Kirloskar Brothers Ltd. · NSE:KIRLOSBROS
Kirloskar Brothers — Q1 FY22 Earnings Presentation
64 slides from Kirloskar Brothers's earnings presentation, Aug 4, 2021
Slide 1: Kirloskar Brothers Limited – Investor Presentation Intimation
KIRLOSKAR BROTHERS LIMITED A Kirloskar Group Company I Enriching Lives SEC/ F:21 August 04, 2021 (BSE Scrip Code – 500241) (NSE Symbol - KIRLOSBROS) BSE Limited National Stock Exchange of India Ltd., Corporate Relationship Department, 5th Floor, Exchange Plaza, 2nd Floor, New Trading Ring, Bandra (E
Slide 2: Q1FY22 Investor Presentation
Kirloskar Brothers Limited Q1FY22 Investor Presentation
Slide 3: Safe Harbour
Safe Harbour • Enriching Lives This presentation and the accompanying slides (the “Presentation”), which have been prepared by Kirloskar Brothers Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or s
Slide 4: Table of Content
Table of Content • Enriching Lives 01 About Us 04 Financial Highlights Our Joint Ventures & Historical Performance at a 02 Subsidiaries 05 Glance 03 Strategic Focus 06 Notable Projects 3
Slide 5: About Us
• Enriching Lives 01 About Us 04 Financial Highlights Our Joint Ventures & Historical Performance at a 02 Subsidiaries 05 Glance 03 Strategic Focus 06 Notable Projects 4
Slide 6: Our Purpose – Vision – Mission – Values
Our Purpose – Vision – Mission – Values I Enriching Lives Our Purpose Our Values • Teamwork with Mutual Trust and Empathy Enriching Enriching Lives. Lives. Transcending Transcending • Commitment towards the Environment Boundaries. Boundaries. • Integrity and Accountability Our Mission • Speed and Ac
Slide 7: Company at Glance
Company at Glance • Enriching Lives Inherent Strength Global Capabilities Catering to Presence Since Employee Strength Built Over Time 6 Domestic & 5 6 Continents & 130+ Years International Plants 6,000+ 100+ Countries {) Strong Brand Portfolio • Enriching Lives K~PL SyncroFlo 0 ' 0 IS RVE Diversifi
Slide 8: Legacy of 130+ Years
Legacy of 130+ Years I Enriching Lives IDEATE INNOVATE IMPLEMENT 1888-1920 1941-1958 1988-2009 2010-2020 2021 Onwards Strategic Strategic & Establishment Establishment Restructuring Restructuring Acquisition Acquisition Phase Technology Technology Monetize Monetize Phase Phase Phase Phase Expansion
Slide 9: Our Business & Product Line
Our Business & Product Line I Enriching Lives Our Business & Applications Our Product Line Large & Medium pumping solutions Small pumps for day-to-day use at Flow up to 120,000 m³/hr. for complex fluid management households and farms 75+ Types of Pumps (528,000 US GPM) system Valves for industrial a
Slide 10: Our Innovative Solutions
Our Innovative Solutions I Enriching Lives Solar Pumping System Pump Selection Package Fire Pump Monitoring Lowest Life-Cycle Cost (LLC)™Pump Sodium Pumps for Nuclear Power Plant Kirlosmart Condition Monitoring Augmented Reality Mobile Training Additive Manufacturing Canned Motor Pump Guide 3D Print
Slide 11: Global Footprint Through Local Presence
Global Footprint Through Local Presence I Enriching L.rves Atlanta, USA Coleford, Almelo Shirwal, India Sanand, India Karad Projects and Motors Jebel Ali, United Kingdom The Netherlands Ltd UAE Egypt Dewas, India Johannesburg, Bangkok, Thailand South Africa Kirloskarvadi, India Legend Global Headqua
Slide 12: High Qualified Management Team
High Qualified Management Team I Enriching Lives Mr. Alok Kirloskar Mr. Sanjay Kirloskar Managing Director – Kirloskar Brothers International Chairman & Managing Director B.V. ❑ Mr. Sanjay Kirloskar holds a Bachelor’s in Science degree in ❑ Bachelor in Business Administration with a concentration Me
Slide 13: Board of Directors
Board of Directors I Enriching Lives Distinguished Fellow with RIS, a leading think Mr. Pradyumna Former Director of National Institute of Design Mr. Rajeev Kher tank on economic policy. Served in the Indian (NID), currently a Senior Advisor of Design Administrative Service and superannuated as Vyas
Slide 14: Long Standing Relationships with Marquee Clientele..
Long Standing Relationships with Marquee Clientele.. I Enriching Lives TOTAL • NIH I I . equ11no1r 1 ... ~ _ ~ "~· • p r . PUMPS .· Gono-a>Ph:il i'ps MORR,ISON='ie P111lll3 ll'ROTF.:C'llTlllOl'!il LTD Utillity :Services Note: Logo belongs to the respective owners 13
Slide 15: Our Global Partnerships
Our Global Partnerships I Enriching Lives ArcelorMittal ,I/ )STtransformateurs NAYARA ENERGY HllTAC·HI •e ~lli1:5J?TIIT the' Ne-:l('.91: - - '11.l!u DAN•L~ Note: Logo belongs to the respective owners 14
Slide 16: Awards & Accolades
Awards & Accolades I Enriching Lives '"'"'I• •tt'o0m•t1l Ol f' ... l Joli, n.. ,,..,.,,. .. '"""olt"'1110tlJW>Vc.,,I t~~~ lhfWl"1-. =~l::.:.~~:y::: Ir~ ti~~ l!~n )~ ~ _, -~~~ ,.,,,,,~~cirnr_H __ a<l'ljr)Jl~"'JC(>litfOl~-- .... ICl'J,.. by"""°''•· S....t-•• ••Kl••"""" rvtn t'(I btt 001 IOf<l\I~ uu 11
Slide 17: ESG Initiatives
ESG Initiatives I Enriching Lives Environmental Social Governance • Owned renewable energy sources such as • CSR: Vikas Charitable Trust established in 1994 • Sustainability reporting since 2009-10 and solar power and wind power contribute to for CSR activities. integrated reporting since 2018-19. 2
Slide 18: Corporate Social Responsibility
Corporate Social Responsibility I Enriching Lives Examples of our CSR activities in India • Supporting creation of clean water source for underprivileged school kids • Health-check, eye-check camps and Vaccination camps • Tree Plantation • Donating first aid boxes and water pumps to schools of under
Slide 19: Corporate Social Responsibility
Corporate Social Responsibility I Enriching Lives All-women operated manufacturing facility in Kaniyur and 35% women workforce in Sanand factory is a testimony to the importance that it bestows towards gender equality and women empowerment. 18
Slide 20: CSR Initiatives in India
CSR Initiatives in India I Enriching Lives KBL conducts an array of activities and campaigns throughout the year Primarily, the company focuses on three areas for its CSR contributions Education, Healthcare, and Environment through the Vikas Charitable trust and Sou. Radhabai Trust Kirloskar High Sc
Slide 21: CSR Initiatives Outside India
CSR Initiatives Outside India I Enriching Lives During Thai cave rescue, KBL sent our multi-national team of experts comprising of members from KBL (India), KBTL (Thailand) and SPP Pumps (UK), who were present on-site at the Mae Sai cave to offer their technical expertise during the rescue operation
Slide 22: Our Joint Ventures & Subsidiaries
• Enriching Lives 01 About Us 04 Financial Highlights Our Joint Ventures & Historical Performance at a 02 Subsidiaries 05 Glance 03 Strategic Focus 06 Notable Projects 21
Slide 23: Group Structure
Group Structure • Enriching Lives Kirloskar Brothers Ltd. (India) Kirloskar Brothers International The Kolhapur Steel Ltd. Karad Projects & Kirloskar Corrocoat Pvt. Kirloskar Ebara Pumps B.V. (The Netherlands) (100%) (99.74%) Motors Ltd. (100%) Ltd. (65%) Ltd. (45%) (India) SPP Pumps Kirloskar Pompe
Slide 24: SPP Pumps Limited, United Kingdom
SPP Pumps Limited, United Kingdom I Enriching Lives Genesis Product Profile ▪ 130+ years of heritage ▪ Lowest Life Cycle Pumps for water supply and PUIVIPS ▪ R&D, manufacturing and test facilities in the UK industrial Strategy ▪ Fire fighting pumps ▪ Worldwide revenues of £76m ( ~30% of consol. ✓ Le
Slide 25: SyncroFlo Inc., The United States of America
SyncroFlo Inc., The United States of America I Enriching Lives Genesis Product Profile ▪ Leading American pump packager ▪ Plumbing & HVAC Systems: Ironheart PR, ▪ Wholly-owned Subsidiary of SPP Pumps Limited Ironheart LT, ES Ironheart, VMS Ironheart, Strategy Custom Commercial, Heat Transfer Systems
Slide 26: SPP Pumps Limited, United Kingdom
SPP Pumps Limited, United Kingdom • Enriching Lives Revenue (£ Mn.) EBITDA (£ Mn.) PAT (£ Mn.) 103.5 6.6 4.2 95.6 79.1 75.5 3.3 0.4 1.8 -0.4 FY18 FY19 FY21 -2.7 -4.7 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 8.8% 5.6% 3.4% 0.4% 2.2% -0.6% -2.6% -4.6% Note: Including SP
Slide 27: Rodelta Pumps International B.V., The Netherlands
Rodelta Pumps International B.V., The Netherlands I Enriching Lives Genesis Product Profile ▪ Established by Sulzer in 1946, acquired by KBL ▪ API Pumps conforming to API-610 standards, 12th ()RODELTA® in June 2015 edition Strategy ▪ Leading manufacturer of API and Non-API ▪ Pumps for Municipal Wate
Slide 28: Rodelta Pumps International B.V., The Netherlands
Rodelta Pumps International B.V., The Netherlands • Enriching Lives Revenue (€ Mn.) EBITDA (€ Mn.) PAT (€ Mn.) 13.4 0.5 0.1 10.5 8.6 -1.1 -1.1 7.8 -0.4 -0.8 FY18 FY19 FY20 FY21 -2.7 -4.8 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 5.9% 1.1% -10.2% -5.3% -14.5% -8.0% -20.
Slide 29: Kirloskar Brothers (Thailand) Limited, Thailand
Kirloskar Brothers (Thailand) Limited, Thailand I Enriching Lives Genesis Product Profile ▪ Assembly and packaging for sales of centrifugal ▪ Fire fighting pumps pumpsets in South-East Asian markets ▪ Chemical pumps Strategy ▪ Provides duty-free access to fast-growing ▪ Water supply pumps ✓ Access A
Slide 30: Kirloskar Brothers (Thailand) Limited, Thailand
Kirloskar Brothers (Thailand) Limited, Thailand • Enriching Lives Revenue (฿ Mn.) EBITDA (฿ Mn.) PAT (฿ Mn.) 610.7 36.6 14.8 22.7 381.1 -3.8 336.3 344.1 -11.9 -24.0 FY18 FY19 FY20 FY21 -56.7 -57.4 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 10.6% 4.3% 6.0% -1.0% -3.9% -2
Slide 31: Braybar Pumps Limited, South Africa
Braybar Pumps Limited, South Africa I Enriching Lives Genesis Product Profile ▪ Manufacturing and sales of high head multi- ▪ Fire fighting pumps stage pumps, rubber lined slurry pumps and ▪ Mine de-watering pumps white metal lined bearings ▪ Chemical pumps ▪ Successfully overcome the BBBEE regulati
Slide 32: Braybar Pumps Limited, South Africa
Braybar Pumps Limited, South Africa • Enriching Lives Revenue (ZAR Mn.) EBITDA (ZAR Mn.) PAT (ZAR Mn.) 107.3 13.7 5.4 69.8 72.1 71.5 2.9 -3.4 -9.4 -3.3 FY18 FY19 FY20 FY21 -9.0 -17.5 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 19.2% 7.5% -3.2% 2.7% -13.1% -4.6% Note: Inc
Slide 33: Karad Projects And Motors Limited (KPML)
Karad Projects And Motors Limited (KPML) I Enriching Lives Genesis Product Profile ▪ KPML is a wholly owned subsidiary of KBL. ▪ Stamping: Electrical Stampings , Core packs, Wound Stators , Die Cast Rotors , Copper Brazed Rotors, ▪ 3 manufacturing plants located at Karad, Rotor Fitted Shafts, Motors
Slide 34: Karad Projects And Motors Limited
Karad Projects And Motors Limited • Enriching Lives Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) 336.3 325.4 321.9 33.7 33.4 37.6 308.4 30.6 26.0 18.7 19.9 16.4 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 10.5% 10.8% 12.2% 9.4% 7.7% 5.8%
Slide 35: Kirloskar Ebara Pumps Limited
Kirloskar Ebara Pumps Limited I Enriching Lives Genesis Product Profile ▪ Established in 1988 as a Joint Venture (JV) ▪ Pumps: company promoted by KBL and Ebara ▪ Centrifugal pumps as per API 610 Strategy Corporation with a mission to manufacture and ▪ Multistage Boiler feedwater pumps ✓ Expand Serv
Slide 36: Kirloskar Ebara Pumps Limited
Kirloskar Ebara Pumps Limited • Enriching Lives Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) 180.4 36.6 20.3 164.1 34.9 158.9 160.9 18.4 17.5 19.0 7.7 8.0 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 21.3% 11.2% 11.2% 20.3% 11.0% 11.8% 4.9
Slide 37: The Kolhapur Steel Limited (TKSL)
The Kolhapur Steel Limited (TKSL) I Enriching Lives ▪ Genesis Kolhapur Steel Limited (TKSL) is a wholly owned subsidiary company of KBL. ▪ Pumps Product Profile High Grade Steel Alloy Castings for - I ,. Eririchirig Lives ▪ Established in the year 1965. ▪ Steel Turbines ▪ Hydro Turbines THE KC>LH.A.
Slide 38: The Kolhapur Steel Limited
The Kolhapur Steel Limited • Enriching Lives Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) 45.7 2.8 0.3 36.0 30.9 20.9 -5.2 -7.6 -8.6 -11.6 FY18 FY19 FY20 FY21 -10.8 -13.9 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 6.2% 0.6% -14.4% -21.2% -28.0% -37.4% -51.5
Slide 39: Kirloskar Corrocoat Private Limited
Kirloskar Corrocoat Private Limited I Enriching Lives Genesis Product Profile ▪ JV between KBL and Corrocoat Ltd. U.K. ▪ Corroglass - High performance engineering CORROCOAT ▪ The company manufactures glass flake polymer glass flake filled composites Strategy coatings at its state-of-the-art plant at
Slide 40: Kirloskar Corrocoat Private Limited
Kirloskar Corrocoat Private Limited • Enriching Lives Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) 34.6 3.7 1.6 27.8 24.3 20.1 1.7 0.1 0.4 0.1 -0.9 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 -1.1 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 10.6% 4.7% 6.8% 0.2% 1.3% 0.7% -3.9% FY18
Slide 41: Strategic Focus
• Enriching Lives 01 About Us 04 Financial Highlights Our Joint Ventures & Historical Performance at a 02 Subsidiaries 05 Glance 03 Strategic Focus 06 Notable Projects 40
Slide 42: A Unique Value Proposition
A Unique Value Proposition I Enriching Lives ▪ KBL has a diversified ▪ From Conceptualization to Diversified Proposition – presence across multiple End to end offering – Manufacturing to segments and multiple One Stop Solution Unimpacted by Cyclicality Implementation has resulted business models int
Slide 43: …And Improving Product Mix
…And Improving Product Mix I Enriching Lives 8% 15% 13% 16% 14% 17% 54% 26% 28% 24% 15% 12% 50% 47% 43% 20% FY2010 FY2015 FY2017 FY2021 Made to Stock Made to Order Engineered to Order Projects - Trading & Civil Note: Pumps installed in Projects jobs are included in Engineered to Order Only KBL (Stan
Slide 44: ..Coupled with Multiple Triggers to Drive the Growth Momentum
..Coupled with Multiple Triggers to Drive the Growth Momentum I Enriching Lives Internal Triggers External Triggers Growing presence in fast growing in ASEAN Growing revenue share from Framework region. Contracts & Subscription Platform to counter the Strong presence in sunrise sectors like cyclical
Slide 45: ..Coupled with Multiple Triggers to Drive the Growth Momentum
..Coupled with Multiple Triggers to Drive the Growth Momentum I Enriching Lives Internal Triggers External Triggers • Growing presence in fast growing in Growing revenue share from ASEAN region. Framework Contracts & Subscription • Strong presence in sunrise sectors Platform to counter the cyclicali
Slide 46: Staying Ahead of the Curve through Digital Initiatives
Staying Ahead of the Curve through Digital Initiatives I Enriching Lives ▪ Over a decade, KBL has strategically invested in various strategic digital initiatives like Virtual Reality (VR), Augmented Reality (AR), Artificial Intelligence (AI) , Internet of Things (IoT) and 3-D Printing - Provides Tec
Slide 47: Subscription Platform - Creating Market Opportunity
Subscription Platform - Creating Market Opportunity I Enriching Lives Subscription platform is aimed towards leveraging the technological and domain expertise to create a scalable and sustainable business Traditional Solution Market Opportunity • Manage customer site. Refurbish, repair & ❑ Scalable
Slide 48: Way Ahead….
Way Ahead…. I Enriching Lives KBL has strategically reduced EPC business exposure and increased contribution from Services & Value-Added Products Reduced EPC Business exposure ❑ Reduced Exposure to EPC business J ▪ KBL has reduced exposure towards low margin, lumpy and working capital intensive EPC
Slide 49: Financial Highlights
• Enriching Lives 01 About Us 04 Financial Highlights Our Joint Ventures & Historical Performance at a 02 Subsidiaries 05 Glance 03 Strategic Focus 06 Notable Projects 48
Slide 50: Orderbook
Orderbook I Enriching Lives Robust Orderbook Implying Strong Revenue Visibility Sector (In Rs. crores) Q1 FY22 Q4 FY21 Q3 FY21 Q2 FY21 Q1 FY21 Irrigation + Water Resource Mgmt. 691 733 746 773 802 Power 460 481 406 438 450 Oil & Gas 36 40 41 64 64 Marine & Defence 50 52 21 24 33 Industry 87 67 80 73
Slide 51: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement • Enriching Lives Particulars (Rs. Crores) Q1FY22 Q1FY21 YoY% Net Revenue from Operations 626.6 454.9 37.7% Other Income 16.9 13.0 COGS 333.6 259.0 Gross Profit 309.9 208.9 48.3% Gross Margin (%) 49.5% 45.9% 354bps Employee Expenses 125.9 119.3 Other Expenses 141
Slide 52: Q1FY22 Key Subsidiaries Financials Performance
Enriching Lives Q1FY22 Key Subsidiaries Financials Performance Revenue from Operations (Rs. Crores) Q1FY22 Q1FY21 KBL 397.5 262.9 KCPL 3.5 1.9 TKSL 4.8 1.8 KPML 89.6 22.8 KBIBV (consol.) 220.4 199.6 Subtotal 715.8 489.1 Elimination/ Consol. adjustment (Estimated) (89.2) (34.2) Total KBL without KEPL
Slide 53: Historical Performance at a Glance
• Enriching Lives 01 About Us 04 Financial Highlights Our Joint Ventures & Historical Performance at a 02 Subsidiaries 05 Glance Innovative, Future Ready, 03 06 Notable Projects Sustainable & Consistent 52
Slide 54: Historical Financial Performance
Historical Financial Performance • Enriching Lives Consolidated Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) 3,349 294 154 3,135 2,657 2,775 2,717 245 172 151 126 68 46 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 -2 -5 FY17 FY18 FY19 FY20 FY21 EBITDA Margin (%) PAT Margin (%) 10.8
Slide 55: Historical Financial Performance
Historical Financial Performance • Enriching Lives Consolidated EPS (in Rs.) Net Worth (Rs. Crores) Leverage (X) 20.3 1,107 0.6 901 946 912 946 0.4 0.4 0.4 9.1 0.3 6.2 0.5 0.4 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 RoCE (%) RoE(%) 18.0% 13.9% 15.1% 10.3% 7.2% 8.4%
Slide 56: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement • Enriching Lives Particulars (Rs. Crores) FY21 FY20 FY19 FY18 FY17 Net Revenue from Operations (Net of Excise) 2,716.5 3,135.4 3349.0 2775.4 2656.8 Other Income 53.8 37.6 23.7 21.9 30.6 COGS 1,449.5 1,641.9 1829.8 1456.8 1293.3 Gross Profit 1,320.8 1,531.1 1,542
Slide 57: Consolidated Balance Sheet Statement
Enriching Lives Consolidated Balance Sheet Statement Particulars (Rs. Crores) FY21 FY20 FY19 FY18 FY17 Particulars (Rs. Crores) FY21 FY20 FY19 FY18 FY17 Equity Non Current assets Property, Plant and Equipment 428.4 429.4 433.6 426.4 443.0 Equity Share capital 15.9 15.9 15.9 15.9 15.9 Capital work in
Slide 58: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement • Enriching Lives Particulars (Rs. Crores) FY21 FY20 FY19 FY18 FY17 Profit Before Taxes 182.1 121.3 40.6 73.3 16.4 Changes in working capital 170.1 219.9 39.6 49.9 78.4 Cash generated from operations 352.2 341.2 80.2 123.2 94.8 Direct taxes paid (net of refund) 35.8
Slide 59: Notable Projects
• Enriching Lives 01 About Us 04 Financial Highlights Our Joint Ventures & Historical Performance at a 02 Subsidiaries 05 Glance 03 Strategic Focus 06 Notable Projects 58
Slide 60: Notable Work – Building & Construction
Notable Work – Building & Construction I Enriching Lives KBL's pumping solutions are operational in many of the world's iconic buildings The Shard, UK White House, Hong Kong–Zhuhai– Marina Bay Sands, Atal Tunnel, India Statue of Unity, India Washington Macau Bridge Singapore 59
Slide 61: Notable Projects – Power
Notable Projects – Power I Enriching Lives KBL is the first and leading manufacturers of critical pumps for nuclear power in India. Supplied primary and secondary sodium pump to Bhavini and specialised pump sets for the ITER (International Thermonuclear Experimental Reactor) project in France, the w
Slide 62: Notable Projects – Municipal Water
Notable Projects – Municipal Water I Enriching Lives Thailand Uttar Pradesh, India Mumbai, India Thames River, UK Gwari Culvert, India South Africa 61
Slide 63: Notable Projects – Irrigation
Notable Projects – Irrigation I Enriching Lives KBL’s irrigation solutions are operational across the world Sardar Sarovar, India Senegal Laos Bheema, India Egypt EDIA, Portugal 62
Slide 64: For further information, please contact
For further information, please contact Company: Investor Relations Advisor: CIN: L29113PN1920PLC000670 CIN: U74140MH2010PTC204285 Mr. Chittaranjan Mate Mr. Varun Divadkar / Mr. Chinmay Madgulkar Email: Chittaranjan.Mate@kbl.co.in E: varun.divadkar@sgapl.net / chinmay.m@sgapl.net T: 020 2721 1147 T: