1

Welcome to Brokers & Analysts Meet

E.I.D. - Parry (India) Ltd

6th May 2005Mumbai

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2

Disclaimer

This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,”“anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements.

Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in thispresentation cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. These companies assume no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise.

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• Murugappa Group and Vision for EID Parry

Mr. A VellayanVice Chairman

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Group Performance Highlights

2004-05

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5

Group Sales Trend

FIND44%

TII25%

EIDP12%

CUMI6%

Others13%

Sales Contribution (2004-05) Sales (Rs. Billion)

24 26 27 3137 39 42 42

53

63

1995

-9619

96-97

1997

-9819

98-99

1999

-0020

00-01

2001

-0220

02-03

2003

-0420

04-05

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6

Group PBT Trend

FIND22%

EIDP23%

TII23%

Others22.5%

CUMI9.5%

PBT Composition (2004-05) PBT (Rs. Billion)

1.5 1.7 2.0 2.3 2.5 2.4 2.6 2.63.5

5.5

1995

-9619

96-97

1997

-9819

98-99

1999

-0020

00-01

2001

-0220

02-03

2003

-0420

04-05

7

7

Group PBT Trend

6.4 6.77.4 7.4

6.66.1 6.2 6.3

7.18.7

1995

-9619

96-97

1997

-9819

98-99

1999

-0020

00-01

2001

-0220

02-03

2003

-0420

04-05

PBT (% of Sales)

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Vision for EID Parry

• To become India’s No. 1 integrated sugar complex company in revenues as well as profits

• To become India’s most preferred provider of high quality bathroom solutions

• To become India’s Leading Organic Pesticide manufacturer and exporter

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• EID Parry(I) Ltd

Mr. P Rama BabuManaging Director

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EID Parry Performance Highlights

2004-05

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Brief Highlights (2004-05)Sugar Division

• About 80,000 MT Raw Sugar imported and processed to maximise capacity utilisation

• Launch of Refined Sugar and Parry Pure brand for retail market. Available at over 800 outlets across Chennai, Pondicherry and Bangalore

• Highest ever “Fresh” Cane Planting (60,600 acres - 24% percent higher than plan)

• Acquisition of the assets of New Horizon Sugar Mills, Pondicherry

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Brief Highlights (2004-05)

Parryware

• Capacity Increased from 29400 MT to 34500 MT & basic Infrastructure facilities improved

• Dedicated manufacturing facility for supply of Taps –GTPL

Bio Products

• Obtained registration in Argentina – a major producer of organic and ‘green’ food to North America

• Purchased patents in USA, Australia, Canada and Japan for exclusive marketing rights – till 2012 for Process and 2020 for Formulation

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Brief Highlights

Corporate

2004-05– Superbrand Status

– Divested PCL- Parry Confectionery Ltd.

– Divested Small businesses : Netlon, Parry Travel, General Marketing Division (GMD)

– Interest cost at Rs. 3.5 Cr. - lowered from level of Rs. 45 Cr. in 2000-01 (for current set of businesses in EIDP)

– Effective Tax rate of 18% maintained through• 80 IA benefits• Investments

2005-06– Stock split : One equity share of Rs.10 will be divided into five equity shares of Rs.2/- each

w.e.f 3rd June 2005.

– Merger of Santhana Lakshmi Inv. Ltd. A subsidiary company with EIDP w.e.f. 1st May, 2005

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Financial Movement

Year Ended 31st March

0

4

8

12

16

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Gro

ss In

com

e (R

s bi

llion

)

0

0.2

0.4

0.6

0.8

1

1.2

1.4

PBT

(Rs

billi

on)

Gross IncomePBT

Earnings per Share (in Rs.)1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 200516.48 15.00 15.46 20.37 24.78 28.65 24.72 19.48 15.03 24.22 58.41

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Sugar Business

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Global Sugar situation

• Short term:– Consumption continues to increase and leads production for the second

consecutive year, thus depleting global stocks – Poor crops in India, Thailand, Cuba and Pakistan creating a deficit– Brazil producing more Sugarcane

• To cater to higher Ethanol Domestic Use and Export market • And hold stocks to benefit from the higher Brazillian domestic sugar prices • Hence Sugar exports not likely to meet entire global demand deficit

– Good crop in EU but Russia likely to start stock buildup

• Medium term:– WTO Ruling against EU Export subsidies likely to change global trade patterns

& push international prices up – Oil prices at a high and hence Ethanol demand and trade going up rapidly – Thailand moving towards Brazilian model of Sugar and Ethanol mix and – Kyoto Protocol will generate more demand for Bio Ethanol

International prices likely to remain favourably firm

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Indian Sugar Scenario

• Sugar production needs to grow at 19% CAGR for the next 5 years – to be self-sufficient (India policy) – meeting the 4% consumption growth and – bringing back stocks to acceptable food security levels (4 months holding)– Thus stocks will be low over the next 5 years and the Prices is likely to remain firm

• Government initiatives to encourage – Green Power (Kyoto Protocol) through Cogen programme– Domestic use of Ethanol for fuel blending– Thus expanding the value chain

• Sugar/ Ethanol from cane is a potential export commodity in the medium to long term

– Indian sugar industry’s competitiveness– locational advantage (Indian Ocean countries- EU’s traditional markets)– Ethanol exports to Japan and others for their Kyoto Protocol compliance– With global deficits expected to continue, exports are attractive

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Sugar Demand and Supply Forecasts

India: Demand - Supply estimates

0

50

100

150

200

250

300

Sep30,‘98

Sep30,‘99

Sep30,‘00

Sep30 ‘01

Sep30‘02

Sep30‘03

Sep30’04 est

Sep 3005 est

Sep 3006 est

Sep 3007 est

Sep 3008 est

Sep 3009 est

Sep 3010 est

Sep 30 11est

Sep 3012 est

Lakh

MT

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Stoc

k to

Use

%

Production Consumption Stock as % (no of months) of Previous Year Consumption Stock with Raws Imports and Rexport

Past Future

Assumptions for SY 2005-06 onwards• 35% Increase in Production in SY 2005-06; then 15 % for 2 years and 10% for 2 more years

before cutback in production to manage stocks;• 4% increase in consumption y-o-y• Thus Imports at 20 LMT for these 3 years is needed; as re-exports obligation kicks in

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Price and Stock to Use Ratio Movements

16,378

13,24512,889

14,39314,673

14,39014,671

13,100

47

6561

70

65

46

36

12,000

12,500

13,000

13,500

14,000

14,500

15,000

15,500

16,000

16,500

17,000

FY 04-05Avg

FY 03-04Avg

FY 02-03Avg

FY 01-02Avg

FY 00-01Avg

FY 99-00Avg

FY 98-99Avg

FY 97-98Avg

20

30

40

50

60

70

80

Price Stock to Use Ratio Mid point of year (%)

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Why South India ?

• Competitiveness in the Sugar Industry is driven by – Mutual Inter-dependance between the Farmer & the Miller

• Thus Total Recovered Sugar per Ha (= Cane Yield, MT per Hectare X Recovery, Ton of Sugar per Ton of Cane) should be the key measure

– Agro climatic conditions• Long crushing season

Total Sugar recovered (MT per Ha)

10.29.27

8.36 7.78 7.5

5.536.82

0

2

4

6

8

10

12

Tamilnadu Karnataka Maharashtra AndhraPradesh

Gujarat UP All India

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EID SugarFactories

EID - A Significant Player in TN

New Horizon

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EIDP’s Position in the Industry

Sales - 4 year average

0 100 200 300 400 500 600 700

Nahar

Rana

Rajshree

Thiru Arooran

Dharani

K C P

Simbhaoli

Upper

Ugar

Oudh

Bannari

Sakthi

EID Parry

Dhampur

Bajaj

Balrampur

PBT - 4 year average

0 20 40 60 80

Dharani

Rana

Ugar

Rajshree

K C P

EID Parry

Bannari

Bajaj

Balrampur

Source : Capital Markets, Myiris.com, Team Analysis

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EIDP’s position in the Industry

Market Capitalisation (31 Mar 05)

0 250 500 750 1000 1250 1500 1750

K C P

Nahar

Dharani

Simbhaoli

Rana

Rajshree

Thiru Arooran

Oudh

Upper

Ugar

Sakthi

Dhampur

Bannari

EID Parry

Bajaj

Balrampur

ROCE - 4 year Average

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00%

Nahar

Thiru Arooran

Dhampur

Oudh

Upper

Rana

Sakthi

Simbhaoli

Bannari

Ugar

K C P

Balrampur

EID Parry

Bajaj

Source : Capital Markets, Myiris.com, Team Analysis

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Highlights 2004-05

• Refinery commissioned & Parrys Pure Refined sugar launched

• Nellikuppam, India’s First Sugar Unit, has been fully automated with DCS

• Cane Pricing on Average Recovery basis, will positively impact Sugar Division’s profitability

• Derisking Projects – Co-Products – Commenced in two units

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Performance 2004-05

2003-04 2004-05 Y o Y (%)

Sugar Production ( LMT) 2.61 2.33

3.03

15237

79782

94816

(11 %)

Sugar Sales volume ( LMT) 2.73 11%

Sales Realisation(Rs / MT) 12313 24%

Raws Processed (MT) 6975 -

Cane Planting (Acres) 59334 60%

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Sugar Business Financials(Rs in Mn)

FY 2003 FY 2004 FY 2005

Revenue 4680 4200 5563

EBITDA 418 551 893

EBIT 218 346 701

Capital Employed 3612 3391 3463

EBITDA Margin 9% 13% 16%

ROCE 6% 10% 20%

CAGR

9%

46%

80%

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The Way Ahead…,

• De risking -Value from every part of cane stick

• Co-Products Projects in all units

• Management systems & processes

• Branding • Technology for various

grades

• Continous improvements;• Leverage on Financial

Soundness of the company for acquisitions

• Decontrol - Inventory, Product-Mix & Flexibility in operation

• Low Cost including Finance (2nd largest cost)

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Extracting Value from Every Part of the Cane Stick

Fuel Ethanol Extra Neutral Alcohol (ENA)

Alcohol

Molasses

Refined Sugar

Sugar

Saleable Surplus

Power Process Steam

Steam

Bagasse

Cane

Value added & Co - Products

Total Recycle of water from Cane (70% by wt)Cane Tops (normally trash) as fuel for Boilers

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Value Addition - Cost Structure

Parameter Conventional Mill Integrated Plant (Nellikuppam model)

Sugar 100kg 100 kg

Molasses 40 kg X

Ethanol X 10 litres

Saleable Power X 75 kwh

Co-product Revenue (Rs) 100 461

Sugar Revenue (Rs) 1600 1600

Total Revenue (Rs) 1700 2061

Cane Price 1100 1100

Contribution (Rs) 600 961

Basis: 1 MT of Cane at Recovery of 10%

Indicative only – from Nellikuppam experience

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Increasing the Flexibility

Now Future

Product - Sugar S- 30 & M-30; Refined grades

Distribution Channels Brokers & Civil Supplies Dept

& Institutions, Wholesalers & Retailers

Raw Material Cane& Raws; Tolling during Off-season

By Product - Alcohol Rectified Spirit & Ethanol, ENA

Fuel for By Product – Power Bagasse & Coal, Lignite & Agri -fuel and cane trash

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Co-Products Projects

CoGeneration of Power MW

Where we are today

Where we want to be

24.5

77

2003-04B 2007-08

Rs 166 Cr

Alcohol/Ethanol Prod (mn Lt)

Where we are today

Where we want to be

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2003-04 2007-08

Rs 80 Cr

Sugar Production LMT

Where we are today

Where we want to be

2.6

4.2

2003-04 2007-08

Crushing capacity TCD

Where we are today

Where we want to be

13800

14300

2003-04 2007-08

Rs 45 Cr

Progressing on schedule

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Acquisitions

• New Horizon Sugar Mills, Pondy– 2000 TCD Plant– Successful bidder, confirmation awaited from Hon’ble

High Court of Madras– Synergies with Nellikuppam Unit– Opportunity to crush about 6 to 8 Lac MT of Cane– Access to Port – Possible tolling location in future

• Anticipated Consolidation in the Industry lends opportunity to acquire and turnaround poorly performing mills in South India

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Bio Products Business

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Market Scenario ……..

Consumer awareness and preference towards safer food

Global conventions on environment and Persistent Organic Pollutants

Regulatory changes to meet international obligations

Emergence of Organic and Green movement…….. Towards a safe and sustainable future

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Shifting Trends in Global Pesticide Business

ConventionalRed

(8 billion US $Stagnant)

CombinationAmber

OrganicGreen

Bio-pesticides are applicable in the Green and Amber segmentsValue of global sales US $ 890 MillEstimated to grow at over 10%

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Bio Products Business Today

• Bio Pesticides for “Clean & Green” Crop cultivation, Home Garden, Turfs and Ornamentals and Public Green

• Major markets covered - North & Central America, Europe and India

• Over 70% of revenue come from exports

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Products

• NEEMAZAL® Technical - High Purity, High Quality (less than 50 ppb Aflatoxin) extract of active ingredients (mainly Azadirachtin A & B) from the Neem Seed Kernel

• NEEMAZAL® Formulations - High Quality, Stable formulations for crop protection applications

• Neem Cake & Neem Oil

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Production Facility

• Annual Capacity of 7500 kgs of 100% Azadirachtin

• Located at Tyagavalli near Cuddalore, TN• State-of-the-art plant• ISO 14001 Certified• Certified by IMO for organic agriculture

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Key Drivers

• Patent protection in target markets – Patents in 21 countries; Process patents valid till 2012 and product patents valid till 2020

• Regulatory Clearances in target markets including U.S.A., Mexico, Germany, Italy, Holland, & India (a total of 23 countries in all)

• State-of-the-art R&D, working on agriculture, veterinary, public health and human health applications of Neem.

• Organic Certification from IMO, Switzerland

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Bio Products : Financials

(Rs in Mn)

FY 03 FY 04 FY 05 CAGR

Revenue 88 160 203 52%EBITDA -1 27 52 621%EBIT -14 13 39 524%Capital Employed

363 297 221

EBITDA % -1% 17% 26%ROCE % -4% 4% 18%

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• Parryware K E RanganathanVice President

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Welcome to ..

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The success story of

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44

Indian Housing market

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How did we go about in gaining a larger share of this market growth ?

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Parryware’s operations – A Snapshot

3 Plants(north/west/south)

4500outlets - shops

2500products (SKUs)

12 Stock points

10 Customer Service centers

4 Experience Centers

New Plant

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Major Exports Markets

Exports contributes to 7% Parryware Sales VolumeExports contributes to 7% Parryware Sales Volume

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Highlights- 2004/05

• Continues to be No.1 Brand• Parryware enters Taps category successfully• Capacity enhanced by 16% on sanitaryware• New Products @ 24% of sales drives growth• Productivity enhanced – higher yields• Sales grow @ 25% - ahead of market

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Customers Customers

Business is all about customers

BuyBuyParrywareParryware

MoreMore

ParrywareParryware

Buy More Buy More ParrywareParryware

Share of wallet

Share of market

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50

Contemporary “Brand”

Innovative “Products”

Assured “Service”Enhanced

“Experience”Around the customer

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More Customers buyMore Customers buy

Innovative productsInnovative products

Athena Range Cardiff WalvitTapti Basin

Contemporary designsContemporary designs

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More Customers buyMore Customers buy

Innovative productsInnovative products

Comfort pan Solid seat cover

Ergonomics based comfortErgonomics based comfort

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More Customers buyMore Customers buy

Innovative productsInnovative products

Concealed cisternsPluto basin Vienna Walvit pan

Smart new ways to save spaceSmart new ways to save space

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More Customers buyMore Customers buy

Innovative productsInnovative products

Waterless urinals Integrated EFS E Taps

Saving water resource, Touch free hygieneSaving water resource, Touch free hygiene

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Customers buy moreCustomers buy more

Taps & Invisibles rangeTaps & Invisibles range

Share of wallet !

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Customers buy moreCustomers buy more

Glamour rangeGlamour range

CliftonShower Panel

NiagraShower Temple

Glasgow Ontario Glass Basin

Milton

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New Colours

• Contemporary & Exciting Colour Offering from Parryware

– In Consultation with leading Colours experts

– To be in line with Current Consumer preference for colours

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Brand ExperienceBrand Experience

• PW Experience centers– Mumbai– Delhi– Chennai– Bangalore

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Array of Quality Certifications

•• ISO 9001 : 2000 ISO 9001 : 2000 - First Company in the Industry to get the certification for entire business operations

•• ISO 14001 : 1996ISO 14001 : 1996 – For all three plants certified by British Standards Institution

• OSHAS 18001 – For all three Plant certified by BSI Management systems

• Products certified to Indian, South African and Israel Standards

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Parryware Business(Rs in Mn)

FY 2003 FY 2004 FY 2005 CAGR

Revenue 1419 1599 1960 18%

EBITDA 225 234 283 12%

EBIT 170 180 230 16%

Capital Employed

802 746 973

EBITDA % 16% 15% 14%

ROCE 21% 24% 24%

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Business Mix

4%

30%

66%

72%

28%

Sanware Taps Allied

Entry into Taps2004-05

Sanware Allied

SAPHIRE

PEARL

EMERALD

JADE

2003-04

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Sales Value Trend

1000

1100

1200

1300

1400

1500

1600

Rs

Mn

PRW 1225 1289 1400 1587HSI 1134 1122 1182 1374

'00-01 '01-02 '02-03 '03-04

2%

5%

9%

5%-1%

21%

PRWCAGR: 9%

16%

Gr%

04-05 (9 Months Sales)PRW Rs.1450 MnHIS Rs.1180 Mn

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Return on Capital Employed : Compared to competition

24%21%

13%12%10%

17%

5%

10%

15%

20%

25%

30%

%

PRW 12% 21% 24%'HSI 13% 10% 17%

'01-02 '02-03 '03-04

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Going forward ..into 2005-06

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Key Growth Drivers

• Affordability– First house at the age

of 35

• Desirability– Own house, a dream

come true

• Availability– 40m homes shortage

• Upgradability– Renovation

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Key Strategies

TapsTaps

Projects & Institutions

Projects & Institutions

Strengthen Premium Image

Strengthen Premium Image

Enhance Brand Experience

Enhance Brand Experience

MarketLeadership

MarketLeadership

Sustain

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Manufacturing facilities

• Modernized plants with – Good infrastructure facilities– Geographically well distributed

• Assured Raw material availability

• Possibilities of Regasified Liquified Natural Gas (RLNG) availability – Dewas, MP in FY07 – Perundurai, TN expected from FY09

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Marching Towards World Class Benchmarks

• Improving Cost efficiency– Continuous Yield Improvement– More focus on Quality standards

– Build Capability to produce products of international standards– Technical Assistance from CERAM UK in certain

specialized areas

– New R&D Facility set up at Ranipet – Ensure in process quality– Try out new innovations

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Capacity Additions

20000

30000

40000

50000

in MT

Addn 4700 12000Extg 29800 29800 34500 34500

'03-04 '04-05 '05-06 '06-07

Capacity addition at

Dewas

New Facility at

South

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Taps & Fittings

• Major ‘Growth Driver’• Tie-up with dedicated vendor• National Presence• Wider Range• Same Brand Promise

Topaz

Agate

Citrine

Garnet

Cascade

Triliant

DC e Tap

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Future Plans

• Be the ‘preferred brand choice’ of customers– Parryware as ONE STOP solution– Deliver brand promise on product, service &

experience

• Grow ahead of market :– Grow aggressively in all markets thru’ innovative

products & services– Appropriate investments for capacity– Taps capture - 10% market share

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Parryware : Summary

• Strong brand, well in sync with contemporary trends

• Only brand to offer well coordinated glamouroomswith Sanware, Accessories & Taps

• Wider choice with latest collection

• Easy availability

• Constantly improve capability to manufacture and market products as per evolving customer requirements

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Glamour Times ahead …

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• Financials and Future PlansD. KumaraswamyCFO

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75

StructureStructure

E.I.D.- PARRY (INDIA) LIMITED

SUGARCOGEN

RECTIFIED SPIRIT & ETHANOL

PARRYWARE(Sanitaryware,

Allied products &Taps)

Bio Products

PROPERTY CELL

INVESTMENTS 1. Coromandel

Fertilizers Ltd.,2. Parry Monsanto

Seeds( P) Ltd.,

East India Sugars (P) Ltd.,

TrichyDistilleries &

Chemicals Ltd.,Espiem

Plastics Ltd.,

Parry America

Inc.,

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Financials at a Glance: Income Statement

(Rs in Millions)

Sales 5736 5607 7172EBITDA 771 814 1358EBIT 471 511 1076Interest 210 75 35PBT 261 435 1041Extra ordinary Items 151 98 232Net PBT 412 533 1273PAT 273 432 1043

Description FY 2004 FY 2005FY 2003

12%33%51%

100%

76%95%

CAGR%

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77

Segment-wise :Revenue Trends

FY 2003-04 FY 2004-05

Sugar65%

Parryware25%

Bio2%

Extraordinary3%

Others5%

Parryware

24%

Sugar68%

Bio2%

Extrordinary3%

Others3%

Total Revenue: Rs.6414 millions. Total Revenue: Rs.8191 millions.

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Segment-wise :EBIT Trends

FY 2004-05FY2003-04

Sugar53%

Parryware27%

Bio1%

Extrordinary

15%

Others4%

Bio3%

Extraordinary18%

Sugar53%

Parryware18%

Others8%

Total EBIT: Rs.608 millions Total EBIT: Rs.1308 millions

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79

(Rs crore)

Financials at a Glance: Balance Sheet

(Rs in Millions)

BALANCE SHEET

Particulars FY03 FY04 FY05

NFA 3430 3030 3230NCA 1808 1942 2268Investments 880 1101 1013Capital employed 6118 6073 6510

Networth 3416 3375 4169D.Tax Liability 451 482 508Long Term Borrowing 754 654 916Other Borrowing 1496 1562 918Total 6118 6073 6510

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Segment-wise :Capital Employed EIDP Only

Rs in Millions

Bio, 221, 3%

Others, 1879, 29%

Sugar, 3463, 53%

Parryware, 973, 15%

Sugar, 3391, 56%

Parryware, 746, 12%

Bio, 297, 5%

Others, 1674, 27%

FY2003-04 FY 2004-05

Total Cap Employed: Rs.6536 millionsTotal Cap Employed: Rs.6108 millions

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Financials at a Glance: Key Ratios

Particulars FY 2003 FY 2004 FY 2005EBITDA Margin % 13.4% 14.5% 18.9%ROCE % 7.7% 8.4% 16.5%RONW % 8.0% 12.8% 25.0%EPS (Rs) 15 24 58PE Multiple 5.01 8.29 9.13*Dividend % 60% 75% 125%Dividend Payout % 45% 35% 31%**Book Value/Share 191 189 234

* PE multiple for FY2005 is based on corresponding market price on 31 March, 2005

** Dividend payout for FY2005 is 31% of PAT excluding Extra ordinary income

82

Future Plans

83

83

Proposed Investments

FundingProposal Mar06 Mar07 Total %

InternalAccrual 1050 920 1970 46%Debt 1250 1100 2350 54%

Total 2300 2020 4320 100%

Rs. MnMar06 Mar07 Total

Sugar DivisionSugar 130 320 450Cogen 1550 540 2090Distillery 800 800

Sugar Division Total 1680 1660 3340

Parryware Division 620 360 980

Total Investments 2300 2020 4320

Rs. Mn

SDF, Green Credit, TNPL

New Horizon Sugar (Mn)- 502

Debt- 250Internal Accruals 252

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84

Consolidated Financials

85

85

Consolidated FinancialsIncome Statement

Rs in Millions

Sales 15324 17132 22367

EBITDA 1701 1942 2604

EBIT 1082 1311 1970Interest 477 369 98PBT 605 942 1872Extra ordinary Items 198 164 348

Net PBT 803 1106 2221PAT 480 747 1693

FY 2004 FY 2005Description FY 2003

PAT (less minorityinterest + Profits fromassociate companies

416 636 1547

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86

Consolidated FinancialsBalance Sheet

Rs in Millions

Particulars FY03 FY04 FY05

NFA 7433 6949 7057NCA 4520 4288 5079Investments 469 1678 1710Capital employed 12422 12915 13846

Networth 5371 4724 6018Minority Interest 510 1078 1243D.Tax Liability 1317 1322 1375Long Term Borrowing 1959 2963 3290Other Borrowing 3266 2828 1919Total 12422 12915 13846

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87

Consolidated FinancialsKey Ratios

Particulars FY 2003 FY 2004 FY 2005

EBITDA Margin % 12.0% 11.6% 12.5%ROCE % 9.8% 10.5% 15.7%RONW % 7.8% 13.4% 25.6%EPS (Rs) 23 36 87PE Multiple 3.21 5.63 6.15Book Value/Share 301 267 339

88

Financials of Major Subsidiary Company

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89

Coromandel Fertilizers Ltd.,

Rs in Millions

Description 2003-04 2004-05 Description 2003-04 2004-05EPS 16.97 27.23

Sales 12116 15251 Market Price 107.4 208

EBDITA 1346 1442 P.E 6.33 7.64

EBIT 995 1116 Paid up capital 254.1 254.1

Interest 287 187 EID group's Holding 68.69% 68.69%

PBT 708 929 Capital Employed 7943 7638

PAT 431 692 EBDITA Margin 11% 9%

ROCE 13% 15%

90

EID’s Share Price Performance

91

91

Indexed Stock PerformanceMarket Cap: Rs.10,039 Millions

0

100

200

300

400

500

600

700

Oct-01 Mar-02 Aug-02 Jan-03 Jun-03 Nov-03 Mar-04 Aug-04 Jan-050

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

Volume (RHS) EID Sensex (Rebased) EID (incl. CFL shares issued on demerger)

Apr-05

92

92

Financial Calendar

Annual General Meeting 4th Week July

Q1 Results 4th Week July

1H Results 3rd Week Oct

Q3 Results 3rd Week Jan

93

Thank you