#122820 GOODLUCK INVESTOR PRESENTATION JUNE 2016#2EXECUTIVE SUMMARY#3GOODLUCK Executive Summary 30 years of excellence Overview • Good Luck Steel Tubes Ltd. incorporated in 1986 by Mr. Mahesh Chandra Garg, an IIT graduate, is an established name in the Steel Tubes, Engineering Structures, Forgings and Cold Rolled value added products industry. The company is headquartered in Ghaziabad with a 2,30,000 MT p.a. manufacturing facility in Sikandrabad in Uttar Pradesh, India with more than 2000 employee strength. Marquee Clients . • Business Mix CR Sheets & Pipes - Includes C.R Sheet/Coil, G.P.G.C Sheet/Coil, C.R.C.A Sheet/Coil, Pipes, etc. Engineering Structures - Transmission & Telecom towers, Fabricated steel structures • Forging - Forged flanges, gear rings, gear shanks, forged shafts, railway products Precision Tubes - Auto Tubes, CDW/ERW Tubes, Boiler Tubes, Transformer Tubes, Air Heater Tubes Cold Roller sheets, coils & Engineering structures: Indian Railways, ABB, L&T, Reliance Industries, GMR, ISGEC, Sterling & Wilson, Alstom, Powergrid, NTPC, Toshiba, TRF, EIL, NPCIL Forging: GE Oil & Gas, Allied Group, Saint-Gobain, Midsteel, Flaboform, Edelstahlservice, BPCL, Indian Oil, BHEL, RIL, L&T, Alstom, Mitsubishi Precision Tubes : Volkswagen, Audi, BMW, Mercedes, Skoda, Renault, GM, Ashok Leyland, TVS, Bajaj, Gabriel, ISGEC, Talbros, Mahindra, Tata Motors FY16 Financial Highlights • . Total Income - INR 10,019 Mn; 5 Year CAGR of 11.8% EBITDA - INR 1,019 Mn; 5 Year CAGR of 20.1% PAT-INR 328 Mn; 5 Year CAGR of 17.3% • ROCE 15.83% • ROE 15.60% • Dividend % -75% • Fixed Asset Turnover – 4.14x#4COMPANY OVERVIEW#5GOODLUCK • . • • Company Overview Good Luck Steel Tubes is a diversified company with 30 years of experience in manufacturing of Cold rolled steel products, structural steel towers, tubes & pipes, forgings and flanges. The company has a total manufacturing capacity of 2,30,000 MT p.a The company's products get sold domestically and to over 100 countries across the world to high growth sectors like Auto, Power, Infrastructure, Oil & Gas and also diversified further for high end engineering structures for Auto, Solar, Railways etc. The company has strategically shifted its focus towards the high-margin value added steel products like forgings and structured steel with the share of these value added high margin products share grown from 39 % in 2011 to 53% in FY16. • Good Luck Steel Tubes Ltd is an ISO 9001:2008 certified organization. Approx. Revenue Mix Structures Forging 15% 13% Precision Tubes 25% CR Sheets & Pipes 47% Myths about Company: Good Luck Steel Tubes is a steel company as the name suggests The company is a family managed company It is difficult to do manufacturing business in Uttar Pradesh Truths about Company: + Good Luck Steel Tubes is converting steel into customized precision products Good Luck Steel Tubes is a professionally managed company employing skilled professionals The company started in UP in 1986, and has been able to continue to grow with continuous availability of power Geographical Breakup Export 27% Domestic 73%#6GOODLUCK The Management Team Mr. Mahesh Chandra Garg - Chairperson Graduated in the year 1967 (Indian Institute of Technology, Roorkee). Possesses more than 45 years experience. Took-up an overseas assignment with M/s Comcraft Ltd. Promoted by NRIs and erected many steel tube mills in Kenya and Nigeria and thereafter started his own venture. Mr. Manish Garg - COO 44 years of age, is an qualified engineer, handling over all the Export Business since last 22 years. Mr. Ramesh Chandra Garg - Whole Time Director Graduation in the field of mining (ISM - Dhanbad). Being the Chief Mining Engineering, he had a distinguished career with M/s Coal India Ltd. Possesses more than 40 years of experience. Mr. Ram Agarwal - CEO Qualified engineer and completed his graduation in the year 1990. 24 years experience in steel industries. Handled a number of CR projects and Structure projects independently. Maintains an equivalent exposure in the field of sales and marketing. Mr. Nitin Garg - Whole Time Director 34 years of age, a qualified Mechanical Engineer from HBIT, Kanpur and an M.B.A. from Narsee Monjee Institute of Management. Worked with Yamaha Motors and Honda Motors. Joined the company as a production Engineer and currently looking after entire production process independently. Mr. Shyam Agarwal - COO 44 years old, is a qualified engineer and has more than 20 years of experience in steel Industry.#7GOODLUCK Incorporated Pvt. Ltd. Company 1986 1987 1995 Milestones Converted into Public Ltd. Company Capacity Enhanced to 50000 MTPA First Plant Commissioned 1994 ✓ Got listed on BSE 1997 3 2003 ()) Commissioned First Forging Plant Turnover Crossed INR 1,500 Mn 2007 Turnover crossed INR 5,000 Mn 2013 $ Commissioned another plant for ERW/CDW Precision Tubes First plant commissioned 2006 for ERW/CDW Precision Tubes 2009 $ Turnover crossed INR 10,000 Mn 2014 2015 Expanded Engineering structured products to high growth sectors like solar and railways#8GOODLUCK Global Footprint SWEDEN UK BELGIUM NORTH AMERICA GERMANY FRANCE BOLIVIA CHILE BRAZIL ETHIOPIA PARWANOO LUDHIANA FARIDABAD PANTNAGAR HARIDWAR SIKANDRABAD GURGAON NASHIK UAE INDIA OMAN SRI LANKA SINGAPORE MADAGASCAR SOUTH AFRICA AUSTRALIA NEW ZEALAND MANUFACTURING PLANT WAREHOUSE EXPORT MARKET CHENNAI#9GOODLUCK Business Units Good Luck Steel Tubes Ltd. Segments: CR Coils & Sheets, Galvanized Pipes, Square & Rectangular Pipes, Transmission & Telecom Towers, Fabricated Steel Structure GOODLUCK Good Luck Engineering Segments: Forgings - Forged flanges, gear rings, gear shanks, forged shafts, blind & tube sheets Good Luck Industries Segments: CDW Tubes, ERW Tubes, Precision Tubes, Engineering Tubes, Boiler Tubes Capacity Cold Roll Coils & Pipes 1,10,000 MT p.a. Engineering Structures 48,000 MT p.a. Forgings 12,000 MT p.a. Precision Tubes 60,000 MT p.a. Manufacturing Facilities Sikandrabad, (U.P.), India Sikandrabad, (U.P.), India Dadri (U.P.), India#10Auto Tubes Forgings GOODLUCK M Global Our Customers Domestic 2 mun Mahindra GABRIEL Rise AUTO Volkswagen GM ENDURANCE Complete Solutions talbros ISGEC Audi Mercedes-Benz RENAULT CATERPILLAR nexteer BWI TENNECO ASHOK LEYLAND TOYOTA voestalpine BAJAJ CONTITECH CINEN SCHAT VA TVS TATA MOTORS Global GE DI & Gus GE Oil & Gas USA/ ndi A ALLIED A GROUP Allied Group USA MITSUBISHI HITACHI POWER SYSTEMS LST MH, Mitsubishi Hitachi Power System India / Japan mmm SAINT-GOBAIN Saint Gobain Denmark ES Edelstahlservice FLABOFORM NA GLOBAL GROUP Flakoform GmbH (Emersonl Germany MIDSTEEL Elubial Sale Gmb Garmany Midsteel Group LIK Domestic LARSEN & TOUBRO L&T Piping Cantrelers Inda L&T Heavy Engineering L&T Heavy Engineering Inda Engineering / Structures ABB Domestic GAR Creating tomorrow today KSS Kazroy&ervice (EIL) DEFFORT Indian Oil Indian Oil Corporation (IOCU Inda NPCIL Bharal Paminam Rharat Petroleum Corp Ind (PCI) Inda Reliance Ilustries Lind Belance Industries India Linde Linde Engineering India/Germany Technip cake it further. Technip-India TOSHIBA Leading innovation >>> Toshiba Corporation India / Japan ALSTOM EH Endress+Hauser BHEL Alstom India/Franke पावरग्रिड Ernas Hus Inda Bharat Heavy Electrical Ltd (DEL) A रेल INDIAN ISGEC एनटीपीसी NTPC ALSTOM STERLING & WILSON TOSHIBA Leading Innovation >>> Reliance Industries Limited T2F ATATA Enterprise#11GOODLUCK Concentrating on deleveraging the balance sheet Key Strengths Strong Industry Knowledge - Three decades of Experience with consistent growth & progress Strong and well reputed management team and a motivated and talented team of over 2000 employees empowering growth Strong capital and operational efficiencies resulting in good return ratios. Diverse product range with good level of customization Catering to Marquee Clients across the world Q A base of over 450 customers Spread over 100 countries across the world Strategically focusing on High Margin Value Added Products and high growth sectors like Auto, Solar, Railways and Defence Consistent dividend paying company#12GOODLUCK Strategic Direction - Changing Focus • The company has been strategically shifting its focus on increasing their value added products 65% 61% 60% 57% 54% 55% 52% Cur • Value added products include high margin Auto, Forging and Structure support solutions . • The company intends on reducing the share of CR Coils & Corrugated Sheets The product profile for Engineered value products has increased from 43 % to 53 % in the last three years Over the next three years the management plans to increase the share of value added products to around 75 % from current levels of 53 % 50% 47% 45% 40% 35% 2012 2013 2014 2015 2016 Regular Products gún esas fuent nes, con quita por lo cual c ser direct Sucesi • 53% 55% 50% 48% 46% All new expansions are aimed at achieving this objective. 43% 45% 39% • The company is also diversifying to other value added high margin products for sectors like Auto, Solar, Railways etc. 40% 35% 2012 2013 2014 2015 2016 ■Engineering Value Products#13BUSINESS OVERVIEW#14GOODLUCK Cold Rolled Coil and Pipes Product Range: Square & rectangular pipes, round hollow sections, black pipes, welded tubes & pipes, CR coils & sheets, CRCA, HRPO, galvanized coils & sheets, Gl hollow sections, etc. • Established in the year 1986, Good Luck Steel Tubes Ltd is an ISO 9001:2008 certified organization, The company is engaged in manufacturing and exporting of a wide range of Cold Rolled Coils and Sheets, and pipes The company has a manufacturing capacity of 1,10,000 MT p.a. These are acclaimed for high tensile strength, long service life and higher efficiency#15GOODLUCK Engineering Structures Structures for Transmission Towers & Substations for Smart Grids • HDG Lattice Structures for Power Transmission & Distribution and Substations • • Good Luck is a leading manufacturer and exporter of Transmission Tower which are made up of quality galvanized steel like High Voltage transmission Towers, Grid Towers and other Durable High Performance towers. The company also specializes in providing Telecommunication structures. The current Engineering Structures capacity is 48,000 MT p.a. and the company has invested INR 390 Mn to double the capacity in FY 2015-16. Good Luck is one of the largest suppliers for Power transmission distribution structures for line segments up to 765 kv class. The company's workshops are quality certified by PGCIL and has supplied structure for GIS for Power Grid Corporation for smart cities. The company is into bulk supply of T&D Structures for export clients as well. The company customizes tower designs as per customer requirements and also fabricates as per customized and standard designs which are developed in- house 15#16GOODLUCK Fabricated Structures Boiler and Equipment Solutions Energy Generation & Control Equipment for Process Industries and their Utilities Material Handling Equipment Bulk Material handling equipment for Coal, Iron Ore, Fertilisers, Chemical Industries Pollution Control and Filtration Systems Process Filtration Equipment Solid Waste to Power Project Equipment Equipment and Structure Fabrication for Power Boilers, Heat Exchangers, Mills, Ash Handling & Coal handling Systems Primary and Secondary Support Structures for Boilers and Other Equipment Boiler Primary Structures, Boiler Secondary & tertiary Structures, Bunker Beam, Buckstay Structures, Boiler drum structure fabrication, Tressels & Galleries, Platform Structures Walkways and Gantries Ducting Solutions Ducting fabrication for Flue Gas, Hot air in process Industries from Steel, Cement, Power Major Customers for us in such areas are Larsen Toubro, Thermax, ISGEC Heavy Engineering, Thyssen Krupp.#17GOODLUCK Forgings • • Forgings are intermediate products used widely by original equipment manufacturers in the production of durable goods. Good Luck specializes in Stainless Steel, Duplex, Carbon, & Alloy Steel Forgings & Flanges. • It has a forgings manufacturing capacity of 12,000 MT p.a. Among the industries that the company supplies forgings to are automotive & truck (HCV), agricultural machinery & equipment, valves, fittings & petrochemical applications; hand tools & hardware; off highway & railroad equipment; general industrial equipment, marine & aerospace. 1 The product range includes Forged flanges, forged shafts, gear shanks, blind flanges, thread flanges, slip on flanges, socket welding flanges etc#18GOODLUCK Four Wheeler Parts Corrugated Tube (Steering Column Drive-Shaft Transverse Control Arm Engine Engine Mount Vibration Damper (Rubberised Metal) Application of Precision Tubes Instrument Panel Frame Steering Cloumn Power Steering System Anti-roil Bar Axle Shaft Gas-filled Strut Shock absorber Cross-member Two Wheeler Parts Steering Head Tube Front Forks Hydraulic Cylinder Tubes High Strength Tubes High Surface Finish (0.6 Ra) For Skiving, Roller Burnishing & Honning Industry Parts Handle Bar Handle Bracket Column Shock Absorbers Indian Main Frame Leg Guard Exhaust Pipes Saree Guard Main Stand Swing Arm Side Stand Seat Rest 1. Propeller Shafts 2. Boilers & Heat Exchangers 3. Structural Tubes 4. 5. Transformers Furniture 6. Textile Machine Bobbins 18#19INDUSTRY OVERVIEW#20GOODLUCK Robust Demand Demand would be supported by growth in domestic market. Infrastructure, oil & gas and automotive would drive the growth of the industry. The Indian Opportunity Increasing Investments Intended steel capacity build-up in India is set to result in investments in the range of USD 104.2 Billion to USD 208.3 billion by 2030. 301 MOU's have been signed with various states for planned capacity of about 488.6 MT • Competitive Advantage India is the world's 4th largest producer of crude steel and is poised to become the 2nd largest producer. Easy availability of low-cost manpower and presence of abundant reserves make India competitive in the global setup. • Policy Support Large infrastructure projects in the PPP mode are formed. National steel policy implemented to encourage the industry to reach global benchmarks. Government implemented Minimum Import Price (MIP) to support domestic steel industry. Launched Auto Mission plan 2016-26 with target to grow automotive industry 3.5 4 times to $260- 300 billion. 20#21GOODLUCK WAP4 22820 आरपीएम Railways • Good Luck fabricates critical components of bogie under parts, front body parts of locomotives, doors of passenger trains, under frames etc. The company has entered into large scale fabrication of over bridges and cross over bridges. Good Luck has been approved by the RDSO (Research Design & Standards Organization) and RCF Kapurthala to supply for Railways project including bridges and girders. At present, the company is working on the Ganga Project - a Railway over bridge on the Agra - Itawa highway. - • The government intends to spend about $137.00 billion over the next five years to augment railway infrastructure & improve safety standards for passengers The vision includes setting up of High Speed Corridors, Expansion of Optical Fibre Cable Network, New lines & dedicated Freight Corridors. As per the Supreme Court Judgement, all manned railway signals are to be converted to Railway over bridges. Cross over/Foot over bridges to be built on all railway platforms to avoid any crossing across naked railway tracks#22GOODLUCK Solar The World has turned into Solar power in this decade in a much more optimistic version than earlier Solar Power plants are now not just a roof top installation but are widely being installed as alternate source of power by ground mounting structures. Ministry of New and Renewable Energy (MNRE) has revised its target of renewable energy capacity to 175 GW till 2022, comprising 100 GW from Solar. Solar panel require steel structures which involve pipe structures which are galvanized with a wide use of purlin. 22 • • The company is a provider of structural solutions to the Solar Power Sector Good Luck can fabricate two types of structures: Traditional or Profile The company has supplied products to major solar projects and is already working with big conglomerates, like NTPC and Tata. The company is targeting to increase this vertical up to 25- 30% by FY2018. The same will improve the margin profile of the company.#23GOODLUCK Infrastructure • . • The FY16 budget has allocated a total outlay of Rs. 2,21,246 crores for the Infrastructure and the Power sector. The government's immediate goal is to generate two trillion units (kilowatt hours) of energy by 2019. Production of coal has risen and electricity consumption is on the rise However, the problems in evacuating power from source to customers remains. As a consequence, over the next two years the Union / State Governments are expected to focus their attention & investments in the transmission & distribution areas within the power sector. The company sees strong demand for their products from established industrial houses & government companies like BHEL and NTPC. Structures for Infrastructure Projects Mass Rapid Transport Systems - DMRC walkways and emergency evacuation passages. Underground Tunnels • • Under bridges Foot Over Bridges • New areas of entry Railway Over bridges and Cross Bridges • Platform Over bridges. 23#24FINANCIAL OVERVIEW#25GOODLUCK INCOME STATEMENT (INR MN) Total Income ^ Expenses EBITDA EBITDA Margin Depreciation Standalone Income Statement FY13 FY14 25 FY15 FY16 9,774 10,021 10,882 9,981 9,031 9,311 10,032 8,960 743 710 850 1,021 7.6% 7.1% 7.8% 10.2% 71 76 113 150 Finance Cost 344 354 373 393 PBT 328 280 364 478 Ταχ 111 103 91 146 Prior Period Adjustments 2 3 Profit After Tax 219 177 276 332 PAT Margin 2.2% 1.8% 2.5% 3.3% EPS 11.72 9.46 13.16 15.09 A Total Income includes other income#26GOODLUCK Standalone Balance Sheet 26 PARTICULARS (INR Mn) FY 13 FY14 FY 15 FY16 PARTICULARS (INR Mn) FY 13 FY14 FY15 FY16 EQUITIES & LIABILITIES ASSETS Shareholder Funds Non Current Assets (A) Share Capital 37 40 44 44 (A) Fixed Assets (B) Reserves& Surplus 1,151 1,402 1,766 2,058 Tangible Assets 1,166 1,243 1,929 2,267 (C) Money received against Share Warrant 19 Capital Work-in-Progress 2 124 36 75 Non Current Liabilities (B) Non-current Investments 21 21 54 54 (C) Long term Loans & (A) Long Term Borrowings 433 389 792 992 70 78 66 61 Advances (B) Deferred Tax Liabilities 119 145 171 224 (C) Long Term Provisions 10 14 19 Current Liabilities Current Assets (A) Short term Borrowings 2,191 2,265 2,127 2,386 (A)Inventories 1,155 1,374 1,506 1,838 (B) Trade Payables 413 630 410 578 (B) Trade Receivables 1,832 1,879 1,498 1,722 (C) Other Current Liabilities 260 272 283 287 (C) Cash & Bank Balances 65 79 123 115 (D) Short-term provisions 83 84 96 122 (D) Short-term loans & advances 382 458 491 578 GRAND TOTAL - EQUITIES & LIABILITES 4,693 5,256 5,703 6,710 GRAND TOTAL - ASSETS 4,693 5,256 5,703 6,710#27GOODLUCK Consolidated Income Statement INCOME STATEMENT (INR MN) Total Income^ Total Expenses EBITDA EBITDA Margin Depreciation FY13 FY14 FY15 FY16 9,774 10,021 11,031 10,019 9,031 9,311 10,167 9,000 743 710 864 1,019 7.6% 7.1% 7.8% 10.2% 71 76 117 151 Finance Cost 344 354 379 397 PBT 328 280 368 471 Ταχ 11 103 92 143 Prior Period Adjustments 2 3 Profit After Tax 219 177 279 328 PAT Margin 2.2% 1.8% 2.5% 3.3% EPS 11.72 9.46 13.31 14.91 A Total Income includes other income#28GOODLUCK Consolidated Balance Sheet 28 PARTICULARS (INR Mn) FY 13 FY14 FY 15 FY16 PARTICULARS (INR Mn) FY 13 FY14 FY15 FY16 EQUITIES & LIABILITIES ASSETS Shareholder Funds Non Current Assets (A) Share Capital 37 40 44 44 (A) Fixed Assets (B) Reserves& Surplus 1,151 1,402 1,770 2,058 Tangible Assets 1,166 1,243 2,016 2,340 (C) Money received against Share Warrant 19 Capital Work-in-Progress 2 124 40 80 Non Current Liabilities (B) Investments 21 21 (A) Long Term Borrowings 433 389 794 994 (C) Long term Loans & 70 78 79 67 Advances (B) Deferred Tax Liabilities 119 (D) Goodwill on 145 176 226 13 13 consolidation (C) Long Term Provisions 6 10 14 19 Current Liabilities Current Assets (A) Short term Borrowings 2,191 2,265 2,176 2,386 (A)Inventories 1,155 1,374 1,526 1,838 (B) Trade Payables 413 630 435 581 (B) Trade Receivables 1,832 1,879 1,485 1,675 (C) Other Current Liabilities 260 272 285 287 (C) Cash & Bank Balances 65 79 127 115 (D) Short-term provisions 83 84 97 122 (D) Short-term loans & advances 382 458 505 589 GRAND TOTAL - EQUITIES & LIABILITES 4,693 5,256 5,791 6,717 GRAND TOTAL - ASSETS 4,693 5,256 5,791 6,717#29GOODLUCK Consolidated Financial Performance TOTAL INCOME * (INR Mn) EBITDA* (INR Mn) 12,000 10,000 8,000 6,935 6,000 4,000 2,000 1,200 11,031 1,019 9,774 10,021 10,019 1,000 864 743 800 710 600 531 400 200 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 PAT (INR Mn) ASSETS (INR Mn) 328 6,717 350 300 250 219 201 177 200 150 100 50 7,000 279 5,791 6,000 5,256 4,693 5,000 3,798 4,000 3,000 2,000 1,000 2012 2013 2014 2015 2016 *Total Income includes Other Income 2012 2013 2014 2015 2016#30GOODLUCK Geographical Revenue Breakup (INR Mn) Export Domestic Total Key Financial Highlights Net Debt to Equity Ratio 2.5 2.27 2.15 11,031 12000 9,774 10,021 10,019 2 1.76 1.57 10000 1.55 7,764 7,354 8000 6,935 1.5 6,101 6,290 6000 4,922 1 3,673 3,730 3,267 4000 2,665 2,013 0.5 2000 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Dividend Payout ROCE (%) ROE (%) 75% 75% 25 25 80% 70% 60% 50% 40% 30% 20% 20% 15% 20% 20.55 20 18.43 15.83 15.41 15.61 15 17.63 15.38 15.6 14.72 10 12.11 10% 0% 5 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016#31GOODLUCK Capital Market Information PRICE DATA (AS ON 31ST MARCH, 2016) Face value (INR) Market Price (INR) 52 Week H/L (INR) Market Cap (INR Mn) Equity Shares Outstanding (Mn) Free Float Market Cap (Mn) 2 Shareholding Pattern (as on 31st Mar, 2016) 2.14% 95.35 37.40% 117.85/75.95 2097.7 22 829.43 60.46% Promoters Public FII 1 Year Avg. trading volume ('000) 87.93 Goodluck Steel Tubes Sensex Mar-2016 Feb-2016 Jan-2016 Dec-2015 Nov-2015 Oct-2015 Sep-2015 50% 40% 30% 20% 10% 0% -10% Aug-2015 Jul-2015 Jun-2015 Apr-2015 -20% -30% May-2015#32GOODLUCK Disclaimer This presentation and the accompanying slides (the "Presentation"), which have been prepared by Good Luck Steel Tubes Ltd (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the tire industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review. For further information please contact our Investor Relations Representatives: XX VALOREM ADVISORS Valorem Advisors Mr. Anuj Sonpal, CEO Tel: +91-22 3006-7521/22/23/24 Email: [email protected] Good Luck Steel Tubes Ltd. Mr. Kalpesh, DGM - Corporate Finance Tel +91 120 4196644 Email: [email protected] 32#33THANK YOU GOODLUCK