2
Aditya Birla Nuvo – A Snapshot 3 – 12
Segment Financials 13 – 16
Our businesses :
Financial Services 18
Fashion & Lifestyle 27
Telecom 37
Divisions 40
Annexure 46 – 54
Contents
3
Strong parentage of the Aditya Birla Group
A USD 40 billion Indian multinational, Aditya Birla Group is in the league of fortune 500
Operating in 36 countries across 6 continents deriving over 50% of revenue from overseas operations
Among the largest and the most reputed business houses in India
Flagship listed companies: Aditya Birla Nuvo (Conglomerate), Grasim & Ultratech (VSF & Cement),
Hindalco - Incl. Novelis (Aluminium & Copper), Idea Cellular (Telecom)
Ranked 4th in global top companies for leaders & 1st in Asia Pacific (Source: Aon Hewitt, Fortune Magazine & RBL - 2011)
Ranked 1st in Nielsen’s Corporate Image Monitor 2014-15 – Occupying pole position for 3 consecutive years
Anchored by 120,000 employees from 42 nationalities. Trusted by 1.2 Mn shareholders & 160 Mn customers
Our Values – Integrity, Commitment, Passion, Seamlessness, Speed
In India
Leadership Aluminium, Cement, Carbon Black, VSF, VFY,
Position Branded Apparels, Copper, Chlor-alkali,
Insulators (in terms of capacity/production/sales)
Top 3 Telecom (in terms of wireless revenue market share)
Top 5 Life Insurance (in private sector in terms of AUM)
Asset Management (in terms of average AUM)
Global positioning
Largest Indian MNC with manufacturing operations in the US Aluminium World’s largest aluminium rolling unit
VSF World’s largest manufacturer
Carbon Black World’s largest in terms of capacity
Cement Among top 10 manufacturers in the world
4
Aditya Birla Nuvo : Vision & Mission
Kumar Mangalam Birla
Chairman
Vision
“To be a premium conglomerate building leadership in businesses
and creating value for all the stakeholders”
Mission
• Investing in the promising sectors
• Building leadership in businesses
• A platform to drive synergy of resources
• Delivering best value to all the stakeholders
• To be a responsible corporate citizen
5
Aditya Birla Nuvo : Progressing in line with its vision
Investing in the Promising Sectors
Invested USD 2 billion over past 15 years to fund the growth of its businesses leading to
transformation from a manufacturing company to a premium conglomerate
2000 2001 2003
2005/06 2005-2011
2012
2013
2014
2015
Created India’s largest online money management platform MyUniverse
Added New Superfine Yarn capacity in Rayon
Expanded Linen Yarn and Fabric Capacities
Commenced Housing Finance operations
Applied for Payments bank license in a 51:49 stake with Idea
Signed MoU with MMI Holdings to enter health insurance sector in India
Enhanced strategic stake in Telecom through Idea
Expanded Financial Services portfolio by merger of
AMC & NBFC and entry in broking, private equity etc.
Augmented Fashion offerings through acquisition of
Pantaloons, a top 3 big box apparel retailer
Entered Fashion business through
acquisition of Madura
Forayed in Life Insurance business
through JV with Sun Life, Canada
Entry into IT-ITeS Business
6
Earnings before Tax
USD 141 million
(` 849 Crore : 17%↑ y-o-y)
Diversified Portfolio
Having 10 lines
of businesses
Retail Network
1869 Stores (4.8 mn sq. ft.)
Largest in fashion space
Customers Base
A large 10.8 million
loyalty customers base
EBITDA
USD 89 million
(` 532 Crore : 32%↑ y-o-y)
Building Leadership Position across its businesses
Note 1 : Includes AUM of Life Insurance, Private Equity and quarterly AAUM of Asset Management business
Market Positioning
Among the top 5 fund
managers in India
Market Positioning
#1 branded menswear &
womenswear player in India
Aditya Birla Financial Services
Fashion & Lifestyle (Madura & Pantaloons)
Scale
Selling two branded
apparels every second
Revenue
USD 1.3 billion
(` 7,926 Crore : 19%↑ y-o-y)
Revenue
USD 910 million
(` 5,450 Crore : 15%↑ y-o-y)
AUM
USD 27.5 billion1
(` 164,995 Crore : 35%↑ y-o-y)
NBFC Lending Book
USD 3 billion
(` 17,550 Crore : 52%↑ y-o-y)
7
Revenue
USD 901 million
(` 5,405 Crore : 9%↑ y-o-y)
EBITDA
USD 102 million
(` 615 Crore : 11%↑ y-o-y)
Cash profit (post tax)
USD 1.4 billion
(` 8,482 Crore : 32%↑ y-o-y )
Divisions (Jaya Shree, Indo-Gulf fertilisers, Indian Rayon, Aditya Birla Insulators)
Market Positioning
6th largest1 in the world
3rd largest2 in India
Outperforming Industry
Revenue share grew y-o-y
from 16.1% to 17.5%2
Note 1 : In terms of subscribers and based on operations in a single country (Source : GSMA, Dec’14) Note 2 : Based on gross revenue for UAS & Mobile licenses only for Oct-Dec14, as released by TRAI
Building Leadership Position across its businesses
Market Positioning
Leading manufacturer of
Linen, Urea, VFY & Insulators in India
Strong Balance sheet
Net Debt to EBITDA : 1.31x
(Standalone)
Free Cash Flow (pre-tax)
USD 52 million
(` 314 Crore : 36%↑ y-o-y)
Telecom (Idea Cellular)
Outlook
Expanding linen yarn capacity to tap sector growth
Long term anti-dumping duty to benefit Insulators sector
Gas pooling policy to benefit urea sector
EBITDA
USD 1.9 billion
(` 11,281 Crore : 32%↑ y-o-y )
Revenue
USD 5.3 billion
(` 31,527 Crore : 19%↑ y-o-y)
8
Standalone Ratios
Standalone balance sheet has been the growth engine for ABNL & a platform to drive synergy of capital resource
Invested ~USD 1 billion to fund the growth capital requirements of its businesses over past six years
Healthy financial position : Net Debt to EBITDA at 3x & Net Debt to Equity at 0.42x as on 31st Mar’15
Contributed by strong cash flow from operations, dividend income, proceeds from divestment of sub-scale
businesses and capital support from the promoters
Received dividend of ` 89 Cr. in FY15 (~` 600 Cr. over past 6 years)
306 676 1193
3591 3854
3584
Mar'09 Mar'12 Mar'15
Standalone Net Debt
( ` Crore)
5.8
3.7
3.0 0.87
0.68
0.42
Mar'09 Mar'12 Mar'15
Net Debt/annualised EBITDA Net Debt/Equity
O/s
Fertilisers
Subsidy
A platform to drive synergy of resources
9
Exit from sub scale businesses to achieve greater focus on other businesses
Supported ABNL’s growth plans &
strengthened balance sheet
Greater focus on core businesses
Note : Refer slide 52 for transaction details
Delivering best value to all the stakeholders …
Consolidation of Branded Apparels Businesses to unlock value for the shareholders
Creating India’s largest pure-play fashion & lifestyle company
Presence across entire spectrum of fashion through India’s leading fashion brands
Unlocking value for shareholders by giving them direct holding in a best-in-class fashion powerhouse
Largest retail network in fashion space in India
Sound Balance sheet to act as a strong enabler for growth
Aditya Birla Fashion & Retail Ltd.
# 1 Menswear player # 1 Womenswear player
Enterprise Value
USD 260 million
Effective Date
9th May 2014
Effective Date
1st April 2013
Enterprise Value
USD 240 million
Divestment of
IT-ITeS business
Divestment of
Carbon Black business
10
… and driving strong earnings growth
4,227
10,723
21,654
Mar'09 Mar'12 Mar'15
Market Capitalisation (Rs. Crore)
-436
890
1,416
FY09 FY12 FY15
Consolidated Net Profit (Rs. Crore)
867
3,247
5,798
FY09 FY12 FY15
14,331
21,840
26,516
FY09 FY12 FY15
Branded Apparels Financials Services, Telecom & Divisions
Consolidated Revenue (Rs. Crore)
Consolidated EBITDA (Rs. Crore)
11
ABNL - A USD 4.4 billion Conglomerate
Divisions
Rayon*
Agri*
Fashion &
Lifestyle
Financial
Services Telecom $ #
(23.28%)
Asset Management^
(51%) @
Life Insurance^
(74%) @
Private Equity (100%) ^
Broking (75%)^ #
Wealth management (100%) ^
General Insurance Advisory (50.01%) ̂ Online Money Management (100%)^
Insulators*
Represent Joint Ventures Represent Subsidiaries @ JV with Sun Life Financial, Canada Represent Divisions # Listed * ^ $
Leadership position in India Leader Top 3 Top 5
Pantaloons^ #
(72.62%)
Madura* Jaya Shree*
Note : Percentage figures indicated above represent ABNL’s shareholding in its subsidiaries /JV’s
NBFC (100%) ^
Housing Finance (100%) ^
12
Anchored by a strong Management Team
Business Head Business
Mr. Lalit Naik, Managing
Director
VFY , Chemicals, Agri,
Insulators
Mr. Ajay Srinivasan Financial Services
Mr. Pranab Barua Fashion & Lifestyle
(Madura & Pantaloons)
Mr. Thomas Varghese Textiles
Mr. Himanshu Kapania Telecom
Whole Time Director & Chief Financial Officer
Mr. Sushil Agarwal
Board of Directors
The Company has a balanced Board, comprising of 2
Executive, 2 Non-Executive, 1 nominee & 5 Independent
Directors, including 2 women directors.
• Each business is run as an independent SBU under
the leadership of a business head
• Chief Financial Officer heads the finance function
which is the life blood for a business
• Business heads & the Chief Financial Officer have
wide-ranging experience in the areas of business
development, strategy formulation, restructuring,
acquisitions, technology management etc.
• Some of the senior management team members,
prior to joining Aditya Birla Group, have also played
key roles in the globally renowned organisations
viz., Saint Gobain, Dow Chemicals, Prudential
Corporation Asia, Hindustan Unilever, Reckitt
Benckiser etc.
• Independent directors have rich experience in their
respective fields and incl. ex-secretary to the
President of India and former top executives from
the esteemed organisations viz., Exim Bank, LIC,
IDBI, UTI etc.
13
14
Achieved revenue growth across the businesses
Note 1 : Including full figures of Asset Management business. As per AS27, Asset Management business has been proportionately consolidated @ 50% in ABNL’s financials, being a 50:50 Joint Venture till 9th Oct’12.
Thereafter it is consolidated as subsidiary since ABFS holds 51% w.e.f. 10th Oct’12..
Note 2 : Full financial numbers of Idea Cellular. Being a JV, Idea Cellular has been consolidated at 27.02% from 12th August 2008 upto 1st March 2010, at ~ 25.3% till 10th June 2014, at 23.63% till 23rd July 2014
and at 23.29% thereafter as per AS 27.
Note 3 : Represents Branded apparels & Accessories (Madura & Pantaloons). In FY13, nine months financials for Pantaloons are included pursuant to its acquisition w.e.f. appointed date 1st July 2012
Note 4 : Represents Textiles, Agri, Rayon and Insulators.
Revenue
6304 6542 6378
6637
7926
FY11 FY12 FY13 FY14 FY15
Financial Services 1
1811 2243
3802
4759 5450
FY11 FY12 FY13 FY14 FY15
Fashion & Lifestyle3
3101
4301
5300 4979 5405
FY11 FY12 FY13 FY14 FY15
Divisions4
( ` Crore)
15438 19489
22407 26432
31527
FY11 FY12 FY13 FY14 FY15
Telecom 2
15
Augmented profitability across the businesses
Note 1 : Including full figures of Asset Management business. As per AS27, Asset Management business has been proportionately consolidated @ 50% in ABNL’s financials, being a 50:50 Joint Venture till 9th Oct’12.
Thereafter it is consolidated as subsidiary since ABFS holds 51% w.e.f. 10th Oct’12. Interest cost of NBFC biz., being operating expense as per AS17, is deducted from segmental EBITDA.
Note 2 : Full financial numbers of Idea Cellular. Being a JV, Idea Cellular has been consolidated at 27.02% from 12th August 2008 upto 1st March 2010, at ~ 25.3% till 10th June 2014, at 23.63% till 23rd July 2014
and at 23.29% thereafter as per AS 27.
Note 3 : Represents Branded apparels & Accessories (Madura & Pantaloons). In FY13, nine months financials for Pantaloons are included pursuant to its acquisition w.e.f. appointed date 1st July 2012
Note 4 : Represents Textiles, Agri, Rayon and Insulators.
Note 5 : Excluding one time investment income
EBITDA
544 661
819 799 911
FY11 FY12 FY13 FY14 FY15
Financial Services 1
136 196
312
401
532
FY11 FY12 FY13 FY14 FY15
Fashion & Lifestyle3
519
547
600
554
615
FY11 FY12 FY13 FY14 FY15
Divisions4
( ` Crore)
3910 5085
6071
8519
11281
FY11 FY12 FY13 FY14 FY15
Telecom 2
5
16
Consolidated Earnings Mix – FY15
Financial Services
30%
Telecom 28%
Fashion & Lifestyle
21%
Divisions 21%
Financial Services
28%
Telecom 46%
Fashion & Lifestyle
9%
Divisions 17%
Segment Revenue1 Segment EBIT1
Note 1 : Revenue and EBIT Mix are excluding IT-ITeS business which was divested w.e.f. 9th May 2014
17
18
Aditya Birla Financial Services
A significant non-bank financial services group
19
Aditya Birla Financial Services (ABFS)
Note 1 : Includes AUM of Life Insurance, Private Equity and quarterly AAUM of Asset Management business
Vision : To be a leader & role model in a broad based
& integrated financial services business
Ranks among top 5 fund managers in India (excl. LIC)
Diversified portfolio with 10 lines of businesses
AUM at ` 164,995 Cr. (35%↑ y-o-y)
NBFC Lending book at ` 17,550 Cr. (52%↑ y-o-y)
Anchored by 10,700 employees & trusted by > 6 million customers
Nation wide presence through 1,350 branches / touch points and
127,500 agents / channel partners
Entering strategic partnerships & investing in promising sectors
Acquired mutual fund schemes & portfolio accounts from ING in Sep’14
Forayed into Housing Finance business in Oct’14.
Signed MoU with MMI Holdings in Oct’14 to enter health insurance sector
IFC became strategic financial investor in MyUniverse in Dec’14
BSLI received PFRDA approval for managing pension assets under NPS
1
( ` Crore) Assets under Management
43,104
88,309 88,371 1,07,539 1,22,362
1,21,891
Mar'11 Mar'12 Mar'13 Mar'14 Mar'15
Non
Equity
26%↑ y-o-y
Equity
68%↑ y-o-y
164,995
6304 6542 6378 6637
7926
FY11 FY12 FY13 FY14 FY15
( ` Crore)
Revenue
368
600 761 727
849
FY11 FY12 FY13 FY14 FY15
( ` Crore)
Earnings before Tax
20
Aditya Birla Finance (NBFC)
1,850 3,425
8,000 11,550
17,550
Mar'11 Mar'12 Mar'13 Mar'14 Mar'15
Lending book
(` Crore)
10.2% 11.4%
14.3% 13.1%
14.6%
FY11 FY12 FY13 FY14 FY15
ROE
39%
35% 36%
31% 29%
FY11 FY12 FY13 FY14 FY15
Opex to NII
37 56 100
166
271
FY11 FY12 FY13 FY14 FY15
Net Profit
(` Crore)
196 348
715
1,201
1,776
FY11 FY12 FY13 FY14 FY15
Revenue
(` Crore)
Lending book reached USD 3 billion mark (52%↑ y-o-y)
Well diversified portfolio for sustainable growth
Growth accompanied by robust credit appraisal
and risk management practices
Gross NPA at 0.90% (PY: 1.29%)
Net NPA at 0.32% (PY: 0.58%)
Equity support and internal accruals funding growth
Net worth expanded to ` 2,585 Cr. (46%↑ y-o-y)
Infusion of ` 545 Cr. in FY15 (` 1,720 Cr. in 5 years)
Improved return ratios
ROE enhanced to 14.6% (150 bps↑ y-o-y)
ROA at 2.0% (15 bps↑ y-o-y)
Revenue at ` 1,776 Cr. (48%↑ y-o-y)
EBT at ` 411 Cr. (63%↑ y-o-y)
21
Aditya Birla Finance (NBFC)
Key business metrics
Capital Market
24%
Corporate Finance
23%
Infra Financing
23%
Mortgage* 29%
Others 1%
Lending book as on 31st Mar’15 : Break-up
* LAP / LRD & Construction Finance
(PY:26%)
(PY:22%)
(PY:23%)
(PY:28%)
(PY:1%)
FY13 FY14 FY15
Net Interest Income (incl. fee income) (%) 5.4% 5.1% 5.0%
Return on Avg. Assets (p.a.) (%) 1.92% 1.85% 2.0%
Gross NPA (as % of total loans & advances) 1.23% 1.29% 0.90%
Net NPA (as % of total loans & advances) 0.83% 0.58% 0.32%
Net Worth (` Crore) 1,079 1,769 2,585
Borrowings (` Crore) 6,867 9,647 14,594
Leverage (x) 6.4x 5.5x 5.6x
Established in 1991, one of India’s most reputed NBFC’s
Loan book growth continues to be robust and healthy
More than 80% of lending book is secured
Attained growth across all the segments
Mortgages book crossed ` 5,000 Cr. (71%↑ y-o-y)
Capital Market, Infra Finance & Corporate finance
portfolios crossed ` 4,000 Cr. each
Healthy borrowings Profile
Highest A1+ rating for short term debt and AA+ rating
for long term debt from ICRA, CARE and India Ratings
Out of total borrowings 73% is long term (PY: 61%)
22
Birla Sun Life Insurance (BSLI)
Growth in AUM
Ranks 6th in India with new business market share of 7.6% (in private sector)
#1 in Group new business premium @ ` 1,177 Cr. (44%↑ y-o-y)
Individual life new business premium @ ` 761 Cr. (13%↓ y-o-y)
Conservation ratio (individual life) improved to 82% in FY15 (PY:70%)
Balanced sales mix: In FY15, non ULIP contributed to 62% (PY:60%)
of individual new business.
Embedded Value at ` 3,225 Cr. & VNB margin at 16.2% in FY14
Strong distribution reach : A nation-wide presence with more than 485 branches, 3 key bancassurance
partners, over 85,000 direct selling agents and more than 150 corporate agents & brokers
Total Premium Income
(` Crore)
52%
(` Crore)
3,597 3959 3380 3136 3295
2,080 1926
1837 1697
1938
FY 11 FY12 FY13 FY14 FY15
52%
New Business
Renewal
Premium
5,677 5,885
5,216 4,833
5,233
Mar'11 Mar'12 Mar'13 Mar'14 Mar'15
Non
Equity
Equity
21,110 22,929
24,775
38%
19,760
30,185
62%
2013-14 2014-15
Revenue 4,702 5,267
Earnings before tax 371 285
Net Profit / (Loss) 371 285
` Crore BSLI
42%
58%
41%
59%
45%
55%
47%
53%
23
Birla Sun Life Asset Management (BSAMC)
Growth in AUM (` Crore)
AAUM surged y-o-y by 39% to ` 133,689 Cr. in Mar’15.
Ranks 4th in India with market share of 10.09% in Q4FY15.
Domestic Equity AAUM more than doubled y-o-y to ` 25,904 Cr.
Ranks 5th in terms of equity AAUM with market share at 6.92%
Offshore AAUM reached USD 2 billion (103%↑ y-o-y)
Completed acquisition of all mutual fund schemes & portfolio management accounts from ING mutual fund.
Adjudged ‘Asset Management House of the Year’ by Money Today FPCIL Awards 2015
1,02,923
30,766
Q4FY11 Q4FY12 Q4FY13 Q4FY14 Q4FY15
Equity
Non-Equity
67,668 66,082
83,451
96,429
133,689
9.09% 9.20% 9.45% 9.85% 10.09%
5.45% 5.27% 5.26% 5.78%
6.92%
FY11 FY12 FY13 FY14 FY15
Domestic Market Share Equity Market Share
Rising Market Share
2013-14 2014-15
Revenue 502 596
Earnings before tax 140 182
Net Profit / (Loss) 95 123
` Crore BSAMC
24
Broking : Industry volumes ↑ y-o-y by 71% in retail cash equity, ↑ 50% in retail F&O & ↓ 36% in commodities
Market share of Aditya Birla Money surged to 2.48% (PY:1.37%) in retail F&O, improved to 0.64% (PY:0.54%)
in commodities, enhanced to 0.50% (PY: 0.29%) in currency segment & while it was lower in retail cash
equity segment at 1.34% (PY:1.43%)
Wealth Management : Assets under Advisory at ~ ` 9,000 Cr. (as on 31st Mar’15)
Online Money Management Portal:
MyUniverse is India’s #1 online personal finance management platform
Enjoying trust of > 1.5 million registered users & helping customers manage
> ` 15,400 Cr. (as on 31st Mar’15)
IFC has become a strategic financial investor in the venture
Broking, Wealth Management & Online Money Management
2013-14 2014-15 2013-14 2014-15
Revenue 75 119 66 86
Earnings before tax (12) 6 (6) 6
Net Profit / (Loss) (12) 6 (6) 5
ABML ABMM
` Crore
Broking
Aditya Birla Money
Wealth Management
Aditya Birla Money Mart
Online Money Management
MyUniverse
25
Other Financial Services
Aditya Birla Housing Finance (ABHFL): Commenced operations in Oct’14, with capital infusion of ` 40 Cr.
Lending book as on 31st Mar’15 is ` 142 Cr. Targeting to expand footprint from currently 15 cities to 30 cities
Health Insurance
Signed MoU with MMI Holdings Ltd. (a leading South African insurance-based financial services group) to enter health
insurance business in India. Final agreement is being negotiated post which application to IRDA will be made.
Aditya Birla Insurance Brokers (General insurance advisory)
In FY15, ABIBL’s premium placement increased y-o-y by 26% to
` 1,132 Cr. while industry premium increased by 9%
Revenue at ` 73 Cr. (11%↓ y-o-y) and EBT at ` 27 Cr. (26%↑ y-o-y)
Aditya Birla Private Equity (ABCAP):
Funds under management (net) at ` 1,121 Cr. Invested more than 90% of net deployable corpus as on 31st Mar’15.
Invested in Wonderla Holidays, City Union Bank, Indian Energy Exchange, Manpasand Beverages, CIBIL & Monte
Carlo Fashions in FY15
0.43% 0.50%
0.93% 1.16%
1.33%
FY11 FY12 FY13 FY14 FY15
ABIBL Market share
2013-14 2014-15 2013-14 2014-15
Revenue 82 73 23 21
Earnings before tax 21 27 9 6
Net Profit / (Loss) 14 18 6 4
` Crore ABCAP ABIBL
26
ABFS : FY2014-15 Performance
Revenue
FY14 FY15 ∆% (` Crore)
EBT FY14 FY15 ∆%
Remarks on profitability
1,201 1,776 48% ABFL 251 411 63% Expanded lending book (52%↑ y-o-y)
4,702 5,267 12%
BSLI 371 285 23% Lower new business sales and in-force book
502 596 19% BSAMC 140 182 29% Growth in total AUM (39%↑ y-o-y)
82 73 11% ABIBL 21 27 26% Higher premium placement (26%↑ y-o-y)
75 119 58% ABML (12) 6 n.a. Higher average daily brokerage (67%↑ y-o-y)
66 86 30% ABMM (6) 6 n.a. Increase in business volumes
9 8 Others (net of elim.) (39) (67) Scaling up MyUniverse
6,637 7,926 19% Total 727 849 17%
Revenue at ` 7,926 Cr. (19%↑ y-o-y)
Earnings before Tax at ` 849 Cr. (17%↑ y-o-y)
27
India’s #1 Menswear Player India’s #1 Womenswear Retailer
Fashion & Lifestyle
28
2,523 3,226
3,735
1,285
1,661 1,851
392 473 621 830
1,026 1,116 1,251
1,811
2,239
3,802
4,759 5,450
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Grew 14x in 11 years
Madura
Pantaloons
Journey of Fashion & Lifestyle business
1999 – 2006 2007 – 2013 2014 and Beyond
• Acquisition of
Madura
• Launch of “The Collective”
super-premium retail space
and “People” clothing line in
Value segment
• Transition from wholesale
to retail
• Rapid expansion of retail
networks for LP, VH, AS
and PE1
• Acquisition of Pantaloons
Fashion and Retail
• JV with Hackett
• Consolidation of branded apparels
businesses under one roof
Achieve economies of scale &
unlocking shareholder value
Establish presence in branded apparel and rapid
expansion of retail network
Entry Phase Expansion and Growth Phase Unlocking full potential
2000 2006 2004
2007
2012-13
2015
Note:
(1) LP: Louis Philippe; VH: Van Heusen; AS: Allen Solly; PE: Peter England
Rev
en
ue (I
NR
Crs
)
Filling gaps in branded offerings through organic & inorganic route
29
Largest fashion retail presence serving 10.8 million loyalty customers
Presence across entire spectrum of Fashion with leading brands
Expanding market presence with addition of retail stores as well as
scaling up its own online presence through
Revenue at ` 5,450 Cr. (15%↑ y-o-y) & EBITDA at ` 532 Cr. (32%↑ y-o-y)
Aditya Birla Fashion & Retail
Madura 66%
Pantaloons 34%
Revenue mix FY15
1,811 2,239
3,802
4,759
5,450
FY11 FY12 FY13 FY14 FY15
Revenue (` Crore)
136 196
312 401
532
FY11 FY12 FY13 FY14 FY15
EBITDA (` Crore) Retail Network
895 1,129
1,367
1,648 1,869
Mar'11 Mar'12 Mar'13 Mar'14 Mar'15
1.3 1.6
3.6 4.2
4.8
Carpet Area
(Million Sq. Ft.) EBOs / Stores
Note 1 : Excluding one-time investment income
1
30
Winning Combination of Brands & Retail
India’s #1 Menswear Player India’s #1 Womenswear Retailer
Powerhouse of India’s leading fashion
brands: Louis Philippe, Van Heusen, Allen
Solly, Peter England
Extensive reach through multi-channel
distribution network: 1735 Retail stores &
6000+ additional points of sale
State of Art global supply chain
Strong in-house design & product
development capabilities
Track record of robust financial performance
A large 6.3 Million loyalty members base
One of India’s largest big-box affordable
fashion retailer
Unique business model: Design to Retail
Strong portfolio of exclusive private brands:
Contributing to 52% of Revenue
Widest reach: 49 cities & 104 stores
Rich portfolio spanning all genders &
consumer segments
One of the largest loyalty programs: ~4.5
Million members contributing to 60% of sales
31
Bouquet of Market Leading Brands across Segments
32
Largest retail network in the fashion space
1.0
4.8
FY10 FY15
Combined Retail Footprint
(million sq. ft.)
As at Mar 31, 2015
Madura: 1735 EBOs
Pantaloons: 104 stores +
30 Factory Outlets
33
Madura Fashion & Lifestyle1
Powerhouse of India’s leading fashion brands
Louis Philippe, Van Heusen, Allen Solly, Peter England
Extensive reach through multi-channel distribution network
1735 retail EBOs & 6000+ additional points of sale
Posted strong earnings growth in FY15 despite weak customer
footfalls & higher promotions / discounting across the industry
Revenue at ` 3,735 Cr. (16%↑ y-o-y)
Retail channel sales (EBOs): 14%↑ y-o-y led by stores expansion
L2L sales growth was flat. Added (net) 194 EBOs in FY15
Wholesale channel sales (Department Stores & MBOs) : 20%↑ y-o-y
EBITDA at ` 463 Cr. (19%↑ y-o-y)
Margins and ROACE expanded y-o-y to 12.4% & 72%
Capex guidance for FY16 stands at ` 160 Cr. for new stores
launches and renovation of existing stores
1,811 2,239
2,523
3,226
3,735
FY11 FY12 FY13 FY14 FY15
Revenue (` Crore)
136 196
245
388 463
FY11 FY12 FY13 FY14 FY15
EBITDA (` Crore)
Note 1 : Includes Madura Fashion, a division of ABNL and Madura Lifestyle, a subsidiary of ABNL. Madura Fashion owns & retails India’s leading apparel brands such as Louis Philippe, Van Heusen, Allen
Solly, Peter England & People. Madura Lifestyle retails international luxury brands under the retail format ‘The Collective’ & also retails Madura Fashion brands under the retail format ‘Planet Fashion’
FY 11 FY 12 FY 13 FY 14 FY 15
EBITDA % 7.5% 8.8% 9.7% 12.0% 12.4%
ROACE % 11% 20% 29% 64% 72%
CE (` Cr.) 598 615 479 457 591
34
Core Brand and Product Extensions Brand
Successfully broadened product offerings of each brand yet reinforcing core positioning
Madura has rapidly grown its ‘Power Brands’ by successfully
extending them into fast growing segments
35
Pantaloons Fashion & Retail Ltd.
Strategic initiatives taken since acquisition …
Launched 39 new stores in past 2 years on a base of 69 stores
43 stores renovated and 100% store re-layouts accomplished
Created 7 new private brands, added 15 external brands
Created a stronger vendor network with pan India capability
… are yielding results
Customer reach scaled to 104 Stores & 30 factory outlets across 2.3 million sq. ft.
Share of Private brands & Madura brands enhanced from 46% to 62%
Voted amongst India’s top most trusted retailer brands in “Brand Equity Survey 2014”
In FY15, posted revenue at ` 1,851 Cr. (11%↑ y-o-y)
Driven by L2L growth of 5.5% and stores expansion
Added 25 pantaloons stores & 6 factory outlets in FY15
Driven by portfolio enrichment, gross margin increased to 45% (340 bps↑ y-o-y)
EBITDA almost doubled from ` 39 Cr. to ` 75 Cr.
EBITDA margin expanded to 4.1% (180 bps↑ y-o-y)
Higher accelerated depreciation on account of stores renovation & planned stores
closures impacted bottom-line
Men 35%
Women 42%
Kids 9%
Non-Apps 14%
Revenue Mix (FY15)
2.3%
4.1%
39
75
FY14 FY15
EBITDA (` Crore)
EBITDA %
1,661
1,851
FY14 FY15
Revenue (` Crore)
36
Pantaloons Fashion & Retail Ltd.
Capex of ` 115 Cr. was spent during FY15
FY16 Capex guidance stands at about ` 125 Cr.
mainly towards launch of 30-35 new stores
Customer Reach
90 95 107
134
Jun'12 Mar'13 Mar'14 Mar'15
1.6 1.7
2.0
2.3
Carpet Area (Million Sq Ft)
No. of Stores incl. Factory
Outlet
` Crore
2013-14
(PY)
2014-15
(CY)
Revenue 1,661 1,851
EBITDA 39 75
Segment EBIT (75) (110)
Full Year
` Crore
As on
31st
Mar'14
As on
31st
Mar'15
Net Fixed Assets (Incl. Capital Advances) 496 422
Goodwill 1,168 1,168
Cash & Current Investments 17 7
Net Working Capital (50) 60
Net Worth 579 346
Debt 1,050 1,311
37
Telecom
3rd largest Cellular Operator in India
38
Idea Cellular (Telecom)
Having a market cap of ~USD 11 billion, Idea' is the biggest revenue market
share gainer in India since past five years
Ranks 3rd in terms of pan India revenue market share1 at 17.5%.
Ranks among top 6 players globally with 2.06 billion minutes of usage daily
Base of 161 million subscribers provides a platform for upgrading pure
voice customers to wireless data services in future
Idea holds 16% stake in the world’s leading tower company Indus Towers
Solid foundation for business growth laid for the next 20 years
Won 79.4 MHz spectrum in Mar’15 auctions for ~USD 5 billion
Strong cash flows & funds raised supporting balance sheet2 & growth plans
Net debt to EBITDA2
at 1.31x (PY: 2.61x)
Generated post tax cash profit2 of ` 8,482 Cr. in FY15 (32% y-o-y growth)
Raised equity capital of ` 3,750 Cr. (through QIP & Preferential allotment) in FY15
Dividend @ 6% of share capital for FY15: Overall payout of ` 260 Cr. (incl. DDT)
ROACE improved y-o-y from 12% to 14% in FY15
1Based on gross revenue for UAS & Mobile licenses only, as released by TRAI 2Standalone = Idea and its 100% subsidiaries
13.3% 14.4% 14.8%
16.1% 17.5%
Q3FY11 Q3FY12 Q3FY13 Q3FY14 Q3FY15
Revenue Market Share 1
15,438 19,489
22,407 26,432
31,527
FY11 FY12 FY13 FY14 FY15
Consolidated Revenue (` Crore)
3,910 5,085 6,071 8,519
11,281
FY11 FY12 FY13 FY14 FY15
Consolidated EBITDA (` Crore)
39
Idea Cellular (Telecom)
As of Mar’15, Idea has around 102.3% of reported subscribers as active subscribers, highest in the industry
Capex guidance for FY16 (excl. any spectrum payout) stands at ` 50-55 billion. Incurred ` 40.5 billion in FY15
Net Worth
Total Debt
Mar'08 Mar'09 Mar'10 Mar'11 Mar '12 Mar '13 Mar '14 Mar'15
35
133 114
123 131 143
165
230
65
89
79 121
133 140
206
269
Strong Balance Sheet (Figures in ` billion)
4,763 10,114 24,793
49,860 66,187 73,668
96,015 1,07,234
1,26,159 1,42,658
Mar'06 Mar'07 Mar'08 Mar'09 Mar'10 Mar'11 Mar '12 Mar '13 Mar'14 Mar'15
Cell Sites: Capacity grew multifold
Robust growth in MOUs (billion minutes)
21 46 86 165
243 363
453 532
588 683
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Subscribers (In Million)
7 14 24 43 64
90 113 122 136
158
Mar'06 Mar'07 Mar'08 Mar'09 Mar'10 Mar'11 Mar '12 Mar '13 Mar'14 Mar'15
10.4 8.8 9.5 9.0 7.2 10.1
19.7
31.9
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Net Profit (` billion)
40
Divisions
Leading manufacturer of Linen, Urea, VFY and Insulators in India
41
Revenue at ` 5,405 Cr. (9%↑ y-o-y)
EBITDA at ` 615 Cr. (11%↑ y-o-y)
ROACE improved y-o-y from 14% p.a. to 16% p.a.
Divisions (Jaya Shree, Indo-Gulf Fertilisers, Indian Rayon & Aditya Birla Insulators)
Revenue
FY14 FY15 ∆% (` Crore)
EBITDA
FY14 FY15 ∆% Remarks on profitability
1,300 1,435 10% Jaya Shree 172 175 2% Higher profitability in Linen segment offset by lower wool
combing volumes
2,313 2,558 11% Agri 77 148 90% Improved energy efficiency, higher fixed cost reimbursement
as per Government policy and increased sales of pesticides
860 865 ↔ Rayon 222 197 11% Profitable growth in VFY segment offset by lower caustic
volumes & ECU realisation
505 548 8% Insulators 83 95 14% Higher sales volume & realisation in substation segment
4.979 5,405 9% Total 554 615 11%
42
Jaya Shree
Increasing popularity of Linen as a comfort & style fabric will drive growth of linen fabric demand at a CAGR of 10% in
next five years. To meet the growing demand in India, currently ~70% of linen yarn demand is met through imports
denoting expansion opportunity for domestic players
Jaya Shree commands domestic leadership position in Linen & Wool segments
Linen Capacities : Yarn - 3,400 TPA, Fabric - 10.1 million metres p.a.
Wool Capacities : Worsted Yarn - 26,356 spindles, Wool Combing - 8 Cards
Focusing on retail expansion & brand promotion to fortify ‘Linen Club’ fabric brand
Retailing linen fabric through 115 EBOs and 3,500+ MBOs
Rising share of linen led by expansion contributing to profitable growth
Targeting to further expand Linen Yarn capacity from 3,400 TPA to 6,400 TPA at
a capex of ~` 220 Cr. by 2016, to tap sector growth
Operating at a sound ROACE of 53% p.a.
99
141154
172 175
FY11 FY12 FY13 FY14 FY15
EBITDA (` Crore)
774
1,0461,144
1,3001,435
FY11 FY12 FY13 FY14 FY15
Revenue (` Crore)
198
88
179
317
237
FY11 FY12 FY13 FY14 FY15
32%
82% 97%
57% 53%
ROACE(%) Capital Employed (` Cr.)
53%47%
39%61%
FY11
FY15Wool Linen
Jaya Shree Revenue Mix
43
Acute deficit of urea in India – Approx. 1/4th of the urea demand is imported
Government’s gas pooling policy aiming to improve plant efficiency & reduce subsidy outgo will benefit the sector
Indo-Gulf is the 8th largest & one of the most energy efficient urea plants in India
A complete agri-solutions provider offering Fertilisers, Seeds and agro-chemicals
Strong brand “ Birla Shaktiman” is preferred choice of farmers
Also offering value adding variety – Neem coated “Krishi Dev”
Due to government policy for urea production beyond 100% quantity as permissible under Pricing mechanism,
few urea manufacturers had to take urea plant shutdown. Indo-Gulf had to take urea plant shutdown for 35 days, thereby,
pulling down earnings from normalised level. In FY14 too, plant shutdown was taken for 41 days
In FY15, Revenue grew y-o-y by 11% largely due to pass through of rise in natural gas prices. EBITDA surged y-o-y by
90% to ` 148 Cr. led by improved energy efficiency and higher fixed cost reimbursement as per Government policy
Indo Gulf Fertilisers (Agri-business)
1,244
2,107
2,924
2,3132,558
FY11 FY12 FY13 FY14 FY15
Revenue (` Crore)
176
211197
77
148
FY11 FY12 FY13 FY14 FY15
EBITDA (` Crore)
496
984
1854 1616 1641
FY11 FY12 FY13 FY14 FY15
39% 26%
12% 3% 7%
ROACE(%) Capital Employed (` Cr.)
44
VFY has a niche market globally - Premium is driven by quality and value added yarns
Indian Rayon is the 2nd largest producer of VFY in India with a capacity of 19,800 tons p.a.
Integrated facilities : Cost effective 34.5 MW captive power plant
Expanded its presence in fine & superfine VFY segment using Spool Technology from Germany at a capex of ~ ` 270 Cr.
in Mar’13. The new unit will help in enhancing product quality & range, in superfine segment.
In FY15, VFY segment posted higher profitability led by expanded new superfine yarn capacity. In Chemicals Segment,
maintenance shutdown in Caustic Soda plant & lower ECU realisation impacted earnings
Total Revenue grew marginally y-o-y to ` 865 Cr., EBITDA de-grew y-o-y by 11% to ` 197 Cr.
Operating at an ROACE of 21%
Indian Rayon (VFY and Chemicals)
565680
777860 865
FY11 FY12 FY13 FY14 FY15
Revenue (` Crore)
110128
189222
197
FY11 FY12 FY13 FY14 FY15
EBITDA (` Crore)
440 515
681 759 757
FY11 FY12 FY13 FY14 FY15
17% 19% 26% 24% 21%
ROACE(%) Capital Employed (` Cr.)
81%
19%
FY15
ChemicalsVFY
Revenue Mix
45
Used in power generation, Transmission & distribution (T&D) and by Original Equipment Manufacturers (OEMs)
Aditya Birla Insulators is largest domestic producer & 4th largest globally with a capacity of 45,260 TPA
Power Grid corporation of India & State Electricity Boards , ABB, Areva, Siemens etc. are amongst major customers
Insulators industry’s domestic sales volume de-grew y-o-y by 12% during Apr’14-Jan’15 (Source : IEEMA)
Revenue of Aditya Birla Insulators grew y-o-y by 8% to ` 548 Cr., EBITDA rose by 14% to ` 95 Cr.
Profitability in the transmission segment was lower due to 42 days disruption / suspension of plant operations in
Q1FY15 caused by stoppage of work in the plant by workers, pending long term wage settlement.
ROACE improved from 15% p.a. to 17% p.a.
Cheaper Chinese imports had adversely impacted domestic players and the industry had appealed for anti-dumping duty.
The Ministry of Finance, on 16th Sep’14, imposed an interim anti-dumping duty on imports of insulators from China and
on 11th Apr’15, extended the duty till 15th Sep’19 to create a level playing field for the domestic manufacturers
Aditya Birla Insulators
518468 454 505
548
FY11 FY12 FY13 FY14 FY15
Revenue (` Crore)
134
67 6183
95
FY11 FY12 FY13 FY14 FY15
EBITDA (` Crore)
362 375 395 430
455
FY11 FY12 FY13 FY14 FY15
34%
12% 10% 15% 17%
ROACE(%) Capital Employed (` Cr.)
46
47
Consolidated Results - Segmental ( ` Crore)
Consolidated Results
2013-14
(PY)
2014-15
(CY)
2013-14
(PY)
2014-15
(CY)
6,637 7,926 Aditya Birla Financial Services 725 814
4,702 5,267 Life Insurance 371 285
1,946 2,666 Other Financial Services* 354 529
(11) (7) Elimination - -
6,669 7,467 Telecom (Nuvo's share) @ 952 1,305
4,759 5,450 Fashion & Lifestyle 199 261
2,898 283 IT-ITeS^ 181 (16)
4,979 5,405 Divisions 430 494
1,300 1,435 Jaya Shree 141 146
2,313 2,558 Agri 56 116
860 865 Rayon 172 156
505 548 Insulators 61 76
(50) (16) Inter-segment Elimination -
25,892 26,516 Consolidated Results 2,487 2,857
Revenue EBIT
@ Idea is consolidated at ~25.3% till 10th June 2014, at 23.63% till 23rd July 2014 and at 23.29% thereafter
^ Divested w.e.f 9th May 2014
* Other Financial Services include Asset Management, NBFC, Housing Finance, Private Equity, Broking, Wealth Management, online money management & General Insurance
Broking businesses. Interest cost of NBFC business, being an operating expense as per AS 17, is deducted from Segment EBIT
48
Profit & Loss ( ` Crore)
2013-14
(PY)
2014-15
(CY)
2013-14
(PY)
2014-15
(CY)
8,021 8,938 Revenue 25,892 26,516
1,246 1,186 EBITDA 4,927 5,798
- - Less : NBFC Interest expenses 742 1,105
267 263 Less : Other Interest Expenses 809 652
979 922 EBDT 3,376 4,041
199 189 Less : Depreciation 1,609 1,703
780 733 Earnings before Tax (before exceptional items) 1,767 2,338
24 - Exceptional Gain / (Loss) 5 (13)
804 733 Earnings before Tax 1,772 2,325
130 205 Less : Provision for Taxation (Net) 550 833
- - Less : Minority Interest 79 76
674 528 Net Profit 1,143 1,416
Stanadlone Full Year
Profit & Loss Account
One-off items:
In FY15, consolidated profit was lower by ` 36 Cr. on account of net loss of ` 23 Cr. from operations of Minacs for the period from 1st Apr’14 to 8th May’14 & exceptional loss of ` 13
Cr. pertaining to the divestment of Minacs. This loss is without considering deferred grant of ` 42 Cr. receivable over next 3 years, which will be accounted for on actual receipt basis.
In FY14, consolidated profit was higher by ` 65 Cr. on account of divestment of Carbon Black business (including net tax credit of ` 41 Cr.) and interest cost is higher by one-time
charge of ` 88 Cr. on redemption of CCDs by Minacs owing to its divestment. Exceptional items in FY14 include loss of ` 19 Cr. on impairment of goodwill relating to investments in
broking & wealth management businesses and gain of ` 24 Cr. on divestment of Carbon Black business
49
( ` Crore) Balance Sheet
8,108 8,519 Net Worth 11,189 12,871
- - Minority Interest 778 802
3,753 3,688 Debt 10,893 11,391
- - NBFC borrowings 9,647 14,594
88 106 Deferred Tax Liabilities (Net) 504 485
11,949 12,314 Capital Employed 33,012 40,142
- -
Policyholders' funds (Incl. funds
for future appropriation) 23,557 28,839
11,949 12,314 Total Liabilities 56,569 68,981
1,845 1,859 Net Block (Incl. Capital Advances) 13,045 12,342
20 20 Goodwill 4,982 3,973
- - NBFC Lending 11,550 17,550
1,574 1,635 Net Working Capital 730 315
7,952 8,695 Long Term Investments 410 408
- - Life Insurance Investments 24,764 30,147
- - Policyholders' Investments 23,435 28,595
- - Shareholders' Investments 1,329 1,552
557 105 Cash Surplus & Current Investments 1,089 4,246
623 655 Book Value (`) 860 989
2.6 3.0 Net Debt / Annualised EBITDA (x) 2.3 1.5
0.39 0.42 Net Debt / Equity (x) 0.88 0.56
14,196 21,654 Market Capitalisation - NSE
Mar-15
Consolidated
Mar-14Mar-14 Mar-15
Standalone
Balance Sheet
Note : 1. Standalone capex of ` 222 Cr. was incurred in FY15. Capex guidance for FY16 stands at ` 300 Cr.
2. Investments of ` 600 Cr. are planned in financial services businesses in FY16
3. Board of Directors of ABNL has recommended an equity dividend of 70% (` 7 per share) for FY15 entailing outgo of ` 109.6 Cr. (incl. DDT of ` 18.5 Cr.)
50
Shareholding Pattern & Market Cap
Trusted by over 132,500 shareholders
Over 98% of shares are in dematerialised form
Face value of ` 10 per share
For analysts coverage on ABNL visit :
Stock Code: BSE : 500303 NSE : ABIRLANUVO Reuters : ABRL.BO / ABRL.NS / IRYN.LU Bloomberg : ABNL IN / IRIG LX
http://www.adityabirlanuvo.com/Analyst_Coverage.php
No . of
Shareholders
Shareholding
(%)
Promoter & Promoter Group 19 74.44 57.20%
Foreign Institutional Investors 333 20.39 15.66%
Domestic Institutional Investors 188 14.55 11.18%
Non-Institutional Investors 1,31,961 17.59 13.52%
GDR's 4 3.17 2.43%
Total 1,32,505 130.14 100.00%
No. of Shares
held (in million)
As on 31st March 2015
Category
402
748 1071
1396
445
906 814 945 976 1091
1664 1842
2,409
6,246
9,992 13,265
4,227
9,336 9,244 10,723 11,727
14,196
21,654 23,977
Mar'05 Mar'06 Mar'07 Mar'08 Mar'09 Mar'10 Mar'11 Mar'12 Mar'13 Mar'14 Mar'15 15th May'15
ABNL Share Price (`) Market Cap (` Cr.)
51
52
Transaction Structure
ABNL
Transaction Steps
PFRL
58.3% 41.7%
27.4% 72.6% #
ABG Public
1 ABNL
MGLRCL
Madura
Lifestyle
2
100% #
Pre Transaction Post Transaction
39.84% 9.06% #
ABG Public
1
PFRL / ABFRL
Madura
Lifestyle
51.1%
Swap Ratio
# Including indirect holding
• Mirror Demerger of Madura Fashion division into PFRL
• Mirror Demerger of Madura Lifestyle division into PFRL
Net debt of ~Rs. 473 Cr. will be transferred along with the
businesses into PFRL. Transaction is subject to corporate &
regulatory approvals and is expected to take 6 to 9 months
1
2
26 equity shares of PFRL for every 5 equity shares of ABNL
7 equity shares of PFRL for every 500 equity shares of
MGLRCL
1 equity share of PFRL for all o/s preference shares of
MGLRCL
Shareholder holding 100 shares in ABNL will continue to hold 100 shares in ABNL & in addition will get 520 shares of PFRL
53
Transaction Details
Transaction is expected to be completed in next 6 - 9 months
Advisors
Key Regulatory Approvals
Regulatory Body Requirement
Stock Exchange and SEBI
Scheme filing after board approval
Post court order – Allotment of shares
Approval for listing of shares
High Courts Bombay and Gujarat High Courts
Transaction Advisor • Standard Chartered Bank
Independent Fairness Opinion • Axis Capital Limited
• JM Financial Institutional Securities Pvt. Ltd.
Legal Advisor • Amarchand & Mangaldas & Suresh A Shroff & Co.
Valuation Expert • Price Waterhouse & Co. LLP
• Bansi S Mehta & Co.
54
Disclaimer
Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements” including, but
not limited to, those relating to general business plans & strategy of Aditya Birla Nuvo Limited ("ABNL"), its future outlook & growth prospects, future
developments in its businesses, its competitive & regulatory environment and management's current views & assumptions which may not remain constant
due to risks and uncertainties. Actual results may differ materially from these forward-looking statements due to a number of factors, including future
changes or developments in ABNL's business, its competitive environment, its ability to implement its strategies and initiatives and respond to
technological changes and political, economic, regulatory and social conditions in the countries in which ABNL conducts business. Important factors that
could make a difference to ABNL’s operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and
prices, cyclical demand and pricing in ABNL’s principal markets, changes in Government regulations, tax regimes, competitors actions, economic
developments within India and the countries within which ABNL conducts business and other factors such as litigation and labour negotiations.
This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be
considered as a recommendation that any investor should subscribe for or purchase any of ABNL's shares. Neither this presentation nor any other
documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an
invitation by or on behalf of ABNL.
ABNL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the
fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless
otherwise specified is only current as of the date of this presentation. ABNL assumes no responsibility to publicly amend, modify or revise any forward
looking statements on the basis of any subsequent developments, information or events or otherwise. Unless otherwise stated in this document, the
information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and
past performance is not indicative of future results. ABNL may alter, modify or otherwise change in any manner the content of this presentation, without
obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner.
INFORMATION PRESENTED HERE IS NOT AN OFFER FOR SALE OF ANY EQUITY SHARES OR ANY OTHER SECURITY OF ABNL
This presentation is not for publication or distribution, directly or indirectly, in or into the United States, Canada or Japan. These
materials are not an offer of securities for sale in or into the United States, Canada or Japan.
Aditya Birla Nuvo Limited
Corporate Identity Number L17199GJ1956PLC001107
Regd. Office: Indian Rayon Compound, Veraval – 362 266 (Gujarat)
Corporate Office: 4th Floor ‘A’ Wing, Aditya Birla Center, S.K. Ahire Marg, Worli, Mumbai – 400 030
Website: www.adityabirlanuvo.com or www.adityabirla.com Email: [email protected]
Copyright © 2015 Aditya Birla Nuvo
Top Related