit After Tax (PAT) 923 1,056 1,449 1,665 1,736
PAT% 3.8% 2.7% 2.9% 2.8% 2.7%

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Strictly Private & Confidential

Historical Financials (Consolidated) (cont’d.)

Balance Sheet (Rs in mn)

YE March 2012A 2013A 2014A 2015A 2016A
Cash and equivalents 131 881 315 517 862
Inventory 1,001 1,033 1,874 2,910 1,706
Debtors 6,602 10,091 13,312 13,246 16,554
Other current assets 558 873 724 1,657 1,935
Current assets 8,292 12,878 16,224 18,330 21,056
Creditors 254 918 1,663 463 521
Other current liabilities 204 350 629 1,056 1,132
Current liabilities 458 1,268 2,291 1,519 1,653
Net current assets 7,834 11,611 13,933 16,811 19,403

Fixed assets (net) 641 817 1,278 1,857 2,652

Other non current assets 20 146 272 1,655 2,430

Total assets 8,496 12,573 15,482 20,323 24,485

Shareholders' funds 2,561 3,715 5,281 7,846 9,392

Deferred tax liabilities (net) 5 -12 -8 -15 -118

LT debt 444 557 529 1,606 3,065
ST debt 5,486 8,312 9,681 10,885 12,146
Total debt 5,930 8,870 10,210 12,491 15,211

Total liabilities 8,496 12,573 15,482 20,323 24,485 45

Strictly Private & Confidential

Akshay Kumar – Our Brand Ambassador

The Company has appointed Akshay Kumar as the Brand Ambassador for the
company and its entire range of dairy products. The Bollywood superstar
comes on board for a period of two years.

Kwality Limited has been synonymous with health and nutrition. All its
product range has been specially created keeping in mind the health of
consumers. Akshay Kumar is today the fittest Bollywood actor and therefore
fits perfectly with our range of healthy dairy products. The product range
will draw a lot of strength from his persona as there are direct synergies with
the Khiladi.

Speaking on being the Brand Ambassador for the brand “Kwality”, Akshay
Kumar said
“I have always believed in endorsing only those brands which believe in
motivating their target audience to be fit, healthy, strong and agile. Kwality
with its upcoming offerings reverberates similar views which helped me
make the decision of associating with the brand quite easy. It always makes
me happy, if, through my experience and work I can instill good habits in
individuals. Through this association I am hoping I will continue to
accomplish this”.

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 Thank You…

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