KEC International Limited Corporate Presentation

4 August 2021

Power T & D Railways Civil Solar Smart Infra Oil & Gas Cables Pipelines Disclaimer

This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events and involves known and unknown risks, uncertainties and other factors. The Company cannot guarantee that these assumptions and expectations are accurate or exhaustive or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. No obligation is assumed by the Company to update the forward-looking statements contained herein.

The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. The Company undertake no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.

This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of KEC International Limited (the “Company”), nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or to be relied in connection with an investment decision in relation to the securities of the Company therefore any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. Neither the delivery of this document nor any further discussions by the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date. This presentation is strictly confidential and may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations. RPG Group Page 04-05

BusinessKEC International Overview PagePage 14 06-37-10

Leadership Team Page 11-13

ManagementIndustry Overview Team PagePage 39 14-40-17

Business Overview Page 18-26

Financial Overview Page 27-32

Environmental, Social and Governance (ESG)

Page 33-36 Contents 3 RPG Group

4 RPG Group: Powered by Passion, Driven by Ethics

Founded by Shri RP Goenka in 1979 One of ’s fastest growing conglomerates

Turnover in excess of USD 4 billion 20,000+ employees

Footprint in 105+ countries KEC acquired by RPG Group in 1982

KEC RPG Life Harrisons CEAT Zensar Raychem International Sciences RPG Malayalam Global EPC Leading Software Pharma Engineering One of India’s Company; T&D, manufacturer services provider Company; wide products & largest plantation Railways, Civil, of automobile spread across range medicines services companies; tea, Solar, Smart Tyres 20 countries in global generics company rubber & other Infra, Oil & Gas & synthetic APIs agro-products & Cables

5 KEC International

6 KEC Overview

DECADES OF EXPERIENCE 9000+ 7+ & EXPERTISE EMPLOYEES DIVERSE 35+NATIONALITIES

FOOTPRINT IN 105+ $1.8 COUNTRIES BILLION GLOBAL EPC MAJOR

ONGOING PROJECTS IN 40%+ 30+ BUSINESS COUNTRIES OVERSEAS 7 KEC Overview

• Global infrastructure EPC major • FY21 Sales: Rs. 13,114 crore (USD 1.8 billion) • Eight manufacturing facilities across India, Dubai, Brazil and Mexico

Footprint in 105+ countries across the globe

Central Asia

Americas Middle Oceania East India &

EPC Footprint countries EPC: 70+ countries Tower Supply: 65+ countries

Cables Export: 80+ countries 8 Overview (contd.)

Sustained leadership in Power Transmission EPC

• Indian multinational infrastructure EPC major • Over 7 decades of experience; presently executing 250+ projects

Diversifying to mitigate risk • Diversified across businesses and geographies • Footprint in 105+ countries across 6 continents (EPC & Supply) • Currently executing EPC projects in 30+ countries

Strong global presence

• Business spread across India, SAARC, , Africa, Southeast Asia, and Oceania

Robust Order Book

• Order Book of ~Rs. 26,000 crore (including L1) (As on 30 June 2021)

Consistent Growth

• FY21 Sales: Rs. 13,114 crore (USD 1.8 billion)

9 KEC’s Expansion into New Verticals

10 Leadership Team

11 Board of Directors

H. V. Goenka Chairman

Vimal Kejriwal A. T. Vaswani D. G.Piramal G. L. Mirchandani M.S. Unnikrishnan MD & CEO Director Director Director Director

Nirupama Rao R. D. Chandak S. M. Trehan Vikram Gandhi Director Director Director Director 12 Management Team

Vimal Kejriwal Managing Director & CEO

Rajeev Agarwal Neeraj Nanda Anand Kulkarni Kaushal Kodesia Manjit Singh Sethi Chief Financial Officer President – South Executive Director – Executive Director – Executive Director – Asia (T&D, Solar & Business Operations Railways Cables Smart Infra)

Nagesh Veeturi Sanjeev Agarwal Gustavo Cedeno Pankaj Kalani Somraj Roy Sumant Srivastava Executive Director – Executive Director – Chief Executive Senior Vice President – Chief Human Chief Executive – KEC Civil International Officer – SAE Towers Finance and Resources Officer Towers LLC and (T&D, Solar) Chief Executive - Oil & Senior Vice President - Gas Pipelines MENA 13 Industry Overview

14 Industry Outlook: Transmission & Distribution (T&D)

INDIA • Last mile electrification; 24x7 Power for All • Augmentation of transmission networks; addition of 1,00,000+ ckm of TLs & T&D Capex – FY2016-40 ($Bn) 2,90,000+ MVA of transformation capacity expected between 2017-22 Region 2016-25 2026-40 SAARC Afghanistan, , Nepal, Bhutan India 291 566 • Expansion of India’s cross border interconnection Americas 410 619 • Increase in private & multi lateral funding; focus on power generation & renewables Europe 544 755 EAP & CIS Malaysia, Thailand, Philippines, Georgia (incl. East • Initiatives funded by multilateral institutions to expand & upgrade power Europe, infrastructure Eurasia) Asia 1387 2310 MIDDLE EAST Saudi Arabia, UAE, Oman • Large power generating plants, interconnection lines planned Middle 95 218 • Investment of ~ USD 34 billion for T&D expansion expected in next five years East Africa 202 598 AFRICA Mozambique, Kenya, Uganda Latin 158 288 • Low per capita electricity consumption; Interconnections planned America

NORTH AMERICA United States, Canada • ~2,60,000 km of lines planned between 2014-35 • Upgradation of existing systems; estimated investment $1.77 Bn is expected

SOUTH AMERICA Brazil • Addition of ~2,28,000 km of lines expected by 2035 • Several cross-country lines planned Source: IEA's World Energy Outlook 2017, World Bank 15 Industry Outlook: Cables and Railways

CABLES • Annual Indian market ~ Rs. 20,400 crore p.a. (USD 3.1 billion) • Strong demand driven by power sector, real estate and industrial activity • India’s aggressive plans for power sector, driving growth • Demand for improved network quality expected to improve telecom tower and cable demand

RAILWAYS • FY22 Budget Outlay of Rs. 2,15,058 crore expected to auger well for the sector • 100% electrification target by FY23; i.e., 46,000 km of Broad-Gauge • Urbanisation & strain on existing infrastructure driving investment in • Regional Rapid Transit System – 8 corridors identified • Metro systems probable for cities with 2 million population • Dedicated Freight Corridor Corporation - North South, East West, East Coast, South West corridors identified • Connection to ports through new Rail networks; Diamond Quadrilateral project (bullet train) • Modernisation of the signalling System by adopting and upgrading to ETCS Level II system • Metro & RRTS; 1,016 km of metro and RRTS is under construction in 27 cities, focus on emerging technologies such as ‘MetroLite’ and ‘MetroNeo’ 16 Industry Outlook: Civil, Smart Infra, and Solar

CIVIL • Opportunities in the domains of smart cities, industrial corridors & infrastructure-linked Real Estate development • Promising outlook on residential sector, owing to increase in demand and Affordable & Mass Housing schemes • Opportunities under programmes such as , Sagarmala, and Namami Gange

SMART INFRA • Smart City initiative; construction of 100+ smart cities • BharatNet project; fibre connectivity at Gram Panchayat level • Digital upgradation of utilities to enable peak load management, theft reduction, AT&C loss reduction, etc.

SOLAR • Developing countries such as SAARC, Africa and the Middle East focusing on expanding power generation through Solar • National Solar Mission; target to build 100 GW of solar capacity by 2022

17 Business Overview

18 Transmission & Distribution (T&D)

• One of the largest Power T&D EPC companies; footprint across 70 countries

• Global leadership with experience of 7+ decades

• Integrated solutions on turnkey basis • Transmission Lines up to 1,200 kV 765 kV Fatehgarh-Bhadla Transmission Line for a private • Large size substations – Air Insulated developer, Rajasthan up to 1,150 kV, Gas Insulated up to 765 kV & Hybrid Substations up to 220 kV

• Leading turnkey provider of Optical fibre cable laying & Optical ground wire stringing

• Strong capabilities in ahead of schedule & on-time delivery of projects

400 kV Air Insulated Substation, Tanzania 19 Transmission & Distribution (T&D) (contd.)

SAE Towers, USA Wholly owned subsidiary

• Leading manufacturer of steel lattice transmission towers in the Americas

• 9+ decades of rich and diverse experience in the region

• Executing EPC works in Brazil & 500 kV Sapeaçu - Poções III Transmission Line, Brazil Mexico

• Products & services offered – • End-to-end solutions for building transmission lines & substations • Manufactures transmission towers, poles, substation structures, hardware; Annual production capacity of 102,200 MTs per annum • Comprehensive Tower testing solutions Substation - Gantry Foundation in progress for 138 kV Transmission Line, Nicaragua 20 In-house capabilities for turnkey solutions

Design & Engineering • In-house design centers with 275+ engineers across eight centres in India, the Middle East and Americas • >60 years library of transmission lines design database, including towers, hybrid poles and monopoles; expertise across designing substations (AIS, GIS, Hybrid) and solar structures • Equipped with latest design, detailing and profiling software Manufacturing • Largest globally operating manufacturing capacity of 4,22,200 MTs p.a. (including Transmission towers, Steel poles, Hardware, Structures for Railways, Solar, and Substations) • Railway structures’ manufacturing capacity of 48,000 MTs p.a. • Solar Structures’ manufacturing capacity of 12,000 MTs p.a. • Six tower manufacturing plants – 3 in India, 1 in Dubai, 1 in Mexico and 1 in Brazil Tower Testing • Only company in the world to have 4 tower testing stations - 3 in India; 1 in Brazil • Capable of testing towers up to 1,200 kV; all types of towers - Lattice, Guyed, Tubular and Mono Poles 21 Railways

• Currently executing 30+ projects; electrified 30% of the Indian Railway network till date • Complete turnkey solutions provider in the railway infrastructure EPC space • Overhead Electrification systems • Signalling & Telecommunication systems for outdoor and indoor installation including Electronic Interlocking (EI) for new lines and capacity augmentation works • Traction substations • Doubling, tripling, and new railway lines including earthwork and track-laying • Civil infrastructure such as bridges, tunnels, platforms, stations, residential buildings and workshops • Electrification, track laying and other services in the technology enabled/ emerging growth areas of Metros, DFCC and High-speed trains • Manufacture of signalling cables, contact & catenary conductors, quad cables, contact wires, dropper, jumper & feeder wires, earthing conductors, and galvanised steel structures

Villupuram-Thanjavur Railway Bhopal-Itarsi Third Line project, Ballastless track laying works, Electrification project, for RVNL Madhya Pradesh Kochi Metro project 22 Civil

• Focus on construction of factories, warehouses, residential buildings, commercial complexes, data centres, airports, metros, water pipelines and water treatment plants • Providing services in an area dominated by small unorganised players and few large companies • Established as a preferred agency in the construction of factories, especially Cement, Automobile and Auto-ancillaries • In the league of top 10 contractors executing the slip form technology in Silo Construction • Currently executing 30+ projects • Leveraging advanced digital technologies such as drones, photogrammetry, BIM, and IoT in construction and utilising latest formwork technology and mechanisation tools • Seven decades of experience executing various civil works across the business

Cement manufacturing plant at Construction of high-rise residential Jamshedpur, Jharkhand towers at , Karnataka Metro Rail project, New Delhi

23 Solar

• Capabilities to execute large scale projects >150 MW

• Significant experience in Single Axis Tracker implementation

• Proficiency in Design, project feasibility analysis across large-scale Solar Photovoltaic Power plants, backed by project management & execution capabilities

• Supply/sourcing of key equipment and structures

• Complete range of civil works and O&M services

• Integrated EPC solutions for solar generation and evacuation

• Preferred EPC status with large international developers

150 MWp Ground Mount Solar 20 MW Solar Carport project, 30 MW Tracker Based Installation, Project, Rajasthan 24 Smart Infra

• Launched Smart Infra vertical in FY 2018-19 • Focus on Smart Cities & Communication, Smart Grid and Smart Mobility • Business aligned with Government of India’s agenda of enhancing India’s digital infrastructure and building 100+ smart cities Command and Control Centre at Aurangabad Smart City • Currently executing two projects in the core Smart City & Smart Grids domain and two airport perimeter security projects • Commissioned Command & Control Centre, Biometric System and Digital Outdoor Displays for Aurangabad Smart City Project; Investor Management Solution and Chatbot for Bidkin Smart City

HDPE duct & Environmental Sensors for Bidkin Smart City 25 Cables

• Extensive range of cables & turnkey cabling solutions offered in 30+ countries • Two fully integrated facilities, manufacturing a wide range of Power (HT, LT and EHV up to 220 kV), Control & Instrumentation, Telecom, Solar, Railway Signalling Cables and Railway Contact & Catenary Conductors • Manufacturing capacity includes: Railway products plant at Cables manufacturing - Power (~40,000 km p.a.) unit, , Gujarat - Instrumentation (3600 km p.a.) - Optical fibre (8 lakh fiber km p.a.) - Copper telecom (6 lakh conductor km p.a.) - Catenary conductors (2,040 MTs p.a.) - Contact wire (3,240 MTs p.a.) • Pioneered production of cross-linked polyethylene (XLPE) cables in India • Accredited with ISO 9001, ISO 14001 Cables manufacturing unit, `Mysore, Karnataka and OHSAS 18001 certifications 26 Financial Overview

27 Order Intake & Order Book

Order Intake YTD FY22 Jun’21 Order Book T&D : 27% SAE : 12% T&D: 49% SAE : 5% 1% 20% 24%

YTD Order Intake 39% Order Book 10% Rs 4,401 Crs Rs 20,434 Crs 2% 54%

19% 31%

T&D Civil Cables Railways T&D Civil Cables Railways Others Domestic : 69% International : 31% Domestic : 63% International : 37%

Order Book + L1 of Over Rs 26,000 Crs 28 Key Performance Highlights – Q1 FY22 (1/2)

❑ Consolidated Highlights for Q1 FY22 v/s Q1 FY21 ▪ Revenue of Rs. 2,540 Cr - Growth of 15% ▪ EBITDA Margin at 6.3% against 8.8% ▪ Interest cost as % to sales improves to 2.6% from 3.0% ▪ PBT Margin at 2.3% against 4.4% ▪ PAT Margin at 1.8% against 3.2%

❑ Standalone Highlights for Q1 FY22 v/s Q1 FY21 ▪ Revenue of Rs. 2,338 Cr - Growth of 24% ▪ EBITDA Margin at 9.6% against 11.1% ▪ Interest cost as % to sales improves to 2.5% from 3.2% ▪ PBT Margin at 6.0% against 6.7% ▪ PAT Margin at 4.4% against 4.8%

29 Key Performance Highlights – Q1 FY22 (2/2)

❑ Achieved Order intake of Rs 4,401 Cr with a robust growth of more than 2 times over last year

▪ Order Intake momentum continues in T & D with orders across India, SAARC, MENA, Africa & Americas

▪ Diversification story in new areas of Railway continues with breakthrough orders in Third Rail for Metros and Speed Upgradation

▪ Strengthened presence in Urban Infra with a significant order for construction of elevated viaducts and stations

❑ Robust Order book + L1 Pipeline of over Rs. 26,000 Cr

30 Profit & Loss Highlights

(₹ crore) Consolidated Standalone Particulars Growth Growth Q1 FY22 Q1 FY21 Q1 FY22 Q1 FY21 (Y-o-Y) (Y-o-Y) Revenues 2,540 2,207 15% 2,338 1,890 24%

EBITDA 160 195 -18% 225 210 7% EBITDA Margins 6.3% 8.8% 9.6% 11.1% (+) Other Income 2 7 3 9 (-) Depreciation 38 39 30 31 (-) Interest 65 66 -2% 57 61 -5% Interest as % to sales 2.6% 3.0% 2.5% 3.2%

PBT 59 96 -39% 141 126 12% PBT Margins 2.3% 4.4% 6.0% 6.7%

Tax 12 26 37 36 Tax Rate % 21.2% 26.6% 26.6% 28.4% PAT 46 71 -35% 104 90 15% PAT Margins 1.8% 3.2% 4.4% 4.8% 31 KEC: Equity Share Information

Year-End Market Capitalisation (Rs. Crore) Equity Share Information 12000 • Share Price (3 Aug 2021): Rs. 415.60 / share 10562 10200 • Market Cap (3 Aug 2021): Rs. 10,685 crore 10000 • Financial Year – April to March

• Listed on Indian Stock Exchanges 8000 7706 • Bloomberg Code – KECI IN

• Reuters Code – KECL.BO 6000 5354 4770 Shareholding Pattern (As of March 31, 2021) 4000 12%

2000 52% 36%

0 FY17 FY18 FY19 FY20 FY21 Public Institutional Investors Promoter

32 Environmental, Social and Governance (ESG)

33 Green Portfolio (1/2)

Our portfolio of businesses promote environment sustainability by efficient usage of natural resources

TRANSMISSION & DISTRIBUTION RAILWAYS

• Effective way of transporting • More efficient than road in terms energy with maximum of energy efficiency and land efficiency and minimum utilisation carbon footprint • Electrification of to preserve fossil fuels and curb • Focus on Green Energy pollution Corridor (GEC) projects to • Optimisation of resources ensure transmission of clean through innovative engineering and reliable renewable energy solutions CIVIL URBAN INFRASTRUCTURE • Providing clean water by • Most effective way of urban building cross-country water commuting; Reduces pipelines consumption of fuel and • Building energy-efficient pollution factories and residential complexes • Use of precast/prefab • Constructing industrial plants construction techniques, which to convert municipal waste to are environmentally friendly and energy generate less carbon footprint 34 Green Portfolio (2/2)

Our portfolio of businesses promote environment sustainability by efficient usage of natural resources

SOLAR SMART INFRA

• Construction of large solar- • Developing Smart Cities to based power generation encourage efficient use of resources plants, which have one of the lowest lifecycle emissions • Solid waste management solutions for a Swachh Bharat mission • Innovative industrial solar solutions leading to reduced • Environment monitoring and city dependency on fossil fuels surveillance solutions to improve quality of life of citizens OIL & GAS PIPELINES CABLES • Energy-efficient and • Enhancing energy efficiency through environment – friendly mode reduction in T&D losses for transportation of gas, crude oil, and petroleum products • Improving land utilization through Underground Cabling solutions • Promoting utilisation of gas- based clean energy • Developing innovative cable designs such as Hybrid cables to minimize consumption of raw materials 35 Commitment to ESG

KEC is committed to delivering excellence and outperformance with unwavering focus on embedding sustainable practices towards improving Environment, Society, Safety and Governance

Strategic ESG Pillars ESG Focus Areas

Enabling environment for people to Unleash Human Capital Diversity & Inclusion unleash their entrepreneurial spirit and Management Talent realise their full potential Occupational Health Quality and Service & Safety Delivery Touch To understand, care and make a Local Community Customer Centricity meaningful difference to customers, Development Lives employees, society & all stakeholders Financial Digitalization and Performance Innovation Sustained & clear outperformance relative to all our competitors & industry Water-Positive Outperform Circularity on financial and non-financial metrics Approach that matter Sustainable Decarbonization Procurement To have fun by creating high-energy environment with a keen sense of Corporate Governance belonging and smiling faces everywhere

36 THANK YOU

Global Footprint in 100+ countries*

*Includes EPC and Supply

Follow us on: Registered Office RPG House, 463, Dr. Annie Besant Road, Worli, - 400 030. Phone: +91-22-6667 0200 Email: [email protected]

www.kecrpg.com