Action Construction Equipments Ltd. — Earnings Release 2025

Feb 8, 2025

Corporate & Registered Office

Dudhola Link Road, Dudhola, Distt. Palwal-121102, Haryana, India

Action Construction Equipment Limited

==> picture [142 x 111] intentionally omitted <==

Date: February 08, 2025

To,

The Manager Listing The Manager Listing BSE Limited National Stock Exchange of IndiaLtd. 5[th] Floor, P.J. Towers, Exchange Plaza, Bandra Kurla Dalal Street, Complex, Mumbai-400001 Bandra (E), Scrip Code: 532762 Mumbai-400051 CM Quote: ACE

Subject: Submission of Revised Earnings Presentation – Q3/9M FY25

Dear Sir/Madam,

In Continuation of earlier Earning presentation filled on dated 07.02.2025 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the revised earnings presentation for Q3/9M FY25 of the Company.

We request you to kindly take the above on record.

Thanking You.

For Action Construction Equipment Limited

ANIL Digitally signed by ANIL KUMAR DN: c=IN, o=Personal, postalCode=121006, st=Haryana, serialNumber=C69127D248F7209 479CFD1ACBF291CC10ED601A97 KUMAR 9BF6BCB944845F16BE31B0C, cn=ANIL KUMAR Date: 2025.02.08 13:35:14 +05'30'

Anil Kumar Company Secretary and compliance officer

EARNINGS PRESENTATION Q3 / 9M-FY25

==> picture [135 x 62] intentionally omitted <==

==> picture [171 x 79] intentionally omitted <==

==> picture [64 x 61] intentionally omitted <==

Established Brand with over 30 years of Industry Presence World’s largest Pick & Carry Crane Manufacturer with Pan India and Global Presence in over 37 Countries Value for Money Equipment with Focus on Quality and Reliability

Strong Manufacturing, R&D Capabilities providing Customized Solutions for Specific Requirements

Highly Experienced and Professional Team

India’s most diversified CE Manufacturer Operating across Infra, Construction, Manufacturing, Logistics and Agri sectors

Customer Centric Organization with In-depth Market Intelligence having strong Customer base across sectors

Fastest Service and Product Support through a wide Network across 125+ Locations in India Financial Discipline with focus on Accelerated Growth through Flexibility and Quick-Change Adaptation

Poised to capture Significant Growth Prospects in Indian Manufacturing & Infrastructure Sector

2

Company Overview

• ACTION CONSTRUCTION EQUIPMENT LIMITED was established in 1995 by Mr. Vijay Agarwal, a technocrat, who has over 50 years of industry experience and is run by a team of experienced professionals.

==> picture [250 x 13] intentionally omitted <==

----- Start of picture text -----

Consolidated Financial Highlights (INR Mn)
----- End of picture text -----

• ACE is an established and reputed brand with a significant presence across diversified sectors like Construction, Infrastructure, Manufacturing, Logistics and Agriculture.

Market Leader in Mobile and Tower Cranes

==> picture [141 x 98] intentionally omitted <==

==> picture [142 x 105] intentionally omitted <==

==> picture [101 x 48] intentionally omitted <==

----- Start of picture text -----

63% +
Market Share
----- End of picture text -----

• The company is the world’s largest Pick & Carry cranes manufacturer with over 63% market share in the Mobile cranes segment in the country and a majority market share of more than 60% in Tower Cranes segment domestically.

• Additionally, ACE also offers Crawler Cranes, Truck Mounted Cranes, Lorry Loaders, Backhoe Loaders/Loaders, Vibratory Rollers, Motor Graders, Forklifts, Access Platforms, Telehandlers, Tractors & Harvesters and other Construction Equipment.

• The end-user Sector exposure of the company can be broadly classified as follows: Manufacturing ~42-43%, Infrastructure ~35%, Agriculture ~10% and Real Estate ~12-13%.

• The company has one of the widest Sales and Service network, with over 125+ locations supported by 13 regional offices in India and also exports to over 37 countries across Middle East, Africa, Asia and Latin America.

==> picture [327 x 358] intentionally omitted <==

----- Start of picture text -----

29,909 17.66%
16.06%
24,580
22,008
16,404 11.91%
9.89%
4,803 4,340
2,621
1,622
FY22 FY23 FY24 9M-FY25
Total Income EBITDA EBITDA Margin (%)
Total income includes other income
3
----- End of picture text -----

Product Portfolio

Cranes

==> picture [93 x 59] intentionally omitted <==

Pick & Carry Cranes

==> picture [89 x 40] intentionally omitted <==

Lorry Loaders

==> picture [113 x 120] intentionally omitted <==

Rough Terrain Cranes

==> picture [99 x 155] intentionally omitted <==

Crawler Cranes

==> picture [253 x 174] intentionally omitted <==

Truck Cranes

Tower Cranes

Construction Equipment

==> picture [91 x 49] intentionally omitted <==

Backhoe Loaders

Tele Handlers

==> picture [147 x 46] intentionally omitted <==

Vibratory Rollers

==> picture [98 x 51] intentionally omitted <==

Motor Graders

==> picture [99 x 72] intentionally omitted <==

Access Platforms

Material Handling Equipment

==> picture [501 x 83] intentionally omitted <==

Warehousing Equipment

Forklift Trucks

==> picture [100 x 88] intentionally omitted <==

Piling Rigs

Agri Equipment

==> picture [48 x 40] intentionally omitted <==

==> picture [49 x 39] intentionally omitted <==

==> picture [54 x 39] intentionally omitted <==

Tractors

==> picture [53 x 35] intentionally omitted <==

==> picture [38 x 41] intentionally omitted <==

==> picture [75 x 55] intentionally omitted <==

==> picture [65 x 46] intentionally omitted <==

Track Harvesters

4

Opportunities & New Products

==> picture [283 x 410] intentionally omitted <==

==> picture [308 x 410] intentionally omitted <==

==> picture [64 x 61] intentionally omitted <==

==> picture [308 x 410] intentionally omitted <==

New 4X4X4 Backhoe Loader

Range of Upgraded Crawler Cranes

24

Evolving Opportunities - Exports

==> picture [64 x 61] intentionally omitted <==

==> picture [178 x 115] intentionally omitted <==

Forma Range of Tractors

Telehandler 2-4 Tons

==> picture [273 x 148] intentionally omitted <==

Backhoe Loader – Phantom 4x4

ACE intends to increase the contribution of exports in total revenues to a significant share over the next 2-3 years

Accordingly, ACE launched Forma Range of Tractors, Telehandler, Backhoe Loader “Phantom 4x4” and Equal Wheel “4X4X4”Backhoe Loader, especially designed for International Markets

ACE’s products have been upgraded to new emission norms BS-V CEV which is at par with the global standards. This will help the company increase its sales and open up new opportunities in international markets

246

Sectoral Growth Drivers

==> picture [64 x 61] intentionally omitted <==

Urban Infra

==> picture [62 x 51] intentionally omitted <==

Railways

==> picture [62 x 50] intentionally omitted <==

Manufacturing

==> picture [62 x 52] intentionally omitted <==

Roads

• Investment of INR 75,000 Crs, for one hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.

The GoI has budgeted Total Capital Spending of INR11.2Tn in FY26 vs. INR10.2Tn in FY25(RE). This implies 10.1% YoY growth in FY26. Major outlay is for Roads at INR 2.78 Tn and Railways at INR 2.52 Tn.

• The Union Budget 2025 includes the establishment of an Urban Challenge Fund worth Rs 1 lakh crore, aimed at developing cities as Growth Hubs through their creative redevelopment and better water and Sanitation Infra.

• Power sector reforms with an increase in intra-state transmission capacity by states

• The railway capital allocation is maintained at INR2.52Tn for FY26, flat vs. FY25RE. However, physical targets have been hiked for coaches (9,423) and wagons (38,000). Metro projects too have seen a higher allocation of INR312b for FY26 vs. INR247b in FY25RE.

• Implementation of three major economic railway corridor programs and Expansion of Metro Rail and NaMo Bharat to be supported in large cities, focusing on transit-oriented development.

• The Government is going to come up with a ‘National Rail Plan’ to enable the country to integrate its rail network with other modes of transport and develop a multi-modal transportation network.

• The Manufacturing sector of India has the potential to reach US$ 1 Tn by 2025-26

• PLI in 14 sectors for achieving the vision of ’Atmanirbhar Bharat’ with the potential to have additional production of INR 3,00,000 Crs during next 5 years.

• Industrial Capex cycle has revived owing to other initiatives such as National Manufacturing Mission, ‘Vocal for Local’ and ‘China +1 Strategy.’

• In FY24 approximately 12,300 kilometres of National Highways were constructed. Union government approved eight national high-speed corridor projects, involving the construction of 936 kilometers of highways at a total cost of Rs. 50,655crores (US$ 6.09 billion)

• The roads sector is likely to account for 18% capital expenditure over FY 2019-25 and Roads worth $200 Bn to be built in next 2 years.

• NHAI is coming up with 23 new highways including network of expressways and economic corridors by March 2025.

==> picture [62 x 54] intentionally omitted <==

Housing

• Union Budget aims to provide affordable housing under Pradhan Mantri Awas Yojana (PMAY). Allocation for housing schemes (PMAY Urban and Rural) stood at INR750b, up ~58% vs FY25(RE)

• Real estate sector in India is expected to expand to $5.8Tn, contributing 15.5% to the country’s GDP by 2047.

• SWAMIH Fund 2 (Special Window for Affordable and Mid-Income Housing) will be established as a blended finance facility with the contribution from the government, banks and private investors. This INR150b fund is aimed at an expeditious completion of another 100k housing units.

7

Source: ICEMA, IBEF, Mordor Intelligence, ET, Indian Companies.in, Business Standard

Sectoral Growth Drivers

==> picture [64 x 61] intentionally omitted <==

• The Ministry of Agriculture and Farmers Welfare has been allocated INR 1,37,000 Crores in the 2025 Union Budget.

Agriculture

==> picture [62 x 50] intentionally omitted <==

Logistics

==> picture [62 x 50] intentionally omitted <==

Warehousing

• Indian tractor market stands at ~10lakh units and the Indian agricultural tractor market is anticipated to grow at a CAGR of 6.7% over the forecast period 2024-2029.

• Increased budgetary allocation to Rural Development, Irrigation Projects, and Subsidies, along with improved credit availability, is anticipated to stimulate higher demand in these sectors.

• One hundred PM Gati Shakti Cargo Terminals for multimodal logistics facilities will be developed till 2025.

• The logistics market in India is forecasted to grow at a CAGR of 10.5% between 2019 and 2025.

• The deeper penetration into Tier II, III & IV towns and the National Logistics Policy promise an efficient and integrated logistics industry in coming years.

• Supportive Government policies such as establishment of logistic parks and free trade warehouse zones is expected to spur the market growth through 2025.

• Enhanced allocation of INR28b (from FY24-25 revised INR57.8b to INR90b in FY25-26 budgeted) under the PLI scheme to support domestic electronics manufacturing.

• Indian warehousing and logistics sector is expected to attract ~$10 Bn investments over the next 4-5 years.

==> picture [195 x 267] intentionally omitted <==

==> picture [62 x 51] intentionally omitted <==

• The Ministry of Ports, Shipping and Waterways aims to complete projects worth INR 2lakh Crs in the next FY under the Sagarmala Programme.

• The Government has included 1,537 projects under the ambitious Sagarmala Programme at a cost of INR 6,50,000 Crs.

• Projects worth INR 13,308.41 Crs were awarded in the last three years on upgradation of the major ports.

• India has plans to invest US$ 82 billion in port projects by 2035.

Ports

==> picture [62 x 50] intentionally omitted <==

Defense

• Defense has been allocated Rs 6,81,210 lakh crore in union budget 2025-26 reflecting a notable increase from last year’s Rs 6.21 lakh crore.

• Rs 1,48,722.80 crore is planned to be spent on Capital Acquisition, termed as modernization budget of the Armed Forces and remaining Rs 31,277.20 crore is for capital expenditure on Research & Development and creation of infrastructural assets across the country.

• A sum of Rs 1,11,544.83 crore, representing 75% of the modernization budget, has been allocated for procurement from domestic sources. Of this, Rs 27,886.21 crore, or 25% of the domestic share, is designated for procurement through domestic private industries.

8

Source: ICEMA, IBEF, Mordor Intelligence, The Economic Times, Indian Companies.in, The Hindu , ICRA

==> picture [64 x 61] intentionally omitted <==

FINANCIAL OVERVIEW Q3/9M-FY25

9

Q3/9M-FY25 Financial & Operational Highlights

==> picture [64 x 61] intentionally omitted <==

Q3-FY25 Financial Highlights (Consolidated) INR 9,053 Mn INR 1,651 Mn 18.24% Total Income EBITDA EBITDA Margin 16.6% YoY 31.3% YoY 204 Bps YoY INR 1,117 Mn 12.34 % INR 9.38/Share PAT PAT Margin Diluted EPS 26.6% YoY 98 Bps YoY 26.6% YoY 9M-FY25 Financial Highlights (Consolidated) INR 24,580 Mn INR 4,340 Mn 17.66% Total Income EBITDA EBITDA Margin 15.2% YoY 31.6% YoY 221 Bps YoY INR 2,907 Mn 11.83 % INR 24.41/Share PAT PAT Margin Diluted EPS 26.5% YoY 106 Bps YoY 26.5% YoY

Q3-FY25 Operational Highlights (Standalone)

• Growth momentum continued in Q3 and the company achieved its highest ever quarterly Revenues, EBITDA, PBT and PAT.

• Revenue growth of 15.93% YoY and 15.74% QoQ was driven by better product mix and company’s strategic focus towards higher value equipment with better realizations.

• Company posted YoY revenue growth of 15.19% in Cranes, Material Handling &Construction Equipment segment while registering 24% YoY revenue growth in Agri space.

• With sustained focus on cost efficiencies, higher operating leverage and better product mix, on YoY basis, the company’s EBITDA margins expanded by 165 BPS. The PBT and PAT margins expanded 139 BPS and 52 BPS respectively.

• With a rise in the share of Capital Expenditure in total Budget to 22.1% in FY26 (BE) from 15.6% in FY22, the Government is focused on infrastructure, Manufacturing, Power, Logistics and Housing Sector development, which augurs well for our company in the Medium term.

*Total Income includes Other Income

10

Segment wise – Quarterly Sales Volume

Cranes, Material Handling & Construction Equipment

==> picture [107 x 14] intentionally omitted <==

----- Start of picture text -----

Agri Equipment
----- End of picture text -----

==> picture [64 x 61] intentionally omitted <==

==> picture [690 x 261] intentionally omitted <==

----- Start of picture text -----

3,539
3,001 1,016
2,863
817
720
Q3-FY24 Q2-FY25 Q3-FY25 Q3-FY24 Q2-FY25 Q3-FY25
----- End of picture text -----

Segment wise – 9 Months Sales Volume

Cranes, Material Handling & Construction Equipment

==> picture [107 x 14] intentionally omitted <==

----- Start of picture text -----

Agri Equipment
----- End of picture text -----

==> picture [64 x 61] intentionally omitted <==

==> picture [690 x 273] intentionally omitted <==

----- Start of picture text -----

9,353
2,854
8,085
2,396
2,231
6,069
9M- FY23 9M- FY24 9M- FY25 9M-FY23 9M-FY24 9M-FY25
----- End of picture text -----

Quarterly Consolidated Financial Performance

==> picture [64 x 61] intentionally omitted <==

Particulars (INR Mn)	Q3-FY25	Q3-FY24	Y-o-Y	Q2-FY25	Q-o-Q
Total Income*	9,053	7,761	16.6%	7,909	14.5%
Total Expenses	7,402	6,504	13.8%	6,482	14.2%
EBITDA	1,651	1,257	31.3%	1,427	15.7%
EBITDA Margins (%)	18.24%	16.20%	204 Bps	18.04%	20 Bps
Depreciation	72	59	22.0%	70	2.9%
Finance Cost	84	55	52.7%	90	(6.7%)
PBT	1,495	1,143	30.8%	1,267	18.0%
Tax	378	261	44.8%	319	18.5%
Profit after Tax	1,117	882	26.6%	948	17.8%
PAT Margins (%)	12.34%	11.36%	98 Bps	11.99%	35 Bps
EPS (Diluted INR)	9.38	7.41	26.6%	7.96	17.8%

*Total Income includes Other Income

13

YTD Consolidated Financial Performance

==> picture [64 x 61] intentionally omitted <==

Particulars (INR Mn)	9M-FY25	9M-FY24	Y-o-Y
Total Income*	24,580	21,341	15.2%
Total Expenses	20,240	18,043	12.2%
EBITDA	4,340	3,298	31.6%
EBITDA Margins (%)	17.66%	15.45%	221 Bps
Depreciation	210	165	27.3%
Finance Cost	248	125	98.4%
PBT	3,882	3,008	29.1%
Tax	975	710	37.3%
Profit after Tax	2,907	2,298	26.5%
PAT Margins (%)	11.83%	10.77%	106 Bps
EPS (Diluted INR)	24.41	19.29	26.5%

*Total Income includes Other Income

14

Historical Consolidated Financial Performance

==> picture [64 x 61] intentionally omitted <==

Historical Consolidated Financial Performance	Historical Consolidated Financial Performance	Historical Consolidated Financial Performance	Historical Consolidated Financial Performance	Historical Consolidated Financial Performance
Particulars (INR Mn)	FY22	FY23	FY24	9M-FY25
Total Income*	16,404	22,008	29,909	24,580
Total Expenses	14,782	19,387	25,106	20,240
EBITDA	1,622	2,621	4,803	4,340
EBITDA Margins (%)	9.89%	11.91%	16.06%	17.66%
Depreciation	154	180	232	210
Finance Cost	95	103	232	248
PBT	1,373	2,338	4,339	3,882
Tax	323	608	1,057	975
Profit after Tax	1,050	1,730	3,282	2,907
PAT Margins (%)	6.40%	7.86%	10.97%	11.83%
Other Comprehensive Income	(3)	0	(2)	4
Total Comprehensive Income	1,047	1,730	3,280	2,911
EPS (Diluted INR)	9.02	14.41	27.56	24.41

* Total Income includes Other Income

15

Historical Consolidated Balance Sheet

Equities & Liabilities (INR Mn)	FY23	FY24	H1-FY25
(A) Share Capital	238	238	238
(B) Other Equity	8,948	12,060	13,599
Non Controlling Interest	16	17	17
Total - Shareholder Funds	9,202	12,315	13,854
Non Current Liabilities
(A) Financial Liabilities
(i) Borrowings	-	-	-
(ii) Lease Liabilities	7	2	2
(B) Provisions	27	32	36
(C) Deferred tax liabilities (Net)	133	97	131
Total - Non – Current Liabilities	167	131	169
Current Liabilities
Financial Liabilities
(i) Borrowings	62	39	1,138
(ii) Trade Payables	5,009	6,880	6,000
(iii) Other Financial Liabilities	231	414	325
(iv) Lease Liabilities	6	4	2
(D) Other current liabilities	1,296	1,801	1,531
(E) Provisions	25	38	42
(F) Current tax liabilities (Net)	-	70	150
Total – Current Liabilities	6,629	9,246	9,188
Total Equity and Liabilities	15,997	21,692	23,211

==> picture [64 x 61] intentionally omitted <==

Assets (INR Mn)	FY23	FY24	H1-FY25
(A) Property plant & Equipment	4,723	5,595	5,669
(B) Capital Work in Progress	244	436	535
(C)Right-of-Use Assets	12	5	3
(D)Investmentproperties	115	164	162
(E) Intangible assets	25	31	27
(F) Financial assets
(i) Investments	1,367	2,245	3,931
(ii) Other financial assets	348	110	84
(G) Other non-current assets	41	368	567
(H) Deferred tax assets	-	6	7
(I) Non- Current tax assets (Net)	7	4	5
Total - Non – Current Assets	6,882	8,964	10,990
Current Assets
(A) Inventories	4,185	5,534	5,203
(B) Financial assets
(i) Investments	2,119	3,696	3,437
(ii) Trade receivables	1,693	1,643	2,059
(iii) Cash and cash equivalents	215	482	252
(iv)Bank balances other than(iii)above	275	622	391
(v)Loans	7	8	8
(vi) Other current financial assets	78	94	50
(C) Other Current Assets	543	649	821
Total current assets	9,115	12,728	12,221
Total Assets	15,997	21,692	23,211

16

Key Consolidated Financial Highlights

==> picture [64 x 61] intentionally omitted <==

==> picture [909 x 406] intentionally omitted <==

----- Start of picture text -----

Total Income (INR Mn) EBITDA and EBITDA Margins (INR Mn) PAT and PAT Margins (INR Mn)
3,282
29,909 17.66% 11.83%
16.06%
24,580
22,008 11.91% 2907
7.86%
10.97%
16,404 9.89% 4,803 4,340 6.40%
2,621
1,730
1,050
1,622
FY22 FY23 FY24 9M-FY25 FY22 FY23 FY24 9M-FY25 FY22 FY23 FY24 9M-FY25
Net Debt to Equity (x) Working Capital Days Return on Capital Employed (%)
38
38.90%
26
42.90%
-0.20
18
27.60%
23.40%
-0.43 8
-0.55
-0.55
FY22 FY23 FY24 9M-FY25 FY22 FY23 FY24 9M-FY25~ FY22 FY23 FY24 9M-FY25~
----- End of picture text -----*

==> picture [281 x 171] intentionally omitted <==

----- Start of picture text -----

PAT and PAT Margins (INR Mn)
3,282
11.83%
2907
7.86%
10.97%
6.40%
1,730
1,050
FY22 FY23 FY24 9M-FY25
----- End of picture text -----

• Total income includes other income ~Annualized

17

Capital Market Data

==> picture [64 x 61] intentionally omitted <==

Stock Market Performance (as on 31[st] December, 2024)

==> picture [885 x 192] intentionally omitted <==

----- Start of picture text -----

100%
80%
60%
40%
20%
0%
Jan 24 Jan 24 Mar 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24
-20%
ACE Sensex
----- End of picture text -----

Price Data (As on 31st December, 2024)	Price Data (As on 31st December, 2024)
Face Value (INR)	2.0
Market Price (INR)	1,505.95
52 Week H/L (INR)	1693.1/828.3
Market Cap (INR Mn)	1,79,333.34
Equity Share Outstanding (Mn)	119.1
1 Year Avg. Daily Trading Volume ('000)	496.9

Shareholding pattern (As on 31[st] December, 2024)

==> picture [173 x 152] intentionally omitted <==

----- Start of picture text -----

Public
23%
DIIs
2%
Promoter
65%
FIIs
10%
----- End of picture text -----

18

Disclaimer

==> picture [64 x 61] intentionally omitted <==

Action Construction Equipment Limited

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Action Construction Equipment Limited, which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details, please feel free to contact our Investor Relations Representatives: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the Mr. Anuj Sonpal relevant forward-looking statements. Gravita India will not be in any way responsible for any action taken Valorem Advisors based on such statements and undertakes no obligation to publicly update these forward-looking statements to Tel: +91-22-49039500 reflect subsequent events or circumstances. Email: ace@valoremadvisors.com

19

ACE- Lifting India’s Growth

==> picture [350 x 186] intentionally omitted <==

THANK YOU

Action Construction Equipment Ltd. Dudhola Link Road, Dudhola Palwal (Haryana)-121102 INDIA Board : 01275-280111, 280220 Web : www.ace-cranes.com

==> picture [158 x 157] intentionally omitted <==

==> picture [159 x 32] intentionally omitted <==

==> picture [960 x 153] intentionally omitted <==