Investor Presentaiton

4 Robust financial profile and stable cash flows Strong track record of volume growth 15.55 15.60 14.70 12.30 3.66 Positive momentum in operating revenues 31.7% 20.9% 15.8% 12,298 10,623 8,784 6,671 (a) FY16 FY17 FY18 FY16 FY17 FY18 FY19 Q1 FY20 Consolidated saleable steel (MTPA) Operating revenue (US$m) EBITDA margin improvement of 850 bps from FY16 to FY19 76 120 138 176 148 13.9% 20.1% 20.2% 22.4% 18.8% 2,750 2,147 1,766 929 FY16 EBITDA (US$m) 539 FY17 (a) FY18 FY19 Q1 FY20 (c) EBITDA /tonne (US$/tonne) EBITDA margin (%) Cashflow from operations (in US$m) (d) 1,182 1,031 FY19 y-o-y growth 2,505 2,005 2,875 Q1 FY20 373 FY16 FY17 FY18 FY19 Q1 FY20 Note: Translated at 1 USD = 68.9180 INR, FBIL as of 28th June 2019 EBITDA calculated as profit for the year/period + (-) share of profit/ loss from joint ventures (net) +(-) tax expense/benefit + exceptional items + depreciation and amortization expense + finance costs - other income Based on consolidated saleable steel volume (a) FY18 numbers based on restated financials (b) (c) (d) Excludes income taxes paid JSW Steel 14

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