ANNUAL INVESTOR CONFERENCE 2018

14th June 2018, World Economy: Brighter ?

Global economic activity firming up

Annual GDP Growth % 5.1 4.9

3.8 3.9 3.9

3.2

2.5 2.2

2016 2017 2018 est. 2019 est.

World Advanced economies Emerging market and developing economies

Source: IMF World Economic Outlook, April 2018 2 World Economy: Opportunities with risks

- Landmark Tax Reforms

- Crude Price Volatility

- Geo-political risks

- Strengthened $

3 : Improved Global status

7.8 Annual India GDP Growth % 7.4 7.1

6.7

2016 2017 2018 estm. 2019 estm.

World Bank’s Moody’s Ease of Doing Business ranking Sovereign Rating scale India in improved India’s rating Top 100 after 14 years

Source: IMF World Economic Outlook, April 2018; India Soars Higher - KPMG 4 RPG - Committed to Creating Value

- Healthy Debt-Equity

- Corporate Governance - Independent Boards

- Best practices

- Robust Growth Strategy & Acquisitions

5 Re-imagining Businesses

• CEAT – from commodity to consumer

• KEC – Scaling-up through portfolio diversification

• Zensar – delivering value by leveraging digital

• RPG Life Science – firmly on profitable growth trajectory

6 Saying Hello to Happiness

• From Unleash to Outperform

• Hello to new markets, products,

opportunities

• A sense of purpose and optimism

7 People and Culture

4-tier Leadership Development Program

Best Hires from Cutting-edge premier Institutions Policies

Key People Practices Strong alumni Vibrant workplace program

8 Our Commitment to Society

9 Our Commitment to Society

10 Our Commitment to Society

11 Shareholder Wealth Creation

Stock Markets Rewarding RPG Group’s Consistent Performance

Group market cap ~ Rs 25000 Cr

CEAT: 19.0x

KEC: 6.8x RPG LS: 6.2x Zensar: 3.8x SENSEX: 1.8x

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Group Market Cap : May 2018

12 Composite Railway Project

Large Cement Silos

KEC PGCIL GIS Substation Annual Investor Conference June 14, 2018 Key Achievements In FY 2017-18

MULTI-LOCATIONAL MANUFACTURINGMarket Cap: 8 ManufacturingRs 10,000 facilities Crs+ Order Book: across India, Brazil and Rs 17,000 Crs+ Mexico EBITDA: Manufactures Towers, Cables, Poles and Hardware Revenue: Rs 1,000 Crs+ Rs 10,000 Crs+

Growth of 15% over Growth of 23% over Growth of 37% over Growth of 86% over FY17 FY17 FY17 FY17

ROCE doubles to 25% in two years

14 Consistent Growth Across All Parameters

EBITDA – CAGR of 20% PAT – CAGR of 55% EBITDA (Rs Crs) EBITDA % PAT (Rs Crs) PAT% 1200 10.00% 500 4.6% 5% 10.0% 1000 9.3% 8.00% 400 3.5% 800 8.0% 6.00% 300 2.2% 600 460 818 1,006 4.00% 200 400 693 305 200 2.00% 100 191 0 0.00% 0 0% FY 16 FY 17 FY18 FY 16 FY 17 FY18

NWC Days – Reduction of 46 days Net Debt to Equity – Reduced by ~3x Net Debt (Rs Crs) Net Debt to Equity 4000 3.3x3.4x3.5x 3.1x3.2x3.3x 2.4x 2.9x3.0x3.1x 2.7x2.8x2.9x 3000 2.5x2.6x2.7x 2.3x2.4x2.5x 2.1x2.2x2.3x 1.9x2.0x2.1x 139 2000 1.2x 1.8x1.9x 1.6x1.7x 108 3,160 1.4x1.5x 93 1.2x1.3x 1.0x1.1x1.2x 1000 1,932 0.8x0.9x1.0x 1,538 0.8x 0.6x0.7x0.8x 0.4x0.5x0.6x 0.2x0.3x0.4x 0 0.0x0.1x0.2x FY16 FY17 FY18 FY 16 FY 17 FY18

15 T&D – Profitable Growth Continues

▪ India T&D Bhutan - Stringing using Drone MULTI-LOCATIONAL ➢ Significant growth during the year MANUFACTURING ➢ Order intake more than doubled over FY17 – growth led by 8 Manufacturing facilities State Utilities and Private clients across India, Brazil and ➢ Order intake from PGCIL almost at same level as FY17 Mexico Manufactures Towers, ▪ International T&D Cables, Poles and Hardware ➢ Brazil: Focus shifts from manufacturing to EPC; Secured two large EPC orders totaling ~Rs 800 Crs; EPC contributes ~70% to Rs 1,800 Crs SAE Order Book; GIS Substation - ➢ Substantial inroads in SAARC: ~40% Y-o-Y Revenue growth ➢ Successfully de-risked business ▪ Substations business continues to do well (~20% of T&D Order Book) ▪ Excellence in Project Delivery “Ahead of Time” continues ▪ Utilizing state-of-the-art technology – Drone stringing / Use of LIDAR technology for aerial surveys; IOT in manufacturing

16 Railways – Exponential Growth

▪ Electrified over 40% (15,000 KM) of Indian Order Inflows (Rs Crs) Railways; 3,910 7.5x ▪ 854 Kms OHE done by KEC in FY18 – being 22% of 3,800 Kms OHE completed by Indian Railways 1,522 518 ▪ Order Book as on date ~Rs 5,000 Crs – 28% of total Order Book FY16 FY17 FY18 ➢ Includes OHE, Doubling & 3rd Line Works, Signaling & Telecom jobs Revenues (Rs Crs) ▪ Customer base diversified with addition of IRCON, 844 PGCIL and RITES apart from CORE and RVNL 4.0x 456 ▪ Control over Supply Chain / Execution through 210 Inhouse manufacturing of Railway Steel

Structures, Contact & Catenary Conductors and FY16 FY17 FY18 Signaling Cables ▪ Excellence in Project Delivery “Ahead of Time”

17 Civil – Successful Takeoff

▪ Revenues in excess of Rs 250 Crs – 1st year of commercial operations

▪ PBT and Cashflow positive

▪ Diversified order book in factories, buildings and townships

▪ Marquee clientele in various sectors such as Automotives, Cement, Metals, etc.

▪ Order inflows of ~Rs 700 Crs till date

Construction of 55mt dia. Clinker Heavy equipment erection works Structural steel works - Paint shop Silo using Jump Formwork

18 Key Growth Drivers

T&D ▪ Brazil: Auctions worth USD 4 - 5 Bn expected every year over next 3 years ▪ SAARC: T&D infrastructure highly underdeveloped – Significant Increase in investments ▪ India: Private clientele and State Utilities

Railways T&D Civil ▪ Budgetary allocation: ▪ Sustained growth from Rs 1,49,000 Crs for Existing Verticals: FY19 Factories & Townships ▪ International markets: ▪ New Verticals: Large opportunities in Railways Civil ➢ Affordable / Mass and SAARC housing - Rs 300,000 ▪ DFCC & Metros Crs under PMAY’s urban housing project for next 3 years ➢ Residential

19 CEAT Annual Investor Conference June 14, 2018 Overview

One of India’s Leading Tyre company

Distribution Network : 4,500+ dealers, 450+ exclusive CEAT franchisees

6 Manufacturing facilities - Bhandup, Nasik, Halol, , Ambernath &

100+ countries where products are sold with strong brand recall

FY 18 Revenue Breakup by Product FY 18 Revenue Breakup by Market Exports, 12%, Speciality, 4%, (5%) Farm, 7%, (7%) (14%)

Passenger Cars / Truck and Buses, UV, 14%, (13%) 32%, (33%) OEM, 27%, Replacement, (23%) LCV, 12%, (13%) 61%, (63%)

2/3 wheelers, 31%, (29%) Note : Figures in parenthesis denote FY17

21 Key Financial Updates

Financial Update Revenue Growth in Focus Segments

2/3 wheelers (Rs Cr) ▪ FY18 Sales at Rs 6,231 Crs; 8.1% growth 1,902 1,651 1,483 1,246 ▪ EBITDA at Rs 638 Crs; margin at 10.2% 899 639

▪ PAT at Rs 233 Crs; margin at 3.7%

FY13 FY 14 FY 15 FY 16 FY 17 FY18 ▪ Debt / equity ratio at 0.3 times PC / UV (Rs Cr)

848 744 619 561 476 376

FY13 FY 14 FY 15 FY 16 FY 17 FY18

22 Key Capacity Updates

Overall Capacity: > 1,200 MT / day and “Increasing”

PCR/TBR –

2 Wheelers TBB/Farm

TBB Operational facilities OHT WIP

Key facilities

All

23 CEAT won the prestigious ‘Deming Prize’

Recognition for Total Quality Management (TQM)

24 Strategy

1 Differentiated Products ✓ Two wheelers Domestic Market ✓ Passenger cars & 2 Strong Brand Utility vehicles

3 Extensive Distribution Profitable growth

4 Deep OEM Partnerships

International ✓ Off Highway Tyres Market ✓ Passenger Segments 5 World Class R&D

6 Expanding Global Reach

25 1 Differentiated Products

Exciting New Products Launched every year

Mileage up to 100,000 kms Puncture-safe tyre

26 2 Strong Brand

Continued association with Cricket

Ishan Kishan Harmanpreet

Ajinkya Rahane Rohit Sharma

CEAT Cricket Awards IPL’s Strategic Time-Out Shubhman Gill

27 2 Strong Brand Campaigns and TVCs

28 3 Extensive Distribution

Shoppe Shop in Shop (SIS) Distribution Network ▪ 4,500+ dealers

▪ 500+ CEAT Franchisees (Shoppes + Hubs)

▪ 280+ two-wheeler distributors

▪ 400+ Multi Brand Outlet / Shop in Shops

▪ Launched CEAT Bike Shoppes

Multi Brand Outlet (MBO) Bike Shoppe District Coverage No. of CEAT Shoppes

~35 601 0 464

212 102

FY12 FY15 FY18 FY12 FY18

29 4 Deep OEM Partnerships

30 5 World Class R&D

▪ State of the art R&D facility at Halol plant

▪ Set-up an R&D centre at Germany with CEAT R&D Head and ~20 people based out of there.

▪ Partnerships with global institutes and technology partners

▪ Increased allocation towards R&D: Among the highest YoY increase in R&D spend*

Source: Global Tyre Industry – An Analysis, 2017 (ATMA Report) 31 6 Expanding Global Reach

▪ Exports to 90+ Countries in 7 clusters

▪ Sri Lanka: Manufacturing facility and Leadership position in the market and with 50+% market share

▪ Focused product and distribution strategy for select clusters and countries

▪ Establishing footprint in Europe through PCR

32 Off Highway Tyres

Status Update ▪ Greenfield OHT (Off Highway Tyres) radial plant in Ambernath

▪ Plant is now live and commercial sales have begun across all key markets

33 Zensar Technologies Investor Presentation June 14, 2018 Industry focused on expanding portfolio of Digital capabilities

IT Industry shifting to 1 2 Digital at Scale to drive real Full Scale Digital Autonomics business impact

3 4 • Average digital share to be ~38% of the total revenues by 2025; IP & Platform Multi nodal buyers from the current level of ~20%

• Bundled deals has around 65% share of the total IT services 6 market; 24x growth in the value of 5 bundled deals M&A Digital Talent

35 1. Full Scale Digital @ Zensar through Return on Digital ®

$ 184.2m

$ 135.8m 38.2% $ 122.3m

$ 54.2m 29.8%

27.0%

12.6% Digital Revenue as a % of total revenue total of % a as Revenue Digital

FY15 FY16 FY17 FY18

117% Digital 22% Omni 55% Autonomics, CAGR Experience CAGR channel CAGR Cloud

36 2. Autonomics led Agile Cloud & Infrastructure

Cloud & Infrastructure Scalability of Infrastructure Transformation Partner to a top 5 Operations to a Top 10 US US Airline city

Next Gen Cloud Management, IT DC Operations, Unified Comm, Modernization and Automation Network system

“The Vinci” - Digital Ready Autonomics Platform delivering Cloud Orchestration

37 3. IP, Platforms - driving differentiated growth and new wins

Living Digital at Zensar

30+ Digital 450+ Releases Platforms 700K Downloads

50+ 100% Process Adoption by • 25 patents filed FY18 Digitized Associates • Enterprise AI, Conversational AI, Blockchain, IOT, AR/VR, NLP • Zenlabs conversations with All top tier Clients Influenced wins worth $32m in FY18 • Key element of all new Wins

38 4. Multi Nodal Buyers - large deal wins over last 12 months

At a Fortune 100 Technology Leader Analytics, Data, Campaign Applications and Digital Services $100m TCV $600m+ TCV City of San Diego, USA Multi-million, Multi Year contract for Cloud wins over the Infrastructure Services last 12 months $79m TCV

Global Diversified Brand Multi-year for Application Management and Digital Services $100 M TCV

Fortune 500 Manufacturing leader Applications and Cloud Infrastructure Services TCV = Total Contract Value $25 M TCV

39 5. M&As - aligned to business impact through Return on Digital TM

Experience Design Digital Supply Chain Guidewire Implementation Digital Agency Leadership in Omni channel P&C Insurance Carriers

Nov’16 Mar’17 Mar’18

40 6. Digital Talent at Zensar

Digital Training 100% associates trained on Digital Learning modules

Talent Hiring Mobile, connected, tech savvy workforce including PhDs from top colleges

Boost to Digital Learning Total 1,72,936 hours of learning completed India Innovation Award 2018 Winner of Skillsoft (USA) in a category of Growth in Digital Team “Creating an Impact – IT Skills”. Digital Experience team is now 1000+ strong

41 Thought Leadership

Zensar wins MEGA Business Operations deal at a Fortune 100 Technology Conglomerate, registering the largest win in our history Zensar - A Transformative Case Study at Harvard Business School

Zensar Technologies: On the digital highway

Zensar takes a co-creation approach with its clients and utilizes a modular approach to delivering services adapted for any organization at any level of maturity in its digital initiative

42

Key Financials

• Core business* grew at 9.8% YoY (FY18) and is now at 90.8% of overall revenues. • Overall Growth of 5.8% YoY (FY18)

• Geo Focus ; Europe + Africa has increased from 20.8% in FY16 to 26.2% in FY18 of Core Business • US continues the growth momentum, revenue increased by 3.6%; 72.8% of the total revenue

• All profitability metrics achieved growth in FY18; GM 4.7%, EBIDTA 0.7% & PAT 7.1% • $5m+ clients up from 14 to 17 in FY18 ; Revenue from top 20 clients @ 56%

• Crossed 9,000 associates; Utilization increased from 79.6% to 84.4% • 38.2% of the overall business is Digital

* without MVS & ROW

45 Zensar Stock Outperforming the IT Index by over 25%

Zensar vs Stock Indices (Sep’17 – May’18)

1400 40000

35000 1200

30000

1000

25000

800

20000

600 Stock Price

15000

400

10000

200 5000

0 0 1-Sep-17 1-Oct-17 1-Nov-17 1-Dec-17 1-Jan-18 1-Feb-18 1-Mar-18 1-Apr-18 1-May-18

Zensar S&P IT Index Sensex BSE Mid Cap Index

BSE Mid Cap Stock price Zensar S&P IT Index Sensex growth Index (Sept’17 – May’18) 58.0% 32.5% 10.3% 2.8%

46 RPG Lifesciences Annual Investor Conference June 14, 2018 Business Overview

▪ TGA approved unit in Thane ▪ APIs for captive use and external sale ▪ Revenue: Rs 53 crs

Revenue : Rs 344 crs API EBIDTA : 38 crs 2 Production Units PBT : Rs 20.4 crs ~1240 Employees Exports : 33%

Domestic International FormulationsAPI Formulations

▪ Field force of 450 people ▪ EUGMP approved unit in Ankleshwar ▪ Strong brands in anti-diarrhoeal, antacid, iron-vitamin, ▪ Immuno-suppressant focus and Nephrology; recent entry in Urology and Oncology ▪ Europe, Canada, ROW as main markets ▪ Revenue: Rs 218 crs ▪ Revenue: Rs 73 crs

48 FY 18: Improvement trajectory continues

FY 16 FY 17 FY 18 344 292 Sales* (Rs Crs) 251 38 28 11% EBIDTA* (Rs Crs) 19 9.5% EBIDTA (%) 7.6% 20.4 14.5 5.9% PBT* (Rs Crs) 8.4 4.9% PBT (%) 3.3% 13.45 12.09 3.9% PAT* (Rs crs) 8.4 4.1% PAT (%) 3.3%

* Excludes revenue from Biotech business

49 FY 18 : Key Updates (1/2)

Continuing focus on Business Portfolio strengthening

▪ Continued focus on growing formulations business – domestic and global

▪ Significant investment continues in ramping up Uro & Onco division

▪ Derma division closed – product value proposition was not strong enough; very different segment as compared to our other Speciality Divisions

Consistently improving Financial Performance

▪ Third consecutive year of good results ▪ Sales growth of 18% against a backdrop of poor industry performance ▪ EBIDTA increase of 36%; PBT increase of 41% ▪ 340 bps improvement in EBIDTA% over last 3 years; 260 bps in PBT%; still more headroom as against to industry peers

50 FY 18 : Key Updates (2/2)

Further strengthening of Domestic Formulation business ▪ 19% Y-O-Y growth; higher than industry ▪ Growth driven by New Products ▪ Renewed focus on legacy products; increasing prescriber base ▪ Profitability driven by higher Sales Force productivity (PCPM)

Momentum building in International Formulation business ▪ 12% growth; driven mainly by regulated markets – UK, Canada ▪ Increasing investment in R&D, Manufacturing and Quality ▪ 2 new products added through CRAMS route ▪ US ANDA filing and USFDA audit targeted for FY 19

51 India Formulations : Fundamentals getting stronger

₹ cr ₹ lakhs Sales PCPM 250 5.0 218 3.9 4.1 200 183 4.0 3.6 168 143 2.8 150 3.0

100 2.0 1.0 50 0.0 - FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18

30% DPCO% 26% 40% New Product % 34% 34%

30% 20% 25% 16% 24% 20% 9% 10% 4% 10%

0% 0% FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18

52 Int’l Formulations : Strong Growth Momentum

Regulatory Approvals Revenue (Rs cr) ▪ EUGMP

▪ TGA 80 ▪ Nigeria FDA 73 Customer Approvals 70 65

▪ Apotex (Canada) 60 ▪ Teva (Europe) 50 47 ▪ Tillomed (UK) ▪ Aqvida (Europe) 40 30 ▪ Medac (Germany) 30

▪ Amneal(UK) Product Lines 20

▪ Tablets 10 ▪ Hard Gel Capsules - ▪ Low RH tablet FY15 FY16 FY17 FY18

53 Strategy Going Forward

▪ Focus : Captive molecules for Global Formulation ▪ Approach : Own the technology; outsource manufacturing to USFDA approved sites

API

Domestic ▪ Focus : Few therapy areas/ Formulations product segments ▪ Focus : Immediate term- ▪ Approach : New products & Domestic International ROW; Medium term – extensions, field-force FormulationsAPI Formulations Regulated markets productivity enhancement ▪ Approach : Niche products, Partnership for NPD; USFDA approval of production unit

54 Group CFO Annual Investor Conference June 14, 2018 RPG Group – Consolidation Led Growth

Rs Crore Particulars FY2018 FY2013 5 year CAGR Total Turnover 23,500 17,000 +6.7%

EBITDA 2,450 1,270 +14.0%

EBITDA Margin 10.4% 7.5% +~300bps1

PAT 1,031 379 +22.2%

Market Cap2 21,978 3,169 +47.3%

Notes : 2013 figures are as per IGAAP and 2018 figures are as per IND AS (1) Represents margin expansion (2) Market Cap (NSE) as on End of March 20XX

56 RPG Group – Efficient Oversight Mechanism

Robust risk management framework

Sound internal control processes

Financial prudence in capital allocation

Aimed to Deliver Sustainable Growth

57 RPG Group – Return Ratios

ROE ROCE

14.8% 12.2%

13.3% 10.0%

FY2013 FY2018 FY2013 FY2018

Notes Group constitutes : KEC, CEAT, Zensar & RPG Life Sciences ROCE = Post Tax ROCE calculated as NOPAT/ Capital Employed; NOPAT = EBIT * (1 – Effective Tax Rate) ROE = PAT/ Networth

58 RPG Group – Debt to Equity

FY2013 FY2018 1.3x 0.3x 1.5x 1.1x 0.9x 0.4x 0.3x FY2013 FY2018 0.0x 0.8x Notes 0.4x Group constitutes : KEC, CEAT, Zensar & RPG Life Sciences Debt = Short Term Borrowings + Long Term Borrowings + Current Maturities

59 RPG Group – Debt to EBITDA

FY2013 FY2018 2.4x 1.4x 4.4x 2.6x 1.8x 1.3x 0.8x FY2013 FY2018 0.0x 3.3x Notes 1.4x Group constitutes : KEC, CEAT, Zensar & RPG Life Sciences Debt = Short Term Borrowings + Long Term Borrowings + Current Maturities

60 RPG Group – Debt Service Coverage Ratio

FY2013 FY2018 1.0x 0.5x 1.7x 1.7x 0.9x 0.8x 94.1x

FY2013 FY2018 2.9x

3.0x Notes 1.3x Group constitutes : KEC, CEAT, Zensar & RPG Life Sciences DSCR = EBIDA / (Principal Repayments + Finance Cost)

61 RPG Group – Credit Rating History

Company FY2013 FY2018

CEAT BBB+ AA

KEC International A+ AA-

Zensar Technologies AA AA+

RPG Life Sciences BBB+ A-

62 RPG Group – Way Forward

Diversification Led Growth

tempered by

Sound Financial Principles

63 T H A N K Y O U