Stock Code: BSE : 500303 NSE : ABIRLANUVO Reuters : ABRL.BO / ABRL.NS / IRYN.

LU Bloomberg : ABNL IB / ABNL IN / IRIG LX

Contents
Key Highlights 37

Business-wise Performance

8 20
21 22 44

Going Forward Financials and other Annexure

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

Glossary FY : Financial Year (April-March) PY Corresponding period in Previous Financial Year PQ Previous Quarter Q1 April to June Q2 July to September ROACE : Return on Average Capital Employed based on EBIT VAS Value Added Services TCV Total Contract Value

EBO Exclusive Brand Outlet

TPA Tons per annum MBO Multi Brand Outlet AAUM Average Assets under Management

Q3 October to December
YTD : Year to date

Indian Economy
Investment climate and industrial growth remained weak in Q1FY14 Agricultural growth is expected to pick up on back of strong monsoon Rupee depreciated against US Dollar to all time high levels of 60+

RBI recalibrated monetary policy easing by tightening liquidity to control Rupee exchange rate volatility
WPI inflation moderated to below 5% while CPI inflation remained at elevated levels Rupee depreciation and upward revision in fuel prices has created further upside inflation risk Improving US economy and moderation of commodity prices are global positives

Key Highlights
Financial Services
Posted quarterly revenue at ` 1,366 Cr. Funds under management1 surged y-o-y by 17% to ` 110,944 Cr. Lending book scaled to ` 8,400 Cr. registered y-o-y growth of 98% Earnings before Tax grew y-o-y by 12% to ` 229 Cr.

Generating return on average capital employed of 30% p.a.

Applied for banking license under the RBI guidelines

Fashion & Lifestyle Retail presence expanded to 1,518 EBOs / Stores spanning across 3.8 million square feet Madura Fashion & Lifestyle is generating strong free cash flows after meeting its growth requirements Pantaloons Fashion & Retail Ltd. got listed on 17th July 2013. ABNLs shareholding increased to 67.95%. Jaya Shree Textiles is expanding capacity & retail presence in linen segment to strengthen market leadership

Note 1 : Includes AUM of Life Insurance, Private Equity and quarterly AAUM of Asset Management business

Key Highlights
Telecom

Consistently outperforming the industry : Pan India revenue market share surged y-o-y from 15% to 15.7%
Recorded highest 37.5% share in industrys active subscribers net additions during May12 -Apr13 Posted sound growth in earnings and ROACE Robust Voice & Data usage, improved voice realisation, scale benefit & cost efficiency contributed

Generation of healthy cash profits is strengthening the balance sheet quarter after quarter
IT-ITeS

Sold TCV of USD 154 million during the quarter (PY: USD 50 million)
Generating steady cash profit to fund its capex & working capital requirements

Manufacturing In accordance with shareholders approval, ABNL has accounted for slump sale of Carbon Black business on
a going concern basis, w.e.f. 1st April 2013, to SKI Carbon Black (India) Pvt. Ltd. New VFY Capacity, which is being ramped up currently, will help in enhancing product quality and range, especially in superfine segment
5

Consolidated earnings growth

Revenue
( ` Crore)

EBITDA
( ` Crore)

Net Profit
( ` Crore)

5,745

5,323
915
8% 28%

1,174 331 267

24%

Q1FY13

Q1FY14

Q1FY13

Q1FY14

Q1FY13

Q1FY14

Previous year results are not comparable to the extent of following :

Pursuant to its acquisition, Pantaloons business has been consolidated w.e.f. 1st Jul12 Accounted for slump sale of Carbon Black business w.e.f. 1st Apr13. Gain of ` 24 Cr. and a net tax credit of ` 41 Cr. has been recognized in Q1FY14

Like-to-Like growth in consolidated earnings (normalised for aforementioned transactions)

Parameter Revenue EBITDA Net Profit Growth % 13% 37% 30%
6

Balance Sheet Strengthened

Standalone Net Debt 3,750 3,651 2,694
1811 2010 941 1939 1641
Mar'13 Working Capital Loans
( ` Crore)

Standalone Ratios
Net Debt / annualised EBITDA Net Debt / Equity

3,142
1102 2040

3.3

3.6

3.3 2.1 0.53 0.38

0.66 0.58

1753
Jun'13

Other Loans (Net of surplus) Mar'11 Mar'12

Mar'11

Mar'12

Mar'13

Jun'13

Excluding MTM gain of ` 22 Cr. as on 31st Mar13 and MTM loss of ` 73 Cr. as on 30th Jun13 & ` 104 Cr. as on 31st Mar12 w.r.t. fully hedged foreign currency working capital borrowings

Strengthening of the balance sheet will support ABNLs investment and capex plans
Net Debt to EBITDA (annualised) improved to 2.1 times and Net Debt to Equity to 0.38 times Reduction in debt is largely on account of slump sale of Carbon Black business w.e.f. 1st Apr13 Proceeds of ` 207 Cr. from buyback of shares by BSLI also contributed Subsidy & Receivables in Agri business reduced q-o-q from ` 1,632 Cr. in Mar13 to ` 1,105 Cr. in Jun13. Further, subsidy of ~` 458 Cr. has been received in July13
7

Aditya Birla Financial Services

Performance highlights
8

Aditya Birla Financial Services (ABFS)

ABFS is a large player in the non-banking financial services space having presence in several verticals Among the top 5 fund managers in India (excl. LIC)
94,630

Funds under Management

( ` Crore)

107,560

110,944

Funds under management at ` 110,944 Cr. grew y-o-y by 17% Applied for banking license under the RBI guidelines
Jun'12 Mar'13 Jun'13

Attained strong growth across most of the businesses

Premium growth in the Life Insurance business remained under pressure

Business Parameter (Y-o-Y growth%) New Business Premium
(Individual Life)

Q1FY13
(` Crore)

Q1FY14
(` Crore)

Life Insurance NBFC Asset Management General Insurance Advisory

188

163 (-13%)

Lending Book Average AUM Premium placement

~ 4,250
71,868 194

~ 8,400 (+98%)
86,849 (+21%) 272 (+40%)
9

Note 1 : Includes AUM of Life Insurance, Private Equity and quarterly AAUM of Asset Management business

Aditya Birla Financial Services (ABFS)

Posted revenue at ` 1,366 Cr. (PY : ` 1,363 Cr.) Revenue of NBFC, Asset Management and Insurance Advisory businesses grew y-o-y by 113%, 48% and 44% respectively Life Insurance business witnessed de-growth in premium income Growing profitability : EBT grew by 12% from ` 204 Cr. to ` 229 Cr. EBT more than doubled in the NBFC business led by growth in loan book AUM growth in Asset Management business and premium placement growth
Q1FY13 Q1FY14

Revenue 1
( ` Crore)

1,363

1,366

in General Insurance Advisory business augmented bottom-line

Generating sound ROACE at 30% p.a. Q1 Revenue FY13 1,088 128 92 17 FY14 895 272 137 25 Business Life Insurance NBFC Asset Management General insurance Advisory

Q1 EBT
FY13 147 27 32 9 FY14 136 58 38 11

Earnings before Tax 1

( ` Crore)

229 204
12%

Q1FY13

Q1FY14

Note 1 : Including full figures of Asset Management business. Till 9th Oct12, Asset Management business has been proportionately consolidated @ 50% in ABNLs financials, being a 50:50 Joint Venture, as per AS27. Thereafter, it is consolidated as subsidiary since ABFS holds 51% w.e.f. 10th Oct12.

10

Aditya Birla Financial Services (ABFS)

NBFC business continued to scale up its lending book while keeping risk under control Return on average Net Worth improved y-o-y from 12.1% p.a. to 14.4% p.a.

As on 30th Jun13, Gross NPA was 1.8% and Net NPA was 1.2%
Funding growth capital in the NBFC business : Share capital of ` 125 Cr. was infused during the quarter Birla Sun Life Insurance (BSLI) is returning surplus funds to the shareholders

ABNL received ` 207 Cr. in Q1FY14 on buy-back of shares by BSLI

ABNL received ` 87 Cr. in Q2FY14 as final dividend for 2012-13 BSLI reports Embedded Value (EV) as on 31st Mar13 at ` 3,687 Cr. Value of New Business (VNB) margin for FY12-13 is 16.6% Asset Management business posted strong growth in AUM led by debt funds General insurance advisory business (ABIBL) continued to outperform the industry growth In Q1FY14, industry premium grew y-o-y by 18% while premium placement by ABIBL rose by 40% ABIBLs market share in industrys premium grew y-o-y from 1.2% to 1.4%
(Refer Slide 31)

EV is at ` 4,054 Cr. before dividend distribution for FY12-13 (PY: ` 4,015 Cr.)

11

Fashion & Lifestyle

Performance highlights
12

Fashion & Lifestyle

Retail presence expanded to 1,518 EBOs / stores spanning across 3.8 million sq. ft. Added more than 160,000 square feet of retail space during the quarter Business Madura Pantaloons
(incl. Factory Outlets)

Retail EBOs/Stores 1,339 96 83 1,518

Retail Space
(million sq. ft.)

Revenue1
( ` Crore)

1,294

1.94
827

1.76 0.1 3.8

Q1FY13 Q1FY14

Jaya Shree (Linen Club)

Posted combined revenue at ` 1,294 Cr. and EBITDA at ` 71 Cr. Q1 Revenue FY13 522 4 304 FY14 638 344 313 Business Madura Pantaloons1 Jaya Shree Textiles Q1 EBITDA FY13 20 1 46 FY14 37 (5) 39
Pantaloons 27% Jayashree 24% Madura 49%

Revenue mix (Q1FY14)

1Pursuant to its acquisition, Pantaloons business was consolidated w.e.f. 1st July 2012. Hence, financials of Q1 last year are not comparable

13

Fashion & Lifestyle

Madura Fashion & Lifestyle Revenue1 at ` 638 Cr. rose y-o-y by 25% led by a double digit volume growth Sales from Retail Channel surged by 33% Stores expansion and 14% like-to-like growth contributed Sales from MBOs and Department Stores Channel grew by 21% EBITDA1 is up y-o-y by 41% to ` 37 Cr. Generating strong free cash flows led by improved earnings and working capital turns Pantaloons Fashion & Retail Ltd. posted quarterly revenue 2 at ` 344 Cr.

Investing in strengthening its retail presence, brand positioning and merchandise to enhance sell through
Launched 2 new Pantaloons Stores during the quarter Finance costs optimised through debt refinancing Jaya Shree Textiles : Expanding linen capacity and retail presence to strengthen market leadership Linen Yarn Capacity has been expanded in Q2FY14 Linen Fabric capacity expansion is targeted in Q3FY14 Added 7 Linen Club EBOs during the quarter
1 Excluding Esprit. Madura had exited distribution tie up with Esprit and closed all Esprit stores in 2012-13
2Pursuant to its acquisition, Pantaloons business was consolidated w.e.f. 1st July 2012. Hence, previous year financials are not comparable

14

Telecom

Performance highlights
15

Telecom : Idea Cellular

Robust performance across key metrics drove earnings growth Q1FY13 Minutes of Use (billion) Average Realisation per minute (`) Cost per minute (`) Subscribers (In million) Data Volume (billion Mega Bytes) 131 0.412 0.325 117 7.2 Q1FY14 147 0.437 0.318 125 13.8
% +12.5% + 6%
Q4FY11 Q4FY12 Q4FY13

Revenue Market Share1

15.0% 15.7%

13.6%

-2% +7% +92% Consolidated Revenue

( ` Crore)

6,534

5,501

Consolidated revenue grew y-o-y by 19% and q-o-q by 8% to ` 6,534 Cr. EBITDA margin at ~32% rose y-o-y by ~600 bps & q-o-q by ~400 bps Net profit rose y-o-y by 98% and q-o-q by 50% to ` 463 Cr. Strong Standalone2 balance sheet & free cash flows to support growth plans Generated cash profit of ` 1,744 Cr. in Q1FY14 attaining 66% y-o-y growth Net debt/EBITDA (annualised) at 1.39 (PY:2.23) & Net Debt/Equity at 0.70 (PY:0.88)
1,446
Q1FY13

19%

Q1FY14

Consolidated EBITDA
( ` Crore)

2,121

47%

ROACE (annualised) improved y-o-y from 9.4% to 13.6%

1Based on gross revenue for UAS & Mobile licenses only, as released by TRAI 2Standalone Financial position = Idea and its 100% subsidiaries

Q1FY13

Q1FY14

16

IT-ITeS

Performance highlights
17

IT-ITeS : Aditya Birla Minacs

Quarterly revenue grew y-o-y by 10% to ` 658 Cr. Conversion of order book contributed
599 Revenue
( ` Crore)

658

Operating EBITDA1 rose by 8% to ` 62 Cr. Net profit surged by 61% from ` 19 Cr. to ` 30 Cr.
Q1FY13

10%

Q1FY14

On constant currency2 basis, revenue grew y-o-y by 9% & EBITDA

by 7% during Q1FY14
Sold TCV of USD 154 million in Q1FY14 (PY: USD 50 million) Includes new business TCV of USD 65 million (PY: USD 37 million) Generating steady cash profit to fund its capex & working capital requirements

Operating EBITDA
( ` Crore)

62 57
8%

Q1FY13

Q1FY14

Jun12

Jun13

Headcount
1Excluding non-operating gain / loss
2 Normalised for CAD/INR translation impact due to forex movement

20,314

21,921
18

Manufacturing

Performance highlights
19

Manufacturing Businesses
Quarterly revenue grew y-o-y by 23% to ` 787 Cr. Higher urea sales volume in Agri business contributed. In Q1 last year, volumes were impacted due to annual plant maintenance shutdown for 20 days

EBITDA de-grew from ` 92 Cr. to ` 85 Cr.

Q1 Revenue Q1 EBITDA FY13 FY14

FY13

FY14

Business

Remarks on profitability

345

487

Agri

29

20

Breakdown of urea plant impacted (Last year, impact of annual

maintenance shutdown was partly offset by receipt of subsidy arrears)

186

205

Rayon Insulators

48

52

Improved profitability in the VFY segment Sales volume remained impacted due to deferment of projects

110

95

15

13

and liquidity crunch in the power sector

641

787

Total

92

85

20

Going Forward
Financial Services Augmenting product offerings and strengthening sales relationships to gain market share besides focusing on distribution efficiency, persistency and expense management in the Life Insurance business Growing profitable assets with a thrust on improving distribution efficiency and maintaining fund performance in the Asset Management business Scaling up the book size in the NBFC business while keeping risk under control Deploying Private Equity assets, growing Insurance Advisory business and expanding customer base in Broking & Wealth Management businesses with a clear focus on cost and profitability

Exploring growth opportunities in related businesses including entry into Banking

Capitalising on brand !DEA in the Telecom business and capture the emerging triple play telecom opportunities in Voice, Data and Video. Fashion & Lifestyle Leveraging brand leadership, scaling up retail space & enriching product portfolio in the Apparels business Expanding linen capacity & focusing on high margin linen fabric retail segment in the Textiles business Attaining profitable growth in the IT-ITeS business with a focus on operational efficiencies to improve margins

Capturing sector growth opportunities and improving margins in the Manufacturing businesses
21

22

Consolidated Revenue
Quarter - 4 2012-13

( ` Crore)
Quarter 1 2013-14 2012-13

Revenue

2,032
1,637 399 (5)

Aditya Birla Financial Services

Life Insurance Other Financial Services*
Inter-segment Elimination

1,366
895 474 (4)

1,317
1,088 230 (2)

1,516 1,339
661 402 283
(6)

Telecom (Nuvo's share) @ Fashion & Lifestyle

Madura Pantaloons Textiles
Inter-segment Elimination

1,651 1,294
638 344 313 (1)

1,393 827
522 4 304 (4)

614 974
651 209 115
(10)

IT-ITeS Manufacturing
Agri-business Rayon Insulators
Inter-segment Elimination

658 787
487 205 95
(11)

599 641
345 186 110
(12)

6,465 531 6,996

th

Total

5,745 5,745
th

4,765 557 5,323

Carbon Black^
Consolidated Revenue

Financial Services include Asset Management (proportionately consolidated at 50%, being a 50:50 JV till 9 * Other 10 Oct12), NBFC, Private Equity, Broking, Wealth Management & General Insurance Advisory.

Oct12 and thereafter consolidated as subsidiary since ABFS holds 51% w.e.f.

@ Idea is consolidated at ~25.3%

^ Accounted for slump sale w.e.f 1st April 2013

23

Consolidated EBIT
Quarter - 4 2012-13

( ` Crore)

EBIT

Quarter 1 2013-14 2012-13

140
89 51

Aditya Birla Financial Services

Life Insurance Other Financial Services*

220
136 84

182
147 35

192 75
75 (31) 30

Telecom (Nuvo's share) @ Fashion & Lifestyle

Madura Pantaloons Textiles

238 25
17 (24) 32

153 44
3 1 40

43 57
18 35 4

IT-ITeS Manufacturing
Agri-business Rayon Insulators

38 63
15 41 7

31 73
24 39 10

507 20 527

Total Carbon Black^ Segment EBIT

th

584 584

483 42 525
th

Financial Services include Asset Management (proportionately consolidated at 50%, being a 50:50 JV till 9 Oct12 & thereafter consolidated as subsidiary since ABFS holds 51% w.e.f. 10 Oct12), * Other NBFC, Private Equity, Broking, Wealth Management & General Insurance Advisory. Interest cost of NBFC business, being an operating expense as per AS 17, is deducted from Segmental EBIT

@ Idea is consolidated at ~25.3% ^ Accounted for slump sale w.e.f 1st April 2013

24

Consolidated Profit & Loss

Quarter - 4 2012-13

( ` Crore)
Quarter 1 2013-14 5,745 1,174 166 211 797 388 409 24 433 77 24 331 2012-13 5,323 915 81 166 668 295 373 373 66 40 267

Consolidated Profit & Loss Account

6,996 1,053 150 234 669 345 324 324 125 0 199

Revenue EBITDA Less : NBFC Interest expenses Less : Other Interest Expenses EBDT Less : Depreciation Earnings before Tax (before exceptional items) Exceptional Gain / (Loss)* Earnings before Tax Less : Provision for Taxation (Net)* Less : Minority Interest Net Profit

* Book gain of ` 24 Cr. and a net tax credit of ` 41 Cr. has been recognized in Q1FY14 w.r.t. the slump sale of Carbon Black business

25

Balance Sheet
Standalone
Jun-13 7,113 2,870 79 10,063 10,063 1,699 20 1,445 6,721 176 592 2.1 0.38 12,814 2,577 5,857 353 570 3.3 0.53 11,727 Mar-13 6,854 4,005 155 11,014 11,014 2,206 20

( ` Crore)
Consolidated

Balance Sheet
Net W orth Minority Interest Debt NBFC borrowings Deferred Tax Liabilities (Net) Capital Employed Policyholders' funds (Incl. funds for future appropriation) Total Liabilities Net Block (Incl. Capital Advances ) Goodwill NBFC Lending Net W orking Capital Long Term Investments Life Insurance Investments Policyholders' Investments Shareholders' Investments
Cash Surplus & Current Inv estments

Jun-13 9,856 762 9,508 7,252 447 27,825 21,622 49,447 10,221 5,036 8,400 852 354 22,916 21,720 1,196 1,668 820 1.7 0.80

Mar-13 9,384 940 11,799 6,903 428 29,455 21,576 51,031 10,677 4,825 8,000 1,837 354 22,929 21,559 1,371 2,409 781 2.3 1.00

Book Value (`) Net Debt / EBITDA (x) Net Debt / Equity (x) Market Capitalisation - NSE

Note : Standalone capex of ` 109 Cr. was incurred during Q1FY14 Excluding MTM gain of ` 22 Cr. as on 31st Mar13 and MTM loss of ` 73 Cr. as on 30th Jun13 w.r.t. fully hedged foreign currency working capital debt

26

Standalone Profit & Loss

Quarter - 4 2012-13 Standalone Profit & Loss Account Quarter 1 2013-14 2012-13

( ` Crore)

2,420 379 89 290 61 229 229 46 184

Revenue EBITDA Interest Expenses EBDT Depreciation Earnings before Tax (before exceptional items) Exceptional Gain / (Loss)* Earnings before Tax Provision for Taxation (Net)* Net Profit

1,701 315 64 251 46 205 24 229 (24) 253

2,037 214 86 128 50 78 78 20 58

* Book gain of ` 24 Cr. and a net tax credit of ` 41 Cr. has been recognized in Q1FY14 w.r.t. the slump sale of Carbon Black business

27

28

Aditya Birla Financial Services

` Crore Revenue Birla Sun Life Insurance Aditya Birla Finance Birla Sun Life Asset Management Aditya Birla Insurance Brokers Aditya Birla Money Aditya Birla Money Mart Aditya Birla Capital Advisors (PE) Others / (Elimination) Revenue Earnings before tax Net Profit

Quarter 1 2013-14 2012-13

895 272 137 25 18 18 6 (4) 1,366 229 193

1,088 128 92 17 21 13 6 (3) 1,363 204 181

Note : Including full figures of Asset Management business. Till 9th Oct12, Asset Management business has been proportionately consolidated @ 50% in ABNLs financials, being a 50:50 Joint Venture, as per AS27. Thereafter, it is consolidated as subsidiary since ABFS holds 51% w.e.f. 10th Oct12.

29

Birla Sun Life Insurance (BSLI)

Growth in the Indian Life Insurance industry remained sluggish given the macro-economic environment and product regulations Industry witnessed 28% y-o-y de-growth in individual new business premium while private sector de-grew by 6% In Q1FY14, BSLI reported Individual new business premium income at ` 163 Cr. (PY: ` 188 Cr.) 61% of the individual new business sales was contributed by traditional products during the quarter (PY : 57%)
Premium Income (Gross) 921
(68)

` Crore

Quarter 1 2013-14 249

163 85

2012-13 320
188 133

New Business Premium (Gross)

Individual Group

Renewal Premium (Gross)

Individual Group

673
635 38

810
793 17

1,130
(68)

Renewal premium at ` 673 Cr. (PY : ` 810 Cr.) Earnings before tax at ` 136 Cr. (PY : 147 Cr.) 13th month premium persistency as on 30th Jun13 is 81.9% (PY: 82.1%) AUM grew y-o-y by 6% to ` 22,916 Cr. Revamping existing products to meet the new IRDA guidelines and further enhance the traditional product suite

Less : Reinsurance ceded & Service tax

Premium Income (Net)

Other Operating Income

853
42

1,062
26

Revenue Earnings before tax Net Profit Assets under management

Policyholders' Investments Shareholders' Investments

895 136 136 22,916

21,720 1,196

1,088 147 147 21,583

21,559 1,371

30

Movement of Embedded Value FY2012-13

4,015

+447

+195

4,054
- 401 - 139 - 63 -367

3,687

2,978

In-force Business Value

2,428

2,428

1,037
2011-12 EV

Adjusted Net worth

Economic Variance incl. Unwinding VNB* Expense Overrun Operating Variance Assumptions Operating Variance Experience

1,626

1,259
Dividend & DDT

2012-13 EV
(before dividend distribution)

2012-13 EV

* Value of New Business margin, as % of Individual APE (Annual Premium Equivalent) is 16.6% for 2012-13 31

Birla Sun Life Asset Management (BSAMC)

Industrys domestic AAUM grew y-o-y by 22% to ~ ` 846,700 Cr.

Fixed income funds are driving the growth. Equity AUM was flat.
BSAMCs total AAUM grew y-o-y by 21% to ` 86,849 Cr. Debt funds were the largest contributor to the growth. Offshore AUM grew y-o-y by 72% & q-o-q by 18% to ` 5,427 Cr. Ranks 4th in India with domestic AAUM market share of 9.4% Improved ranking in industrys equity AUM Adjudged Best Asset Management Company in India by The Asset, HK Revenue rose y-o-y by 48% from ` 92 Cr. to ` 137 Cr. Earnings before tax grew by 17% to ` 38 Cr. Growth in AAUM led to improved earnings Q1 last year includes one time cost savings of ` 5 Cr. 71,868
` Crore Revenue (Fee Income)
Revenues Earnings before tax
11,803 3,160

` Crore Domestic Equity & Alternate Assets Domestic Fixed Income Offshore Assets Total AUM

Average AUM Q1FY14 12,085 69,336 5,427 86,849 Q1FY13 11,803 56,905 3,160 71,868

BSAMC : Total AAUM

(` Crore)

83,451
12,567

86,849
12,085 5,427
Domestic Equity & Alternate Assets Offshore Assets

Quarter 1 2013-14 137 38 26 2012-13 92 32 22

4,600

66,284 56,905

69,336
Domestic Fixed Income

Net Profit

Q1FY13

Q4FY13

Q1FY14

32

Aditya Birla Finance

Lending book doubled y-o-y to ~` 8,400 Cr. as on 30th Jun13 In Q1FY14, revenue rose y-o-y by 113% to ` 272 Cr. (PY : ` 128 Cr.) in line with book size EBT surged y-o-y by 115% from ` 27 Cr. to ` 58 Cr. Growth in lending book and fee income contributed Opex to Net Interest Income (NII) reduced y-o-y from 48% to 30% Share Capital of ` 125 Cr. was infused during the quarter The business will require further capital to support future growth Return on average Net Worth improved to 14.4% p.a. (PY: 12.1% p.a.) Key business metrics
Q1FY14 Net Interest Income (incl. fee income) (%) Opex to NII Ratio (%) Return on Avg. Net Worth (p.a.) (%) Return on Avg. Assets (p.a.) (%) Gross NPA (as % of total loans & advances) Net NPA (as % of total loans & advances) Fee Income (` Crore) Net Profit (` Crore) Net Worth (` Crore) Borrowings (` Crore) Leverage (x) 5.2% 30% 14.4% 1.9% 1.8% 1.2% 15 38 1,242 7,252 5.84x Q1FY13 5.2% 48% 12.1% 2.0% 1.2% 0.9% 5 18 647 3,636 5.62x

Growth in Lending book

(` Crore)

~ 8,000 ~ 3,425

~ 8,400

Lending book : Break-up

(Jun13)
Others 3% Corporate Finance 16% Capital Market 33%

~ 600
Mar'09

~ 900
Mar'10

~ 1,850
Mar'11 Mar'12 Mar'13 Jun'13

Mortgage* 20%

Capital Infusion (` Crore) 225 75 350 125

Infra Financing 28%

* LAP / LRD and Construction Finance

33

Other Financial Services

Aditya Birla Private Equity (ABPE) Out of its ` 1179 Cr. corpus, Fund I and Sunrise Fund have deployed 66% and 42% of the respective deployable surplus Aditya Birla Money (Broking and Wealth Management) Broking : Industry continues to witness sluggish volumes, lower retail participation and pressure on yields. In Q1FY14, Aditya Birla Moneys market share in retail F&O and commodity broking segments grew y-o-y to 0.91% (PY:0.88%) and 0.46% (PY:0.44%) respectively. Market share in retail cash equity segment was lower at 1.37% (PY:1.54%). Wealth Management: Assets under Advisory (AuA) at ~ ` 10,500 Cr. as on 30th Jun13 Improvement in earnings driven by higher mobilisation in life insurance and debt mutual fund schemes Aditya Birla Insurance Brokers (General insurance advisory) In Q1FY14, premium placement surged y-o-y by 40% from ` 194 Cr. to ` 272 Cr. Revenue grew by 44% to ` 25 Cr. (PY : ` 17 Cr.) and earnings before tax grew by 30% to ` 11 Cr. (PY : ` 9 Cr.)

Quarter 1 ` Crore
Aditya Birla Capital Advisors (Private Equity) Aditya Birla Money (Broking) Aditya Birla Money Mart (Wealth Management) Aditya Birla Insurance Brokers (General Insurance Advisory)

2013-14 Revenue Earnings before tax Net Profit / (Loss) 6 2 1

2012-13 6 2 2

2013-14 18 (5) (5)

2012-13 21 (4) (4)

2013-14 18 (3) (3)

2012-13 13 (5) (5)

2013-14 25 11 7

2012-13 17 9 6

34

Madura Fashion & Lifestyle

Quarter 1
` Crore

2013-14 Revenue (excluding Esprit) Esprit Revenue Total Revenue EBITDA (excluding Esprit) Esprit EBITDA Total EBITDA Segment EBIT Capital Employed 638 638 37 37 17 465

2012-13 509 13 522 26

Retail Channel
Retail Space
(Million Sq Ft)

No. of EBOs

1.64 1.27 1,129 895

1.86 1,272

1.94 1,339

(6) 20 3 596
Mar'11 Mar'12 Mar'13 Jun'13

Expanding retail presence to strengthen leadership In Q1FY14, 85 new EBOs (35 Consignment and 50 Buy & Sell) were added taking the total to 1,339 EBOs

35

Pantaloons Fashion & Retail Ltd.

Quarter 1* 2013-14 Revenue EBITDA Segment EBIT 344 (5) (24) 2012-13 4 1 1
Womenswear 41%

Revenue Mix (Q1FY14)

Non-apparel 17% Kidswear 9% Menswear 33%

` Crore

* Pursuant to its acquisition, Pantaloons business was consolidated w.e.f.

1st July 2012. Hence, financials of Q1 last year are not comparable

Customer reach expanded to 71 Pantaloons stores & 25 Factory Outlets spanning across 1.76 million sq. ft. Added 2 Pantaloons stores In Q1FY14 Refinancing of debt to optimize finance costs Utilised current investments of ` 800 Cr. to repay debt Raised term loans of ` 600 Cr. & NCDs of ` 300 Cr. to repay high cost debt

36

Jaya Shree Textiles

Quarterly revenue grew y-o-y by 3% to ` 313 Cr. Revenue from linen segment rose y-o-y by 16% led by volume growth and higher realisation Realisation was increased to pass on the rise in input costs Revenue from wool segment de-grew by 5% due to drop in wool prices and sluggish exports market
Revenue 313 39 32 198 69 304 46 40 83 186 Linen Segment Wool Segment
` Crore

Quarter 1 2013-14 139 174 2012-13 120 184

EBITDA is lower at ` 39 Cr. (PY: ` 46 Cr.) Higher spends on brand promotion in the linen segment coupled with lower margin in the wool segment impacted Focus on high margin Linen Fabric OTC segment : It contributed to 76% of total linen fabric sales volume during the quarter Opened 7 new EBOs during the quarter to reach 83 EBOs Augmenting linen capacity at a capex of ~` 100 Cr. Linen Yarn capacity expanded from 2,300 TPA to 3,400 TPA in Q2FY14 Linen Fabric processing capacity expansion from 7.3 million meters to 10.1 million meters is targeted to complete by the end of Q3FY14

EBITDA Segment EBIT Capital Employed ROACE (Annualised) (%)

Operating at a sound ROACE (annualised) of 69% 37

Idea Cellular
Base of 125 million subscribers provides a large platform for upgrading pure voice customers to wireless data services in future Currently, 30.9 million subscribers use mobile data services, contributing 7.2% of total service revenue in Q1FY14 As of 30th Apr13, Idea had ~98.1% of reported subscribers as VLR (active) subscribers highest in the industry VAS as percentage of service revenue grew to 16% in Q1FY14 (PY: 14.5%, PQ : 15.2%) Capex of ` 3.3 billion incurred in Q1FY14 Capex guidance for FY14, excl. spectrum payout, stands at ` 35 billion
` Crore (Consolidated Results)

Quarter 1 2013-14 6,534 2,121 941 463 15,217 13,734 28,951 13.6 2012-13 5,501 1,446 603 234 13,288 12,854 26,142 9.4

Revenue EBITDA Segment EBIT Net Profit Net Worth Total Debt Capital Employed ROACE (Annualised) (%)

38

Aditya Birla Minacs

` Crore Quarter 1 2013-14 Revenue 658 62 (1) 61 38 30 1,580 2012-13 599 57 (5) 52 31 19 1,518
US 78%

Revenue Mix by Customer Location (Q1FY14)

Canada Europe 12% 3% Asia Pacific 7%

North Asia Pacific America Operating EBITDA*

Non-operating gain / (loss) EBITDA Segment EBIT Net Profit Capital Employed

*Excluding non-operating gain / loss viz., restructuring costs etc.

Capital Employed in INR terms is higher than normal levels to the extent of CAD/INR translation impact Conversion rates : 1 CAD = INR 56.80 as on 30th Jun13 (PY: INR 54.52, PQ: INR 53.39)

39

Indo Gulf Fertilisers

Quarterly revenue grew y-o-y by 41% to ` 487 Cr. Manufactured Urea sales volume rose by 52% Last year production volumes were impacted due to planned maintenance shutdown for 20 days Revenue from manufacturing operations grew by 53% to ` 431 Cr. led by volume growth Trading revenue was flat y-o-y EBITDA is lower at ` 20 Cr. (PY: ` 29 Cr.) Breakdown of urea plant for 9 days impacted Subsidy arrears of ` 14.6 Cr. were received in Q1 last year

Quarter 1
` Crore

2013-14 Manufactured Urea Sales ('000 MT) Revenue Manufacturing (Urea, Customised Fertilisers) Trading (Fertilisers, Seeds, Agro-Chemicals) EBITDA 259 487 431 56 20 15 1,384 4

2012-13 170 345 282 63 29 24 1,096 9

Capital employed is higher y-o-y on account of higher trading of imported P&K fertilisers in the previous year coupled with slower recovery of urea subsidy from the Government. Trading in imported P&K fertilisers has been discontinued Capital employed reduced q-o-q from `1,854 Cr. in Mar13 to ` 1,384 Cr. in Jun13 led by realisation of subsidy Outstanding subsidy and receivables reduced q-o-q from ` 1,632 Cr. in Mar13 to ` 1,105 Cr. in Jun13 Further, received subsidy of ` 458 Cr. in Jul13

Segment EBIT Capital Employed ROACE (Annualised) (%)

40

Indian Rayon
Quarterly revenue grew y-o-y by 10% to ` 205 Cr. and EBITDA grew by 9% to ` 52 Cr. VFY Revenue grew by 19% led by trading in superfine yarn Chemicals Caustic Soda sales volume grew by 10% ECU realisation de-grew by 16% Capital employed is higher y-o-y on account of commissioning of additional unit of Superfine Yarn in Mar13 in the existing premises at Veraval. New Capacity, which is being ramped up currently, will help in enhancing product quality and range, especially in

` Crore VFY Manufactured VFY Sales Volumes (MT) Realisation (Rs./Kg.) Revenue (VFY & allied chemicals) ( ` Cr.) Chemicals Caustic Soda Sales (MT) ECU Realisation (Rs./MT.) Revenue ( ` Cr.) Total Revenue EBITDA Segment EBIT Capital Employed ROACE (Annualised) (%)

Quarter 1 2013-14 4,205 298 157 24,361 22,928 48 205 52 41 687 24 2012-13 4,149 294 132 22,168 27,236 54 186 48 39 535 30

superfine segment
Operating at an ROACE (annualized) of 24%

41

Aditya Birla Insulators

Insulators industrys domestic sales volume de-grew y-o-y by 17%
during Apr-May13 (Source : IEEMA) Deferment of projects and liquidity crunch in the power sector continue to impact sales volume and margins across the industry
` Crore

Quarter 1 2013-14 Sales Volumes (MT) Revenue EBITDA 7,061 95 13 7 362 8 2012-13 8,923 110 15 10 376 11

Benefit of imposition of safeguard duty will not accrue immediately

due to accelerated imports of insulators in anticipation of duty. Revenue of Aditya Birla Insulators de-grew from ` 110 Cr. to ` 95 Cr. Sales volume de-grew y-o-y by 21% partly offset by increase in realisation to pass on the rise in input costs Planned maintenance shutdown in one plant also impacted volumes EBITDA at ` 13 Cr. is lower y-o-y (PY: ` 15 Cr.)

Segment EBIT Capital Employed ROACE (Annualised) (%)

42

Annexure III : Reporting Structure

Financial Services

Telecom $ #
(25.26%) Life Insurance^ (74%) @

IT-ITeS^
(99.85%)

Fashion & Lifestyle

Madura* Pantaloons^
(67.95%)

Manufacturing

Agri* Rayon*

Asset Management^ (51%) @ NBFC^

Textiles *

Insulators*

Private Equity^ Broking (75%)^ Wealth management^ General Insurance Advisory (50%)^

Leadership position in India Leader Top 3 Top 5

* Represent Divisions ^ Represent Subsidiaries $Represent Joint Ventures

@ JV with Sun Life Financial, Canada

# Listed, Aditya Birla Group holds 45.86%

Note : Percentage figures indicated above represent ABNLs shareholding in its subsidiaries /JVs

43

Disclaimer
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 ABNLs operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in ABNLs 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 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: nuvo-investors@adityabirla.com

44