CORPORATE PRESENTATION ADITYA BIRLA NUVO LIMITED A PREMIUM CONGLOMERATE MAY 2016

Transcription

1 CORPORATE PRESENTATION ADITYA BIRLA NUVO LIMITED A PREMIUM CONGLOMERATE MAY 2016

2 1 Group (ABG) Snapshot Pg 4 2 Nuvo () : Values Pg 5 3 Pg 6 4 Pg 7 5 Businesses : 5.1 Pg Pg Pg Pg 34 6 Pg 35 2

3 GLOSSARY Company ABG Group Technical Nuvo Limited ABCAP Limited ABFL Finance Limited ABHFL Housing Finance Limited ABIBL Insurance Brokers Limited ABCAP Capital Advisors Pvt Limited ABML Money Limited ABMM Money Mart Limited ABHIL Health Insurance Limited BSLI Birla Sun Life Insurance Company Limited BSLAMC Birla Sun Life Asset Management Company Limited Technical AUA Assets Under Advisory AUM Assets under Management AAUM Quarterly average Assets under Management ARPU Average Revenue Per User ARMB Average Revenue Per Megabyte APE Annual Premium Equivalent CY : Current Year CAGR Compounded Annual Growth Rate EBITDA Earnings Before Interest, Tax, Depreciation and Amortization EBIT Earnings Before Interest and Tax ECU Electro Chemical Unit Technical FCF Free Cash Flow FY : Financial Year (AprilMarch) EBO Exclusive Brand Outlet MBO Multi Brand Outlet JV Joint Venture NBFC Non Banking Financial Company NPA NonPerforming Asset PQ Previous Quarter PY Corresponding period in Previous Financial Year Q1 AprilJune Q2 JulySeptember Q3 OctoberDecember Q4 JanuaryMarch QoQ Quarter on Quarter (Previous Quarter) ROA Return on Asset ROACE : Return on Avg. Operating Capital Employed based on EBIT ROE Return on Equity RMS Revenue Market Share TPA Tons per annum VAS Value Added Services VFY Viscose Filament Yarn VLR Visitor Location Register VSF Viscose Staple Fibre YOY Year on Year ( Corresponding period in previous Financial Year) YTD Year to date NOTE 1 : The financial results of are consolidated financial unless otherwise specified NOTE 2 : The financial figures have been rounded off to the nearest 1 crore NOTE 3 : 1 USD = 65 3

4 Strong Parentage of Group (ABG) A USD 41 billion Indian multinational, Group is in the league of Fortune 500 Operating in 36 countries across 6 continents deriving over 50% of revenue from overseas operations Among the largest and the most reputed business houses in India Ranked 4th in global top companies for leaders & 1st in Asia Pacific (Source: Aon Hewitt, Fortune Magazine & RBL 2011) Anchored by 120,000 employees from 42 nationalities. Trusted by 1.2 Mn shareholders & 180 Mn+ customers Ranked 1st in Nielsen s Corporate Image Monitor Occupying pole position for 3 consecutive years Flagship listed companies Nuvo () (Conglomerate) Grasim & Ultratech (VSF & Cement) Hindalco Incl. Novelis (Aluminium & Copper) Idea Cellular () Fashion & Retail Ltd (ABFRL) Global positioning In India Largest Indian MNC with manufacturing operations in the US Aluminium World s largest aluminium rolling unit VSF Among the top 2 producers in the world Carbon Black World s largest in terms of capacity Cement Among the top global players Insulators & acrylic fibre Globally 4 th Largest Leadership Position Top 3 Top 5 Aluminium, Cement, Carbon Black, VSF, VFY, Branded Apparels,Copper, Chloralkali, Insulators (in terms of capacity/production/sales) (in terms of wireless revenue market share) Life Insurance (in private sector in terms of APE) Asset Management (in terms of average AUM) 4

5 ADITYA BIRLA NUVO LIMITED () : VISION, MISSION & VALUES New Ventures New Ventures Kumar Mangalam Birla Chairman Vision To be a premium conglomerate building leadership in businesses and creating value for all the stakeholders Mission Investing in promising sectors Building leadership in businesses A platform to drive synergy of resources Delivering best value to all the stakeholders To be a responsible corporate citizen Values Integrity Commitment Passion Seamlessness Speed 5

6 A USD 3.6 billion Conglomerate Life Insurance$ (51%) Ltd. (100%)^ NBFC (100%)^ 51% $# (23.26%) 49% Jaya Shree* Agri* DIVISIONS SOLAR Solar Power JV (51%)$ Housing Finance (100%)^ Payments Bank $ Rayon* Asset Management (51%)$ Insulators* General Insurance Advisory (50.01%)^ Private Equity (100%)^ Broking (75%)^# Wealth Management (100%)^ Online Money Management (100%)^ *Represents ^Represents subsidiaries $Represents Joint ventures #Listed Note 1 : Percentage figures indicated above represent s Shareholding in its subsidiaries/jv s Health Insurance (100%)^ Health Insurance Co. Ltd. (Proposed 51% JV) Note 2 : Major investments include 9.1% stake in Fashion & Retail Ltd. 6

7 ADITYA BIRLA NUVO : PROGRESSING IN LINE WITH ITS VISION Investing in the Promising Sectors Forayed in Life Insurance business through JV with Sun Life, Canada Enhanced strategic stake in through Idea Augmented Fashion offerings through acquisition of Pantaloons, a top 3 big box apparel retailer Expanded Linen Yarn and Fabric Capacities Commenced Housing Finance operations receives inprinciple approval from RBI to set up Payments bank in a 51 : 49 joint venture with Idea Cellular Entered Fashion business through acquisition of Madura Entry into ITITeS Business Expanded Financial Services portfolio by merger of Asset management & NBFC business and entry in broking, private equity etc. Added New Superfine Yarn capacity in Rayon Created India s largest online money management platform My Universe Entered into JV agreement with MMI Holdings Ltd. to foray in health insurance business in India enters into a 51:49 JV with Abraaj Group to invest in the Solar Power Business in India. Invested USD 2 billion over past 15 years to fund the growth of its businesses leading to transformation from a manufacturing company to a premium conglomerate 7

8 BUILDING LEADERSHIP POSITION ACROSS ITS BUSINESSES Industry Positioning Among the top 5 fund managers in India (excl.lic) AUM USD 28.4 billion 1 ( 184,276 Crore) Mar 16 12% yoy Augmenting Portfolio has entered into a JV agreement in June 2015 with MMI Holdings Ltd., to enter into health insurance business in India Proposed to be a 51:49 Joint venture with MMI Holdings. Received an inprincipal approval from FIPB Final regulatory approval from IRDAI is awaited. Diversified Portfolio Having 12 lines of businesses Revenue FY16 (Established businesses 3 ) USD 1.4 billion ( 9,192 Crore) 16% yoy NBFC Lending Book USD 4.3 billion 2 ( 27,728 Crore) Mar 16 57% yoy EBT FY16 (Established businesses 3 ) USD 171 million ( 1,110 Crore) 21% yoy Corporate Action Sun Life Financial, Canada raises its stake in Birla Sun Life Insurance (BSLI) from 26% to 49% in April 2016 sold 437 million equity shares in BSLI, constituting its 23% stake, and received a sum of 1,664 Crore in April 2016 continues to hold the controlling stake in BSLI at 51% & Sun Life are committed to fund the growth requirements of BSLI, if & when required. Considering current growth plan & with about 2x solvency margin, BSLI is well capitalised Note 1 : Includes AUM of Life Insurance, Private Equity and quarterly AAUM of Asset Management business Note 2 : Including Housing Finance lending book Note 3 : Established businesses include Life Insurance, Asset Management, NBFC, Private Equity, Broking, Wealth Management & General Insurance Broking businesses. Note 4 : 1 USD = 65 8

9 BUILDING LEADERSHIP POSITION ACROSS ITS BUSINESSES (Idea Cellular) Industry Positioning 6 th largest 1 in the world 3 rd largest 2 in India Strong Balance Sheet Net Debt to EBITDA : 3.25x (Standalone) (as on 31 st Mar 16) Industry Positioning India s largest Linen, VFY and Insulators manufacturer One of the Leading manufacturers of Urea Free Cash Flow FY16 (pretax) USD 74 million (` 478 Crore) 52% yoy Outperforming Industry Revenue share grew yoy from 17.5% to 18.9% 2 Incremental 59% 3 Revenue FY16 USD 5.5 billion ( 35,935 Crore) 14% yoy Revenue FY16 USD 841 million (` 5,466 Crore) 1% yoy EBITDA FY16 USD 117 million (` 764 Crore) 24% yoy Cash profit FY16 (post tax) USD 1.6 billion ( 10,120 Crore) 19% yoy EBITDA FY16 USD 2.0 billion ( 13,257 Crore ) 18% yoy Strong ROACE FY16 (annualised) JayaShree Agri Rayon Insulators Note 1 : In terms of subscribers and based on operations in a single country (Source : GSMA, Dec 15) Note 2 : Based on gross revenue for UAS & Mobile licenses only for Q3 FY16, as released by TRAI Note 3 : Q3FY16 over Q3FY % p.a. 11% p.a. 30% p.a. 22% p.a. 21% p.a. Outlook Expanding linen yarn & VFY capacities to tap sector growth Long term antidumping duty to benefit Insulators sector Gas pooling policy to benefit urea sector

10 A PLATFORM TO DRIVE SYNERGY OF RESOURCES Standalone Net Debt Standalone Ratios 3,591 ( Crore) 3,854 3,584 3, Net Debt/annualised EBITDA Net Debt/Equity ,193 1,112 Mar'09 Mar'12 Mar'15 Mar'16 O/s Fertilisers Subsidy Standalone balance sheet has been s growth engine & a platform to drive synergy of capital resources Mar'09 Mar'12 Mar'15 Mar'16 In FY16, it incurred capex of ` 110 Cr. for divisions and infused capital of ` 967 Cr. in business Proceeds of ` 1,664 Cr. from sale of 23% stake in Birla Sun Life Insurance and Fertilisers subsidy of ` 489 Cr. have been realised in Apr 16 leading to reduction in the debt of. Adjusting for sale proceeds & subsidy realisation, Net Debt / EBITDA stands at comfortable position Coupled with steady FCF generation from divisions & its ability to pool cash resources, s standalone balance sheet stands strong to drive its growth plans. Capital requirements for FY17 are : Capex of ~ ` 325 Cr. for divisions including ` 191 Cr. & ` 40 Cr. towards Linen Yarn & VFY capacities expansion Equity funding for its 51% share in new ventures viz., (a) Solar Power (b) Payments Bank & (c) Health Insurance Capital requirement to the tune of about ` 750 Cr. mainly for scaling up NBFC, Housing Finance & MyUniverse 10

11 DELIVERING BEST VALUE TO ALL THE STAKEHOLDERS Exit from sub scale businesses to achieve greater focus on other businesses Business Divested Carbon Black ITITeS Effective Date 1st April th May 2014 Enterprise Value USD 240 million USD 260 million Outcome Supported s growth plans & strengthened balance sheet Greater focus on core businesses Creation of India s largest branded apparel company # 1 Menswear player # 1 Womenswear player Fashion & Retail Ltd. To unlock shareholders value by consolidating its branded apparels businesses under the pure play listed vehicle, demerged its Madura division into its erstwhile listed subsidiary Pantaloons Fashion & Retail Ltd. (PFRL) w.e.f. 1 st April 2015, through a court scheme of arrangement Scheme became effective on 9 th Jan 16 and PFRL was renamed as Fashion & Retail Ltd. (ABFRL) w.e.f. 12 th Jan 16. ABFRL allotted 26 equity shares to s shareholders (as on Record date 21 st Jan 16) for every 5 equity shares held in. With the reduction in resultant holding of in ABFRL to 9.1%. ABFRL has ceased to be the subsidiary of. s financial results have been recast to exclude ABFRL (Madura + Pantaloons) w.e.f. the appointed date, i.e., 1 st April (Refer Slide 41 for transaction structure) 11

12 AND DRIVING STRONG EARNINGS & VALUE GROWTH Financials Services, & Branded Apparels Aditya Bira 14,331 Consolidated Revenue ( Crore) CAGR 11% CAGR 37% 21,840 26,516 23,129 FY09 FY12 FY15 FY16 Consolidated Net Profit ( Crore) 867 Consolidated EBITDA ( Crore) 3,247 5,798 6,535 FY09 FY12 FY15 FY16 CAGR 56% (FY10FY15) 1,416 1, FY09 FY12 FY15 FY16 Note : Pursuant to demerger of Madura Fashion & Lifestyle into Pantaloons Fashion & Retail Ltd.(PFRL), Madura business ceased to be a division of w.e.f. 1st April 2015 and hence excluded from s Standalone financials. Previous year financials are not comparable to that extent. 12

13 ANCHORED BY A STRONG MANAGEMENT TEAM Board of Directors has a balanced Board, comprising of 1 Executive, 2 NonExecutive, 1 nominee & 4 Independent Directors, including 2 women directors. Independent directors have rich experience in their respective fields and incl. exsecretary to the President of India and former top executives from the esteemed organizations viz., Exim Bank, LIC etc. Business Head Business Mr. Lalit Naik, Managing Director Mr. Ajay Srinivasan Mr. Thomas Varghese Mr. Himanshu Kapania VFY, Chemicals, Agri, Insulators Textiles Each business is run as an independent SBU under the leadership of a business head Chief Financial Officer heads the finance function which is the life blood for a business Str Business heads & the Chief Financial Officer have wideranging experience in the areas of business development, strategy formulation, restructuring, acquisitions, technology management etc. Some of the senior management team members, prior to joining Group, have also played key roles in the globally renowned organizations viz., Saint Gobain, Dow Chemicals, Prudential Corporation Asia etc. Chief Financial Officer Ms. Pinky Mehta 13

14 CSR Vision To actively contribute to the social and economic development of the communities in which we operate. To build a better, sustainable way of life for the weaker and marginalized sections of society and raise the country s human development index. Education Health Ca re THE FOCUS AREAS Sustainable Livelihood Infrastructure Development Social Causes Nuvo s community engagement spans 163 villages, inclusive of 14 model villages. Our CSR work is in proximity to our 5 manufacturing units across 3 states of the country. has spent ` 7.4 Cr. in FY16 on CSR activities in the areas of Education, Healthcare, Sustainable Livelihood, Women Empowerment & Infrastructure Development. Mobilised ` 22.1 Cr. through Govt. schemes, acting as catalysts for the community Some of the initiatives taken EDUCATION Supported in the campaign for enrolment, and reduction of dropouts at Bangalore Rural and Urban Districts, Jagdishpur, Veraval, Rishra and Halol. We reached out to 119 schools and 20,053 children. Initiated special coaching classes and career counselling programmes for students. Uniforms, books, notebooks, writing pads, bags and stationery was distributed to 6,965 children We continue to support Kasturba Gandhi Balika Vidyalaya (KGBV Government residential schools for girls). Channapattana,Krishnagiri, Veraval, Jagdishpur and Halol. Two residential schools at Jagdishpur & Bangalore to help visually impaired children. Functional literacy program conducted in 11 villages at Jagdishpur HEALTHCARE Our hospitals & medical centres at plant locations in remote areas of the country attended to over 1 lac patients for minor and major ailments. Organised over 49 medical camps & 23 speciality medical camps in remote villages in Karnataka, Jagdishpur, Rishra, Veraval and Halol. Dental and eye camps were organised for school children. More than 800 rural women participated in the 10 cancer awareness camps organised at Anekal and Ramnagar. 14

15 CSR SUSTAINABLE DEVELOPMENT Helping farmers earn better through farmer training programmes on advance cropping techniques and other processes to improve yield. Launched Project Kaushalya A Skills Training Centre in collaboration with CII. Integrated Livestock Development, run in collaboration with BAIF providing veterinary support, artificial insemination and vaccinated 5,664 cattle. Project ANYA, the Women Economic Empowerment initiative: Through our 17 production centres at Jagdishpur, Veraval and Rishra we trained 717 rural women in Apparel and Jute products manufacturing Infrastructure Development such as the construction and repair of school buildings, road / repairs in remote locations. SOCIAL CAUSES To promote dowry less marriages, our unit at Veraval organised mass marriages for 50 couples from the underprivileged community. Distribution of 40,478 garments to underprivileged people at various charitable organisations at Bangalore. organised a relief camp to help the flood victims of J&K. We reached out to 3,000 families and we gave them 44,060 garments 15

16 CONSOLIDATED EARNINGS MIX FY16 Segment Revenue Segment EBIT 36% 48% Financial Services 40% ` 23,129 Cr. 24% Financial Services 31% ` 3,101 Cr. 21% 16

17 ADITYA BIRLA FINANCIAL SERVICES (ABFS) Vision : To be a leader & role model in a broad based & integrated financial services business Nation wide presence through ~1,350 branches / touch points and more than 1,20,000 agents / channel partners Ranks among top 5 fund managers in India (excl. LIC) Diversified portfolio with 12 lines of businesses AUM at 184,276 Cr. (12% yoy) (Mar 16) Anchored by >11,500 employees & trusted by > 8 million customers Lending book (Including housing finance) at 27,728 Cr. (57% yoy) (Mar 16) Entering Strategic Partnerships & Investing in promising sectors Foray in the NBFC Business Acquisition of schemes of Apple mutual fund Consolidation of financial services businesses under Nuvo Acquisition of Alliance mutual fund Launched Private Equity Fund Foray in Housing Finance business Acquired mutual fund schemes & portfolio accounts from ING Mutual Fund IFC became strategic financial investor in MyUniverse Others Equity 88, ,539 Foray in Mutual Fund business A S S E T U N D E R M A N A G E M E N T CAGR 20% 1,22,362 1,64,940 Foray in Life Insurance business through JV with Sun Life, Canada 1,84,276 R e v e n u e ( Crore) 6,542 6,378 6,637 Entered retail broking through acquisition of Apollo Sindhoori 7,926 9,299 Launched India s largest online money management portal MyUniverse 600 E a r n i n g s B e f o r e Ta x ( Crore) Entered into JV with MMI Holdings to foray into health insurance in India Sun Life to raise its stake in BSLI from 26% to 49% F Y 1 2 F Y 1 3 F Y 1 4 F Y 1 5 F Y 1 6 F Y 1 2 F Y 1 3 F Y 1 4 F Y 1 5 F Y 1 6 F Y 1 2 F Y 1 3 F Y 1 4 F Y 1 5 F Y

18 ADITYA BIRLA FINANCE (ABFL) NBFC Established in 1991, one of India s most reputed NBFC s Lending book reached USD 4.0 billion mark (47% yoy) (Mar 16) ROE 15.4% ROA 2.1% (FY16) Net worth grew 16x from 235 Crore in Mar 10 to 3,696 Crore in Mar 16 Gross NPA 0.63% Net NPA 0.22% (FY16) Highest A1+ rating for short term debt and AA+ rating for long term debt from ICRA and India Ratings Industry Landscape : Domestic credit provided by the financial sector as % of GDP in India at 75% is very low if compared with 170% to 375% in large economies like China, UK, Hong Kong, US & Japan. The Share of NBFCs has steadily grown from 10.7% of banking assets in 2009 to 14.3% in 2014, thus gathering systematic importance Lowering of interest rates, growing capital markets, infrastructure focus of government and projects like Make In India & Digital India will spur growth of NBFCs. About Business & Competitive Edge: Lending Book ( Crore) Strong Parentage Support: Capital Infusion of ~ 2,200 Crore in past 5 years to support growth Experienced Management: Over 200 man years of domain expertise in financial services Portfolio diversification, client selection & active management key to sustainable growth Robust Credit Appraisal & Risk Management leading to healthy book and return ratios 3,425 8,000 CAGR 66% 11,550 17,564 25,755 Mar'12 Mar'13 Mar'14 Mar'15 Mar'16 18

19 ADITYA BIRLA FINANCE (NBFC): FINANCIAL HIGHLIGHTS Revenue & Net Profit ( Crore) Opex to Net interest (%) Gross NPA Net NPA Vision Mission Revenue Net Profit % 1.23% 0.84% 0.83% 1.29% 0.90% % 0.63% % 0.22% FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 Segment wise Loan book Net Worth ( Crore) CAGR 56% 3696 ROE ROA Promoter 6% Construction Finance 4% Retail & Bonds 3% Broker 3% HNI 5% LRD 8% LAP 13% SME 11% ` 25,755 Cr. (Mar 16) Others 2% Large Corp. 9% MidCorp. 7% Project Loan 16% Corporate Loan 9% Structured Finance 4% Mar'12 Mar'13 Mar'14 Mar'15 Mar' % 15.4% 14.6% 13.1% 11.4% 2.2% 1.9% 1.9% 2.0% 2.1% FY12 FY13 FY14 FY15 FY16 19

20 ADITYA BIRLA FINANCE (NBFC): FINANCIAL HIGHLIGHTS Spread Analysis FY 1314 FY 1415 FY 1516 Healthy borrowings Profile Total Income / Average Loan Book Interest Cost / Average Loan Book Net Interest Income (Incl. Fee income) 13.5% 8.3% 5.1% 13.1% 8.2% 5.0% 12.6% 7.8% 4.8% Capital Adequacy ratio at 16.2% (Tier I : 13.7% & Tier II : 2.5%) Total borrowings at 21,409 Crore Opex / Average Loan Book 1.5% 1.5% 1.2% Leverage at ~6x Provisioning & Writeoffs / Average Loan Book 0.8% 0.5% 0.4% Out of total borrowings 70% is long term ROA 1.85% 2.0% 2.1% Well placed ALM strategy Housing Finance (ABHFL) Commenced operations in Oct 14 Lending book as on Mar 16 is 1,973 Cr. Footprint expanded to 32 markets in Mar 16 through 36 branches in 15 states. Net worth at 205 Cr. (as on Mar 16) Industry Landscape The housing finance loan book has crossed 10 trillion mark (Dec 14). Housing Finance Companies & NBFCs account for 37% of this loan book. An investment to the tune of USD 2 trillion is expected in the housing sector over the next decade, to achieve the Government s vision of Housing for All by 2022 and Development of 100 smart cities. ABHFL Investing in key systems and processes for loan origination till onboarding and servicing. An online customer acquisition platform has been setup for digital presence. 20

21 BIRLA SUN LIFE INSURANCE (BSLI) Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between Nuvo Ltd. and Sun Life Financial Inc, one of the leading international financial services organizations from Canada. BSLI is one of the leading life insurance companies in the country. FY 15 Among top 5 private life EV: 3260 Crore insurers in terms of APE 1 VNB Margin : 14.1% Industry Outlook* India s Insurable population to touch 75 crore by Ranked 10 th among the 147 countries in the life insurance business. Life insurance sector to increase at a CAGR of 1215% over next five years AUM of $ 4.7 billion (as on Mar 16) Total Market size of India s Insurance sector projected to touch US$ billion by 2020 from US$66.4 billion in FY13 About Business : No 1 in group business with 25.6% market share 2 (FY16) A nationwide presence with 489 branches, 3 key bancassurance partners, ~ 70 thousand direct selling agents and more than 150 corporate agents & brokers. Balanced sales mix: In FY16, nonulip contributed to 63% of individual new business, out of which share of PAR products was 43% Ranks among top 5 private players in India with new business 1 market share of 7.6% in year ended 31 st Mar 16 Sun Life has bought 23% stake in BSLI from for ` 1,664 Cr. in April 2016 valuing BSLI at ` 7,235 Cr. Note 1: APE = Annual Premium Equivalent =100% of regular premium + 10% of single premium * Media Reports, Press Releases, IRDA Journal Note 2 : In terms of APE among private sector players 21

22 BSLI: FINANCIAL HIGHLIGHTS 5,885 1,926 To t al Premium I ncome ( Crore) New business 5,216 1,837 4,833 1,697 Renewal 5,233 5,580 1,938 2,220 21,110 G R O W T H I N A U M ( Crore) Equity AUM 22,929 24,775 55% 59% 58% Debt & Liquid 30,185 30,811 62% 71% Revenue & PAT ( Crore) Revenue 4702 PAT ,708 3,959 3,380 3,136 3,295 3,359 45% 41% 42% 38% 29% F Y 1 2 F Y 1 3 F Y 1 4 F Y 1 5 F Y 1 6 F Y 1 2 F Y 1 3 F Y 1 4 F Y 1 5 F Y 1 6 FY12 FY13 FY14 FY15 FY16 Surplus funds distributed through Dividend & Buyback ( Crore) Embedded Value ( Crore) % VNB Margin % 16.6% 16.2% 14.1% 99 FY12 FY13 FY14 FY12 FY13 FY14 FY15 FY12 FY13 FY14 FY15 22

23 BIRLA SUN LIFE ASSET MANAGEMENT (BSLAMC) Established in 1994, Birla Sun Life Asset Management Company Limited (BSLAMC) is a joint venture between Nuvo and Sun Life Financial Inc, It offers a range of investment options, including diversified and sector specific equity schemes, fund of fund schemes, hybrid and monthly income funds, a wide range of debt and treasury products and offshore funds. With monthly SIP book size of ` 282 Crore (59% yoy) and live SIP market share of 9.69% (82 bps yoy), BSLAMC is consistently gaining market share with a strong focus on scaling up retail and higher margin assets. 4 th Largest AMC In India AAUM of $23.5 billion (as on Mar 16) 109 branches & over IFAs #4 in Equity AAUM Asset Management House of the year award by Money Today FPCIL 2015 Growth in AAUM Equity Fixed Income Offshore & Alternate assets CAGR 18% 152, ,470 15,924 13,718 67, ,612 93,871 3,864 52,383 25,881 31,891 11,313 Rising market share Domestic Market Share Equity Market Share 10.09% 10.10% 9.09% 7.61% 7.11% 5.50% Revenue & PAT ( Crore) Revenue PAT Q4FY11 Q4FY15 Q4FY16 Q4FY11 Q4FY15 Q4FY16 FY12 FY13 FY14 FY15 FY16 23

24 INSURANCE ADVISORY, PRIVATE EQUITY, HEALTH INSURANCE Entered into a JV agreement with MMI Holdings Ltd. (a leading South African insurancebased financial services group) in Jun 15 to foray in health insurance business in India. ABIBL Market share 1.68% Health Insurance MMI holdings Ltd. has received an in principle approval from FIPB Regulatory Approval from IRDAI is awaited Health Insurance Co. Ltd., currently a 100% Subsidiary of ABFS, is proposed to be a 51:49 joint venture with MMI Holdings Ltd. 0.50% 0.93% 1.16% 1.33% Insurance Brokers (ABIBL) (General insurance advisory) Launch of services likely in H2 FY17, subject to regulatory approvals Leading General Insurance advisory Player In FY16, ABIBL s premium placement increased yoy by 43% to 1,624 Cr. while industry premium grew by 14% Consistently outperforming industry and gaining market share FY12 FY13 FY14 FY15 FY16 Crore ABIBL Revenue Earning Before Tax Capital Advisors (ABCAP) PE Funds under management (net) at 1,037 Cr. Both Fund 1 & Sunrise fund have invested their net deployable corpus as on 31 st Mar16. Planning to launch 3 rd fund soon. Net Profit Crore ABCAP Revenue Earning Before Tax 6 6 Net Profit

25 ADITYA BIRLA MONEY The Broking, Wealth management and Online Money Management businesses serves over 2.3 million customers through more than 675 branches Broking Money (ABML) ABML is a broking and distribution player, offering Equity and Derivative trading through NSE and BSE and Currency Derivative on MCXSX. It is registered as a Depository Participant with both NSDL and CDSL and also provides commodity trading on MCX and NCDEX through its subsidiary. ABMM is a wealth management and distribution player, offering third party products like company deposits, mutual funds, insurance, Crore ABML Wealth Management Money Mart (ABMM) Online Money Management Money MyUniverse structured products, alternate investments, property services and has a premier wealth management service arm to cater to HNI customers. Avg. Assets under Advisory at 7,814 Cr. (Q4 FY16) Equity assets under advisory at 2,185 Cr (20% yoy) MyUniverse is India s #1 online personal finance management platform enjoying trust of over 2.6 million registered users who are managing more than 20,000 Cr. through MyUniverse IFC has become strategic financial investor in My Universe MyUniverse is the 7 th largest SIP distributor by numbers in India Revenue Earning Before Tax 6 4 Net Profit/(Loss) 6 3 Crore ABMM Revenue Earning Before Tax 6 (9) Net Profit/(Loss) 5 (9) 25

26 ABFS : FY PERFORMANCE Revenue at 9,192 Cr. (16% yoy) Revenue Company FY15 FY16 % Earnings before Tax at 1,110 Cr. (21% yoy) EBT Remarks on profitability FY15 FY16 % Crore 1,776 2,442 37% NBFC % Expansion of lending book (47% yoy) 5,267 5,708 8% Life Insurance % Lower inforce book & higher expense gap % Asset Management % Growth in AUM (14% yoy) % General Insurance Advisory % Higher premium placement (43% yoy) Broking % Lower volumes in retail equity cash & F&O % Wealth Management 6 (9) 127% Cap on upfront commission on MF sales % Private Equity 6 6 (18) (20) Others / Elimination (7) (4) 7,920 9,192 16% Established businesses 915 1,110 21% New Businesses (67) (115) Housing Finance, MyUniverse & Health Insurance are in the investment phase 7,926 9,299 17% Total % 26

27 IDEA CELLULAR (TELECOM) The fastest growing Indian Telco # 6 mobile Operator in the World with 184 million active subscribers Industry Growth Drivers: # 3 mobile Operator in India with 18.9% RMS 4 Strong Balance sheet Net Debt to EBITDA : 3.25x (Standalone as on 31st Mar 16) Voice: Indian Active subscriber penetration (measured on VLR) at 71.7% (~907 million subscribers) (1) Low rural subscriber penetration of 49.5% (432Mn) (1). In FY15 ~65% of new subscribers came from rural areas Pan India Pure Play Wireless Operator (Voice + Data) (2G+3G*+4G**) Mobile Data : The Next Opportunity 300 mn Wireless Internet Users Data: Wireless Internet penetration at 30.6% (300Mn) (2) of Total Mobile Subscribers. Another 580Mn+ users yet to adopt Digital Services. Nascent 9.5% (2) penetration of mobile broadband subscribers (93Mn subscribers) 580 mn Users yet to adopt digital services 93 mn Mobile Broadband Users 9.5% of wireless subs About business & Competitive Edge Strong 72.7% yoy mobile data traffic growth (FY16 over FY15) Incremental RMS 59% 3 over last year Highest RMS improvement in the industry at 4.1% over last 3 years 5 Idea has grown more than 2 times faster than industry over last 3 years 6 with CAGR 17.9%. (Industry CAGR 8.5%) Idea holds 16% stake in one of the world s largest tower company Indus Towers With 3G & 4G spectrum covering 87% of its revenue, Idea is competitively well placed to capture the data opportunity Capex guidance for FY16 (excl. spectrum payouts) stands at ` 6570 billion on account of accelerated 4G rollout Annual cash profit generation of over ` 10,000 Cr. will support balance sheet and growth plans Consolidated Revenue ( Crore) CAGR 17% Source: (1) As of Nov 30, 2015 based on TRAI report (2) As of June 2015, TRAI performance Indicator Report (3) Q3FY16 over Q3FY15 (4) TRAI revenue for Q3FY16 for UAS and mobile licenses only (5) Q3FY16 over Q3FY13 (6) Q2FY16 over Q2FY13 *3G in 21 service areas including 8 intracircle Roaming arrangements. **4G in 10 service areas FY 12 FY 13 FY 14 FY 15 FY16 27

28 IDEA : FINANCIALS HIGHLIGHTS Revenue Market Share (%) Incremental RMS 59% 18.9 Q3FY12 Q3FY13 Q3FY14 Q3FY15 Q3FY16 Robust growth in Subscribers & MOUs Robust growth in MOUs (billion minutes) Subscribers FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Improving Data ARPU Data ARPU(INR) ARMB(paisa) Usages per subs MB 641 MB 410 MB MB Q4FY13 Q4FY14 Q4FY15 Q4FY16 EBITDA Net Profit Cash Profit Standalone ( Crore) Balance Sheet (Figures in billion) ( billion) CAGR 29% CAGR 27% Net Worth Net Debt FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 Mar'12 Mar'13 Mar'14 Mar'15 Mar'16 28

29 DIVISIONS (JAYA SHREE, INDOGULF FERTILISERS, INDIAN RAYON & ADITYA BIRLA INSULATORS) Revenue (FY16) at 5,466 Cr. (1% yoy) EBITDA (FY16) at 764 Cr. (24% yoy) ROACE improved from 14% p.a. in FY14 to 16% p.a. in FY15 to 21% p.a. in FY16 Business Market Position Opportunity & Outlook Jaya Shree Agri India s #1 Linen player & leading manufacturer of wool tops & worsted yarn 8 th largest urea manufacturer and among the top 2 energy efficient urea plants in India 70% of linen yarn demand in India is met through imports 28% of urea demand in India was met through imports during FY15 Gas pooling policy to benefit the urea sector Strong ROACE% (FY16) 44% p.a. 11% p.a. Rayon Largest manufacturer & exporter of VFY in India Premium is driven by quality and value added yarns Indian market continues to favour fine & superfine denier yarn 30% p.a. Insulators India s largest & world s 4 th largest Long term antidumping duty (till Sep 2019) to benefit domestic manufacturers 22% p.a. 29

30 JAYA SHREE Opportunity : VFY has a niche market globally Premium is driven by quality and value added yarns India s #1 Linen player Drove journey of linen from a commodity to a lifestyle symbol in India & expanded its Market size Expansion Plans : Rising share of linen led by expansion contributing to profitable growth. Targeting to further expand Linen Yarn capacity from 3,400 TPA to 6,200 TPA to tap sector growth. Leading manufacturer of wool tops and worsted yarn in India Increasing popularity of Linen as a comfort & style fabric will drive growth of linen fabric demand at a CAGR of 10% in next five years. Currently ~70% of linen yarn demand is met through imports denoting expansion opportunity for domestic players Leadership Position: Linen Capacities : Yarn 3,400 TPA, Fabric 10.1 million metres p.a. Wool Capacities : Worsted Yarn 26,356 spindles, Wool Combing 8 Cards Focusing on retail expansion & brand promotion to fortify Linen Club fabric brand Retailing linen fabric through 131 EBOs and 4,000+ MBOs Operating at a sound ROACE of 44% p.a. (FY16) 50% 61% Revenue Mix LINEN WOOL 39% 50% 1,046 Revenue ( Crore) CAGR 9% 1, ,300 1, EBITDA ( Crore) CAGR 6% Capital Employed ( Cr.) ROACE (%) 97% 82% 57% 53% 44% FY 12 FY 13 FY 14 FY 15 FY 16 FY 12 FY 13 FY 14 FY 15 FY 16 FY 12 FY 13 FY 14 FY 15 FY 16 30

31 INDO GULF FERTILIZER (AGRIBUSINESS) 8th Largest urea manufacturer in India & Among the top 2 energy efficient urea plants in India Industry Scenario & Regulations : Stronger farmer connect & strategically located in the heartland of IndoGangetic plains A Complete Agrisolution provider with strong brand Birla Shaktiman Acute deficit of urea in India 28% of the urea demand in India was met through imports during Due to government policy for urea production beyond 100% quantity as permissible under Pricing mechanism, few urea manufacturers had to shutdown their plant during and IndoGulf had to take plant shutdown for 41 days in and for 35 days in , thereby, pulling down earnings from normalised level. Government s gas pooling policy aiming to improve plant efficiency & reduce subsidy outgo will benefit the urea sector Business Overview : A complete agrisolutions provider offering Fertilisers, Seeds and agrochemicals Strong brand Birla Shaktiman is preferred choice of farmers also offering value adding variety Neem coated Krishi Dev 1 st company to introduce the principles of Six Sigma in the agricultural fields Earnings : Revenue at 2,498 Cr. and EBITDA at 209 Cr. (41% yoy) during FY16. Highest Production achieved in FY16 led by gas pooling policy. Led by realisation of subsidy, capital employed reduced to 1,525 Cr. in Mar 16 and ROACE improved to 11% p.a. in FY16. 2,107 Revenue ( crore) 2,924 2,558 2,313 2, EBITDA ( crore) Capital Employed ( Cr.) ROACE (%) 26% 1,854 1,616 1,641 12% 984 7% 3% 1,525 11% FY12 FY13 FY14 FY15 FY16 FY11 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 31

32 INDIAN RAYON (VFY AND CHEMICALS) The Largest manufacturers and Exporter of VFY in India 43% VFY production share & 55% share in VFY exports in FY15 Integrated facilities with Caustic Soda & 34.5 MW captive power plant Opportunities: VFY has a niche market globally Premium is driven by quality & value added yarns. Indian market continues to favour fine & super fine denier yarn. Anti Dumping duty imposed on caustic soda imports from China & Korea for 5 years Business Overview: Expanded its presence in fine & superfine yarn segment using Spool Technology from Germany in Mar 13. Current VFY capacity at 19,800 TPA and caustic soda capacity at TPA Earnings : In FY15, VFY segment posted highest ever profitability led by expanded new superfine yarn capacity and enhanced product quality & range. In Chemicals Segment, maintenance shutdown in Caustic Soda plant & lower ECU realisation impacted earnings. Revenue at 928 Cr. & EBITDA at 266 Cr. (35% yoy) in FY16 led by higher volumes & improved realisation in both VFY & Caustic Segments ROACE improved to 30% p.a in FY16 20% FY16 Revenue Mix VFY Chemicals 680 Revenue ( crore) EBIDTA ( crore) Capital Employed ( Cr.) ROACE (%) 30% 26% 19% 24% 21% % FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 32

33 ADITYA BIRLA INSULATORS(ABI) #1 manufacturer of insulator in India. Industry Scenario : Business Overview: : ABI is the largest producer of insulators in India with a capacity of 45,260 TPA. Power Grid corporation of India & State Electricity Boards, ABB, Areva, Siemens etc. are amongst major customers Earnings: Exporting to over 58 countries worldwide. Recorded revenue of 581 cr. (6% YoY) in line with volume growth while EBITDA rose by 19% to 114 Cr. during FY16. ROACE improved to 22% p.a. in FY16 4th largest manufacturer of insulator globally. The power generation, transmission & distribution sector is the key growth driver for insulators industry. With mission of Power for all by 2019 & Make in India campaign, power sector is expected to witness encouraging medium to long term growth opportunities Cheaper Chinese imports had adversely impacted domestic players over past few years and the industry had appealed for antidumping duty. The Ministry of Finance, on 16th Sep 14, imposed an interim antidumping duty on imports of insulators from China and on 11th Apr 15, extended the duty till 15th Sep 19 to create a level playing field for the domestic manufacturers. Revenue ( Crore) EBITDA ( Crore) % Capital employed ( Cr.) ROACE (%) 22% 17% 15% 10% FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY FY12 FY13 FY14 FY15 FY16 33

34 NEW VENTURES Solar Power : had entered into a 51:49 JV with the Abraaj Group, will bid for the solar power projects, with an aim to build a large scale renewable energy Won a total of 60 MW Solar Power projects in three talukas of Karnataka in March platform focused on developing utilityscale solar power plants in India The JV brings together highly experienced management and operations teams with strong execution capabilities Industry Landscape: With Increasing demand for power and favourable regulatory policies to foster use of renewable energy, Renewable energy is set for explosive growth. India has a solar power installed capacity of 3.7GW as of Mar 15 & has an ambitious target of 100 GW by To promote renewable energy and energy security, cabinet has approved amendments in power tariff policy mandating 8% share of Solar energy in total electricity consumption (excl. hydro power) by March 2022 Payments Bank: RBI has given an inprinciple approval to for setting up a Payments Bank as promoter. The proposed Payments Bank incorporated as Idea Payments Bank Ltd. in a 51:49 Joint Venture (JV) between and Idea Cellular. The JV will apply to RBI for the final grant of license which will be subject to fulfilment of certain regulatory prerequisites. Gearing to launch consumer services by H2 of calendar year 2016, the JV will capitalise on Idea s nationwide reach of 2 million+ retail distribution channel across 383,000 towns & villages & s experience of successfully promoting & scaling up a number of consumer centric businesses The JV will promote range of services incl. opening of savings bank account, domestic remittances, merchant payments etc. & tying up with third parties for offering range of Credit, investment & Insurance products. In the long run the NEFT/IMPS and PPI business of Idea Cellular will be integrated with the proposed Payments Bank 34

35 SHAREHOLDING PATTERN & MARKET CAP Category No. of Shareholders As on 31 st March 2016 No. of Shares held (in million) Shareholding (%) Promoter & Promoter Group % Foreign Institutional Investors % Domestic Institutional Investors % NonInstitutional Investors 1,35, % Total 1,35, % Share Price ( ) ,654 14,196 9,336 9,244 10,723 11,727 Market Cap ( Cr.) Demerger of Fashion Business ,712 13,227 Institutions Shareholding % Life Insurance Corp. of India 4.7 Reliance Capital Asset Management Ltd. 3.3 HSBC Global Investment Funds 1.4 Franklin Templeton Asset Management (India) Pvt. Ltd. 1.1 UTI Asset Management Company Ltd 0.9 Tata Asset Management Limited 0.8 Mar'10 Mar'11 Mar'12 Mar'13 Mar'14 Mar'15 Mar'16 25th May'16 Trusted by 131,379 shareholders Over 98% of shares are in dematerialised form Face value of 10 per share For analysts coverage on visit : Stock Code: BSE : NSE : ABIRLANUVO Reuters : ABRL.BO / ABRL.NS Bloomberg : IN 35

36 CONSOLIDATED RESULTS SEGMENTAL (FY15 & FY16) Revenue Consolidated Results EBIT ( Crore) (PY) (CY) (PY) (CY) 7,926 5,267 2,666 (7) 7,467 5,405 1,435 2, (0) 20,798 5, (16) 26,516 9,299 5,708 3,598 (6) 8,361 5,466 1,459 2, (4) 23,129 23,129 Life Insurance Other * Elimination (Nuvo s Jaya Shree Agri Rayon Insulators Solar Intersegment Elimination Consolidated Results (From Continuing Operations) Fashion & Retail $ ITITeS^ InterSegmental Elimination Consolidated Results , , (16) 2, , ,101 3,101 * Other include Asset Management, NBFC, Housing Finance, Private Equity, Broking, Wealth Management, Online Money Management & General Insurance Broking businesses. Interest cost of NBFC business, being an operating expense as per AS 17, is deducted from Segment Idea is consolidated at ~25.3% till 10 th June 2014, at 23.63% till 23 rd July 2014 and at ~23.3% thereafter ^ ITITeS business was divested w.e.f 9 th May 2014 $ Madura Fashion & Lifestyle has been demerged into listed subsidiary Pantaloons Fashion & Retail Ltd. (PFRL). PFRL was renamed as ABFRL. ABFRL has ceased to be a subsidiary of w.e.f. 1 st April

37 CONSOLIDATED RESULTS (LiketoLike) Revenue EBITDA Net Profit Q4 5,673 ( ` Crore) 13% 6,425 ( ` Crore) 1,781 1,378 29% ( ` Crore) % FY15 LiketoLike 1 FY16 Reported FY15 LiketoLike 1 FY16 Reported FY15 LiketoLike 1 FY16 Reported 20,798 23,129 6,535 Full Year 11% 5,272 24% 1,447 1, % FY15 LiketoLike 1 FY16 Reported FY15 LiketoLike 1 FY16 Reported FY15 LiketoLike 1 FY16 Reported Note 1: Pursuant to demerger of Madura Fashion & Lifestyle into Pantaloons Fashion & Retail Ltd. (PFRL), Madura & Pantaloons businesses ceased to be division and subsidiary of, hence excluded from consolidated financials w.e.f. 1 st April ITITeS subsidiary was divested w.e.f. 9 th May To make the performance comparable, liketolike financials for the previous year are exhibited excluding Madura, Pantaloons and ITITeS businesses. Note 2: Net profit for the year ended 31 st Mar 16 includes exceptional gain of ` 357 Cr. pertaining to cessation of PFRL as subsidiary of. 37

38 STANDALONE RESULTS (LiketoLike) Revenue EBITDA Net Profit ( ` Crore) ( ` Crore) ( ` Crore) Q4 1,134 5% 1, % % 62 FY15 LiketoLike 1 FY16 Reported FY15 LiketoLike 1 FY16 Reported FY15 LiketoLike 1 FY16 Reported Full Year 5,405 5,466 1% % % FY15 LiketoLike 1 FY16 Reported FY15 LiketoLike 1 FY16 Reported FY15 LiketoLike 1 FY16 Reported Note 1 : Pursuant to demerger of Madura Fashion & Lifestyle into Pantaloons Fashion & Retail Ltd.(PFRL), Madura business ceased to be a division of w.e.f. 1st April 2015 and hence excluded from s previous year financials to make the performance comparable. 38

39 PROFIT & LOSS (FY15 and FY16) ( Crore) Standalone Profit & Loss Account Consolidated (PY) 8,938 1, (CY) (PY) (CY) 5,466 Revenue 26,516 23, EBITDA 5,798 6,535 Less : NBFC Interest Expenses 1,105 1, Less : Other Interest Expenses EBDT 4,041 4, Less : Depreciation Earnings Before Tax(Before exceptional items) 1,703 2,338 1,727 2, Exceptional Gain / (Loss) (13) Earnings Before Tax 2,325 2, Less : Provision for Taxation (Net) Less : Minority Interest Oneoff items: Net Profit Pursuant to demerger of Madura Fashion & Lifestyle into Pantaloons Fashion & Retail Ltd.(PFRL), Madura & Pantaloons businesses ceased to be division & subsidiary of w.e.f. 1 st April 2015 & hence excluded from s consolidated financials. Previous year financials are not comparable to that extent. In FY15, exceptional loss of ` 13 Cr. pertains to divestment of Minacs. This loss is without considering deferred consideration of ~` 42 Cr. receivable over next 3 years. In FY16, exceptional gain includes (a) ` 357 Cr. w.r.t. cessation of PFRL as subsidiary pursuant to demerger of Madura, (b) ` 50 Cr. received for facilitation of development of distribution network for financial services business & (c) ` 6.4 Cr. received as deferred consideration w.r.t. divestment of Minacs. 1,416 1,886 39

40 BALANCE SHEET ( Crore) Standalone Balance Sheet Consolidated Mar 14 Mar 15 8,108 8,519 Mar 16 8,559 Net Worth Mar 14 Mar 15 11,189 12,871 Mar 16 14,535 3, ,949 3, ,314 3, ,637 Minority Interest Debt NBFC Borrowings(Incl. Housing finance) Differed Tax Liabilities (Net) Capital Employed ,893 9, , ,299 14, , ,570 22, ,665 Policy holder s Funds(Incl. funds for future appropriation) 23,557 28,839 29,375 11,949 1, ,314 1, ,637 1,589 Total Liabilities Net Block (Incl. Capital Advances) Goodwill 56,569 13,045 4,982 68,981 12,342 3,973 82,039 19,052 2,209 1,574 1,635 1,464 NBFC Lending (Incl. Housing finance) Net Working Capital 11, , , , , , Long Term Investments Life Insurance Investments Policyholder s Investments Shareholder s Investments Cash Surplus & Current Investments Book Values ( ) Net Debt / Annualised EBITDA (x) Net Debt / Equity (x) ,764 23,435 1,329 1, ,147 28,595 1,552 4, ,727 29,022 1,705 1,749 1, Note : Pursuant to demerger of Madura Fashion & Lifestyle into Pantaloons Fashion & Retail Ltd. (PFRL), PFRL ceased to a subsidiary of, hence excluded from consolidated financials w.e.f. 1st April

41 TRANSACTION STRUCTURE Pre Demerger Post De merger & allotment of shares by ABFRL (As on 27 th Jan 2016) Public % 42.8% 57.2% 50.4% ABFRL % # 100% # MGLRCL 2 Madura Lifestyle 72.6% # PFRL 27.4% 42.8% 40.5% Public Madura Lifestyle # Including indirect holding TRANSACTION STEPS Mirror Demerger of Madura Fashion division into PFRL 1 2 Mirror Demerger of Madura Lifestyle division into PFRL 3 Scheme becomes effective and PFRL renamed as ABFRL 4 ABFRL ceased to be subsidiary of SWAP RATIO 26 equity shares of PFRL for every 5 equity shares of 7 equity shares of PFRL for every 500 equity shares of MGLRCL 1 equity share of PFRL for all o/s preference shares of MGLRCL A shareholder holding 10 shares in predemerger, will now hold 10 shares in & 52 shares in ABFRL 41

42 DISCLAIMER Certain statements made in this presentation may not be based on historical information or facts and may be forward looking statements including, but not limited to, those relating to general business plans & strategy of Nuvo Limited (""), its future outlook & growth prospects, future developments in its businesses, its competitive & regulatory environment and management's current views & assumptions which may not remain constant due to risks and uncertainties. Actual results may differ materially from these forwardlooking statements due to a number of factors, including future changes or developments in 's business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the countries in which conducts business. Important factors that could make a difference to s operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in s principal markets, changes in Government regulations, tax regimes, competitors actions, economic developments within India and the countries within which conducts business and other factors such as litigation and labour negotiations. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of 's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of., as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. assumes no responsibility to publicly amend, modify or revise any forward looking statements on the basis of any subsequent developments, information or events or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner. INFORMATION PRESENTED HERE IS NOT AN OFFER FOR SALE OF ANY EQUITY SHARES OR ANY OTHER SECURITY OF This presentation is not for publication or distribution, directly or indirectly, in or into the United States, Canada or Japan. These materials are not an offer of securities for sale in or into the United States, Canada or Japan. Copyright 2016 Nuvo Ltd. 42

43 Contact Us Nuvo Limited Corporate Identity Number L17199GJ1956PLC Regd. Office: Indian Rayon Compound, Veraval (Gujarat) Corporate Office: 4th Floor A Wing, Center, S.K. Ahire Marg, Worli, Mumbai Website: or nuvoinvestors@adityabirla.com Investor Relations Contact Romi Talwar Corporate Finance & Investor Relations Nuvo Ltd. Address : Centre AWing 4 th Floor S. K. Ahire Marg Worli Mumbai Phone : romi.talwar@adityabirla.com 43