Aditya Birla Nuvo Ltd. 40 Contact Us

Key Highlights 3 – 7

Business-wise Performance 8 – 20

Going Forward 21

Financials and other Annexure 22 – 41

Note 1 : The financial results of ABNL are consolidated financials prepared as per Ind-AS unless otherwise specified Note 2 : The financial figures in this presentation have been rounded off to the nearest ` 1 Crore

Glossary RMS – Revenue Market Share CY – Current Year ROACE – Return on Avg. Operating Capital Employed based on EBIT FY – Financial Year (April-March) VLR – Visitor Location Register PY – Corresponding period in Previous Year VAS – Value Added Services PQ – Previous Quarter TPA – Tons per annum Q1– April-June AAUM – Quarterly Average Assets under Management Q2– July-September FYP – First Year Premium Income YTD – Year to date PPI – Prepaid Payment Instrument CAB – Corporate Agents and Brokers Banca - Bancassurance

2 Aditya Birla Financial Services

` 2,17,840 Crore ` 31,823 Crore Funds under Management1 as on Loan book (Incl. Housing Finance) as 30th Sept 2016 (20%↑ y-o-y) on 30th Sept 2016 (54%↑ y-o-y)

Revenue EBT

Q2: ` 2,535 Cr. (29%↑ y-o-y) Q2: ` 348 Cr. (66%↑ y-o-y)

YTD: ` 4,703 Cr. (21%↑ y-o-y) YTD: ` 631 Cr. (41%↑ y-o-y)

Telecom (Idea Cellular)

19.3% (Q1 FY17) ` 1,941 Crore (Q2 FY17) 3rd largest in India with improved Standalone3 post tax cash profit revenue market share2 (PY: 18.7%) supporting balance sheet & growth plans

2 1 Includes AUM of Life Insurance, Private Equity and quarterly average AUM of Asset Management businesses Based on gross revenue for UAS and mobile licenses only (Source : TRAI) 3 3 Standalone = Idea Cellular and its wholly owned subsidiaries Divisions (Jaya Shree, Indo-Gulf fertilisers, Indian Rayon, Aditya Birla Insulators)

21% p.a. ` 566 Crore (Pre tax) Healthy ROACE (H1FY17) Strong FCF to firm (H1FY17)

6,200 TPA ~750 TPA

Almost doubling linen yarn capacity from Scaling up VFY capacity at a capex of 3,400 TPA to 6,200 TPA by Q1 FY18 ` 40 Cr. by Q1 FY18

New Ventures

Solar Power Payments Bank

Financial closure & land acquisition in Targeting to launch services by the first process for 60 MW projects in Karnataka half of 2017, subject to RBI approval 4 Draft scheme of arrangement has been filed with the Stock Exchanges.

After receipt of NOC from the Stock Exchanges, the Scheme will be filed with the Gujarat High Court

Adjusted share exchange & share entitlement ratio on account of sub-division of Grasim’s equity shares from 1 equity share of Rs. 10 each to 5 equity shares of Rs. 2 each w.e.f. 6th October 2016 Share Exchange Ratio : Pursuant to amalgamation of ABNL with Grasim, shareholders of ABNL will be allotted 15 equity shares of Rs. 2 each of Grasim in exchange of every 10 equity shares of Rs. 10 each held in ABNL

Share Entitlement Ratio : Pursuant to de-merger of Financial Services business, shareholders of merged entity (Grasim) will be entitled to and allotted 7 equity shares of Rs. 10 each of Aditya Birla Financial Services Ltd. for every 5 equity shares of Rs. 2 each held in the merged entity (Grasim)

The transaction is subject to regulatory approvals and is expected to be completed by the first half of the calendar year 2017.

5 Standalone Net Debt Standalone Ratios ( ` Crore) 3,935 Net Debt/annualised EBITDA Net Debt/Equity 3,584 3,196 4.6 2,199 3.0 2.6 2.3 O/s 0.46 1,151 1,193 1,112 0.39 0.42 772 Fertilisers 0.22 Mar'14 * Mar'15 * Mar'16 Sept'16 Subsidy Mar'14 * Mar'15 * Mar'16 Sept'16

Led by proceeds of ` 1,664 Cr. from sale of 23% stake in Birla Sun Life Insurance (BSLI) and realisation of fertiliser subsidy, Net Debt stand reduced by ` 1,736 Cr. during the half year Further realised fertiliser subsidy of ` 480 Cr. in Oct-Nov ‘16

Annual Capital requirements for FY17 are : Capex of ~` 325 Cr. for divisions including ` 191 Cr. & ` 40 Cr. towards Linen Yarn & VFY capacities expansion

Capital requirement of ~ ` 900 Cr. for Financial Services businesses including new ventures – Payments Bank and Health Insurance

During H1 FY17, spent capex of ` 96 Cr. for divisions & infused capital of ` 372 Cr. in Financial Services

* Reported financials as per Indian GAAP 6 Revenue1 EBITDA 1 Net Profit 1

( ` Crore) ( ` Crore) ( ` Crore) 3,594 3,284 1,049 322 283 Q2 9% 713 12% 47%

FY16 FY17 FY16 FY17 FY16 FY17

6,790 2,020 2 6,475 674 587 Half 1,440 5% Year 40% 13%

FY16 FY17 FY16 FY17 FY16 FY17

Note 1: The Company has adopted Indian Accounting Standards (Ind AS) w.e.f. 1st April 2016. The financials for the quarter and half year ended 30th September 2015 are also Ind AS compliant. The above financials have been reviewed by the Audit Committee and taken on record at the Board meeting held on 10 th November 2016. Note 2: Excluding exceptional gain of ` 355 Cr. pertaining to cessation of Pantaloons Fashion & Retail Ltd. as subsidiary of ABNL. Note 3: Solar JV, Idea Cellular Ltd. and Birla Sun Life Asset Management Co. Ltd. have been consolidated based on equity accounting as per Ind AS. 7 Performance highlights : Q2 FY 2016-17

8 Funds under Management1 crosses ` 200,000 Cr. mark (20%↑ y-o-y) Among Top 5 ABFS Lending book (incl. Housing) crosses ` 30,000 Cr. mark (54%↑ y-o-y) Fund Managers in India (excl. LIC)

Improved market standing Birla Sun Life # 4 Insurance NBFC business continues to grow ahead of the market Private Life Insurance Company in India Market share improved y-o-y in the Life Insurance, Asset Management and Insurance Advisory businesses Birla Sun Life # 4 AMC Asset Management Company in India Strategic Updates

Having received IRDAI approval, the health Insurance business is Among Aditya Birla Finance targeting to launch retail products in Q3FY17. Top 7 Private NBFCs in India (excl. HFCs)

Revenue (` Crore) EBT (` Crore) Among Aditya Birla Insurance (Established businesses2) (Established businesses2) Top 5 Brokers 4,570 696 General Insurance brokers in India 3,847 494 2,462 376 1,951 Aditya Birla Money 19% 238 41% # 1 MyUniverse 26% 58% Personal Finance Management Portal

Q2FY16 Q2FY17 H1FY16 H1FY17 Q2FY16 Q2FY17 H1FY16 H1FY17

1Includes AUM of Life Insurance, Private Equity & quarterly AAUM of Asset Management businesses 2 Established businesses include Life Insurance, Asset Management, NBFC, Private Equity, Broking, Wealth Management & General Insurance Broking businesses 9 Aditya Birla Finance Ltd. (ABFL) - NBFC

Among Ranking Channel & WCDL Top 7 Vendor 3% 3% Private NBFCs in India (excl. HFCs) Bonds 1% Term Loan Broker 3% 22% Retail 6% ` 28,951 Cr. 47%↑y-o-y Corporate Promoter 6% Loan 4% Loan book as on 30th Sept ’16 (Excl. HFC) Loan Mix ` 28,951 Cr. Construction Structured (Sept’16) Growing its well diversified portfolio ahead of the market Finance 6% Finance 2% Steady growth across all the segments LRD 7% Project Loan Continuously growing unsecured lending portfolio - Plans to LAP 22% 12% expand footprint from current 6 to 18 locations by FY17 end Others 3% Portfolio quality continues to be strong led by robust (` Crore) Q2FY16 Q2FY17 ∆ % credit appraisal and risk management framework Gross NPA at 0.74% (PY: 0.90%) stands lowest among Revenue 562 822 46%↑ the top 5 NBFCs operating in similar lines of business EBT 140 222 59%↑ Net Worth 2,579 4,066 58%↑ Net NPA at 0.32% (PY: 0.27%)

Strong growth in earnings and sound return ratios Return Ratios H1 FY16 H1 FY17 ROE (p.a.) 15.1% 15.3% Healthy internal accruals supporting loan book growth ROA (p.a.) 2.14% 2.07% Net Worth crosses ` 4,000 Cr. mark Note : ROE & ROA are based on monthly average as per Indian GAAP 10 Birla Sun Life Insurance Co. Ltd. (BSLI)

Ranks # 4 in India with new business1 market share at 8.5% (Apr – Sep’16)

In Q2, New business premium grew y-o-y by 33% to ` 486 Cr. (` Crore) Gross Individual Life FYP rose by 5% to ` 170 Cr. and Group FYP Q2FY16 Q2FY17 ∆ % Premium rose by 56% to ` 316 Cr. First Year 365 486 33%↑ Improvement in quality of business (H1 FY17) - Individual 162 170 5% ↑ 13th month persistency improved y-o-y from 59.6% to 67.7% - Group 203 316 56%↑ Share of traditional products increased to 72% (PY: 63%) Renewal 830 748 10%↓ Share of Non PAR increased to 27% (PY: 10%) Total 1,194 1,234 3% ↑

Augmenting distribution strength for balanced channel mix Non Agency channels contributed to 25% (PY: 17%) of Individual New business premium income during the half year

AUM at ` 33,800 Cr. (10%↑ y-o-y)

Note 1: In terms of Annual Premium Equivalent (APE) among private sector players 11 Birla Sun Life Asset Management Co. Ltd. (BSLAMC)

Ranks # 4 in India with AAUM market share at 10.49% (PY: 10.15%) (` Crore) Equity ranking at #4 with 8.04% share (PY: 7.42%) Q2FY16 Q2FY17 ∆ %

Total AAUM rose by 22% y-o-y and 12% q-o-q to ` 183,033 Cr. AAUM 150,271 183,033 22%↑ Revenue 193 243 26%↑ Strong focus on scaling up retail and high margin assets EBT 96 96 Domestic Equity AAUM rose to ` 40,779 Cr. (31%↑ y-o-y, 17%↑ q-o-q) Net Worth 722 966 34%↑ PMS AAUM more than doubled y-o-y to ` 2,154 Cr. (44%↑ q-o-q) AAUM from B-15 cities grew y-o-y by 50% vis-à-vis 38% industry growth from B-15 cities (Source: CAMS) Market Share Consistently gaining market share with focus on retail segment Total AAUM Equity AAUM Q2FY17 ∆% (y-o-y) 10.49% Share of Equity in domestic AAUM 24.1% 83 bps↑ 10.15% Live SIP market share 9.82% 45 bps↑ 7.42% Monthly SIP book size 372 Cr. 8.04% ` 52%↑

Based on 1 year returns, 93% of Equity AAUM and 100% of Q2FY16 Q2FY17 Liquid / Debt AAUM are in top two quartiles as on Sept’16 12 ABHFL Loan Mix

Aditya Birla Housing Finance Ltd. (ABHFL) Loan against Loan book expanded to ` 2,872 Cr. (PY: ` 880 Cr., PQ: ` 2,432 Cr.). Home Loan Property ` 2,872 Cr. 56% Geographically well spread loan book posted 18% q-o-q growth & (Sept’16) 36% more than doubled y-o-y 8% Net worth stood at ` 371 Cr. in Sept’16 Construction Finance Turned profitable in Sep’16 within 18 months of full operations

ABIBL Market share Aditya Birla Insurance Brokers Ltd. (ABIBL: General Insurance Advisory)

In Q2, ABIBL’s premium placement rose y-o-y by 63% to ` 578 Cr. 1.51% 1.75% while industry premium grew by 40%.

Outperforming industry and gaining market share Q2 FY16 Q2 FY17

Aditya Birla Health Insurance Co. Ltd. (ABHICL)

Having received IRDAI approval, the health Insurance business is targeting to launch retail products in Q3FY17.

13 Aditya Birla Private Equity (ABPE) Funds under management (net) at ` 1,008 Cr. Both, Fund I and Sunrise Fund, have invested their net deployable corpus 8 partial exits across both the funds till date, out of which in 5 exits, multiple of capital contributed is > 1.5x – 3x

Aditya Birla Money (Broking, Wealth Management & Online Personal Finance Management) Broking : Launched integrated platform for paperless e-KYC Revamped mobile trading app “Mobile Invest” launched with significant traction in new downloads and ratings

Wealth Management (ABMM) : Avg. Assets under Advisory stood at ` 10,187 Cr. (13% ↑ y-o-y) Avg. equity Assets under Advisory at ` 2,593 Cr. (14% ↑ y-o-y)

Online Personal Finance Management (MyUniverse) : Enjoying trust of over 2.8 million registered users who are managing over ` 200 billion through MyUniverse Building diversified revenue mix on back of multi product transaction platform and analytics Personal loan and goal based mutual fund investing Launched credit card marketplace and lead generating engine 1st Platform to offer eNACH 14 Revenue from the established businesses rose by 26% to ` 2,462 Cr. EBT from the established businesses surged by 58% to ` 376 Cr.

15 Performance highlights : Q2 FY 2016-17

16 Revenue (7%↑ y-o-y) & EBITDA (2%↑ y-o-y) EBITDA growth impacted due to change in terms of c/f of unused data Revenue Market Share1 19.3% entitlement in data pack and higher network opex owing to 3G & 4G expansion 18.7% 17.1% Rise in depreciation & amortisation and interest on account of rapid expansion 16.2% 14.9% of 3G & 4G services & renewal of licenses in 9 circles constrained net profits Key metrics2 Q2 FY16 Q2FY17 Δ%

Minutes of Use (billion) 189 196 +3% Q1FY13 Q1FY14 Q1FY15 Q1FY16 Q1FY17

Average Realisation per minute (`) 0.453 0.470 +4% Strong Incremental RMS Data Volume (billion Mega Bytes) 72.0 107.4 +49% Rank & RMS Incremental Strong spectrum bank & accelerated expansion to tap data opportunity Circles Q1FY17 RMS3 Won 349.2 MHz spectrum for ` 128 billion, at <1% premium to reserve price Leader in 8 31.5% 50.9% Geographies Completed its mobile broadband 3G and/or 4G footprint across all 22 circles Broadband spectrum can carry 15-20 times of current data traffic # 3 in 7 12.6% 17.2% Emerging Owned 3G / 4G spectrum in 15 / 20 circles covers 86% / 94% of its revenue Geographies Planning to launch digital content service space by FY18 # 4 in 7 New 7.0% 21.3% Generating strong cash flows to support balance sheet & growth plans Geographies During H1 FY17, Cash profit2 of ` 44 billion fully funded capex of ` 30.8 billion Total 22 19.3% 32.4% Net debt to EBITDA2 at 3.2x as on 30th Sep’16

1 3 17 Based on gross revenue for UAS & Mobile licenses, as released by TRAI 2 Standalone = Idea and its 100% subsidiaries Q1FY17 over Q1FY14 Performance highlights : Q2 FY 2016-17

18 Revenue at ` 1,300 Cr. (14% ↓ y-o-y) de-grew y-o-y due to lower volumes in Textiles & Insulators businesses and pass through of reduction in natural gas prices in the Agri business.

EBITDA at ` 188 Cr. (9% ↓ y-o-y)

ROACE at 21% p.a. in H1 FY17

Revenue EBITDA (` Crore) Remarks on profitability Q2FY16 Q2FY17 ∆% Q2FY16 Q2FY17 ∆%

Jaya Subdued demand in Linen segment. Volumes in Wool 408 304 25% 47 27 43% Shree segment were impacted due to unrest in J&K.

683 611 11% Agri 65 75 16% Received arrears of ` 14 Cr pertaining to earlier years

258 266 3% Rayon 65 70 9% Higher VFY volumes and realisation

159 119 25% Insulators 31 16 49% Lower volumes due to sluggish domestic demand

1,508 1,300 14% Total 208 188 9%

19 Payments Bank Incorporated ‘Aditya Birla Idea Payments Bank Limited’ in a 51:49 joint venture with Idea Cellular The senior management team is in place and is working on selecting the right IT system, defining innovative products and cost efficient processes before starting services.

Targeting to launch its services in the first half of 2017, post receipt of requisite approvals from RBI The JV will acquire customers ‘Online’ leveraging Aditya Birla Group’s current ~55 million digital customers as well as ‘Offline’ riding on the strength of Idea’s 2 million+ retail distribution channel across 398,000 towns/villages. Will partner with Aditya Birla Financial Services, select universal banks etc. to offer range of banking products.

The NEFT/IMPS & PPI business of Idea is being merged with the Payments Bank to operate as a single entity

Solar Power

Update on Solar Power projects of 60 MW (AC Capacity) won in 3 talukas of Karnataka in Mar’16 In negotiation with lenders, technology suppliers, land owners, equipment suppliers and EPC contractors etc. CRISIL A- (Stable) rating assigned for proposed ` 300 Cr. bank facilities for the project Commissioning of the plants is targeted by June 2017

20 21 22 (` Crore)

Quarter - 1 Quarter 2 Revenue Half Year 2016-17 2015-16 2016-17 2015-16 2016-17 (PQ) (PY) (CY) (PY) (CY)

1,979 1,777 2,311 Aditya Birla Financial Services 3,486 4,290

1,062 1,129 1,326 Life Insurance 2,198 2,389

918 650 989 Other Financial Services* 1,291 1,907

(1) (2) (4) Elimination (4) (5) 1,233 1,508 1,300 Divisions 2,991 2,533

352 408 304 Jaya Shree 820 656

501 683 611 Agri 1,355 1,112

260 258 266 Rayon 507 526

120 159 119 Insulators 310 239

(1) 2 (1) Inter-segment Elimination (2) (2)

3,211 3,284 3,610 Consolidated Revenue 6,475 6,821

Note: Telecom and Asset Management businesses have been consolidated based on equity accounting as per Ind AS, hence do not form part of segment financials * Includes NBFC, Housing Finance, Health Insurance, Private Equity, Broking, Wealth Management, Online Personal Finance Management , Payments Bank & General Insurance 23 Broking businesses. Note: Telecom and Asset Management businesses have been consolidated based on equity accounting a1(h)-3(a)-38.346-33.28 5121.455 121 9 Tf 1 0 0Iniaasvecd abdeformng eoe(d)-3( )51ganagefcoavecd oaa g(a)-38.346-33.28 5121.59.2 /45 576 1 0 0*g(a)-38.346-33.28 5121.5j 4764.156 1 0 0-3(a)-38.346-33.:

24 (` Crore)

Quarter - 1 Quarter 2 Half Year Consolidated 2016-17 2015-16 2016-17 Profit & Loss Account 2015-16 2016-17 (PQ) (PY) (CY) (PY) (CY)

3,197 3,284 3,594 Revenue 6,475 6,790

971 713 1,049 EBITDA 1,440 2,020

545 364 559 Less : NBFC Interest expenses 713 1,103

62 66 55 Less : Other Interest Expenses 135 117

364 283 436 EBDT 592 799

46 42 48 Less : Depreciation 83 93

318 240 388 Earnings before Tax (before exceptional items) 509 706

88 209 54 Share of Profit / (loss) of associate and Joint ventures 439 142

- - - Exceptional Gain / (Loss) 355 -

407 450 442 Earnings before Tax 1,303 849

88 123 138 Less : Provision for Taxation (Net) 261 226

15 5 21 Less : Minority Interest 13 36

304 322 283 Net Profit 1,028 587

Note 1 : In H1 FY16, exceptional gain includes ` 355 Cr. pertaining to cessation of Pantaloons Fashion & Retail Ltd.(PFRL) as subsidiary pursuant to de-merger of Madura Fashion & Lifestyle into PFRL w.e.f. 1st April 2015. 25 (` Crore)

Standalone Consolidated

Sep-16 Sep-16 Balance Sheet

9,928 Net Worth 15,363 - Minority Interest 1,111 Remove ICU loan from BSLI to ABFL 2,673 Debt 2,637

- NBFC borrowings (incl. Housing) 26,818

97 Deferred Tax Liabilities (Net) 663

12,697 Capital Employed 46,592 Policyholders' funds (Incl. funds for - future appropriation) 32,636

12,697 Total Liabilities 79,228

1,632 Net Block (Incl. Capital Advances) 1,808

- Goodwill on Consolidation 263

- NBFC Lending (Incl. Housing) 31,823

1,168 Net Working Capital 850

9,423 Long Term Investments 9,638

- Life Insurance Investments 33,592

474 Cash Surplus & Current Investments 1,253

762 Book Value (`) 1,180

2.3 Net Debt1 / Annualised EBITDA2 (x) 0.8 1 0.22 Net Debt / Equity (x) 0.09

Note 1 : Total Debt less Cash Surplus & Current Investments and excluding NBFC borrowings Note 2: EBITDA less finance cost related to NBFC 26 (` Crore)

Standalone Quarter - 1 Quarter 2 Half Year Profit & Loss Account 2016-17 2015-16 2016-17 2015-16 2016-17 (PQ) (PY) (CY) (PY) (CY)

1,233 1,508 1,300 Revenue 2,991 2,533

219 261 268 EBITDA 465 487

62 67 54 Interest Expenses 136 117

157 194 214 EBDT 329 371

32 30 31 Depreciation 59 63

125 164 182 Earnings before Tax (before exceptional items) 270 307

1,120 - - Exceptional Gain / (Loss) 23 1,120

1,245 164 182 Earnings before Tax 292 1,427

142 35 37 Provision for Taxation (Net) 68 179

1,103 129 145 Net Profit 225 1,248

Note 1 : In H1 FY17, exceptional gain represents gain on sale of 23% stake in Birla Sun Life Insurance to Sun Life, Canada in Apr ‘16. Note 2 : In H1 FY16, exceptional gain includes fair valuation of shares of Aditya Birla Fashion and Retail Ltd. (ABFRL) received pursuant to the demerger of luxury branded apparel division of Madura Garments Lifestyle Retail Company Ltd. as per Ind AS. 27 28 Quarter 2 Half Year

Revenue EBT ` Crore Revenue EBT 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 (PY) (CY) (PY) (CY) (PY) (CY) (PY) (CY)

562 822 140 222 Aditya Birla Finance 1,115 1,587 279 408

1,129 1,326 8 49 Birla Sun Life Insurance 2,198 2,389 24 76

193 243 96 96 Birla Sun Life Asset Management 387 447 186 205

21 28 7 10 Aditya Birla Insurance Brokers 54 65 25 29

32 33 1 2 Aditya Birla Money 63 60 1 0

14 15 (7) (7) Aditya Birla Money Mart 29 27 (11) (16)

5 5 2 2 Aditya Birla Capital Advisors (PE) 10 9 3 3

(5) (9) (9) 1 Others / Elimination (9) (15) (13) (9)

1,951 2,462 238 376 Established businesses 3,847 4,570 494 696

New businesses (Housing Finance, MyUniverse 19 73 (28) (28) 25 133 (48) (65) & Health Insurance, Payments Bank)

1,970 2,535 210 348 Total 3,872 4,703 446 631

Note: Full financial figures of Birla Sun Life Asset Management Co. Ltd. (BSLAMC) business have been considered above. In the consolidated financials of ABNL, BSLAMC has been consolidated based on equity accounting as per Ind AS 29

Quarter 2 Half Year ABFL notified as financial institution under SARFAESI Act, 2002 2015-16 2016-17 2015-16 2016-17 Optimising borrowings cost and ALM profile (PY) (CY) ` Crore (PY) (CY)

Long term debt accounts for 72% of total debt 562 822 Revenue 1,115 1,587

Overall borrowings cost in H1FY17 reduced y-o-y by 40 bps 140 222 Earnings before tax 279 408

Long term / Short term credit rating at AA+ / A1+ 94 147 Net Profit 184 269

Segment-wise Loan book (EOP) Sept'15 Jun'16 Sept'16 Capital Market 3,983 4,330 4,578 Key Metrics (Based on Indian GAAP) H1 FY16 H1 FY17

Corporate Finance 5,014 7,311 8,126 Average Yield (incl. fee income) (%) 12.9% 12.1%

Infra Finance 4,616 7,153 8,191 Net Interest Income (incl. fee income) (%) 4.9% 4.5%

Mortgages (LAP, LRD & Construction Finance) 5,573 6,765 7,212 Opex to NII Ratio (%) 23.8% 23.2%

Unsecured - 62 115 Cost of Debt (%) 9.3% 8.9%

Others 552 647 729 Borrowings (` Crore) 16,473 24,380

Total (As per Indian GAAP) 19,738 26,267 28,951 Leverage (x) 5.9x 5.9x

Aditya Birla Housing Finance Ltd. (ABHFL)

Targeting addition of 11 more branches to reach to 38 markets by Quarter 2 Half Year ` Crore 2015-16 2016-17 2015-16 2016-17 Mar’17 from current 32 markets (through 39 branches in 15 states) (PY) (CY) (PY) (CY) 18 71 Revenue 24 129 Long term debt accounts for > 75% of total debt (7) (0) Earnings before tax (13) (16) 133 371 Net Worth 133 371 Long term / Short term credit rating at AA+ / A1+ Borrowings 638 2,437

Leverage (x) 4.8x 6.6x 30 Industry

In Q2, industry’s total new business premium1 grew by 22% while private sector grew by 17%. In individual life segment, industry and private sector both grew by 20%.

Birla Sun Life Insurance

BSLI remains #1 in group segment with 27.6% share1 (H1FY17)

Quarterly EBT grew from ` 8 Cr. to ` 49 Cr. mainly due to higher fair value of investments

Product and Channel Mix (Individual Life Segment) :

31 Industry Average AUM AAUM at an all time high of ` 16.1 trillion (22%↑ y-o-y) ` Crore Q2FY16 Q1FY17 Q2FY17 Equity AUM rose by 21% to ` 5.1 trillion contributing to 30% (PY) (PQ) (CY) of industry’s AUM growth in past one year Domestic Equity 31,102 34,969 40,779

Debt and Liquid assets grew by 23% and 24% respectively Domestic Fixed Income 1,02,302 1,14,123 1,28,102

Offshore Assets 15,042 11,536 11,118 Birla Sun Life Asset Management Alternate Assets 1,825 2,492 3,034 Total AAUM expanded to ` 183,033 Cr. (22%↑ y-o-y) Total AAUM 1,50,271 1,63,121 1,83,033 Domestic Equity AAUM crossed ` 40,000 Cr. mark PMS AAUM crossed ` 2,100 Cr. mark Quarter 2 ` Crore Half Year Customer folios increased y-o-y by 23% to 3.2 million 2015-16 2016-17 2015-16 2016-17 served by over 50,500 independent financial advisors (PY) (CY) (PY) (CY) 193 243 Revenue (Fee Income) 387 447 Revenues 96 96 Earnings before tax 186 205

63 64 Net Profit 122 138

722 966 Net Worth 722 966

32 > Aditya Birla Insurance Brokers Ltd. (General insurance advisory) In Q2, premium placement increased y-o-y by 63% from ` 354 Cr. to ` 578 Cr.

During H1, premium placement rose from ` 804 Cr. to ` 1,208 Cr. (50%↑ y-o-y) vis-à-vis industry’s 28% growth

> Aditya Birla Money (Broking, Wealth Management & Online Money Management )

Broking: Focus on growing online volume and revenue. Contributed 19% of revenue in Q2FY17 (PY: 16%)

Wealth Management: Quarterly average Assets under Advisory grew y-o-y by 13% to ` 10,187 Cr. (15%↑ q-o-q) The business has moved from upfront commission to trail commission model impacting earnings

Online Money Management: Growing revenues through broadening of product offerings.

> Aditya Birla Private Equity : Funds under management (net) at ` 1,008 Cr.

Aditya Birla Insurance Aditya Birla Money Aditya Birla Aditya Birla Brokers (General (Equity & Commodity Money Mart Capital Advisors Insurance Broking) Broking) (Wealth Management) (Private Equity) ` Crore PY CY PY CY PY CY PY CY Quarter 2 Revenue 20.9 28.0 32.4 32.9 13.6 15.5 5.2 4.6 Earnings before tax 6.5 10.1 1.1 1.5 (6.9) (6.9) 1.8 1.9 Net Profit / (Loss) 4.1 6.7 1.1 1.5 (6.7) (6.9) 1.5 1.4 Half Year Revenue 53.9 65.5 62.7 60.4 28.7 26.9 10.3 9.2 Earnings before tax 25.4 28.6 1.1 0.0 (11.1) (16.1) 3.2 3.2 Net Profit / (Loss) 16.7 18.2 1.1 0.0 (11.1) (16.1) 2.5 2.3 33 Base of 186 million VLR (active) subscribers provides Idea a Quarter 2 Half Year unique platform for future growth in Mobile Voice, Wireless ` Crore 2015-16 2016-17 2015-16 2016-17 (Consolidated Results) Broadband, Digital Content and Mobile banking services (PY) (CY) (PY) (CY)

8,675 9,300 Revenue 17,467 18,787 Q2FY17 Y-o-Y Δ% 2,791 2,840 EBITDA 5,770 5,914 Idea’s total Data Subscribers (Mn) 54.1 +31% 1,355 886 EBIT 2,922 2,041

- Of these 3G / 4G Data Subscribers (Mn) 30.7 +57% 762 91 Net Profit 1,617 312

- 3G / 4G Data Volume Usage (Bn MB) 79.9 +86%

- 3G / 4G data volume as % of total volume 74% +1455 bps

104.8% Highest in VLR Subs. as % of reported Subs. (Jul’16) industry

VAS as % of Service revenue (Q2) 29.6% +170 bps

Capex of ` 30.8 billion (excluding spectrum payout & capitalised interest / forex cost) was incurred in H1 FY17

Revised capex guidance for FY17 (excl. spectrum payout) stands at ` 75-80 billion.

34 Quarterly revenue de-grew to ` 304 Cr. Quarter 2 Half Year ` Crore Linen segment revenue is lower by 26% 2015-16 2016-17 2015-16 2016-17 Yarn & Fabric volumes de-grew owing to subdued (PY) (CY) (PY) (CY) consumer demand 203 149 Linen Segment 437 319

Competitive pressure on yarn realisation due to cheaper 205 155 Wool Segment 383 337 Chinese imports and lower prices of alternate fibers 408 304 Revenue 820 656 Wool segment revenue de-grew by 24% due to lower sales 47 27 EBITDA 102 68 owning to unrest in J&K 39 19 Segment EBIT 86 51 Quarterly EBITDA de-grew to ` 27 Cr. 415 493 Capital Employed 415 493

Continuous thrust on strengthening the “Linen Club” 41 16 ROACE (Annualised) (%) 51 22 Fabric brand & expansion of high margin retail channel

Expanding Linen yarn capacity from current 3,400 MTPA to 6,200 MTPA at a capex of ` 191 Cr. by first half of 2017

35 Achieved highest ever quarterly production Quarter 2 Half Year ` Crore Manufacturing revenue lower at ` 501 Cr. due to pass through 2015-16 2016-17 2015-16 2016-17 (PY) (CY) (PY) (CY) of reduction in natural gas prices 306 307 Manufactured Urea Sales ('000 MT) 592 612 EBITDA is higher at ` 75 Cr. 683 611 Revenue 1,355 1,112 Includes arrears of ` 14 Cr. pertaining to earlier years 610 501 Manufacturing 1,193 940 (Urea, Customised Fertilisers) Outstanding fertilisers subsidy at ` 772 Cr. (PY: ` 577 Cr., 73 110 Trading 162 171 Mar ’16: ` 1,112 Cr ) (Fertilisers, Seeds, Agro-Chemicals) Further realised subsidy of ` 480 Cr. in Oct’16 – Nov ‘16 65 75 EBITDA 126 130

With reduction in gas prices and gas pooling policy in place, 57 66 Segment EBIT 109 111

urea subsidy is expected to be lower y-o-y 929 1,191 Capital Employed 929 1,191

Indo Gulf has forayed into Animal Nutrition business 20 21 ROACE (Annualised) (%) 17 16

36 Quarter 2 Half Year Revenue at ` 266 Cr. is up y-o-y by 3% 2015-16 2016-17 ` Crore 2015-16 2016-17 (PY) (CY) (PY) (CY) VFY segment revenue at ` 216 Cr. VFY Sales volume grew marginally by 1% 5,166 5,203 Manufactured VFY Sales Volumes (MT) 10,107 10,259 216 216 Revenue (VFY & allied chemicals) ( ` Cr.) 424 424 Chemicals segment revenue surged by 18% led by Chemicals improved caustic soda realisation 1 19,877 19,328 Caustic Soda Sales Volume (MT) 39,319 39,271 42 49 Revenue ( ` Cr.) 83 102 EBITDA rose y-o-y by 9% to ` 70 Cr. 258 266 Total Revenue 507 526 Improved VFY realisation and higher volumes 65 70 EBITDA 125 145 augmented profitability 54 59 Segment EBIT 105 122 726 739 Capital Employed 726 739 Scaling up VFY capacity at a capex of ` 40 Cr. by the 30 32 ROACE (Annualised) (%) 28 33 first half of calendar year 2017 Note 1 : Including captive consumption and inter unit sale

During H1, ROACE improved y-o-y to 33% p.a.

37 Domestic Insulators demand remained sluggish due to lower Quarter 2 Half Year ` Crore PGCIL order at ` 59 Cr in H1 (FY16: ` 276 Cr ; FY15 ` 554 Cr) 2015-16 2016-17 2015-16 2016-17 (PY) (CY) (PY) (CY) Increased acceptance of alternate technologies (particularly 10,144 7,730 Sales Volumes (MT) 19,676 15,419 composite insulators for transmission and GIS substations) 159 119 Revenue 310 239 continues to adversely impact demand for porcelain insulators 31 16 EBITDA 58 35 Quarterly Revenue at ` 119 Cr. de-grew y-o-y by 25% and 27 11 Segment EBIT 49 26 EBITDA de-grew from ` 31 Cr. to ` 16 Cr

On like-to-like basis, revenue de-grew y-o-y by 21% and 402 389 Capital Employed 402 389

EBITDA de-grew to ` 18 Cr. 27 11 ROACE (Annualised) (%) 23 13

Government’s ambitious ‘Make in India’ plans and reform such as ‘UDAY’ along with renewed ordering from PGCIL are expected to improve demand scenario, though in medium to long term.

Aditya Birla Insulators is re-entering into railways segment and exploring selective play in the distribution segment

Exports in substation segment are expected to pick up in H2

38 39 Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements” including, but not limited to, those relating to general business plans & strategy of Aditya Birla Nuvo Limited ("ABNL"), its future outlook & growth prospects, future developments in its businesses, its competitive & regulatory environment and management's current views & assumptions which may not remain constant due to risks and uncertainties. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in ABNL's business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the countries in which ABNL conducts business. Important factors that could make a difference to ABNL’s operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in ABNL’s principal markets, changes in Government regulations, tax regimes, competitors actions, economic developments within India and the countries within which ABNL conducts business and other factors such as litigation and labour negotiations.

This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of ABNL's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of ABNL.

ABNL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. ABNL assumes no responsibility to publicly amend, modify or revise any forward looking statements on the basis of any subsequent developments, information or events or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. ABNL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner.

INFORMATION PRESENTED HERE IS NOT AN OFFER FOR SALE OF ANY EQUITY SHARES OR ANY OTHER SECURITY OF ABNL

This presentation is not for publication or distribution, directly or indirectly, in or into the United States, Canada or Japan. These materials are not an offer of securities for sale in or into the United States, Canada or Japan.

Aditya Birla Nuvo Limited Corporate Identity Number L17199GJ1956PLC001107 Regd. Office: Indian Rayon Compound, Veraval – 362 266 (Gujarat) Corporate Office: 4th Floor ‘A’ Wing, Aditya Birla Center, S.K. Ahire Marg, Worli, Mumbai – 400 030 Website: www.adityabirlanuvo.com or www.adityabirla.com Email: [email protected]

Aditya Birla Nuvo reports results for the quarter ended 30th September, 2016 (` Crore) Quarter 2 Half Year 1 2015-16 2016-17 Consolidated Results 2015-16 2016-17 (Previous Year) (Current Year) (Previous Year) (Current Year) 3,284 3,594 Revenue 6,475 6,790 713 1,049 EBITDA 1,440 2,020 322 283 Net Profit (Reported) 1,028 587 - - Exceptional Gain2 355 - 322 283 Net Profit (Like-to-Like) 674 587

Note 1: The Company has adopted Indian Accounting Standards (Ind AS) w.e.f. 1st April 2016. The financials for the previous year are also Ind AS compliant. The above financials have been reviewed by the Audit Committee and taken on record at the Board meeting of the Company held on 10th November 2016. Note 2: Reported Net Profit in the previous year includes exceptional gain of ` 355 Crore pertaining to cessation of Pantaloons Fashion & Retail Ltd. as subsidiary of ABNL.

th Mumbai, 10 November 2016: Aditya Birla Nuvo Limited (ABNL) (BSE: 500303, NSE: ABIRLANUVO, Bloomberg: ABNL IN) has reported a consolidated revenue of ` 3,594 Crore for the quarter ended 30th September 2016, up by 9% over the previous year. EBITDA surged by 47% to ` 1,049 Crore driven by Financial Services business. Net profit at ` 283 Crore de-grew year-on-year due to the reduction of ABNL’s share in Idea’s net profit by ` 156 Crore. Net profit of Idea Cellular declined from ` 762 Crore to ` 91 Crore mainly on account of higher interest and amortisation costs pertaining to the spectrum acquired in the earlier years.

Highlights of the results:

Aditya Birla Financial Services Aditya Birla Financial Services is one of the largest non-bank financial services players and ranks among the top 5 fund managers in India (excluding LIC). Its assets under management (AUM) rose by 20% to ` 217,840 Crore. Its quarterly revenue grew by 29% to ` 2,535 Crore and earnings before tax expanded by 66% from ` 210 Crore to ` 348 Crore.

Aditya Birla Finance Ltd. (ABFL) ranks among the top 7 private NBFCs in India (excluding housing finance companies). Its lending book has expanded by 47% to ` 28,951 Crore, ahead of the market. ABFL has created a well diversified portfolio. The quality of portfolio remains sound with gross NPA at 0.74% and net NPA at 0.32%. It reported a healthy average Return on Equity at 15.3% per annum and average Return on Asset at 2.07% per annum. Led by equity infusion and strong internal accruals, its net worth has risen by 58% to ` 4,066 Crore. Aditya Birla Housing Finance Ltd., has extended its loan book from ` 880 Crore in September 2015 to ` 2,872 Crore in September 2016. On quarter-on-quarter basis, it achieved an 18% growth. Its net worth has gone up to ` 371 Crore. The business has turned profitable within 18 months of full operations. Birla Sun Life Insurance ranks 4th among private players in India with the new business premium market share at 8.5%. It remained the number 1 private life insurer in the Group segment with a 27.6% share. During the quarter, its individual new business premium grew by 5% and the total new business premium rose by 33%.

The quarterly average AUM (AAUM) of Birla Sun Life Asset Management, at ` 183,033 Crore, registered a 22% year-on-year growth. Its position as India’s 4th largest asset management company

Aditya Birla Nuvo Limited: Press Release for the quarter and the half year ended 30th September 2016 Page 1/3

PRESS RELEASE Q2FY17 stands strengthened with an improved market share of 10.49%. The strong focus on scaling up retail and high margin assets continued, with its domestic equity AAUM expanding by 31% to ` 40,779 Crore and PMS AAUM more than doubling to ` 2,154 Crore. Aditya Birla Insurance Brokers enhanced its market share from 1.51% to 1.75% led by a 63% rise in premium placement while general insurance industry’s premium rose by 40%.

Having received IRDAI approval, Aditya Birla Health Insurance Co. Ltd. is targeting to launch retail products during the third quarter of financial year 2016-17. Aditya Birla Money MyUniverse, India’s number 1 online personal finance management portal, enjoys trust of more than 2.8 million registered users who are managing over ` 20,000 Crore through this portal.

Telecom (Idea Cellular) Idea Cellular ranks 3rd in India with an improved revenue market share of 19.3% up from 18.7% a year ago. Having a base of 186 million active subscribers, Idea is the 6th largest cellular operator in the world in terms of subscribers, based on operations in a single country. During the quarter, Idea’s consolidated revenue grew by 7% to ` 9,300 Crore and EBITDA is marginally up at ` 2,840 Crore. To capitalise on the data opportunity, Idea is augmenting its 3G and 4G footprint. It has completed its mobile broadband footprint pan India with acquisition of 349.2 MHz of spectrum in recent auctions. On the back of strong cash profit generation, Idea is well positioned to support its growth plans.

Divisions (Jaya Shree, Indo-Gulf Fertilisers, Indian Rayon and Aditya Birla Insulators) ABNL’s divisions are India’s leading manufacturers of linen, urea, viscose filament yarn (VFY) and insulators. Their combined quarterly revenue at ` 1,300 Crore was lower by 14% year-on-year due to the pass through of reduction in natural gas prices in the Agri business coupled with lower volumes in Textiles and Insulators businesses. The quarterly EBITDA at ` 188 Crore was lower year-on-year by 9%. Return on average Capital Employed, during the half year, remained healthy at 21% per annum.

Driven by volume growth and improved realisation in Viscose Filament Yarn, Indian Rayon posted 9% growth in quarterly EBITDA at ` 70 Crore. Indo-Gulf fertilizers reported a 16% rise in its EBITDA at ` 75 Crore. Constrained by sluggish demand, EBITDA of Jaya Shree textiles de-grew from ` 47 Crore to ` 27 Crore while EBITDA of Aditya Birla Insulators declined from ` 31 Crore to ` 16 Crore.

New Ventures Payments Bank: ABNL had incorporated ‘Aditya Birla Idea Payments Bank Ltd.’ in a 51:49 JV with Idea Cellular in February 2016. The senior management team is in place. The team is working on selecting the right IT system and defining innovative products and cost efficient processes. It is planning to launch services by the first half of 2017, after obtaining the requisite approvals from RBI.

Solar Power: The business is in negotiation with lenders, technology suppliers, land owners, equipment suppliers and EPC contractors for 60 MW Solar Power projects, won in 3 talukas of Karnataka. The commissioning of the plants is targeted by June 2017.

Aditya Birla Nuvo Limited: Press Release for the quarter and the half year ended 30th September 2016 Page 2/3

PRESS RELEASE Q2FY17

Standalone Balance Sheet The proceeds of ` 1,664 Crore from the sale of 23% stake in Birla Sun Life Insurance and realisation of fertilisers subsidy has led to reduction in the Standalone Net Debt from ` 3,935 Crore in March 2016 to ` 2,199 Crore in September 2016. Net Debt to EBITDA stood at 2.3 times and Net Debt to Equity at 0.22 times. In October-November 2016, ABNL has further realised fertilisers subsidy of ` 480 Crore.

Going Forward For 2016-17, ABNL has planned a capex of about ` 325 Crore for its divisions, including ` 191 Crore and ` 40 Crore towards the expansion of Linen Yarn and VFY capacities respectively. Besides, there will be a capital requirement to the tune of about ` 900 Crore in the Financial Services businesses including new ventures - Payments Bank and Health Insurance.

Composite Scheme of Arrangement for amalgamation of ABNL with Grasim The process of seeking requisite regulatory approvals for the Scheme of amalgamation of ABNL with Grasim and the subsequent demerger and listing of the Financial Services Business is in progress. The transaction is expected to be completed in the first half of the calendar year 2017.

For more information contact: Dr. Pragnya Ram, Group Executive President, Corporate Communications & CSR, Aditya Birla Group, at +91-22-2499-5000 or [email protected]

About Aditya Birla Nuvo Ltd. Aditya Birla Nuvo is a USD 3.6 billion conglomerate with leadership position across its businesses. Its Financial Services business (including NBFC, Housing Finance, Life Insurance, Asset Management, Health Insurance, General Insurance Advisory, Private Equity, Broking, Wealth Management and Online Money Management) ranks among the top 5 fund managers in India. Its Telecom venture, Idea Cellular, ranks among the top 3 cellular operators in India. It is a leading player in Linen, Agri, Rayon and Insulators businesses. ABNL has recently ventured into the Solar Power businesses. It has also received an in-principle approval from RBI to set up a Payments Bank in joint venture with Idea Cellular. Aditya Birla Nuvo is a part of the Aditya Birla Group, a USD 41 billion Indian multinational. The Aditya Birla Group is in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across the globe. About 50 per cent of its revenues flow from its overseas operations.

Disclaimer : Certain statements in this “Press Release” may not be based on historical information or facts and may be “forward looking statements” within the meaning of applicable securities laws and regulations, including, but not limited to, those relating to general business plans & strategy of the Company, its future outlook & growth prospects, future developments in its businesses, its competitive & regulatory environment and management's current views & assumptions which may not remain constant due to risks and uncertainties. Actual results could differ materially from those expressed or implied. The Company assumes no responsibility to publicly amend, modify or revise any statement, on the basis of any subsequent development, information or events, or otherwise. This “Press Release” does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of the Company’s shares. The financial figures in this “Press Release” have been rounded off to the nearest ` one Crore. The financial results are consolidated financials unless otherwise specified.

Aditya Birla Nuvo Limited Corporate Identity Number L17199GJ1956PLC001107 Regd. Office: Indian Rayon Compound, Veraval 362 266 (Gujarat) Corporate Office: 4th Floor ‘A’ Wing, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai–400 030 Follow us at : www.adityabirlanuvo.com / www.adityabirla.com / www.twitter.com/adityabirlagrp Email: [email protected]

Aditya Birla Nuvo Limited: Press Release for the quarter and the half year ended 30th September 2016 Page 3/3 STATEMENT OF CONSOLIDATED UNAUDITED RESULTS FOR THE QUARTER AND HALFYEAR ENDED 30TH SEPTEMBER 2016 ` Lakhs Particulars Quarter Ended Half Year Ended 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Refer Note 2 Refer Note 2 Refer Note 2

1 Income from Operations (a) Income from Operations 341,703 304,384 327,125 646,087 636,563 (b) Other Operating Income 17,657 15,306 1,270 32,963 10,960

Total Income from Operations 359,360 319,690 328,395 679,050 647,523 2 Expenses (a) Cost of Materials Consumed 61,417 59,091 81,083 120,508 158,020 (b) Purchase of Stock-In-Trade 10,360 5,448 6,771 15,808 14,721 (c) Change in Inventories of Finished Goods, (3,367) (1,269) (3,312) (4,636) (4,409) Work-In-Progress and Stock-In-Trade (d) Employee Benefits Expense 36,383 32,783 31,809 69,166 61,626 (e) Depreciation and Amortisation Expense 4,788 4,551 4,234 9,339 8,299 (f) Benefits Paid - Life Insurance Business 106,779 89,353 83,086 196,132 159,687 (g) Change in Valuation of Liability in respect of Life Insurance (1,732) (8,359) 5,693 (10,091) 13,474 Policies (h) Other Expenses 58,499 57,710 61,272 116,209 117,900 Total Expenses 273,127 239,308 270,636 512,435 529,318 3 Profit from Operations before Other Income, Finance Costs and Exceptional Items (1 86,233 80,382 57,759 166,615 118,205 - 2) 4 Other Income 13,961 12,432 9,306 26,393 17,462 5 Profit before Finance Costs and Exceptional Items (3 + 4) 100,194 92,814 67,065 193,008 135,667

6 a) Finance Costs related to Lending Activity of Subsidiaries 55,858 54,458 36,442 110,316 71,300 b) Other Finance Costs 5,496 6,241 6,625 11,737 13,465 7 Profit after Finance Costs but before share of Profit/ (Loss) in associate and Joint 38,840 32,115 23,998 70,955 50,902 ventures and Exceptional Items (5 - 6) 8 Share of Profit/ (loss) of associate and Joint ventures 5,400 8,840 20,935 14,240 43,865 9 Profit before Exceptional Items and tax expense (7 + 8) 44,240 40,955 44,933 85,195 94,767 10 Exceptional Items (refer note no 4) - - - - 35,474 11 Profit before Tax (9 + 10) 44,240 40,955 44,933 85,195 130,241 12 Tax Expense 13,752 8,826 12,307 22,578 26,101 13 Net Profit for the period including profit of Insurance Business attributable to 30,488 32,129 32,626 62,617 104,140 Participating Policyholders (11-12)

14 Less: Profit/ (Loss) attributable to participating policyholders of Life Insurance Business 51 294 (27) 345 (37) 15 Net Profit for the period (13-14) 30,437 31,835 32,653 62,272 104,177

16 Minority Interest 2,137 1,470 453 3,607 1,346 17 Net Profit after Taxes and Minority Interest (15 - 16) 28,300 30,365 32,200 58,665 102,831

18 Other Comprehensive Income (OCI) (Net of Tax) 17,504 8,738 18,435 26,242 17,817 19 Other Comprehensive Income attributable to participating policyholders of Life Insurance 4 3 2 7 11 Business 20 Minority interest in Other Comprehensive Income 5,769 (319) 1,417 5,450 27 21 Total Comprehensive Income (17 + 18 - 19 - 20) 40,031 39,419 49,216 79,450 120,610

22 Paid Up Equity Share Capital 13,023 13,022 13,016 13,023 13,016 (Face Value of ` 10 each)

23 Earnings per Share of ` 10 each (not annualised) (a) Basic - ` 21.73 23.32 24.74 45.05 79.01 (b) Diluted - ` 21.70 23.29 24.71 44.98 78.90

Page 1/5 Contd. from Page 1

CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND HALFYEAR ENDED 30TH SEPTEMBER 2016

` Lakhs Particulars Quarter Ended Half Year Ended 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Refer Note 2 Refer Note 2 Refer Note 2

1 Segment Revenue Life Insurance 132,208 106,030 112,664 238,238 219,488 Other Financial Services 98,860 91,848 65,023 190,708 129,104 Textiles 30,435 35,159 40,757 65,594 81,976 Agri - business (Fertilisers, Agro-Chemicals and Seeds) 61,078 50,096 68,312 111,174 135,479 Rayon Yarn (including Caustic Soda and Allied Chemicals) 26,563 26,020 25,800 52,583 50,681 Insulators 11,897 12,012 15,904 23,909 30,973 Segmental Revenue 361,041 321,165 328,460 682,206 647,701 Less: Inter Segment Revenue (63) (66) (65) (129) (178) Total Segment Revenue (refer note no 10) 360,978 321,099 328,395 682,077 647,523

2 Segment Results (Profit before Finance Costs and Tax)

Life Insurance 4,949 2,649 836 7,598 2,354 Other Financial Services 23,773 17,712 11,055 41,485 25,735 Textiles 1,893 3,232 3,937 5,125 8,636 Agri - business (Fertilisers, Agro-Chemicals and Seeds) 6,604 4,546 5,690 11,150 10,941 Rayon Yarn (including Caustic Soda and Allied Chemicals) 5,855 6,325 5,443 12,180 10,491 Insulators 1,083 1,517 2,694 2,600 4,872 Total Segment Result 44,157 35,981 29,655 80,138 63,029

Less: Finance Costs (5,496) (6,241) (6,625) (11,737) (13,465) Add: Interest Income 354 3,025 1,007 3,379 2,583 Less: Other Un-allocable (Expenditure) / Income - net (226) (944) (12) (1,170) (1,208) Profit after Finance Costs but before Exceptional Items and share of Profit/ (Loss) in associate and joint ventures 38,789 31,821 24,025 70,610 50,939 Add: Share of Profit from Associates and Joint Ventures 5,400 8,840 20,935 14,240 43,865 Profit after Finance Cost but before Exceptional Items 44,189 40,661 44,960 84,850 94,804 Exceptional items (refer note no 4) - - - - 35,474 Profit before Tax (refer note no 10) 44,189 40,661 44,960 84,850 130,278

3 Segment Assets (Including Goodwill) As on As on As on As on As on 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 Life Insurance 3,535,719 3,386,995 3,208,377 3,535,719 3,208,377 Other Financial Services 3,389,349 3,095,243 2,160,247 3,389,349 2,160,247 Textiles 90,349 93,757 94,622 90,349 94,622 Agri - business (Fertilisers, Agro-Chemicals and Seeds) 145,190 159,688 120,725 145,190 120,725 Rayon Yarn (including Caustic Soda and Allied Chemicals) 87,274 86,245 83,381 87,274 83,381 Insulators 47,883 47,790 49,603 47,883 49,603 Segment Assets 7,295,764 6,869,718 5,716,955 7,295,764 5,716,955 Less: Inter Segment assets (16,551) (11,557) (4,337) (16,551) (4,337) Add: Investment in Associate/ Joint Venture 798,290 806,776 758,577 798,290 758,577 Add: Unallocated Assets 189,075 202,434 299,590 189,075 299,590 Total Segment Assets 8,266,578 7,867,371 6,770,785 8,266,578 6,770,785

4 Segment Liabilities As on As on As on As on As on 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 Life Insurance 3,335,034 3,203,063 3,029,465 3,335,034 3,029,465 Other Financial Services 2,821,591 2,547,137 1,824,209 2,821,591 1,824,209 Textiles 37,053 41,998 52,955 37,053 52,955 Agri - business (Fertilisers, Agro-Chemicals and Seeds) 26,067 24,622 27,807 26,067 27,807 Rayon Yarn (including Caustic Soda and Allied Chemicals) 12,964 12,968 10,742 12,964 10,742 Insulators 8,985 9,639 9,487 8,985 9,487 Segment Liabilities 6,241,694 5,839,427 4,954,665 6,241,694 4,954,665 Less: Inter Segment Liabilities (16,551) (11,557) (4,337) (16,551) (4,337) Add: Unallocated Liabilities 107,106 103,267 94,293 107,106 94,293 Total Segment Liabilities 6,332,249 5,931,137 5,044,621 6,332,249 5,044,621 Page 2/5 Contd. from Page 2 Notes: 1 Consolidated Statement of Assets and Liabilities: ` Lakhs Particulars As at 30th Sept, 2016 (Unaudited)

A ASSETS

1 Non-current Assets (a) Property, Plant and Equipments 157,430 (b) Capital work -in-progress 8,888 (c) Goodwill on Consolidation 26,289 (d) Intangible Assets 6,396 (e) Intangible Assets under deveolpment 4,831 (f) Investments in Associates and Joint Ventures 798,290 (g) Financial Assets (a) Non-current investments i) Investments of Life Insurance Business 3,045,312 ii) Other Investments 170,463 (b) Loans and Advances 2,256,196 (c) Others 82,627 (h) Assets for Non Current Tax 5,396 (i) Deferred Tax Assets 11,067 (j) Other Non Current Assets 11,001 Sub Total - Non-current Assets 6,584,186

2 Current Assets (a) Inventories 68,834 (b) Financial Assets (i) Current Investments - Investments of Life Insurance Business 313,902 - Other Investments 114,889 - Stock of Securities 78,061 (ii) Trade Receivables 154,057 (iii) Cash and Cash Equivalents 46,979 (iv) Bank Balances - other than (c) above 7,967 (v) Loans and Advances 857,644 (vi) Others 24,951 (c) Assets for Current Tax ( Net) 1,551 (d) Other Current Assets 13,557 Sub Total - Current Assets 1,682,392 TOTAL - ASSETS 8,266,578 B EQUITY AND LIABILITIES

1 Equity (a) Equity Share Capital 13,023 (b) Other Equity 1,523,251

Total equity attributable to equity holders of the company 1,536,274 Non-Controlling Interests 111,118 Total Equity 1,647,392

2 Non-current Liabilities (a) Financial Liabilities (i) Borrowings 1,776,310 (ii) Others 14,093

(b) Provisions 22,956 (c) Deferred Tax Liabilities (Net) 77,374 (d) Policyholders' Liabilities 3,160,170 (e) Other Non Current Liabilities 3,587 Sub Total - Non-current Liabilities 5,054,490

3 Current Liabilities (a) Financial Liabilities (i) Borrowings 923,819 (ii) Trade Payables 100,379 (iii) Others # 358,220 (b) Other Current Liabilities 38,010 (c) Provisions 17,824 (d) Policyholders Liabilities 103,405 (e) Liabilities for Current Tax (Net) 23,039

Sub Total - Current Liabilities 1,564,696

TOTAL - EQUITY AND LIABILITIES 8,266,578

# Includes Current maturities of Long-term Debts ` 245,391 Lakhs Page 3/5 Contd. from Page 3 Notes:

2 The Company has adopted Indian Accounting Standards (Ind AS) from 01st April, 2016. The figures for the quarter and half year ended 30th September, 2015 are also Ind AS compliant. These however along with the figures for the quarter ended 30th June, 2016 have not been subjected to limited review or audit. The Management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of the Company's affairs.

3 Reconciliation of Net Profit on account of transition from previous GAAP to Ind AS for the quarter and half year ended 30th September, 2015

` Lakhs Particulars Quarter Ended Half year Ended 30th Sept 15 30th Sept 15 (Unaudited) (Unaudited) (Refer Note 2) (Refer Note 2) Net profit as per Previous GAAP (restated to give effect of scheme of demerger of Garment business) 38,411 116,154 Actuarial Gain / (Loss) being Charged to Other Comprehensive Income 99 351 Accounting for Loss of Control of Garment Business under Ind AS - (269) Fair valuation of Investments 1,828 1,808 Fair valuation of Investments of Life Insurance Business (2,823) (4,324) Fair valuation of Derivatives (611) (830) Fair valuation of Share based payments (87) (179) Expected Credit Loss (608) 586 Effective interest on Loans Given (1,040) (1,603) Effective interest on Loans taken 459 740 Capitalisation of Capital Spares (Net of Depreciation) 42 218 Change in Valuation of Insurance Liabilities (449) (887) Group Share in GAAP Differences of Associate/ JV (668) (2,234) Share of MI in GAAP Differences 823 1,467 Others (18) (22) Deferred Tax on undistributed earnings of subsidiaries, Joint Venture and Associate (3,935) (8,811) Deferred Tax Impact of the Above items 777 666 Net Profit as per Ind AS 32,200 102,831 4 Pursuant to the demerger of branded apparel retailing division of the Company (Madura Garments) and Luxury branded and apparel division of Madura Garment Lifestyle Retail Company Limited (Madura Lifestyle) from respective companies and merger with Aditya Birla Fashion and Retail Limited (ABFRL), the holding of the Company in ABFRL has reduced to 9.1% and hence ABFRL ceased to be a subsidiary of the Company.

Exceptional item during the six months ending 30th September, 2015 amounts to ` 35,474 Lakhs on account of loss of control of ABFRL.

5 Pursuant to agreement entered into with Sun Life of Canada, the Company has sold 437,277,840 equity shares constituting 23% of the equity shares of Birla Sun Life Insurance Company Limited (BSLI). The transaction was consummated in April 2016 on receipt of requisite regulatory approvals. The Company has received ` 166,400 Lakhs from stake sale and continues to hold the 51% controlling stake in BSLI. Since the Company retains controlling stake after stake sale, the gain on sale `110,000 Lakhs (net of tax) has been recognised in retained earnings in Consolidated Financial Results in accordance Ind AS 110 - Consolidated Financial Statements.

6 The Board of Directors of the Company at its meeting held on 11th August, 2016, approved a Composite Scheme of Arrangement between the Company, its wholly owned subsidiary Aditya Birla Financial Services Limited (ABFSL), Grasim Industries Limited (Grasim) and their respective shareholders and creditors under Section 391-394 of the Companies Act, 1956 and applicable provisions of the Companies Act, 2013 (‘Scheme’). Such Scheme provides for the amalgamation of the Company with Grasim on a going concern basis, demerger of the financial services business from amalgamated Grasim into ABFSL post the amalgamation and consequent listing of the equity shares of ABFSL. The said Scheme is subject to requisite approvals inter-alia from the shareholders, the creditors, the respective Hon’ble High Courts and the regulatory authorities, which is under progress. The management is of the view that the proposed arrangement would not affect the carrying value of its assets and liabilities as at 30th September, 2016 and accordingly the accounts of the Company have been prepared on the going concern basis.

7 In respect of Birla Sunlife Insurance Company Limited, net profit, other comprehensive income and equity have accrued on the Non Participating Policyholders’ Fund, where transfer to Shareholders Fund is restricted under the provisions of the IRDA Regulations • Net profit reported for the quarter and period ended 30th September, 2016 includes profit of ` 1,161 Lakhs and ` 2,607 Lakhs (for the quarter and period ended 30th September, 2015 loss of ` 3,142 Lakhs and ` 5,052 Lakhs) • Other comprehensive income reported for the quarter and period ended 30th September, 2016 includes profit of ` 7,150 and ` 6,740 (for the quarter and period ended 30th September, 2015 profit of ` 2,786 Lakhs and ` 78 Lakhs) • Equity as of 30th September, 2016 includes ` 17,979 Lakhs (as of 30th September, 2015 ` 11,099 Lakhs as at 31st March, 2016 ` 8,632 Lakhs) respectively

8 In respect of Idea Celleular Limited (IDEA): On 8th January 2013, Department of Telecommunications (DoT) issued demand notices towards one time spectrum charges: - for spectrum beyond 6.2 Mhz in respective service areas for retrospective period from 1st July 2008 to 31st December 2012, Group share amounting to ` 8,585 Lakhs, and - for spectrum beyond 4.4 Mhz in respective service areas effective 1st January 2013 till expiry of the period as per respective licenses, Group share amounting to ` 40,571 Lakhs.

In the opinion of IDEA, inter-alia, the above demands amount to alteration of financial terms of the licenses issued in the past. IDEA had therefore, petitioned the Hon’ble High Court of Bombay, where the matter was admitted and is currently sub-judice. The Hon’ble High Court of Bombay has directed the DoT, not to take any coercive action until the matter is further heard. No effects have been given in the consolidated financial results for the above.

9 Other Income for the quarter ended 30th June, 2016 and half year ended 30th September, 2016 includes interest on income tax refund of ` 2,532 Lakhs and tax expenses for the quarter ended 30th June, 2016 and half year ended 30th September, 2016 are net off write back of ` 4,271 Lakhs on account of income tax refund received.

Page 4/5 Contd. from Page 4 10 Reconciliation of Segment Revenue ` Lakhs Particulars Quarter Ended Half Year Ended 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Refer Note 2 Refer Note 2 Refer Note 2 Total Income from Operations 359,360 319,690 328,395 679,050 647,523 Other Income of Financial Services 1,618 1,409 - 3,027 - Total Segmental Revenue 360,978 321,099 328,395 682,077 647,523 Reconciliation of PBT as reported in Segment

Profit Before Tax as per results 44,240 40,955 44,933 85,195 130,241 Less: Profit/ Loss attributable to participating policyholders reported in Segment "Life Insurance" 51 294 (27) 345 (37) Profit Before Tax as per Segment Reporting 44,189 40,661 44,960 84,850 130,278 11 The standalone financial results are available at Company’s website viz. www.adityabirlanuvo.com and on websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). Key Standalone financial information is given below: ` Lakhs Particulars Quarter Ended Half Year Ended 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Refer Note 2 Refer Note 2 Refer Note 2 Total Income from Operations 129,973 123,287 150,773 253,260 299,109 Profit before Tax 18,248 124,466 16,376 142,714 29,250 Net Profit for the Period 14,541 110,260 12,922 124,801 22,463 Other Comprehensive Income (Net of Tax) 5,891 9,703 (13,559) 15,594 (19,395) Total Comprehensive Income 20,432 119,963 (637) 140,395 3,068

12 During the Quarter, the Company has allotted 2833 equity shares of ` 10 each to the option grantees pursuant to exercise of Options under the Company's Employees Stock Option Scheme – 2013. As a result of such allotment, the paid-up equity share capital of the Company has increased from 130,222,858 equity shares of ` 10 each to 130,225,691 equity shares of ` 10 each.

13 Additional Information of Standalone Accounts required pursuant to Regulation 52 (4) of Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015:

As on As on Particulars 30th Sept'16 30th Sept'15 Refer Note 2 i) Debt Equity Ratio (in times) 0.27 0.39 ii) Debt Service Coverage Ratio 1.51 1.91 iii) Interest Service Coverage Ratio 4.17 3.43 iv) Debenture Redemption Reserve (` in Lakhs) 9,708 6,208 v) Capital Redemption Reserve (` in Lakhs) 856 856 vi) Net Worth (` in Lakhs) 992,797 866,773 vii) Net Profit after Tax (` in Lakhs) 124,801 22,463 viii) Basic Earning per share 95.84 17.26 ix) Previous due dates for payment of interest on Non- Convertible Debentures (NCD) (a) 8.99% 29th Series NCD's (issued on 29-01-2013) 29-01-2016 (b) 9.00% 30th Series NCD's (issued on 10-05-2013) 10-05-2016 (c) 8.68% 31st Series NCD's (issued on 02-02-2015) 02-02-2016 Whether Interest has been paid Yes

x) Previous due date for the repayment of Principal of NCD's -

xi) Next due date and amount for payment of Interest on NCD's Amount (` Lakhs) Date (a) 8.99% 29th Series NCD's (issued on 29-01-2013) 2,704 30-01-2017 (b) 9.00% 30th Series NCD's (issued on 10-05-2013) 1,800 10-05-2017 (c) 8.68% 31st Series NCD's (issued on 02-02-2015) 2,604 02-02-2017

xii) Next due date and amount for repayment of Principal of NCD's Amount (` Lakhs) Date (a) 8.99% 29th Series NCD's (issued on 29-01-2013) 30,000 29-01-2018 (b) 9.00% 30th Series NCD's (issued on 10-05-2013) 20,000 10-05-2023 (c) 8.68% 31st Series NCD's (issued on 02-02-2015) 30,000 02-02-2020

Credit rating by ICRA Limited for the NCD's issued by the Company continues to be AA+ (Stable) All NCD's issued by the Company are unsecured

The above have been computed as under i) Debt Equity Ratio - (Long-term and Short-term borrowings including Current maturities of Long-term Borrowings) / (Net Worth : Equity Share Capital + Other Equity) ii) Debt Service Coverage Ratio = Profit before Depreciation and Amortisation Expense, Finance Costs, Exceptional Items and Tax / (Finance Costs + Principal Repayment of Long term borrowings) iii) Interest Service Coverage Ratio = Profit before Depreciation and Amortisation Expense, Finance Costs, Exceptional Items and Tax / Finance Costs 14 The previous periods figures have been regrouped or rearranged wherever necessary. 15 The above results have been reviewed by the Audit Committee of the Board and taken on record at the meeting of the Board of Directors held on 10th November, 2016. The Statutory Auditors of the Company have carried out Limited Review as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the related report is being submitted to the concerned stock exchanges.

Place : Mumbai Lalit Naik Date : 10th November, 2016 Managing Director ADITYA BIRLA NUVO LIMITED CIN - L17199GJ1956PLC001107 Regd. Office: Indian Rayon Compound, Veraval - 362266, GUJARAT. E-mail: [email protected] Telephone: +91 2876 248401, 245711 Fax: +91 2876 243220 Website: www.adityabirlanuvo.com /www.adityabirla.com An Aditya Birla Group Company Page 5/5 STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2016 ` Lakhs Particulars Quarter Ended Half Year Ended 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Refer Note 2 Refer Note 2

1 Income from Operations (a) Income from Operations 128,841 122,281 149,626 251,122 296,806 (b) Other Operating Income 1,132 1,006 1,147 2,138 2,303 Total Income from Operations 129,973 123,287 150,773 253,260 299,109

2 Expenses (a) Cost of Materials Consumed 61,417 59,091 81,083 120,508 158,020 (b) Purchase of Stock-In-Trade 10,360 5,448 6,771 15,808 14,721 (c) Change in Inventories of Finished Goods, (3,367) (1,269) (3,312) (4,636) (4,409) Work-In-Progress and Stock-In-Trade (d) Employee Benefits Expense 12,021 11,328 10,974 23,349 21,472 (e) Power and Fuel 15,170 14,947 18,273 30,117 36,488 (f) Depreciation and Amortisation Expense 3,146 3,170 2,975 6,316 5,941 (g) Excise Duty 4,519 4,422 5,084 8,941 10,180 (h) Other Expenses 13,502 13,037 14,552 26,539 27,802 Total Expenses 116,768 110,174 136,400 226,942 270,215

3 Profit from Operations before Other Income, Finance Costs and Exceptional Items (1 - 2) 13,205 13,113 14,373 26,318 28,894 4 Other Income (Refer Note 5) 10,453 5,629 8,741 16,082 11,664

5 Profit before Finance Costs and Exceptional Items (3 + 4) 23,658 18,742 23,114 42,400 40,558 6 Finance Costs 5,410 6,246 6,738 11,656 13,570 7 Profit after Finance Costs but before Exceptional Items (5 - 6) 18,248 12,496 16,376 30,744 26,988 8 Exceptional Items (Refer Note 4) - 111,970 - 111,970 2,262 9 Profit before Tax (7 + 8) 18,248 124,466 16,376 142,714 29,250 10 Tax Expense (Refer Note 5) 3,707 14,206 3,454 17,913 6,787 11 Net Profit for the Period (9 - 10) 14,541 110,260 12,922 124,801 22,463 12 Other Comprehensive Income (Net of Tax) 5,891 9,703 (13,559) 15,594 (19,395) 13 Total Comprehensive Income (11 + 12) 20,432 119,963 (637) 140,395 3,068 14 Paid Up Equity Share Capital 13,023 13,022 13,016 13,023 13,016 (Face Value of ` 10 each) 15 Earnings per Share of ` 10 each (not annualised) (a) Basic - ` 11.17 84.67 9.93 95.84 17.26 (b) Diluted - ` 11.15 84.56 9.91 95.69 17.24

Page 1/5 Contd. from Page 1

STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2016

1 Segment Revenue Textiles 30,435 35,159 40,757 65,594 81,976 Agri - business (Fertilisers, Agro-Chemicals and Seeds) 61,078 50,096 68,312 111,174 135,479 Rayon Yarn (including Caustic Soda and Allied Chemicals) 26,563 26,020 25,800 52,583 50,681 Insulators 11,897 12,012 15,904 23,909 30,973 Financial Services 1,727 1,469 370 3,196 402 Total Segmental Revenue (refer note no 6) 131,700 124,756 151,143 256,456 299,511

2 Segment Results (Profit before Finance Costs and Tax) Textiles 1,893 3,232 3,937 5,125 8,636 Agri - business (Fertilisers, Agro-Chemicals and Seeds) 6,604 4,546 5,690 11,150 10,941 Rayon Yarn (including Caustic Soda and Allied Chemicals) 5,855 6,325 5,443 12,180 10,491 Insulators 1,083 1,517 2,694 2,600 4,872 Financial Services 1,650 1,401 300 3,051 269 Total Segment Result 17,085 17,021 18,064 34,106 35,209 Less: Finance Costs (5,410) (6,246) (6,738) (11,656) (13,570) Add: Interest Income (Refer Note 5) 440 2,886 775 3,326 2,356 Less: Other Un-allocable (Expenditure) / Income - net 6,133 (1,165) 4,275 4,968 2,993 Profit after Finance Costs but before Exceptional Items 18,248 12,496 16,376 30,744 26,988 Exceptional Items (Refer Note 4) - 111,970 - 111,970 2,262 Profit before Tax 18,248 124,466 16,376 142,714 29,250

3 Segment Assets As on As on As on As on As on 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 Textiles 90,349 93,757 94,622 90,349 94,622 Agri - business (Fertilisers, Agro-Chemicals and Seeds) 145,190 159,688 120,725 145,190 120,725 Rayon Yarn (including Caustic Soda and Allied Chemicals) 87,274 86,245 83,381 87,274 83,381 Insulators 47,883 47,790 49,603 47,883 49,603 Financial Services 601,478 608,997 456,694 601,478 456,694 Segment assets 972,174 996,477 805,025 972,174 805,025 Add: Unallocated Assets 408,371 417,308 534,203 408,371 534,203 Total Segment assets 1,380,545 1,413,785 1,339,228 1,380,545 1,339,228

4 Segment Liabilities As on As on As on As on As on 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 Textiles 37,053 41,998 52,955 37,053 52,955 Agri - business (Fertilisers, Agro-Chemicals and Seeds) 26,067 24,622 27,807 26,067 27,807 Rayon Yarn (including Caustic Soda and Allied Chemicals) 12,964 12,968 10,742 12,964 10,742 Insulators 8,985 9,639 9,487 8,985 9,487 Financial Services 4 4 42 4 42 Segment Liabilities 85,073 89,231 101,033 85,073 101,033 Add: Unallocated Liabilities 35,406 39,741 33,006 35,406 33,006 Total Segment Liabilities 120,479 128,972 134,039 120,479 134,039 Page 2/5 Contd. from Page 2 Notes: 1 Statement of Assets and Liabilities: ` Lakhs Particulars As at 30th Sept, 2016 (Unaudited)

A ASSETS

1 Non-current Assets (a) Property, Plant and Equipments 149,307 (b) Capital work -in-progress 8,624 (c) Intangible Assets 1,367 (d) Intangible Assets under deveolpment 1,449 (e) Financial Assets (i) Non-current investments 821,606 (ii) Loans and Advances 1,956 (iii) Others 217 (f) Assets for Non Current Tax 3,412 (g) Other Non Current Assets 5,561 Sub Total - Non-current Assets 993,499

2 Current Assets (a) Inventories 68,834 (b) Financial Assets (i) Current Investments 163,147 (ii) Trade Receivables 122,030 (iii) Cash and Cash Equivalents 3,843 (iv) Bank Balances - other than (c) above 468 (v) Loans and Advances 6,058 (vi) Others 15,539 (c) Assets for Current Tax ( Net) 545 (d) Other Current Assets 6,582 Sub Total - Current Assets 387,046 TOTAL - ASSETS 1,380,545 B EQUITY AND LIABILITIES

1 Equity (a) Equity Share Capital 13,023 (b) Other Equity 979,774 Sub Total - Equity 992,797

2 Non-current Liabilities (a) Financial Liabilities (i) Borrowings 112,725 (ii) Others 130 (b) Provisions 704 (c) Deferred Tax Liabilities (Net) 9,658 (d) Other Non Current Liabilities 972 Sub Total - Non-current Liabilities 124,189

3 Current Liabilities (a) Financial Liabilities (i) Borrowings 131,262 (ii) Trade Payables 61,367 (iii) Others # 35,126 (b) Other Current Liabilities 9,238 (c) Provisions 7,659 (d) Liabilities for Current Tax (Net) 18,907

Sub Total - Current Liabilities 263,559

TOTAL - EQUITY AND LIABILITIES 1,380,545

# Includes Current maturities of Long-term Debts ` 23,281 Lakhs

Page 3/5 Contd. from Page 3

Notes: 2 The Company has adopted Indian Accounting Standards (Ind AS) from 01st April, 2016. The figures for the quarter and half year ended 30th September, 2015 are also Ind AS compliant. These however have not been subjected to limited review or audit. The Management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of the Company's affairs.

3 Reconciliation of Net Profit on account of transition from previous GAAP to Ind AS for the quarter and half year ended 30th September, 2015 ` Lakhs Particulars Quarter Ended Half year Ended 30th Sept 15 30th Sept 15 (Unaudited) (Unaudited) (Refer Note 2) (Refer Note 2) Net profit as per Previous GAAP (restated to give effect of scheme of demerger of Garment business) 12,587 19,698 Actuarial Gain / (Loss) being Charged to Other Comprehensive Income (66) 90 Gain on demerger of Luxury branded and apparels division of Madura Garments Lifestyle Retail Company Limited recognised based on fair value of consideration received (Refer note 4(b) below) - 2,262 Impact of MTM and Transaction cost on Borrowings 237 172 Fair Valuation of Derivatives (612) (830) Fair Valuation of Share based payments (60) (91) Fair Valuation of Investments 204 250 Capitalisation of Capital Spares (Net of Depreciation) (4) 172 Others 195 347 Deferred Tax Impact of the above items 441 393 Net Profit as per Ind AS 12,922 22,463

4 (a) Pursuant to agreement entered into with Sun Life of Canada, the Company has sold 43,72,77,840 equity shares constituting 23% of the equity shares of Birla Sun Life Insurance Company Limited (BSLI). The transaction was consummated in April 2016 on receipt of requisite regulatory approvals. The Company has received ` 166,400 Lakhs from stake sale and continues to hold the 51% controlling stake in BSLI. Exceptional Item during the quarter ended 30th June, 2016 and half year ended 30th September, 2016 represents gain on sale of investment in Birla Sun Life Insurance Company Limited (BSLI) `111,970 Lakhs. (b) Pursuant to demerger of Luxury branded and apparels division of Madura Garments Lifestyle Retail Company Limited, the Company received 1,383,745 shares of Aditya Birla Fashion and Retail Limited (ABFRL). As per Ind AS, investment in equity shares are initially recognised at fair value. Exceptional item during the half year ended 30th September, 2015 represents gain derived by reducing the value of the demerged units from the fair valuation of ABFRL shares received of ` 2,262 Lakhs.

5 Other Income for the quarter ended 30th June, 2016 and half year ended 30th September, 2016 includes interest on income tax refund of ` 2,532 Lakhs and tax expenses for the quarter ended 30th June, 2016 and half year ended 30th September, 2016 are net off write back of ` 4,271 Lakhs on account of income tax refund received.

6 Reconciliation of Segment Revenue ` Lakhs Particulars Quarter Ended Half Year Ended 30th Sept 16 30th June 16 30th Sept 15 30th Sept 16 30th Sept 15 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Refer Note 2 Refer Note 2 Total Income from Operations 129,973 123,287 150,773 253,260 299,109 Other Income of Financial Services 1,727 1,469 370 3,196 402 Total Segmental Revenue 131,700 124,756 151,143 256,456 299,511

7 The Board of Directors of the Company at its meeting held on 11th August, 2016, approved a Composite Scheme of Arrangement between the Company, its wholly owned subsidiary Aditya Birla Financial Services Limited (ABFSL), Grasim Industries Limited (Grasim) and their respective shareholders and creditors under Section 391-394 of the Companies Act, 1956 and applicable provisions of the Companies Act, 2013 (‘Scheme’). Such Scheme provides for the amalgamation of the Company with Grasim on a going concern basis, demerger of the financial services business from amalgamated Grasim into ABFSL post the amalgamation and consequent listing of the equity shares of ABFSL. The said Scheme is subject to requisite approvals inter-alia from the shareholders, the creditors, the respective Hon’ble High Courts and the regulatory authorities, which is under progress. The management is of the view that the proposed arrangement would not affect the carrying value of its assets and liabilities as at 30th September, 2016 and accordingly the accounts of the Company have been prepared on the going concern basis.

The aforesaid Scheme also envisages transfer of 969,616,080 equity shares held by the Company in Birla Sunlife Insurance Company Limited (BSLI) to ABFSL. Accordingly, investment in BSLI is now classified as current investment.

8 With the implementation of Ind AS, the Company in accordance with Ind AS - 108 , has identified a new segment namely " Financial Services", as the same is reviewed separately by chief operating decision maker for allocation of resources and assessment on performance.

9 During the quarter, the Company has allotted 2,833 equity shares of ` 10 each to the option grantees pursuant to exercise of Options under the Company's Employees Stock Option Scheme – 2013 . As a result of such allotment, the paid-up equity share capital of the Company has increased from 130,222,858 equity shares of ` 10 each to 130,225,691 equity shares of ` 10 each.

Page 4/5 Contd. from Page 4 10 Additional Information required pursuant to Regulation 52 (4) of Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015:

x) Previous due date for the repayment of Principal of NCD's -

xi) Next due date and amount for payment on Interest of NCD's Amount (` Lakhs) Date (a) 8.99% 29th Series NCD's (issued on 29-01-2013) 2,704 30-01-2017 (b) 9.00% 30th Series NCD's (issued on 10-05-2013) 1,800 10-05-2017 (c) 8.68% 31st Series NCD's (issued on 02-02-2015) 2,604 02-02-2017

Credit rating by ICRA Limited for the NCD's issued by the Company continues to be AA+(stable) All NCD's issued by the Company are unsecured

The above have been computed as under

i) Debt Equity Ratio - (Long-term and Short-term borrowings including Current maturities of Long-term Borrowings) / (Net Worth : Equity Share Capital + Other Equity) ii) Debt Service Coverage Ratio = Profit before Depreciation and Amortisation Expense, Finance Costs, Exceptional Items and Tax / (Finance Costs + Principal Repayment of Long term borrowings) iii) Interest Service Coverage Ratio = Profit before Depreciation and Amortisation Expense, Finance Costs, Exceptional Items and Tax / Finance Costs

11 The previous periods figures have been regrouped or rearranged wherever necessary.

12 The above results have been reviewed by the Audit Committee of the Board and taken on record at the meeting of the Board of Directors held on 10th November, 2016. The Statutory Auditors of the Company have carried out Limited Review as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the related report is being submitted to the concerned stock exchanges.