Investor Presentation

Q3 & 9M FY25
Update on Strategic Directions
Grow the Core ▪ Ongoing support through TV and digital media, as well as, visibility
investments across major platforms
▪ RTM revamp through ‘Project Aarohan’ operational across States of UP &
MP. In Phase 2 of ‘Project Aarohan’, we plan to cover all other major States
in India

Scaling up Organised ▪ MT & E-Com continues to register strong growth QoQ; Quick-Commerce
Trade scaling up well
▪ OT Saliency at 30%; CAGR of 29% over last 3 years

Portfolio Diversification ▪ NPD’s scaling up well led by Bajaj 100% Pure Coconut Oil and AD Hair &
Skin Care range
▪ NPD saliency at 20%

Expanding International ▪ Healthy growth across key markets of Rest of World, Bangladesh, Nepal
Market Presence and GCC & Africa.
▪ Saliency > 6%; CAGR of 37% over last 3 years

M&A ▪ Acquisition of Banjara’s – A strategic fit for Bajaj Consumer Care Ltd
 Bespoke approach to identify inorganic growth opportunities

1 Focus on Companies with presence in identified categories, post a detailed

Guardrails prioritization exercise across 100+ categories in FMCG
for M&A
2 Companies with a good platform/multi-category play likely to accelerate scale-up

3 Robust financials critical, preferably with positive EBITDA

1 Tie-in with Bajaj brand credentials preferable

Key Target
2 Portfolio diversification in personal care space
Co attributes
3 Presence in General Trade, enabling scale up through our existing network

4 Potential to improve Distribution in under represented states

5 Potential to leverage our wide Distribution in HSM markets

6 Revenue of at least INR 50 Cr+ with High gross margins

Acquisition of

A strategic fit for BCCL

 Banjara’s – A South India based ‘Naturals’ Brand in Personal Care
Financials Trustworthy Brand

• Annualised Revenue of over INR 50 • Started in 1991

6 1
Crs with CAGR of 14% (4 years) • Strong Proposition and brand equity
• EBITDA in high single digit
• Debt Free & +ve Cash Flow

Strong Consumer Connect High Quality Products

• Consistent feedback • Wide Natural Product range in

5 2
through Beauty Advisors Hair and Skin Care
• Strong NPD pipeline • Robust R&D capabilities

Extensive Distribution Reach Integrated Business Model

• 70K+ outlets reach (Cosmetics, SMAT, • Strong in market execution

Pharmacies and Groceries) across 5 4 3 • Ayush & GMP Certified Own
states of South India manufacturing Facility
• Presence across all channels
 Strong Play in ‘Naturals’ Hair and Skin Care
The ‘Naturals’ market is
Hair Care Skin Care sizeable, fast growing
Saliency 48% Saliency 52%
1 Naturals BPC Size :
~40%+ of BPC

2 Naturals BPC
Face Moisturising Aloevera
Growth: 1.5x BPC
Creme Shampoo Powder wash Cream Gels

Consumers actively search

3
for ‘Naturals’ attributes

Hair care Hair care Herbal Face Facial Rose

combos powder Powder Packs Kits Water
Brand Positioning

Rituals of Traditional Big Idea

Beauty

Traditional Beauty in Convenient Forms Positioning

Natural, Pure, Wisdom, Innovation Attributes

Body
Face Hair
Care Pillars
Rituals Rituals
Rituals

Authentic, Ayurvedic, Convenient, Traditional, Proof Points

Affordable

Key Association with Brand by Consumers

Natural
Safe to use No Side Effects
Ingredients

Good Quality Highly Effective Affordable

Banjara’s: An Excellent strategic fit

Strong synergy between Banjara’s & Bajaj brands: Traditional & Indian Heritage

Turbocharging our play in South India: Banjara’s wide GT distribution reach through Cosmetic Stores,
Pharmacies and Groceries across all 5 southern states enhances BCCL’s current reach (2X+ Increase in
reach)

Enhancing play in Rest of India in GT: Launching Banjara’s products in BCCL’s stronghold HSM

Building Organised Trade Channels and International Markets: Scale up of Banjara's products
leveraging BCCL’s expertise

Robust financials and Margin Accretive: INR 50Cr+ brand with Gross margin of 60%+
 Transaction Structure & Terms
▪ Share Purchase cum Shareholders Agreement to acquire 100% of equity share capital of the Target
Company in two tranches.
Deal mechanism
▪ 49% in the first tranche and the remaining 51% will be acquired in the second tranche

▪ Estimated cash consideration of approx. INR 120 crore, subject to adjustments as set out in the Share
Purchase Purchase cum Shareholders Agreement
consideration ▪ Enterprise value (EV)/Sales: 2x Sales ~ INR 108.3 crore

▪ Approximately 3-4 months from the Share Purchase cum Shareholders Agreement, subject to
Timelines
completion of closing conditions

FY’s In INR Crores

2023-24 51.5
Revenue
2022-23 45.4

2021-22 39.3
Q3 & 9M FY25 PERFORMACE
Standalone Q3 FY25

GROSS PROFIT AFTER

TOPLINE EBITDA
MARGIN TAX

INR 225.6 Crs INR 29.3 Crs INR 27.5 Crs

51.8%
Flat QoQ 13.0% of Sales
Standalone 9M FY25

GROSS PROFIT AFTER

TOPLINE EBITDA
MARGIN TAX

INR 687.9 Crs 53.2% INR 102.5 Crs INR 98.7 Crs
-4.6% YoY 14.9% of Sales
SALES & MARKETING
Brand Performance Highlights

ADHO NPDs + Traditional

▪ Bajaj 100% Pure Coconut Oil delivered strong

▪ Overall ADHO saw low single digit
growth of 19% in 9M FY25
decline in Q3 FY25 YoY; Flat QoQ
▪ Almond Drop Hair and Skin care range
▪ Large and Mid packs remained flat,
registered a growth 39% in 9M FY25, the
while sachets declined
portfolio continues to witness strong traction
Channel Performance
▪ Continues to be under pressure due to subdued demand. However on a
QoQ basis, Secondary sales grew by 4%
General Trade ▪ 4 days of distributor inventory reduced over the quarter to improve ROI
▪ 14% increase in distribution for Bajaj 100% Pure Coconut in Q3 YoY
▪ One-time investments made in IT infrastructure for improving our
technology enablement along with formalization of ISR’s on 3P payroll &
broad basing wholesale channel to reduce dependence on large
wholesaler

▪ Registered a growth of 22% in Q3 YoY, Saliency at 30%

Organized Trade ▪ Modern Trade grew by 10% in Q3 YoY backed by strong performance
across chains. ADHO grew by 18% YoY
▪ E-Commerce witnessed a growth of 39% in Q3 YoY. Quick Commerce
grew by 72% YoY & now contributes to 10% of E-Com business
▪ Canteens + Institutions grew by 25% in Q3 YoY

▪ Registered growth of 23% in Q3 YoY and 19% for 9M FY25

International ▪ Bangladesh continues to see robust growth both on QoQ and YoY basis
▪ ROW grew by 12% in Q3 and 26% for 9M; all key markets growing well
Business
▪ Nepal grew by 5% in Q3 and 28% for 9M led by NPD performance
▪ GCC & Africa continues to witness steady growth
ADHO Performance
▪ Almond Drops Hair Oil registered a low single digit decline YoY in Q3 while on
a sequential basis it was flat

▪ Large and Mid-packs continued to perform better than small packs. 95 ml

registered mid single digit growth with introduction of consumer offer PAN
India to address high price indexation against competition

▪ MT & E-Commerce specific packs of 650 ml & 750 ml registered strong growth
backed by exclusive kits & visibility investments

▪ Introduced new 24 ml pack at Rs. 10 with improved value proposition and

size perception

BEFORE AFTER
 ADHO New Thematic Launch with Kiara Advani

Digital Push &

Extensive TV Campaign Teaser Campaign
9000+ spots on top rated programs Launched a teaser campaign
across 55 channels in 10 Genre’s targeting younger audiences,
including regional focus on Marathi, amplified across YT,OTT aiming for
Bengali & Oriya 4 Crore impressions

Top Programmes
Engagement with Contest
Instagram contest to drive
interaction & amplify TVC
Star Plus Colors Zee TV High frequency 6 sec creatives on
Meta to maximize recall

Launch campaign delivered ~840 GRP with 21% SOV in HSM Market. On Digital reach of 1.1 Cr & 2.5 cr views
AD LINK - https://www.youtube.com/watch?v=ueaIUPRG4H8
Showing +ve results compared to Industry norms in haircare
New Kiara Thematic Capturing Audiences Attention
Objective: Drive awareness and create excitement around the
new commercial launch
Approach: NCCS AB Audience on YT, OTT, Contest on Social

Overall Impact

Platform Reach Views

YT + OTT 97L 3.1Cr
Meta 22L 21L
Social 50L 67L
Indexed Glance Views

3000000 2836321

2500000
▪ Optimized spends by reaching Urban markets via OTT
1723704
2000000
1242295
1565610
& others via YouTube
1500000 980246
1000000
500000
▪ New TVC is shown promising results
0
AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

glanceViews
 ADHO Digital Media Initiatives
Programmatic Advertising Influencer Marketing-
Abhyanga Snan
Social Media

To create Excitement & Engagement around

the New Kiara TVC​. We launched a contest -
Objective: To create awareness #Dropthelyrics on Social​
about the new Pack in Delhi,
Punjab, Haryana , Rajasthan, UP & No. of Entries : 1200
WB reaching NCCS AB
ER% : 3%
No. of Influencers : 40
Platforms: YouTube & Top OTT
Shows Reach : 30L Views : 69L
ER% : 5%
Views : 6.9 Cr

VTR : 86%
ADHO - 95ml Promo Announcer Campaign

35 Channels
1200+ GRPs on TV
across 7 Genres

High frequency 10 Genre mix of GEC,

sec promo Movies, Music &
announcer Regionals
Watch Now

Spots on Top Shows Spots on Top

Channels
Almond Drops Hair & Skin Care Range
Almond Drops Shampoo & Conditioner
▪ Delivered excellent growth of 3X in both Q3 and 9M FY25

▪ Activations such as regime kits were launched during Q3 to build traction among consumers

▪ Growth in E-Commerce driven by all major platforms including Quick Commerce

Hair Care Regime Visibility in Modern Trade

Good traction in E-Commerce channel Extended Support by placing FSU &

Multi brand endcaps for visibility
Almond Drops Body Lotion
▪ Registered strong growth of >2X in Q3 and in 9M FY25

▪ Brand saw an uplift in E-Commerce channel on account of optimization of display image, new
pack launch, influencer campaigns and aggressive pricing

Almond Drops Non-Sticky Affiliate Influencers : 7

Body Lotion (Winter) Reach : 1.1 Mn On platform visibility for
packaging revamp ROI : 60% Winter Lotion
Almond Drops Hair Serum
▪ Registered high single digit growth in Q3 and high teens in 9M FY25

▪ E-Commerce contributes to 35% of the category where AD Serum is growing at 59%

▪ Positive consumer ratings, reviews ensuring good traction

ADHO + Hair Influencer campaign to drive

Serum+ Shampoo conversion & build awareness Visibility support via FSU and ENDCAPS across
Combo kit for E Com Reliance stores
channel
Bajaj 100% Pure Coconut Oil Q3 Marketing Initiatives
On Platform New SKUs Launch in GT & OT

▪ 525 ml exclusive SKU launched in Apollo leading

▪ Display and banner ads run on both platforms for to 25% increase in offtakes
visibility leading to 1.5 crore impressions in Q3 on ▪ 400 ml jar introduced at Rs. 99 price point at
Amazon independent store to tackle aggressive pricing by
peer
▪ Tin pack launched in Q3 for Northeast markets
Bajaj 100% Pure Coconut Oil Performance
▪ Brand is clocking consistent revenue across regions & channels. All-India market share has been
steadily going up quarter on quarter thereby endorsing increased consumer acceptance
▪ Mid single digit price increase taken in Q3, with another similar round of increase in Q4
▪ Good Market Share gains in Traditional Bajaj strongholds nearing double-digit shares in CNO
▪ Steady increase of market share in Maharashtra from 1.6% in Q3 FY24 to 2.1% in Q3 FY25, driven
by targeted media initiatives and enhanced distribution efforts
 Bajaj Gulabjal
▪ Two consumer offers on 60 ml and 120 ml were supported by
30,000 poster visibility across India during the quarter

▪ Q3 FY25 achieved highest sales driven by the consumer offer

in December. Plan to support and scale this consumer offer
with digital campaigns and internal sales contests in Q4
On Platform Media Execution Images
Festive led creatives and visibility across platforms
PROJECT AAROHAN - PHASE 2
Project Aarohan >> Revamping our RTM to drive growth

Phased expansion in urban reach (in

50k+ population towns) Improved servicing in high potential outlets

1.4X
X

outlets outlets High potential outlets

Weekly
servicing
✓ High throughput
Pointed expansion in high potential
Better
villages (in UP & MP)
✓ High bill- salesmen
cuts/month

1.1X Suggested
X ✓ High range selling order
villages villages
 Project Aarohan - Progress Update across UP and MP
Representation Changes UP MP Reach & Ways of working Changes UP MP

Improvement in representation # of New outlets added

1 Ph. 1 92% 98% 1
1.4x 1.6x
(% of recommended upgrades in (Improvement in direct coverage of urban
representation from Sub DB to outlets)
Direct DB, Satellite Coverage to Sub Ph. 2 53% 90%
DB etc. completed)

New towns under coverage # of New ISRs added

2 Ph. 1 89% 88% 2 1.1x 1.2x
(No-coverage towns brought under (New Urban ISRs added to support outlet
coverage as Sub-DB towns or satellite addition)
towns) Ph. 2 68% 93%

Strengthening representation # of towns with high potential beats

3 32% 28% 3 started 6 4
(Channel partners changes with focus on
improvement in quality based on (Weekly servicing of high potential outlets
performance and productivity) in key TLP towns)

Pilot implementation has been rolled out across ASM territories in UP & MP
Improvement across sales enablement and sales development
functions to drive off-take
Organization Structure & Process Improvement Channel Specialization

Organization Structure >>

Re-defined channel loyalty
• Optimized organization structure across program with a focus on
levels through improvement in span of
driving both sell-in and
control
sell-out
Sales Steering Process >>
Re-designed a target-based
• Restructured sales steering and review wholesale loyalty program
process across levels
to increase width of
Incentive Structure Revamp >> achievement
Reduced CTS through by
• Aligned incentive structure across levels
with focus on driving productivity and ensuring right products are
range selling placed at right stores
Performance Management System (PMS)
>>
• Identified improvement areas across
productivity and performance metrics
based on revamped PMS
Project Aarohan extended to Rest of India - Phase 2 Plan

Q4 FY25 (Jan – Q1 FY26 (Apr – Q2 FY26 (Jul – Q3 FY26 (Oct –

Mar) Jun) Sept) Dec)
Design

Design for
4 states
Design for Design for 5 additional
2 states states
Implementation

Implementation in 4
states
Implementation for 2
states
Steering

Steering for UP Steering in 4

+ MP states
Steering for 2 states
Geo Tagging & Fencing - Urban Markets
▪ Geo tagging undertaken for all our direct coverage stores

▪ The exact location of store will be captured in the app used by sales force

▪ Subsequently this location (latitude / longitude) will be locked (fenced) so that orders have to be taken
only at the location of store and cannot be taken remotely

➢ All Urban outlets have been Geo Tagged & Geo Fenced
INTERNATIONAL BUSINESS
International Business Performance – GCC & Africa
▪ UAE and Lower Gulf grew by 21% in 9M FY25. New countries opening - Iraq, Pakistan,
Angola aided the growth

▪ Systemic infrastructure correction in progress in KSA

Marketing and E-Commerce Initiatives

▪ First-ever awareness building through ATL campaign in UAE to recruit new users by focusing
on hair fall reduction. Reach: 2.25 Mn; 65%+ VTRs across YT, Meta (vs 20-30% benchmark)

▪ Optimized E-Commerce operations and media planning (Amazon.ae)

International Business Performance - ROW
▪ Registered a growth of 12% in Q3 FY25 YoY, 9M FY25 growth at 26%

▪ Growth across all countries; top 5 contributing countries (Australia, Canada, Malaysia, Tibet
and USA), constitutes ~70% of the business and is growing at 35%
Marketing and E Commerce Initiatives
▪ Awareness building of ADHO in Malaysia, highlighting product USPs to build trust and
credibility

▪ Initiated partnership with Distributor in Malaysia to boost visibility, sales, integrate digital
marketing and gather competitive intelligence through E Commerce platform like Lazada.com

▪ Initiating partnership to cater to Amazon USA through Amazon Global Selling team in India
International Business Performance – Bangladesh
▪ Delivered a robust growth of 100% in Q3 FY25 YoY despite the political unrest; 9M FY25 growth at
~50%
▪ Localized NPDs launched as per plan i.e. Olive Oil and Glycerin

Marketing Initiatives in Bangladesh

▪ Digital engagement activities - 7 Mn Reach and 13.7 Mn Impressions in Q3 FY25
▪ Consumer Promotion with Bajaj 100% Pure Glycerin
International Business Performance - Nepal
▪ Grew by 5% in Q3 FY25 YoY, 9M FY25 growth at 28%. New importer
transition complete
▪ Growth led by NPD (CNO, Virgin CNO, Serum), 21% contribution to overall
value vs 8% last year

Marketing Initiatives in Nepal

▪ NPD Launch activities: Serum, Virgin CNO In-store, Outdoor Visibility and
Sampling
▪ Digital influencer engagement activities in Virgin CNO 5 Lac + Reach, 7%
Engagement
ESG
 ESG – Focus on Resource Optimization
% reduction
YTD YTD from
Theme Indicator Target FY 22 YoY%
Dec 24 Dec 25 baseline
FY 22

Energy Intensity T CO2 Reduce Carbon Intensity by 52 44 40 10% 24%

In Operations equivalent per 25% in 5 yrs from FY 22 in
kl of oil Scope 1 & 2
produced

Water Ltr/KL of Oil 50% reduction from baseline of

737 360 357 1% 51%
Consumptions Produced FY 22 in 4 years

Water Recharge % of water 500% of consumption of water

24% 562%
recharged to in 4 years (5 times water -
(1344 KL) (27849 KL)
ground positive)

Plastic % of plastic 100% of packing material to be

Recyclability usage recyclable, recompostable or 95% 96% - -
reusable by FY 27

EPR Compliance
Compliance of CPCB set targets
100% 100% - -
for each year

# Water Recharge YTD Dec 25 percentage basis annualized consumption of water

ESG – Focus on Resource Optimization
Sr. No. Major Initiative for Carbon Emission reduction

1 Automation and installation of newer machines/technologies in the plants

2 Energy efficient compressor Installation at our Plants

3 Miyawaki Tree Plantation Project at Guwahati

Sr. No. Major Initiative for Water Consumption reduction taken in last 2 Years

1 Water reuse scheme at our plants

2 Reduction of water usage at source through installation of sensors

3 Rain - Water Harvesting Project execution at our Plants

CSR - Initiatives undertaken in 9M FY25

Villages Families Area

594 11,797 14,804

acres

Construction work of Rural Construction of shed for the River Rejuvenation and SHG Training on Sustainable
Haats turmeric boiler plant plantation on river bunds Agriculture and Natural Farming
FINANCIALS
 Standalone - Expenses To Sales Trend Q3

Cost
EmployeesCost
Material Cost

46.7% 47.5% 48.2% 10.2% 11.5% 11.4%

Employees
Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25

Other Expenses
16.8% 13.7% 14.6% 11.0% 13.3% 14.4%
ASP

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25

 Standalone - Expenses To Sales Trend 9M

Cost
EmployeesCost
Material Cost

45.8% 46.8% 10.0% 11.4%

Employees
9M FY24 9M FY25 9M FY24 9M FY25

Other Expenses
16.6% 14.7% 11.6% 13.8%
ASP

9M FY24 9M FY25 9M FY24 9M FY25

Financial Performance - Standalone
in INR Crore

Particulars Q3 FY25 Q3 FY24 YoY% 9M FY25 9M FY24 YoY%

Net Sales Value 225.6 233.0 -3.2% 687.9 721.4 -4.6%
Other Operating Income 3.7 2.8 34.2% 11.3 10.4 8.7%
Total Operating Income 229.3 235.8 -2.7% 699.2 731.8 -4.4%
Cost of Goods sold 108.7 108.8 -0.1% 322.0 330.7 -2.6%
Contribution 116.9 124.2 -5.9% 365.9 390.7 -6.3%
% of Sales 51.8% 53.3% 53.2% 54.2%
Employees Cost 25.7 23.7 8.5% 78.7 72.3 8.8%
Advertisement & Sales Prom. 33.0 39.2 -15.8% 101.2 119.8 -15.6%
Other Expenses 32.5 25.7 26.3% 94.9 83.7 13.3%
EBITDA 29.3 38.4 -23.5% 102.5 125.3 -18.1%
% of Sales 13.0% 16.5% 14.9% 17.4%
Other Income 7.6 11.0 27.5 33.0
Finance Cost 0.1 0.2 0.4 0.8
Depreciation and Amortisation 2.5 2.4 7.1 7.0
Corporate Social Responsibility 1.0 1.1 2.9 3.3
Profit Before Tax(PBT) 33.4 45.6 -26.9% 119.5 147.2 -18.8%
Tax Expenses 5.8 8.0 20.9 25.7
Profit After Tax(PAT) 27.5 37.6 -26.9% 98.7 121.5 -18.8%
% of Sales 12.2% 16.2% 14.3% 16.8%
 Consolidated - Expenses To Sales Trend Q3

Cost
EmployeesCost
Material Cost

46.6% 47.3% 48.0% 10.5% 11.7% 11.8%

Employees
Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25

Other Expenses
17.0% 13.9% 14.9% 11.4% 13.9% 15.1%
ASP

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25

 Consolidated - Expenses To Sales Trend 9M

Cost
EmployeesCost
Material Cost

45.8% 46.7% 10.2% 11.7%

Employees
9M FY24 9M FY25 9M FY24 9M FY25

Other Expenses
16.7% 14.8% 11.8% 14.4%
ASP

9M FY24 9M FY25 9M FY24 9M FY25

Financial Performance – Consolidated
in INR Crore

Particulars Q3 FY25 Q3 FY24 YoY% 9M FY25 9M FY24 YoY%

Net Sales Value 230.7 236.4 -2.4% 703.0 733.7 -4.2%
Other Operating Income 3.7 2.8 34.2% 11.3 10.4 8.7%
Total Operating Income 234.4 239.1 -2.0% 714.3 744.2 -4.0%
Cost of Goods sold 110.8 110.0 0.7% 328.0 335.8 -2.3%
Contribution 119.9 126.3 -5.1% 375.0 398.0 -5.8%
% of Sales 52.0% 53.4% 53.3% 54.2%
Employees Cost 27.1 24.8 9.5% 82.4 75.0 9.8%
Advertisement & Sales Prom. 34.3 40.3 -14.7% 104.4 122.6 -14.9%
Other Expenses 34.9 26.9 29.7% 101.2 86.8 16.5%
EBITDA 27.2 37.1 -26.8% 98.4 123.9 -20.6%
% of Sales 11.8% 15.7% 14.0% 16.9%
Other Income 7.6 11.0 27.5 33.0
Finance Cost 0.1 0.2 0.4 0.8
Depreciation and Amortisation 2.6 2.5 7.4 7.3
Corporate Social Responsibility 1.0 1.1 2.9 3.3
Profit Before Tax(PBT) 31.1 44.3 -29.8% 115.1 145.5 -20.9%
Tax Expenses 5.8 7.9 20.8 25.6
Profit After Tax(PAT) 25.3 36.3 -30.4% 94.3 119.8 -21.3%
% of Sales 11.0% 15.4% 13.4% 16.3%
THANK YOU