9th June 2017, Mumbai

ANNUAL INVESTOR CONFERENCE 2017

Seeking Happiness | Finding Growth

World Economy – Slow Pace of Revival

33

3.4

3.1

3.5

3.6

2015 2016 2017 2018

Source: IMF World Economic Outlook, April 2017

% Change

Projections

However, Uncertainties Loom

44

• Inward orientation of countries – “Reverse

Globalization”

• Globalization of terrorism

• Risks to cyber-security

India – Continued Growth Momentum

55

7.9

6.8

7.2

7.7

2015 2016 2017 2018

Source: IMF World Economic Outlook, April 2017

% ChangeProjections

FY

2017 – 2018 : Year of Disruptions

66

• Implementation of GST

• Reform push by government especially in

Infrastructure, Railways and Urban Development

• Impact of technology transformation

Re-imagining Businesses

77

• CEAT – from commodity to consumer

• KEC – resurgence through focused diversification

• Zensar – being digital and selling digital

• RPG Life Science – improvement trajectory continues

Why RPG?

88

- Best in class governance and disclosure standards

- People-centric ethos; thrust on innovation and diversity

- Learning Environment & Operational Excellence

- Robust Strategy

Shareholder Wealth Creation

99

Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17

CEAT KEC Zensar RPG LS SENSEXCEAT: 17.3x

RPG LS: 6.8x

Zensar: 5.3xKEC: 3.3x

SENSEX: 1.7x

Market Caps and SENSEX indexed to 1 on 2nd April 2012

Combined Market CapUS$ 3.0 bn

10

reimagine

RPG

Smart Products

Connected Customers

Future Factories

Intelligent Workplaces

RPG @ the forefront of Digital

KEC INTERNATIONAL LIMITED

Power T & D Cables Railways Water WaterPower T & D Cables Railways Civil Solar

Overview: FY 2016-17

12

MULTI-LOCATIONAL

MANUFACTURING

8 Manufacturing facilities across India, Brazil and

Mexico

Manufactures Towers, Cables, Poles and Hardware

PAT for FY17 grows 106% YoY

EBIDTA Margins increase by 130 bps to 9.3% in FY 17

PBT for Q4 FY 17 crosses Rs 200 crs for the first time

EBITDA Margin for Q4 FY 17 at 10.4%

Significant improvement in profitability.

Order Intake for FY 17 grew by 42% over FY 16.

Order Book for FY 17 shows 35% increase YoY.

Robust L1 pipeline.

Foray into civil business

Resurgence of International

Business

Remarkable Uptick in Railways and Solar Business

Successful Broadening of

Customer Base in India

Significant improvement in working capital

Key Growth Drivers

13

GLOBAL SOURCING

Material

Working capital funding

Equipment

Manpower

Resurgence of

international business

Successful broadening of customer base in India

International Order book grows 27% YoY

Entered/ re-entered 8 new countries in FY 17

Added East Asia Pacific as a new focus region

De-risked concentration exposure in Saudi

SAE continues on growth trajectory

Secured large sub-station orders in Africa.

Balanced order book

Increasing presence with existing SEB clientele

Evaluating business potential with new SEBs

Working with major private developers

Actively engaging with new entrants

Key Growth Drivers

14

GLOBAL SOURCING

Material

Working capital funding

Equipment

Manpower

Remarkable uptick in the railways and

solar business

Solar

Installed 65 MW of projects with trackers

Commissioned 100 MW of projects till date

140 MW of projects currently under execution

Entered the ‘Big League’ in Solar EPC

Established strategic partnerships

Railways

Revenue doubles, order book triples

Margins of railways moving closer to T&D

Increase in budgetary allocation for railways

Overhead electrification targets doubled

210446518

1,522

Mar-16 Mar-17

Revenue Order Book

93

160

39

464

Mar-16 Mar-17

Revenue Order Book

Rs crs

Rs crs

Key Growth Drivers

15

MULTI-LOCATIONAL

MANUFACTURING

8 Manufacturing facilities across India, Brazil and

Mexico

Manufactures Towers, Cables, Poles and Hardware

ParticularsMar 2017

Mar 2016 Incr/(Decr)

Net Debt (Rs cr)* 1,767 3,098 (1,331)

Acceptances (Rs cr) 969 794 175

Total (Rs cr): 2,736 3,892 (1,156)

ParticularsMar2017

Mar 2016 Incr/(Decr)

Receivables (Rs cr)* 5,355 5,902 (547)Receivable (days) 231 247 (16)Working capital (days) 108 139 (31)

* Receivables and net debt exclude amounts related to the company’s BOT Project

Improvement in FCFE:

• Reduction in interest costs

• Improvement in working capital cycle

• Reduction of debt

Improvement in ROCE:

• Significant improvement in EBIT

• Reduction in capital employed across SBUs

6.3% 6.4%7%

5.9%5.6%

5.1%

7.3% 7.3% 7.3%8%

8.9% 8.4% 8.7%9.3%

10.4%

Q2 FY2014

Q3 FY2014

Q4 FY2014

Q1 FY2015

Q2 FY2015

Q3 FY2015

Q4 FY2015

Q1 FY2016

Q2 FY2016

Q3 FY2016

Q4 FY2016

Q1 FY2017

Q2 FY2017

Q3 FY2017

Q4 FY2017

EBITDA Margins % trend

Future Growth Drivers

16

Solar - International T&D EPC- Brazil Substation- International Improving financials

Additional capacity of 30 GW expected in addressable geographies.

Exploring global markets like UAE, Jordan, Thailand, South Africa.

To leverage T&D infra and capabilities, use PQs from India.

Built/ building around 70 sub stations in the AIS & GIS Space.

Completed/ ongoing 20 projects across 19 countries in past 2 years.

Replicate success story of domestic substation business in international market.

Continuing reduction in finance costs through better working capital management and borrowing profile.

Improving operating leverage in railways and solar business.

Better margin profiles through participation in high value tenders.

Close to 30,000 kms of lines to be built till 2019.

Estimated investment of close to Rs 60,000 crsin transmission lines.

Shift from manufacturing to EPC by leveraging KEC’s expertise.

EPC- BrazilSolar park- India Substation- Afghanistan

Strategy: FY 2017-18 and beyond

17

MULTI-LOCATIONAL

MANUFACTURING

8 Manufacturing facilities across India, Brazil and

Mexico

Manufactures Towers, Cables, Poles and Hardware

Progressive & Evolving Cultural Ethos

Prudent Financial Management &

Control

Augmented Operational & Execution Excellence; Focus

on Delivering Projects Ahead of Schedule

Valuing People; Investment in Human

Capital; Focus on Diversity & Inclusion

Enhanced Client Focus to meet the evolving aspirations of KEC’s

Global Customer Base.

Digital Transformations&

Inspiring Innovation

Committed to Ensuring

Safety@Workplace

Focused Social Endeavors

CEAT LIMITEDMAKING MOBILITY SAFER AND SMARTER. EVERYDAY.

Overview

19

* Under commissioning

One of India’s leading tyre company with over 50 yrs of presence

Distribution Network : 4,500+ dealers, 450+ exclusive CEAT franchisees

6 Manufacturing facilities - Bhandup, Nasik, Halol, Nagpur, Ambernath* & Sri Lanka

100+ countries where products are sold with strong brand recall

#No 1 player in Sri Lanka in terms of market share

FY 17 Revenue Breakup by Product FY 17 Revenue Breakup by Market

Truck and Buses, 33%

(38%)

2/3 wheelers, 29% (27%)

LCV, 13% (13%)

Passenger Cars / UV,13% (11%)

Farm, 7% (6%)

Speciality, 5% (5%)

Exports, 14%(14%)

OEM,23% (23%)Replacement,

63% (63%)

Note : Figures in parenthesis denote FY16

20

Key Updates

Financial Update

FY17 Sales at Rs 5,722 Crs; 5% growth PAT at Rs 361 Crs; margin at 6.3%

Debt / equity ratio at 0.4 times

Long term credit rating upgrade to AA by CARE and India Ratings & Research

Accolades

Ranked highest in India for OE Tyre customer satisfaction as per J.D.Power 2017 India Original Equipment Tyre Customer SatisfactionIndex (TCSI)

Halol plant conferred with “Sword of Honour Award” by BritishSafety Council

Strategy

Two wheelers

Passenger cars & Utility vehicles

Profitable growth

Differentiated Products1

Strong Brand2

Extensive Distribution3

Deep OEM Partnerships4

World Class R&D 5

Expanding Global Reach6

21

Off Highway Tyres

Emerging markets

Domestic Market

International Market

Differentiated Products 1

22

“Puncture Safe” tyres for 2 Wheelers -

India’s 1st Self Sealing tyre

“Win Series” tyres for Truck & Bus

High-strength rubber & steel

High load carrying capability

Endurance & overheating prevention

“Milaze” tyres for SUV Taxi segment

Improved life & load carrying capacity

Higher mileage up to 1,00,000 kilometers

“Buland” tyres for Small Commercial Vehicles

Stiffer shoulder & sidewall gives higher loadability

Higher tread radius delivers longer life

“Fuelsmarrt” tyres for Passenger Cars

Reduced rolling resistance

Less fuel consumption, more savings

Strong Brand2

23

Drive Safe Dad

TVCs/ CampaignsIn the Game of Roads,

CEAT Helps Be Monsoon Smart Tubeless Bike Tyres

Extensive Distribution 3

Distribution Network

4,500+ dealers

450+ CEAT Franchisees (Shoppes + Hubs)

250+ two-wheeler distributors

350+ Multi Brand Outlet / Shop in Shops

Launched CEAT Bike Shoppes

24

212

464

601

FY12 FY15 FY17

102

176

290

FY12 FY15 FY17

Shoppe Shop in Shop (SIS)

Multi Brand Outlet (MBO) Bike Shoppe District Coverage No. of CEAT Shoppes

25

Deep OEM Partnerships 4

26

World Class R&D 5

State of the art R&D facility at Halol plant

R&D focussed on development of breakthrough products, alternate materials,

green tyres, smart tyres

Partnerships with global institutes and technology partners

Increased allocation towards R&D

27

Expanding Global Reach 6

Sri Lanka:Leadership position with 50+% market share

Focused product and distribution strategy for select clusters

ASEAN

ClusterEast Africa

ClusterLATAM

Cluster

West Africa

Cluster

Middle East

Cluster

Europe Cluster

US Cluster

Emerging markets

Key Export Clusters

284

376

476

561 619

743

FY 12 FY13 FY 14 FY 15 FY 16 FY 17

PC / UV (Rs Cr)

525 639

899

1,246

1,483

1,648

FY 12 FY13 FY 14 FY 15 FY 16 FY 17

2/3 wheelers (Rs Cr)

Passenger Segment TrendsR

eve

nu

e

2 Wheeler plant at Nagpur (Phase I) commissioned in March 2016;Capacity of 120 MT/day by Q2 FY18

Passenger Car Radial plant at Halol (Phase II) commissioned in September2015; Capacity of 120 MT/day by Q2 FY18

FY17/ FY16 volume growth: 2/3 wheelers (+20% ), PC/UV (+15%)

Expanding

Capacities

28

29

Off Highway Tyres

Status Update

Greenfield OHT (Off Highway Tyres) radial plant in Ambernath

Investing Rs 330 Crs for a Phase 1 capacity of 40 MT/day which will be further

ramped up to 100 MT/day

Plant is now live and tyres are being tested across multiple global markets

30

Strategic Expansion Plans

On-going expansions - Investment of Rs. 1,400 Crs:

Passenger Car & Utility Vehicle tyres plant at Halol (Phase II)

2/3 Wheeler tyres plant at Nagpur (Phase I)

OHT tyres plant at Ambernath

Up-coming expansions - Investment of Rs. 2,800 Crs:

Truck & Bus Radial tyres plant at Halol (Phase III)

2/3 Wheeler tyres plant at Nagpur (Phase II)

Passenger Car & Utility Vehicle tyres plant at a new location (Greenfield)

Strategic Focus Areas – Continued Momentum

Strategic Focus Areas(2 Wheelers, Passenger Cars,

Utility Vehicles, Specialty Exports & Emerging Markets)

CAGR of 25%

Substantial contribution towards increasing profitability

Market share growing

31

% of Sales value

Strategic Focus Areas

Others

20%

32%39%

43% 46%

80%

68%61%

57% 54%

FY 10 FY14 FY15 FY16 FY17

ZENSAR TECHNOLOGIES LIMITEDRETURN ON DIGITAL

Power T & D Cables Railways Water Water

33

Major disruption in IT market as Digital substitutes traditional IT spending

80% of incremental Tech spend to be on Digital Stack

CX/UX, Automation, RPA, DevOps are opening new avenues

Greater efficiency by automation, Cloud etc.

Maturing industry, competition & in-sourcing

Protectionism policies adds uncertainty

Tail

Win

ds

Hea

d W

ind

s

Majority of new enterprise tech spend to come from Digital Stack –Analytics, Cloud, Mobile, Automation, Security, IoT, CX/UX, BPM, Commerce

2,750 - 450 to 650

+ 950 to 1,1003,500 to 3,600

FY15 FY20

Fall in traditional IT

New spend, 80% digital

stack

Global Enterprise IT spend ($B)

Source: NASSCOM McKinsey study

Decline in spend on traditional IT services, among other factors, has largely reduced the growth of Indian IT sector

Traditional IT Apps/Infra services facing pressure

34

12.6%

27.0%29.8%

FY15 FY16 FY17

Digital Revenue in Zensar has grown at a 58.9% CAGR over the last 2 years

Zensar has made multiple investments – both organic and inorganic - over the course of last

year to boost its Digital capabilities

Digital is expected to be ~35% of Zensar’s revenues in the next 4 quarters

Zensar’s Intelligent Managed Services Platform for Maximum Agility and Efficiencies

ZenAnalytica Predictive Analytics –Extract Valuable Insights Faster

Blockchain –Digital Transactions get Secure and Transparent

Robotic Process Automation –Transforming Business through Automation

Gear up for the Office of the Future with Digital Workplace Services

RPA

Digital @ Zensar

35

Engaging Digital

Employee Engagement

10-15%Employee Satisfaction

Employee engagement solutions to enhance employee

innovation, efficiency and engagement.

Operating Digital

Operating & Productivity

Partnering Digital

Customer Engagement

Managing Digital

Reporting & Dash Boarding

15-20%Operating Productivity

15-20%Customer Satisfaction

10-20%Sales Acceleration

Operating and productivity solutions to improve core

business processes.

Reporting and dash boarding solutions for the leadership to

assist in informed decision making.

Customer engagement solutions that help improve

customer outreach, engagement and satisfaction.

Zensar's Platform Based | Mobile First | Cloud First | 100% Digital | Pre packaged & Customized Development

Zensar’s Unique Living Digital Offering for clients

36

At Zensar, we are LIVING DIGITAL

Investing in innovationsfor transformations in future technology

Zensar’s Intelligent Command Centre

37

Total large deals worth $ 300+ Million closed through the year

Digital Services Wins

Digital Xformation for Europe Auto Asso. / Insur.

App Cloud Migration & Management for leadingUS Hi tech manufacturing company

Omni channel implementation for leading US Clothing and accessories retailer

RPA for South Africa’s leading Financial Services company

Digital Testing services for leading online / mobile gaming company

Traditional Services Wins

Mobile Solutions for American Multinational financial services corporation

Application Management deal with top UK departmental store

Application Dev and support for leading industrial manufacturing company in US

Oracle deal with Japanese multinational information tech equipment & services company

IMS Cloud deal with leading Airlines in the US

Multiple Digital and Traditional Wins over last 12 months

38

Zensar retained 100% its top clients in FY 17Digital conversations with more than 70% of our top 50 clients

36% 37% 38%

45% 45% 46%

51% 54% 56%

FY15 FY16 FY17

Top 5 Clients Top 10 Clients Top 20 Clients

1 Million $ + Clients

64

72

FY16 FY17

5 Million $ + Clients

5

7

FY16 FY17

Digital Conversations with Top Clients

39

Legacy Revenue ↓ by 7.3 % CAGR over last 3 years

FY 17 profitability impacted by:

Exchange rate fluctuation

Projects delays leading to lower utilization

Clean-up of the MVS business

Clean-up of Debtors in India

Other one-time expenses of ~$0.5M

376 331322

54122 137

FY 15 FY 16 FY 17

Legacy Revenue ($M)

Digital Revenue ($M)

Digital Revenue ↑ by 58.9% CAGR over last 3 years

64 6759

43 47

37

FY 15 FY 16 FY 17

EBITDA ($M) PAT ($M)

Revenue and Profitability Trend

40

^ Manufacturing – 0.4 %

^ BFSI – 1.9 %

^ Retail – 21.8 %

Growth across Verticals

^ Africa – 11.6 %

^ Europe – 35.7 %

Growth in Key Markets

Key highlights of FY17

Successful completion of 2 acquisitions

Both acquisitions augment Zensar’s Digital capability

Leading UK based Experience Design agency

Zensar + Foolproof = End-to-End Digital services for the CMO and CDO organizations

Leading Omni-channel and Digital Supply chain company

Zensar + Keystone = End to End provider of Omni Channel Customer experience from Commerce to Fulfilment

Addition of several new Fortune 500 clients

Digital at ~35% of Zensar’s revenues on a run-rate basis

RPG LIFE SCIENCES LIMITED

42

Overview

EUGMP approved unit in Ankleshwar

Immuno-suppressant focus Europe, Canada, ROW as main

markets Revenue: Rs 65 crs

Mostly APIs for captive use

TGA approved unit in Thane

Revenue: Rs 43 crs

Field force of 500 people Strong brand in Nephrology Strong presence in anti-diarrhoeal, antacid, iron-

vitamin segments Acquired 7 brands from Sun Pharma last year Revenue: Rs 184 crs

International Formulations

API

APIDomestic

Formulations

2 Production Units~1150 Employees

Revenue : Rs 298 crsPBT : Rs 15.3 crs

Exports : 33%

Business portfolio streamlining

Biotech business divested

7 brands acquired from Sun Pharma to strengthen Domestic Formulation business

Urology division launched; brands from Sun and additional products

Strong focus on International formulations; growth of 39%

Improving Financial Performance

Second consecutive year of good results

Revenue growth of 16% on a like-to-like basis*

PBT of 13.77 crs vs 8.39 crs last year; growth of 64%

Very strong H1-Weaker H2; bunching of export orders in H1 and portfolio restructuring in H2

* without biotech business

43

Key Updates – FY17 (1/2)

Further strengthening of India Formulations business

Continue to perform above industry growth

PCPM improvement to 3.88 lakhs vs 3.59 lakhs last year

EBIDTA improvement to 15.8 crs vs 12.4 crs last year

Romilast & Sildura (brands acquired from Sun) gaining momentum

Results showing in International Formulations business

39% growth over last year; large contribution by ROW

56 new product registrations filed in ROW market (39 to be filed in FY 18)

Significant progress on building product portfolio for regulated markets

2nd product (Nicorandil) added; UKMHRA approval received; commercialisation from H2 2018

Intense efforts to get Ankleshwar production unit ready for USFDA audit in 2018

44

Key Updates – FY17 (2/2)

FY 16 FY 17

292

Revenue* (Rs Crs) 251

27

EBIDTA* (Rs Crs) 19 9.5%

EBIDTA (%) 7.6%

13.8

PBT* (Rs Crs) 8.4 4.7%

PBT (%) 3.3%

12.0

EPS 7.0

45

FY 17 : Improvement trajectory continues

(+2.1%)

(+1.4%)

* Excludes revenue from Biotech business

46

India Formulations : Fundamentals getting stronger

143

168183

-

50

100

150

200

FY15 FY16 FY17

2.8

3.63.9

0.0

1.0

2.0

3.0

4.0

FY15 FY16 FY17

4%

9%

16%

0%

10%

20%

FY15 FY16 FY17

24% 25%

34%

0%

10%

20%

30%

40%

FY15 FY16 FY17

₹ cr ₹ lakhsSales PCPM

New Product % DPCO sales %

0

10

20

30

40

50

60

70

FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

39%growth

Revenue (Rs cr)

47

Int’l Formulations : Growth starting to materialize

Customer Approvals

Apotex (Canada)

Teva (Europe)

Tillomed (UK)

Aqvida (Europe)

Medac (Germany)

Regulatory Approvals

EUGMP (Formulation)

TGA (API)

Nigeria FDA

Product Lines

Tablets

Hard Gel Capsules

Low RH tablet

ROW sales grew by almost 100 % in FY 17

Strategy: No change; continue to be on same path

DomesticFormulations

Focus : Captive molecules for Global Formulation

Approach : Own the technology; outsource manufacturing to USFDA approved sites

Focus : Few therapy areas/ product segments

Approach : New products & extensions, field-force productivity enhancement

Focus : Immediate term-ROW; Medium term –Regulated markets

Approach : Niche products own-NPD; USFDA approval of production unit

48

International Formulations

API

API

Domestic Formulations

Overview on Group Financials

50

Economic Outlook : Momentum for growth in discretionary spending

5.56.5 7.2

7.96.8

3.33.3

4.13.4 5.0

2012 2013 2014 2015 2016

GDP & IIP Growth Rate

GDP growth IIP growth

Stable growth in GDP & IIP in recent years

Government boost to infrastructure and Energy Sector Govt spending on infrastructure to be Rs.4 Trillion Solar capacity addition of 20,000 MW in Budget 2017 Rural electrification outlay increased by 25% to INR 48.14 Billion.

Key Policy changes spurring growth Direct Transfer of Subsidy led to savings of Rs 140 Billion. In LPG alone IBC along with Central Bank intervention for resolution of stressed loans to banks

51

RPG Group: Key Differentiators

Diversified Group Presence across key Growth sectors

Established Business Governance Structure Empowers decision making with timely execution

Sound Corporate Governance Practice Ensures practices and processes create long term value

Robust Financials Orientation towards low gearing with sufficient liquidity

RPG Group: Improving Financials

52

Note:Net Revenue = Net Sales + Other Operating Income; EBITDA does not include non-operating income; EBITDA % is taken on Net RevenueFY17 financials as per IND AS; FY12 as per IGAAP; CEAT FY17 EBITDA includes profit from Sri Lanka JV (after tax)

4,653

5,767

18361

5.9%

11.9%

FY12 FY17

5,815

8,784

209 305

8.1%9.3%

FY12 FY17

1,794

3,060

159 238

13.9% 12.6%

FY12 FY17

194

304

120

9.4%9.6%

FY12 FY17

CEAT KEC International

Zensar Technologies RPG Life Sciences

Revenue Growth – 24%PAT Growth – 1,906%

Revenue Growth – 51%PAT Growth – 46%

Revenue Growth – 71%PAT Growth – 51%

Revenue Growth – 57%PAT Growth – 2,307%

RPG Group: Improving Financials

53

Note:FY16 & FY17 financials as per IND AS; Others as per IGAAP ROCE is calculated by taking EBIT multiplied by (1 minus tax rate @ 33%) divided by Average Capital Employed; ROE on Average EquityGross Block and Net Block does not include Goodwill

3,250 3,818

4,806 5,225

6,026

11%14% 14% 14% 12%

12%

19%17% 17%

17%

FY13 FY14 FY15 FY16 FY17

Net Worth (Rs Cr) ROCE ROE

2,756 3,103

2,486

3,715

2,544

0.8 0.8 0.5

0.7 0.4

2.3 1.9

1.5

1.8

1.2

FY13 FY14 FY15 FY16 FY17Net Debt Net D/E (x) Net Debt / EBITDA

3,432 3,489 3,566

4,263 4,435 4,823

5,038 5,317 5,590 5,688

FY13 FY14 FY15 FY16 FY17

Net Block (Rs Cr) Gross Block (Rs Cr)

Returns Ratios Leverage Ratios

Assets

Delivering Value to Stakeholders

54

Shifting gears based on Business opportunities

Focus on Deleveraging

Innovation led product differentiation

Expanding customer & market reach

Consolidating existing business lines

Improved product portfolio

Driving Digital Initiatives Building capability through

inorganic growth

Business Transformation Led Growth

Y O UT H A N K