APL APOLLO TUBES LTD.

APL APOLLO TUBES LTD. Q2 & H1 FY18 Earnings Presentatin Infrastructure Cnstructin Autmbiles Energy Agriculture December 11, 2017

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 Q2 & H1 FY2018 Infrastructure Cnstructin Autmbiles Energy Agriculture

Q2 FY18 Perfrmance Highlights Sales Vlume* (Lakh Tn) Net Incme (Rs. Crre) EBITDA 1 (Rs. Crre) PAT (Rs. Crre) Grwth: 20% 2.35 2.83 Grwth: 46% Grwth: 27% Grwth: 39% 1,345 101 922 79 29 41 Q2 FY17 Q2 FY18 Q2 FY17 Q2 FY18 Q2 FY17 Q2 FY18 Q2 FY17 Q2 FY18 Margins as a % f Incme 8.6% 7.5% 3.2% 3.0% Sales vlume std at 2.83 lakh tns, registering a rbust grwth f 20% Y--Y Healthy demand supprted by new client wins in the OEM segment and higher cntributin frm value-added prducts The Cmpany delivered steady EBITDA per tn during the quarter leading t imprved prfitability n higher vlumes Nte: *Excluding Trading & Scrap (1) EBITDA withut ther incme 4

H1 FY18 Perfrmance Highlights Sales Vlume* (Lakh Tn) Net Incme (Rs. Crre) EBITDA 1 (Rs. Crre) PAT (Rs. Crre) Grwth: 15% 4.75 5.48 Grwth: 32% Grwth: 4% Grwth: 9% 2,501 1,898 173 180 73 80 H1 FY17 H1 FY18 H1 FY17 H1 FY18 H1 FY17 H1 FY18 H1 FY17 H1 FY18 Margins as a % f Incme 9.1% 7.2% 3.9% 3.2% Despite a subdued demand envirnment, the Cmpany reprted a healthy increase in sales vlumes f 15% Y--Y t 5.48 lakh tns in H1 FY18 Sustained increase in steel prices mderated demand in the mnth f September. Ging frward, stable steel prices alng with an uptick in demand shuld enable the Cmpany t reprt strnger vlume grwth in the secnd half as cmpared t H1FY18 Nte: *Excluding Trading & Scrap (1) EBITDA withut ther incme 5

Key Develpments Tw additinal Direct Frming Technlgy (DFT) lines cmmissined rll-ut f all DFT lines by Q4 FY18 New DFT lines peratinalized at the Cmpany s Hsur and Raipur plants ttal f 4 DFT lines established till date Superir-quality DFT prducts have been well-received acrss market segments the Cmpany is targeting new OEM custmers in sectrs like Infrastructure, Cnstructin, Slar, Autmbiles, Crane manufacturers, Agriculture amngst thers The Cmpany will be cmmissining anther 4 lines acrss existing facilities f Murbad, Sikandarabad and Hsur by Q4 FY18 taking the ttal installed capacity t 2 millin MTPA Imprving reach by strengthening warehuse netwrk added tw new warehuses taking the ttal number t 28 Enhancing lcal market presence t deepen engagements with distributrs and retailers Part f lng-term strategy t establish a strng distributin netwrk which act as Retail Hubs in multiple states these clset demand distributin netwrk increases speed-t-market and verall custmer service levels 6

Key Develpments Unlcking demand ptential acrss OEMs registered higher sales vlume cntributin frm this key vertical during the quarter With imprving brand visibility, fcus cntinues t be n imprving share frm the OEMs divisin During the quarter, the OEMs segment reprted a grwth f 107% Intrductin f high-quality prducts and new brand launches will further add value t the key segments f OEMs and Exprts Cntinuus fcus twards brand building initiatives sft launched a new brand fr DFT prducts in key markets During the quarter, the Cmpany sft launched its Apll Fabritech brand initial custmer respnse t brand is psitive Apll Fabritech - hllw sectins made with the latest DFT technlgy results in custmized sizes, great cst savings, faster deliveries and mre precise finishes Recent brand launch Apll Castguard has been very well-received by custmers acrss targeted castal and hilly gegraphies Branding identified as a key grwth driver in the cming years APL Apll ne f the few players in the industry t have develped a brand recall. Fcus n further enhancing brand recall acrss industries and regins 7

Abridged P&L Statement Particulars (Rs. crre) Q2 FY18 Q2 FY17 Incme frm Operatins Y--Y H1 FY18 H1 FY17 Net Manufacturing Sales 1,310.2 894.6 46% 2,464.0 1,853.1 33% Trading Sales 35.2 25.4 38% 37.0 45.0-18% Ttal Incme Frm Operatins (Net) 1,345.4 922.3 46% 2,501.0 1,898.2 32% Ttal Expenditure Raw Material expenses 1,123.5 744.0 51% 2,097.8 1,543.6 36% Emplyee benefits expense 21.6 19.3 12% 42.7 38.7 10% Other expenses 99.1 79.5 25% 180.5 143.0 26% EBITDA 101.3 79.5 27% 180.0 172.8 4% EBITDA margin (%) 7.5% 8.6% (110 bps) 7.2% 9.1% (190 bps) Other Incme (5.5) (2.1) - 4.0 2.0 101% Finance Csts 20.8 15.6 33% 38.5 35.6 8% Depreciatin and Amrtizatin 12.3 16.7-26% 24.6 26.9-9% PBT 62.6 45.1 39% 121.0 112.3 8% Tax expense 21.9 15.8 39% 41.4 39.2 6% PAT 40.7 29.3 39% 79.6 73.1 9% PAT margin (%) 3.0% 3.2% (20 bps) 3.2% 3.9% (70 bps) Diluted EPS (Nt annualized) 16.77 12.23 37% 32.78 30.49 8% Y--Y 8

Key Financial & Operatinal Parameters Particulars Q2 FY18 Q2 FY17 Y--Y H1 FY18 H1 FY17 Y--Y EBITDA 1 Margin (%) 7.5% 8.6% (110 bps) 7.2% 9.1% (190 bps) Prfit Befre Tax (%) 4.7% 4.9% (20 bps) 4.8% 5.9% (110 bps) Net Margin (%) 3.0% 3.2% (20 bps) 3.2% 3.9% (70 bps) Ttal Expenditure / Ttal Operating Incme (%) 92.5% 91.4% 110 bps 92.8% 90.9% 190 bps Raw Material Cst / Ttal Operating Incme (%) 83.5% 80.9% 260 bps 83.9% 81.3% 260 bps Staff Cst / Ttal Operating Incme (%) 1.6% 2.1% (50 bps) 1.7% 2.0% (30 bps) Other Expenditure / Ttal Operating Incme (%) 7.4% 8.4% (100 bps) 7.2% 7.5% (30 bps) Interest & Finance Charges / Sales (%) 1.5% 1.7% (20 bps) 1.5% 1.9% (40 bps) Tax Rate (%) 35.0% 35.0% - 34.3% 34.9% (60 bps) EBITDA 1 / TON (Rs. ) 3,405.2 3,491.6-2% 3,216.4 3,645.1-12% Nte: (1) EBITDA withut ther incme 9

Cnslidated Balance Sheet Particulars (Rs. Crre) ASSETS CONSOLIDATED CONSOLIDATED As at 30th September 2017 As at 31st March 2017 ASSETS Nn-current assets Tangible assets 710.3 630.8 Capital wrk-in-prgress 113.9 122.4 Investment Prperty 12.3 12.3 Intangible assets 3.3 3.7 Ttal Nn-current assets 839.9 769.2 Gdwill n Cnslidatin 42.9 42.9 Financial assets (a) Investments 0.4 0.4 (b) Lans 18.1 16.2 (c) Other financial assets 0.3 0.3 Other nn-current assets 107.3 117.3 Ttal Financial assets 126.2 134.3 Current assets Inventries 794.7 469.6 Financial assets: (a) Trade receivables 223.3 294.9 (b) Cash and cash equivalents 5.2 1.5 (c) Bank balance ther than (b) abve 79.4 0.2 (d) Lans 1.8 0.8 (e) Other financial assets 6.2 4.3 Current Tax Expenses 0.2 Other current assets 175.8 145.4 Ttal Current assets 1,286.4 916.8 TOTAL - ASSETS 2,295.3 1,863.3 EQUITY AND LIABILITIES CONSOLIDATED CONSOLIDATED Particulars (Rs. Crre) As at 30th September 2017 As at 31st March 2017 EQUITY AND LIABILITIES (a) Share capital 23.6 23.6 (b) Other equity 746.9 699.7 Ttal Sharehlders Fund 770.5 723.3 Nn-current liabilities Financial liabilities: (a) Brrwings 90.9 106.0 (c) Other financial liabilities 0.5 0.5 Prvisins 8.4 7.2 Deferred tax liabilities (net) 85.8 81.3 Other nn current liabilities 9.9 4.0 Ttal Nn-current liabilities 195.5 199.0 Current liabilities Financial liabilities: (a) Brrwings 597.9 468.3 (b) Trade payables 527.3 390.8 (c) Other financial liabilities 128.3 27.0 Current tax liabilities (net) 24.1 8.4 Other current liabilities 51.4 46.3 Prvisins 0.2 0.2 Ttal Current liabilities 1,329.3 940.9 Ttal 2,295.3 1,863.3 10

Key Financial & Operatinal Parameters Sales Vlume Break-up Particulars (Tns) Q2 FY18 Q2 FY17 Y--Y H1 FY18 H1 FY17 Y--Y Hllw Sectins 155,011 120,435 29% 292,260 240,433 22% Black Rund Pipes 39,205 39,469-1% 78,143 80,498-3% Pre-Galvanized Tubes (GP) 59,753 46,588 28% 119,655 94,768 26% Galvanized Tubes (GI) 29,020 28,940 0% 58,086 59,181-2% Finished prducts 282,989 235,432 20% 548,144 474,880 15% Others* 14,050 10,458 34% 27,066 22,226 22% Ttal 297,039 245,890 21% 575,210 497,106 16% Sales Vlume (excluding Trading & Scrap) Break-up H1 FY18 Pre- Galvanized Tubes (GP) 22% Black Rund Pipes 14% Galvanized Tubes (GI) 11% Hllw Sectins 53% 425,593 Sales Vlume (Tns) (excluding Trading & Scrap) 893,666 931,535 656,560 529,575 222,341 234,314 265,155 282,989 Sales Vlume (excluding Trading & Scrap) std at 548,144 tns cmpared t 474,880, up 15% Y--Y The perid witnessed a psitive pick-up in the dmestic cnsumptin trend alng with healthy cntributin frm OEMs and new markets In-sync with strategy, the perid saw healthy sales vlume grwth in GI, GP and hllw sectins FY2013 FY2014 FY2015 FY2016 FY2017 Q3 FY17 Q4FY17 Q1FY18 Q2FY18 Nte: *Trading & Scrap 11

Key Financial & Operatinal Parameters Realizatins (after adjusting inter-cmpany) Particulars ( Rs. / Tn) Q2 FY18 Q2 FY17 Y--Y H1 FY18 H1 FY17 Y--Y Hllw Sectins 42,478 34,727 22% 41,151 35,557 16% Black Rund Pipes 41,738 34,027 23% 40,336 34,976 15% Pre-Galvanized Tubes (GP) 51,133 43,027 19% 49,693 43,974 13% Galvanized Tubes (GI) 51,372 42,327 21% 49,925 43,432 15% Others* 23,850 18,327 30% 22,729 19,313 18% Prduct-wise Revenue (excluding Trading & Scrap) Break-up H1 FY18 Galvanized Tubes (GI) 12% Prduct-wise Revenue Break-up Particulars ( Rs. crre) Q2 FY18 Q2 FY17 Y--Y H1 FY18 H1 FY17 Y--Y Hllw Sectins 658.5 418.2 57% 1,202.7 854.9 41% Black Rund Pipes 163.6 134.3 22% 315.2 281.6 12% Pre-Galvanized Tubes (GP) 305.5 200.5 52% 594.6 416.7 43% Galvanized Tubes (GI) 149.1 122.5 22% 290.0 257.0 13% Others* 33.5 19.2 75% 61.5 42.9 43% Ttal 1,310.2 894.6 46% 2,464.0 1,853.2 33% Pre- Galvanized Tubes (GP) 25% Black Rund Pipes 13% Hllw Sectins 50% Nte: *Trading & Scrap 12

Financial Overview and Discussin (YY) Ttal Net Incme during H1 FY18 std at Rs. 2,501.0 crre, registering an increase f 32% Y--Y; Q2 FY18 Net Incme higher by 46% t Rs. 1,345.4 crre Despite a challenging macr-envirnment, the Cmpany registered rbust sales vlume grwth during Q2 & H1 FY18 led by an uptick in sales demand. Hwever, cntinuus increase in steel prices mderated demand in the mnth f September. With steel prices stabilizing, the Cmpany expects vlume grwth t be strnger in H2FY18 as cmpared t H1FY18 Higher fcus twards Exprts, OEMs and presence in new territries including Eastern India further bsted 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 1 during H1 FY18 at Rs. 180.0 crre; Q2 FY18 EBITDA 1 higher by 27% Y--Y at Rs. 101.3 crre EBITDA per tn during Q2 FY18 std at Rs. 3,405.2 as against Rs. 3,491.6 in the crrespnding perid last year While the near-term emphasis is n vlume grwth, the Cmpany s fcus n imprving peratinal efficiencies and cst ratinalizatin remains n track Increasing salience f higher margin value-added branded prducts and better utilizatin levels shuld facilitate imprving EBIDTA per tn perfrmance frm FY19 nwards Nte: (1) EBITDA withut ther incme 13

Financial Overview and Discussin (YY) Other incme std at Rs. (5.5 crre) in Q2 FY18 due t mark-t-market (MTM) lsses wing t Rupee appreciatin The Cmpany fllws a plicy t hedge 100% freign currency expsure. Hwever, as per Ind-AS, the Cmpany needs t reprt its MTM psitin n a quarterly basis fr Q2 FY18 MTM lsses were wing t Rupee appreciatin Interest cst higher by 33% YY t Rs. 20.8 crre in Q2 FY18 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. The same is expected t nrmalize by Q4 FY18 Interest Cst as a % f Sales (Interest Cst/Sales) reduced t 1.5% as against 1.7% in Q2 FY17 Depreciatin std at Rs. 12.3 crre in Q2 FY18, lwer by 26% Y--Y Ging ahead, the Cmpany expects t see a marginal increase in depreciatin as additinal capacities are scheduled t g nline. Additinal charge will be absrbed efficiently as new capacities start cntributing t prfitability in the cming quarters In Q2 FY18, PAT std at Rs. Rs. 40.7 crre as against Rs. 29.3 crre in the crrespnding perid last year In H1 FY18, Net Prfit after Tax std at Rs. 79.6 crre as against Rs. 73.1 crre Healthy Balance sheet psitin Net Debt t Equity rati std at 0.78x as n September 30, 2017 As the Cmpany is able t sweat new capacities and generate cash flws, it expects further imprvement in Debt Equity rati 14

Management s Message Cmmenting n the Cmpany s perfrmance fr Q2 & H1 FY2018, Mr. Sanjay Gupta, Chairman, APL Apll said, We are pleased t reprt a healthy set f results during the quarter, registering a slid vlume grwth f 20% alng with a rbust PAT grwth f 39%. This perfrmance is cmmendable, especially given the external macr-envirnment. Operatinal perfrmance during the perid was marked by new custmer additins acrss the Exprt and OEM divisins, which als assisted verall results. We have cmmissined tw new DFT lines during the perid under review and I am happy t share that the initial respnse frm ur custmers fr the wrld-class prduct has been excellent. We are nw n track t establish all lines by Q4 FY18 and emerge as ne f the largest steel tube manufactures in the wrld with 2 millin MTPA capacity. Lking ahead, we remain quite ptimistic f maintaining ur business mmentum supprted by a cmbinatin f imprving macrs, varius strategic cst & branding initiatives and a healthy balance sheet psitin. We have prudently utilized internal accruals t fund ur capex plans, which has enabled us t maintain healthy return ratis. As we efficiently sweat ur new capacities, we further expect t ntably imprve ur return metrics in the future. 15

Annexure Infrastructure Cnstructin Autmbiles Energy Agriculture

Cnference Call Details APL Apll Tubes Limited (APL Apll) Q2 & H1 FY18 Earnings Cnference Call Time 4:00 pm IST n Wednesday, December 13, 2017 Lcal dial-in numbers Primary number: +91 22 3938 1071 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 1.3 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 400 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