UltraTech Cement Ltd — Investor Presentation 2021

Feb 3, 2021

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3[rd] February, 2021

BSE Limited The Manager Corporate Relationship Department Listing Department Phiroze Jeejeebhoy Towers The National Stock Exchange of India Limited Dalal Street “Exchange Plaza”, Bandra-Kurla Complex Mumbai 400 001 Bandra (East), Mumbai 400 051 Tel.: 22721233/4 Tel.: 26598236 Scrip Code: 532538 Scrip Code: ULTRACEMCO

Sub: Intimation under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”)

Dear Sir/ Madam,

This is in continuation to our letter dated 23[rd] January, 2021 wherein we had informed the stock exchanges that the Board of Directors of the Company (“Board”) at its meeting held on 23[rd] January, 2021 considered and evaluated a proposal for raising of funds through permissible mode(s) and accordingly, approved raising of funds for an aggregate amount not exceeding Rs. 3,000 crores, subject to applicable regulatory approvals and market conditions, by way of issue of any instruments or securities in India and / or overseas. Further, the Board had also authorised the Finance Committee of the Board of Directors to finalise the manner of raising the funds and decide on all matters and transactions relating to the same, including but not limited to the finalisation and approval of detailed terms and conditions of issue, size, pricing and timing of the transaction.

We now write to inform you that the Finance Committee, in terms of the aforesaid authority, at its meeting held today, approved raising funds by way of issuance of foreign currency (US$) denominated bonds (“Notes”) aggregating up to US$ 400 million, corresponding to Rs.3,000 crores, to be offered and sold within the United States to qualified institutional buyers in reliance on Rule 144A of the United States Securities Act of 1933, as amended (“US Securities Act”) and outside the United States in offshore transactions as defined in and with reliance on Regulation S under the US Securities Act (“Offering”), in one or more tranches.

The proceeds from the issuance will be used by the Company to refinance existing rupee debt with the remainder reserved for regular ongoing capital expenditure requirements and general corporate purposes.

We further inform you that the Company is contemplating listing of the Notes on the Singapore Stock Exchange, subject to market conditions.

31[st] December, 2020 on its website viz. www.ultratechcement.com which shall be included in the offering memorandum in relation to the proposed issue of Notes.

A preliminary offering memorandum has been prepared and shall be made available to the prospective investors in relation to the proposed issue of Notes. Kindly note that the Notes will not be offered or sold in India.

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UltraTech Cement Limited

Registered Office : Ahura Centre, B – Wing, 2[nd] Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India T: +91 22 6691 7800 / 2926 7800 I F: +91 22 6692 8109 I W: www.ultratechcement.com/www.adityabirla.com I CIN : L26940MH2000PLC128420

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The Company’s officials will be participating in roadshow presentations. A copy of the investor presentation is enclosed and is also available on the website of the Company at www.ultratechcement.com.

The approval of the offering memorandum along with the pricing, coupon, tenure and other terms of the Notes will be finalised by the Finance Committee on or after 8[th] February, 2021.

Please note that this disclosure shall be treated as compliance under Regulations 29, 30 and all other applicable provisions of the Listing Regulations.

We request you to kindly take the above on record.

Yours faithfully,

For and on behalf of UltraTech Cement Limited

Sanjeeb Kumar Chatterjee Company Secretary

Encl. a/a.

Disclaimer

This announcement is not an offer of securities for sale in the United States or elsewhere. This announcement has been prepared for publication in India only and is not for publication or distribution, directly or indirectly, in or into the United States. The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States, except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act and applicable U.S. state securities laws. Accordingly, the Notes are being offered and sold (i) within the United States to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and (ii) outside the United States in offshore transactions in reliance on Regulation S under the Securities Act, in each case in compliance with applicable laws of the jurisdictions where such offers and sales occur.

The Notes have not been, are not being and will not be offered or sold, directly or indirectly, by means of any offer document, offering memorandum or any other document/ material relating to the Notes, to any person or to public in India which would constitute an advertisement, invitation, offer, sale or solicitation of an offer to subscribe for or purchase any securities in violation of applicable laws of India.

The offering memorandum has not been, nor will it be, registered, produced or published as an offer document (whether a prospectus in respect of a public offer, a statement in lieu of a prospectus or information memorandum, private placement offer cum application letter, an offering circular, an offering memorandum or other offering material in respect of any private placement under the Companies Act, 2013, regulations formulated by Securities and Exchange Board of India (“SEBI”') or any other applicable Indian laws) with any Registrar of Companies, the SEBI or any Indian stock exchange or any other statutory or regulatory body of like nature in India.

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UltraTech Cement Limited

Registered Office : Ahura Centre, B – Wing, 2[nd] Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India T: +91 22 6691 7800 / 2926 7800 I F: +91 22 6692 8109 I W: www.ultratechcement.com/www.adityabirla.com I CIN : L26940MH2000PLC128420

Click to edit Master title style

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UltraTech Cement Limited BIG IN YOUR LIFE

Agenda

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Aditya Birla Group–Overview ESG Strategy Industry Overview Key Credit Highlights Business Strategy Financial Overview Appendix

Favorable trends across all demand segments Aditya Birla Group - Overview

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PREMIUM GLOBAL CONGLOMERATE

In the League of Fortune 500

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• # 1 in VSF[1] globally

• # 1 in chlor-alkali in India

• # 1 cement player in India

• # 3 largest cement player globally (ex - China)

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• A global metals powerhouse

• # 1 in aluminum rolling globally

Operating in 36 countries with

over 50% Group revenues from overseas

Anchored by about 120,000 employees from 42 nationalities

Ranked No. 1 corporate in the Nielsen’s Corporate Image Monitor FY15 AON best employer in India for 2018

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• One of the largest telecom players in India

• Top fashion and lifestyle player in India

• Iconic brands across the fashion and retail segment

• Leading NBFC in India

• AUM ~ US$30bn

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• # 1 in carbon black globally

• A trans-national bulk commodity trading solutions provider globally

• Leading producer of noble ferro alloys in India

• Amongst largest iron ore non- captive private mining player

OUR VALUES – INTEGRITY • COMMITMENT • PASSION • SEAMLESSNESS • SPEED

Note:[1 ] Viscose Staple Fiber

Slide 3

UltraTech Cement

India’s largest cement company

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India’s Largest Selling
Cement Brand Leading RMC player in India Market Cap of FY20 Consolidated Revenue
# 3 largest cement player with 100+ plants ~US$21bn [1] ~US$5.8bn
globally (ex - China)
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Different Products to Leading Player of White 1.6bn bags of cement every ~50,000 Direct & Indirect
provide complete Building Cement & Cement based year Employees [2]
Solutions 2,350 stores Putty
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Note:[1 ] As of 31 Dec, 2020, using FX of 73.05 as of 31 Dec, 2020;[2] As of 31 Mar, 2020

Slide 4

Financial strength–credit ratings confirmed, strong balance sheet and liquidity

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• Over US$1,800mm of treasury investments[1] as of Dec 31, 2020

• Financial covenants relating to borrowing facilities maintained diligently by company

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• Debt maturities of 2021 and Capex plan well covered with available liquidity

• Capital employed of US$7,805mm[2 ] as of Dec 31, 2020

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Moody’s Baa3, Negative
Credit
ratings
Fitch BBB-, Negative
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• Consolidated Net debt[3] /Adj. EBITDA[4] reduced to 0.83x in Dec-20 ( vs. 1.72x in Mar-20)

• Effective working capital management[5] – Over US$225mm released in 9M FY21

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Note: mm refers to million; FX rate USD/INR = 73.05;[1] Calculated as total consolidated borrowings minus net debt, plus cash and cash equivalents;[2] Calculated as long term borrowings plus total equity;[3] Net debt is calculated by subtracting (i) Investments — Unquoted — Investments measured at Fair value through profit or loss — Units of Debt schemes of Various Mutual Funds, (ii) Investments — Quoted — Investments measured at Fair value through profit or loss — Tax Free Bonds and — Taxable Corporate Bonds, (iii) Current Investments— Quoted— Others-Investments measured at Fair value through Profit or Loss — Taxable Corporate Bonds and — Government Securities, (iv) Current Investments — Unquoted — Investments measured at amortized Cost — Fixed Deposits with Financial Institution with Maturity less than twelve months, and (v) Current Investments — Unquoted — Investments measured at Fair value through Profit or Loss — Units of Debt Schemes of Various Mutual Funds, from the sum of Non-Current Borrowings, current maturities of long term debts and Current Borrowings as of the close of the period presented;[4] Adjusted EBITDA by adding Finance Costs, Tax Expense of Continuing Operations, Depreciation and Amortization Expenses, Share in Profit/(Loss) of Associate and Joint Venture (net of Tax Expense) and Exceptional Items to Profit for the Year/ Period from Continuing Operations;[5] Increase in trade payables and other liabilities + Decrease in inventories — Increase in trade receivables, with respect to Mar-20

Slide 5

UltraTech Cement

India’s largest cement company

Balanced growth through organic and inorganic expansion Capacity evolution (In mtpa)

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Organic Inorganic
116.8
66.3
67.7
51.8
24.8
35.0
31.0 20.0
1.1
18.0 18.0 42.9 50.5
9.6 8.5 31.8
1.0 1.0 13.0 17.0
1983 1999 2004 2008 2011 2016 2020
31.0 mtpa
 Acquisition of L&T
1.0 mtpa 8.5 mtpa Cement Business
 1 [st] cement plant set up for  Merger of Indian Rayon and (17 mtpa)
Grasim (Vikram Cement) and Grasim Cement business  Listing of UltraTech
Indian Rayon (Rajashree Cement)  Ready mix concrete as part of acquisition
 White Cement launched in 1988 launched in 1998
2004
1983-88 1998
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116.8 mtpa

• Added 49.1 mtpa capacity [1]

• #3 global cement player by capacity (ex. China)

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51.8 mtpa 2020
Organic Capacity addition: 15 mtpa
Group Cement business under
one roof
Acquisition of Star Cement: 3 mtpa
Building Products launched in 2012
2016
2011 67.7 mtpa
2008
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51.8 mtpa

• Organic Capacity addition: 15 mtpa

• Group Cement business under one roof

• Acquisition of Star Cement: 3 mtpa

• Building Products launched in 2012

35.0 mtpa

• Focus on Cost Leadership between 2005-2009

• Synergy of Cement Business of ABG under one roof

• Investments in TPPs – 80% power self-sufficient  UltraTech Building Solutions launched in 2007

Note:[1] Incremental capacity from Mar-16 to Dec-20

Slide 6

Agenda

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Aditya Birla Group–Overview ESG Strategy Industry Overview Key Credit Highlights Business Strategy Financial Overview Appendix

UltraTech sustainability strategy

	Climate change, energy and emissions Internal carbon pricing Carbon offset projects in community Increasing share of renewable energy	Climate change, energy and emissions Internal carbon pricing Carbon offset projects in community Increasing share of renewable energy	Climate change, energy and emissions Internal carbon pricing Carbon offset projects in community Increasing share of renewable energy	Water Management Water recycling Rainwater harvesting Groundwater recharging Water efficient technologies Zero water discharge
Sustainabilityis anintegralpart of UltraTech’s operations Chief Sustainability Officerto manage sustainability related initiatives reporting directly to the CEO The sustainability strategy isaligned to the UN SDGs The alignment enables the company to anticipate stakeholder expectations, identify future business opportunities and future-proof the business The UN SDGs along with UltraTech’s sustainability framework enables the company tocreate meaningful and measurable progress on issues relevant to its stakeholders
			Climate change, energy and emissions	Water Management
		Biodiversity Environmental Impact Assessments No Net loss	Biodiversity	Circular Economy

In FY 2019–20, UltraTech was ranked among the TOP 10 companies on the Dow Jones Sustainability Index (DJSI) under the ‘Construction Material’ category globally

Note:[1 ] Waste heat recovery systems

Slide 8

ESG at UltraTech

Key Environment Protection Initiatives

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In line with the Company’s Built on a foundation
Sustainability commitment
vision of ‘To be The Leader of best-in-class
 Soon to join the growing list of companies adopting Science-Based Target initiative
operational excellence
in Building Solutions’
(SBTi [1] ) as part of its climate commitment and focused on clean
 Country: Integral to the environment
 Committed to build business in line with “ well below 2 degrees Celsius world”
India growth story;
under the Paris agreement
catalysing efficient
 Organized Virtual Sustainability Campaign 2020 with an objective to inculcate consumption
sustainable living habits and create sustainability ambassadors  Environment: Lower CO2
 Connected with 11,000+ people and engaged with both external and internal emissions + Green power
stakeholders + Lower energy
consumption
Zero carbon Project Jal Usage of Green Power Biodiversity Clinker Factor Index [4] Power Consumption
(water positive) Index [3]
100
91
87
FY06 FY15 FY20
Target 28% CO reduction 2 4x water positive 34% green power usage BMP [2] for all IUs [3]
by 2032 over 2017 by Mar-21 by FY24 by 2024
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Note:[1 ] Science Based Targets initiative (SBTi) is a globally recognized body for creating a standardized methodology for setting emission reduction targets and benchmarking corporates working towards achieving Paris Agreement aligned goals;[2 ] BMP: Biodiversity Management Plan;[3 ] IUs: Integrated Units;[4] On a scale of 100

Slide 9

Boosting Circular Economy in the time of the Covid-19 Pandemic with focus on increasing green energy power mix

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Adopted innovative
approaches during
pandemic to build
our efforts on
Circular Economy
BUILDING
CIRCULAR
BUSINESS
Circular Use of
approach MODELS industrial
promotes waste like zinc
environmental slag, phospho-
and economic gypsum, red
sustainability mud etc.
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Long-term arrangement with Hindalco Industries Ltd. for consuming red mud up to ~1 MnT pa.

14 MnT of industrial waste material already consumed during the current year

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26% of total power
consumption
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WHRS[1] capacity (MW)

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Green Power share (WHRS [1] + Solar)
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Note:[1] WHRS - Waste Heat Recovery System

Slide 10

ESG at UltraTech

Sustainability

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Education
Social
Change CSR at Healthcare
UltraTech
Infrastructure Sustainable
Development Livelihood
People benefited: 1.6mm Education for: 100,000 children
Rural Health Camps for: 200,000 people Villages Covered: 502
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Program coverage: 16 States

CSR spends in 9M FY21 : US$13mm

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COVID-19 Initiatives : ~1.0mm population outreach

• Provided meals to 430k people and distributed

• ~50,000 grocery packets

• Supplied 600,000+ N95 masks & sanitizers, ~100,000 PPE and 100,000 recyclable cloth masks

• Facilitated 2 quarantine centers in the State of Rajasthan and Madhya Pradesh (130 beds)

• Spraying disinfectants in public places

• Arranged 3 ventilators

• Continuous and pro-active awareness camps across villages for social distancing methods

• Virtual training for agriculture and non-farm livelihood and reached out to 1,874 farmers

• Students were supported with online classes in 13 locations and informal orientations

One-time spend on COVID-19: US$9mm

Note: FX of 73.05 INR / USD

Slide 11

ESG at UltraTech (cont’d.) Continued Social Commitment

Environment and Natural Resource Management

Health and Education

Sustainable Livelihood

Basic Life Support

Rural e-connect

• 10,300 saplings were planted during COVID-19 applying necessary norms of social distancing

• Mother and Child Health care: 2,000 families were supported for immunization & food

• Arranged online classes for students in 13 locations

• Virtual Training session to 750+ farmers on Crop protection and Agronomy

• Arranged supplementary support for drinking water benefiting 80,000 villagers in remote areas

• Created water conservation structures for a population of 14,600

• Distributed 60 computers to schools adjoining a plant

• Students were supported with online classes at 14 locations and informal orientations

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Slide 12

Board structure and compliance

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Shareholders
Independent Directors 50%
Board of Directors
Nomination,
Stakeholders Woman Directors 30%
Remuneration and Audit
Relationship
Compensation
Board Attendance >90%
Risk Management Corporate Social
Finance
and Sustainability Responsibility
Executive Management Committee Attendance >90%
Organization
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Slide 13

UltraTech: Policies governing our business

1. Sustainability Policy 2. Code of Conduct 3. Tax Policy 4. Policy on Related Party Transaction 5. Whistleblower Policy 6. CSR Policy 7. Board Diversity Policy 8. Dividend Distribution Policy 9. Internal Audit Charter

10. Supplier Code of Conduct 11. Human Rights Policy 12. Safety Policy 13. Occupational Health Policy 14. Energy & Carbon Policy 15. Water Stewardship Policy 16. Biodiversity Policy 17. Stakeholder Engagement Policy

Slide 14

Agenda

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Aditya Birla Group–Overview ESG Strategy Industry Overview Key Credit Highlights Business Strategy Financial Overview Appendix

Overview of the cement industry in India

India is second largest cement producer of the world…

…but remains a highly underpenetrated market

Global cement production

(per capita cement consumption in kg)[1]

World average : 500-550

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2
3
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Source: CRISIL Research

Note: India production data are on a fiscal year (Apr-Mar) 2020 basis, whereas others are calendar year basis;[1] The figures mentioned are CRISIL estimates and arrived at by assessing various data points from sources such as United Nations comtrade database (for trade data of cement), US Geological survey, and World population estimates published by the UN population division;[2] Includes Puerto Rico;[3] include Vietnam, Indonesia, Iran, Korea, Japan, Turkey as well as remaining countries of the world

Slide 16

Standalone local market sizes comparable to key cement producing countries

Latest cement production (mtpa)[1]

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North India: ~73 mtpa Indonesia: ~74 mtpa East India: ~67 mtpa
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Russia: ~57 mtpa

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West India: ~46 mtpa
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Central India: ~47 mtpa Mexico: ~49 mtpa
Thailand: ~35 mtpa South India: ~96 mtpa
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USA: ~89 mtpa

Source: CRISIL Research;[1] CY2019 for global countries and FY20 for India

Slide 17

Industry expected to witness sharp recovery following the decline in FY21 due to Covid-19

Cement demand forecast

(mm tonnes)

Trend and projection in cement capacity utilization[1]

(mm tonnes)

Source: CRISIL Research Note:[1] Effective cement capacity is calculated on pro-rata basis, taking into account the month in which the capacity becomes operational

Slide 18

Agenda

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Aditya Birla Group–Overview ESG Strategy Industry Overview Key Credit Highlights Business Strategy Financial Overview Appendix

Key credit highlights

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3 4
Integrated business with
Extensive distribution network
proven capability of turning
across India
around acquisitions
2 5
Well diversified across the
Industry leading brand
country and product offerings
1 6
Largest cement player in India
Experienced and reputed Board
and one of the largest globally
Z
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Slide 20

1

One of the largest cement players globally and the largest in India

UltraTech is the 3[rd] largest cement manufacturer in the world[1]

Installed capacity in mtpa (2019)

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2
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Largest grey cement manufacturer in India - UltraTech is the only player outside China with 100 mtpa+ capacity in a single country Installed capacity in mtpa (2019-20)

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2
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Source: CRISIL Research

Note: Information mentioned basis availability in public domain, for global cement manufacturers ex- China; Heidelberg Cement capacities doesn’t include cement capacities of joint ventures;[1] With respect to installed capacity, excluding China;[2] 111.4 mtpa of capacity within India and 5.4mtpa of capacity abroad which brings total installed capacity to 116.8 mtpa

Slide 21

1 UltraTech is a market leader in all regions

North

North
Shree Cement	23%
UltraTech Cerment	23%
Ambuja Cements	10%
JK Lakshmi Cement	7%
ACC Limited	6%
Capacity (MTPA)	~104

West

UltraTech Cement	43%
Ambuja Cements	16%
ACC Limited	6%
JK Lakshmi Cement	4%
India Cements	2%
Capacity (MTPA)	~65

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2
#1
#1
#1
#1
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Central

UltraTech Cement	35%
Birla Corporation	13%
ACC limited	7%
Shree Cement	3%
Ambuja Cements	3%
Capacity (MTPA)	~68

East

UltraTech Cement	16%
Dalmia Group	15%
Shree Cement	11%
ACC Cement	9%
Ambuja Cements	8%
Capacity (MTPA)	~100

South

UltraTech Cement	11%
Ramco Cements	9%
India Cements	7%
Dalmia Bharat	7%
ACC Limited	6%
Capacity (MTPA)	~181

Map is used only for representation purpose

Source: CRISIL Research; All metrics as of FY20 Note: Information mentioned basis availability in public domain, for global cement manufacturers ex- China; Heidelberg Cement capacities doesn’t include cement capacities of joint ventures

Slide 22

2

Highly diversified geographically with pan-India presence

• 23 Integrated Units[1] (IU)

• 27 Grinding Units[2] (GU)

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UTCL Integrated Unit
UTCL Grinding Unit
UTCL Bulk Terminals
Jetty
White Cement & Putty Units
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• 7 Bulk Packaging Terminals[3] (Sea + Rail)

• 2 White Cement & Putty Units

 5 Jetties

 1 putty plant under development

Zones	Zonal Capacity (mtpa)
UTCL Capacity UTCL Mix Industry Capacity UTCL Share in Industry
North 23.8 21% ~104 23%
Central 23.3 21% ~68 34%
East 16.1 15% ~100 16%
West 27.7 25% ~65 43%
South 20.5 18% ~181 11%
All India 111.4 100% ~518 21%
Overseas 5.4
Total 116.8

Map is used only for representation purpose

Source: CRISIL Research Note:[1] 22 in India and 1 outside India;[2] 23 in India and 4 outside;[3] 6 in India and 1 in Sri Lanka

Slide 23

2

UltraTech is actively addressing the growth opportunity across the country

Expected expansion of 19.5 mtpa

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North
Total expected new capacity by FY24:
Clinker–2.7 MnT
Cement–2.5 MnT
Clinker Cement
Q3–FY23
11.4 MnT 19.5 MnT
Central [1] North
Expected UltraTech capacity addition
to enhance capacity share Clinker–6.0 MnT
Industry
Cement–5.1 MnT
Capacity Central
518.2 mtpa Q4–FY23
East
West
Clinker–0.0 MnT West
Cement–1.8 MnT
Q4–FY23 Ongoing expansion
East [1]
UltraTech
Capacity Clinker–2.7 MnT
share: 21%
Cement–10.1 MnT
Q3–FY23
Map is used only for representation purpose
India capacity (mtpa)
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Expected capital outlay for expansions : US$893mm

Note: FX rate USD/INR = 73.05;[1] Includes ongoing capacity expansion

Slide 24

2

Diversified product offerings catering a full suite of building solution products

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Conventional: Positioning cement Contemporary: Providing an umbrella
Building solutions
at the core of all construction of related construction products and services
Current capacity Leading player 100+ RMC plants in 2,350 outlets in Range of
116.8 MTPA in India 41 cities 21 States 15 products
Added 100+ plants
Launched: 2012
Launched: 2007
Building Products
Launched: 1988
Building Solutions
Launched: 1988
1 [st] Cement plant set up in Ready mix Concrete
Launched putty in 2001
1983
White Cement
Portfolio of building solution
Grey Cement products such as plasters &
One-stop building solution for mortars, tile adhesive,
the retail customer
waterproofing products etc.
Tailor made concrete solutions
Portfolio of white cement, white with 35 specialty concretes
Ordinary Portland Cement, Portland
putty, VAPS Textura, Levelplast, based on application
blast-furnace slag cement, Portland
pre-cote and fragrance putty
Pozzolana Cement, Portland
Composite Cement
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Slide 25

2 Portfolio of building solution products

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Dry Mix Mortars
Adhesives & Repair &
Plasters & Mortars Flooring
Sealants Rehabilitation
Waterproofing
Liquid Waterproofing Cementitious Waterproofing
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All BPD products environment friendly

• Synergy

• In line with our vision ‘To be THE LEADER in Building Solutions’

• Environmental (M-Sand helping conserve sand beds; less water needed in curing)

• Forward integration of the  Society (Homogenous end cement business product; batchwise consistency;

• Value-added products IS&EN standards-compatible; construction speed faster; material and cost savings; skill training for masons / contractors

• Economics (Helping channel partners and masons/ contractors increase earnings)

• Portfolio breadth and depth

• Range of 15 products

• Certification (Certified as per Indian Green Building Council standards)

Slide 26

3

End-to-end capabilities with integrated operations Strong manufacturing capability with control over supply chain

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Raw material
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Captive power generation

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Cement production
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Limestone

• Key input for manufacturing cement

• 100% sourcing from captive mines

• Long-term leases

Pet coke/coal, gypsum, iron ore, fly ash, iron slag

• Procured from open market

• Easily available

• No supplier concentration

• Low criticality

• Captive power plant generates 1,170MW of power  WHRS[1] + windmill + solar: 217 MW[2]

• Meets 80%+ of total power requirement

• Balance power requirement met through purchase from state grids

Particulars	UOM	Current
Grey Cement (IncludingOverseas)	mtpa	116.8
White Cement + Wall Care Putty	mtpa	1.5
RMC	Mn. Cub. Mtr	14.1
Captive Power Plants	In MW	1,170
WHRS1 + Wind Mill + Solar	In MW	2172

Note: All metrics as of 31 Dec, 2020;[1] WHRS - Waste Heat Recovery System;[2] As of 31 Mar,2020

Slide 27

3 Track record of successfully integrating large acquisitions

Company		Jaypee Cement			Binani Cement			Century Cement
Date		June 2017			November 2018			October 2019
Capacity(mtpa)		21.2			6.25			14.6
		Enter new markets (Central India, Coastal AP			Enabled company to access to large reserves of			Strengthened position in the Eastern markets
		and HP) with limited UltraTech presence			high-quality limestone			and provided deeper penetration in Central &
		Unique opportunity to acquire over 20 MTPA of			Consolidated the company’s leadership in the			Western markets
		capacity in one go			fast-growing Northern and Western markets			Added ~6,500 dealers, increasing the network
Rationale					in India			size to ~29,000
		Securing large limestone reserves
		Acquisition EV lower than expected
		replacement cost
		Capacity utilization improved to about 70%+ in			Capacity utilization increased to 75% vs ~45%			Capacity utilization increased over 80% within 6
		line with UTCL existing plants in similar market			(pre-acquisition)			months of acquisition
		Brand transition completed within 52 days of			Brand transition completed in 21 days			Completed brand transition for 72% volume
		acquisition for all the plants			Achieved one of the lowest variable cost of			Cost improvement program underway
Turnaround		Achieved about 25% variable cost reduction over pre-acquisition level			production amongst other UltraTech plants in North region			Achieved EBITDA per ton of INR 700/t in Q2 FY21
		EBITDA per ton improved form negative level to INR 1,000/t+		 	FY20 operating EBITDA > INR 1250/t Completed disposal of one of the overseas			Complete Integration by March 2021
					non-core asset

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4

Extensive distribution across India

Nationwide reach with strong logistics presence across India

Use of diversified modes of transportation

4.40mm bags per day

~23,000 destinations

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Integrated model
UTCL Integrated Unit
UTCL Grinding Unit
UTCL Bulk Terminals
Jetty
Jetty
Inland water
transport
Sea routes One of the few cement companies
in India to utilize captive jetties
to service coastal demand
Sea
2%
Railways
25%
Select rail / road routes
Roads
Sea routes 73%
Map is used only for representation purpose Mix of transportation [2]
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60% lifting by GPS enabled fleet

~30,000 orders processed daily

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~8,000 trucks loaded per day >45% Dedicated fleet
5 Specialized Carriers,
4 Mini Bulk Carriers,
and 1 Coal Ship 30+ Rakes a day
900+ Warehouses
State-of-the-Art Truck Yards
260+ Railheads
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Note:[1 ] By sales volume as of 9M FY21

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4

Extensive sales and distribution network

Entrenched presence in multiple channels of distribution

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Channel sales
UltraTech
Dealer / Stockists
Retailers
Channel Direct
sales sales
70% 30%
Network of 90,000+ dealers and
retailers spread across 30,500+ cities
and towns
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Direct sales

• Direct sales to key large customers

• Strong in-house sales team and Key Account Management Cell to serve large customers

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• 450+ Key Accounts and ~425 Large Regional Accounts

• Value added services like:  Onsite technical training

• Customised product offerings

• Mix Design Consultancy

• Captive readymix plants

Note:[1 ] Rural defined as less than 30,000 population;[2] Sales represents volume and not revenue

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4

Extensive sales and distribution network

UltraTech Building Solutions: One-stop building solution for the retail customer

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First and only cement company to setup a retail chain!

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2,350 UltraTech Building Helps to increase the share of
Solutions outlets customer wallet
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Benefits for Home Builders

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• Convenience, trust empowerment

Benefits for Dealers

• Increase in earning capacity

• Better fit with aspirations of new generation

Services through UBS Outlets

Business partners at UltraTech Building Solutions stores

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Paint Preview Pest Control
Mobile Conc. Lab Vaastu
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Categories with New Product Launches

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Tiles Power and Hand Tools
Electricals Sanitary & Fittings
Rain Water Harvesting Ply
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4

Extensive sales and distribution network

Value added services

Technical

services

• Over 1,200[1] personnel deployed to provide technical support to home builders, engineers, architects, contractors

• Mobile concrete vans providing on-site testing, civil engineering, tips and advisories

Homebuilders

• Provides construction tips, virtual tools, Vastu advisory

Masons‘ program

• Includes site demo, meets, plant visits and training

• Builders and Contractors Meet and education seminars and programs

• On-site concrete plants covering over 2,600 construction sites

Engineers/architects

• Engages engineers and architects through technical meets, workshops and plant visits

Contractors

• Engages contractors & builders through meets, plant visits

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Mobile
applications
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One UltraTech

• Platform to engage with dealers, retailers, masons, contractors, architects

• Instant access to latest information

• .  How to videos, latest TVCs and Homebuilder tips

• Updates on events and contests

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• One UltraTech: Easy ordering and real time tracking, single view of data across various parameters

• UltraTech - Prashikshan Pahal: to provide basic knowledge about construction procedures, materials and tools for all specially masons

• Utec: Access to all home building information regarding planning, designing, construction and finishing homes

• Utec Partners: Enables partners to connect with home builders to grow their business

Note:[1] As of 31 Dec, 2020

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5 Industry leading brand

Ability to command premium pricing across regions

(INR/bag) North[1] West[2] Central[3] East[4] South[5]

Source: CRISIL Research – Pricing for October 2020

Note:[1] Average of Jaipur and Delhi;[2] Average of Mumbai, Pune and Ahmedabad;[3 ] Average of Lucknow, Indore and Jabalpur;[4] Average of Patna, Kolkata and Ranchi;[5] Average of Hyderabad, Chennai and Bengaluru

Slide 33

6 Highly reputed Board

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Kumar Mangalam Birla Chairman		 Chairman of the Aditya Birla Group since 1995  Chairs the Boards of all the Aditya Birla Group’s major companies in India and globally; Global companies include Novelis, Birla Carbon, Aditya Birla Minerals, Aditya Birla Chemicals, Domsjö Fabriker and Terrace Bay Pulp Mill. In India, he chairs the Boards of Hindalco, Grasim, Vodafone Idea and Aditya Birla Capital  Professionally a Chartered Accountant and an MBA from London Business School
Rajashree Birla Non-Executive Director		 Director on the board of Hindalco and Grasim  Chairperson of the Aditya Birla Centre for Community Initiatives and Rural Development
K.K. Maheshwari Vice Chariman & Non-Executive Director		 Chartered Accountant and has held a variety of roles in the Aditya Birla Group  Brought in strong execution rigor to his work and has considerably strengthened both innovation and new products development  Scripted the growth of the Aditya Birla Group’s VSF Business towards a more competitive and sustainable model
K. C. Jhanwar Managing Director		 Chartered Accountant with over 40 years experience of which 39 years is with the Aditya Birla Group  Operations and General Management across the Cement and Chemicals Business of the Aditya Birla Group, including greenfield and brownfield expansions
Atul Daga Whole-time Director & Chief Financial Officer		 Chartered Accountant with over 33 years experience, of which over 26 years have been with the Aditya Birla Group  Key responsibilities include risk management, audit and compliance, planning, treasury, capital structuring and capital allocation and best use of financial reporting  Undertaken several initiatives such as creating a robust platform for managing Investor Relations, evaluating M&A opportunities and setting new benchmarks for raising long term borrowings in the domestic financial markets

Slide 34

6 Highly reputed Board (cont’d)

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Arun Adhikari Independent Director		 Alumni of the Indian Institute of Technology, Kanpur and the Indian Institute of Management, Calcutta  Areas of expertise - sales and marketing, culminating in general management and leadership roles
Alka Bharucha Independent Director		 Masters in Law from the University of Bombay and University of London and Solicitor High Court Mumbai and Supreme Court of England and Wales  Co-founded Bharucha & Partners in 2008  Core areas of expertise are mergers and acquisitions, joint ventures, private equity, banking and finance
S.B. Mathur Independent Director		 Chartered Accountant by profession  Served as the Chairman of the Life Insurance Corporation of India from August, 2002 to October, 2004  Has held Trusteeships, Advisory / Administrative Roles on Government Bodies, Authorities and Corporations
Sukanya Kripalu Independent Director		 Graduate from St. Xavier’s College and the Indian Institute of Management, Calcutta.  Consultant in the fields of marketing, strategy, advertising and market research.
Sunil Duggal Independent Director		 Bachelor of Technology Hons. (Electrical Engineering) and post graduate diploma in Business Management (Marketing) from the Indian Institute of Management, Calcutta  Joined Dabur India Limited in 1994 and served as CEO of the FMCG major for 17 years from 2002 till 2019  Chaired and co-chaired numerous committees such as Indo-Turkish JBC and FICCI Committee on Food processing

Slide 35

Agenda

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Aditya Birla Group–Overview ESG Strategy Industry Overview Key Credit Highlights Business Strategy Financial Overview Appendix

Business strategy

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Enhanced Stakeholder Value
VISION
To be The Leader in Building
Solutions
Innovation Sustainability
MISSION
To deliver superior value to
stakeholders on the
four pillars of
Customer Team
ESG
Centricity Empowerment
Market leader
Premium brand
Profitable growth Strong financials
Socially responsible
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The key elements of UltraTech’s growth blueprint

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Enhanced Balance Low Capex Without endangering
Sheet Values Expansion the environment
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• Funding through internal accruals

• Largely brownfield expansion (72%)

• WHRS to address 40% power requirement

• Prioritize plants having substantial locational advantage to reduce lead & increase EBITDA

• Ideal clinker locations and their GU

• Targetted average capex cost of <US$60 per ton

• Targetted average capex outflow of

• ~US$330mm p.a. including growth capex

• Higher blended percentage as majority of capacity expansion to cater East and Central demand

• Conversion ratio to improve

• Strengthening overall ROCE

Note: FX rate USD/INR = 73.05

Slide 38

Agenda

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Aditya Birla Group–Overview ESG Strategy Industry Overview Key Credit Highlights Business Strategy Financial Overview Appendix

Key financials

Revenue from operations (US$mm)

Adjusted EBITDA (US$mm)[1]

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5,716 5,807
4,363 4,321
4,150
FY18 FY19 FY20 9M20 9M21
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Margins 21% 18% 23% 23% 28%
1,355
1,171
1,069 993
922
FY18 FY19 FY20 9M20 9M21
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Adjusted EBITDA[1] / tons (US$ / mmt)

Net Profit from continuing operations (US$mm)

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20
16 16
14
12
FY18 FY19 FY20 9M20 9M21
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Margins 7% 6% 14% 8% 12%
787 2
448
304 327 344
FY18 FY19 FY20 9M20 9M21
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Note: FX of 73.05 INR / USD;[1] Adjusted EBITDA by adding Finance Costs, Tax Expense of Continuing Operations, Depreciation and Amortization Expenses, Share in Profit/(Loss) of Associate and Joint Venture (net of Tax Expense) and Exceptional Items to Profit for the Year/ Period from Continuing Operations;[2 ] Includes exceptional gains from reduction in deferred tax liabilities due to change in policies

Slide 40

Debt Profile

Debt profile – Maturity

Debt profile - Security

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Short-term [1]
23%
Long-term [2]
77%
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Unsecured
37%
Secured
63%
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Total consolidated borrowings[3] as of Dec-20: US$3.0 bn

Significant reduction in net debt[4]

Net debt / Adjusted EBITDA[5]

Net debt[4] (US$mm)

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3,074
2.88x
2,329
1,926 2.09x
1.72x
1,297
0.83x
FY18 FY19 FY20 9M21 FY18 FY19 FY20 9M21
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Net Debt[4] as on 31[st] December, 2020 – US$1,297mm; Net positive yield from Treasury Surplus

Source: Company information

Note: Unless stated otherwise, all figures as of 31 Dec, 2020; FX of 73.05 INR / USD;[1] Current borrowings as percentage of total consolidated borrowings;[2] Non-current borrowings as percentage of total consolidated borrowings;[3] Total indebtedness (excluding corporate guarantees) outstanding;[4] Net debt is calculated by subtracting (i) Investments — Unquoted — Investments measured at Fair value through profit or loss — Units of Debt schemes of Various Mutual Funds, (ii) Investments — Quoted — Investments measured at Fair value through profit or loss — Tax Free Bonds and — Taxable Corporate Bonds, (iii) Current Investments— Quoted— Others-Investments measured at Fair value through Profit or Loss — Taxable Corporate Bonds and — Government Securities, (iv) Current Investments — Unquoted — Investments measured at amortized Cost — Fixed Deposits with Financial Institution with Maturity less than twelve months, and (v) Current Investments — Unquoted — Investments measured at Fair value through Profit or Loss — Units of Debt Schemes of Various Mutual Funds, from the sum of Non-Current Borrowings, current maturities of long term debts and Current Borrowings as of the close of the period presented;[5] Adjusted EBITDA by adding Finance Costs, Tax Expense of Continuing Operations, Depreciation and Amortization Expenses, Share in Profit/(Loss) of Associate and Joint Venture (net of Tax Expense) and Exceptional Items to Profit for the Year/ Period from Continuing Operations

Slide 41

Agenda

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Aditya Birla Group–Overview ESG Strategy Industry Overview Key Credit Highlights Business Strategy Financial Overview Appendix

Shareholding Pattern

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7.0%
16.2%
60.0%
16.8%
As on
31 [st] Dec, 2020
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Promoter Group Foreign Portfolio Investors Mutual Fund, Institutions, Insurance & Bodies Corporate Other Public Holding

Source: BSE

Slide 43