On The Path of Global Leadership…

WELSPUN CITY, ANJAR

November 2010 Page 1
Disclaimer

Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements,” including
those relating to general business plans and strategy of Welspun Corp. Limited (“WCL"), its future outlook and growth prospects, and future
developments in its businesses and its competitive and regulatory environment. Actual results may differ materially from these forward-looking
statements due to a number of factors, inter alia including future changes or developments in WCL'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 India.
This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer invitation, or a solicitation of any offer, to
purchase or sell, any shares of WCL and should not be considered or construed in any manner whatsoever as a recommendation that any person
should subscribe for or purchase any of WCL's shares. Neither this presentation nor any other documentation or information (or any part thereof)
delivered or supplied under or in relation thereto shall be deemed to constitute an offer of or an invitation by or on behalf of WCL to subscribe for or
purchase any of its shares.
WCL, 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. WCL assumes no responsibility to publicly amend, modify or revise any
forward looking statements contained herein, on the basis of any subsequent development, 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. WCL 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.
THE INFORMATION PRESENTED HERE IS NOT AN OFFER INVITATION OR SOLICITATION OF ANY OFFER TO PURCHASE OR SELL ANY
EQUITY SHARES OR ANY OTHER SECURITY OF WCL.
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 or solicitation of any offer of securities for purchase or sale in or into the United States, Canada or Japan.

November 2010 Page 2

 Welspun Group
Brief Synopsis Global Recognitions

• One of the fastest emerging global groups, with multiple

countries strategy and manufacturing facilities
• Group companies enjoys market leadership positions :
• Top 2 Large Diameter Pipe Company in World -
Financial Times, UK
• Globally renowned towel company
• Global relationship with marquee clients including Fortune
100 companies like Exxon Mobil (Golden Pass Pipeline),
Chevron, Shell, Bechtel, Wal- Mart, Target etc
• Equity investment by renowned investors like ICICI Life,
Temasek (Govt. of Singapore), 3i (UK), Genesis (UK)
• Excellent relationship with domestic and international lenders
Welspun Corp Star Performer Award for the year 2008-09
All India Export Excellence Awards - EEPC 2010
Welspun Corp Economic Times “Emerging Company of the Year Award”
for Corporate Excellence - 2008
Welspun India Gold Trophy for “Best Exporter” –
Textile Promotion Council (TEXPROCIL) – 2008
Welspun Corp 2nd Largest (Large Diameter) Line Pipe Manufacturer
in the World - Financial Times UK - 2008

Welspun India Supplier of the Year Award – J C Penny - 2008

Key Markets
• 80% export mainly to US, Europe, Latin America, Middle East Welspun India Earth Care Awards – Times of India and
etc Jindal Steel Ltd - 2008

International Setup
• Christy, UK Welspun India Sustainability Award - Walmart - 2007
• Sorema, Portugal
• Textile facility in Mexico Welspun Corp One of the fastest growing large companies in India –
Business Today - 2007
• Office in Manhattan-NY, Huston-US
• Pipe facility in Arkansas, US
Welspun India 4 Gold Trophies for Outstanding Export Performance –
• Pipe Facility in Saudi Arabia (In process) Textile Promotion Council (TEXPROCIL) - 2007

November 2010 Page 3

WCL – An Introduction
• WCL, flagship company of Welspun Group, is one of the
largest pipe manufacturing company in the world Steady Growth in Revenues and Profit
Consolidated Total Revenues
• Incorporated in 1995, the Company offers a complete range
(INR MM)
of high grade line pipes ranging from ½ inch to 100 inch CAGR (07-10): 40% 73,503
used inter alia for transmission of oil & gas 80,000
57,395
60,000 42,742
26,834 39,945
40,000
• Partner of Choice for more than 50 Oil & Gas Giants across 20,000
the globe with a geographically diverse client base including 0
Chevron, Exxon Mobil (Golden Pass Pipeline), Saudi Aramco, 2006-07 2007-08 2008-09 2009-10 H1 2010-11
British Gas , Kinder Morgan etc US $ MM
(2) (3) (4) (5) (6)
617 991 1,250 1,637 951

• International footprint Gross Profit

(INR MM) CAGR (07-10): 62%
• Accredited with ISO 9001, ISO 14001 and OHSAS 18001
11,301
certifications 12,500
9,500 6,747
6,500 5,845 4,768
• Strong order book of U.S. $ 1.0 Bn
3,500 2,666
500
2006-07 2007-08 2008-09 2009-10 H1 2010-11
(2) (3) (4)
US $ MM 61 145 104 252(5) 150(6)

Shareholding Pattern, as on Sept. 30, 2010 Summary Market Statistics

As of Oct 29, 2010 INR MM US$ MM(6)
40.83% Promoter
35.41%
Share Price (INR/ US$) 249.05 5.54
Mutual Funds

FII Market Capitalization 50,945 1,134

Public, Banks and

Enterprise Value (1) 58,294 1,297
Financial Institutions
19.54%
4.22% Note
3. Average exchange rate of US$1 = Rs.40.29 from 01-Apr-07 till 31-Mar-08
Note
4. Average exchange rate of US$1 = Rs.45.91 from 01-Apr-08 till 31-Mar-09
1. Net Debt at INR 7,349 MM as on 31 Mar, 2010
5. Average exchange rate of US$1 = Rs.44.90 from 01-Apr-09 till 31-Mar-10
2. Average exchange rate of US$1 = Rs 43.51 from 01-Apr-06 till 31-Mar-07
November 2010 6. Exchange rate of US$1 = Rs. 44.935 as on 30th Sept 2010 Page 4
 WCL – An Introduction

Promoters (40.83%) Welspun Corp Limited (WCL) Public and Others (59.17%)

WCL – 100% WCL – 100%

Welspun Plate and Coil Mill Welspun Natural Resources

Corporate Structure

Welspun Pipes Inc, USA Division Welspun Energy Ltd

Pvt. Ltd.
Manufacturer of state-of-art Solar & Renewable Energy
Plates and Coils Oil & Gas Exploration Activities

100% Beneficial Interest 100% Beneficial Interest

WCL – 100%

Welspun Tubular LLC

Welspun Global Trade LLC Welspun Pipes Ltd. Welspun Infratech Ltd.
Manufacturer of Pipes,
Proposed LSAW plant Infrastructure (MSK)
Coating and Double jointing

Pipes
Products

- Longitudinal (LSAW) Renewable Energy &

Plates & Coils Oil and Gas
- Helical / Spiral (HSAW) Infrastructure
- Electrical (ERW)

Anjar & Dahej Pipe Mills Little Rock , Arkansas, USA Dammam, Saudi Arabia Plate-cum-Coil Mill
Manufacturing Facilities

• Premier integrated set-up for manufacturing welded
pipes. Installed state-of-the-art-technology and is
completely geared to meet the requirements of the
global industry.
• The Longitudinal Pipes division (LSAW) has a
capacity of 350,000 metric ton per annum.
• The Spiral Pipes division (HSAW) has a capacity of
550,000 metric ton per annum.
• The ERW Pipes division has a capacity of 200,000
metric ton per annum.
• It also has Coating capabilities
• With manufacturing facility on a 740-acre site adjacent
to the Little Rock Port Authority, the $150 million
facility commissioned in February 2009.
• This API certified facility currently employs more than
300 people and is capable of producing 350,000 tons
of HSAW pipes annually for the use of the oil and gas
industry.
• The facility can produce Pipes from 24 to 60 inches as
outer diameter; 6 mm to 25 mm as wall thickness and
length of 40 -80ft.
• It also has Coating and Double Jointing capabilities
and is a one-stop-solution provider to Welspun's
valued customers November 2010
• Manufacturing facility of 300,000 tons of
HSAW pipes annually for the use of the oil
and gas industry.
• This backward integration at Anjar, Kutch,
Gujarat, India has annual capacity to
produce 1.5 million tones of Plate and Coil
with plates (up to 4.5 meters wide, 140 mm
thickness) and Coil (up to 2.8 meters wide,
25 mm thickness) with strength of 120,000
PSI.
• This mill can cater to high end specialized
product requirement of Line Pipe Industry
(API grades), Shipping, Heavy construction,
Bridges, Boiler plates, Wind blades etc.
Page 5
Growth at Infinity

8
Growth
- 100,000 tons HSAW Plant in Karnataka
Revenue operational
Investment in Middle East with HSAW
Rs. 42,742 mn. H1 FY 2010-11 capacity of 300,000 MT
- 350,000 MT pipe capacity addition under
implementation in India
Rs. 73,503 mn. 2010 Foray into infra & pipe laying for O&G and
water through MSK Projects India Ltd.
Rs. 57,395 mn. 2009 350,000 tons US Spiral Mill commissioned

2008 150,000 MT Spiral Mill commissioned

Rs. 39,945 mn.
Commissioning of Plate Mill & 43 MW Power Plant

Rs. 26,834 mn. 2007 Anjar Facility , A Key Contributor

Rs. 18,298 mn. 2006 Approvals from O&G majors for new facility

Rs. 10,385 mn. 2005 New Capacity at Anjar, Gujarat for HSAW & Coating

Rs. 8,277 mn. 2004 Merger of coating J.V. with WCL

Rs. 2,565 mn. 2001 Pipe Coating in JV with EUPEC, Germany

Dahej, Gujarat
Rs. 585 mn. 2000 LSAW, Dahej, Gujarat
Rs. 180 mn. 1998 HSAW, Dahej, Gujarat

Incorporated 1995
Embarked on a Growth Journey

November 2010 Page 6

Welspun Corp Limited: Strong Value & Growth Story

1 Strong Industry Fundamentals

2 Robust Business Fundamentals & Healthy Order Book

3 Global Footprint & Pre Approved with Oil & Gas Majors

4 Strong Management Team with Proven Execution Capabilities

5 Exponential Growth in Revenues & Margins

November 2010 Page 7

 1. Strong Industry Fundamentals
Relatively Few Major Players International Demand Outlook till 2015 Share of Expected Demand
Until 2015
• Industry is highly capital intensive with high barriers to
entry Total Business
Length Quantity Potential Australasia
• Niche markets exist which have been effectively Region Projects (kms) (MMT)(1) (US$ Bn)(2)
5% North America
exploited by Welspun North America 244 79,758 16 19 22%
• Reliability and reputation for excellence are Asia
paramount, as pipelines are used for critical Latin America 62 34,466 7 8
30%
applications such as oil and gas transport
Europe 139 48,778 10 12
• Prospects for the industry brightening with oil prices
gaining strength Africa 68 28,213 6 7
Latin America
Middle East 145 49,953 10 12
9%
Global Demand
Asia 192 108,761 22 26 Middle East
Europe
• Business potential of around USD 88 Bn (3) - Simdex 14% Africa 16%
• Replacement of the old pipelines in US Australasia 59 18,315 4 4
8%
• New Gas is required to replace annual decline in Total 909 368,244 74 88 Source: Simdex, US, July 2010 Update
existing gas supplies in North America, which shall
enhance demand for new pipelines Source: Simdex, US, Sept 2010 Update
• Shale Gas gradually increase its share in total gas Proposed pipeline of GAIL
requirement in US
Phase I by 2011 (Under Execution)
• Alaska Pipeline project -another boost to the demand
Domestic Market Size Length Cost Add. Cap
for pipes Name of Pipeline (Kms) (Rs Cr) (MMSCMD)
Business
Domestic Demand Total Length Quantity Potential DVPL Ph -II / Vijaypur Dadri 1,115 10,830 80
Company (kms) (KMT)(1) (US$ Bn)(2)
• Low pipeline penetration in India provides huge Dadri - Bawana - Nangal 646 2,349 31

potential GAIL 6,663 1,332 1.6 Chainsa - Jhajjhar - Hissar 349 1,259 35

• Natural Gas as a source of energy is growing at a rapid Sub Total 2,110 14,438 146
pace and shall grow the demand for pipelines RGTIL 2,750 550 0.7 Phase II by 2012 (Approved in 2009)
• Formation of the Petroleum & Natural Gas Regulatory Length Cost Add. Cap
Name of Pipeline
Board (PNGRB) to give boost to trunk pipelines GSPL 5,675 1,135 1.4 (Kms) (Rs Cr) (MMSCMD)
• City Gas Distribution set to take-off Jagdishpur - Haldia 2,050 7,596 32

• Liquefied Natural Gas (LNG) terminals projects to Dabhol - Bangalore 1,389 5,014 16
Total 15,088 3,017 3.7
enhance pipe demand Kochi - Mangalore - Bangalore 1,114 3,263 16
• Water Infrastructure projects: A Key driver for HSAW Sub Total 4,553 15,873 64
Source: GAIL India Ltd Presentation Aug 10 / Company data
pipes Grand Total 6,663 30,311 210
Source: Industry Sources

Source GAIL India Investor Presentation , August 2010

Welspun is well placed, with global clients and state-of-
the-art technology, to capitalise on this opportunity
Note
1. Conversion rate of 200 tonnes / km 2. Conversion rate of $1,200 / ton 3. As illustrated in the adjoining tables
November 2010 Page 8
 2. Robust Business Fundamentals & Healthy Order Book
Strongly Positioned Current Capacities Going Strength to Strength

• Welspun serves several marquee ‘000 MT pa

FY07 FY09 FY10
2,200
customers like Exxon Mobil (Golden
Oil & Gas Co
Pass Pipeline), Kinder Morgan, Ruby 1,800 650 Approval
36 >50 >50

(El Paso) and GAIL because of its 1,400 Production

specialized offerings 300 ( '000 MT)
501 717 814
1,000 1,500
• It has long term contracts with giants 1,550 Revenue
600 571 1,250 1,637
like TransCanada; and framework 350 1,000 (US$ MM)
agreements with Chevron, Saudi 200 350 200 PAT
Aramco, etc 36 47 136
(US$ MM)
(200)
• Successfully expanded into highly LSAW HSAW ERW Total Plate Mill Glob
Pipe No. of countries Global Global
competitive North and Latin America to al
take advantage of higher realizations Existing Capacity Proposed Capacity
Export Market 67% 76% 77%

Production Growth Export Market Gaining Dominance

‘000 MT
900 814 100%
800 670 718 17% 24% 23%
700 80% 33%
600
501 508
500 60%
377 384
400
300 228
40% 83% 76% 77%
193 67%
200
100 20%
0
FY06 FY07 FY08 FY09 FY10 H1 FY11
0%
FY07 FY08 FY09 FY10
Pipes Plates
Expo rt Do mestic

November 2010 Page 9

2. Robust Business Fundamentals & Healthy Order Book

Process Process Process

Steel Slab Steel Plates/ Pipes

Raw Steel
(API Grade) Coils (API Grade) (API Grade for O&G)

Selling Price (1): Selling Price (1): Selling Price (1):

$ 700-800 /ton. $ 900-1,000 /ton. $ 1,300-1,400/ton.

Welpsun’s Value Chain (from Slabs to Pipes)

Backward integration into plates provides critical value advantage

Opportunity to service the high end steel category which is currently serviced through imports
Note
1. Indicative market prices
November 2010 Page 10
 2. Robust Business Fundamentals & Healthy Order Book
Order Book Current Order Book – Geographical Distribution by Volume

85%
• Orders Booked during FY 09 - $ 1.6 bn 100%
80%
• Orders at the beginning of FY 10 - $ 1.6 bn
60%
 Orders Booked during FY 10 - $ 1.3 bn 40% 15%
 Orders executed during FY 10 - $ 1.6 bn 20%
0%
Export Domestic
• Orders at the beginning of FY 11 - $ 1.4 bn
 Orders Booked during FY 11 (YTD) - $ 0.5 bn
 Orders executed during H1 FY 10 - $ 0.9 bn

• Current Orders in Hand (650 k Tonnes) - $ 1.0 bn

Some of the Top Clients for Pipes

Client Country
Ruby – El Paso USA
• Raw material tied up for all outstanding orders Enterprise USA
Transcanada Pipe Line Limited Canada
Gas Authority of India Ltd. India
• Majority of the shipping finalized
Indian Oil Corporation of India India
Saudi Aramco Middle-East

November 2010 Page 11

 3. Global Footprint & Pre Approved with Oil & Gas Majors
Global Market Expansion World’s largest diameter steel pipe producers(1)

2007 output (million tonnes)

Salzgitter/Europipe* (Germany) 1.3
Iraq
Saudi Arabia Welspun (India) 1.0
Spain JFE (Japan) 0.7
Russia

Canada Venezuela Sumitomo (Japan) 0.7

US (Trader Mkt.)
China
Evraz** (Russia) 0.6
Tunisia
US (Projects) Nippon Steel (Japan) 0.6
Algeria Bangladesh
Mexico Libya
Malaysia Riva (Italy) 0.6
Oman
Peru Egypt Qatar
Bolivia PSL (India) 0.5
Indonesia
Sudan JSW (India) 0.3
Columbia
ArcelorMittal (Luxembourg) 0.2

Stupp (US) 0.1

Year 2000–2001 Year 2001–2002 Year 2002–2003 Year 2003–2004 Year 2004–2005

Year 2005–2006 Year 2006–2007 Year 2007–2008 Year 2008–2009 Year 2009– 2010 Tata/Corus (India/UK/Netherlands) 0.1

Others*** 7.3

What Sets WCL Apart From Competition Framework Agreements

• Decade Long Experience • Features

• All Solutions Under One Roof
• High Capacity Equipment to Meet Future Demand
• Backward Integration with In-house Plate-cum-Coil-Mill
- Selected few companies considered for supplies that meet stringent process of qualification
- Typically customers with large requirement over a period of time
- Flexibility in pricing terms and continuous business
• Current Framework Agreements
- Chevron, Saudi Aramco (pipe purchase agreement)

WCL was rated 2nd largest Pipe Company in 2007 and has since added further capacity of 0.55 MTPA
Note
1. As reported by Financial Times on April 13, 2008 November 2010 Page 12
3. Global Footprint & Pre Approved with Oil & Gas Majors
AGIP NTPC
BECHTEL ONGC
Accreditation Process
BRITISH GAS PETRO CHINA A significant entry barrier
BRITISH PETROLEUM PETRONAS, MALAYSIA
CHINA NATIONAL PETROLEUM CORPORATION PDO, OMAN
CPMEC, CHINA PGN, INDONESIA
CHEVRON (Framework Agreement) QATAR PETROLEUM
DOW RELIANCE INDUSTRIES LIMITED Approval from
major domestic
RUBY (ELPASO) SAIPEM, SNAM
/ international
EGYPTIAN GENERAL PETROLEUM CORPORATION SAUDI ARAMCO (Framework Agreement) oil and gas
ENTERPRISE SHELL companies
EXXON-MOBIL (GOLDEN PASS PIPELINE) STOLT OFFSHORE – Acergy 2 – 3 years
Seeking API
GAIL SONATRACH
approval
GASCO, ABUDHABI TOTAL
1 year
GASCO, EGYPT TECHNIP Setting up plant
GAZPROM (STROYTRANSGAZ) TRANSCANADA (Long Term Contract)
2 years
KINDER MORGAN UNOCAL
MOGE, MYANMER PERU LNG (HUNT OIL)
N.A.O.C. - NIGERIA VIETSOPETRO 3 - 5 years
NPCC, ABU DHABI

November 2010 Page 13

4. Strong Management Team with Proven Execution
Capabilities
Management Team
Mr. B.K. Goenka is the Chairman, and the chief architect
of the Welspun Group. Today, with his entrepreneurial
ability and professionalism, he has built up one of the most
admired business conglomerates
Mr. R.R. Mandawewala is the Managing Director. He has
been a key contributor in Welspun’s journey. A Chartered
Accountant by profession and with over 20 years of
experience, he has cross-industry expertise varying from
Textiles to SAW pipes.
Mr. M.L. Mittal serves as Executive Director. A Chartered
Accountant by profession, Mr. Mittal has been instrumental
in arranging Long Term Loans and Working Capital
Facilities. During his tenure, the Company has successfully
funded several expansions projects.
Mr. Lauri Malkki serves as CEO. Mr. Malkki has over 30
years of experience within the international steel and pipes
industries. Prior to Welspun, Mr. Malkki was the Managing
Director, responsible for the global sales, of Europipe GmbH
in Germany. For more than 20 years he was the head of the
middle European operations of the Rautaruukki Group,
Finland.
Mr. Akhil Jindal serves as Director of Corporate Affairs.
He graduated with an Engineering Degree and thereafter an
MBA from Indian Institute of Management, Bangalore. Mr.
Jindal is responsible for strategic inorganic/organic
initiatives within the Group and has spearheaded large fund
raisings, cross border acquisitions, private equity raisings
and financial closure of projects exceeding over US$ 1
billion November 2010
Mr. Asim Chakraborty is Executive Director and Plant Head
of the Anjar facility. A Civil Engineer from the University of
Kolkata, Mr. Chakraborty has been instrumental in timely
construction of various projects
Mr. L. T. Hotwani is Director, Supply Chain Management
of Welspun Corp Limited. With a rich experience of over 36
years, Mr. Hotwani is instrumental in sourcing raw materials
and managing supply chain with global players
Mr. B.R. Jaju serves as Director & CFO. A Chartered
accountant by profession, member of Company Secretary (FCS),
as well as a Law Degree (LL.B). He has a rich experience over
30 years in finance and global M&A activities. Mr. Jaju has been
awarded 3 times as Best Performing CFO in the year 2003, 2005
and 2006, by the most credible nationally renowned jury.
Mr. Prashant Mukherjee serves as Director of Welded
Pipes. A Graduate in Science (Engineering, Mech) with over 24
years experience mostly in the Oil & Gas Pipe Industry, Mr.
Mukherjee has been instrumental in implementing expansion
projects in the Company
Mr. Vipul Mathur is the Director of Marketing & Sales
(Pipes & Plates Division). A Science Graduate and Masters in
Business Administration (MBA) in Marketing, he has a rich
experience of over 16 years in the Oil & Gas Pipe Industry
Page 14
4. Strong Management Team with Proven Execution
Capabilities

LSAW Pipes ERW Pipes

HSAW Pipes Coating of Pipes

November 2010 Page 15
4. Strong Management Team with Proven Execution
Capabilities

Plates Plates

US Plant
November 2010 Page 16
 4. Strong Management Team with Proven Execution
Capabilities
US Plant

• Rationale for US Plant

– Opportunity to locate closer to customers who were facing supply challenges
– Transportation cost becomes quite large for inter-continental shipment
– Existing capacity in the US was not able to serve the requirement of US clients
• State of the art facility at Little Rock, Arkansas. Commissioned in Feb-09 and has obtained all API
approvals
• Key supplier for last 5 years in US with client list that includes Chevron, Exxon Mobil (Golden Pass
Pipeline), Kinder-Morgan and Ruby (El Paso)
– Framework agreement with Chevron, making Welspun one of the three global preferred vendor for
next 3-5 years
– Supplied pipes for world‟s deepest pipe- line in Gulf of Mexico
• In H1 FY 2011 utilization levels ramp-up to 60%

November 2010 Page 17

 5. Exponential Growth in Revenues & Margins

Sales (volume) Consolidated Revenues (1)

(„000 MT) (INR MM)
CAGR (06-10): 22% 100,000 CAGR (05-10): 42%
814
850
695 73,503
641 75,000
650 57,395
501
(#) 476 42,742
450 371 387 50,000 39,945
26,834
250 (#) 231 18,298
(#) 25,000
154

50 0
2005-06 2006-07 2007-08 2008-09 2009-10 H1-2010-11 2005-06 2006-07 2007-08 2008-09 2009-10 H1-2010-11
(2) (3) (4) (5) (7) (9)
# Plates US$ MM 413 617 991 1,250 1,637 951

EBITDA (1) Profit After Tax

(INR MM) (INR MM) PAT Margin (%)
CAGR (06-10): 68% (8) CAGR (06-10): 78%
13,186 6,104 16.0%
6,000
12,000
12.0%
4,500 3,685
(6) 7,339
8,000 6,555 6,348 3,408
3,000 (6) 8.0%
2,135
4,000 3,384
1,425
1,655 1,500 4.0%
614
0
0 0.0%
2005-06 2006-07 2007-08 2008-09 2009-10 H1-2010-11 2005-06 2006-07 2007-08 2008-09 2009-10 H1-2010-11
(2) (3) (4) (5) (7) (9) (3) (4) (9)
US$ MM 37 78 163 138 294 163 US$ MM 14
(2)
33 85 47 (5) 136
(7)
82
Notes
Notes
5. Using avg. exchange rate of US$1 = Rs.45.91 from 01-Apr-08 till 31-Mar-09
1. Excluding Other Income
6. Includes extraordinary items : forex provisioning of INR1,256MM, Inventory write-down of INR 385MM,
2. Using avg. exchange rate of US$1 = Rs.44.28 from 01-Apr-05 till 31-Mar-06
ECB provisions of INR 178MM
3. Using avg. exchange rate of US$1 = Rs.43.51 from 01-Apr-06 till 31-Mar-07
7. Using avg. exchange rate of US$1 = Rs.44.90 from 01-Apr-09 till 31-Mar-10
4. Using avg. exchange rate of US$1 = Rs.40.29 from 01-Apr-07 till 31-Mar-08
8. Includes recovery of past forex provisioning ( in FY09) , which is reflected in better realization and cost of material
9. Exchange rate of US$1 = Rs.44.935 as at 30-Sept-10
November 2010 Page 18
5. Exponential Growth in Revenues & Margins
EPS (Rs./Share)(Diluted)

CAGR (06-10): 61%

35
28.4
28

21 18.3
16.6
14 11.5
8.7
7 4.2

0
2005-06 2006-07 2007-08 2008-09 2009-10 H1-2010-11

ROCE and ROE (%)

25% R OC E R OE
21.8% 21.7% 21.0%
19.1% 19.5%
20% 17.3%
14.7% 13.7%
15% 12.2% 11.4%
10%
5%

0%
2005-06 2006-07 2007-08 2008-09 2009-10

November 2010 Page 19

5. Exponential Growth in Revenues & Margins

Consolidated Balance Sheet (Rs. Mn.) FY2009 FY2010 Change

Sources of Funds
Shareholders' Funds
Share Capital 932 1,022 89
Reserves and Surplus 14,664 27,990 13,325
15,597 29,011 13,414
Minority Interest 0 0 (0)
Foreign Currency Monetary Item Translation Difference A/c - 75 75
Loan Funds -
Secured Loans 26,435 18,654 (7,780)
Unsecured Loans 103 6,822 6,718
26,538 25,476 (1,062)
Deferred Tax Liabilities (Net) 2,488 3,352 865
Total 44,623 57,915 13,292

November 2010 Page 20

5. Exponential Growth in Revenues & Margins

Consolidated Balance Sheet (Rs. Mn.) FY2009 FY2010 Change

Application Of Funds
Fixed Assets
Gross Block 34,844 38,810 3,966
Less:Depreciation/Amortisation/Impairment 3,847 5,889 2,042
Net Block 30,996 32,921 1,924
Capital Work-In-Progress 5,808 5,412 (396)
36,804 38,333 1,529
Investments 1,140 1,596 456
Foreign Currency Monetary Item Translation Difference A/c 355 - (355)
Current Assets, Loans and Advances -
Income Accrued on Investments 113 13 (99)
Inventories 26,113 20,322 (5,791)
Sundry Debtors 4,601 8,077 3,476
Cash and Bank Balances 9,470 17,028 7,558
Loans and Advances 5,552 6,031 479
45,848 51,471 5,623
Less : Current Liabilities and Provisions -
Current Liabilities 38,955 32,291 (6,663)
Provisions 601 1,219 618
39,555 33,510 (6,045)
Net Current Assets 6,293 17,961 11,668
Preliminary Expenses 0 0 (0)
Deferred Revenue Expenditure 31 25 (5)
Total 44,623 57,915 13,292

November 2010 Page 21

H1 & Q2 FY 2010-11 Highlights
Major Highlights Summary of H1& Q2 FY11
(Rs. Million)
Q2 Q2 H1 H1
• Sales growth of 4% on the back of: Particulars FY 11 FY 10 Growth FY 11 FY 10 Growth
• Volume growth from US pipe plant Sales 18,524 21,734 -15% 42,742 41,133 4%
• Higher plate and coil volumes Reported EBITDA 3,504 3,703 -5% 7,339 6,775 8%
• Lower steel prices lowers the realization. However, Interest 374 610 -39% 592 1,361 -57%
profitability inches up Depreciation 614 538 14% 1,155 1,030 12%
• EBITDA grows by 8%. However, operational EBITDA registers PAT 1,778 1,651 8% 3,685 2,770 33%
a growth of 20% as H1FY10 included realignment gain of Rs EPS (Rs./Share) - Diluted 8.02 8.79 -9% 16.59 14.74 13%
667.9 mn
Reported EBITDA Margin (%) 18.9% 17.0% 17.2% 16.5%
• Interest lower by 57% mainly on account of repayment of high
PAT Margin (%) 9.6% 7.6% 8.6% 6.7%
cost term loans and higher interest income
• Depreciation is higher in comparison to corresponding quarter Breakdown of Production and Sales in MT
on account of capitalization, commissioning of Coil Mill and Production Volume
(in MT) Q2 FY11 Q2 FY10 Growth H1 FY11 H1 FY10 Growth FY2010
consolidation of subsidiary.
• Consequently, Profit after Tax at Rs. 3685 mn, reflects growth Total Pipes
of 33% on YoY basis. Consolidated 254,337 210,469 21% 507,827 456,865 11% 813,750

• EPS grew by 13% despite dilution effect of $ 100 million equity

raising by QIP (Qualified Institutional Placement) and potential Plates & Coils 111,546 90,911 23% 228,356 183,163 25% 383,577

dilution impact of $150 mn FCCB (Foreign Currency

Sales Volume (in MT) Q2 FY11 Q2 FY10 Growth H1 FY11 H1 FY10 Growth FY2010
Convertible Bonds) conversion.
Total Pipes
• This quarter has witnessed higher sales volume and higher Consolidated 229,688 209,023 10% 476,251 440,103 8% 815,550
operational EBITDA. Interest cost is lower and depreciation is
higher in line with H1 FY11 trend. Resultant PAT growth is 8% Plates & Coils* 128,358 113,611 13% 231,427 175,949 32% 387,224

to Rs 1778 mn. * Includes internal sales

Status of Projects New Initiatives

Capacity of Pipes is being increased to 2.2 million MTPA:
• LSAW expansion of 350 K MTPA at Anjar in Q1 FY 2012.
• HSAW plant of 100K MTPA at Karnataka is now fully
operational.
• After modifications, Saudi plant with capacity of 300K
MTPA has started trial production and is likely to be on
stream by the end the of 3rd quarter FY 2011.
• Effective 16th August, 2010, Welspun Infratech Ltd (a 100% subsidiary of Welspun Corp)
acquired control on MSK Projects India Ltd and now holds 61.12%.
• With reulatory approval processes in Saudi Arabia underway, the transaction is expected to
be completed soon. This development will contribute to Welspun’s global reach not just in
terms of supply, but also for production facilities.
• Mr David Delie, previously CEO of Berg Steel Pipe Corporation with over 30 years of
experience in the industry, was appointed as the President of Welspun Tubular LLC. His
appointment will tie in with the Company’s committment to supply products from multiple
sources with quality unmatched in the industry
November 2010 Page 22
 Consolidated Balance Sheet as on 30th Sept 2010

Particulars As at 30.09.2010
Unaudited
(Rs. Mn)
A Sources of Funds
1 Shareholders Fund
a Share Capital 10,22.8
b Reserves and Surplus 31,469.9
c Share Application Money -
d Minority Interest 15,48.4
2 Loan Funds 38,913.5
3 Foreign Currency Monetory Item Translation Difference Account 37.7
4 Deferred Tax Liabilities-Net 3,761.2
Total 76,753.5
B Application of Funds
1 Fixed Assets 40,295.9
2 Build Operate and Transfer Projects Expenditure 4,158.5
3 Investments 13,065.0
4 Foreign Currency Monetory Item Translation Difference Account
5 Current Assets, Loans and Advances
a Inventories 19,002.2
b Sundry Debtors 12,997.8
c Cash and Bank Balances 13,131.6
d Loans and Advances 4,964.4
Less
4 Current Liabilities and Provisions
a Current Liabilities 29,404.4
b Provisions 1,482.3
5 Miscellaneous Expenditure 24.8
Total 76,753.5
November 2010 Page 23
Summary

1 Strong Industry
Fundamentals
• Capital intensive, high
barriers to entry
• North America expected to
lead demand

Robust Business
5 Exponential Growth in
2 Fundamentals
Revenues & Margins & Healthy Order Book
• Revenues have grown at a • Strong volume growth
CAGR of 42% over the last • Order Book in excess of US$
five years 1.0 Bn
• PAT has grown at a CAGR of • Capacities of global size
78% in the same period • Comprehensive product mix

Strong Management Team

4 with Proven Execution 3 Global Footprint & Pre
Approved with O&G Majors
Capabilities • Presence across more than 25
• Recognized by the FT as the countries
second largest steel pipe • Pre-approved with more than
producer in the world in 2007 50 O&G Majors
• First Indian company to supply
pipes for offshore projects in US

November 2010 Page 24

 Welspun on the Path of Global Leadership

Scale Leadership Scale of operations through large economic plants across the globe

Cost Leadership Produce world class products at the least cost and maintain competitive edge

Technology Adopt and innovate cutting-edge technology to satisfy stringent

Leadership requirements of customers

Quality Leadership Consistent focus on quality at all levels; be the best in delighting customers

Process Leadership Most efficient and effective processes to achieve optimal utilizations

People Leadership Best in class people : Produce extraordinary results

Global Leadership  Serve Globally, Act Locally

November 2010 Page 25
Key questions on recent updates

What is Welspun's exposure to current civil proceedings?

During the previous year one of the customer reported defect in the pipes supplied
alleging grade of steel used did not meet the specifications, the company replaced the
defective pipes and also provided for the expected loss on this account. During the year
the said customer initiated legal action against the company in the United States of
America claiming loss / damages of $ 66 million on account of defects in the pipes
supplied, consequently the company also initiated legal action against the steel supplier
claiming corresponding loss / damages it may suffer on account of this claim of the
customer. Hence the company does not expect any liability on account of the claim
against it.

November 2010 Page 26

Thank You

For further details, please contact:

Akhil Jindal Navin Agarwal

Director - Corporate Affairs AVP - Corporate Affairs
Tel.: +91- 22- 6613 5721 Tel.: +91- 22- 6613 5734
Mob.: +91- 98- 7029 6187 Mob.: +91- 98- 7000 9224
Email: akhil_jindal@welspun.com Email: navin_agarwal@welspun.com

Company Website: http://www.welspuncorp.com

November 2010 Page 27