ANNUAL INVESTOR CONFERENCE 2017

9th June 2017, Mumbai Seeking Happiness | Finding Growth World Economy – Slow Pace of Revival

Projections % Change 3.6 3.5 3.4

3.1

2015 2016 2017 2018

Source: IMF World Economic Outlook, April 2017

3 However, Uncertainties Loom

• Inward orientation of countries – “Reverse

Globalization”

• Globalization of terrorism

• Risks to cyber-security

4 India – Continued Growth Momentum

% Change Projections 7.9 7.7

7.2

6.8

FY 2015 2016 2017 2018

Source: IMF World Economic Outlook, April 2017

5 2017 – 2018 : Year of Disruptions

• Implementation of GST

• Reform push by government especially in

Infrastructure, Railways and Urban Development

• Impact of technology transformation

6 Re-imagining Businesses

• CEAT – from commodity to consumer

• KEC – resurgence through focused diversification

• Zensar – being digital and selling digital

• RPG Life Science – improvement trajectory continues

7 Why RPG?

- Best in class governance and disclosure standards

- People-centric ethos; thrust on innovation and diversity

- Learning Environment & Operational Excellence

- Robust Strategy

8 Shareholder Wealth Creation

CEAT KEC Zensar RPG LS SENSEX CEAT: 17.3x

Combined Market Cap US$ 3.0 bn

RPG LS: 6.8x

Zensar: 5.3x KEC: 3.3x

SENSEX: 1.7x Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Market Caps and SENSEX indexed to 1 on 2nd April 2012

9 RPG @ the forefront of Digital

reimagine RPG

Smart Products Future Factories

Connected Customers Intelligent Workplaces

10 KEC INTERNATIONAL LIMITED

Power T & D Cables Railways Water Water Power T & D Cables Railways Civil Solar Overview: FY 2016-17

MULTI-LOCATIONAL PAT for FY17MANUFACTURING grows 106% YoY  Significant improvement in profitability. 8 Manufacturing facilities EBIDTAacross Margins India, Brazil increase and by  Order Intake for FY 17 grew by 42% over FY 16. 130 bps toMexico 9.3% in FY 17 Manufactures Towers, Cables, Poles and Hardware  Order Book for FY 17 shows 35% increase YoY. PBT for Q4 FY 17 crosses Rs 200 crs for the first time  Robust L1 pipeline. EBITDA Margin for Q4 FY 17 at 10.4%  Foray into civil business

Successful Resurgence of Remarkable Uptick Broadening of Significant International in Railways and Customer Base in improvement in Business Solar Business India working capital

12 Key Growth Drivers

. International Order book grows 27% YoY . Entered/ re-entered 8 new countries in FY 17 Resurgence of . Added East Asia Pacific as a new focus region international . De-risked concentration exposure in Saudi business . SAE continues on growth trajectory . Secured large sub-station orders in Africa.

. Balanced order book Successful . Increasing presenceGLOBALwith SOURCINGexisting SEB clientele broadening Material . Evaluating business potential with new SEBs of customer Working capital funding base in India . Working with major privateEquipmentdevelopers . Actively engaging withManpowernew entrants

13 Key Growth Drivers

Railways Rs crs Revenue Order Book . Revenue doubles, order book triples 1,522 . Margins of railways moving closer to T&D 518 446 Remarkable . Increase in budgetary allocation for railways 210 uptick in the . Overhead electrification targets doubled railways and Mar-16 Mar-17 solar Solar Rs crs business Revenue Order Book 464 . Installed 65 MW of projects with trackers GLOBAL SOURCING . Commissioned 100 MW of projects till date Material . 140 MW of projectsWorkingcurrently capital fundingunder execution 160 Equipment 93 . Entered the ‘Big League’ in Solar EPC 39 Manpower

. Established strategic partnerships Mar-16 Mar-17

14 Key Growth Drivers

MULTI-LOCATIONAL  Improvement in FCFE: EBITDA Margins % trendMANUFACTURING 10.4% 8.9% 9.3% 8.4% 8.7% • Reduction in interest costs 8% 7% 7.3% 7.3%8 Manufacturing7.3% facilities 6.4% 6.3% 5.9% across India, Brazil and • Improvement in working capital cycle 5.6% 5.1% Mexico • Reduction of debt Manufactures Towers, Cables, Poles and Hardware  Improvement in ROCE:

• Significant improvement in EBIT Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 • Reduction in capital employed across SBUs

Mar Mar Mar Mar Particulars Particulars 2017 2016 Incr/(Decr) 2017 2016 Incr/(Decr) Receivables (Rs cr)* 5,355 5,902 (547) Net Debt (Rs cr)* 1,767 3,098 (1,331) Receivable (days) 231 247 (16) Acceptances (Rs cr) 969 794 175 Working capital (days) 108 139 (31) Total (Rs cr): 2,736 3,892 (1,156)

* Receivables and net debt exclude amounts related to the company’s BOT Project

15 Future Growth Drivers

Solar - International T&D EPC- Brazil Substation- International Improving financials

 Additional capacity of  Close to 30,000 kms of  Built/ building around  Continuing reduction in 30 GW expected in lines to be built till 70 sub stations in the finance costs through addressable 2019. AIS & GIS Space. better working capital geographies. management and  Estimated investment  Completed/ ongoing 20 borrowing profile.  Exploring global of close to Rs 60,000 crs projects across 19 markets like UAE, in transmission lines. countries in past 2  Improving operating Jordan, Thailand, South years. leverage in railways and Africa.  Shift from solar business. manufacturing to EPC  Replicate success story  To leverage T&D infra by leveraging KEC’s of domestic substation  Better margin profiles and capabilities, use expertise. business in international through participation in PQs from India. market. high value tenders.

Solar park- India EPC- Brazil Substation- Afghanistan

16 Strategy: FY 2017-18 and beyond

MULTI-LOCATIONAL Prudent Financial AugmentedMANUFACTURING Operational & Progressive & Evolving Management & Execution Excellence; Focus Cultural Ethos on 8Delivering Manufacturing Projects facilities Control across India, Brazil and Ahead ofMexico Schedule Manufactures Towers, Cables, Poles and Hardware Valuing People; Enhanced Client Focus Investment in Human to meet the evolving Capital; Focus on aspirations of KEC’s Diversity & Inclusion Global Customer Base.

Committed to Digital Transformations Focused Social Ensuring & Endeavors Inspiring Innovation Safety@Workplace

17 CEAT LIMITED MAKING MOBILITY SAFER AND SMARTER. EVERYDAY. Overview

One of India’s leading tyre company with over 50 yrs of presence Distribution Network : 4,500+ dealers, 450+ exclusive CEAT franchisees 6 Manufacturing facilities - Bhandup, Nasik, Halol, Nagpur, Ambernath* & Sri Lanka 100+ countries where products are sold with strong brand recall #No 1 player in Sri Lanka in terms of market share

* Under commissioning FY 17 Revenue Breakup by Product FY 17 Revenue Breakup by Market

Farm, 7% Speciality, Exports, 14% (6%) 5% (5%) (14%)

Passenger Truck and Cars / UV, Buses, 33% 13% (11%) (38%)

OEM, LCV, 13% Replacement, 23% (23%) (13%) 63% (63%) 2/3 wheelers, 29% (27%) Note : Figures in parenthesis denote FY16

19 Key Updates

Financial Update

. FY17 Sales at Rs 5,722 Crs; 5% growth . PAT at Rs 361 Crs; margin at 6.3% . Debt / equity ratio at 0.4 times . Long term credit rating upgrade to AA by CARE and India Ratings & Research

Accolades

. Ranked highest in India for OE Tyre customer satisfaction as per J.D. Power 2017 India Original Equipment Tyre Customer Satisfaction Index (TCSI)

. Halol plant conferred with “Sword of Honour Award” by British Safety Council

20 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  Emerging markets 5 World Class R&D

6 Expanding Global Reach

21 1 Differentiated Products

. “Fuelsmarrt” tyres for Passenger Cars . “Win Series” tyres for Truck & Bus  Reduced rolling resistance  High-strength rubber & steel  Less fuel consumption, more savings  High load carrying capability  Endurance & overheating prevention

. “Puncture Safe” tyres for 2 Wheelers - India’s 1st Self Sealing tyre

. “Milaze” tyres for SUV Taxi segment . “Buland” tyres for Small Commercial Vehicles  Improved life & load carrying capacity  Stiffer shoulder & sidewall gives higher  Higher mileage up to 1,00,000 loadability kilometers  Higher tread radius delivers longer life

22 2 Strong Brand

TVCs/ Campaigns In the Game of Roads, CEAT Helps Be Monsoon Smart Tubeless Bike Tyres Drive Safe Dad

23 3 Extensive Distribution

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

. 450+ CEAT Franchisees (Shoppes + Hubs)

. 250+ two-wheeler distributors

. 350+ Multi Brand Outlet / Shop in Shops

. Launched CEAT Bike Shoppes

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

290 601 464 176

212 102

FY12 FY15 FY17 FY12 FY15 FY17

24 4 Deep OEM Partnerships

25 5 World Class R&D

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

. R&D focussed on development of breakthrough products, alternate materials, green tyres, smart tyres

. Partnerships with global institutes and technology partners

. Increased allocation towards R&D

26 6 Expanding Global Reach

Key Export Clusters Emerging markets

. Sri Lanka: Europe Cluster Leadership position with 50+% market US Cluster share

Middle East . Focused Cluster product and distribution ASEAN strategy for Cluster West Africa East Africa select clusters LATAM Cluster Cluster Cluster

27 Passenger Segment Trends

2/3 wheelers (Rs Cr) PC / UV (Rs Cr) 743 1,648 1,483 619 561 1,246 476 899 376

639 284

525 Revenue

FY 12 FY13 FY 14 FY 15 FY 16 FY 17 FY 12 FY13 FY 14 FY 15 FY 16 FY 17

. 2 Wheeler plant at Nagpur (Phase I) commissioned in March 2016; Expanding Capacity of 120 MT/day by Q2 FY18 . Passenger Car Radial plant at Halol (Phase II) commissioned in September Capacities 2015; Capacity of 120 MT/day by Q2 FY18 . FY17/ FY16 volume growth: 2/3 wheelers (+20% ), PC/UV (+15%)

28 Off Highway Tyres

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

. Investing Rs 330 Crs for a Phase 1 capacity of 40 MT/day which will be further ramped up to 100 MT/day

. Plant is now live and tyres are being tested across multiple global markets

29 Strategic Expansion Plans

. On-going expansions - Investment of Rs. 1,400 Crs:

 Passenger Car & Utility Vehicle tyres plant at Halol (Phase II)  2/3 Wheeler tyres plant at Nagpur (Phase I)  OHT tyres plant at Ambernath

. Up-coming expansions - Investment of Rs. 2,800 Crs:

 Truck & Bus Radial tyres plant at Halol (Phase III)  2/3 Wheeler tyres plant at Nagpur (Phase II)  Passenger Car & Utility Vehicle tyres plant at a new location (Greenfield)

30 Strategic Focus Areas – Continued Momentum

Strategic Focus Areas (2 Wheelers, Passenger Cars, Others Utility Vehicles, Specialty 57% 54% 61% 68% Exports & Emerging Markets) 80% . CAGR of 25%

. Substantial contribution towards increasing 43% 46% profitability 39% 32% Strategic Focus 20% Areas . Market share growing

FY 10 FY14 FY15 FY16 FY17 % of Sales value

31 ZENSAR TECHNOLOGIES LIMITED RETURN ON DIGITAL

Power T & D Cables Railways Water Water Major disruption in IT market as Digital substitutes traditional IT spending

Majority of new enterprise tech spend to come from Digital Stack – Analytics, Cloud, Mobile, Automation, Security, IoT, CX/UX, BPM, Commerce

Global Enterprise IT spend ($B) New spend, 80% of CX/UX, Fall in 80% digital traditional IT stack incremental Automation, Greater Tech spend RPA, DevOps efficiency by 3,500 to 3,600

+ 950 to 1,100 to be on are opening automation, Tail Winds Tail 2,750 - 450 to 650 Digital Stack new avenues Cloud etc.

Traditional IT Apps/Infra Maturing Protectionism services industry, policies facing competition adds

Head Head Winds pressure & in-sourcing uncertainty

FY15 FY20 Source: NASSCOM McKinsey study

Decline in spend on traditional IT services, among other factors, has largely reduced the growth of Indian IT sector

33 Digital @ Zensar

Zensar’s Intelligent Managed Services Digital Revenue in Zensar has grown at a Platform for Maximum Agility and 58.9% CAGR over the last 2 years Efficiencies

29.8% 27.0% ZenAnalytica Predictive Analytics – Extract Valuable Insights Faster 12.6%

Blockchain – Digital Transactions get Secure and FY15 FY16 FY17 Transparent

Zensar has made multiple investments – both organic and inorganic - over the course of last Robotic Process Automation – year to boost its Digital capabilities RPA Transforming Business through Automation

Digital is expected to be ~35% of Zensar’s revenues in the next 4 quarters Gear up for the Office of the Future with Digital Workplace Services

34 Zensar’s Unique Living Digital Offering for clients

Engaging Digital Operating Digital Managing Digital Partnering Digital

Employee Engagement Operating & Productivity Reporting & Dash Boarding Customer Engagement

Employee engagement Operating and productivity Reporting and dash boarding Customer engagement solutions to enhance employee solutions to improve core solutions for the leadership to solutions that help improve innovation, efficiency and business processes. assist in informed decision customer outreach, engagement. making. engagement and satisfaction.

10-15% 15-20% 15-20% 10-20% Employee Satisfaction Operating Productivity Customer Satisfaction Sales Acceleration

Zensar's Platform Based | Mobile First | Cloud First | 100% Digital | Pre packaged & Customized Development

35 At Zensar, we are LIVING DIGITAL

Investing in innovations for transformations in future technology

Zensar’s Intelligent Command Centre

36 Multiple Digital and Traditional Wins over last 12 months

Digital Services Wins Traditional Services Wins

Digital Xformation for Europe Auto Asso. / Insur. Mobile Solutions for American Multinational financial services corporation

App Cloud Migration & Management for leading US Hi tech manufacturing company Application Management deal with top UK departmental store

Omni channel implementation for leading US Clothing and accessories retailer Application Dev and support for leading industrial manufacturing company in US

RPA for South Africa’s leading Financial Services company Oracle deal with Japanese multinational information tech equipment & services company

Digital Testing services for leading online / mobile gaming company IMS Cloud deal with leading Airlines in the US

Total large deals worth $ 300+ Million closed through the year

37 Digital Conversations with Top Clients

Zensar retained 100% its top clients in FY 17 Digital conversations with more than 70% of our top 50 clients

1 Million $ + Clients

51% 54% 56% 72 64

FY16 FY17

45% 45% 46% 5 Million $ + Clients 7 36% 37% 38% 5

FY16 FY17

FY15 FY16 FY17 Top 5 Clients Top 10 Clients Top 20 Clients

38 Revenue and Profitability Trend

376 331 322 64 67 59

43 47 122 137 37 54

FY 15 FY 16 FY 17

Legacy Revenue ($M) FY 15 FY 16 FY 17

Digital Revenue ($M) EBITDA ($M) PAT ($M)

FY 17 profitability impacted by: Legacy Revenue ↓ by 7.3 % . Exchange rate fluctuation CAGR over last 3 years . Projects delays leading to lower utilization . Clean-up of the MVS business Digital Revenue ↑ by 58.9% . Clean-up of Debtors in India CAGR over last 3 years . Other one-time expenses of ~$0.5M

39 Key highlights of FY17

Successful completion of 2 acquisitions Growth across Verticals Both acquisitions augment Zensar’s Digital capability ^ Retail – 21.8 %

^ BFSI – 1.9 % Leading UK based Experience Design agency ^ Manufacturing – 0.4 % Zensar + Foolproof = End-to-End Digital services for the CMO and CDO organizations Growth in Key Markets

^ Europe – 35.7 % Leading Omni-channel and Digital Supply chain company Zensar + Keystone = End to End provider of Omni Channel ^ Africa – 11.6 % Customer experience from Commerce to Fulfilment

 Addition of several new Fortune 500 clients Digital at ~35% of Zensar’s revenues on a run-rate basis

40 RPG LIFE SCIENCES LIMITED Overview

. Mostly APIs for captive use . TGA approved unit in Thane . Revenue: Rs 43 crs

API Revenue : Rs 298 crs PBT : Rs 15.3 crs 2 Production Units Exports : 33% ~1150 Employees

Domestic International FormulationsAPI Formulations . EUGMP approved unit in . Field force of 500 people Ankleshwar . Strong brand in Nephrology . Immuno-suppressant focus . Strong presence in anti-diarrhoeal, antacid, iron- . Europe, Canada, ROW as main vitamin segments markets . Acquired 7 brands from Sun Pharma last year . Revenue: Rs 65 crs . Revenue: Rs 184 crs

42 Key Updates – FY17 (1/2)

Business portfolio streamlining . Biotech business divested . 7 brands acquired from Sun Pharma to strengthen Domestic Formulation business . Urology division launched; brands from Sun and additional products . Strong focus on International formulations; growth of 39%

Improving Financial Performance . Second consecutive year of good results . Revenue growth of 16% on a like-to-like basis* . PBT of 13.77 crs vs 8.39 crs last year; growth of 64% . Very strong H1-Weaker H2; bunching of export orders in H1 and portfolio restructuring in H2 * without biotech business

43 Key Updates – FY17 (2/2)

Further strengthening of India Formulations business . Continue to perform above industry growth . PCPM improvement to 3.88 lakhs vs 3.59 lakhs last year . EBIDTA improvement to 15.8 crs vs 12.4 crs last year . Romilast & Sildura (brands acquired from Sun) gaining momentum

Results showing in International Formulations business . 39% growth over last year; large contribution by ROW . 56 new product registrations filed in ROW market (39 to be filed in FY 18) . Significant progress on building product portfolio for regulated markets . 2nd product (Nicorandil) added; UKMHRA approval received; commercialisation from H2 2018 . Intense efforts to get Ankleshwar production unit ready for USFDA audit in 2018

44 FY 17 : Improvement trajectory continues

FY 16 FY 17

292 Revenue* (Rs Crs) 251

27 EBIDTA* (Rs Crs) 19 9.5% (+2.1%) EBIDTA (%) 7.6%

13.8 PBT* (Rs Crs) 8.4 4.7% (+1.4%) PBT (%) 3.3%

12.0 EPS 7.0 * Excludes revenue from Biotech business

45 India Formulations : Fundamentals getting stronger

₹ cr Sales ₹ lakhs PCPM 3.9 200 183 4.0 3.6 168 2.8 150 143 3.0

100 2.0

1.0 50

0.0 - FY15 FY16 FY17 FY15 FY16 FY17

20% New Product % 40% DPCO sales % 16% 34% 30% 24% 25% 9% 10% 20%

4% 10%

0% 0% FY15 FY16 FY17 FY15 FY16 FY17

46 Int’l Formulations : Growth starting to materialize

Regulatory Approvals Revenue (Rs cr) . EUGMP (Formulation) 39% . TGA (API) 70 growth . Nigeria FDA Customer Approvals 60 . Apotex (Canada) 50 . Teva (Europe) . Tillomed (UK) 40

. Aqvida (Europe) 30 . Medac (Germany) 20 Product Lines . Tablets 10 . Hard Gel Capsules 0 . Low RH tablet FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

ROW sales grew by almost 100 % in FY 17

47 Strategy: No change; continue to be on same path

. 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 own-NPD; USFDA approval of production unit

48 Overview on Group Financials Economic Outlook : Momentum for growth in discretionary spending

. Stable growth in GDP & IIP in recent years

GDP & IIP Growth Rate

GDP growth IIP growth

7.9 6.5 7.2 6.8 5.5 4.1 3.3 3.4 5.0 3.3

2012 2013 2014 2015 2016

. Government boost to infrastructure and Energy Sector  Govt spending on infrastructure to be Rs.4 Trillion  Solar capacity addition of 20,000 MW in Budget 2017  Rural electrification outlay increased by 25% to INR 48.14 Billion.

. Key Policy changes spurring growth  Direct Transfer of Subsidy led to savings of Rs 140 Billion. In LPG alone  IBC along with Central Bank intervention for resolution of stressed loans to banks

50 RPG Group: Key Differentiators

. Diversified Group  Presence across key Growth sectors

. Established Business Governance Structure  Empowers decision making with timely execution

. Sound Corporate Governance Practice  Ensures practices and processes create long term value

. Robust Financials  Orientation towards low gearing with sufficient liquidity

51 RPG Group: Improving Financials

CEAT KEC International Revenue Growth – 24% Revenue Growth – 51% PAT Growth – 1,906% PAT Growth – 46% 5,767 8,784 11.9% 4,653 5,815 9.3% 8.1%

5.9%

361 18 209 305

FY12 FY17 FY12 FY17 Zensar Technologies RPG Life Sciences Revenue Growth – 71% Revenue Growth – 57% PAT Growth – 51% PAT Growth – 2,307% 304 3,060 9.4% 9.6% 13.9% 12.6% 194 1,794

238 20 159 1

FY12 FY17 FY12 FY17

Note: Net Revenue = Net Sales + Other Operating Income; EBITDA does not include non-operating income; EBITDA % is taken on Net Revenue FY17 financials as per IND AS; FY12 as per IGAAP; CEAT FY17 EBITDA includes profit from Sri Lanka JV (after tax) 52 RPG Group: Improving Financials

Returns Ratios Leverage Ratios

3,715 6,026 5,225 3,103 4,806 2,756 2,486 2,544 3,818 3,250 2.3 1.9 19% 17% 1.8 17% 17% 1.5 1.2 12% 0.8 0.8 14% 14% 14% 0.7 11% 12% 0.5 0.4

FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 Net Worth (Rs Cr) ROCE ROE Net Debt Net D/E (x) Net Debt / EBITDA Assets

5,688 5,317 5,590 5,038 4,823 4,263 4,435 3,566 3,432 3,489

FY13 FY14 FY15 FY16 FY17 Net Block (Rs Cr) Gross Block (Rs Cr)

Note: FY16 & FY17 financials as per IND AS; Others as per IGAAP ROCE is calculated by taking EBIT multiplied by (1 minus tax rate @ 33%) divided by Average Capital Employed; ROE on Average Equity Gross Block and Net Block does not include Goodwill 53 Delivering Value to Stakeholders

. Innovation led product . Shifting gears based on Business differentiation opportunities . Expanding customer & market . Focus on Deleveraging reach

. Driving Digital Initiatives . Consolidating existing . Building capability through business lines inorganic growth . Improved product portfolio

Business Transformation Led Growth

54 T H A N K Y O U