Investor Presentaiton

SWAP OPTION COMES OUT TO BE BETTER OPTION THAN CASH OPTION Under both these simulations, the profit, EPS as well as dividend payout will all be higher in the swap option. The comparison is given as below: (A) Simulation under the assumption that the PAT of MSIL grows by 150% in next 8 years Parameter Method Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 PAT Cash 8,049 8,134 9,167 10,329 11,635 13,104 Mar-30 Mar-31 14,755 16,611 18,696 (Rs. Crores) Swap 8,049 9,026 10,122 11,351 12,729 14,274 16,007 17,951 20,130 EPS Cash 266 269 303 342 385 434 488 550 619 (Rs.) Swap 266 286 321 360 404 453 508 570 639 DPS Cash 90 108 121 137 154 174 195 220 248 (Rs.) Swap 90 115 128 144 162 181 203 228 256 (B) Simulation under the assumption that the PAT of MSIL grows by 200% in next 8 years Parameter Method Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Mar-31 PAT Cash 8,049 8,340 9,634 11,124 12,838 14,809 17,076 19,683 22,680 (Rs. Crores) Swap 8,049 9,232 10,590 12,146 13,932 15,980 18,329 21,023 24,113 EPS Cash 266 276 319 368 425 490 565 652 751 (Rs.) Swap 266 293 336 385 442 507 582 667 765 DPS Cash 90 110 128 147 170 196 226 261 300 (Rs.) Swap 90 117 134 154 177 203 233 267 306 Other assumptions used in the above calculations: Interest earned on cash reserves of MSIL will be at 7% per annum The total number of shares of MSIL after swap, are based on net book value of SMG at end of 2022-23 and MSIL share price of 30th June 23 Dividend payout ratio of 40% is assumed in the next 8 years. 13

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