11th November, 2024

National Stock Exchange of India Ltd BSE Limited

‘Exchange Plaza’, C-1, Block – G Phiroze Jeejeebhoy Towers
Bandra – Kurla Complex Dalal Street
Bandra (E), Mumbai 400 051 Mumbai 400 001
Code : IFGLEXPOR Code: 540774

Dear Sir/Madam,

Re: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015

In compliance of above, please find enclosed herewith copy of an Investors Presentation on

Q2/FY2024-25 Unaudited Financial Results. Copy of this is being hosted on Company’s Website:
https://ifglgroup.com/ and shall be available at link https://ifglgroup.com/investor/investor-
presentation/

Thanking you,

Yours faithfully,
For IFGL Refractories Ltd.

Mansi
Digitally signed by Mansi Damani
DN: c=IN, st=West Bengal,
2.5.4.20=c2edf2d5dd6bf17d6ed1c99f0c2a45222
d4264d9a74f266a7e794c92308edde3,
postalCode=700048,
street=laketownSouthDumdummNorth24Parga
nas,

Damani
pseudonym=d41d8cd98f00b204e9800998ecf84
27e,
serialNumber=44abc69759affb5cd3fc6f435e102
297582afcd812f0e5feda41528f9997ef16,
o=Personal, cn=Mansi Damani
Date: 2024.11.11 12:00:55 +05'30'

(Mansi Damani)
Company Secretary
E Mail : mansi.damani@ifgl.in

Encl: As above

IFGL REFRACTORIES LIMITED www.ifglgroup.com

Head & Corporate Office: McLeod House Registered Office: Sector B, Kalunga Industrial Estate
3 Netaji Subhas Road, Kolkata 700 001, India P.O. Kalunga, Dist. Sundergarh, Odisha 770 031, India
Tel: +91 33 4010 6100 | Email: ifgl.ho@ifgl.in Tel: +91 661 266 0195 | Email: ifgl.works@ifgl.in
CIN: L51909OR2007PLC027954
IFGL Refractories Limited

Investor Presentation
Q2FY25 - November 2024
Safe Harbor

This presentation and the accompanying slides (the “Presentation”), prepared by IFGL Refractories Limited (the “Company”), are solely for information
purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be
relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of
a statutory offering document containing detailed information about the Company.

This Presentation of the Company is based on information and data which the Company considers reliable, but the Company makes no representation or
warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the
contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any
liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are
subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and
uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage
growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals,
time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other
fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking
statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

2
Table of Contents

01 Q2 & H1FY25 Performance Highlights

02 IFGL Refractories at a Glance

03 Historical Performance Highlights

Agenda
04 Annexure
Management Commentary

Commenting on the Q2FY25 performance of the company Mr. James McIntosh, Managing Director for
IFGL Refractories Limited Said,

“During Q2FY25, we achieved a consolidated Total Income of ₹415 crores. Despite the challenges faced in our
overseas markets due to slowdowns that impacted exports and international business, our domestic operations
demonstrated resilience with a 15% growth. This growth is particularly commendable considering the shutdowns at
some of our major client locations. The global logistics crisis and overall market slowdowns continued to weigh on
our export performance.

In terms of strategic expansion, we are pleased to announce a significant milestone for IFGL with the signing of an
agreement with Marvels International Group Co. of Seychelles and Marvel Refractories Anshan Co. of China.
Together, we will establish a joint venture in India to bolster our brick production capabilities. This partnership is a
key step in our entry into the Cement, Glass, Non-Ferrous, and Gasification Industries, reinforcing our commitment
to diversifying and strengthening our portfolio.

Additionally, our subsidiary, EI Ceramics, has acquired a building in Ohio, USA, which will be converted into a state-
of-the-art ISO Plan facility. This transformation will allow us to produce the highest quality and most consistent
Isostatic Products for the steel industry, further reinforcing our manufacturing excellence.

We are also progressing with our land acquisition in Odisha, with a payment of ₹12 crores made to the Odisha
James McIntosh Industrial Infrastructure Development Corporation. We look forward to receiving the land and commencing the
Managing Director project in due course.

Despite facing external challenges, we remain focused on driving long-term growth through strategic investments,
partnerships, and innovations that will continue to support our core industries and expand our reach."
4
Key Highlights

Payment of Odisha Land

• Payment of Rs. 12,17,33,532/- to ‘Odisha Industrial Infrastructure Development

Corporation on account of Land and for setting up manufacturing facility of DBM Bricks

JV Agreement with Marvels International Group of Seychelles and Marvel Refractories of P R China

• A Joint Venture Company in India with limited liability for setting up green field facility at
capital outlay of about Rs 300 crores for manufacture in India for products used in Cement,
Glass, Non-Ferrous and Gasification Industries
Key
Highlights
Certified by TUV India Pvt Ltd for Risk Management System

• Company has been certified by TUV India Pvt Ltd for Risk Management System ISO 31000:2018

EI Ceramics LLC has acquired a building situated in Ohio

• EI Ceramics LLC has acquired a building situated in Ohio

• Necessary Steps will be taken to transform building into a state-of-the art ISO Plan designed for the
maximum efficiency, producing the finest quality and consistent Isostatic Products for the Steel Industry.

5
IFGL’s Joint Venture with Marvels International Group & Marvels
Refractories
IFGL Refractories will set up a joint venture company in India with Marvels International Group Co.
Ltd of Seychelles and Marvel Refractories (Anshan) Co. Ltd. of PR China to enhance brick production
capabilities in the country.

Key Highlights of Joint Venture

❖ The JV company in India will be set up to establish a greenfield facility for manufacturing
basic fired magnesite spinel bricks, basic fired magnesite bricks, and fired magnesia
chrome bricks.

❖ The cost of the project is estimated at Rs 300 crore. The agreement states that the trial
and commercial production should commence no later than March 2026. Company aims
to keep the debt-to-equity ratio of the JV entity not to exceed 1:1

❖ IFGL Refractories will hold a 51% share in the JV entity, while 49% stake will be held by
the MIG

This partnership is a significant milestone in IFGL’s journey, as it marks our strategic expansion
into the non-ferrous sector while building on our legacy of over four decades of leadership in
the ferrous segment. By establishing a local plant in India, we’re set to bring more 'Make in
India' opportunities to the refractory industry, particularly for the cement sector, which has
historically relied on imports.

6
Q2 & H1FY25 Standalone Performance Highlights

Total Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT (Rs. Crs)

Key Highlights
+2% -25% -32%
494 506 104 53 ✓ Total revenue for Q2FY25 stood at
-2% -42% 78 -55% Rs. 257 crores, reflecting a year-
36
57 30 on-year decline of 2%. However,
264 257
for H1FY25, total revenue grew by
33
14 2% on a year-on-year basis.

✓ EBITDA for Q2FY25 and H1FY25

Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25
stood at Rs. 33 crores and Rs. 78
crores, respectively, representing a
year-on-year decline of 42% and
Gross Margin (%) EBITDA Margins (%) PAT Margin (%)
25%

✓ EBITDA Margins for Q2FY25 stood

at 13% and for H1FY25 stood at
50% 51% 50% 22% 21% 11%
48% 11% 15%
15%
13% 7% ✓ Profit after Tax for Q2FY25 stood at
5%
14 crs and for H1FY25 it stood at
36 crs.

Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25

7
On Standalone basis
H1FY25 Standalone Geography wise Performance

Domestic Revenue (Rs. Crs) Exports Revenue (Rs. Crs) Standalone Revenue (Rs. Crs)
Key Highlights
+15% +2%
-18%
✓ Revenue from operations for H1FY25 stood
340.6 189.3 486.7 495.2
297.4 at Rs. 495 crs representing a growth of 2%
154.6
on a Y-o-Y basis.

✓ Our Domestic business have witnessed a

15% growth on Y-o-Y basis i.e. Rs 340 crs
having a share of 69 % from overall
standalone revenues which was 61% in
H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25 H1FY24. Given the global landscape, India
stands out as the only growing market in the
steel sector. We believe this presents
H1FY24 H1FY25 immense opportunities for us to expand and
Geography Split strengthen our presence in the domestic
market
Exports
31% ✓ Our exports business declined by 18% Y-o-Y
Exports
39% to Rs. 154 crores, contributing 31% to overall
standalone revenues, down from 39% in
H1FY24. This decline was primarily due to
61%
Domestic economic slowdowns in key export markets
69%
Domestic and the preventive restructuring undertaken
by a major customer who had significantly
contributed to last year's revenue.

8
On Standalone basis
Standalone Profit & Loss Statement

Profit & Loss [Rs. Crs.] Q2FY25 Q2FY24 Y-o-Y% H1FY25 H1FY24 Y-o-Y%

Total Income 257.4 263.5 -2% 505.7 493.8 2%

Raw Material 134.1 130.6 253.4 242.6

Gross Profit 123.2 133.0 -7% 252.3 251.2 0%

Gross Profit Margins (%) 47.9% 50.5% 49.9% 50.9%

Employee Expenses 23.7 17.9 46.8 34.7

Other Expenses 66.3 57.7 127.8 112.7

Reported EBITDA 33.3 57.3 -42% 77.7 103.8 -25%

EBITDA Margins (%) 12.9% 21.8% 15.4% 21.0%

Depreciation 6.4 4.7 12.3 9.5

Goodwill written off 6.7 6.7 13.4 13.4

Finance Cost 3.0 2.2 5.4 4.5

Profit before Tax 17.2 43.7 -61% 46.6 76.4 -39%

Tax 3.5 13.6 10.9 23.8

Profit after Tax 13.7 30.1 -55% 35.7 52.6 -32%

PAT Margins (%) 5.3% 11.4% 7.1% 10.7%

9
Standalone Balance Sheet Statement
Assets (in Rs. Crs.) Sep-24 Mar-24 Equity & Liabilities (in Rs. Crs.) Sep-24 Mar-24
Non-Current Assets 439.5 418.5 Equity 672.3 662.0
Fixed Assets Share Capital 36 36
Property Plant & Equipment 243.1 183 Other Equity 636.3 625.9
Capital WIP 37.1 77.2
Goodwill 40.1 53.4
Intangible Assets 0.9 0.7
Right of Use Asset 18.2 18.6 Non-Current Liabilities 64.4 65.9
Intangible Assets under development 0.6 - Financial Liabilities
Financial Assets Borrowings 39.1 41.4
Investments 67.7 67.5 Lease Liabilities 9.2 9.3
Others 3.6 3.2 Deferred Tax Liabilities (net) 16.0 15.2
Income Tax Assets (net) 8.9 8.2
Other Non current Assets 19.5 6.8

Current Assets 522.2 499.0 Current Liabilities 225.0 189.6

Inventories 183.4 171.7 Financial Liabilities
Financial Assets Borrowings 96.0 67.1
Investments 98.5 115.2 Lease Liabilities 1.0 1.0
Trade Receivables 208.6 190.3 Trade Payables 108.9 95.4
Cash & cash equivalents 0.1 0.1 Other Financial Labilities 15.2 13.1
Bank Balances 3.4 2 Income Tax Liabilities 0.4 8.1
Loans - 0.1 Other Current Liabilities 2.7 4.2
Other Financial Assets 5.7 4.8 Provisions 0.7 0.9
Other Current Assets 22.5 14.8

Total Assets 961.6 917.5 Total Equity & Liabilities 961.6 917.5

10
Q2 & H1FY25 Consolidated Performance Highlights

Total Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT (Rs. Crs)

-32%
-6% -46% Key Highlights
887 131 68
837

-10% -49% -68%

✓ Total revenue for Q2FY25 stood at
90
72 38 37
Rs. 415 crores, reflecting a year-on-
459 415 year decline of 10%. For H1FY25,
37 total revenue degrew by 6% on a
12
year-on-year basis.
Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25
✓ EBITDA for Q2FY25 and H1FY25
stood at Rs. 37 crores and Rs. 90
crores, respectively, representing a
Gross Margin (%) EBITDA Margins (%) PAT Margin (%)
year-on-year decline of 49% and
32%

8% ✓ EBITDA Margins for Q2FY25 stood

51% 52% 51% 52% 16% 8%
15% at 9% and for H1FY25 stood at 11%
11%
9% 4% ✓ Profit after Tax for Q2FY25 stood at
3% 12 crs and for H1FY25 it stood at
37 crs.

Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25

11
On Consolidated basis
Consolidated Profit & Loss Statement

Profit & Loss [Rs. Crs.] Q2FY25 Q2FY24 Y-o-Y% H1FY25 H1FY24 Y-o-Y%

Total Income 415.0 459.5 -10% 836.5 886.8 -6%

Raw Material 201.0 227.3 403.9 438.5

Gross Profit 214.0 232.2 -8% 432.6 448.3 -4%

Gross Profit Margins (%) 51.6% 50.5% 51.7% 50.6%

Employee Expenses 68.2 61.8 134.7 123.3

Other Expenses 109.4 98.6 208.3 193.9

Reported EBITDA 36.5 71.7 -49% 89.5 131.2 -32%

EBITDA Margins (%) 8.8% 15.6% 10.7% 14.8%

Depreciation 11.0 8.8 21.4 17.7

Goodwill written off 6.7 6.7 13.4 13.4

Finance Cost 3.4 2.4 6.1 5.0

Profit before Tax 15.4 53.8 -71% 48.7 95.1 -49%

Tax 3.3 15.8 12.0 27.5

Profit after Tax 12.1 38.0 -68% 36.7 67.6 -46%

PAT Margins (%) 2.9% 8.3% 4.4% 7.6%

12
Consolidated Balance Sheet Statement
Assets (in Rs. Crs.) Sep-24 Mar-24 Equity & Liabilities (in Rs. Crs.) Sep-24 Mar-24
Non-Current Assets 685.2 652.2 Equity 1,103.8 1,072.1
Fixed Assets Share Capital 36.0 36.0
Property Plant & Equipment 365.4 304.1 Other Equity 1,067.7 1,036.0
Capital WIP 67 104.1
Goodwill (on consolidation) 123.3 115.5
Goodwill (other) 45.2 58.3
Intangible assets 16.4 17.1 Non-Current Liabilities 103.7 105.3
Right to Use Asset 21 21.7 Financial Liabilities
Intangible Assets under development 0.6 - Borrowings 55.2 58.7
Financial Assets Lease Liabilities 9.6 9.8
Investments 11.4 11.3 Deferred Tax Liabilities (net) 38.9 36.8
Others 3.6 3.2
Income Tax Assets (net) 11.5 10.1
Other Non current Assets 19.8 6.8

Current Assets 862.0 838.2 Current Liabilities 339.7 313.0

Inventories 324.5 300.7 Financial Liabilities
Financial Assets Borrowings 122.8 104.3
Investments 98.5 115.2 Lease Liabilities 1.3 1.3
Trade Receivables 321.8 325 Trade Payables 196.1 179.3
Cash & cash equivalents 76 69.7 Other Financial Labilities 15.2 13.1
Bank Balances 3.4 2 Income Tax Liabilities 0.9 10
Loans & Deposits - 0.1 Other Current Liabilities 2.7 4.1
Other Financial Assets 8.7 6.2 Provisions 0.8 0.9
Other Current Assets 29.2 19.4

Total Assets 1,547.1 1,490.4 Total Equity & Liabilities 1,547.1 1,490.4

13
Table of Content

01 Q2 & H1FY25 Performance Highlights

02 IFGL Refractories at a Glance

03 Historical Performance Highlights

Agenda
04 Annexure
IFGL Refractories at a Glance (1/2)

❖ IFGL is one of the fastest growing brands in the global refractory industry. We offer a wide range of specialised refractory products and operating systems for our
products to our customers worldwide.

About ❖ With 10 strategically located manufacturing units across Asia, Europe and North America, IFGL serves over 50+ countries worldwide. We have a diverse

IFGL workforce of close to 2,000 employees across geographies and cultures who understand the growing demand of refractories in the Iron & Steel industry,

Refractories supporting Infrastructural development of the future.

❖ Our expertise lies in the Iron Making, Steelmaking and Continuous Casting areas with particular emphasis in Slide Gate Systems, Purging Systems, Ladle Lining &
Ladle Refractories, Tundish Furniture's & Tundish Refractories, and others.

15
IFGL Refractories at a Glance (2/2)

❖ We have a diverse technical workforce, a large pool of trained engineers and application specialists who understand the importance of their roles in ensuring that

About our company delivers success to customers through state-of-the-art technology.

IFGL
Refractories ❖ With a focus on innovative solutions pertaining to the ever-evolving industry demands & beyond, we engineer sustainable products & services that can lay the
foundations of the present and the future.

40+
10 300+
Years of
Production Customers
Industry
Facilities Worldwide
Expertise

50+ 2000+ 8
Countries Total Operating
Served Workforce Companies

16
Our Core Values

Integrity Agility & Customer Focus

We will do the right thing even when no one is Our customers are the ultimate judge of our
watching. We will be intellectually honest, performance and the quality of our products and
ethical and uphold the highest standards of services. All our long-term and short-term
moral principles and governance. decisions pertaining to manufacturing, services and
deliveries will be made considering customer
needs, with speed and agility.

People-First
CORE
People are our most valuable asset Sustainable Growth
and we will prioritise this in VALUES
We will grow responsibly by
attracting, retaining, developing
ensuring environment, safety and
and engaging everyone in a work
economic sustainability.
environment focused to unleash
their potential.

Innovation
We will improve our capability through research to
develop new products, processes and solutions that
continually increase our value to customers and
stakeholders. 17
Our Ethos

By adhering to the core values of our company,

we will be the supplier of choice for our customers.

Corporate Image
Respectability
Sustainability
Profitability

Growth
Agility and Sustainable Innovation
Integrity People-First
Customer Focus Growth

18
About Group Companies

Our group companies comprise IFGL Refractories and its subsidiaries, all operating in specialised refractories and operating-systems segment. With
manufacturing capability across 10 locations across Asia, Europe and North America, we enjoy strategic supply edge to cater to customers across 50+
countries worldwide. We primarily operate in the Iron & Steel and Foundry industry.

IFGL today is a global brand in the refractory Industry, foundation whereof was laid in early 80’s. With 10
strategically located manufacturing units across Asia, Europe and North America, IFGL delivers specialised
refractories and operating-systems to customers worldwide. With a diverse technical workforce, large pool of
trained engineers and application specialists, IFGL designs, engineers, and delivers solutions to leading steel
manufacturers globally.

Founded in 1973, Monocon International Refractories Ltd (MIRL), a subsidiary of IFGL Refractories, is a leading
manufacturer of Monolithic Metallurgical Lances for Desulfurization, Argon Stirring in Steel Ladle, and Oxy-lances
for steel pre-heating. The company also has Clay Graphite Stoppers and Nozzle for Iron and Steel Foundries. With
research-backed refractory manufacturing capabilities.

19
About Group Companies

hofmann CERAMiC GmbH was founded in 1937. For over 9 decades, the company has been laying down the
benchmark in high-quality ceramic manufacturing. Skilled workforce, latest technologies, and quality adherence to
design, manufacturing & installation of products, as per the exact specifications of customers, the company proudly
serves the European market through its facilities in Germany and Czech Republic. Continuous improvement and
upgrading of quality is a key hallmark of Hofmann Ceramic. Hofmann was acquired by IFGL in 2008.

EI Ceramics (EIC) was established in 2002. The company specialises in the design, manufacture and supply of quality-
optimised continuous casting products and accessories. Based out of Ohio, United States, the company offers a full
range of high-performance engineered ceramic solutions, including tundish nozzles, ladle shrouds, stopper rods,
gaskets & more. The technical competence and infrastructural excellence of EIC help it in meeting precise buyer
requirements. EIC was acquired by IFGL in 2010.

Sheffield Refractories Limited (SRL) is a leading manufacturer and installer of advanced, high-quality monolithic
refractory products. The company specialises in blast furnace casthouse products, shotcreting materials, and an
extensive range of other specialist monolithic products, that are used in the Iron & Steel, Cement, Incineration, and
Waste-to-Energy industries. SRL’s manufacturing unit is located at Sheffield, UK and was acquired in 2023.

20
Global Presence
From state-of-the-art Manufacturing Facilities at 10 global locations to Sales & Marketing network across 50+ countries, IFGL enjoys global recognition as a provider of
quality refractory solutions to our customers. Our strategic presence across the world creates a valuable competitive edge towards pricing and delivery time.

Map not to scale. All data, information and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness. 21
Board of Directors

Shishir Kumar Bajoria

Chairman
Shishir Kumar Bajoria, son of Late B P Bajoria, fondly known as SKB, is a
well-known Indian industrialist. He is the Promoter of S K Bajoria Group
and is engaged in diversified business activities like manufacturing of
Specialised Refractories for the Iron & Steel Industry, Composite Insurance
Broking, Third Party Administration for Health, and Travel Insurance. SKB
leads the group from the front and has been a key decision-maker for IFGL.

In the past, he has been the President of the Indian Chamber of

Commerce (ICC), Director of West Bengal Industrial Development
Corporation (WBIDC) and Industrial Promotion & Investment Corporation
of Odisha (IPICOL). He has been decorated by Knighthood from Denmark
and Italy.

22
Board of Directors

James McIntosh Arasu Shanmugam

Managing Director Director & CEO India
Arasu comes with 30+ years of experience in the refractories
James McIntosh, holder of a Master’s Degree in Technological
industry. A Post-Graduate (M.Tech.) in Ceramic Technology
Marketing, has experience of more than three decades in the
from Anna University and a Life Member of the Indian
Refractory industry, particularly manufacturing and marketing
Ceramic Society, he is specialized in operations and sales
of high quality Isostatically pressed flow control Refractories
services.
for the Iron and Steel industry.
He has previously been associated with industry
Prior to his appointment as Managing Director of the
heavyweights like Tata Refractories and Dalmia OCL
Company, he has been President of the Company’s step-down
Refractories Ltd and has a proud track record of involvement
subsidiary, EI Ceramics LLC based in OHIO, USA.
in the Steel, Cement & other Non-ferrous market segments.

Rajesh Agarwal Debal Kumar Banerji

Director - General Counsel Board Member

Rajesh Agarwal is Fellow Member of The Institute of Company Debal Kumar Banerji is a Senior Advocate, practising in
Secretaries of India. He has been Company Secretary of Hon’ble Supreme Court of India in field of Civil and
erstwhile Indo Flogates Limited and IFGL Refractories Limited, Commercial Laws.
and the company prior to being appointed as Whole-time
Director and designated as Director – General Counsel of the He is the elder son of former Attorney General of India, Late
Company. Milon Kumar Banerji. His mother Late Prof. Anita Banerji was
Head of the Department of Economics, Jadavpur University.
He has experience of more than three decades in Corporate
Laws, Taxation and Legal matters.

23
Board of Directors

Sudhamoy Khasnobis D G Rajan

Board Member Board Member
Sudhamoy Khasnobis, an Engineering Graduate, is a career D.G. Rajan is a Fellow of the Institute of Chartered
banker with broad and diversified experience in development Accountants in England & Wales and of India. He was a
banking and project finance, structured finance, investment Partner of Lovelock & Lewes, Chartered Accountants from
banking and loan origination, stressed assets management 1967 and retired as a Senior Partner in 1990. He was also
and workouts. President of the Management Consultants Association of
India, Chairman of the Southern Region of the Indian Paint
He last held the position of Managing Director & CEO of Asset Association, Chairman of Direct Tax Committee of Southern
Reconstruction Company of (India) Limited, the pioneer Asset India Chamber of Commerce, Member of Board of
Reconstruction Company (ARC) in India for 5 years. Governors of The Doon School.

Gaurav Swarup Anita Gupta

Board Member Board Member

Gaurav Swarup is a qualified engineer and holds an MBA Anita Gupta is a Global Media & Communications Executive.
degree from Harvard University. She serves as Head of Global Media Relations & Regional
Head of CSB Americas, Leadership & Communication
He is an industrialist of repute and is presently Chairman and strategy at Deutsche Post DHL. She started her career in the
Managing Director of Industrial and Prudential Investment Consumer Industry with Bata International. Later she
Company Limited, a Listed Company. He is also Co-Chairman transitioned to the financial services industry & joined
and Managing Director of Paharpur Cooling Towers Ltd. He is American Express Bank & later Citibank India. She has over
Director of several other public and private companies and 30 years of Executive Leadership experience and is an expert
member/chairman of Board Committees of such Companies. in designing & executing global media strategies for major
organizations & brands.

24
A Global Player in Refractories..
Key Product Portfolio

Tap Hole Sleeve & Block Tap Hole Mass Hot Patching Mass Pre Tap Plugs Precast Roof

Slag Dart Machines EBT Tap Hole Sleeve & Block

Slag Dart Refractories Tap hole ramming mass Delta Castable
& Dart Machine
Accessories

Tundish Lining Tundish Tundish Flow Modifiers

Slide Gate Refractories

26
Key Product Portfolio

Coil Coating Mass Neutral Ramming Mass Purging Refractories Sub Entry Nozzle / Shroud

Tundish Covering Compound Burner Blocks

Casting Flux Precast Hearth and Skid Blocks

Tundish Metering Nozzle Ladle Well Filler

EBT Filling Mass Precast Skid Pipe Cladding

27
Solutions Offerings - Foundry
Foundry

With more than seventy years of experience our group company Hofmann Ceramic GmbH provides innovative solutions and technical ceramics products
related to the foundry industry, and is the specialist in the field of mold filling and solidification.

We support customers in calculating, designing, constructing, and simulating casting systems. We use precise simulation software to analyze casting
systems in order to discover potential areas of improvement during mold filling and solidification and optimize the casting system early on in the
development phase. This lets our customers benefit from shorter development times and lower costs, as well as consistent product and process quality.

Round Hole Filters Hipercast EXHOF feeder heads SiC-DC casting

28
A Responsible Corporate..
Sustainability
As a responsible corporate entity, IFGL constantly strives to drive sustainability through a holistic approach. From understanding the true essence of
sustainable actions, to establishing the tiers of responsibility and integrating justifiable elements at every stage, sustainability is a multifaceted process for
us. Responsible Care is the mantra that keeps IFGL going.
What Does Sustainability Mean For Us?
Holistic development is the cornerstone of each and every sustainability policy implemented at IFGL. We believe that, it is only through adoption of a just,
equitable and inclusive organisational culture, that we can do our bit to keep our ecosystem healthy and vibrant. We understand sustainability as an
amalgamation of four key considerations, which are:

The Importance Of Giving Back To The Planet

Replenishing the resources of Mother Earth is a key point of concern for everyone at IFGL. Through efficient product
management, agile & conscious manufacturing standards, and diligent waste management modules, we build cleaner, greener
chemistries – for a world where everyone can breathe easy.

A Focus On Socio-Economic Betterment

From starting medical clinics and arranging for free beds at hospitals, to providing school aids, setting up public toilets & more
– IFGL constantly endeavours to work towards the greater good of the world. We also conduct a series of CSR activities, in our
bid to create better opportunities for people, and foster mutually rewarding collaborations.

Caring For The Environment

At IFGL, we acknowledge and appreciate the fact that each of our activities touch the environment in some way or the other.
That is precisely why we strive to ensure that ecological sustainability is maintained at all times, through responsible
environmental transactions and payloads. Every little step matters – this is the belief that drives IFGL.
30
Sustainability

Ensuring The Welfare Of All Stakeholders

Through the implementation of the latest safety protocols, production parameters and efficient processes, IFGL ensures that
the health & well-being of our employees or our esteemed customers are never put at any risk. The robust safety culture,
together with seamless communications and talent recognition drives, establishes an ecosystem of all-inclusive growth.

Leveraging the Potential Of Renewable Energy Resource

The potential of renewable energy for transforming operations and ensuring sustainability is immense. At IFGL, we understand
this – and that’s precisely why we have set up solar panels and a photovoltaic (PV) system at our production units in the UK,
Germany and Vizag. As an ecologically responsible organisation, we plan to become more self-reliant and energy-efficient in
future.

Sustainability at IFGL: 5 Strategic Pillars

Energy Efficiency Product Stewardship Social Development Health & Safety Management Environmental Conservation
The dedicated energy At IFGL, all environmental, Taking concrete steps to foster At regular intervals, special From water recycling and
management team at IFGL health and safety policies are societal relationships and initiatives are conducted by waste management, to energy
ensures efficient resource regularly upgraded, to rule out welfare features prominently IFGL to identify and resolve conservation and carbon
optimisation and energy any probable risks to people, on the IFGL roster. Through potential health & safety risks footprint minimisation, IFGL
efficiency. Energy wastage processes and/or the targeted programs, drives and at the workplace. There are strives to make all its activities
is kept at minimal levels at environment. Business surveys, we try to find out the emergency support systems uniformly eco-friendly. Our
all times, and the efficacy objectives are properly exact requirements of people. in place too, to handle all focus is squarely on
of each process is balanced with social Social development campaigns possible safety & security maintaining the ‘greenness’ of
reviewed periodically. commitments, so that inclusive are framed accordingly. issues promptly and in the the environment, that would
growth is facilitated. most effective manner. usher in better tomorrows.

31
Social Responsibility
Maintaining a seamless balance between business, sustainability, and growth has always been a priority at IFGL. Through nurturing the latent potential of
our people, and ensuring smooth integration with Mother Nature, we have established mutual exclusivity of the two. As a responsible corporate entity, IFGL
has an unwavering commitment towards its social duties, and is constantly on the lookout to add value to all its actions & operations.

From health & safety and education, to sanitation, afforestation and more, our ambit of social responsibilities is extensive in the truest sense of the word.
Sharing below a glimpse of some activities we carry out in and around the communities we impact.

Annual Sports Day Activities in School Winter garments distribution in School

Company’s Chairman and Managing Director visit to school

Sanitary Napkin Distribution and Dental Check-up Camp In School

awareness in School
32
Table of Content

01 Q2 & H1FY25 Performance Highlights

02 IFGL Refractories at a Glance

03 Historical Performance Highlights

Agenda
04 Annexure
Consolidated Historical Financial Highlights

Total Income (Rs. Crs) EBITDA (Rs. Crs) Profit After Tax (Rs. Crs)

+8%
CAGR Growth
+17% 1,658.3 +7% 212.8 81.7
CAGR Growth CAGR growth 77.5 79.2

1,399.7 175.9
166.1 65.6
1,275.4 158.5

1,042.5

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24# FY21 FY22 FY23 FY24

#Before One-off provision 34

Consolidated Historical Profit & Loss Statement
Particulars [Rs. Crs.] FY24 FY23 FY22 FY21

Total Income 1,658.3 1,399.7 1,275.4 1,042.5

Materials consumed 831.5 722.8 614.6 474.0
Employee Expenses 250.3 194.8 173.9 151.8
Other Expenses 363.7 316.0 328.4 240.8
EBITDA before Exceptional Item 212.8 166.1 158.5 175.9
EBITDA Margins (%) before Exceptional Item 12.8% 11.9% 12.4% 16.9%
Exceptional Item (Provision for Doubtful Debt) 39.6 - - -
Reported EBITDA 173.1 166.1 158.5 175.9
Depreciation & Amortization 37.5 28.8 24.3 21.8
Goodwill amortized* 26.8 26.8 26.8 26.8
Finance Cost 11.0 4.8 3.4 3.1
Profit before Tax 97.8 105.7 103.9 124.2
Tax 16.2 26.5 26.5 58.6
Profit after Tax 81.7 79.2 77.5 65.6
One-time deferred tax adjustment (Goodwill) - - - 20.2
Adjusted Profit after Tax ** 81.7 79.2 77.5 85.8

*Goodwill on account of Merger is being amortized over a period of 10 years.

** Adjusted PAT is after adding back exceptional loss and one-time deferred tax adjustment on account of goodwill

35
Consolidated Historical Balance Sheet Statement
Assets (in Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21 Equity & Liabilities (in Rs. Crs.) Mar-24 Mar-23 Mar-22 Mar-21
Non-Current Assets 652.2 589.8 480.9 456.4 Equity 1,072.1 1005.0 934.0 890.5
Fixed Assets Share Capital 36.0 36.0 36.0 36.0
Property Plant & Equipment 304.1 258.9 180.4 147.6 Other Equity 1,036.0 969.0 898.0 854.5
Right to Use Asset 21.7 23.1 21.7 20.3
Capital WIP 104.1 45.6 25.0 22.1
Goodwill (on Consolidation) 115.5 113.0 110.5 111.9
Goodwill (Other) 58.3 84.7 106.8 133.5
Intangible assets 17.1 20.3 2.5 2.2 Non-Current Liabilities 105.3 111.9 66.6 67.7
Financial Assets Financial Liabilities
Investments 11.3 19.4 19.4 6.2 Lease Liabilities 9.8 10.4 10.1 9.9
Loans & Deposits - - - - Other Borrowings 58.7 49.6 8.7 11.9
Others 3.2 6.4 2.3 5.5 Deferred Tax Liabilities (net) 36.8 51.8 47.8 45.8
Deferred Tax Assets (net) - - - -
Income Tax Assets (net) 10.1 10.5 4.8 3.8
Other Non-current Assets 6.8 7.8 7.6 3.3

Current Assets 838.2 836.1 805.2 727.5 Current Liabilities 313.0 309.0 285.4 225.8
Inventories 300.7 302.0 259.4 167.8 Financial Liabilities
Financial Assets Borrowings 104.3 98.9 78.4 39.6
Investments 115.2 113.0 115.5 121.7 Lease Liabilities 1.3 1.2 1.8 2.2
Loans & Deposits 0.1 - - - Trade Payables 179.3 186.2 187.2 155.1
Trade Receivables 325.0 349.8 272.0 228.2 Other Financial Labilities 13.1 11.5 9.1 8.3
Cash & cash equivalents 69.7 56.8 119.0 147.6 Income Tax Liabilities 10.0 1.6 1.8 2.0
Bank Balances 2.0 1.2 8.8 43.3 Other Current Liabilities 4.1 9.2 6.8 18.3
Other Financial Assets 6.2 1.5 9.0 3.9 Provisions 0.9 0.4 0.3 0.3
Other Current Assets 19.4 11.8 21.4 15.1

Total Assets 1,490.4 1,425.9 1,286.1 1,183.9 Total Equity & Liabilities 1,490.4 1,425.9 1,286.1 1,183.9
36
Creating sustainable value for Shareholders

Total Debt (Rs. Crs) Cash & Equivalents (Rs. Crs) Net Debt (Rs. Crs)

178.0 321.9 FY21 FY22 FY23 FY24 H1FY25

163.0
148.5 262.7 -15.3
202.1 -45.9 -39.1
194.3 193.3
87.1
51.6
-175.6

FY21 FY22 FY23 FY24 H1FY25 FY21 FY22 FY23 FY24 H1FY25 -270.3

Net Debt : Equity (x) Net Debt : Ebitda (x)

FY21 FY22 FY23 FY24 H1FY25 FY21 FY22 FY23 FY24 H1FY25

-0.01
-0.05 -0.04 -0.23 -0.17
-0.28

-0.19
-1.11

-0.30 -1.54

We are a net cash company from FY19 with our cash & equivalents improving from 134.2 Crs in FY19 to 193.3 Crs in H1FY25 while
our net debt position as on 30th Sep-24 stood at -15.3 Crs
37
Key Consolidated Historical Ratios

Working Capital (Rs. Crs) Inventories (Rs. Crs) Receivables (Rs. Crs)

465.7 324.5 349.8

446.5 450.1 302.0 300.7 325.0 321.8
259.4 272.0
344.2
228.2
241.0 167.8

FY21 FY22 FY23 FY24 H1FY25 FY21 FY22 FY23 FY24 H1FY25 FY21 FY22 FY23 FY24 H1FY25

Return on Equity (%) Return on Capital Employed (%)

Payables (Rs. Crs) = EBIT / Total Capital Employed
= Net Profit / Networth

196.1 8.3%
187.2 186.2 179.3 7.9% 7.6% 14.1%
7.4%
155.1 6.7%
11.3%
10.4%
9.4% 9.3%

FY21 FY22 FY23 FY24 H1FY25 FY21 FY22 FY23 FY24 H1FY25^ FY21 FY22 FY23 FY24 H1FY25^

Total Capital employed includes total equity & total long-term debt. ^H1FY25 Annualized 38
Consistent Dividend Payout

100.0%

70.0% 70.0% 70.0%

25.0% 25.0%

FY19 FY20 FY21 FY22 FY23 FY24

Particulars (Rs.) FY19 FY20 FY21 # FY22 FY23 FY24

Consolidated Book Value Per Share 220.5 224.5 247.1 259.2 278.9 297.5

Consolidated Earning Per Share 14.0 11.1* 23.8* 21.5 21.9 22.66

Dividend Per Share 2.50 2.50 10.0# 7.0 7.0 7.0

* EPS Adjusted for exceptional item and one time deferred tax liability on account of goodwill
# Includes Special Dividend of Rs. 6 per share

39
Table of Content

01 Q2 & H1FY25 Performance Highlights

02 IFGL Refractories at a Glance

03 Historical Performance Highlights

Agenda
04 Annexure
Growth drivers of Indian Steel industry

Infrastructure development and demand from the various sectors

Huge export opportunity for India due to its low cost advantage &
Centre aims at covering refractories in PLI 2.0 to support steel
industry

Growth Drivers will boost usage of In Union Budget it is proposed to raise the capital
refractory products significantly. expenditure target by 33% to Rs. 10 lakh crore for the next
Iron and steel industry accounts for Steel Demand fiscal year, which is 3.3% of the country's economic output,
around 70% of the refractories as the government hopes to shore up demand and
market share consumption in the economy.

Anti-Dumping Duty policy promotes fair trade and reduces

the ill effects of dumping, on the Domestic Industry

Active local investments, 100% FDI, National Steel Policy and other
government initiatives are expected to support the steel industry

Availability of raw materials and cost-effective labour

41
 Global Steel Demand Outlook

In MT Emerging Markets & Developing

World India World (Ex China)
economies (Ex- China & India)

+0.1% +8.2% +2.3% +6.8%

1,767 1,751 1,772 143 156 871 882 911 239 255
133 224

2023 2024F 2025F 2023 2024F 2025F 2023 2024F 2025F 2023 2024F 2025F

➢ Global outlook:
▪ As per WSA, this year global steel demand will drop further by 0.9% to 1,751 Mt. After three years of decline, WSA expects to see a broad-based
recovery in the world excluding China in 2025. Global steel demand is forecast to finally rebound by 1.2% in 2025 to reach 1,772 Mt.
▪ Steel demand in the developing world excluding China is projected to grow by 3.5% in 2024 and 4.2% in 2025, driven by India’s robust growth and a
rebound in other major emerging economies
▪ India has emerged as the strongest driver of steel demand growth since 2021, and this trend is set to continue. WSA is maintaining robust growth
projections for India, anticipating an 8.0% increase in steel demand over 2024 and 2025. This expansion is fuelled by growth across all steel-
consuming sectors, especially by continued strong growth in infrastructure investments.

Source: World Steel Association - Short Range Outlook October 2024

42
 Top 5 Steel Consuming Countries
In MT 2023 2024F 2025F

-2.0%
895.7
868.8 860.1

+8.2%
155.6
132.8 143.4 +0.3%
90.5 89.2 91.0 -0.2% -2.2%
53.3 52.2 53.1 52.4 50.4 50.1

China India United States Japan South Korea

India is expected to maintain its strong momentum, with robust growth in steel demand from on the back of strong
urban consumption and continued growth in infrastructure spending.

Source: World Steel Association - Short Range Outlook October 2024

43
 Thank You

Company: Investor Relations Advisor:

IFGL Refractories Ltd. Strategic Growth Advisors Pvt. Ltd.

CIN - L51909OR2007PLC027954 CIN - U74140MH2010PTC204285
Mrs. Mansi Damani Mr. Sagar Shroff / Mr. Vatsal Shah
mansi.damani@ifgl.in sagar.shroff@sgapl.net / vatsal.shah@sgapl.net
+91 98205 19303 / +91 88796 59884
www.ifglgroup.com www.sgapl.net