Slide 1: Outcome of the Board Meeting held on May 2, 2025
May 2, 2025 Ref. No.: AIL/SE/7/2024-25 To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai-400001, MH. Mumbai-400051, MH. Scrip Code: 543534 Symbol: AETHER Dear Madam / Sir, Subject: Outcome
Slide 2: Independent Auditor's Report (Consolidated)
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR, PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com INDEPENDENT AUDITOR’S REPORT To, The Members, Aether Industries Limited, Surat I Audit Report on the
Slide 3: Independent Auditor's Report (Consolidated) continued
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR, PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsi
Slide 4: Auditor's Responsibilities for the Audit
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR, PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com The Board of Directors of the Group are responsible for overseeing the Companies’ financial reporting
Slide 5: Auditor's Report continued
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com o Evaluate the overall presentation, structure and content of the consolidated annual financial statem
Slide 6: Auditor's Report continued
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified un
Slide 7: Auditor's Report continued
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Emuail :cabirjjushah@gmail.com, sarvam9@gmail.com (b) The respective Managements of the Company and its subsidiaries which are companies incorporated i
Slide 8: Emphasis Matter and Other Matters
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR, PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com under CARO is applicable, we report that there are no qualifications or adverse remarks in these CARO
Slide 9: Statement of Audited Consolidated Financial Results
AETHER INDUSTRIES LIMITED, SURAT Plot No. 8203, GIDC Sachin, Surat - 394230, Gujarat, INDIA Website: www.aether.co.in, Email: compliance@aether.co.in Corporate Identification Number (CIN): L24100GJ2013PLC073434 STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH
Slide 10: Notes to Consolidated Financial Results
Notes: 1. Theabove audited consolidated financial results have been reviewed by the Audit Committeeand thereafter approved and taken on record by the Board of Directors in their respective meetings held on May 2, 2025. These audited consolidated financials results ofthe Companyare prepared in accord
Slide 11: Audited Consolidated Statement of Assets and Liabilities
AETHER INDUSTRIES LIMITED, SURAT Surat - 394230, Gujarat, INDIA Website: www.aether.co.in, Email: compliance@aether.co.in Corporate Identification Number (CIN): L24100G)2013PLC073434 AUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2025 Asat Asat e Particul 31 March 2025 31 M
Slide 12: Consolidated Liabilities
Current liabilities Financial liabilities {i) Borrowings 1,825.29 1,686.18 (ii) Lease liabilities 25.32 24.46 (iii) Trade payables a) total outstanding dues of micro enterprises and small enterprises 221.14 86.06 b)total outstanding dues of creditors other than micro enterprisesand 1,054.54 949.29 s
Slide 13: Audited Consolidated Statement of Cash Flow
AETHER INDUSTRIES LIMITED, SURAT Plot No. 8203, GIDC Sachin, Surat - 394230, Gujarat, INDIA Website: www.aether.co.in, Email: compliance@a ether.co.in Corporate Identification Number (CIN): L24100GJ2013PLC073434 AUDITED CONSOLIDATED STATEMENTOF CASH FLOW FOR THE YEAR ENDED MARCH 31, 2025 Forthe For
Slide 14: Cash Flow Notes
Notes:- 1. Cash and cash equivalentsinclude Cash on hand 1.05 134 Balances with bank -Current accounts 85.40 9.15 -EEFCaccounts 76.12 37.72 -Cash Credit accounts 11.14 5.45 Other bank balances 2,224.04 5,502.88 2,397.75 5,556.54 Notes: 1. Theabove cash flow statement has been prepared under the 'Ind
Slide 15: Independent Auditor's Report (Standalone)
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE. NR. BIG BAZAR PIPLOD. SURAT — 395 007. Phone : (0) 91 99784 44603. (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com INDEPENDENT AUDITOR’S REPORT To, The Members, Acther Industries Limited, Surat I Audit Report on the F
Slide 16: Key Audit Matters
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR, PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com Sr Key Audit Matter Auditors’ Response No Inventory Valuation Qur procedures included. amongst others
Slide 17: Key Audit Matters continued
BIRJU S. SHAH & ASSOCIATES 113. INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR PIPLOD. SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com management estimates and judgement which growth rates, terminal value and may affect the outcome. the
Slide 18: Management Responsibilities
BIRJU S. SHAH & ASSOCIATES i 13, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com Indian Accounting Standards (Ind AS) specified under Section 133 of the Act read with relevant rules
Slide 19: Auditor's Report continued
BIRJU S. SHAH & ASSOCIATES 1 13. INTERNATIONAL BUSINESS CENTRE. NR. BIG BAZAR PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com continue as a going concern. If we conclude that a material uncertainty exists, we are required to dr
Slide 20: Report on Other Legal and Regulatory Requirements
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR PIPLOD. SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreeme
Slide 21: Auditor's Report continued
BIRJU S. SHAH & ASSOCIATES 1 13, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR, PIPLOD, SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com (b) The respective Managements of the Company and its subsidiaries which are companies incorporated
Slide 22: Emphasis Matter and Other Matters
BIRJU S. SHAH & ASSOCIATES 113, INTERNATIONAL BUSINESS CENTRE, NR. BIG BAZAR PIPLOD. SURAT — 395 007. Phone : (0) 91 99784 44603, (M) 91 98251 67067 Email :cabirjjushah@gmail.com, sarvam9@gmail.com III. Emphasis Matter: We draw attention to Note - 35 to the standalone Ind AS financial statements, wh
Slide 23: Statement of Audited Standalone Financial Results
AETHER INDUSTRIES LIMITED, SURAT Plot No. 8203, GIDC Sachin, Surat - 394230, Gujarat, INDIA Website: www.aether.co.in, Email: compliance@aether.co.in Corporate Identification Number (CIN): L24100G)2013PLC073434 STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31
Slide 24: Notes to Standalone Financial Results
Notes: 1. The above audited standalone financial results have been reviewed by the Audit Committeeand thereafter approved and taken on record by the Board of Directors in their respective meetings held on May 2, 2025. These audited standalone financials results of the Company are prepared in accorda
Slide 25: Audited Standalone Statement of Assets and Liabilities
AETHER INDUSTRIES LIMITED, SURAT Surat - 394230, Gujarat, INDIA Website: www.aether.co.in, Email: compliance@aether.co.in Corporate Identification Number (CIN): L24100GJ2013PLC073434 AUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2025 Asat Asat Particul erticutars 31 March 20
Slide 26: Standalone Liabilities
Current liabilities Financial liabilities (i) Borrowings 1,197.31 1,292.03 (ii) Lease liabilities 2532 24.46 (iii) Trade payables a)total outstanding dues of micro enterprises and small enterprises 214.87 76.59 b) total outstanding dues of creditors other than micro enterprises and 926.55 861.66 sma
Slide 27: Audited Standalone Statement of Cash Flow
AETHER INDUSTRIES LIMITED, SURAT Plot No. 8203, GIDC Sachin, Surat - 394230, Gujarat, INDIA Website: www.aether.co.in, Email: compliance@aether.co.in Corporate Identification Number (CIN): L24100GJ2013PLC073434 AUDITED STANDALONE STATEMENTOF CASH FLOW FOR THE YEAR ENDED MARCH 31, 2025 For the For th
Slide 28: Cash Flow Notes
Notes:- 1. Cash and cash equivalentsinclude Cash on hand 1.04 1.22 Balances with bank -Current accounts 85.40 9.15 - EEFCaccounts 76.12 37.72 - Cash Credit accounts 11.14 5.45 Other bank balances 2,223.81 5,502.65 2,397.51 5,556.19 Notes: 1. Theabove cash flow statement has been prepared under the '
Slide 29: Q4 | FY25
Q4 | FY25
Slide 30: Financial results: Revenue for the quarter
Q4 FY25 Financial results Comparing periods ₹ 2,453 M Q3 FY25 ₹ 2,333 M Revenue for the quarter Q4 FY24 +5 % Q/Q | +90% Y/Y ₹ 1,291 M (Consolidated Numbers)
Slide 31: Financial results: EBITDA for the quarter
Q4 FY25 Financial results Comparing periods ₹ 819 M Q3 FY25 ₹ 757 M EBITDA for the quarter Q4 FY24 +8 % Q/Q | +469% Y/Y ₹ 144 M (Consolidated Numbers)
Slide 32: Financial results: PAT for the quarter
Q4 FY25 Financial results Comparing periods ₹ 503 M Q3 FY25 ₹ 434 M PAT for the quarter Q4 FY24 +16 % Q/Q | +3621% Y/Y ₹ -14 M (Consolidated Numbers)
Slide 33: Q4 FY25 Earnings
Earnings REVENUE EBITDA PAT 2,453 819 503 Q4 FY25 33% 21% Q/Q +5% +8% +16% Y/Y +90% +469% +3621% 8,803 2,709 1,584 31% 18% FY25 FY/FY + 38% + 72% + 92% (Consolidated Numbers) | All numbers in INR M
Slide 34: Highlights
Site 5 Expansion Phase one - commissioning of 2 production blocks in H2 of FY26 Site 5 - additional land adjacent to current Plot 14+15, admeasuring 15 acres for future expansion Site 4 Expansion commissioning completed, commercial production started in Q4FY25 Site 3++ Expansion with new tie-up with
Slide 35: Business Models
Business Models 38% Contract | Exclusive ₹591 ₹232 ₹910 32% 20% 38% Manufacturing Q4FY23 Q4FY24 Q4FY25 10% Contract Research & ₹216 ₹139 ₹244 Manufacturing Services 12% 12% 10% Q4FY23 Q4FY24 Q4FY25 51% Large Scale ₹1,010 ₹801 ₹1,231 55% 68% 51% Manufacturing Q4FY23 Q4FY24 Q4FY25 * Q4 FY24 - fire acc
Slide 36: Aether Today
Aether Today 30.38 FY18 1,092 29.33 30.78 FY19 2,033 EBITDA % Revenue FY20 3,038 25.10 23.78 23.57 FY21 4,541 FY22 5,970 21.69 FY23 6,676 24.74* FY24 6,374* FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY25 8,803 19.53 51.24% LSM 55.64% Domestic 18.25 18.00 37.87% CEM 44.36% Exports# 15.64 10.15% CRAMS 1
Slide 37: Business Segments
Business Segments Revenue 45.60% Pharma 38.33% Pharma 21.17% Agro 17.20% Agro 11.44% Material Science (7.91%) 20.77% Material Science (7.91%) 6.51% Multiple 0.96% Multiple 5.98% Oil & Gas (1.56%) 13.74% Oil & Gas (1.56%) 3.74% Coatings 2.63% Coatings 3.33% High Performance Photography 1.54% High Per
Slide 38: Foundational differentiator
Foundational differentiator FY24 15.4% Core R&D-Centric approach ₹987 demonstrated by ₹ 681.23 M spent towards Research & Development, accounting for 7.74% of the total revenues in FY25 ₹681 FY23 7.5% FY25 7.74%* FY22 6.6% ₹501 ₹ 681 ₹393 FY21 4.3% FY20 4.0% ₹193 FY19 2.6% ₹121 ₹53 * FY24 - fire acc
Slide 39: Site 2
Site 2 GPCB revocation in January 2025. Stock Loss claim settled in Q4FY25, claim for FLOP and Restatement of Fixed Assets under process.
Slide 40: Site 3++
Site 3++ Expansion is on track, with equipment procurement underway and all approvals secured for a seamless transition. A new client and product under CEM are set to launch, with commissioning targeted in Q4 FY26.
Slide 41: Site 4
Site 4 The site was commissioned in March 2024, with an SSA executed with Baker Hughes. Commercial production began in Q4-FY25 following a commercial order. Two products are now in production, with six additional products planned for a phased launch.
Slide 42: Site 5
Site 5 The EC was approved in December 2023, initiating equipment ordering. Ground digging, wall fencing, and plinth work are complete. Building work for the phase one production block has started, with commissioning expected by the end of FY26.
Slide 43: Site 5: New Land Acquired
New Land Aquired Site 5 Secured an adjacent parcel, expanding Site 5 to 46 acres, with strategic foresight for future business expansions
Slide 44: Standalone Statement of Assets and Liabilities
Standalone Statement of Assets and Liabilities ASSETS (INR in MM) FY25 FY24 FY25 FY24 EQUITY AND LIABILITIES Audited Audited Audited Audited Non-current assets Equity Property, plant and equipment 8,535 6,097 Equity share capital 1,326 1,326 Capital work-in-progress 3,331 2,143 Other equity 20,926 1
Slide 45: Standalone Financial Results
Standalone Financial Results Q4FY25 Q3FY25 Q4FY24 FY25 FY24 Audited Unaudited Audited Audited Audited Particulars (INR in MM) Revenue from operations 2,147 1,974 1,150 7,885 5,957 Other income 56 140 136 443 443 Total income 2,203 2,114 1,287 8,328 6,399 Cost of material consumed + Changes in invent
Slide 46: Standalone Statement of Cash Flows
Standalone Statement of Cash Flows FY25 Audited FY24 Audited Particulars (INR in MM) Cash generated from operations 1,557 153 Net cash from operating activities 1,177 -20 Net cash (used in) investing activities -4,148 -3,989 Net cash used in financing activities -187 8,542 Net increase / (decrease)
Slide 47: Consolidated Statement of Assets and Liabilities
Consolidated Statement of Assets and Liabilities ASSETS (INR in MM) FY25 FY24 FY25 FY24 EQUITY AND LIABILITIES Audited Audited Audited Audited Non-current assets Equity Property, plant and equipment 9,439 6,933 Equity share capital 1,326 1,326 Capital work-in-progress 3,554 2,261 Other equity 20,933
Slide 48: Consolidated Financial Results
Consolidated Financial Results Q4FY25 Q3FY25 Q4FY24 FY25 FY24 Audited Unaudited Audited Audited Audited Particulars (INR in MM) Revenue from operations 2,402 2,197 1,175 8,387 5,982 Other income 51 136 116 416 392 Total income 2,453 2,333 1,291 8,803 6,374 Cost of material consumed + Changes in inve
Slide 49: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows FY25 Audited FY24 Audited Particulars (INR in MM) Cash generated from operations 1,381 8 Net cash from operating activities 1,001 -165 Net cash (used in) investing activities -4,179 -4,239 Net cash used in financing activities 20 8,938 Net increase / (decrease) i
Slide 50: Innovation is our element; Chemistry is our craft
“ Innovation is our element; Chemistry is our cra .” All rights reserved. Aether and the Aether logo are trademarks of Aether Industries Limited, registered in India Registered Office - 8203, Road No. 08, GIDC Sachin - 394230, Surat, Gujarat, India | Board Line: +91-261-6603000 | Email ID: info@aeth