APL APOLLO TUBES LTD.

APL APOLLO TUBES LTD. Q4 & Earnings Presentatin Infrastructure Cnstructin Autmbiles Energy Agriculture May 25, 2018

Safe Harbur Except fr the histrical infrmatin cntained herein, statements in this presentatin and the subsequent discussins, which include wrds r phrases such as "will", "aim", "will likely result", "wuld", "believe", "may", "expect", "will cntinue", "anticipate", "estimate", "intend", "plan", "cntemplate", seek t", "future", "bjective", "gal", "likely", "prject", "shuld", "ptential", "will pursue", and similar expressins f such expressins may cnstitute "frward-lking statements. These frward lking statements invlve a number f risks, uncertainties and ther factrs that culd cause actual results t differ materially frm thse suggested by the frward-lking statements. These risks and uncertainties include, but are nt limited t ur ability t successfully implement ur strategy, ur grwth and expansin plans, btain regulatry apprvals, ur prvisining plicies, technlgical changes, investment and business incme, cash flw prjectins, ur expsure t market risks as well as ther risks. The Cmpany des nt undertake any bligatin t update frward-lking statements t reflect events r circumstances after the date theref. 2

Operatinal & Financial Highlights Q4 & FY2018 Infrastructure Cnstructin Autmbiles Energy Agriculture

Q4 Perfrmance Highlights Sales Vlume* (Lakh Tn) Net Revenues (Rs. Crre) EBITDA 1 (Rs. Crre) PAT (Rs. Crre) Grwth: 28% Grwth: 40% Grwth: 20% Grwth: (11%) 2.34 3.01 1,082 1,519 86 103 50 45 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Margins as a % f Incme 7.9% 6.8% 4.6% 2.9% Sales vlume std strng at 3.01 lakh tns, registering a rbust grwth f 28% Y--Y The quarter n the whle saw a strng uptick in the demand envirnment further supprted by healthy sales vlume frm Exprts and OEM segment EBITDA per tn during Q4 std at Rs. 3,411 as against Rs. 3,659 in the crrespnding perid last year Nte: *Excluding Trading & Scrap (1) EBITDA withut ther incme Given the Cmpany s fcus n vlume grwth, the EBITDA per tn was within a healthy range 4

Perfrmance Highlights Sales Vlume* (Lakh Tn) Net Revenues (Rs. Crre) EBITDA 1 (Rs. Crre) PAT (Rs. Crre) Grwth: 21% 9.32 11.30 Grwth: 36% Grwth: 11% Grwth: 5% 5,335 371 3,924 333 152 160 Margins as a % f Incme 8.5% 7.0% 3.9% 3.0% The Cmpany reprted healthy sales vlumes perfrmance f 11.30 lakh tns in despite challenging cnditins in the macr-perating envirnment witnessed in the first half EBITDA during grew by 11% Nte: *Excluding Trading & Scrap (1) EBITDA withut ther incme 5

Key Develpments Cmmissined 6 Direct Frming Technlgy (DFT) lines in The Cmpany peratinalized 6 DFT lines acrss its facilities f Raipur, Hsur and Murbad during the year DFT prducts are witnessing a successful run acrss market segments, especially in the OEMs and Exprts markets The Cmpany will be cmmissining anther 2 lines acrss existing facilities f Sikandarabad and Hsur in the first half f FY19 With the peratinalizatin f all 8 DFT lines, the Cmpany is aiming at a ttal installed capacity f 2 millin MTPA Enhanced brand develpment activities t expand visibility and enable a strnger brand recall fr APL Apll Outlined a tw prnged apprach t imprve the visibility and strength f APL Apll brand, which includes, Increase Tp-f-Mind-Awareness acrss B2B/B2C Custmers via different frmats such as Print, Electrnic, Scial, Outdr, etc Strng fcus twards arranging and hsting dealer & distributr engagement activities like Architect Meets, Exhibitins, Fabricatrs meets, Van activities, Chai pe Charcha t cntinue 6

Key Develpments Deplying cst ratinalizatin strategy acrss business mdel APL Apll is the lwest cst prducer in the cuntry, with an aim t becme ne f the lwest cst prducer acrss the glbe The Cmpany has taken several business initiatives t ptimize the cst structure Clse-t-demand distributin-dealer-retail netwrk reduces transprtatin csts Increased usage f renewable (slar + wind) energy t help reduce electricity and maintenance csts Strng fcus twards cst-effective prduct prfile 7

Abridged P&L Statement Particulars (Rs. crre) Q4 Q4 Y--Y Shift Y--Y Shift Incme frm Operatins Net Sales 1,519.4 1,082.2 40% 5,334.8 3,923.9 36% Ttal Incme Frm Operatins (Net) 1,519.4 1,082.2 40% 5,334.8 3,923.9 36% Ttal Expenditure Raw Material expenses 1,329.1 914.2 45% 4,548.3 3,232.4 41% Emplyee benefits expense 23.4 17.6 33% 86.2 75.3 14% Other expenses 64.3 64.7-1% 329.2 283.2 16% EBITDA 102.6 85.7 20% 371.1 333.0 11% EBITDA margin (%) 6.8% 7.9% -117 bps 7.0% 8.5% -153 bps Other Incme 1.9 (0.8) -338% 8.0 6.0 33% Finance Csts 22.6 15.5 46% 81.3 72.0 13% Depreciatin and Amrtizatin 14.9 13.1 14% 53.4 50.9 5% PBT 67.0 56.3 19% 244.4 216.1 13% Tax expense 22.4 6.4 250% 84.4 64.0 32% PAT 44.6 49.9-11% 160.0 152.1 5% PAT margin (%) 2.9% 4.6% -168 bps 3.0% 3.9% -88 bps 8

Key Financial & Operatinal Parameters Particulars Q4 Q4 Y--Y Shift (bps) EBITDA Margin 6.8% 7.9% -117 7.0% 8.5% -153 Prfit Befre Tax 4.4% 5.2% -80 4.6% 5.5% -93 Net Margin 2.9% 4.6% -168 3.0% 3.9% -88 Ttal Expenditure / Ttal Operating Incme 93.2% 92.1% 117 93.0% 91.5% 153 Raw Material Cst / Ttal Operating Incme 87.5% 84.5% 300 85.3% 82.4% 288 Staff Cst / Ttal Operating Incme 1.5% 1.6% -9 1.6% 1.9% -30 Other Expenditure / Ttal Operating Incme 4.2% 6.0% -175 6.2% 7.2% -105 Interest & Finance Charges / Sales 1.5% 1.4% 6 1.5% 1.8% -31 Tax Rate 33.4% 11.4% 2207 34.5% 29.6% 492 EBITDA/ TON (Rs. ) 3,410.6 3,658.8-7% 3,283.2 3,574.7-8% Y--Y Shift (bps) Nte: (1) EBITDA withut ther incme 9

Cnslidated Balance Sheet ASSETS CONSOLIDATED CONSOLIDATED Particulars (Rs. Crre) As at 31st March As at 31st March 2018 2017 ASSETS Nn-current assets Prperty plant and equipment 848.7 630.8 Capital wrk-in-prgress 46.0 122.4 Investment prperty 10.9 12.3 Gdwill 23.0 23.0 Other Intangible assets 3.2 3.7 Investment in subsidiaries - - Financial assets (i) Investments 1.1 0.4 (ii) Lans - 0.4 (iii) Other financial assets 20.0 18.5 Nn-current tax assets (net) - 0.2 Other nn-current assets 89.9 114.9 Ttal nn-current assets 1,042.8 926.8 Current assets Inventries 591.5 469.6 Financial assets: (i) Trade receivables 432.1 294.9 (ii) Cash and cash equivalents 6.6 1.4 (iii) Bank balances ther than (ii) abve 0.2 0.2 (iv) Lans 1.2 0.8 (v) Other financial assets 22.8 19.2 Other current assets 84.1 131.8 Ttal Current assets 1,138.4 917.8 TOTAL - ASSETS 2,181.2 1,844.6 EQUITY AND LIABILITIES CONSOLIDATED CONSOLIDATED Particulars (Rs. Crre) As at 31st March As at 31st March 2018 2017 EQUITY AND LIABILITIES Equity (i) Equity share capital 23.7 23.6 (ii) Other equity 813.2 679.8 Ttal Equity 837.0 703.4 Nn-current liabilities Financial liabilities: (i) Brrwings 78.2 104.9 (ii) Other financial liabilities 0.6 0.5 Prvisins 7.8 7.2 Deferred tax liabilities (net) 100.3 81.3 Other nn current liabilities 29.0 4.0 Ttal Nn-current liabilities 215.9 197.9 Current liabilities Financial liabilities: (i) Brrwings 595.2 464.0 (ii) Trade payables 379.3 392.0 (iii) Other financial liabilities 124.7 49.1 Other current liabilities 12.5 29.6 Prvisins 0.3 0.2 Current tax liabilities (net) 16.4 8.4 Ttal Current liabilities 1,128.3 943.3 TOTAL EQUITY AND LIABILITIES 2,181.2 1,844.6 10

Key Financial & Operatinal Parameters Sales Vlume Break-up Particulars (Tns) Q4 Q4 Y--Y Shift Y--Y Shift Hllw Sectins 164,089 121,710 35% 613,667 474,851 29% Black Rund Pipes 47,420 36,317 31% 164,100 150,760 9% Pre-Galvanized Tubes (GP) 62,594 47,569 32% 241,188 188,534 28% Galvanized Tubes (GI) 26,727 28,718-7% 111,350 117,390-5% Finished prducts 300,830 234,314 28% 1,130,305 931,535 21% Others* 13,983 12,198 15% 54,263 47,406 14% Ttal 314,813 246,512 28% 1,184,568 978,941 21% Sales Vlume (excluding Trading & Scrap) Break-up Galvanized Tubes (GI) 10% Pre- Galvanized Tubes (GP) 21% Black Rund Pipes 15% Hllw Sectins 54% 5.30 Sales Vlume (Lakh Tns) (excluding Trading & Scrap) 11.30 8.94 9.32 6.57 2.34 2.65 2.83 2.81 3.01 Sales Vlume (excluding Trading & Scrap) std at 1,130,305 tns cmpared t 931,535, up 21% Y--Y Upgradatin and mdernizatin f GI facilities impacted GI vlumes. Cmpany expects t reprt stabilized GI vlumes, ging frward Higher fcus twards value-added prducts, Exprts, OEM and new markets enhanced verall vlume grwth Nte: *Trading & Scrap FY2014 FY2015 FY2016 FY2017 FY2018 Q4 Q1 Q2 Q3 Q4 The perid witnessed healthy sales vlume grwth in GP and hllw sectins 11

Key Financial & Operatinal Parameters Realizatins (after adjusting inter-cmpany) Particulars ( Rs. / Tn) Q4 Q4 Y--Y Shift Y--Y Shift Hllw Sectins 46,416 42,178 10% 42,987 37,846 14% Black Rund Pipes 45,390 41,501 9% 42,200 37,081 14% Pre-Galvanized Tubes (GP) 55,044 50,833 8% 51,539 46,291 11% Galvanized Tubes (GI) 55,800 51,057 9% 51,786 45,941 13% Others* 26,631 24,294 10% 24,084 21,044 14% Prduct-wise Revenue (excluding Trading & Scrap) Break-up Galvanized Tubes (GI) 11% Prduct-wise Revenue Break-up Particulars ( Rs. crre) Q4 Q4 Y--Y Shift Y--Y Shift Hllw Sectins 761.6 513.3 48% 2,638.0 1,797.1 47% Black Rund Pipes 215.2 150.7 43% 692.5 559.0 24% Pre-Galvanized Tubes (GP) 344.5 241.8 42% 1,243.1 872.7 42% Galvanized Tubes (GI) 149.1 146.6 2% 576.6 539.3 7% Others* 37.2 29.6 26% 130.7 99.8 31% Ttal 1,507.8 1,082.1 39% 5,280.9 3,868.0 37% Pre- Galvanized Tubes (GP) 24% Black Rund Pipes 13% Hllw Sectins 51% Nte: *Trading & Scrap 12

Financial Overview and Discussin (YY) Ttal Net Revenues during std at Rs. 5,334.8 crre, registering a rbust grwth f 36% Y--Y; Q4 Net Revenues higher by 40% t Rs. 1,519.4 crre Despite a challenging macr-envirnment, the Cmpany registered healthy grwth in sales vlume during Q4 & Healthy pick-up in the dmestic cnsumptin trend, especially in the latter half f the year alng with strng cntributin frm OEMs & Exprts and presence in newer markets, supprted the vlume perfrmance during the perid under review The perid saw increased realizatins acrss prduct categries led by higher steel prices as a plicy any change in steel prices is directly passed nt the custmers by the Cmpany EBITDA during at Rs. 371.1 crre; Q4 EBITDA 1 higher by 20% Y--Y at Rs. 102.6 crre EBITDA per tn during Q4 std at Rs. 3,411 as against Rs. 3,659 in the crrespnding perid last year. Given the Cmpany s fcus n vlume grwth, the EBITDA per tn was within a healthy range EBITDA fr the previus year was restated accrding t the new accunting standards f IndAS. Hence, the YY cmparisn in Q4 & reflects the ne-time adjustment in the crrespnding perid last year, which was related t IndAS migratin The Cmpany s fcus n imprving peratinal efficiencies and cst ratinalizatin remains n track Depreciatin std at Rs. 53.4 crre in, higher by 5% Y--Y; Depreciatin csts increased by 14% t Rs. 14.9 crre in Q4 Higher depreciatin due t cmmissining f new capacities during the year. Ging frward, as additinal capacities g nstream, the Cmpany anticipates a marginal increase in depreciatin in the cming quarters Nte: (1) EBITDA withut ther incme 13

Financial Overview and Discussin (YY) Interest cst higher by 13% YY t Rs. 81.3 crre in ; in Q4, Interest cst higher by 46% YY t Rs. 22.6 crre Given the grwing tractin in the exprt segment and sft raw material prices in the verseas markets, the Cmpany cnsciusly decided t imprt greater prprtin f raw-materials This, in turn led t temprary build-up in inventries resulting in increased interest utg Interest Cst as a % f Sales (Interest Cst/Sales) reduced t 1.5% in as against 1.8% in PBT during registered a grwth f 13% YY t Rs. 244.4 crre; In Q4, PBT std at Rs. Rs. 67.0 crre as against Rs. 56.3 crre in Q4, higher by 19% YY Tax expenses in std at Rs. 84.4 crre, higher by 32% YY; In Q4, tax expense was higher at Rs. 22.4 crre as against Rs. 6.4 crre in Q4 In, incme tax was lwer as the Cmpany received an investment allwance benefit under incme tax. Hwever, this has been nrmalized nw and ur effective tax rate in stands nw at 33.4% as against 11.4% in PAT during registered a grwth f 5% YY t Rs. 160.0 crre; In Q4, PAT std at Rs. Rs. 44.6 crre as against Rs. 49.9 crre in Q4 14

Management s Message Cmmenting n the Cmpany s perfrmance fr Q4 & FY2018, Mr. Sanjay Gupta, Chairman, APL Apll said, We have ended the fiscal n a healthy nte despite challenging macr cnditins. In FY2018, ur sales vlume grew by 21%, while in Q4, it marked a significant grwth f 28%, led by a strng uptick in demand. The grwth was als driven by increasing cntributin frm Hllw sectins led by cmmissining f new DFT lines during the year. We have made significant prgress twards mst f ur strategic and perating bjectives. We cmmissined 6 DFT lines this year acrss existing facilities f Raipur, Hsur, and Murbad. These technlgically-advanced and highly-custmizable prducts cntinue t enjy a strng respnse acrss multiple target sectrs such as Building Material, Cnstructin & Infrastructure, Slar, Autmbile, Telecm t name a few. We believe, this alng with the new brand launches in fcused markets will help us expand ur presence and prduct fferings acrss ur value-added business segments. Whilst the macr envirnment remains bradly stable, we have made a prmising start t the new fiscal by registering rbust vlumes in the mnths f April & May. We remain fcused twards further increasing this mmentum and are cnfident f delivering targeted vlume grwth in FY19. Fllwing ur branding, cst ptimizatin and ther strategic effrts, we believe, we are well psitined t benefit frm the recvery in macrs and lk frward t healthy prgress, bth in the near and lnger term. 15

Annexure Infrastructure Cnstructin Autmbiles Energy Agriculture

Cnference Call Details APL Apll Tubes Limited (APL Apll) Q4 & Earnings Cnference Call Time 4.00 pm IST n Tuesday, May 29, 2018 Lcal dial-in numbers +91 22 6280 1141 +91 22 7115 8042 Internatinal Tll Free Number Hng Kng: 800 964 448 Singapre: 800 101 2045 UK: 0 808 101 1573 USA: 1 866 746 2133 17

Abut Us APL Apll Tubes Limited (APL Apll) [BSE: 533758, NSE: APLAPOLLO] is ne f India s leading branded steel prducts manufacturers. Headquartered at Delhi NCR, the Cmpany perates six manufacturing facilities with a ttal capacity f 1.8 Millin MTPA. It has a PAN-Indian presence with units strategically lcated in Sikandarabad (3 units), Bangalre, Hsur and Murbad. APL Apll s multi-prduct fferings include ver 500 varieties f MS Black pipes, Galvanized Tubes, Pre-Galvanized Tubes, Structural ERW Steel tubes and Hllw Sectins. With state-f-the-art-manufacturing facilities, APL Apll serves as a ne-stp shp fr a wide spectrum f steel prducts, catering t an array f industry applicatins such as urban infrastructures, husing, irrigatin, slar plants, greenhuses and engineering. The Cmpany s vast 3-tier distributin netwrk f ver 600 dealers is spread all acrss India, with warehuses cum- branch ffices in ver 20 cities Fr further infrmatin, please cntact: Deepak Gyal APL Apll Tube Ltd Tel: +91 120 404 1400 Email: deepakgyal@aplapll.cm Anp Pjari / Shikha Kshirsagar CDR India Tel: +91 22 6645 1211/ 6645 1243 Email: anp@cdr-india.cm shikha@cdr-india.cm 18

Infrastructure Cnstructin Autmbiles Energy Agriculture Thank Yu