i. Ashwin Jayantilal Desai is the founding Promoter and Managing Director of the Company. He holds a bachelor’s degree in Chemical Engineering from Institute of Chemical Technology (ICT, formerly University Department of Chemical Technology, UDCT, Mumbai, 1974). He has been awarded the Distinguished Alumnus award by Indian Chemical Technology in 2010. Ashwin Desai has multiple decades of experience in the speciality chemical industry. Prior to incorporation of the Company, he was the founding member of Anupam Rasayan India Limited and was the Chairman and Managing Director of Anupam Rasayan India Limited till 2013. At the Company, Ashwin Desai is responsible for creating the overall vision of the Company and is actively involved in all techno-commercial departments. He focuses on innovative chemical engineering solutions for the R&D, pilot plant, and production processes and is also responsible for leading the core competency in continuous reaction and flow technology. ii. Dr. Aman Ashvin Desai is a Promoter and Whole Time Director of the Company. He is responsible for the R&D, pilot plant, and production operations, new projects, and technical business development, and has over 10 years of experience in the speciality chemical industry. Dr. Aman Desai has a bachelor’s degree in Chemical Technology (Intermediates and Dyestuff Technology, 2005) from Institute of Chemical Technology (ICT formerly known as University Department of Chemical Technology, UDCT, Mumbai) and has a Doctor of Philosophy (PhD) degree in Organic Chemistry (with a focus on chiral chemistry) from Michigan State University (USA, 2010). His doctoral research was published in the Journal of the American Chemical Society and was also featured in Chemical & Engineering News in 2010. iii. Rohan Ashwin Desai is a Promoter and Whole Time Director of the Company. He has extensive experience in the speciality chemical industry and looks after the entire commercial portfolio (including sales, finance, strategic procurements, human resources and systems) of the Company. He has a bachelor’s degree from South Gujarat University of Commerce (SPB VNSG), Surat. Rohan Desai was previously a Director at Anupam Rasayan India Limited until 2013.

Name of the Company	EPS (in Rs)	PE	PAT (In Cr.)	Mcap (in crores)
Aether Industries Limited	9	72	109	7704
Clean Science and Technology Limited	27.54	62.2	292	18242
Navin Fluorine International Limited	53.09	71	263	18676
Vinati Organics Limited	33.73	62.2	347	21561
PI Industries Limited	55.62	47.5	844	40058

Note: Comparison is done on basis of FY22 Results.

Review and Recommendation of Ather Industries Limited IPO by InvestorZone is 4/10 1. Company has grown its top-line at a CAGR of 43% in the last 4 years. Excellent Growth. 2. PAT too has grown handsomely from 23 Crores in FY19 to 110 Crores in FY22(E). 3. FY22 estimated EPS on post-issue equity works out to Rs 9. At the upper price band of Rs 642, P/E works out to 72. Which looks very high in the current market conditions. 4. In FY2021, Aether Industries OPM and ROE stood at 24.9% and 40.8% respectively, compared to 55.6% and 45% for Clean Science and Technology, 34.2% and 16.1% for Navin Fluorine International, 39.7% and 19.1% for Vinati Organics, 25.1% and 18.6% for PI Industries and 19% and 17.8% for Fine Organic Industries, respectively.

Aether Industries Limited Plot No. 8203, GIDC, Sachin, Surat- 394230 Phone: +91 261 660 3360 Email: compliance@aether.co.in Website: https://aether.co.in/