company_name,date,page_number,text SUDARSHAN CHEMICAL INDUSTRIES LTD.,2023-01-01,1,"1st January, 2023 DCS – Listing Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code – 506655 Scrip Symbol - SUDARSCHEM Scrip Code NCDs - 974058 Dear Sir, Sub : Credit Rating Pursuant to Regulation 30 and all other applicable provision, if any, of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, we write to inform that CRISIL (An S&P Global Company) has reaffirmed its “CRISIL A1+” rating to the Rs. 50 Crore Commercial Paper Programme of the Company. A copy of the Report as received by us on 31st December, 2022, covering rationale for the rating is available on the website of CRISIL on the following link: https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/SudarshanChemical IndustriesLimited_December%2030,%202022_RR_308460.html This is for your information and record. Thanking You, Yours Faithfully, For SUDARSHAN CHEMICAL INDUSTRIES LIMITED Digitally signed by Mandar Mandar Meenanath Meenanath Velankar Velankar Date: 2023.01.01 13:18:19 +05'30' MANDAR VELANKAR GENERAL COUNSEL & COMPANY SECRETARY SUDARSHAN CHEMICAL INDUSTRIES LIMITED Registered Office & Global Head Office: 162 Wellesley Road, Pune – 411 001, Tel No.: 020-68281200 Fax No.: 020-26058222, Website: www.sudarshan.com Email: contact@sudarshan.com CIN: L24119PN1951PLC008409" TATA MOTORS LTD.,2023-01-01,1,"BSE Limited National Stock Exchange of India Ltd. First Floor, New Trading Ring Listing Compliance Department Rotunda Building, P J Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Fort, Mumbai 400 001 Bandra (E), Mumbai 400 051 January 1, 2023 Sc no - 17078 Dear Sir/ Madam, Sub: Press Release – Tata Motors total Sales in Q3FY23 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a Press Release issued by Tata Motors Limited on the captioned subject, the content of which is self-explanatory. This is for the information of the Exchange and the Members. Yours faithfully, Tata Motors Limited MALOY Digitally signed by MALOY KUMAR KUMAR GUPTA Date: 2023.01.01 GUPTA 13:50:23 +05'30' Maloy Kumar Gupta Company Secretary Encl: As above" TATA MOTORS LTD.,2023-01-01,2,"Tata Motors registered total sales of 2,28,169 units in Q3FY23 Grows by 14% over Q3FY22 Mumbai, January 1, 2023: Tata Motors Limited today announced its sales in the domestic & international market, for Q3FY23, which stood at 2,28,169 units, compared to 1,99,634 units during Q3FY22. Domestic Sales Performance: Category Dec’22 Dec’21 Growth Q3FY23 Q3FY22 Growth Total Domestic Sales 72,997 66,307 10% 2,23,001 1,89,531 17.7% Commercial Vehicles: Mr. Girish Wagh, Executive Director, Tata Motors Ltd. said, “Tata Motors commercial vehicles domestic sale in Q3FY23 at 91,704 units grew 1.3% over Q3FY22, while being 2% lower than those recorded in Q2FY23. Our continued focus on retail during the quarter resulted in retail sales surpassing wholesale by 13% in December’22, by 6.3% in Q3FY23, and reducing inventory as we transition towards BSVI phase-2 norms. The growth in Q3FY23, was led by stronger sales of MHCVs (+35% vs Q3FY22) and a robust recovery in passenger carriers demand (+84% vs Q3FY22). Improving fleet utilizations, pick up in road construction projects and increase in cement consumption catalysed the demand recovery for MHCVs. CV exports, however, remained subdued due to the prevailing economic situation in most overseas markets. Going forward, we expect a good replacement demand, especially in MHCVs in Q4 FY23, as we also maintain a close watch on the evolving geopolitical situation, inflation and interest rate risks on both the supply and demand.” Category Dec'22 Dec'21 Growth Q3 FY23 Q3 FY22 Growth M&HCV 10,885 8,106 34.3% 29,624 22,016 34.6% I&LCV 4,548 5,130 -11.3% 12,093 15,828 -23.6% Passenger Carriers 2,694 1,380 95.2% 6,494 3,521 84.4% SCV cargo and pickup 14,827 16,392 -9.5% 43,493 49,164 -11.5% Total CV Domestic 32,954 31,008 6.3% 91,704 90,529 1.3% CV Exports 995 3,143 -68.3% 4,210 9,541 -55.9% Total CV 33,949 34,151 -0.6% 95,914 1,00,070 -4.2% Domestic sale of MH&ICV in Q3FY23, including trucks and buses, stood at 40,391 units, compared to 33,753 units in Q3FY22. Total sales for MH&ICV Domestic & International Business in Q3FY23, including trucks and buses, stood at 42,369 units, compared to 37,887 units in Q3FY22. Passenger Vehicles: Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, “For Tata Motors passenger vehicles, CY22 has been a momentous year as we outpaced industry growth and crossed the distinctive milestone of 5 lakh units comfortably to post wholesale of 526,798 units. Last quarter (Q3FY23) was one of the best quarters for the PV industry with strong retails from new launches, robust festive demand, and adequate supply of vehicles. Tata Motors PV posted the highest ever quarterly and monthly retails in Q3FY23 and Dec’22, respectively. We also crossed the coveted 50,000 units of monthly retail for the first time. Wholesales recorded in Q3FY23 were of 131,297 units (growth of 32.6% vs Q3 FY22) and in Dec’22 of 40,043 units (growth of 13.4% vs Dec’21) with the popular SUV range continuing to contribute to two-third of the sales volumes. EVs posted their highest ever sales in Q3FY23 at 12,596 units (growth of 116.2%) and crossed the landmark cumulative sales milestone of 50,000 units. Tiago.ev received tremendous response, post the bookings opening during the quarter; deliveries to start in Jan’23. Going forward, we expect the growth momentum for EVs to remain strong with their rising popularity and the announcement of progressive policies by several states. Overall, we expect the PV industry to continue witnessing robust demand in the next quarter. We intend to remain vigilant and closely monitor any possible impact on the supply side due to rising COVID case globally” Business / Category Dec'22 Dec'21 Growth Q3 FY23 Q3 FY22 Growth PV Domestic 40,043 35,299 13.4% 1,31,297 99,002 32.6% PV IB 364 163 123.3% 958 562 70.5% PV Total (includes EV) 40,407 35,462 13.9% 1,32,255 99,564 32.8% EV IB + Domestic 3,868 2,355 64.2% 12,596 5,826 116.2% Includes sales of Tata Motors Passenger Vehicles Limited, a subsidiary of Tata Motors Limited. Media Contact Information: CINL28920MH1945PLC004520 Tata Motors Corporate Communications: +91 22-66657613 / indiacorpcomm@tatamotors.com To know more, please visit (www.tatamotors.com; also follow us on Twitter: https://twitter.com/TataMotors)" Tata Motors Ltd - DVR,2023-01-01,1,"BSE Limited National Stock Exchange of India Ltd. First Floor, New Trading Ring Listing Compliance Department Rotunda Building, P J Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Fort, Mumbai 400 001 Bandra (E), Mumbai 400 051 January 1, 2023 Sc no - 17078 Dear Sir/ Madam, Sub: Press Release – Tata Motors total Sales in Q3FY23 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a Press Release issued by Tata Motors Limited on the captioned subject, the content of which is self-explanatory. This is for the information of the Exchange and the Members. Yours faithfully, Tata Motors Limited MALOY Digitally signed by MALOY KUMAR KUMAR GUPTA Date: 2023.01.01 GUPTA 13:50:23 +05'30' Maloy Kumar Gupta Company Secretary Encl: As above" Tata Motors Ltd - DVR,2023-01-01,2,"Tata Motors registered total sales of 2,28,169 units in Q3FY23 Grows by 14% over Q3FY22 Mumbai, January 1, 2023: Tata Motors Limited today announced its sales in the domestic & international market, for Q3FY23, which stood at 2,28,169 units, compared to 1,99,634 units during Q3FY22. Domestic Sales Performance: Category Dec’22 Dec’21 Growth Q3FY23 Q3FY22 Growth Total Domestic Sales 72,997 66,307 10% 2,23,001 1,89,531 17.7% Commercial Vehicles: Mr. Girish Wagh, Executive Director, Tata Motors Ltd. said, “Tata Motors commercial vehicles domestic sale in Q3FY23 at 91,704 units grew 1.3% over Q3FY22, while being 2% lower than those recorded in Q2FY23. Our continued focus on retail during the quarter resulted in retail sales surpassing wholesale by 13% in December’22, by 6.3% in Q3FY23, and reducing inventory as we transition towards BSVI phase-2 norms. The growth in Q3FY23, was led by stronger sales of MHCVs (+35% vs Q3FY22) and a robust recovery in passenger carriers demand (+84% vs Q3FY22). Improving fleet utilizations, pick up in road construction projects and increase in cement consumption catalysed the demand recovery for MHCVs. CV exports, however, remained subdued due to the prevailing economic situation in most overseas markets. Going forward, we expect a good replacement demand, especially in MHCVs in Q4 FY23, as we also maintain a close watch on the evolving geopolitical situation, inflation and interest rate risks on both the supply and demand.” Category Dec'22 Dec'21 Growth Q3 FY23 Q3 FY22 Growth M&HCV 10,885 8,106 34.3% 29,624 22,016 34.6% I&LCV 4,548 5,130 -11.3% 12,093 15,828 -23.6% Passenger Carriers 2,694 1,380 95.2% 6,494 3,521 84.4% SCV cargo and pickup 14,827 16,392 -9.5% 43,493 49,164 -11.5% Total CV Domestic 32,954 31,008 6.3% 91,704 90,529 1.3% CV Exports 995 3,143 -68.3% 4,210 9,541 -55.9% Total CV 33,949 34,151 -0.6% 95,914 1,00,070 -4.2% Domestic sale of MH&ICV in Q3FY23, including trucks and buses, stood at 40,391 units, compared to 33,753 units in Q3FY22. Total sales for MH&ICV Domestic & International Business in Q3FY23, including trucks and buses, stood at 42,369 units, compared to 37,887 units in Q3FY22. Passenger Vehicles: Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, “For Tata Motors passenger vehicles, CY22 has been a momentous year as we outpaced industry growth and crossed the distinctive milestone of 5 lakh units comfortably to post wholesale of 526,798 units. Last quarter (Q3FY23) was one of the best quarters for the PV industry with strong retails from new launches, robust festive demand, and adequate supply of vehicles. Tata Motors PV posted the highest ever quarterly and monthly retails in Q3FY23 and Dec’22, respectively. We also crossed the coveted 50,000 units of monthly retail for the first time. Wholesales recorded in Q3FY23 were of 131,297 units (growth of 32.6% vs Q3 FY22) and in Dec’22 of 40,043 units (growth of 13.4% vs Dec’21) with the popular SUV range continuing to contribute to two-third of the sales volumes. EVs posted their highest ever sales in Q3FY23 at 12,596 units (growth of 116.2%) and crossed the landmark cumulative sales milestone of 50,000 units. Tiago.ev received tremendous response, post the bookings opening during the quarter; deliveries to start in Jan’23. Going forward, we expect the growth momentum for EVs to remain strong with their rising popularity and the announcement of progressive policies by several states. Overall, we expect the PV industry to continue witnessing robust demand in the next quarter. We intend to remain vigilant and closely monitor any possible impact on the supply side due to rising COVID case globally” Business / Category Dec'22 Dec'21 Growth Q3 FY23 Q3 FY22 Growth PV Domestic 40,043 35,299 13.4% 1,31,297 99,002 32.6% PV IB 364 163 123.3% 958 562 70.5% PV Total (includes EV) 40,407 35,462 13.9% 1,32,255 99,564 32.8% EV IB + Domestic 3,868 2,355 64.2% 12,596 5,826 116.2% Includes sales of Tata Motors Passenger Vehicles Limited, a subsidiary of Tata Motors Limited. Media Contact Information: CINL28920MH1945PLC004520 Tata Motors Corporate Communications: +91 22-66657613 / indiacorpcomm@tatamotors.com To know more, please visit (www.tatamotors.com; also follow us on Twitter: https://twitter.com/TataMotors)" Max India Ltd,2023-01-01,1,"Official Statement ""A fire incident occurred early this morning on the third floor of our Care Home facility in Greater Kailash II. Four fire brigades reached the spot and managed to bring the blaze under control within 30 minutes. The cause of the fire is yet to be ascertained. While all other residents/patients, doctors and team members have been evacuated safely from the facility, two of our residents, have unfortunately succumbed to the fire. All other people have been rescued and moved to another facility of ours where they are receiving the necessary medical care. Our thoughts and prayers are with the bereaved families. We are actively cooperating with the investigating authorities and will take appropriate actions as required."" - Antara Senior Care Media Contact: Jasrita Dhir Mob: 9811888051 Email: jasrita.dhir@antaraseniorcare.com Nabanita Das Mob: 8334825999 Email: ndas@maxindia.com" MOIL LTD.,2023-01-01,1,"MOIL LIMITED (A Government of India Enterprise) Regd. Off.: MOIL Bhawan, 1A Katol Road, NAGPUR – 440 013 Website: www.moil.nic.in, E-Mail ID: compliance@moil.nic.in, Ph.: 0712- 2806182, Fax: 0712-2591661, CIN: L99999MH1962GOI012398 CS/NSE-BSE/2022-23/ Date 01.01.2023 To, To, The GM (Listing), Listing Department National Stock Exchange of India Ltd, BSE Limited Exchange Plaza, Plot No.C-1, G Block, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (East), Dalal Street Mumbai – 400053 Mumbai- 400001 Sub: Press Release Dear Sir/Madam, In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of the press release titled “MOIL registers record December production” issued to the press. This is for your kind information. Thanking you, Yours faithfully, For MOIL Limited NEERAJ Digitally signed by NEERAJ DUTT PANDEY DN: c=IN, postalCode=440030, st=MAHARASHTRA, l=NAGPUR, o=Personal, serialNumber=8fb6facb083b630969bd66d1 DUTT 566814315b76a18b3d630955a816d5d3737 1a6b0, pseudonym=186520210922140147111, 2.5.4.20=82f2c2053474bfbab48cb5961d119 PANDEY d908e945b73052176fbfec2bd38b291d1eb, email=NEERAJDP_ACS@REDIFFMAIL.COM, cn=NEERAJ DUTT PANDEY, title=1865 Date: 2023.01.01 18:33:49 +05'30' N.D. Pandey (Company Secretary & Compliance Officer)" MOIL LTD.,2023-01-01,2,"PRESS RELEASE - 01-01-2023 MOIL registers record December production Breaking a multi-year record, MOIL has registered best December production of 141,321 tonnes in December, 2022. Producing at its rated capacity level, production increase has been to an extent of 18 percent over November, 2022. Sales at 1,64,235 tonnes for the month has also been spectacular, with a growth of around 91 percent over November, 2022. Shri Ajit Kumar Saxena, CMD MOIL, who has taken charge as CMD on 29 th December, 2022, shared that it is heartening to see MOIL team coming together to register such a performance and expressed confidence that the same will be continued. About MOIL: MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country with a market share of ~45%, operating eleven mines in the State of Maharashtra and Madhya Pradesh. The company has ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in the State of Gujarat, Rajasthan and Odisha besides other areas in the State of Madhya Pradesh. *****" TEXMO PIPES & PRODUCTS LTD.,2023-01-02,1,"Texmo/Sec/2022-23/64 January 02, 2023 To, To, Manager (Listing) The Corporate Relationship Department National Stock Exchange of India Ltd Bombay Stock Exchange Ltd, Exchange Plaza, 5th Floor 1st Floor, New Trading Ring, Bandra kulra Complex, Bandra (E) P.J. Tower, Dalal Street, Mumbai - 400051 Mumbai - 400001 Ref: Texmo Pipes and Products Limited (ISIN – INE141K01013), BSE Code- 533164, NSE Symbol - TEXMOPIPES Sub: Disclosure of Reaffirmation in Rating of the Bank Loan Facilities Dear Sir / Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 read with Schedule III to said Regulation and as confirmed by Rating Agency M/s. India Ratings and Research Pvt. Ltd., we would like to inform you that, the Rating Agency M/s India Ratings and Research Pvt. Ltd. has assigned and reaffirmed Bank loan rating of Texmo Pipes and Products Limited as “IND BBB+” (Triple B plus) for fund based facilities. Kindly take the same on your records. Thanking you Yours Faithfully For Texmo Pipes and Products Limited AJAY Digitally signed by AJAY SHRIVAST SHRIVASTAVA Date: 2023.01.02 AVA 19:02:08 +05'30' Ajay Shrivastava Company Secretary and Compliance Officer" Oil and Natural Gas Corporation Ltd,2023-01-02,1,"ONGC ‘Sagar Samrat’ starts Oil and Gas production in Arabian Sea New Delhi, 02 January 2023 The iconic offshore drilling Rig of ONGC ‘Sagar Samrat’ has been commissioned as a Mobile Offshore Production Unit (MOPU) on 23 December 2022. Sagar Samrat MOPU will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic meters per day and is expected to add 6000 bbls/day of oil to ONGC’s production in the coming days. The first oil from WO-16 cluster flowed into the processing system of MOPU and dispatch to onshore terminal commenced. WO-16 is a cluster of four marginal fields in the Arabian Sea at a water depth of 75-80 m and 130 km from Mumbai which is about 40 km from the Mumbai High. Since, no nearby facility exists to produce from this field, it was planned to install a MOPU for production, processing and transportation of oil and gas from WO-16 Cluster. The project to convert Jack-up rig Sagar Samrat into a MOPU was awarded to a Consortium of Mercator Oil & Gas Ltd, Mercator Offshore (P) Ltd and Gulf Piping Company (GPC) on 17 November 2011. After several hurdles like the legal challenges and Covid-19, the MOPU was transported to India, on a Heavy Lift Vessel and post statutory clearances, successfully installed close to the WO-16 wellhead platform on 16 April 2022. The Sagar Samrat conversion project is one of the most complex projects executed by ONGC. The MOPU stands tall in the Arabian Sea, as a testimony, to narrate the stories of several tough decisions taken during its execution and the excellent stakeholder consultation by ONGC which eventually yielded results. Sagar Samrat Jack up Rig being towed to GPC Sagar Samrat, the Legend, stands tall in its yard for conversion new Avatar as MOPU in WO16 Field" Oil and Natural Gas Corporation Ltd,2023-01-02,2,"Notes to Editors: Sagar Samrat is a jack-up drilling rig built in 1973 and has, since then, been a lucky mascot for ONGC. The rig was instrumental in the discovery of the biggest oil field in India; Mumbai High in 1974 bringing fortunes to the company and transforming oil map of India. Over the years the rig drilled over 125 wells and has been involved with 14 key offshore oil and gas discoveries. After serving its life as a Jack-Up Rig, it was decided to convert it into a MOPU for producing from the WO-16 cluster. Later, this will be shifted to other location for monetization of other discoveries. Issued By: Oil and Natural Gas Corporation Ltd Corporate Communications, New Delhi, Phone: +91-11-26754013 Mail: ongcdelhicc@ongc.co.in" GODREJ INDUSTRIES LTD.,2023-01-03,1,"Godrej Industries Limited Regd. Office: Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (E), Mumbai 400079. India. Tel.: 91-22-2518 8010/8020/8030 Fax: 91-22-2518 8068/8063/8074 Website: www.godrejindustries.com CIN: L24241MH1988PLC097781 Dated: January 3, 2023 To, To, BSE Limited National Stock Exchange of India Limited P. J. Towers, Dalal Street, Fort Exchange Plaza, Bandra - Kurla Complex, Mumbai – 400 001 Bandra (East), Mumbai-400 051 Ref.: BSE Scrip Code No. “500164” Ref.: “GODREJIND” Debt Segment NSE: NCD- GIL23 –ISIN: INE233A08022 NCD-GIL24- ISIN: INE233A08030 NCD-GIL25-ISIN: INE233A08048 NCD-GIL28-ISIN: INE233A08055 Sub: Intimation under Regulations 30 and 51 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015- Credit rating for Commercial Paper Programme and Credit rating for proposed Non-Convertible Debenture Programme Dear Sir / Madam, Pursuant to Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that CRISIL Limited has assigned following rating: 1) Commercial Paper Programme: CRISIL Limited has assigned “CRISIL A1+” [pronounced “CRISIL A one plus”] rating to the Company’s issue of Commercial Paper Programme of upto ₹2,500 Crore (Rupees Two Thousand Five Hundred Crore) [enhanced from ₹2,000 Crore (Rupees Two Thousand Crore) to ₹2,500 Crore (Rupees Two Thousand Five Hundred Crore)]. Please find enclosed herewith the Credit Rating Letter received from CRISIL Limited dated January 3, 2023. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk. 2) Non-Convertible Debenture Programme: CRISIL Limited has assigned “[CRISIL]AA (Stable)” [pronounced “CRISIL double A (Stable)”] rating to the Company’s proposed additional issue of Non-Convertible Debentures of upto ₹2,000 Crore (Rupees Two Thousand Crore). Further, CRISIL Limited has re-affirmed the existing credit rating for the already issued and listed Non-Convertible Debentures of ₹3,000 Crore (Rupees Three Thousand Crore). Please find enclosed herewith the Credit Rating Letters received from CRISIL Limited dated January 3, 2023. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk." GODREJ INDUSTRIES LTD.,2023-01-03,2,"Godrej Industries Limited Regd. Office: Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (E), Mumbai 400079. India. Tel.: 91-22-2518 8010/8020/8030 Fax: 91-22-2518 8068/8063/8074 Websije: www.godrejindustries.com CIN: L24241MH1988PLC097781 Kindly take the above on your records. Thanking you, Yours sincerely, e ari~ala Company Secretary & Compliance Officer (FCS 9817) Encl: A/a" GODREJ INDUSTRIES LTD.,2023-01-03,3,"Ratings C01""'l""'FIDENTIAL CRISIL An S&P Global Company RIJGODSOAPi307992/CP/O123/50026 January 03, 2023 Mr. Cl('ment Pinto ChiefFillanciai Officer Godl't'j Industries Limit('d Godrej One, Pirojshallagar, Eastem Express Highway, Vikhroli Mumbai City - 400079 9820439 183 Dear Mr. Clemenl Pinto, Rt': Rt'view of CRISH. Rating on th(' Rs. 2500 Crol'(, (Euh.:mc('d f!'OID Rs.2000 Cron') C OIDIDt'rdai Paper of Godl'('j Industries Limited All ra tings assigned by CRISIL Ratings are kept tmder continuous surveillance and review. CRISIL Ratings has. after due consideration, reaffllmed its CRISIL AI + (prouOllllced as CRISIL A ODe plus rating) rating on the captioned debt instnmlenl. Instnlluents with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instm ments carry lowest credit risk. For the purpose of issuance of captioned commercial paper p rogramme, this letter is valid for 30 calendar days from the date of the letter. hi the event of your company not placing the above progralmne within tins period, or in the event of any change in the sizeistmcture of your proposed issue, the ratin.g shall have to be reviewed and a letter of revalidation shall have to be issued to you. Once the instnunent is issued, the above rating is valid (llluess revised) throughout the life of the captioned Commercial Paper Programme with a maximum manlIity of one year. As per our Rating Agreement, CRISIL Ratings would disseminate the rating through its publications and other media. and keep the rating tmder smveillance for the life of the instnllllent. CRISIL Ratings reselv es the right to withdraw or revise the ratings assigned to the captioned instrument at any tlltlle. on the basis of new infollllation, or tmavailability of illfonnation or other circulllstances, which CRISIL Ratings believes, may have an inlpact on the rating. Please visit www.crisiiratillgs.comand search with the name of the raled entity to access the latest rating/so Should you require any clarification, please fee l free to get in touch with us. With wallll regards, Yours sincerely, ~ Ankil Kedia Nivedita Shibu Associate Director - CRISIL Ratings Associate Director - CRISIL Ratings .'!.. . /"" Disclaimer: A rating by CRISIL Ratings re""ec:ts CRISIL Ratings' current opinion on the likelihood of tirrely payment of the obligations under the rated instrument, and does not consIitute an audit of the mted entity by CRJSIL Ratings. Our ratings are based on infrxmatioo provided by the issuer Of obtained by CRISIL Ril/ings from sources it considers reliable. CRISIL Ratings does not guamnlee the COO""fJIeteness Of acctJIllcy of the information on which the mting is based. A rating by CRISIL Ratings is not a recorrmendation to buy / sell Of hold the rated instrument; it does not comment on the markel pfice Of suilability for a parliaJIar investor. CRISJL Ratings has a practice of keeping aD its ratings under surveillance and ratings are revised as and IWIen circlJmstances so warr.JnI. CRISJL Ratings is not responsible for any etrOfS and especially sIaIes that if has no financial liability whatsoever 10 the subscribers / users /1Iansmit/efS / distributors of its ratings. CRISIL Ratings' criteria are available without charge to the public on the web site, www.crisilrnmgs.com. CRISIL Ratings or its associates may have oIhef oommerciallransactions with the corrpanyknti/y. For the latest mting information on any instrumenl of any corrpany rated by CRISIL Ratings, please visit www cIDiliatingscom Of contact Customer"" Service He/pdesk at Of aI1800-2fl7-1301 CRISIL Ratings Umited (.-4 subsidiary of Cli'ISIL LimiuJ) ~ Idmtity Numtx.-: U67100MH2019PLC326241 R.p,tnfll OfIiu : CRlSll.~, Cmu:.! A\""..,,,,,, Hir.waudani Business !':uk. Pow:ai, Mumbai- 4OO 0 76.~: +91 22 3342 3000 I Fax: +91 22 3342 3001 www.crisilr.otings.com" GODREJ INDUSTRIES LTD.,2023-01-03,4,"Ratings C01""'l""'FIDENT IAL CRISIL RIlGODSOAP/307992/NCDiOI23i50027/ 1335679 17 January 03, 2023 MI'. Cl('m('nt Pinto Chief Financial Officer Godl't'j Industl'i('s Limit('d Godrej One, Pirojshanagar, Eastem Express Highway, Vikhroli Mumbai City - 400079 9820439183 Dear Mr. Clement Pinto. R(': C RISIL Rating 011 th(' R s. 2000 CI'OI'(, NOll COllvl'I""fibl(' D('b('uhu '(,s of Godl'('j Indllstl""it's Limit('d We refer to your request for a rating for the captioned Debt in strument. CRISII.. Ratings has, aft er due consideration, assigned a CRISIL AAlStable (pronOlUIced as CRISII.. double A rating with Stable outlook) rating to the captioned Debt instrument. Instl1.uuents with tillS rating are considered to have lllgh degree of safety regarding timely servicing of fmancial obligations. Sucb instruments carry very low credit risk. Further, in view of your decision 10 accept the CRISII.. Ratings. we request you to apprise us of the instnlluent details (in the enclosed forulal) as soon as it has been placed. In the ev,ent of your company not making the issue within a period of 180 days from the above date, or in the event of any change im the size or structure of your proposed issue, a fresh letter of revalidation from CRISII.. Ratings will be necessary. As per our Rating Agreement, CRISIL Ratings would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook tlidt:r surveillance for the life of the instnlluent. CRISII.. Ratings reserves the right to withdraw, or revise the rating i outlook assigned to the captioned instnlluent at any time, on the basis of new infonnation, or unavailability of infonnation, or other cUcmustances which CRISIL Ratings believes may have an impact on the rating. Please visit wv.'\\'.crisilratings.com and search with the name of the rated entity 10 access the latest rating/so As per SEBI circular (reference lUlluber: CIRlIMDIDF117i20 13; dated October 22, 2013) on centralized database for corporate bonds/debentures, you are required to provide intf:ruational securities identification number (ISIN; along with the reference number and the date of the rating letter) of all bondJdebenttlfe iSSllanCeS lnade against tillS rating letter to us. The circular also requires you to silare tillS infonuation with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant infonnation at debtissue@crisil.com. This will enable CRISIL Ratings to verify and confmu to the depositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBl Feel free to contact us at debtissue@crisil.com for any clarification youlnay need. Should you require any clarification, please feel free to get in touch with us. With wann regards, Yours sincerely, ~~ - Ankit Kedia Nivedita Shibu Associate Director - CRISIL Ratings Associate Director - CRISIL Ratings .'!.. . /"" Disclaimer: A rating by CRISIL Ratings re""ec:ts CRISIL Ratings' current opinion on the likelihood of tirrely payment of the obligations under the rated instrument, and does not consIitute an audit of the rated entity by CRJSIL Ratings. Our ratings are based on infrxmation provided by the issuer Of obtained by CRISIL Ril/ings from sources it considers reliable. CRISIL Ratings does not guaranlee the COO""fJIeleness Of acctJIllcy of the information on which the rating is based. A rating by CRISIL Ratings is not a ~ to buy / sell Of hold the rated instrument; it does not comment on the markel JXice Of suilabili/y for a parliaJIar investOf_ CRISJL Ratings has a practice of keeping aD its ratings under surveillance and ratings are revised as and IWIen circlJmstances so warr.Jnt. CRISJL Ratings is not responsible for any etrOfS and especially sIaIes that if has no financial liabili/y wflalsoever 10 the subscribers / users /1Iansmit/efS / distributors of its ratings. CRISIL Ratings' criteria are available without charge to the public on the web sile, www.crisilrnmgs.com. CRISIL Ratings or ils associates may have oIhef oommerciallransactions with the corrpanykntily. For the latest mting information on any inslrumenl of any corrpany raled by CRISIL Ratings, please visit www cIDiliatingscom Of contact Customer"" Service He/pdesk at Of aI1800-2fl7-1301 CRISIL Ratings Umited (.-4 subsidiary of Cli'ISIL LimiuJ) ~ Idmtity Numtx.-: U67100MH2019PLC326241 R.p,tnfll OfIiu : CRlSll.~. Cmu:.! A\""..,,,,,. Hir.waudani Business !':uk. Pow:ai. Mumbai- 4OO 076.~: +91 22 3342 3000 I Fax: +91 22 3342 3001 www.crisilr.otings.com" GODREJ INDUSTRIES LTD.,2023-01-03,5,"Ratings C01""'l""'FIDENTIAL CRISIL An S&P Global Company RIJGODSOAPi307992/NCDi0123/50029/85247370 January 03, 2023 M r. Cl('ment Pinto ChiefFillanciai Officer Godl't'j Industries Limit('d Godr ej One, Pirojshallagar, Eastem Express Highway, Vikhroli Mumbai City - 400079 9820439183 Dear Mr. Clemenl Pinto, Rt': R('vit'w of C RISn.. Rating on the Rs. 1500 Crol't' NOD tCollvel1iblt' Debt'lltUI'{, S of Godrej Industries Limitt'd All ra tings assigned by CRISIL Ratings are kept twder continuous slll""Veillance and review. CRISIL Ratings has, after due consideration, Reaffinl1ed its CRISIL AA1Stable (pronoun ced as CRISIL double A rating with Stable outlook) ratin g to the captioned Debt illstlUlllent. Instrum ents with tins rating are considered to have high degree of safety regardin g timely servicing of fillancial obligations. Such instnullents carty very low credit risk. In the event of yom company not making the issue within a period of 180 days from the above date, or in the event of any change in the size or stmctm e of yom proposed issue, a fresh lener of revalidation from CRISIL Ratings will be necessary. As per om Ra ting Agreem ent, CRISIL Ratings would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook tmdt:r sll1""Veillance for the life of the instnllnent. CRISII.. Ratin gs reserves the right to withdraw, or revise the ratin g I outlook assigned to the captioned instnllnent at any tinle, on the basis of new infonnation, or unavailability of infonnation, or other circlllnstan ces which CRISIL Ratings believes Illay have an impact on the rating. Please visit WWv.'.crisiiratings.colll and search with the name of the ra ted entity to access the latest ra ting/so As per SEBI circular (reference number: CIRlIMDfDF1l7/20 I 3; dated October 22, 2013) on centralized da tabase for cOl]Jorate bondsldebentmes, you are required to provide inwmational securities identification num ber (ISIN; along with the reference number and the date of the rating lener) of all bondJdebenttrre issuances made against this rating lener to us. The circular also requires you to share tins infonnation with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant infon nation at debtissue@crisil.com. This will en able CRISIL Ratin gs to verify and COnflllll to the depositOlies, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free 10 contact us at debtissue@crisil.com foran yclarification youillayneed . Should you requ ire any clarification, please feel free to get in touch with us. With wan ll regards, - Yours sincerely, -""~ Ankit Kedia Nivedita Shibu Associate Director - CRISIL Ratings Associate Director - CRISIL Ratin gs •.!.- . /"" Disclaimer: A rating by CRISIL Ratings re""ec:ts CRISIL Ratings' current opinion on the likelihood of tirrely payment of the obligations under the rated instrument, and does not consIitute an audit of the rated entity by CRJSIL Ratings. Our ratings are based on infrxmation provided by the issuer Of obtained by CRISIL Ril/ings from sources it coosiders reliable. CRISIL Ratings does not guarantee the COO""fJIeteness Of acctJIllcy of the information on which the rating is based. A rating by CRISIL Ratings is not a ~ to buy / sell Of hold the rated instrument; it does not comment on the market JXice Of suitability for a parliaJIar investor. CRISJL Ratings has a practice of keeping aD its ratings under surveillance and ratings are revised as and IWIen circlJmstances so warr.Jnt. CRISJL Ratings is not responsible for any etrOfS and especially stales that if has no financial liability whatsoever 10 the subscribers / users /1Iansmit/efS / distributors of its ratings. CRISIL Ratings' criteria are available without charge to the public on the web site, www.crisilrnmgs.com. CRISIL Ratings or its associates may have oIhef oommerciallransactions with the corrpanykntily. For the latest mting information on any instrument of any corrpany rated by CRISIL Ratings, please visit www cIDiliatingscom Of contact Customer"" Service He/pdesk at Of aI1800-2fl7-1301 CRISIL Ratings Umited (.-4 subsidiary of Cli'ISIL LimiuJ) ~ Idmtity Numtx.-: U67100MH2019PLC326241 R.p,tnfll OfIiu : CRISll.~. Cmu:.! A\""..,,,,,. Hir.waudani Business !':uk. Pow:ai. Mumbai- 4OO076.~: +91 22 3342 3000 I Fax: ->91 22 3342 3001 www.crisilr.otings.com" GODREJ INDUSTRIES LTD.,2023-01-03,6,"Ratings C01""'l""'FIDENTIAL CRISIL RIlGODSOAP/307992/NCDiOI23iS0028i91606S11 January 03, 2023 MI'. Cl('m('nt Pinto Chief Financial Officer Godr t'j Industri('s Limit('d Godrej One, Pirojshanagar, Eastem Express Highway, Vikhroli Mumbai City - 400079 9820439183 Dear Mr. Clement Pinto. R(': R('vit'w of CRISH. Rating ou th(' Rs. 1500 Crol""t' Non Couv('I'fiblt' D('b('utures of Godl'('j [udustri('s Limitt'd All ratings assigned by CRISll., Ratings are kept llllder continuous surveillance and review. CRISII.. Ratings has, after due consideration, Reaf""finlled its CRISIL AA1Stable (pronomlced as CRISII.. double A rating with Stable outlook) rating to the captioned Debt instnullent. Instnullents with this rating are considered to have high degree of safety regarding timely selvicing of flllancial obligations. Such instnullents carry very low credit risk. In the event of yom company not making the issue \\'ithin a period of 180 days from the above date, or in the event of any change in the size or stmctme of yom proposed issue. a fresh lener of revalidation from CRISII.. Ratings will be necessary. As per om Rating Agreement, CRISII.. Ratings would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook tmdt:r surveillance for the life of the instnllilent. CRISII.. Ratings reserves the right to withdraw, or revise the rating i outlook assigned to the captioned instnllilent at any time, on the basis of new infonnation, or unavailability of infonnation, or other clrcmllstances which CRISII.. Ratings believes may have an impact on the rating. Please visit W\vw.crisilratings.com and search with the name of the rated entity to access the latest rating/so As per SEBI circular (reference lUlluber: CIRlIMDIDF117i2013; dated October 22, 2013) on centralized database for corporate bondsldebentmes, you are required to provide intf:mational secmities identification number (lSIN; along with the reference nmnber and the date of the rating lener) of all bondJdebenttlfe issuances lnade against tlus rating lener to us. The circular also requires you to share tlus infonnation \\'ith us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant infonnation at debtissue@crisil.com. This \\'ill enable CRISII.. Ratings to verify and conflflll to the depositories, including NSDL and CDSL, the [SIN details of debt rated by us, as required by SEBl Feel free to contact us at debtissue@crisil.comforany clarificationyoulnayneed. Should you require any clarification, please feel free to get in touch with us. With wanll regards, - Yoms sincerely, ~~ Ankit Kedia N ivedita Shibu Associate Director - CRISII.. Ratings Associate Director - CRISII.. Ratings .'!.. . /"" Disclaimer: A rating by CRISIL Ratings re""ec:ts CRISIL Ratings' current opinion on the likelihood of /irrely payment of the obligations under the rated instrument, and does not consIitute an audit of the rated enIity by CRJSIL Ratings. Our ratings are based on infrxmation provided by the issuer Of obtained by CRISIL Ril/ings from sources it considers reliable. CRISIL Ratings does not guaranlee the COO""fJIeleness Of acctJIllcy of the information on which the rating is based. A rating by CRISIL Ratings is not a ~ to buy / sell Of hold the rated instrument; it does not comment on the markel JXice Of suilabili/y for a parliaJIar investOf_ CRISJL Ratings has a practice of keeping aD its ratings under surveillance and ratings are revised as and IWIen circlJmstances so warr.Jnt. CRISJL Ratings is not responsible for any etrOfS and especially sIaIes that if has no financial liabili/y wflalsoever 10 the subscribers / users /lIansmittefS / distributors of its ratings. CRISIL Ratings ' criteria are available without charge to the public on /he web sile, www.crisilrnmgs.com. CRISIL Ratings or ils associates may have oIhef oommerciallransactions with the corrpanykntily. For the latest mung information on any inslrumenl of any corrpany raled by CRISIL Ratings, please visit www cIDiliatingscom Of contact Customer"" Service He/pdesk at Of aI1800-2fl7-1301 CRISIL Ratings Umited (.-4 subsidiary of Cli'ISIL LimiuJ) ~ Idmtity Numtx.-: U67100MH2019PLC326241 R.p,tnfll OfIiu: CRlSll.~, Cmu:.! A\""..,,,,,, Hir.waudani Business !':uk. Pow:ai, Mumbai- 4OO076.~: +91 22 3342 3000 I Fax: +91 22 3342 3001 www.crisilr.otings.com" SOM DISTILLERIES & BREWERIES LTD.,2023-01-03,1,"SOM DISTILLERIES AND BREWERIES LIMITED Registered Office: I-A, Zee Plaza, Arjun Nagar, Safdarjung Enclave, Kamal Cinema Road, New Delhi - 110029 Phone: +91-11-26169909, 26169712 Fax: +91-11-26195897 Corporate Office: SOM House, 23, Zone II, M.P. Nagar, Bhopal, Madhya Pradesh – 462011 Phone: +91-755-4278827, 4271271 Fax: +91-755-2557470 Email : compliance@somindia.com Website: www.somindia.com CIN : L74899DL1993PLC052787 (BSE : 507514, NSE : SDBL) SDBL/BSE/NSE/2023 3.01.2023 To The Manager, Dy. General Manager, Listing Department, Department of Corporate Services, NATIONAL STOCK EXCHANGE OF BSE LIMITED, INDIA LIMITED ‘Exchange Plaza’ C-1, Block G, First Floor, P.J. Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai-400 051. Mumbai – 400001. cmlist@nse.co.in corp.compliance@bseindia.com Security ID: SDBL Security ID: 507514 SUB: PRESS RELEASE – MARKET CAPTURED BY COMPANY’S IMFL BRAND GENIUS PRESTIGE WHISKEY [Intimation Pursuant to Regulation 30 (read with Schedule Ill - Part A) of SEBI (LODR), Regulations, 2015] Dear Sir/Madam, We have the pleasure in informing the stock exchanges that our IMFL brand Genius Prestige Whiskey present in the Rs.449 segment has taken a 46 per cent market in the state of Karnataka in its segment within three months of its launch. The acceptance of this brand is a testament to our product quality in a highly competitive market. The same information is also available on the company's website i.e. www.somindia.com. This is for your information and records please. Thanking you," Godrej Properties Ltd,2023-01-03,1,"Godrej Properties Limited Regd. Office: Godrej One, 5th Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (E), Mumbai – 400 079. India Tel.: + 91-22-6169 8500 Fax: + 91-22-6169 8888 Website: www.godrejproperties.com CIN: L74120MH1985PLC035308 January 03, 2023 The National Stock Exchange of India Limited BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot No. C/1, G Block, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (East) Mumbai – 400 051 Ref: Godrej Properties Limited BSE - Script Code: 533150, Scrip ID - GODREJPROP BSE - Security Code – 959822 – Debt Segment NSE - GODREJPROP Sub: Announcement under Regulation 30 and 51(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Credit Rating Dear Sir/ Madam, Pursuant to Regulation 30 and 51(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please note that CRISIL Ratings Limited and ICRA Limited, the rating agencies vide their letters dated January 3, 2023, has reaffirmed/ assigned the credit ratings for the following instruments of the Company: Rating Agency Instrument Amount Ratings Rating Actions (Rs. in crore) CRISIL Ratings Commercial Paper 1,750 CRISIL A1+ Reaffirmed/assigned the ratings for Limited the enhanced limit of Rs. 1,750 crore from Rs. 1,500 crore ICRA Limited Long/Short Term - 4,500 [ICRA]AA+(Stable) Reaffirmed Fund-based/Non fund (long-term rating) based [ICRA]A1+ (short-term rating) Non-Convertible 1,000 [ICRA]AA+ (Stable) Reaffirmed Debenture Programme Commercial Paper 1,750 [ICRA]A1+ Reaffirmed/assigned the ratings for the enhanced limit of Rs. 1,750 crore from Rs. 1,500 crore Kindly take the above on record. Thank you. Yours truly, For Godrej Properties Limited Digitally signed by Ashish Ashish Sudhakar Sudhakar Karyekar Karyekar Date: 2023.01.03 17:39:51 +05'30' Ashish Karyekar Company Secretary & Compliance Officer" PRITISH NANDY COMMUNICATIONS LTD.,2023-01-04,1,"PRITISH ·N AN-- O Y COMMUNICATIONS The General Manager The Manager Department of Corporate Services Listing Department Bombay Stock Exchange Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-l, Block-G, Dalal Street, Bandra-Kurla Complex, Mumbai - 400001 Bandra (E), Mumbai - 400051 Scrip Code: 532387 Symbol: PNC January 4, 2023 Dear SirlMadam, In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 we are submitting to you the text of our press release. PRESS RELEASE Pritish Nandy Communications Limited (PNC) informs that Pallab Bhattacharya, CEO is now designated Vice Chairman and CEO and Rangita Pritish Nandy, Creative Director is now designated President and Creative Director. Both are members of the Board of Directors ofPNC. H NANDY COMMUNICATIONS LTD CIN L22120MH1993PLC074214 POINT MUMBAI400021 INDIA CALL 9122 -42130000 VISIT WWW.PRITISHNANDYCOM.COM" ASSOCIATED ALCOHOLS & BREWERIES LTD.,2023-01-04,1,TUSHAR Digitally signed by TUSHAR BHANDARI Date: 2023.01.04 BHANDARI 19:14:08 +05'30' ASSOCIATED ALCOHOLS & BREWERIES LTD.,2023-01-04,2,"CONFIDENTIAL RL/ASALCHB/309646/BLR/0123/50091 January 04, 2023 Mr. Ankit Agrawal Chief Financial Officer Associated Alcohols and Breweries Limited 4th Floor, BPK Star Tower, A.B. Road Indore - 452008 9930893590 Dear Mr. Ankit Agrawal, Re: CRISIL Ratings on the bank facilities of Associated Alcohols and Breweries Limited All ratings assigned by CRISIL Ratings are kept under continuous surveillance and review. Please find in the table below the ratings outstanding for the debt instruments/facilities of the company as on date. Total Bank Loan Facilities Rated Rs.30 Crore Long Term Rating CRISIL A/Stable Short Term Rating CRISIL A1 (Bank-wise details as per Annexure 1) As per our Rating Agreement, CRISIL Ratings would disseminate the ratings, along with the outlook, through its publications and other media, and keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. CRISIL Ratings reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL Ratings believes may have an impact on the ratings. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s. In the event of the company not availing the proposed facilities within a period of 180 days from the date of this letter, a fresh letter of revalidation from CRISIL Ratings will be necessary. This letter will remain valid till March 31, 2023. After this date, please insist for a new rating letter (dated later than March 31, 2023). Should you require any clarification, please feel free to get in touch with us. With warm regards, Yours sincerely, Gaurav Arora Nivedita Shibu Associate Director - CRISIL Ratings Associate Director - CRISIL Ratings Disclaimer: A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com. CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at CRISILratingdesk@crisil.com or at 1800-267-1301" ASSOCIATED ALCOHOLS & BREWERIES LTD.,2023-01-04,3,"Annexure 1 - Bank-wise details of various facility classes (outstanding facilities) Amount (Rs. S.No. Bank Facility Bank Outstanding Rating in Crore) 1 Bank Guarantee IDBI Bank Limited 4 CRISIL A1 2 Bank Guarantee Kotak Mahindra Bank Limited 6 CRISIL A1 3 Bank Guarantee HDFC Bank Limited 1 CRISIL A1 4 Cash Credit IDBI Bank Limited 3 CRISIL A/Stable 5 Cash Credit HDFC Bank Limited 8 CRISIL A/Stable 6 Cash Credit Kotak Mahindra Bank Limited 6 CRISIL A/Stable Proposed Fund-Based Bank 7 -- 2 CRISIL A/Stable Limits Total 30 Disclaimer: A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com. CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at CRISILratingdesk@crisil.com or at 1800-267-1301" IIFL Finance Ltd,2023-01-05,1,"January 05, 2023 The Manager, The Manager, Listing Department, Listing Department, BSE Limited, The National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Tower, Exchange Plaza, 5 Floor, Plot C/1, G Block, Dalal Street, Bandra - Kurla Complex, Bandra (E), Mumbai 400 001. Mumbai 400 051. Sub: Press Release in respect of the public issue of secured, redeemable, non-convertible debentures of face value of ₹1,000 each (“Non-Convertible Debentures”) for an amount of ₹1,000 million (“Base Issue Size”) with an option to retain oversubscription up to ₹9,000 million aggregating to ₹10,000 million (“TRANCHE I ISSUE”). Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, we are enclosing herewith the press release with respect to the Company’s Tranche I issue of Non-Convertible Debentures. The same has also been made available on the website of the Company, i.e. www.iifl.com. Kindly take the same on record and oblige. Thanking You, Yours faithfully, For IIFL Finance Limited SNEHA Digitally signed by SNEHA PATWARDHAN DN: c=IN, postalCode=440001, st=MAHARASHTRA, l=NAGPUR, o=Personal, serialNumber=f1b1b3d68166c449942ed0060d PATWARDH 0ee454a00bb4657455660a2a608360fb10cb1c, pseudonym=8389daaa37ab4b298ddcef288e8 b2d96, 2.5.4.20=35f2965f8d8bdfa92a36b7f320dc7a4c AN a8a7d6bebec0769c3ad8f02e0032e35b, ________________ cn=SNEHA PATWARDHAN Date: 2023.01.05 20:11:55 +05'30' Sneha Patwardhan Company Secretary Place: Mumbai Encl: As above IIFL Finance Limited CIN No.: L67100MH1995PLC093797 Corporate Office – 802, 8th Floor, Hub Town Solaris, N.S. Phadke Marg, Vijay Nagar, Andheri East, Mumbai 400069 Tel: (91-22) 6788 1000 .Fax: (91-22) 6788 1010 Regd. Office – IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane – 400604 Tel: (91- 22)41035000. Fax: (91-22) 25806654 E-mail: csteam@iifl.com Website: www.iifl.com" IIFL Finance Ltd,2023-01-05,2,"IIFL Finance Limited Press Release For immediate publication Mumbai, India January 05, 2023 IIFL Finance Limited to Raise up to Rs. 10,000 Million via Secured NCDs, Offers up to 9.00% Yield IIFL Finance Limited (“IIFL/IIFL Finance”), a Systemically Important Non-deposit taking Non-Banking Financial Company, will open a public issue of Secured Redeemable Non-Convertible Debentures (NCDs) on January 6, 2023, to raise up to Rs. 10,000 Million for the purpose of onward lending, financing, refinancing the existing indebtedness of IIFL Finance Limited (payment of the interest and/or repayment /prepayment of principal of borrowings) and General Corporate Purposes. The NCDs offer up to 9.00% yield. IIFL Finance will issue secured redeemable NCDs, aggregating to Rs. 1,000 Million, with a green-shoe option up to Rs. 9,000 Million amounting to Rs. 10,000 Million. The IIFL NCDs offer effective yield of up to 9.00% per annum for tenor of 60 months. The NCDs are available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly, annual and cumulative basis for 60 months tenor, while for 24 months and 36 months it is available on annual and cumulative basis. The credit rating has been “CRISIL AA/Stable” by CRISIL and “[ICRA] AA(stable)” by ICRA, which indicates that the instruments are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk. IIFL Finance’s consolidated Loan Assets under Management is Rs. 553,020.80 Million as on September 30, 2022. IIFL Finance has consistently maintained low level of NPAs over the years of operations and continues to focus on good quality of assets with gross NPA of 2.42% and Net NPA of 1.22%. Additionally, as on September 30, 2022, 84.30% of the company’s consolidated loan book is secured with adequate collaterals which helps to mitigate risks further." IIFL Finance Ltd,2023-01-05,3,"The lead managers to the issue are Edelweiss Financial Services Limited, IIFL Securities Limited*, Equirus Capital Private Limited and Trust Investment Advisors Private Limited. The NCDs will be listed on the BSE Limited and National Stock Exchange of India Limited. The IIFL NCDs would be issued at face value of Rs. 1,000 and the minimum application size is Rs. 10,000 (10 NCD) and in multiple of Rs. 1,000 (1 NCD) thereafter, across all categories. The public issue opens on January 6, 2023 and closes on January 18, 2023, with an option of early closure. **IIFL Securities Limited is deemed to be our associate as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (""Merchant Bankers Regulations""). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers Regulations, IIFL Securities Limited would be involved only in marketing of the Issue. About IIFL Finance IIFL Finance Limited is a Systematically Important Non-Deposit accepting Non-Banking Financial Company registered with Reserve Bank of India, catering to the credit needs of diverse customer base with plethora of products. IIFL Finance’s offerings include home loans, gold loans, business loans including loans against property and medium and small enterprise financing, microfinance, construction and real estate finance and capital market finance; catering to both retail and corporate clients. Subsidiaries of the company are IIFL Home Finance Limited, IIFL Samasta Finance Limited (Formerly known as Samasta Microfinance Limited), IIHFL Sales Limited and IIFL Open Fintech Private Limited. Media Relations IIFL Finance Limited Sourav Mishra Mobile: +91 992028-5887 Email:sourav.mishra@iifl.com Disclaimer : IIFL Finance Limited (“Company”), subject to market conditions, and other considerations, is proposing a public issue of secured redeemable non-convertible debentures and had filed Shelf Prospectus (“Shelf Prospectus”) and the Tranche I Prospectus dated December 30, 2022 (“Tranche I Prospectus” and together with the “Shelf Prospectus”) with the Registrar of Companies , Maharashtra at Mumbai, BSE Limited (“BSE”), National Stock Exchange of India Limited (“NSE”) and Securities Exchange Board of India (“SEBI”). The Shelf Prospectus and Tranche I Prospectus are available on the website of the Company at https://www.iifl.com, on the website of BSE at www.bseindia.com, on the website of NSE at www.nseindia.com, on the website of Lead managers at www.edelweissfin.com, www.iiflcap.com, www.equirus.com, www.trustgroup.in and on the website of SEBI at www.sebi.gov.in Investors proposing to participate in the issue should note that investment in NCDs involves a high degree" IIFL Finance Ltd,2023-01-05,4,"of risk and for details in relations of the same, refer to the Shelf Prospectus and Tranche I Prospectus, including the sections titled “Risk Factors” and “Material Developments” on page 18and 186 respectively of the Shelf Prospectus and “Material Developments” on page 36 of Tranche I Prospectus. The issuer and the Lead Managers accept no responsibility for statements made otherwise than in the Prospectus or in the advertisement or any other material issued by or at the instance of the Company and that anyone placing reliance on any other source of information would be doing so at their own risk." IIFL Finance Ltd,2023-01-05,1,"January 05, 2023 The Manager, The Manager, Listing Department, Listing Department, BSE Limited, The National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Tower, Exchange Plaza, 5 Floor, Plot C/1, G Block, Dalal Street, Bandra - Kurla Complex, Bandra (E), Mumbai 400 001. Mumbai 400 051. Sub: Press Release in respect of the public issue of secured, redeemable, non-convertible debentures of face value of ₹1,000 each (“Non-Convertible Debentures”) for an amount of ₹1,000 million (“Base Issue Size”) with an option to retain oversubscription up to ₹9,000 million aggregating to ₹10,000 million (“TRANCHE I ISSUE”). Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, we are enclosing herewith the press release with respect to the Company’s Tranche I issue of Non-Convertible Debentures. The same has also been made available on the website of the Company, i.e. www.iifl.com. Kindly take the same on record and oblige. Thanking You, Yours faithfully, For IIFL Finance Limited SNEHA Digitally signed by SNEHA PATWARDHAN DN: c=IN, postalCode=440001, st=MAHARASHTRA, l=NAGPUR, o=Personal, serialNumber=f1b1b3d68166c449942ed0060d PATWARDH 0ee454a00bb4657455660a2a608360fb10cb1c, pseudonym=8389daaa37ab4b298ddcef288e8 b2d96, 2.5.4.20=35f2965f8d8bdfa92a36b7f320dc7a4c AN a8a7d6bebec0769c3ad8f02e0032e35b, ________________ cn=SNEHA PATWARDHAN Date: 2023.01.05 20:11:55 +05'30' Sneha Patwardhan Company Secretary Place: Mumbai Encl: As above IIFL Finance Limited CIN No.: L67100MH1995PLC093797 Corporate Office – 802, 8th Floor, Hub Town Solaris, N.S. Phadke Marg, Vijay Nagar, Andheri East, Mumbai 400069 Tel: (91-22) 6788 1000 .Fax: (91-22) 6788 1010 Regd. Office – IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane – 400604 Tel: (91- 22)41035000. Fax: (91-22) 25806654 E-mail: csteam@iifl.com Website: www.iifl.com" IIFL Finance Ltd,2023-01-05,2,"IIFL Finance Limited Press Release For immediate publication Mumbai, India January 05, 2023 IIFL Finance Limited to Raise up to Rs. 10,000 Million via Secured NCDs, Offers up to 9.00% Yield IIFL Finance Limited (“IIFL/IIFL Finance”), a Systemically Important Non-deposit taking Non-Banking Financial Company, will open a public issue of Secured Redeemable Non-Convertible Debentures (NCDs) on January 6, 2023, to raise up to Rs. 10,000 Million for the purpose of onward lending, financing, refinancing the existing indebtedness of IIFL Finance Limited (payment of the interest and/or repayment /prepayment of principal of borrowings) and General Corporate Purposes. The NCDs offer up to 9.00% yield. IIFL Finance will issue secured redeemable NCDs, aggregating to Rs. 1,000 Million, with a green-shoe option up to Rs. 9,000 Million amounting to Rs. 10,000 Million. The IIFL NCDs offer effective yield of up to 9.00% per annum for tenor of 60 months. The NCDs are available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly, annual and cumulative basis for 60 months tenor, while for 24 months and 36 months it is available on annual and cumulative basis. The credit rating has been “CRISIL AA/Stable” by CRISIL and “[ICRA] AA(stable)” by ICRA, which indicates that the instruments are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk. IIFL Finance’s consolidated Loan Assets under Management is Rs. 553,020.80 Million as on September 30, 2022. IIFL Finance has consistently maintained low level of NPAs over the years of operations and continues to focus on good quality of assets with gross NPA of 2.42% and Net NPA of 1.22%. Additionally, as on September 30, 2022, 84.30% of the company’s consolidated loan book is secured with adequate collaterals which helps to mitigate risks further." IIFL Finance Ltd,2023-01-05,3,"The lead managers to the issue are Edelweiss Financial Services Limited, IIFL Securities Limited*, Equirus Capital Private Limited and Trust Investment Advisors Private Limited. The NCDs will be listed on the BSE Limited and National Stock Exchange of India Limited. The IIFL NCDs would be issued at face value of Rs. 1,000 and the minimum application size is Rs. 10,000 (10 NCD) and in multiple of Rs. 1,000 (1 NCD) thereafter, across all categories. The public issue opens on January 6, 2023 and closes on January 18, 2023, with an option of early closure. **IIFL Securities Limited is deemed to be our associate as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (""Merchant Bankers Regulations""). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers Regulations, IIFL Securities Limited would be involved only in marketing of the Issue. About IIFL Finance IIFL Finance Limited is a Systematically Important Non-Deposit accepting Non-Banking Financial Company registered with Reserve Bank of India, catering to the credit needs of diverse customer base with plethora of products. IIFL Finance’s offerings include home loans, gold loans, business loans including loans against property and medium and small enterprise financing, microfinance, construction and real estate finance and capital market finance; catering to both retail and corporate clients. Subsidiaries of the company are IIFL Home Finance Limited, IIFL Samasta Finance Limited (Formerly known as Samasta Microfinance Limited), IIHFL Sales Limited and IIFL Open Fintech Private Limited. Media Relations IIFL Finance Limited Sourav Mishra Mobile: +91 992028-5887 Email:sourav.mishra@iifl.com Disclaimer : IIFL Finance Limited (“Company”), subject to market conditions, and other considerations, is proposing a public issue of secured redeemable non-convertible debentures and had filed Shelf Prospectus (“Shelf Prospectus”) and the Tranche I Prospectus dated December 30, 2022 (“Tranche I Prospectus” and together with the “Shelf Prospectus”) with the Registrar of Companies , Maharashtra at Mumbai, BSE Limited (“BSE”), National Stock Exchange of India Limited (“NSE”) and Securities Exchange Board of India (“SEBI”). The Shelf Prospectus and Tranche I Prospectus are available on the website of the Company at https://www.iifl.com, on the website of BSE at www.bseindia.com, on the website of NSE at www.nseindia.com, on the website of Lead managers at www.edelweissfin.com, www.iiflcap.com, www.equirus.com, www.trustgroup.in and on the website of SEBI at www.sebi.gov.in Investors proposing to participate in the issue should note that investment in NCDs involves a high degree" IIFL Finance Ltd,2023-01-05,4,"of risk and for details in relations of the same, refer to the Shelf Prospectus and Tranche I Prospectus, including the sections titled “Risk Factors” and “Material Developments” on page 18and 186 respectively of the Shelf Prospectus and “Material Developments” on page 36 of Tranche I Prospectus. The issuer and the Lead Managers accept no responsibility for statements made otherwise than in the Prospectus or in the advertisement or any other material issued by or at the instance of the Company and that anyone placing reliance on any other source of information would be doing so at their own risk." R&B Denims Ltd,2023-01-07,1,"January 07, 2023 To, The Department of Corporate Service BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400 001 BSE Code — 538119 Respected Sir/Madam, YS Medi Re: a Release. any’s decision find enclosed Media Release explaining comp With reference to the cited subject, please nt in world class machiner ies at company’s & Modernization via investme for Major Expansion , Premises. e. Kindly take the above on your records and oblig Yours faithfully, For, R & B Denims Limited DENIS DIN: 00034642 R&B Denims Ltd Gujarat, India. Bloc k No. 467, Sach in Pals ana Road, Palsana, Surat - 394 315, Regd. Office : s.com Tel + 91 96012 81648 Website : www.rnbdenim CIN: L17120GJ2010PLC062949 E mail + info@rnbdenims.com" R&B Denims Ltd,2023-01-07,2,"MEDIA RELEASE ion R & B Denims Ltd. Plans Major Expansion & Modernizat one of the most influential textile houses with BSE listed company R & B Denims Ltd. (BSE: 538119) of over 30 million meters capacity of denim, has largest vertically integrated textile manufacturing facilities Machines. It has started to manufacture the done major expansion in with new Air jet Looms — Dobby 85 Inches. It is expected that the company will prominent luxury level of Denim Fabric with the Width of margins with this technology. At present, the generate very good margins from the current operating Killer, Lifestyle, Reliance Retail, etc. By adopting company's clients include major brands such as Arvind, available an advantage over its competitors, as it is not this new technology, the company will be able to gain domestic to many Denim Manufacturers, which will provide the company with an advantage in serving both , . as well as international consumers. FY 23. Revenues from continuing operations stood Earlier, the company delivered steady performance in Q2 after Tax from continuing business was 21240.60 at 214711.5Lakhs, EBITDA at 2337.32 Lakhs. Profit maintained our profits by focusing on cost reduction, Lakhs. Despite of the decrease in revenue from Q1 we tivity and efficiencies. flexible working capital management, and improving produc nging environment, as a result of It is expected that R & B Denim Ltd, will continue to grow despite a challe nging times. The Denim Market its robust business model and its strategic ability to navigate through challe attracting more and more people is both impacted by domestic and export issues. Denim products are y will grow at a rapid pace in the regardless of age and gender, and it is anticipated that the denim industr near future. : in Research and Development to maintain its It is imperative that the company continues to invest to stakeholders, in order to enhance technological competitive advantage and consistently deliver value use of its state of the art, ultramodern equipment, as advancements and quality improvement through the tory, in order to sustain profit margins and increase well as its fully equipped research and development labora ing a significant increase s, the company is expect operational efficiency. With the new machine installation installations. in revenue and profitability in Q4 as a result of these Meters of Denim Fabric that is equivalent to 46 Lakhs In FY 22-23 till Q2, company has Produced 74 Lakhs pair of Jeans. new at Delhi, which gave promising results in getting In FY 22-23, company participated in Denim Show Partic ipatio n at ts in domestic Market. Its Previous customer base and helped to increase demand of Produc to FY 21. Even exports in FY 22 by 225% as compared exhibitions outside India led to increase Company’s that we been able to export 40% of the total export sales with the diminishing market, till Sep’22 it has furthe r expects ents 21% of its total sales which company achieved in FY 21-22. As on Sept’22 exports repres ion. to Increase as the market heads towards Normalizat up, we ory build-up in US, once inventory starts to clear On export side, denim is largely impacted by invent Volati lity of cotton part of quarter 4. On domestic front, think they should start to normalize perhaps later volum e shrink age. with the rise in Input cost has resulted in prices and inability to increase the product’s price by Januar y end and ny expects that it should correct itself ‘As Cotton has started to normalize now, compa . revenue would follow how cotton normalizes . {2 For further information please contact: i ; Mr. Parkin Jariwala, CFO \ )s) R & B Denims Limited R&B Denims Ltd AS } Email: accounts@rnbdenims.com NES A--T--AH-o-® KALPATARU POWER TRANSMISSION LIMITED Factory & Registered Office : Plot No. 101 , Part-Ill, G .I.D.C . Estate, Sector-28, Gandhinagar-382 028, Gujarat. India. Tel. : +91 79 232 14000 Fax: +9179232 11951/52/66/71 E-mail : mktg@kalpatarupower.com CIN: L40100GJ1981PLC004281 KPTL/22-23 10th January, 2023 BSE Limited National Stock Exchange of India Ltd. Corporate Relationship Department ‘Exchange Plaza’, C-1, Phiroze Jeejeebhoy Towers Block ‘G’, Bandra-Kurla Complex Dalal Street, Fort Bandra (E) MUMBAI - 400 001. MUMBAI – 400 051. Scrip Code: 522287 / 522263 Scrip Code: KALPATPOWR / JMCPROJECT Sub.: Intimation of withdrawal of Credit Rating of various facilities / instruments of JMC Projects (India) Limited Respected Sir / Madam, With reference to the above and pursuant to Regulation 30, 51 & other applicable regulations, if any, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we write to inform you that India Ratings & Research Private Limited vide its Letter dated 9th January, 2023, has withdrawn rating of Long Term Bank facilities, Short Term Bank facilities and Non-Convertible Debentures of JMC Projects (India) Limited (“JMC”), as JMC has been amalgamated with the Company effective from 4th January, 2023 and consequent thereto, JMC has been dissolved. Pursuant to Regulation 55 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/0000000103 dated 29th July, 2022, the details in respect of Credit Rating withdrawn by India Ratings & Research Private Limited for Non- Convertible Debentures which were issued by JMC is as under: Details of credit rating Current rating details Sr. ISIN Name Credit Outlook Rating Action Specify Date Verification Date of No of the rating (Stable/ (New/ other of status of verification . Credit assigned Positive/ Upgrade/ rating Credit Credit Rating Negative/ Downgrade/ action rating Rating Agenc No Re- Affirm/ Agencies y Outlook) Other) 1 2 3 4 5 6 7 8 9 10 1 INE890A07054 India WD - Other Withdrawn 09-01- Not Verified - Ratings 2023 & ISO 9001 CERTIFIED COMPANY Corporate Office : 81, Kalpataru Synergy, Opp. Grand Hyatt, Santacruz (E), Mumbai-400 055. India. Tel. : +91 22 3064 2100 • Fax : +91 22 3064 2500 • www.kalpatarupower.com" JMC PROJECTS (INDIA) LTD.-$,2023-01-10,2,"KA L1>A--T--AH-o-® KALPATARU POWER TRANSMISSION LIMITED Factory & Registered Office : Plot No. 101 , Part-Ill, G .I.D.C . Estate, Sector-28, Gandhinagar-382 028, Gujarat. India. Tel. : +91 79 232 14000 Fax: +9179232 11951/52/66/71 E-mail : mktg@kalpatarupower.com CIN: L40100GJ1981PLC004281 Researc h Private Limited 2 INE890A08037 India WD - Other Withdrawn 09-01- Not Verified - Ratings 2023 & Researc h Private Limited 3 INE890A08045 India WD - Other Withdrawn 09-01- Not Verified - Ratings 2023 & Researc h Private Limited 4 INE890A08029 India WD - Other Withdrawn 09-01- Not Verified - Ratings 2023 & Researc h Private Limited 5 INE890A08052 India WD - Other Withdrawn 09-01- Not Verified - Ratings 2023 & Researc h Private Limited Thanking you, Yours faithfully, For Kalpataru Power Transmission Limited Digitally signed SHWETA by SHWETA GIROTRA GIROTRA Date: 2023.01.10 20:11:13 +05'30' Shweta Girotra Company Secretary & Compliance Officer Note: As the Scheme of Amalgamation of JMC Projects (India) Limited (“JMC”) with Kalpataru Power Transmission Limited (“KPTL”) and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 has been made effective from 4th January, 2023, the intimation of KPTL is being disseminated for the information of stakeholders of JMC, since being amalgamated with KPTL. ISO 9001 CERTIFIED COMPANY Corporate Office : 81, Kalpataru Synergy, Opp. Grand Hyatt, Santacruz (E), Mumbai-400 055. India. Tel. : +91 22 3064 2100 • Fax : +91 22 3064 2500 • www.kalpatarupower.com" GOODRICKE GROUP LTD.,2023-01-11,1,"To Date : 11.01.2023 The Sr. General Manager, Dept of Corporate Services BSE Limited Phiroze JeeJeebhoy Towers Dalal Street Mumbai — 400 001 BSE SCRIP Code — 500166 Dear Sirs, Sub: Intimation of Ratings in terms of Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Please be informed that ICRA Limited has reaffirmed the following rating to the Company’s Line of Credit facilities provided by the Banks, as per their communication received today: Type of Credit Rating Rating Fund-based – Term Loan [ICRA]A+ (Stable); Downgraded from [ICRA]AA- (Stable) Fund-based – Cash Credit/ WCDL [ICRA]A+ (Stable) / [ICRA]A1; Downgraded from [ICRA]AA- (Stable) / [ICRA]A1+ Non-fund based – Letter of Credit/ [ICRA]A+ (Stable) / [ICRA]A1; Downgraded from Bank Guarantee [ICRA]AA- (Stable) / [ICRA]A1+ The above information is being furnished to you pursuant to Regulation 30(6) read with Para A, Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Yours faithfully, For GOODRICKE GROUP LIMITED. Digitally signed by ARNAB ARNAB CHAKRABORTY CHAKRABORTY Date: 2023.01.11 19:07:03 +05'30' (ARNAB CHAKRABORTY) COMPANY SECRETARY" Vaxfab Enterprises Ltd,2023-01-11,1,"VAXFAB ENTERPRISES LIMITED (Formerly known as Ellora Trading Limited) CIN: L51100GJ1983PLC093146 Address: Survey No.229 Paiki, Plot No.2 Nr Gandhi Estate, B/h Ashopalav Hotel, Narol Ahmedabad - 382 405 Email ID: vaxfabenterprisesltd@gmail.com Date: 11th January, 2023 To, BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai – 400 001 Dear Sir / Madam, Sub: Press Release Ref: Security Id: VEL / Code: 542803 Pursuant to second proviso to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the Press Release for the Unaudited Financial Result for the quarter and nine months ended on 31st December, 2022. This Media Release will also be available on the Company's website www.vaxfabenterprisesltd.in. Kindly take the same on your record and oblige us. Thanking You For, Vaxfab Enterprises Limited (Formerly known as Ellora Trading Limited) Digitally signed by DEVI DEVI SINGH SINGH Date: 2023.01.11 19:21:02 +05'30' Devi Singh Managing Director DIN: 09528536" Vaxfab Enterprises Ltd,2023-01-11,2,"Vaxfab Enterprises Limited - Q3 Results Ahmedabad; January 11th, 2023- Vaxfab Enterprises Limited (formerly known as Ellora Trading Limited) - a BSE listed Company, Agriculture & textile trading Company in India, reported Net sales at Rs. 202.88 Lakhs for the Third Quarter ended on December, 2022 which is 7.5 times more than Net sales at Rs. 26.20 Lakhs for the Second Quarter ended on September, 2022. The Profit after Tax for Q3FY22 stood at Rs. 10.23 Lakhs which is 13 times more than profit after Tax for Q2FY22 stood at Rs. 0.74 Lakhs. The company has filed final letter of offer with Bombay stock Exchange regarding right issue of 72,00,000 Equity shares in the ratio of 6 (Six) equity shares for every 1 (One)existing equity share held by the eligible equity shareholder in the Company as on record date i.e. 3rd January, 2023. The said right issue opens on 18th January, 2023 & closes on 1st February, 2023. On the outlook, the Company said “The financial results for the Third quarter of FY 22-23 indicate that the company is dedicated towards flourishing itself & also oriented on the road to path of development.” About Vaxfab Enterprises Limited: Vaxfab Enterprises Limited (Formerly known as Ellora Trading Limited) was incorporated on 9th February 1983 under the Indian Companies Act 1956 in West Bengal and obtained certificate of commencement of business on 19th February 1983. The Company is new in this business of trading of Agriculture Products and has newly commenced its operations in the segment of trading of Textile Products and Clothing. All the verticals are housed under a single corporate entity. This has facilitated our diversification into new segments which in turn has helped us in serving a large number of customers across various sectors. The business is divided into two separate yarn business verticals, consisting of: a) Agriculture; b) Textile and Clothing Trading verticals. This has facilitated the diversification into new segments which in turn has helped us in serving a large number of customers across various sectors. No offer or solicitation: This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. For further information please visit our website www.vaxfabenterprisesltd.in" TVS MOTOR COMPANY LTD.,2023-01-11,1,"11th January 2023 BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Dalal Street, Bandra-Kurla Complex, Mumbai 400 001 Bandra (E), Mumbai 400 051 Scrip code: 532343 Scrip code: TVSMOTOR Dear Sir, Reg : Press Release - TVS Motor Company indicates its intention to invest in Madhya Pradesh at the Global Investors Summit 2023 We enclose a Press Release regarding “TVS Motor Company indicates its intention to invest in Madhya Pradesh at the Global Investors Summit 2023”, for dissemination. Thanking you, Yours truly, For TVS MOTOR COMPANY LIMITED KELLIYA Digitally signed by KELLIYA SUBRAMANIAN SUBRAMANIA SRINIVASAN Date: 2023.01.11 N SRINIVASAN 21:04:35 +05'30' K S Srinivasan Company Secretary Encl : a/a Website : www.tvsmotor.com Email : contactus@tvsmotor.com CIN : L35921TN1992PLC022845" TVS MOTOR COMPANY LTD.,2023-01-11,2,"PRESS RELEASE TVS Motor Company indicates its intention to invest in Madhya Pradesh at the Global Investors Summit 2023 • Intends on investing Rs. 1,000 Crores towards future expansion in EV and ICE • Additionally, the investments could create over 2,000 jobs Indore, January 11, 2023: TVS Motor Company, one of the largest manufacturers of two- wheelers and three-wheelers in the world, expressed its intention to invest in Madhya Pradesh for its potential future two-wheeler and three-wheeler expansion in electric and internal combustion engine (ICE) vehicles. Over a period of time, this could entail an investment of over Rs.1,000 Crores and generating direct and indirect employment in Madhya Pradesh of over 2,000 jobs. The announcement was made at the Global Investors Summit 2023 held at Indore in the presence of the Shri Shivraj Singh Chouhan - Honourable Chief Minister of Madhya Pradesh. Speaking on the announcement, Mr. K.N. Radhakrishnan, Director & CEO, TVS Motor Company, said, “Madhya Pradesh has evolved as a strategic market, owning to its future readiness across sectors, and we believe that the state has immense potential for charting a strong growth trajectory for our two and three-wheeler business. Madhya Pradesh is centrally located and well connected with huge potential for growth. The state has excellent talent and engineering capabilities with robust supply chain for manufacturing of two-wheelers and three-wheelers both in ICE and EV. We look forward to working with the government and other stakeholders in Madhya Pradesh.” About TVS Motor Company- TVS Motor Company is a reputed two and three-wheeler manufacturer globally, championing progress through Sustainable Mobility with four state-of-the-art manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. Rooted in our 100-year legacy of Trust, Value, and Passion for Customers and Exactness, we take pride in making internationally aspirational products of the highest quality through innovative and sustainable processes. We are the only two-wheeler company to have received the prestigious Deming Prize. Our products lead in their respective categories in the J.D. Power IQS and APEAL surveys. We have been ranked No. 1 Company in the J.D. Power Customer Service Satisfaction Survey for consecutive four years. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. For more information, please visit www.tvsmotor.com. For more information, please contact: Priyanka Kumar – Priyanka.kumar@tvsmotor.com" TATA CONSULTANCY SERVICES LTD.,2023-01-11,1,"TCS/SE/202/2022-23 January 11, 2023 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Bandra Kurla P. J. Towers, Complex, Bandra (East) Dalal Street, Mumbai - 400051 Mumbai - 400001 Symbol - TCS Scrip Code No. 532540 Dear Sirs, Sub: Transcript of the earnings conference call for the quarter ended December 31, 2022 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call for the quarter ended December 31, 2022 conducted after the meeting of Board of Directors held on January 09, 2023, for your information and records. The above information is also available on the website of the Company: www.tcs.com. Thanking you, Yours faithfully, For Tata Consultancy Services Limited PRADEEP Digitally signed by PRADEEP MANOHAR MANOHAR GAITONDE Date: 2023.01.11 GAITONDE 21:21:36 +05'30' Pradeep Manohar Gaitonde Company Secretary Encl: As above TATA Consultancy Services Limited 9th Floor Nirmal Building Nariman Point Mumbai 400 021 Tel. 91 22 6778 9595 Fax 91 22 6778 9660 e-mail corporate.office@tcs.com website www.tcs.com Registered Office 9th Floor Nirmal Building Nariman Point Mumbai 400 021. Corporate identification No. (CIN): L22210MH1995PLC084781" TATA CONSULTANCY SERVICES LTD.,2023-01-11,2,"Tata Consultancy Services Limited Q3 FY23 Earnings Conference Call. January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Moderator: Ladies and gentlemen, good day and welcome to the TCS Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. Should you need assistance during the conference call, please signal an operator by pressing ‘*’ and then ‘0’ on your touchtone phone. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press ‘*’ then ‘1’ on your telephone keypad. To withdraw your question, please press ‘*’ then ‘2’. Please note that this conference is being recorded. I now hand the conference over to Mr. Kedar Shirali – Global Head, Investor Relations at TCS. Thank you and over to you, sir. Kedar Shirali: Thank you, operator. Good evening and welcome everyone. Thank you for joining us today to discuss TCS’ Financial Results for the Third Quarter of Fiscal Year 2023 that ended December 31, 2022. This call is being webcast through our website and an archive including the transcript will be available on the site for the duration of this quarter. The Financial Statements, Quarterly Fact Sheet and Press Release are also available on our website. Our leadership team is present on this call to discuss our results. We have with us today, Mr. Rajesh Gopinathan -- Chief Executive Officer and Managing Director; Mr. N G Subramaniam -- Chief Operating Officer & Executive Director; Mr. Samir Seksaria -- Chief Financial Officer; Mr. Milind Lakkad -- Chief HR Officer. The management team will give a brief overview of the company's performance followed by Q&A. As you're aware, we don't provide specific revenue or earnings guidance. And anything said on this call which reflects our outlook on the future or which could be construed as a forward-looking statement must be reviewed in conjunction with the risks that the company faces. We have outlined these risks in the : Page 1 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,3,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) second slide of the quarterly fact sheet available on our website and which has been e-mailed out to those who have subscribed to our mailing list. With that, I would like to turn the call over to Rajesh. Rajesh Gopinathan: Thank you, Kedar. Good morning, good afternoon and good evening to all of you. We had very good growth for a seasonally weak quarter. Our US dollar revenue crossed the 7 billion mark in Q3 and revenues grew 19.1% in rupee terms, 13.5% in constant currency terms, and 8.4% in dollar terms. Our operating margin for the quarter was 24.5%, an expansion of 0.5% sequentially. Our net margin came in at 18.6%. I'm very happy to share that the board has announced a dividend of `75 per share, including a special dividend of `67 per share. Including the interim dividends paid out in the first half of the year, this translates into a shareholder payout of `33,297 crore for year-till-date. I will now invite Samir, Milind and NGS to go over different aspects of our performance during the quarter. I'll step in again later to provide some more color on the demand trends that we're seeing. Over to you, Samir. Samir Seksaria: Thank you Rajesh. Let me first walk you through the headline numbers. In the third quarter of FY'23 our revenues grew 13.5% year-on-year on a constant currency basis. Reported revenue in INR was `582.29 billion, an year-on-year growth of 19.1%. In dollar terms, our revenue was $7.075 billion, an year-on-year growth of 8.4%. Moving to the operating margin, we had 70 basis points benefit from the currency movement. Operational rigor including utilization, reduced use of subcontractors, resulted in a net benefit of 0.3% or 30 basis points, offset by 50 basis points headwind from higher third-party expenses and increasing cost of return to normalcy. Overall, our operating margin expanded 50 basis points sequentially to 24.5%. Net income margin was 18.6% impacted by foreign exchange fluctuations. The effective tax rate for the quarter was 25.7%. Our accounts receivable was at 66 days’ sales outstanding orDSO in dollar terms, up four days sequentially. : Page 2 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,4,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Net cash from operations was `111.54 billion, which is a cash conversion of 102.8%. Free cash flows were at `102.15 billion. Invested funds at the end of December stood at `669.24 billion. Lastly, as Rajesh mentioned, the board has announced an interim dividend of `75 per share, which includes a special dividend of `67 per share. Total shareholder payout, year till date, amounts to 110% of free cash flow. Over to you, Milind. Milind Lakkad: Thank you, Samir. You might recall that our approach to overcoming the supply side challenges faced by the industry was to bring in fresh talent at scale, and then train them on new technologies. In the prior six quarters, we onboarded 135,000 fresh engineers. In Q3 alone, we brought on about another 7,000 fresh engineers amounting to a total of 42,000 freshers year-to-date. These are unprecedented numbers. Our biggest strength has been nearly 125,000 TCS at middle and senior levels, who have been with the company for over 10 years on average. They have been central to our ability to culturally and operationally integrate all the fresh talent we brought onboard and ensuring that the project outcomes and customer experiences continue to be the best-in-class. Last year, our net hiring was significantly ahead of our revenue growth. Our focus this year has been on utilizing all that excess capacity and making our newest employees productive. Between that and elevated attrition, we had a net reduction of headcount and our workforce strength as of December 31 st stood at 613,974. We continue to have a very diverse workforce with 153 nationalities represented and with women making up 35.7% of the base. On the learning front, TCSers clocked 11.4 million learning hours in Q3, resulting in an acquisition of 1.3 million competencies. LTM attrition in IT services was at 21.3%, slightly down quarter-on-quarter but still very elevated as it reflects the high levels of churn in the prior quarters. Our quarterly annualized attrition on the other hand fell by nearly 6% in Q3, and we expect it to steadily trend down over the coming quarters. Over to you NGS for some color on segments and product trends. : Page 3 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,5,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) N G Subramaniam: Thank you, Milind. Let me walk you through our segmental performance details for the quarter. All growth numbers are on a year-on-year constant currency basis. Growth was led by Retail and CPG which grew 18.7%, led by strong demand in the Travel and Hospitality segment while retailers had production freezes during the holiday season. Life Sciences and Healthcare grew 14.4%. Technology and Services grew 13.6%. Communications and Media grew by 13.5%. Manufacturing grew by 12.5% while BFS, our largest vertical grew by 11.1%. Let me now walk you through the growth figures by geography. Among major markets, North America as well as UK grew 15.4%, while Continental Europe grew by 9.7%. Moving on to emerging markets, Latin America grew by 14.6%, India by 9.1%, Asia Pacific by 9.5%, and Middle East and Africa by 8.6%. Moving on, our industry-leading portfolio of products and platforms continue to perform well. ignio™, our cognitive automation software suite signed up 10 new customers and 7 clients went live during the quarter. The business health monitoring solution for ignio is gaining traction with customers and went live in over 2,000 stores for a major American auto retailer in Q3. Enterprises are increasing their investment in AI ops, and automation technologies to improve employee productivity and resilience. ignio is uniquely positioned to ride on this particular opportunity with an end-to-end platform that offers self-healing and machine learning ability across the customer lifecycle to help them in their journey of being an autonomous enterprise. TCS BaNCS™, our flagship product suite for the financial services domain had six new wins and seven go lives during the quarter. We continue to gain share in the market infrastructure institution segment with a new win in Q3. The subsidiary of a leading European CFD selected TCS BaNCS market infrastructure, implementing a unique system offering settlement and correspondent banking services to their customers. : Page 4 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,6,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) One of the largest asset managers in the USA with over US$7 trillion in global assets, migrated its personnel advisory services and digital advice offerings to the cloud-based TCS BaNCS to its management platform, enhancing their advisor experiences, improving accuracy and low latency responses for performance configuration analytics for millions of customer portfolio of record numbers. Our Quartz blockchain platform have two new wins and one go live in Q3. A Swiss multinational pharma major has increased their adoption of Quartz further, building on the successful initial pilots we executed using blockchain, smart contracts and digital payments. Quartz smart solution for contract performance monitoring and Quartz Gateway are going to be used to eliminate inefficiency in cross-functional manual processes entailing procurement, finance and treasury. In Life Sciences, TCS ADD™, our Advanced Drug Development platform, enabled by artificial intelligence was implemented for two leading pharma companies for automation of adverse events intake and processing. With this, TCS ADD has successfully completed automated processing of half a million adverse event cases. Our offerings in this platform address patient centricity, smart clinical analytics, interoperability, and AI-enabled automation, that are emerging trends in the life sciences industry. TCS Optumera™, our artificial intelligence powered retail merchandising suite went live for four clients. TCS OmniStore™, our AI-powered universal commerce suite had two go lives. TCS HOBS™, our suite of products for communication services has one new win and four go lives in Q3. TCS iON had seven wins in the quarter ending December. During this period, we served over 35 assessment customers and administered exams for 8.8 million candidates. We reached a new industry partnership milestone in Q3, engaging with 1,580 corporates that leverage the TCS National Qualifier Test as their entry level recruitment platform. Over 3,700 candidates have gotten placed till-date. Lastly, MasterCraft™ and Jile™ had won 10 new clients in Q3 and 21 renewals. : Page 5 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,7,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Let me now go over our client metrics. These metrics are an important validation of our customer-centric business model. In Q3, we added one more client year-on-year in the $100 million plus band, bringing the total to 59; 12 more clients in the $50 million plus band, bringing the total to 130; 35 more clients in the $20 million plus band, bringing the total to 290; 30 more clients in the $10 million plus band bringing the total to 456; 39 more clients in the $5 million plus band, bringing the total to 658 and 42 more clients in the $1 million plus band bringing the total to 1,217. Let me now request Rajesh to speak on the demand drivers. Rajesh Gopinathan: Thank you, NGS. As mentioned by NGS, the seasonality led to some moderation in growth in verticals like BFSI, Retail and Technology and Services and across all our key markets. While the seasonal aspect should reverse in the next quarter, the macroeconomic uncertainties are likely to result in a more balanced year in 2023 after two years of strong growth. For now we see a client caution translating into greater focus on cost optimization. We're seeing an increase in the number of large operating model transformation engagement. In the first three quarters of FY'23, we won 20 such deals versus 16 in the prior year same period. Our innovative approach to redesigning the operations and embedding AI and intelligent automation into individual processes using TCS Cognix™ has been delivering superior outcomes for our clients and differentiated positioning for TCS. We are also seeing an uptick in vendor consolidation. Our scale, full services capability and track record of delivering outsized savings through operating model transformation is helping us win such deals. We have won quite a few such deals across BFSI healthcare, manufacturing and telecom and we see many more in the pipeline. Here is a good illustration: The BT Group, UK's leading provider of fixed and mobile telecommunication, announced a new partnership with TCS for its digital unit to boost its modernization plans. TCS will manage and ramp down over 70% of digital legacy technology estate, and boost capacity to accelerate the build of its new strategic technology architecture, supporting the group's growth. : Page 6 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,8,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Coming to cloud transformation, it continues to be a strong area of growth. As I had mentioned in the last quarter, clients are much more focused on execution of their cloud journeys and the increased intensity is translating into an expanded opportunity for us. Our strategic industry-specific solution fabrics built on market leading hyper scalar platforms accelerate enterprise digital transformation and drive exponential business value through industry innovation. We won several new cloud transformation deals in Q3. Here are a few examples. We were selected by Boston Scientific Corporation, a global medical devices company as a strategic partner for their purpose-led, enterprise-wide multi- cloud acceleration program. TCS' decade-long transformative partnership will help deliver cloud-native resilient and futuristic operations that will fuel Boston Scientific's global business growth and its mission of transforming lives through innovative medical solutions. TCS expanded its partnership with the UK headquartered international savings and investment firm to help them transform into a cloud-only organization by 2025, through a series of technology and business transformation initiatives. Leveraging its deep contextual knowledge of the client's IT and business landscape, TCS will help modernize and transform their application estate using cloud-native architecture, and seamlessly migrate them to a public cloud using TCS Cloud Counsel and TCS Migration Factory. This will also simplify the legacy infrastructure estate and facilitate their exit from on-premise data centers. We have been engaged by the largest online travel company to build a unified, modernized enterprise data platform, which entails creating a data lake abstracting data from transitional systems and other data sources and building intelligent self-learning engines leveraging AI/ML models and rendering seamless experiences to customers and associates. The marketing meta- analytics we deploy will enable greater personalization and tailored recommendations on their portal. Moving on to growth and transformation, we usually talk about G&T engagements focused on the front end, helping clients launch innovative new : Page 7 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,9,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) products and services or new technology-enabled business models or channel improvements and personalization that enhance customer experience. I'll come to those in a bit, but before that, I also wanted to share some examples of how technology-led innovation at the back-end can also result in revenue growth and improved customer satisfaction. Predictive analytics, machine learning and AI are fueling such innovation. Let me illustrate with three examples. PostNord, a European communications and logistics solution provider has partnered with TCS to achieve their `Win in Parcels’ key strategic priority and to be the market leader. Their key objective is to transport more parcels per truck in each trip made between the terminals and their regional hubs. TCS developed a touchless AI-based solution using machine vision and importantly, existing security CCTV cameras, to accurately measure the truck fill rate in real-time. It leverages a TCS proprietary algorithm to optimize the line haul planning and truck departures. This has helped improve the revenue yield per truck, reducing the number of trips and associated costs, and even the carbon footprint. TCS partnered a US headquartered multinational biopharmaceutical company in co-creating and implementing an industry-first AI-based solution to transform the handling of patient complaints about drug-device combination products, such as pre-filled injections and auto injectors. The solution triages complaints and automatically separates out product- related complaints from drug-related adverse events, resulting in faster processing of complaints, timely feedback to patients and to internal design and production teams for remediation. This has helped improve product quality, enhance patient experience and contributed to improved sales of such combination products. Toyota Material Handling in North America engaged TCS to transform its field service teams’ ability to diagnose and repair. TCS’ solution enables guided troubleshooting, self-service and cognitive search of technical product support content using AI/ML and NLP, which helps reduce downtime associated with unplanned maintenance by 10% to 15%. The transformation has improved first time right fix, reduced dealer overheads and resulted in service stickiness, : Page 8 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,10,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) leading to increased service part sales for dealers and to Toyota Material Handling. M&A continues to be a recurring theme in our customers T&T agenda. They have been entrusting us with these integration or divestiture mandates on account of our contextual knowledge of the business and IT landscapes, our highly collaborative inside-out approach to transformation, and proprietary accelerators such as TCS Crystallus™, a set of pre-configured industry and business solutions available on leading enterprise application platforms. Here are three examples: Philips Domestic Appliances, a carve-out from Royal Philips and a global leader in kitchen coffee, garment care and home care appliances, engaged TCS as a sole-sourced primary partner to support PDS’ transition to an independent entity, and its business transformation to become a digital-first and consumer-centric organization. TCS established a digital core for the new business, designed lean business processes and successfully rolled out the pilot in seven countries. We are now working towards a big bang go-live for the rest of the world. This is expected to be the foundation for a 10x growth in sales from expansion into new markets and channels, with 20 million highly engaged customers. Similarly, we are helping a leading North American bank with the seamless merger of a US bank. TCS' deep contextual knowledge and platform expertise was critical for success in this large and complex M&A program, involving online banking channels, treasury and payment services, auto and equipment financing, among others. TCS did an end-to-end mapping of the products and processes of the acquired bank and carried out a parity uplift to ensure consistent experience for incoming acquired bank customers. At the back end, we integrated new lending and leasing products into the acquirer bank's portfolio and migrated the acquired bank’s products, customers and users to the acquirer’s platforms. With the successful integration, the acquirer bank expanded into a large complementary contiguous market in the US, doubling its branch footprint and onboarded over 1.5 million new customers and inherited a strong commercial business with a high-quality loan portfolio. : Page 9 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,11,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Finally, in Q3, we were chosen by European life and material sciences company to lead the global integration of one of the largest acquisitions. TCS is responsible for end-to-end integration of warehouses and factories. It will set up a transformation management office to enable faster realization of synergies, and serve as the foundation for future M&A. Let me now provide a few examples of TCS partnering with clients to use digital technologies to help launch innovative new products or services that drive new revenue streams. A leading US-headquartered media and technology multinational partnered with TCS for building a single digital ecosystem platform, spanning home entertainment and mobility. As the sole strategic partner, TCS was responsible for the full lifecycle of the new technology platform for this new line. TCS designed and implemented the solution through an API grid for the entire ecosystem leveraging AI/ML for agile operations, proactive care, proactive service management, and preventive fault management. The new business model helped deliver truly personalized and unique customer experiences to end-customers. It recently crossed 5 million customer connection and witnessed high NPS score and customer satisfaction ratings. TCS helped a leading US money transfer service provider transform its technology estate into modern cloud-powered platform, enabling it to launch new products faster, expand into new markets and strengthen its customer relationships. Leveraging the new integrated next-generation multi-currency digital wallet and digital banking platform, our clients have forayed into digital banking in Europe, offering customers access to a variety of differentiated multicurrency payment services in a single app. The new platform has also helped the client successfully integrate with cross-industry ecosystem partners to offer millions of customers greater ease, reliability and access to money movement, and payment service capabilities. Overall, the transformation has resulted in increased customer loyalty, reduced customer journey barriers and created new revenue streams. Similarly, in Q3, an APAC-based automotive electronics manufacturer chose TCS as their co-innovation partner in developing a next-gen instrument panel : Page 10 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,12,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) cluster. TCS services will span product development, HMI or Human Machine Interface, functional safety, cyber security and other cockpit related products. In prior calls, I have given examples of how TCS is participating in large industry transformation initiatives. In the Utilities sector, we have had several examples of TCS helping utilities or power producers navigate energy transition. Our domain expertise and track record in executing successful transformations is firmly establishing us as the preferred G&T partner in the sector. Here’s one more example of the same. Western Power, a leading Australian power generator and distributor, selected TCS for our credentials in this space to design, deliver and support a distribution system operator platform solution. Our solution enables the client to orchestrate Distributed Energy Resources or DERs, such as rooftop solar batteries and large appliances across homes and businesses into a virtual power plant, aggregating the excess electricity generated by their assets and then dispatching it into what will become new energy markets and services. TCS’ solution also addresses critical issues like low voltage network visibility and optimization. With over 650 participating customer energy assets till date, the platform has demonstrated the safety and reliability of aggregated DERs and helped the client model the complexity of bi-directional energy flows. This will open doors for Western Power to participate in the futuristic energy market and build new revenue streams while safely operating within the technical limits of the distribution grid. Likewise, we're participating in the longer-term transformation trends in the transportation sector. Last year, I had spoken about the work we're doing for Transport of London to transform the administration of taxis and private hire vehicles in London to prepare it for an electric and autonomous future. In Q3, we won a deal that will transform the railways sector in the UK. TCS was chosen by the Rail Delivery Group, UK's leading rail industry membership body for the creation of a rail data marketplace. TCS will leverage data syndication, monetization and marketplace features of its DeXAM platform and a leading hyper scalar cloud to combine fragmented sources of rail data into one digital service. : Page 11 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,13,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) This will optimize the sharing of data and real-time information to passengers and operational bodies, improving transparency and enable a UK-wide railway innovation ecosystem. Let me now come to the Q3 order book. Our deal closures in Q3 amounted to a TCV of $7.8 billion. By vertical, BFSI had a TCV of $2.5 billion while retail order book stood at $1.2 billion. The TCV of deal signed in North America stood at $4.2 billion. With that, we will open the line for questions. Moderator: Ladies and gentlemen, we will now begin the question-and-answer session. The first question comes from the line of Kumar Rakesh from BNP Paribas. Please go ahead. Kumar Rakesh: My first question was to better understand the headcount moderation during the quarter. During the press conference, Rajesh, you talked about the focus on headcount efficiency to continue in the fourth quarter as well. Assuming the headcount stay steady in 4Q, you will be exiting the year with a headcount growth of about 4% YoY. My question was, is that an indication of growth visibility that you have today and hence the rationalization or you are confident of driving similar or higher productivity gains, and hence revenue growth could be significantly higher than that? Rajesh Gopinathan: I think the best way to think about it is that on a year-on-year basis, our net headcount is higher. So, we have significantly invested in building up capacity from 2021, tried as much as possible to bypass the industry's hire-from-each- other attrition cycle, and focus on hiring at entry level, and invested in training and cross training our resources. That investment has hit our productive capacity and stood us in good stead. The incremental hiring for this year should be seen in context of what we've done in the last year also. Overall, we are very comfortable with where we are with our net headcount. We hired significantly ahead of revenue growth in '21 and balanced it with a more prudent hiring in calendar '22. Going forward, we should be back to a more normal kind of hiring trend. While specific numbers will keep evolving, we should expect hiring in the range of 125,000 to 150,000 for the year, offset by more normalized attrition levels closer to our long-term averages, which will give us sufficient capacity to take : Page 12 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,14,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) care of growth. And then we can keep bringing in shorter term hiring to take care of demand as it unfolds. So, that would be the best way to think about and model it. Kumar Rakesh: My second question was on the deal side. So, you talked about that cost optimization deals have already started picking up meaningfully. In the past, during recessions, we have noticed that first, there's a sharp cut to IT budget, before cost optimization deals starts picking up. I understand that visibility on client budgets is still a couple of months away. But do you think this time the transition from discretionary IT spending to cost optimization deals could be far smoother than what we have seen in earlier recession period? Rajesh Gopinathan: It's also a factor of how it is playing out in different markets. So, as I said, if we take a market like UK, that is well and truly into much more strategic long term, cost-based restructuring kind of deals. We're seeing multiple such ones play out and we're participating very strongly in that. Markets like US, we need to wait and watch how that will play in the next couple of quarters, but we are fairly constructive. Our conversations with customers are much more balanced ones where they are equally positive, as well as cautious and we should see a mix of both cost and transformation deals. In Europe, decision making is slow. So, it's very difficult to call it one way or the other. So, this is not some major single event that has happened globally. All three markets are moving to three different beats and each of them is indexed to their own specific outlooks. Moderator: Our next question is from the line of Vibhor Singhal from Nuvama Equities. Please go ahead. Vibhor Singhal: Rajesh, I just wanted to basically pick your brain on the performance of the retail segment in this quarter. This segment has outperformed the company average growth rate and also doing really very well. Globally, we are hearing about a lot of these retail chains, calling out weakness, especially in Europe in parts as well. So, any color on that would be helpful as to what drove this strong performance in this quarter, do you expect this to sustain in the coming quarters also? And also, is there some color to it in terms of let's say, US retail maybe doing slightly better than Europe retail, as you just called out that in Europe, the decision making is slow on an overall basis? : Page 13 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,15,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Rajesh Gopinathan: First of all, the numbers that we show in Retail is a combination of Retail, CPG, Travel and Hospitality. So, that's the industry group that we report on. Within that, if you look at it, travel and hospitality is enjoying a very strong rebound after a couple of very, very challenging years. And we are one of the largest, if not the largest, service provider in that industry and we were significantly impacted in the last couple of years and also we are now participating and also winning quite reasonably. CPG sector going through multiple forms of transformation, mostly led in various forms of direct-to-customer channel strategy transformation, and significant investments going into that. Also, analytics, sustainability, direct-to- customer, each of these themes are continuing to find a lot of traction and continued investment, and we are participating in all three quite well. Retail itself is more regional, and different markets have different focus. Plus, within retail, grocery as a segment continues to do well. More discretionary retail is, as I said, market specific. Going to the last part of your question, US retail sales adjusted for inflation itself, have still come in stronger than last year and last year was a very strong year. So, overall, from a volume perspective, retail in the US has done well. However, profitability has been challenged, both by customers walking down the product line in terms of preferring a slightly cheaper products on a relative basis, as well as the fact that cost structures have been up. We need to wait and see how this will be translated. But some of those costs are transient, some of them will require more structural cost transformation deals. So, it's a fairly complex set of drivers in there. It goes back to what we always said, we stay close to the customer, and we play each customer and each scenario on a one-on-one basis. Overall, we believe that the industry continues to be very attractive. And we have the full suite of capabilities to be participating across this broad spectrum, and to make sure that we stay relevant to customers on a very individualized basis. Vibhor Singhal: Since you touched upon the travel and hospitality segment, as you mentioned that we bore the brunt of it while COVID struck and the segment was down and now we're seeing a strong rebound in this segment. I think globally also we are seeing very strong bookings in Greece and Spain and baggage can also come : Page 14 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,16,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) up. So, do you expect this momentum to maybe continue in the travel segment in the coming quarters as well? Of course, this is assuming no more waves and no more lockdowns and everything. But do you think you expect this momentum to continue in this segment in the next couple of quarters given that these clients would now probably start spending more on to it? Rajesh Gopinathan: I think so. The caveat, of course, is that there is no major event that happens. But if things continue as they are, we expect that the sector will continue to do well. One, there is the demand side. In fact, the sector is supply constrained. As more capacity comes on board, they should continue to do very well. More importantly, while they did a great job dealing with the pandemic, many structural changes that need to be done have been identified, and those are longer term programs that will need to be put in place. So, we expect a lot more of preparatory investments amongst the more forward-looking customers, and very high profitability during the course of this year will give them that war chest they require to make the investment for increasing the resilience of their network and resilience of their operation in any future potential scenarios. Moderator: Our next question is from the line of Sudheer Guntupalli from Kotak Mahindra Asset Management. Please go ahead. Sudheer Guntupalli: Rajesh, it has been almost 10 to 13 months since the inflation, macro, and geopolitical concerns surfaced, and some of the upstream segments of the tech ecosystem, like internet or software started flagging off on demand concerns. But so far if we look at your reported revenue growth, some of the forward-looking metrics or even your commentary, the situation for us seem to be reasonably strong, fairly resilient. If we take cues from the lag times between impact on upstream and downstream tech players historically, if something could have gone wrong massively, it should have gone wrong by now. What do you think is happening differently now. Is it the case that IT services business has become less correlated with macro in the cycle, or you think time lag for the impact will be little longer this time around? Rajesh Gopinathan: I think as I've always said, the best way to think about IT is to think of it as an industrial perennial. The tech needs of an enterprise will evolve over a cycle, but it is not totally discretionary. So, that's one aspect of it. : Page 15 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,17,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) The second aspect of it is that compared to let's say even five years ago, the technology landscape has stabilized significantly. There was a lot more heterogeneity in the landscape, and a lot more competing solutions in the landscape earlier. And now there is a fair amount of convergence on the main platforms, and the main basic architectural elements. So, in the wider technology products marketplace, that shakeout will be visible, which is normal at this stage of a technology adoption cycle. But the focus in terms of actual enterprise investments to execute on those transformations is continuing.So, lesser number of platforms, greater focus on larger programs, much calmer technology environment – all this is typical at this stage of technology adoption cycle. So, probably that also kind of reflects in the difference between the product space and the services space. But beyond that, I don't think we have any greater visibility. Sudheer Guntupalli: My second question. There is the broad agreement by now is that growth for the industry in FY'24 will revert to pre-COVID levels impacted by macro issues and the unwind of COVID pull forward impact, etc., Keeping aside the negativity around the near term, how do you think of the medium term growth prospects for TCS… not asking for a hard guidance, but do you continue to believe that once this near term noise around macro, etc., is in the base and behind us, growth rates can again accelerate back to double digits, which has been our medium term aspiration? Rajesh Gopinathan: We believe so. Our stance is quite positive, and as I said, if you take market- by-market, in the US, we definitely think that's the scenario. In UK, we are participating very well. The market itself is challenged. In Europe, once the geopolitical situation calms down, we believe that we have the full suite of capabilities to be able to participate. When decision-making restarts, we should be participating well. So, overall, we are quite confident about having the full suite of services to be able to be relevant to customers across a wide spectrum of actual scenarios, and therefore we are quite confident about the medium to long term outlook. Moderator: Our next question is from the line of Pankaj Kapoor from CLSA. Please go ahead. Pankaj Kapoor: I have two questions. First, Rajesh, you mentioned that there is a higher share of cost take out deals which are now coming in the pipeline. So, just wanted to : Page 16 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,18,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) understand, if such deals are also moving faster in terms of decision-making? And any color if you can give on the competitive intensity for such deals, I mean, is it normal or are you seeing such deals getting more competitively bid now by other vendors? Rajesh Gopinathan: Speed is varying by markets. I would say that in the UK, decision making is quite fast, customers are very clear, and there is a lot of action happening there. The US is normal. It continues to be doing well, but that does not account for the short-term aspect of that market. Everybody is a bit cautious for the time being, but we don't think that will last into next year. In three months’ time, we should be able to know better. In Europe, decision making has significantly slowed down. So, that's the full spectrum there. In terms of competitive intensity, many of the deal structures are quite complex. That narrows down the field to a more limited set of competitors. Within that, obviously, people are aggressive and everybody is hungry. But at least the competition set is a much narrower set than just a few years ago, when deals were smaller, and there was a lot more focus on immediacy of response and the supply side was challenged. Pankaj Kapoor: My second question is on the special dividend. With this, you would have almost paid out the entire amount that we paid last year, which included a buyback. So, does this mean there is a rethink in terms of the mode of capital return in favor of dividend versus buyback? Rajesh Gopinathan: No, rather than looking at it in absolute terms, on INR terms, we are growing at 15%-plus kind of basis. So, if you consider that growth, we are still benchmarked to 80% to 100% of net profit or free cash flow kind of a trajectory, not much of difference to that. Pankaj Kapoor: So, buyback remains something which our board can consider whenever the window opens up? Rajesh Gopinathan: As you know, the current regulations require a 12-month gap between the two buyback announcements. Buyback will be considered when it becomes possible from the regulatory perspective. Right now, we are in a period where we couldn't anyway consider a buyback. Moderator: Our next question is from the line of Sandeep Shah from Equirus Securities. Please go ahead. : Page 17 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,19,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Sandeep Shah: Rajesh, one broader question. At an industry level where are we in terms of the cloud transformational journey or adoption by the enterprise client? And do you believe the pace of the adoption can change starting from CY'23 onwards irrespective of the macro issues? Rajesh Gopinathan: Cloud adoption journey is, I would say, a third of the way in. Different customers have different challenges there. Some of them who have gone very rapidly to the cloud, mostly lift and shift, are realizing that unless it is architected right, cloud costs are actually quite difficult to manage and it's a fairly large bill that can come if you do not architect and if you do not actively manage the cloud environment. So, some of the transformation activities and projects that we're doing is to actually help them execute that transformation agenda so that their application stack is architected in a manner in which it can fully leverage the variability that the cloud model offers. Unless you're able to actually switch off and release the resource, you will not participate in the variability. And to be able to do that you need to be able to architect your application properly so that resource dependency can be switched off on a variabalized manner depending on what your requirements are. So, that's one kind of work that is going on. The other kind of work that's going on is actually the migration itself of complex workloads that require a lot more of heavy lifting. That is the other kind of an area that there's a lot of work going on. Neither of them is easy to execute. So, you should not expect much acceleration. The next couple of years are going to be about execution, rigor, operational capabilities. But it will be a steady move, neither is it likely to accelerate significantly, neither is it likely to decelerate or fall off. The movement is committed, the direction is very clear, the investments are in place and the deals are in place. Now, the execution and the operations have to happen. That's likely going to be the story for the next year or two. Sandeep Shah: Just a question in terms of CY'23 IT budgets. Do you believe the spend of the IT budgets could be conservative in the first half of the calendar year versus the second half or you expect the spend to be remain normal like any other year, though the budgets may be slightly lower versus the earlier last two years because of the macro slowdown? Rajesh Gopinathan: Again, going by market-by-market, in the UK, unlikely that it is any different than last year, because there is no incremental shift in the overall environment : Page 18 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,20,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) in UK. In the US, we'll have to wait and see how the next couple of months plays out. We are positive or rather we are hopeful, but we'll have to actually wait for actual confirmation to come. We think the immediate caution that is there, probably will dissipate a few months into the year. In Europe, we will have to wait for some major event to happen for it to change. Europe will be incrementally cautionary this year compared to last year. Sandeep Shah: Just a last bookkeeping question. I think this third-party pass-through cost increase this time does not relate to the domestic revenue, if I'm not wrong, it relates to the international revenue and will it be a growth headwind in the fourth quarter if it doesn't repeat? Samir Seksaria: So, third-party costs actually you could link it to the domestic revenue. There has been a sequential increase, and typically Q3 has some bit of it coming in. On a year-on-year basis, we don't see that big jump. Moderator: Next question is from the line of Ravi Menon from Macquarie. Please go ahead. Ravi Menon: So, Regional Markets and Others segment had an acceleration year-on-year growth versus the last quarter despite muted growth in India. Should we think that this comes from improved traction in the insurance BPaaS area? I think NGS mentioned six new go lives in the quarter for BaNCS. Any large deals here that you'd like to call out or maybe you also share some comments on the deal pipeline in this segment? N G Subramaniam: I'm sorry, I didn't hear you properly. Could you repeat the question? Ravi Menon: NGS, you talked about the six new go lives this quarter for BaNCS. Just wondering if there are any large deals in the BPaaS segment in insurance, and how the pipeline is shaping up there? N G Subramaniam: One of the areas where we are seeing opportunities and significant pipeline is the various digital core, whether it is banking or capital markets or insurance, all of them are looking at putting together a new digital core. And it's going through a lull period in the last about two years or so. But now, people are thinking about a new core banking system, or a new security settlement system, which are really architected for the future, which are cloud-native, which are inherently micro services or inherently comes with that capability of marketplace with significant amount of APIs and micro services that will enable them to integrate into the ecosystem. : Page 19 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,21,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) So, as you may see, during this quarter, we announced a large deal win with the Chinatrust Banking Corporation, which is really the future core in terms of architecture, in a fashion that is cloud-native, and it is truly providing open banking APIs and so on so on. Such opportunities are opening up. At this moment we're working on three or four such opportunities where some of the large banks are looking at modernizing their core in favor of something which is completely open banking, open APIs. So are some of the market infrastructure institutions trying to create open payment system, and some of them typically say that whatever you guys have implemented in India, can you offer this whole instant digital payment infrastructure in our geography? So, these are the opportunities that are coming out of it, and there are a decent number of opportunities in the pipeline that we see in banking as well as capital markets. Ravi Menon: SG&A, travel costs have increased sharply. How close to normal, Samir do you think we are in business travel? I think we are still about 30 bps below what we used to clock pre-COVID. So, should we think of travel as a continued headwind or you think we'll stabilize at this level? Samir Seksaria: Yes, as normalcy continues to get through, we would expect travel costs to continue to increase. If you look at it more on the direct revenue side or the direct cost side, a lot of it is coming in. On SG&A, as things open up more on sales-related costs, as well as team building exercises and team meetings happening, that cost is increasing. We’re seeing it going back to what it was pre-pandemic. Moderator: Our next question is from the line of Abhishek Kumar from JM Financial. Please go ahead. Abhishek Kumar: I have a question on budgets. Rajesh, you mentioned in the US there is a wait and watch mode and therefore budget could take some time. Is there any possibility because of that there was probably a little bit of budget flush in 4Q which could have supported the growth? Rajesh Gopinathan: Sorry, budget flush due to what? Abhishek Kumar: See, there's possibly an indecision or wait and watch mode for CY'23 budget. So, to exhaust CY'22 budgets, any possibility that there is a budget flush to exhaust the previous year's budget? : Page 20 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,22,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Rajesh Gopinathan: No, I don't think so. CY'23 will be slightly delayed in a couple of months… but again, it's entirely in the realm of speculation. So, we'll have to just wait and see how it plays out in the next few months. Abhishek Kumar: Another related question to this is given this little bit of indecision in US, do you think the cost takeout projects in US probably would be low compared to other geographies, at the same time spending on discretionary would be cautious and that would probably keep the budgets little low? Rajesh Gopinathan: Yes, fair assumption. Even if you look at our US TCV, that is down both sequentially and on a year-on-year basis. So, TCV still reflects that decision- making lag in this quarter. Moderator: Our next question is from the line of Gaurav Rateria from Morgan Stanley. Please go ahead. Gaurav Rateria: So, firstly, Rajesh, is it fair to believe that the ACV growth could be lower than TCV growth as mix of the deals are changing, and should that be even considered as a lead indicator for growth going forward or you think the deal win trajectory could actually shift upwards over the coming quarters? Rajesh Gopinathan: Gaurav, I don't have a direct answer to that, but there is not much of change in terms of the mix of deal structures between large or small or long dated or small dated. So, nothing that we can call out over the last two, three quarters that we can say that we're seeing. There is an elongation in decision making, which we had spoken about last quarter also and which has also played out this quarter. So, that the pipeline growth and the qualified pipeline growth is ahead of the actual TCV growth that we're seeing…in fact, we have seen a sequential decline in TCV while our qualified pipeline still continues to grow in absolute terms. So, beyond that, the specific mix of deals is not materially changing. Gaurav Rateria: Secondly, on the margins, as headwinds on attrition subside, would our immediate priority be to take margins back to our aspirational band of 26%, 28% or would we prefer to prioritize some investments, keeping margin stable after recovering it to 25%? Samir Seksaria: Gaurav, our margins or our industry-leading margins are on the back of the investments which we make, and most of our investments, whether it is in terms of talent, in terms of research and innovation, or branding, all are : Page 21 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,23,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) factored in into the P&L. Our aspirations for the margins are taking into account all these investments Moderator: Our next question is from the line of Ashwin Mehta from Ambit Capital. Please go ahead. Ashwin Mehta: Rajesh, we've seen pretty strong growth in regional market and others over the last two quarters; it's of the order of almost 6% sequentially. So, what is the nature of demand here and how sustainable is this going forward? Rajesh Gopinathan: The reason of calling the segment out is because it's volatile and difficult to predict. So, its sustainability is difficult to answer. From a nature perspective it's come both from the market side – India has done very well, in fact, APAC ex-Australia also have done well. So, markets have done well, as also the product side of the business that NGS spoke about on the FS and platform side also has done well. So, it's come from both sides, markets as well as from the products side. Ashwin Mehta: Second question was you mentioned in the press conference as well that manufacturing has been more resilient compared to your expectations. So, any trends that we can take from manufacturing given the fact that if we look at client financials, manufacturing growth over the next two years is expected to be actually better than what it was before? Rajesh Gopinathan: I didn't know that, but that correlates to what we are also seeing. But I'm still wary, because of all the global supply chain disruption and energy price disruption. Industries like process manufacturing are much more globally integrated, and not as isolated as, let's say, Retail. So, we are still cautious. Our operating approach is always the same; stay close to the customer, deal with the customer on an individual opportunity-to-opportunity basis and we will continue to participate on that basis. But on a zoomed-out way, talking to customers, it is an industry that's not completely out of the woods. Moderator: Our next question is from the line of Rahul Jain from Dolat Capital. Please go ahead. Rahul Jain: Basically, my question is related to TCV signing which is $7.8 billion is slightly lower by our recent average win. Despite the fact that we have been favorable situation on the vendor consolidation exercise. What explains this mismatch? : Page 22 of 23" TATA CONSULTANCY SERVICES LTD.,2023-01-11,24,"Tata Consultancy Services Q3 FY23 Earnings Conference Call January 9, 2023, 19:00 hrs IST (08:30 hrs US ET) Is it because such deals are to do more for the same or it reflect weak demand in Europe as articulated earlier? Rajesh Gopinathan: I think it’s a combination of everything; delayed decision making, but TCV will not be as linear as revenue, which is why we have given a band of 7 billion to 9 billion where we think the TCV will remain during the course of this year and it has stayed well within that band throughout for the last three quarters. Rahul Jain: Just a clarification on this retail deal that we announced separately. Is it also reflecting the entire retail, CPG or it is only retail-specific? Rajesh Gopinathan: This includes CPG and TTH. Moderator: Ladies and gentlemen, that was the last question. I now hand the floor back to the management for closing comments. Over to you, sir. Rajesh Gopinathan: Thank you, operator. We are pleased with our performance in a seasonally weak December quarter, growing at 19.1% in INR terms and 13.5% in constant currency. Our order book was good, but softer than in the prior quarters, reflecting the cautious stance that many of our clients have taken. Our operating margin expanded sequentially to 24.5% and our net margin was at 18.6%. On the people front, LTM attrition in IT services fell slightly to 21.3% and should continue to taper down in the quarters ahead. With that, we wrap up our call. Thank you all for joining us on this call today. And I must say that you're a very mature and knowledgeable group for having resisted asking about the impact of Chat GPT on our industry. Enjoy the rest of your evening or day and stay safe. Moderator: Thank you members of the management. On behalf of TCS, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Note: This transcript has been edited for readability and does not purport to be a verbatim record of the proceedings : Page 23 of 23"