Analyst Meet

Kolkata

13th August 2014

Disclaimer

This presentation may contain statements which

reflect Managements current views andestimates and could be construed as forward

looking statements. The future involves risks

and uncertainties that could cause actual results

to differ materially from the current views being

expressed. Potential risks and uncertainties

include factors such as general economic

conditions, commodities and currency

fluctuations, competitive product and pricing

pressures, industrial relations and regulatory

developments.

Business Update

Strong NSV Growth

1,403

1,594 1,614 1,620 1,618

Q 1 Q 2 Q 3 Q 4 Q 1

Rs.

Crs

.

FY 13-14 Q1 14-15

Q1 Q2 Q3 Q4 Q1

Growth% 15% 14% 11% 9% 15%

24 months

growth% 27% 24% 30% 24% 32%

Standalone

Strong Growth In Profit from Operations

114

138 133 148 142

Q 1 Q 2 Q 3 Q 4 Q 1

Rs.

Crs

.

FY 13-14 Q1 14-15*

Q1 Q2 Q3 Q4 Q1 *

Growth% 93% 129% 71% 27% 24%

24 months

growth% 181% 164% 87% 119% 140%

Standalone

* Excluding additional Depreciation impact as per Companies Act, 2013

Challenging economic environment

Growth slowdown of FMCG & Food

Source: Nielsen

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Jan

-13

Fe

b-1

3

Ma

r-1

3

Ap

r-1

3

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oc

t-1

3

No

v-1

3

De

c-1

3

Jan

-14

Fe

b-1

4

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Jun

-14

% V

alu

e G

row

th (

yo

Y)

FMCG, Food and Biscuit Growth

FMCG Food Biscuit

We continue to focus on fundamental levers

Nurture a Passionate & Motivated Team

Strong Go To Market (GTM) strategy

Supply chain Productivity & efficiency

Cost Leadership

Brand & Innovation

People

Strong GTM

Supply Chain

Biscuits

Cake

Rusk

12/0

8/1

3

12/0

9/1

3

12/1

0/1

3

12/1

1/1

3

12/1

2/1

3

12/0

1/1

4

12/0

2/1

4

12/0

3/1

4

12/0

4/1

4

12/0

5/1

4

12/0

6/1

4

12

/07

/14%

of

sto

ck w

ith

in 3

3%

of

rate

d

life

Cost Leadership

211 272

615

100

200

300

400

500

600

700

FY 11-12 FY 12-13 FY 13-14

Rs.

Cro

res

19.6

27.3

43.1

15

20

25

30

35

40

45

FY 11-12 FY 12-13 FY 13-14

% R

etu

rn

Energy optimization(Biomass, Energy efficient ovens)

Waste Reduction

(Tighter operating norms)

Manufacturing efficiency(Automation, TQM, Kaizen, Lean)

Distance travelled(Reduced by 20% over last 3 years)

Focus on large core categories

Strong double digit growth

Focussed Investment Behind Brands

Innovation

Strengthening foundation

Building innovation funnel

Launches planned

Business performance driven by:

Passionate and

Motivated Team

Healthy top line growth

Better mix

Judicious Pricing

Aggressive cost

savings

Tight control on capital &

fixed costs

In Summary

Focused on Fundamentals

Leveraged Strong Brands

Driven Productivity & Efficiency

For Sustainable Profitable Growth

Financials

Key Lines Standalone & Consolidated

Particulars (Standalone) Q1 2014-15 Growth %

Re-stated

growth% *

Net Sales 1,618 15% 15%

Profit from Operations 133 17% 24%

Profit Before Tax 153 22% 29%

Profit After Tax 108 25% 32%

Source: Company Financials

Rs. Crs.

Particulars (Consolidated) Q1 2014-15 Growth %

Re-stated

growth% *

Net Sales 1,773 15% 15%

Profit from Operations 138 17% 26%

Profit Before Tax 158 24% 32%

Profit After Tax 114 27% 35%

* Restated for impact of additional depreciation in Q1 2014-15 based on revised useful life of assets as per Companies Act 2013

Key Performance Indicators - Standalone

Particulars 2011-12 2012-13 2013-14 Q1 2014-15

Q1 2014-15

Restated*

Profit from Operations % 4.7% 5.7% 8.6% 8.2% 8.8%

Profit before Tax% 5.1% 6.0% 8.7% 9.4% 10.0%

Profit after Tax% 3.8% 4.2% 5.9% 6.7% 7.0%

Debt : Equity Ratio 0.8 0.3 0.0 0.0 0.0

Source: Company Financials

* Restated for impact of additional depreciation in Q1 2014-15 based on revised useful life of assets as per Companies Act 2013

Key Performance Indicators - Consolidated

Source: Company Financials

Particulars 2011-12 2012-13 2013-14 Q1 2014-15

Q1 2014-15

Restated*

Profit from Operations % 4.6% 5.7% 8.0% 7.8% 8.4%

Profit before Tax% 4.9% 5.8% 8.3% 8.9% 9.6%

Profit after Tax% 3.7% 4.2% 5.8% 6.4% 6.8%

Debt : Equity Ratio 1.5 0.7 0.2 0.2 0.2

* Restated for impact of additional depreciation in Q1 2014-15 based on revised useful life of assets as per Companies Act 2013

invrl@britindia.com