Investor Presentaiton

Volumes Q1 FY21 Results - Drivers of Performance ☐ Realisation JSW Operated at 66% capacity utilization vs industry average of 46% ■ Sales volumes decreased by 24% QoQ; given lower production Enhanced exports amidst subdued domestic demand Net sales realization decreased by 12% QoQ, driven by lower steel prices, higher proportion of semis and exports Negative operative leverage given lower utilization Impact of lower iron ore and natural gas price partially offset by higher coking coal and power cost Operating Costs - Depreciation ☐ Depreciation was lower given certain one offs in Q4FY20 Finance Cost ◉ JSW Steel Reduction in Finance Cost QoQ due to 16bps reduction in WAIR 25

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