KEC International Ltd. — Investor Presentation 2021

Jun 14, 2021

KEC INTERNATIONAL LTD. RPG House 463, Dr. Annie Besant Road Worli, Mumbai 400030, India +91 22 66670200 www.kecrpg.com

June 14, 2021

National Stock Exchange of India Limited BSE Limited Exchange Plaza Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Fort Bandra (East), Mumbai - 400 051 Mumbai - 400 001 Symbol: KEC Scrip Code: 532714

Symbol: KEC

Dear Sir / Madam,

Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Sub: Investor presentation

In continuation to our letter dated June 09, 2021, and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the presentation to be made by the Company during the RPG Annual Investor Conference 2021.

Kindly take the same on record.

Thanking you,

Yours faithfully,

For KEC International Limited

Digitally signed by Amit Kumar Gupta DN: c=IN, o=Personal, 2.5.4.20=b7e8678b2d6b381cb8f4761d9cbb43382 Amit Kumar 53df2c8e93e8fcf768f8e86438a00a1, postalCode=400705, st=Maharashtra, serialNumber=de9bbd80d8994e4be9f0dd239914 4eba7e782d70287df6aad1994f0b522fa08a, Gupta cn=Amit Kumar Gupta Date: 2021.06.14 18:44:36 +05'30' Amit Kumar Gupta

Company Secretary & Compliance Officer

Encl: as above

Registered Office: RPG House, 463, Dr. Annie Besant Road Worli, Mumbai 400030, CIN: L45200MH2005PLC152061, India.

An Company

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KEC International Limited

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RPG Annual Investor Conference Investor Presentation 16 June 2021

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Cables

Power T & D

Railways

Civil

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Solar

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Smart Infra Oil & Gas Pipelines

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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 and involves known and unknown risks, uncertainties and other factors. The Company cannot guarantee that these assumptions and expectations are accurate or exhaustive or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. No obligation is assumed by the Company to update the forwardlooking statements contained herein.

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 relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. 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 KEC International 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 or to be relied in connection with an investment decision in relation to the securities of the Company 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. Neither the delivery of this document nor any further discussions by the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date. 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.

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CONTENTS

KEC International – Overview and Journey

Business Highlights

ESG

Way Forward

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Cables

Power T & D

Railways

Civil

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Solar

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Smart Infra

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Oil & Gas Pipelines

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Building Infrastructure for the World of Tomorrow

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Transmission &
Distribution
1.8 bn 100+
Global EPC Footprint in
Major countries
7+
9,000+
Decades of
Employees
Experience
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250+ Ongoing projects

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40%
Overseas
Business
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Civil &
Urban Infrastructure
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Railways Cables Solar
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Smart Infra

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Oil & Gas Pipelines

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Delivering Outperformance

Revenue (₹ Crore) PAT (₹ Crore) & PAT % CAGR 30% CAGR 9% 13,114 4.7% 11,965 4.6% 4.5% 4.2% 11,001 3.5% 10,091 8,710 8,755 496 566 553 460 1.7% 305 148 FY16 FY17 FY18 FY19 FY20 FY21 FY16 FY17 FY18 FY19 FY20 FY21

• Revenue CAGR growth of 9% and PAT CAGR growth of 30% over last 5 years

• Strong performance in FY21 amidst a challenging environment

• Robust Revenue growth of 10%

• Order Intake growth of 5%

• Order Book & L1 of Rs. 25,000 Cr+

• Robust Operating Cash flows of Rs. 800 Cr+ (Increase of ~10x over FY20)

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Financial Strength – Resilient Balance Sheet

Net Worth (₹ Crore) & Net Debt to Equity (times)

Interest (₹ Crore) & (% to Revenue)

3,360 2.4 2,798 2,435 1,997 1,586 1,290 1.2 0.8 0.8 0.6 0.5 FY16 FY17 FY18 FY19 FY20 FY21 Best Debt to Equity ratio in last 5 years

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3.2%
2.9%
2.8%
2.6%
2.3%
312 308
279 254 263
229
2.0%
FY16 FY17 FY18 FY19 FY20 FY21
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Interest as % to Revenue reduced by ~40% in 5 years

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Current Credit Rating at ‘AA-’ No Equity dilution for over 2 decades Clean Asset Light Business Model maintained

Strong Balance Sheet & Prudent Financial Policies to navigate the Current Environment

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Leading Value Creation

KEC : 122 BSE Sensex : 25,342 BSE Midcap : 10,619

KEC BSE Sensex BSE Midcap

KEC : 410 BSE Sensex : 49,509 BSE Midcap : 20,181

KEC 236%+ BSE Sensex 95%+ BSE Midcap 90%+

Rebased to 100

31-Mar-16 31-Mar-17

31-Mar-18

31-Mar-19

31-Mar-20

31-Mar-21

Market Capitalization

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INR 3.2 x ~INR
3,139
10,000 Cr
Cr
Current
2016
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Surpassed All Time High Market Cap. of INR 12,000 Cr in Mar’21

Dividend History

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[200%]
[170%]
120% [135%]
80%
FY17 FY18 FY19 FY20 FY21
History of Consistent payment of
Dividends (FV Rs. 2/-)
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Shareholding Pattern (Mar’21)

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11.3%
Promoters
FII
26.2%
51.8% DII
Public
10.8%
Diversified Non – Promoter Holding
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Strategic Pillars

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De-risking & Diversification

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Robust Execution Capabilities

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Sustainable
Business
Operations
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Capital Efficiency

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Asset Light
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Variable
Cost Model
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Key Strategic Achievements

Non T&D OB Share

42% Strategic shift in portfolio from T&D to 13% Non T&D FY16 FY21

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Railways delivered Revenue CAGR growth of ~75% over last 5 years (Rs. 210 Cr in FY16 to Rs. 3,409 Cr in FY21)

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Launched Civil business & expanded in various areas of growth; Revenue of Rs. 1,080 Cr in FY21 (3x over FY20)

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Acquired manufacturing facility in Dubai to gain strategic advantage in MENA region

T&D business diversified across countries – Successfully entered ~20 countries in last 5 years

Transformed Railway business from a conventional player to a technology player; Backward integration for various products

Amongst select EPC players capable of executing large projects in Urban Infra

Launched Smart Infra and Oil & Gas Pipelines businesses

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Sustainable Growth through Diversification & De-risking

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Where are we Today?

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Robust Order
Book and L1
Position of Rs.
25,000 Cr+
(T&D 55%; Non
T&D 45%)
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All 8
manufacturing
units and 240+
project sites are
operational
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Tenders under
Evaluation and
Tenders in
Pipeline of Rs.
65,000 Cr+
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YTD FY22 Order
Intake of ~Rs.
2,000 Cr
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Significant focus
on Productivity -
Digitalisation,
Mechanisation &
Automation
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Current Order Book and L1 provides visibility for next 6 Quarters

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Key Trends in Infrastructure Sector

TAILWINDS

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HEADWINDS

• Significant focus on infrastructure in Union -

• Budget National Infrastructure Plan of Rs. 111 lakh crore with huge investments in Energy, Urban Infrastructure, Railways, Water, Airports

• COVID-19

• Localised lockdowns impacting execution

o Delay in tender awards

• Shift from Thermal to Renewables due to environmental concerns will drive T&D investments

• • Steady revival of Private Capex, industrial opportunities and Realty sector

  • Intermittent cash flow disruptions with certain clients

• Sharp rise in Raw material prices

• Significant investments driving urban infra opportunities

• Higher oil prices leading to traction in Middle East region

Our Aspirations

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Profitable Growth through focused Business & Geographical Diversification Strengthening Balance Sheet through Sustained Cash Flow Generation Embedding sustainable practices towards Environment, Safety & Governance Building a World - Class Engineering Organisation Sustained focus on North Star Goal of Ahead of Time Delivery – Customer Delight Sustainable Value Creation for all Stakeholders

Continue Transformational Journey to maintain Leadership

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CONTENTS

KEC International – Overview and Journey

Business Highlights

ESG

Way Forward

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Cables

Power T & D

Railways

Civil

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Solar

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Smart Infra

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Oil & Gas Pipelines

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Transmission & Distribution – Building Icons of Power

• Largest T&D player in South Asia

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• ~ 15% Market share in India

• ~ 20% Market share in SAARC

• Large presence in Middle East, Africa, Americas, East Asia Pacific and CIS

• Secured significant orders of ~Rs. 7,500 Cr in FY21 – Growth of 1.8 times

• Order book and L1 of ~Rs. 14,000 Cr to drive growth

• Digitalised the entire tower testing process with 15+ Towers tested through virtual live streaming across the globe

765 kV Fatehgarh - Bhadla Transmission Line, Rajasthan

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765 kV GIS at Orai, Uttar Pradesh

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• Developed significant capabilities for accelerated execution of Substation projects

• Widened substation portfolio with orders of ~Rs. 1,300 Cr

• Delivering 40+ GIS and AIS Substation projects

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India

• Secured significant orders of ~Rs. 1,500 Cr in the Green Energy Corridor projects in India

• Resumption of Essel/WKTL project

• Large client base – PGCIL, Private and multiple State utilities across the country

Power Grid Substation in Koteshwar- 765kV GIS Substation

• Largest Substation built in India across 9 levels in difficult Uttarakhand terrains

• Altitude of 975 meters MSL (Difference between levels > 60 meters)

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SAARC

• Presence across Bangladesh, Afghanistan, Nepal, Bhutan and Sri Lanka

• Revenue Growth of over 3x in last 3 years

220 kV New Khimti Gas Insulated Substation, Nepal

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Middle East

• Strong presence across Dubai, Abu Dhabi, Saudi, and Oman

• Significant traction in orders - Scaled up order book significantly with large orders in Oman in FY21

• Robust Tender pipeline

• Leveraging Dubai facility to re-establish MENA as major growth driver

400 kV Overhead Transmission Line in Abu Dhabi, UAE

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Africa

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• Diversified presence in over 15 countries in Africa

• –

• Established presence in West Africa Entered Senegal, Ghana, Guinea, Ivory Coast, Mali, Sierra Leone, Burundi, Burkina Faso and Togo in recent years

• Secured significant orders in Mozambique in FY21

400 kV Air Insulated Substation, Tanzania

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East Asia Pacific

• Presence across Thailand, Malaysia, Indonesia and Phillipines

• Strengthened substation profile with orders of ~Rs. 500 Cr

500 kV Pluak Daeng Substation, Thailand

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Americas

• Headwinds due to delay in EPC projects primarily driven by COVID pandemic

• Secured 3 new EPC projects in FY21 including the first substation order

• Currently executing 6 EPC projects

500 kV Sapeaçu - Poções III Transmission Line, BTG Lot 1, Brazil 21

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Transmission Tower manufacturing facility in Dubai commissioned

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• State-of-the-art automated transmission tower manufacturing facility in mainland Dubai; Name plate capacity - 50,000 tonnes / annum

• Enhances credentials to expand our business in the MENA region on account of local price preferences and increases our cost competitiveness due to fiscal benefits

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Railways – Major Growth Driver

• Revenue growth from Rs. 210 Cr to Rs. 3,409 Cr in last 5 years (CAGR 75%)

• –

• Commissioned 11 projects in FY21 All ahead of schedule

• Currently executing 50+ projects across India

Track works over Mahanadi River, Kendrapara - Paradeep, Odisha 23

Expansion in Areas of Growth

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FY17 UEOB + L1 of ~Rs. 1,500 Cr Current UEOB + L1 of ~Rs. 7,000 Cr
OHE
2%
Composite
18%
OHE 32%
Civil
34%
Composite
21% Technology
Civil 64%
7%
Others (Tunnel Ventilation,
Speed Upgradation)
11% 10%
L1
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• ✓ Diversified in technologically enabled areas of OHE, Third rail & Ballastless Tracks (BLT) for metros and next generation S&T for DFC

• ✓ Expanded portfolio in Conventional Railways with orders in speed upgradation for High-Speed Rail, construction of depots and workshops for metro projects, tunnel ventilation and private civil

Largest contributors to Indian Railways Electrification Mission - Electrified ~22% of the Indian Railway Network in FY21

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Electrification, track and station works at Amethi, Uttar Pradesh

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Diversified portfolio to include Doubling, Tripling and New Railway lines Track commissioning of 171 RKM (26% of total commissioning by RVNL)

Construction of 3rd line between Gudur-Bitragunta, Andhra Pradesh

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Deepening capabilities in Civil infrastructure such as bridges, platforms, stations & workshops

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Inaugurated by Hon'ble PM Shri Narendra Modi Jhargram Station, part of the 3rd line between Kalaikunda & Jhargram, West Bengal for RVNL

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Civil – Scaling newer Heights

Industrial & Hydrocarbon

Industrial & Hydrocarbon Residential & Public Spaces Industrial Plants, Hydrocarbon & Revenue of Residential Airports, Malls & Factories & FGD Rs. 1,080 Cr Buildings Hospitals Warehouses - Exemplary growth of ~3 Urban Infrastructure & Water Defence & Data Centres times Defence Data Centres Metros Water

Order Book & L1 of ~Rs. 4,000 Cr to drive growth

Significant Presence in Auto sector

Hero MotoCorp - Gujarat

Volkswagen - Pune

KIA Motors - Andhra Pradesh

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Ashok Leyland - Andhra Pradesh
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CEAT - Chennai
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Preferred Contractor in Cement sector

Silo construction–Height of 53m

Cement Mill – Weight 1,050 MT

Preheater – 132 m

Clientele: Ultratech, Wonder Cement, JK Cement, Prism Cement, RCCPL – Birla Corp, Lafarge, ACC Ambuja

Strengthening presence in Residential

Currently executing prestigious projects in Residential for marquee builders such as Godrej and Prestige

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Godrej 24, Bangalore
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Godrej Hillside, Pune
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Godrej Lakeside, Bangalore Godrej Reflections, Bangalore

Prestige Ocean Crest, Goa

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RNA Developers Silver Spring, Mumbai 31
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Built Capabilities for Heavy Mechanical Works

Grinding table erected in single lift with 450T crawler crane

Fly Ash Silo Roof Top Structure erection - Structure preassembled at ground and lifted in single piece with 250T crawler crane

Wagon Tippler

Capacity – 350 TPH, Weight – 1,150 MT

Stacker Reclaimer

Capacity: 1,500 TPH, Weight – 90 MT

Height: 34 m, Weight – 36 MT

Capacity: 25 TPH, Weight – 290 MT

Urban Infrastructure – Building a Progressive India

• Entered the league of select EPC players capable of executing large, complex and technologically intensive urban infra projects

• Currently executing 6 large projects in Urban infra

• Continuing to build people, assets and technology capabilities

Casting Yard at Delhi metro DMRC Project

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Piling works at Yamuna river, Delhi metro DMRC Project

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Girder lifting (160MT) at Delhi metro DMRC Project

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River Over Bridge – Kochi Metro

Construction of Viaduct – Kochi Metro

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Delhi-Meerut Regional Rapid Transport System (RRTS) project

Solar – Enabling a Green Future

• Capabilities to execute large scale projects >150 MW

• Executing a 20 MW Solar carport for a reputed automobile manufacturer, which is one of the largest carport projects in India

• Building partnerships with Global Developers both for Domestic and International markets

150 MWp Ground mount solar project for Hero Energy in Badhla, Rajasthan

20 MW car port project for Maruti

Other Businesses

Cables

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Cables manufacturing plant at Mysore

• –

• New Product Development focus on new

• Significant product development especially for Railways and Telecom

• Bolstering the supply chain of Railway business through backward integration

Smart Infra

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Command and Control centre, Aurangabad smart city project

• Existing projects of Bidkin and Aurangabad smart city progressing well towards completion

• Strengthened presence in Smart Cities with an order in Dadri

• Forayed into High tech Defence with orders for Airport Security systems

Oil & Gas Pipelines

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Image for Representative purpose only

• –

• 800 1,000 km of crude and product pipelines will be laid every year

• Started bidding for projects in the sector

• Developing people and asset capabilities

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CONTENTS

KEC International – Overview and Journey

Business Highlights

ESG

Way Forward

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Cables

Power T & D

Railways

Civil

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Solar

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Smart Infra

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Oil & Gas Pipelines

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Our ESG Framework

KEC is committed to delivering excellence and outperformance with unwavering focus on embedding sustainable practices towards improving Environment, Society, Safety and Governance

Strategic ESG Pillars

ESG Focus Areas

Enabling environment for people to unleash Unleash their entrepreneurial spirit and realise their Talent full potential To understand, care and make a meaningful Touch difference to customers, employees, society & Lives all stakeholders Sustained & clear outperformance relative to Outperform all our competitors & industry on financial and non-financial metrics that matter To have fun by creating high-energy environment with a keen sense of belonging and smiling faces everywhere

Human Capital Diversity & Management Inclusion Occupational Quality and Health & Safety Service Delivery Customer Local Community Centricity Development Financial Digitalization and Performance Innovation Water-Positive Circularity Approach Sustainable Decarbonization Procurement Corporate Governance

Strong Commitment to ESG

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Environment

• Sustainable Waste Management (Zero waste to landfill by 2026)

• Optimize Material Consumption

• Water Positive Approach (Reduce water footprint across factories & project sites)

• Energy management and Climate Change

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Social

• Robust EHS policy

• Human Capital Management

• Employees Happiness Quotient

• Diversity & Inclusion

• CSR Initiatives

• Sustainable Procurement (Integrate ESG considerations in Supply Chain)

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Governance

• Independent Board

• Segregated roles of Chairman & MD

• No Promoter Share Pledges

• Limited related party transactions with group companies

• Strict Adherence to Code Of Conduct

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Key Societal Initiatives during COVID

1 Launched a 36-bed Quarantine Centre at our training centre in Butibori for COVID-19 patients; first Quarantine Centre in Butibori Industrial Area

2 Donating 25 Oxygen Concentrators to COVID Care centres in government hospitals, police hospitals and social service organisations

Donated an ambulance with a ventilator to a social organisation in Jharkhand tribal area

3

4 Distributing fresh hot meals, face masks, COVID Care kits, PPE kits, oxygen cylinders and medical beds etc. to frontline health workers, local authorities and hospitals

5 Organised vaccination camps across different projects, in association with clients, for our staff, client, workers and the local community

6 Setting up of two oxygen plants, one each at Butibori and Jaipur

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CONTENTS

KEC International – Overview and Journey

Business Highlights

ESG

Way Forward

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Cables

Power T & D

Railways

Civil

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Solar

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Smart Infra

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Oil & Gas Pipelines

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Way Forward

Growth Drivers

RAILWAYS CIVIL

TRANSMISSION & DISTRIBUTION

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• Technologically • Urban Infra • SAARC – Bangladesh enabled/ emerging • New areas – Water, & Nepal areas in Metros Warehouses, Data • MENA – Oman, Saudi,

• • Conventional Centres, Hydrocarbon, UAE (Dubai & Abu Railways Hospitals, etc. Dhabi), Morocco

• • International • Ongoing focus on • Africa – Emergence of markets Industrial & West Africa Residential

Value Enablers

WORLD CLASS ENGINEERING ROBUST SUPPLY CHAIN MECHANISATION & DIGITALISATION Sustainable & difficult to Building a Global & Leveraging mechanization replicate competitive integrated supply chain & digital technologies for advantage to win in the steering operational building infrastructure of market excellence future

Well poised to navigate the current environment and confident of delivering a good growth in FY22

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THANK YOU

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Global Footprint in
100 countries
Includes EPC and Supply
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Follow us on:

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Registered Office

RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400 030. Phone: +91-22-6667 0200 Email: kecindia@kecrpg.com

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www.kecrpg.com