Business Update The overall demand environment for the Company's products remained strong in H1FY22 despite localised lockdowns in various parts of the country during the period.The Company witnessed a strong volume uptick on a Y-o-Y basis in H1FY22, across its product categories in the domestic market. This was on the back of robust demand from its end consumers across the Pharmaceuticals and Healthcare sectors, Contract Research Organisations, and the Diagnostics Industry. The Company also saw healthy demand for its products in its export markets during H1FY22.The Company has seen continued traction in its business in the months of October & November 2021 and the demand environment is expected to remain robust for the remaining period of FY22. Financial & Operational Update In H1FY22, Company's revenues grew by around 40% on Y-o-Y basis on the back of strong growth in both domestic and export business.Operating margins saw a healthy uptick in H1FY22 on account of improvement in product mix, higher realisations, operating leverage & cost rationalisation. Accordingly, EBIDTA margins for H1FY22 stood at around 52%. This is compared to EBITDA margins of 46.5% for the year ended March 2021.The Company is working on expanding its manufacturing capacities for both existing and new products, in a phased manner, through construction of a new manufacturing facility in Panchla, West Bengal. The project is on track and the Company is targeting to commission the new facility by middle of 2023.The Company is also planning to develop a new fulfilment centre in Amta, West Bengal to consolidate and expand its warehouse operations. At the same location, the Company also aims for backward integration in the manufacturing process through building of an in-house sterilization centre for captive consumption. The Company recently completed acquisition of the land admeasuring around 6 acres for the facility in Amta and is targeting to complete this project by middle of 2023. Update on Usage of IPO Proceeds The Company has repaid debt amounting to Rs. 78 Crores, in line with the Objects of the IPO, using the net proceeds of fresh issue of equity shares of the Company. This has brought down the net debt of the company substantially and will result in lower financing cost in FY22 and a stronger balance sheet position for the Company.The remaining net proceeds of the primary issue are to be primarily used to fund the on-going expansion at Panchla, West Bengal as per the indicated deployment schedule. This is a one-time update to provide a direction on the key trends witnessed by Tarsons Products Limited ("Tarsons") in the six months ended 30th September, 2021. The growth numbers and other details provided in this note are based on management estimates. Shares of Tarsons Products Ltd was last trading in BSE at Rs. 622.90 as compared to the previous close of Rs. 630.85. The total number of shares traded during the day was 18445 in over 1137 trades. The stock hit an intraday high of Rs. 637.55 and intraday low of 618.55. The net turnover during the day was Rs. 11603215.00.

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