Ceat Ltd. — Regulatory Filings 2021

Mar 17, 2021

==> picture [472 x 56] intentionally omitted <==

March 17, 2021

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Security Code: 500878

National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Symbol: CEATLTD NCD symbol: CL23, CL25 CP Listed ISIN: INE482A14AC1

Sub: Investor Conference- Reg. 30

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find below the details of the Analyst/ Institutional Investors meet which will be participated by the Company along with the presentation to be made at the same:

Date	Host	Venue/Mode
March 18, 2021	Axis Securities	Audio/Video Conference

We request you to kindly take the above on record.

Thanking you,

Yours faithfully,

For CEAT Limited

Vallari Gupte Company Secretary

Encl. A/a

==> picture [85 x 10] intentionally omitted <==

An Group Company

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

==> picture [364 x 364] intentionally omitted <==

==> picture [364 x 364] intentionally omitted <==

Q3 FY21 – Investor Presentation | 19[th] January 2021

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Disclaimer

This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements.

The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company undertake no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.

This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of CEAT Limited (the “Company”), nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefore. Any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. This presentation is strictly confidential and may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Table of Contents

Section	1: RPG Group Overview	4-6
Section	2: Business Overview	7-18
Section	3: Operational & Financial Overview	19-27

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Section 1: RPG Group Overview

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

RPG Grou : Powered b Passion Driven b Ethics p y , y

UNLEASH TALENT TOUCH LIVES OUT PERFORM AND ☺

RPG Enterprises was founded in 1979. The group currently operates in various - industries Infrastructure, Technology, Life Sciences, Plantations and Tyre Manufacturing. The group has a history of business dating back to 1820 AD in banking, textiles, jute and tea. The Group grew in size and strength with several acquisitions in the 1980s and 1990s. CEAT became a part of the RPG Group in 1982, which is now one of India’s fastest growing conglomerates with 20000+ employees, presence in 100+ countries and annual gross revenues of over $3 Bn.

==> picture [124 x 94] intentionally omitted <==

==> picture [124 x 94] intentionally omitted <==

==> picture [123 x 94] intentionally omitted <==

==> picture [124 x 95] intentionally omitted <==

==> picture [124 x 94] intentionally omitted <==

==> picture [123 x 95] intentionally omitted <==

==> picture [274 x 147] intentionally omitted <==

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

KEC CEAT
International
One of India’s
leading
World leader in
manufacturer of
Power
automobile tyres
Transmission
EPC space
----- End of picture text -----

==> picture [420 x 148] intentionally omitted <==

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

Zensar RPG Life Raychem RPG
Technologies Sciences
Engineering
Software Pharma products and
services provider company with services
spread across 20 wide range catering to
countries, medicines in infrastructure
400+ customers. global generics segment
and synthetic of the economy.
APIs.
----- End of picture text -----

Harrisons Malayalam One of India’s largest plantation companies with tea, rubber and other agro products.

5

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

RPG Grou : Ke Financials p y

==> picture [436 x 189] intentionally omitted <==

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

FY16-20 Gross Total Income (Rs Cr.)
CAGR: 7.6%
24,682
23,833
21,766
20,052
19,271
FY16 FY17 FY18 FY19 FY20
----- End of picture text -----

==> picture [311 x 173] intentionally omitted <==

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

Net Worth ROE ROCE
8,441
7,775
6,925
6,066
5,260
16.7% 16.2% 14.9% 14.1% 10.7%
11.6% 12.3% 12.0% 11.0%
13.2%
FY16 FY17 FY18 FY19 FY20
----- End of picture text -----

Note:

==> picture [403 x 193] intentionally omitted <==

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

FY15-19 CAGR:
EBITDA PAT
EBITDA 6.5% PAT 6.0%
2,594
2,423
2,218
2,014 2,045
1,099 1,111
980 1,031
879
FY16 FY17 FY18 FY19 FY20
----- End of picture text -----

==> picture [54 x 10] intentionally omitted <==

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

Market Cap
----- End of picture text -----

==> picture [28 x 136] intentionally omitted <==

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

21,069
9,286
5,380
4,824
----- End of picture text -----

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21

• 1) ROCE is calculated by taking EBIT*(1-ETR) divided by Capital Employed

• 2) ROE is calculated by taking PAT divided by Net-worth

• 3) Market Cap updated till 14[th] January 2021

Group CEAT KEC ZENSAR

6

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Section 2: Business Overview Section 4: Business Overview

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Board of Directors

==> picture [87 x 87] intentionally omitted <==

Harsh Vardhan Goenka Chairman, Non Executive Director

==> picture [110 x 91] intentionally omitted <==

Pierre E. Cohade Non Executive Non Independent Director

==> picture [92 x 91] intentionally omitted <==

Punita Lal* Non Executive Independent Director

==> picture [93 x 94] intentionally omitted <==

Anant Goenka Managing Director

==> picture [83 x 82] intentionally omitted <==

Haigreve Khaitan Non Executive Independent Director

==> picture [85 x 85] intentionally omitted <==

Ranjit Pandit Non Executive Independent Director

==> picture [86 x 88] intentionally omitted <==

Arnab Banerjee

COO and Whole Time Director

==> picture [92 x 86] intentionally omitted <==

Mahesh S. Gupta Non Executive Independent Director

==> picture [81 x 80] intentionally omitted <==

Vinay Bansal Non Executive Independent Director

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

Atul C. Choksey

Non Executive Independent Director

==> picture [91 x 84] intentionally omitted <==

Paras K. Chowdhary Non Executive Independent Director

==> picture [99 x 78] intentionally omitted <==

Priya Nair Non Executive Independent Director

8

*tendered in resignation w.e.f. 20[th] January 2021

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Leadershi Team p

Anant Goenka

==> picture [115 x 110] intentionally omitted <==

Managing Director

Dilip Modak

==> picture [115 x 103] intentionally omitted <==

Senior Vice President – Manufacturing

Kumar Subbiah

==> picture [124 x 107] intentionally omitted <==

Chief Financial Officer

Vijay Gambhire

==> picture [111 x 103] intentionally omitted <==

Chief Executive – CEAT Specialty, Senior Vice President – QBM

Arnab Banerjee

==> picture [131 x 108] intentionally omitted <==

Chief Operating Officer

Saurav Mukherjee

==> picture [110 x 105] intentionally omitted <==

Senior Vice President – Global Sales

Milind Apte

==> picture [112 x 104] intentionally omitted <==

Senior Vice President – Human Resources

Peter Becker

==> picture [116 x 109] intentionally omitted <==

Senior Vice President – R&D and Technology

9

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Overview

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

Distribution Network : 3,400+ dealers, 300+ exclusive CEAT franchisees

7 Manufacturing facilities - Bhandup, Nasik, Halol, Nagpur, Ambernath, Chennai & Sri Lanka

100+ countries where products are sold with strong brand recall

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

==> picture [364 x 30] intentionally omitted <==

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

H1 FY21 Revenue Breakup by Product
----- End of picture text -----

==> picture [355 x 158] intentionally omitted <==

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

Specialty, 7% (6%)
Farm, 9% (6%)
Truck and Buses,
Passenger Cars / UV, 33% (31%)
13% (14%)
LCV, 8% (11%)
2/3 wheelers, 30% (31%)
----- End of picture text -----

==> picture [364 x 196] intentionally omitted <==

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

H1 FY21 Revenue Breakup by Market
Exports, 13% (15%)
OEM, 17% (27%)
Replacement,
71% (58%)
----- End of picture text -----

1. Consolidated revenue breakup

2. Corresponding figures in investor presentations till Q4 FY19 had standalone revenue break-up

3. Figures in parenthesis denote FY20 consolidated Revenue break-up

10

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Strate gy

OEM Relationships

Differentiated Product

==> picture [56 x 55] intentionally omitted <==

==> picture [53 x 51] intentionally omitted <==

World Class R&D

Strong Brand Extensive Distribution Global Reach

11

1 Differentiated Products

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Strengthening OEM Relationships

==> picture [194 x 137] intentionally omitted <==

==> picture [226 x 128] intentionally omitted <==

==> picture [175 x 141] intentionally omitted <==

==> picture [139 x 108] intentionally omitted <==

==> picture [173 x 106] intentionally omitted <==

==> picture [179 x 106] intentionally omitted <==

==> picture [165 x 107] intentionally omitted <==

==> picture [200 x 132] intentionally omitted <==

==> picture [194 x 126] intentionally omitted <==

==> picture [199 x 125] intentionally omitted <==

Key developments

▪ Focus on OEM, recent entries in new models – Hero MotoCorp Splendor iSmart (BSVI), Hero MotoCorp HF Deluxe (BSVI), Hero Dare 125, Hero Duet E, Maruti Suzuki Alto VXI+, Hero Glammer Refresh, Mahindra Jeeto Z Series, Tata Intra, Mahindra Perak, Mahindra Thar, Nissan MAGNITE ▪ Recent entries into OEM’s existing models – Honda Bikes till 125 CC, Yamaha FZ 150 CC, Suzuki Gixxer 150 CC, Ashok Leyland Truck 1618, Daimler BSVI Trucks, Piaggio Aprilia 150 CC, Hyundai i20

▪ Platforms like Fuelsmart, Gripp, Mileage X3, SecuraDrive, Vardhan etc.

12

2

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Stron Brand g

==> picture [188 x 188] intentionally omitted <==

==> picture [183 x 94] intentionally omitted <==

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

Official Tyre
partner for
Jamshedpur
Football Club
----- End of picture text -----

Continued association with Sports

==> picture [200 x 227] intentionally omitted <==

==> picture [148 x 95] intentionally omitted <==

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

Strategic
Timeout partners
for JIO Women’s
T20 Challenge
----- End of picture text -----

==> picture [188 x 188] intentionally omitted <==

==> picture [208 x 138] intentionally omitted <==

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

CEAT extended its
partnership with Torino
Football Club – one of the
most historic and prestigious
clubs in Italian football
----- End of picture text -----

Amir Khan appointed as CEAT’s Brand Ambassador

==> picture [239 x 226] intentionally omitted <==

13

3 Extensive Distribution

==> picture [80 x 30] intentionally omitted <==

Shop in Shop (SIS)

Multi Brand Outlet

CEAT Shoppe

==> picture [159 x 142] intentionally omitted <==

==> picture [153 x 142] intentionally omitted <==

==> picture [151 x 142] intentionally omitted <==

3400+ Dealers & Channel Partners

275+ 2W Distributors

300+ 35,000+ CEAT Franchisees Sub-dealers

==> picture [103 x 35] intentionally omitted <==

CEAT Bike Shoppe

==> picture [157 x 142] intentionally omitted <==

600+ Districts

400+ MBO / SIS

14

4 Deep OEM Partnerships

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

==> picture [888 x 405] intentionally omitted <==

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

TATA Motors Ashok Leyland VECV Escorts AMW TAFE
Mahindra Daimler Eicher SML Isuzu JBM Group
Maruti Suzuki TATA Motors Mahindra Renault Hyundai KIA Nissan
Force Motors Datsun Skoda Peugeot Volkswagen Morris Garage
Honda Royal Enfield Bajaj Yamaha Suzuki Hero Hero Electric
Piaggio LML Tork Tunwal Okinawa Scooters Kawasaki
----- End of picture text -----

15

5 World Class R&D

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

==> picture [492 x 243] intentionally omitted <==

==> picture [324 x 243] intentionally omitted <==

State-of-the-Art R&D Center, Halol

R&D Office, Germany

▪ Significant investment on tyre testing infrastructure like Anechoic Chamber, Flat Track Test Machine

▪ Focus on upcoming technologies like Electric Vehicle, Sustainability and Smart Tyres

16

6 Ex andin Global Reach p g

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

==> picture [847 x 403] intentionally omitted <==

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

Key Export Clusters
Emerging markets
▪ Exports to 90+ Countries in 7
Europe Cluster clusters
US Cluster ▪ Sri Lanka: Manufacturing
facility and Leadership position
Middle East
in the market and with 50+%
Cluster
market share
Far East 1 Cluster
Far East 2 Cluster
▪ Focused product and
LATAM
Cluster distribution strategy for select
Africa clusters and countries
Cluster
----- End of picture text -----

17

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Section 3: Operational & Financial Section 5: Operational & Financial Overview Overview

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Q3 FY21 Operational Highlights

Award for CEAT’s Halol plant

Received Employers' Federation of India National Award for Excellence in Employee Relations

==> picture [233 x 328] intentionally omitted <==

Launches on CEAT Official tyre partners for Nissan MAGNITE and all new Hyundai i20

==> picture [259 x 148] intentionally omitted <==

==> picture [281 x 157] intentionally omitted <==

19

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Consolidated: Q3 FY21 Financial Highlights

Q3 FY21 v/s Q2 FY21 (Q-o-Q)

Q3 FY21 v/s Q3 FY20 (Y-o-Y)

• Net revenue from operations grew by 12.3% to INR 2,221

▪ Net revenue from operations grew by 26.1% at INR 2,221

Crs from INR 1,978 Crs

Crs from INR 1,762 Crs

• Gross margin contracted to 45.5% from 46.5%

• Gross margin expanded to 45.5% from 43.0%

• EBITDA stood at INR 339 Crs compared to INR 306 Crs;

• EBITDA stood at INR 339 Crs compared to INR 188 Crs;

margins at 15.3% from 15.5%

margins at 15.3% from 10.7%

• PAT stood at INR 132 Crs compared to INR 182 Crs

• PAT stood at INR 132 Crs compared to INR 53 Crs

• Debt / equity at 0.49x compared to 0.59x

• Debt / equity at 0.49x compared to 0.65x

20

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Consolidated: Financial Trends

==> picture [532 x 170] intentionally omitted <==

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

6,985 6,779
6,283
5,722
5,447 5,320
Net Sales
(Rs Cr)
FY16 FY17 FY18 FY19 FY20 YTD Q3 FY21
----- End of picture text -----

Note

==> picture [592 x 155] intentionally omitted <==

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

16.0%
14.9%
14.1%
12.0% 14.0%
10.2% 12.0%
809 685 663 741 751 10.0% EBITDA (Rs
638 10.9% Cr)
9.5% 8.0%
6.0% EBITDA to
4.0%
Net Sales %
2.0%
0.0%
FY16 FY17 FY18 FY19 FY20 YTD Q3 FY21
----- End of picture text -----

EBITDA to Net Sales %

All figures are per IND AS

Company’s investment in Sri Lanka JV is accounted using Equity method EBITDA includes profit from Sri Lanka JV; EBITDA does not include Non-operating income

21

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Consolidated: Financial Trends

==> picture [690 x 153] intentionally omitted <==

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

8.0% 9.0%
8.0%
6.3% 7.0%
5.2% 6.0% PAT (Rs Cr)
3.6% 5.0%
3.7% 3.4%
438 4.0%
361 3.0% PAT to Net
233 251 230 279 2.0% Sales%
1.0%
0.0%
FY16 FY17 FY18 FY19 FY20 YTD Q3 FY21
----- End of picture text -----

Notes

22

All figures are per IND AS

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Consolidated: Q3 FY21 Financials

Parameter Net Revenue from operations Raw Material Gross margin Gross margin % Employee Cost Other Expenses EBITDA EBITDA % Finance Cost Depreciation Operating PBT Exceptional expense Non-Operating income PBT PAT	Q3 FY20 1,761.8 1,004.7 757.0 43.0% 144.3 429.6 187.9 10.7% 38.0 70.5 79.3 0.3 3.6 82.6 52.5	Q2 FY21 1,978.5 1,059.2 919.3 46.5% 161.0 465.9 305.8 15.5% 45.0 83.9 176.9 - 3.8 180.7 182.2	Q3 FY21 2,221.3 1,209.6 1,011.7 45.5% 180.6 503.4 339.4 15.3% 41.9 87.3 210.2 12.3 4.1 202.0 132.3	QoQ 12% 14% 10% (92) bps 12% 8% 11% (18) bps -7% 4% 19% NA 7% 12% -27%	YoY 26% 20% 34% 257 bps 25% 17% 81% 462 bps 10% 24% 165% NA 13% 144% 152%	YTD Q3 FY20 5,205.4 3,059.9 2,145.5 41.2% 400.0 1,224.8 535.4 10.3% 110.3 202.0 223.1 1.7 19.8 241.2 178.3	All figures in INR Cr YTD Q3 FY21 YoY 5,319.9 2% 2,938.0 -4% 2,381.9 11% 44.8% 356 bps 492.8 23% 1,166.9 -5% 750.6 40% 14.1% 382 bps 135.6 23% 249.8 24% 365.3 64% 34.1 1952% 10.6 -46% 341.8 42% 279.3 57%	All figures in INR Cr YTD Q3 FY21 YoY 5,319.9 2% 2,938.0 -4% 2,381.9 11% 44.8% 356 bps 492.8 23% 1,166.9 -5% 750.6 40% 14.1% 382 bps 135.6 23% 249.8 24% 365.3 64% 34.1 1952% 10.6 -46% 341.8 42% 279.3 57%
								YoY
								2%
								-4% 11%
								356 bps
								23% -5% 40%
								382 bps
								23% 24% 64%
								1952% -46% 42% 57%

Notes

Figures are as per IND AS

Company’s investment in Sri Lanka JV is accounted using Equity method under IND AS which was earlier consolidated using proportionate consolidation method Gross margin includes impact of non-material cost movement of inventory (FG + SFG) EBITDA includes profit from Sri Lanka JV

EBITDA does not include Non-operating income

23

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Consolidated: Leverage / coverage Profile

==> picture [850 x 209] intentionally omitted <==

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

Total Debt
663 924 872 1498 1929 1556
(INR Cr) 2000
1800 1693
1600 LT Debt (Rs Cr)
1400
1479
1274
1200
1000 ST Debt (Rs Cr)
800 0.66
600 0.38866 676 0.54 0.49
0.32630 0.33
400
D/E
200
196 224 236
0 34 58 77
FY 16 FY 17 FY18 FY19 FY20 Q3 FY21
Debt breakup
----- End of picture text -----

==> picture [35 x 151] intentionally omitted <==

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

Leverage ratios
----- End of picture text -----

==> picture [689 x 147] intentionally omitted <==

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

809 638 663 741 751 EBITDA (Rs Cr)
685
8.5 8.4
7.5 4.9
6.6
Debt / EBITDA (x)
2.3 2.6
1.3 1.4
0.8
EBITDA / Interest (x)
FY 16 FY 17 FY18 FY19 FY20 YTD Q3 FY21
----- End of picture text -----

Note

All figures are per IND AS Debt numbers are on Gross basis

Company’s investment in Sri Lanka JV is accounted using Equity method EBITDA includes profit from Sri Lanka JV; EBITDA does not include Non- operating income Long Term debt also includes the ‘Current Maturities’ component of the long-term debt

24

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

Standalone: Q3 FY21 Financials

Parameter Net Revenue from operations Raw Material Gross margin Gross margin % Employee Cost Other Expenses EBITDA EBITDA % Finance Cost Depreciation Operating PBT Exceptional expense Non-Operating income PBT PAT	Q3 FY20 1,750.4 996.4 754.0 43.1% 142.5 428.9 182.6 10.4% 37.5 70.5 74.6 0.3 3.1 77.5 47.8	Q2 FY21 1,965.1 1,049.3 915.9 46.6% 158.9 466.5 290.5 14.8% 44.4 83.9 162.2 - 4.2 166.4 170.2	Q3 FY21 2,212.5 1,206.5 1,006.0 45.5% 178.5 501.7 325.8 14.7% 41.2 87.3 197.4 12.3 10.0 195.1 127.6	QoQ 13% 15% 10% (114) bps 12% 8% 12% (6) bps -7% 4% 22% 136% 17% -25%	YoY 26% 21% 33% 239 bps 25% 17% 78% 430 bps 10% 24% 165% 217% 152% 167%	YTD Q3 FY20 5,141.3 3,039.9 2,101.4 40.9% 387.5 1,201.1 512.8 10.0% 104.0 197.1 211.7 1.7 32.5 242.5 184.2	All figures in INR Cr YTD Q3 FY21 YoY 5,293.8 3% 2,925.4 -4% 2,368.4 13% 44.7% 387 bps 486.6 26% 1,163.7 -3% 718.1 40% 13.6% 359 bps 133.8 29% 249.7 27% 334.5 58% 34.1 1952% 29.1 -10% 329.5 36% 271.8 48%	All figures in INR Cr YTD Q3 FY21 YoY 5,293.8 3% 2,925.4 -4% 2,368.4 13% 44.7% 387 bps 486.6 26% 1,163.7 -3% 718.1 40% 13.6% 359 bps 133.8 29% 249.7 27% 334.5 58% 34.1 1952% 29.1 -10% 329.5 36% 271.8 48%
								YoY
								3%
								-4% 13%
								387 bps
								26% -3% 40%
								359 bps
								29% 27% 58%
								1952% -10% 36% 48%

Notes

Financials are as per IND AS

Gross margin includes impact of non-material cost movement of inventory (FG + SFG) EBITDA does not include Non-operating income

25

==> picture [80 x 30] intentionally omitted <==

==> picture [103 x 35] intentionally omitted <==

E uit Shareholdin & Price trends q y g

==> picture [833 x 181] intentionally omitted <==

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

Share Price (INR) Total Volume
1,400 2,500,000
1,200
2,000,000
1,000
800 1,500,000
600
1,000,000
400
500,000
200
- -
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
----- End of picture text -----

Source : Stock Exchange. The above data is updated till 31[st] December 2020

==> picture [370 x 211] intentionally omitted <==

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

Shareholding Pattern as on
December 31, 2020
Promoters
12.4%
FII/FPI 5.7%
Mutual Funds 10.2% 46.8%
Ins., Fin. Inst. & Other
Corp.
Public/Others 24.8%
----- End of picture text -----

==> picture [358 x 36] intentionally omitted <==

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

Market Information
----- End of picture text -----

▪ Market Price (January 18[th] , 2021): INR 1,205.85/share

▪ Face Value : INR 10/share

▪ Market Cap (January 18[th] , 2021): INR 4,878 Cr

26

T H A N K Y O U