1. Saturday, December 05, 2015 Analyst / Investor Presentation Q2 FY 2010-11 update

2. Saturday, December 05, 2015  Economic Environment  Business and Financial Highlights Q2 & H1 FY 2010-11  Way Forward Agenda

3. Saturday, December 05, 2015 Economic Environment GDP is expected to grow by 8-8.5% in FY 2010-11 as projected by the Ministry of Finance. According to the Finance Ministry, Y-O-Y inflation in terms of WPI was 8.51% in August down from 9.97% in July. The automobile segment has registered an impressive performance in Q2 FY’11 with all major players growing 20% YOY in volumes. Tyre Industry is also projected to register double digit growth in FY’11 backed by buoyant demand for automobiles but margins are already under pressure due to volatile rubber prices.

4. Saturday, December 05, 2015 Business & Financial Highlights Q2 FY’11  Net Sales Turnover was Rs. 832 cr. (+21.4% over Q2FY’10, +7.7% over Q1FY’11) Net sales in H1 stood at Rs. 1604 cr. (+21.1% over H1FY’10)  EBDITA margin of 5.3% in Q2 & H1 (15.6% in Q2FY’10 and 5.3% in Q1FY’11). Op. PBT to Net Sales of 2.7% in Q2 & H1 (13.5% in Q2FY’10 and 2.7% in Q1FY’11). Despite sequential growth of 7.7% in Net Sales, margins have remained flat due to high raw material cost.  PBT clocked Rs. 22.6 cr. in Q2 & Rs. 43.7 cr. in H1FY’11.  Natural rubber touched peak levels in July and has increased by over 50% since September last year. Heavy rains in rubber producing countries considerably impacted the availability of Natural Rubber. Imports were temporarily affected due to the congestion of cargo at Mumbai port following the collision between two vessels in August.  PCR & TBR trial runs have started at the Halol plant.

5. Saturday, December 05, 2015 Manufacturing Highlights Q2 FY’11

6. Saturday, December 05, 2015 Manufacturing Highlights H1 FY’11

7. Saturday, December 05, 2015 Sales Highlights Q2 FY’11 Rs. Cr.

8. Saturday, December 05, 2015 Sales Highlights H1 FY’11 Rs. Cr.

9. Saturday, December 05, 2015 Net Sales and EBITDA - Q2 FY’11

10. Saturday, December 05, 2015 Financial Performance – Q2 FY’11 Rs. Cr.

11. Saturday, December 05, 2015 Financial Performance – H1 FY’11 Rs. Cr.

12. Saturday, December 05, 2015 Way Forward  Raw Material cost continues to be matter of serious concern. Rubber prices had temporarily softened in September in anticipation of the Government relaxing the duty on imports of Natural Rubber. However, the Government has not issued any official notification as yet. Consequently Rubber prices have started climbing up despite resumption of tapping.  Commercial production at Halol is expected to begin in Q3.

13. Saturday, December 05, 2015 Statement in this “Management Discussion and Analysis” describing the company’s objectives, projections, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities law and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the company’s operations include demand supply conditions, finished goods prices, availability and prices of raw materials, changes in the govt. regulations, tax regimes, economic development within India & countries within which the company conducts business and other factors such as litigations and labour negotiations. Cautionary Statement

14. Saturday, December 05, 2015 Thank you