On The Path of Global Leadership

WELSPUN CITY, ANJAR

May 2011

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.

May 2011

Page 2

Welspun Group
Brief Synopsis 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
Welspun India Gold Trophy for Best Exporter Textile Promotion Council (TEXPROCIL) 2008 Welspun Corp

Global Recognitions

Welspun Corp

Star Performer Award for the year 2008-09 All India Export Excellence Awards - EEPC 2010 Economic Times Emerging Company of the Year Award for Corporate Excellence - 2008

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

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 etc
Welspun India Earth Care Awards Times of India and Jindal Steel Ltd - 2008

International Setup Christy, UK Sorema, Portugal Textile facility in Mexico Office in Manhattan-NY, Huston-US Pipe facility in Arkansas, US
Welspun India Welspun Corp One of the fastest growing large companies in India Business Today - 2007 Welspun India Sustainability Award - Walmart - 2007

Pipe Facility in Saudi Arabia (In process)

4 Gold Trophies for Outstanding Export Performance Textile Promotion Council (TEXPROCIL) - 2007

May 2011

Page 3

WCL An Introduction
WCL, flagship company of Welspun Group, is one of the largest pipe manufacturing company in the world Incorporated in 1995, the Company offers a complete range of high grade line pipes ranging from inch to 100 inch used inter alia for transmission of oil & gas Partner of Choice for more than 50 Oil & Gas Giants across the globe with a geographically diverse client base including Chevron, Exxon Mobil (Golden Pass Pipeline), Saudi Aramco, British Gas , Kinder Morgan etc International footprint Accredited with ISO 9001, ISO 14001 and OHSAS 18001 certifications Strong order book of U.S. $ 1.5 Bn

Steady Growth in Revenues and Profit

Consolidated Total Revenues
(INR MM)

80,000 60,000 40,000 20,000 0

US $ MM

CAGR (07-10): 40%

73,503 57,395 58,604

26,834

39,945

2006-07
617
(2)

2007-08
991
(3)

2008-09
1,250
(4)

2009-10
1,637
(5)

9M 2010-11
1311
(6)

Gross Profit
(INR MM)
CAGR (07-10): 62%

12,500 9,500 6,500 3,500 500

US $ MM

11,301 9,447 5,845 2,666 2006-07

61
(2)

4,768

2007-08
145
(3)

2008-09
104

(4)

2009-10
252(5)

9M 2010-11
211
(6)

Shareholding Pattern, as on Mar. 31, 2010

35.77% 41.07%
Promoter

Summary Market Statistics

As of May 09, 2011 Share Price (INR/ US$) INR MM 189.05 38,693 46,042 US$ MM(6) 4.22 865 1,029

Mutual Funds FII Public, Banks and Financial Institutions

Market Capitalization Enterprise Value (1)

23.10%

0.06%

Note 1. Net Debt at INR 7,349 MM as on 31 Mar, 2010 2. Average exchange rate of US$1 = Rs 43.51 from 01-Apr-06 till 31-Mar-07

Note 3. Average exchange rate of US$1 = Rs.40.29 from 01-Apr-07 till 31-Mar-08 4. Average exchange rate of US$1 = Rs.45.91 from 01-Apr-08 till 31-Mar-09 5. Average exchange rate of US$1 = Rs.44.90 from 01-Apr-09 till 31-Mar-10 May 2011 6. Exchange rate of US$1 = Rs. 44.7300 on May 09 2011 Page 4

WCL An Introduction

Promoters (41.07%)
WCL 100%

Welspun Corp Limited (WCL)

Public and Others (58.93%)

WCL 100%

Corporate Structure

Welspun Pipes Inc, USA

Welspun Plate and Coil Mill Division Manufacturer of state-of-art Plates and Coils

Welspun Natural Resources Pvt. Ltd. Oil & Gas Exploration Activities

Welspun Energy Ltd Solar & Renewable Energy

100% Beneficial Interest

100% Beneficial Interest

Welspun Tubular LLC Manufacturer of Pipes, Coating and Double jointing

Welspun Global Trade LLC

Welspun Infratech Ltd. Infrastructure (Welspun Projects ltd)

Pipes Products - Longitudinal (LSAW) - Helical / Spiral (HSAW) - Electrical (ERW) Manufacturing Facilities
Anjar & Dahej Pipe Mills
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

Plates & Coils

Oil and Gas

Renewable Energy & Infrastructure

Little Rock , Arkansas, USA

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 May 2011

Dammam, Saudi Arabia

Manufacturing facility of 300,000 tons of HSAW pipes annually for the use of the oil and gas industry.

Plate-cum-Coil Mill
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
Growth Revenue Rs. 58,604 mn. Rs. 73,503 mn. Rs. 57,395 mn. Rs. 39,945 mn. 9M FY 2010-11 - 100,000 tons HSAW Plant in Karnataka operational Investment in Middle East with HSAW capacity of 300,000 MT operational - 350,000 MT pipe capacity addition under implementation in India Foray into infra & pipe laying for O&G and water through MSK Projects India Ltd. 350,000 tons US Spiral Mill commissioned 150,000 MT Spiral Mill commissioned Commissioning of Plate Mill & 43 MW Power Plant Anjar Facility , A Key Contributor Approvals from O&G majors for new facility New Capacity at Anjar, Gujarat for HSAW & Coating Merger of coating J.V. with WCL Pipe Coating in JV with EUPEC, Germany Dahej, Gujarat LSAW, Dahej, Gujarat HSAW, Dahej, Gujarat 8

2010 2009

2008

Rs. 26,834 mn. Rs. 18,298 mn. Rs. 10,385 mn. Rs. 8,277 mn. Rs. 2,565 mn. Rs. 585 mn. Rs. 180 mn. 1998 1995 Embarked on a Growth Journey 2000 2001

2007 2006 2005 2004

Incorporated

May 2011

Page 6

Welspun Corp Limited: Strong Value & Growth Story

Strong Industry Fundamentals

Robust Business Fundamentals & Healthy Order Book

Global Footprint & Pre Approved with Oil & Gas Majors

Strong Management Team with Proven Execution Capabilities

Exponential Growth in Revenues & Margins

May 2011

Page 7

1. Strong Industry Fundamentals

Relatively Few Major Players
Industry is highly capital intensive with high barriers to entry Niche markets exist which have been effectively exploited by Welspun Reliability and reputation for excellence are paramount, as pipelines are used for critical applications such as oil and gas transport Prospects for the industry brightening with oil prices gaining strength
Region North America Latin America Europe Africa Projects 185 38 127 50 120 126 61 707 Total Length (kms) 64,578 28,596 42,208 23,725 39,346 69,278 17,764 285,495 Quantity (MMT)(1) 13 6 8 5 8 14 4 57

International Demand Outlook till 2016

Business Potential (US$ Bn)(2) 15 7 10 6 9 17 4 69

Share of Expected Demand

Until 2016

Australasia 9%

North America 26%

Asia 18% Latin America 5% Middle East 17% Africa 7%

Source: Simdex, US, Jan 2011 Update

Global Demand
Business potential of around USD 69 Bn (3) - Simdex Replacement of the old pipelines in US New Gas is required to replace annual decline in existing gas supplies in North America, which shall enhance demand for new pipelines Shale Gas gradually increase its share in total gas requirement in US Alaska Pipeline project -another boost to the demand for pipes

Middle East Asia Australasia Total

Europe 18%

Source: Simdex, US, Jan 2011 Update

Proposed pipeline of GAIL

Phase I by 2011 (Under Execution)
Name of Pipeline DVPL Ph -II / Vijaypur Dadri Dadri - Bawana - Nangal Length (Kms) 1,115 646 349 2,110 Cost (Rs Cr) 10,830 2,349 1,259 14,438 Add. Cap (MMSCMD) 80 31 35 146

Domestic Market Size

Company Total Length (kms) Business Quantity Potential (KMT)(1) (US$ Bn)(2)

Domestic Demand
Low pipeline penetration in India provides huge potential Natural Gas as a source of energy is growing at a rapid pace and shall grow the demand for pipelines Formation of the Petroleum & Natural Gas Regulatory Board (PNGRB) to give boost to trunk pipelines City Gas Distribution set to take-off Liquefied Natural Gas (LNG) terminals projects to enhance pipe demand Water Infrastructure projects: A Key driver for HSAW pipes
Source: Industry Sources

GAIL

6,663

1,332

1.6

Chainsa - Jhajjhar - Hissar Sub Total

RGTIL

2,750

550

0.7

Phase II by 2012 (Approved in 2009)

Name of Pipeline Length (Kms) 2,050 1,389 1,114 4,553 6,663 Cost (Rs Cr) 7,596 5,014 3,263 15,873 30,311 Add. Cap (MMSCMD) 32 16 16 64 210

GSPL

5,675

1,135

1.4
Jagdishpur - Haldia Dabhol - Bangalore Kochi - Mangalore - Bangalore

Total

15,088

3,017

3.7

Source: GAIL India Ltd Presentation Aug 10 / Company data

Sub Total Grand Total

Source

Welspun is well placed, with global clients and state-ofthe-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

GAIL India Investor Presentation , August 2010

May 2011

Page 8

2. Robust Business Fundamentals & Healthy Order Book

Strongly Positioned Current Capacities
000 MT pa
2,200

Going Strength to Strength

FY07 FY09 >50 FY10 >50

Welspun serves several marquee customers like Exxon Mobil (Golden Pass Pipeline), Kinder Morgan, Ruby (El Paso) and GAIL because of its specialized offerings It has long term contracts with giants like TransCanada; and framework agreements with Chevron, Saudi Aramco, etc Successfully expanded into highly competitive North and Latin America to take advantage of higher realizations

350
1,800

Oil & Gas Co Approval Production ( '000 MT) Revenue (US$ MM)

36

1,400 1,000 600 200

(200)

501

717

814

1,850 1,500
350 350 1,300 200
HSAW ERW Total Pipe Plate Mill

571

1,250

1,637

PAT (US$ MM) No. of countries Export Market

36 Glob al 67%

47

136

LSAW

Global 76%

Global 77%

Existing Capacities

New Capacities

Production Growth
000 MT

Export Market Gaining Dominance

900

800 700
600 500 400

670 501 377

718

814

100%
720

80% 60%

33%

17%

24%

23%

384

373

300 200
100 0

193

40% 20%

67%

83%

76%

77%

FY06
Pipes

FY07

FY08

FY09

FY10

9M FY11

0%
FY07 FY08 Do mestic
Page 9

FY09

FY1 0

Plates

Expo rt
May 2011

2. Robust Business Fundamentals & Healthy Order Book

Process

Process

Process

Raw Steel

Steel Slab
(API Grade)

Steel Plates/ Coils (API Grade)

Pipes
(API Grade for O&G)

Selling Price (1): $ 850- 900 /ton.

Selling Price (1):

Selling Price (1):

$ 1,000-1,050 /ton.

$ 1,300-1,400/ton.

Welpsuns 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 May 2011

Page 10

2. Robust Business Fundamentals & Healthy Order Book

Order Book Current Order Book Geographical Distribution by Volume
86%

Orders Booked during FY 09

$ 1.6 bn

Orders at the beginning of FY 10

Orders Booked during FY 10 Orders executed during FY 10

$ 1.6 bn
$ 1.3 bn $ 1.6 bn

90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

14%

Orders at the beginning of FY 11

$ 1.4 bn

Export

Domestic

Orders Booked during FY 11 (YTD)

Orders executed during 9M FY 10

$ 1.4 bn
$ 1.3 bn

Current Orders in Hand (938 k Tonnes)

$ 1.5 bn Some of the Top Clients for Pipes Client Enterprise Country USA Canada India India Middle-East

Raw material tied up for all outstanding orders

Transcanada Pipe Line Limited Gas Authority of India Ltd. Indian Oil Corporation of India Saudi Aramco

Majority of the shipping finalized

May 2011

Page 11

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

2007 output (million tonnes)

Salzgitter/Europipe* (Germany)
Iraq Saudi Arabia Spain Russia Canada US (Trader Mkt.) US (Projects) Mexico Tunisia Algeria Libya Venezuela China Bangladesh Oman Qatar Indonesia Malaysia

1.3

Welspun (India)
JFE (Japan) Sumitomo (Japan) Evraz** (Russia) Nippon Steel (Japan) Riva (Italy) PSL (India) JSW (India) ArcelorMittal (Luxembourg)

1.0
0.7 0.7 0.6 0.6 0.6 0.5 0.3 0.2 0.1 0.1 7.3

Bolivia

Peru

Egypt

Sudan
Columbia

Year 20002001 Year 20052006

Year 2001 2002 Year 2006 2007

Year 2002 2003 Year 2007 2008

Year 20032004 Year 20082009

Year 2004 2005 Year 2009 2010

Stupp (US) Tata/Corus (India/UK/Netherlands) Others***

What Sets WCL Apart From Competition Decade Long Experience All Solutions Under One Roof High Capacity Equipment to Meet Future Demand Backward Integration with In-house Plate-cum-Coil-Mill

Framework Agreements Features

- 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 0.85 MTPA
Note 1. As reported by Financial Times on April 13, 2008 May 2011

Page 12

3. Global Footprint & Pre Approved with Oil & Gas Majors
AGIP BECHTEL BRITISH GAS BRITISH PETROLEUM CHINA NATIONAL PETROLEUM CORPORATION CPMEC, CHINA CHEVRON (Framework Agreement) DOW RUBY (ELPASO) EGYPTIAN GENERAL PETROLEUM CORPORATION ENTERPRISE EXXON-MOBIL (GOLDEN PASS PIPELINE) GAIL GASCO, ABUDHABI GASCO, EGYPT GAZPROM (STROYTRANSGAZ) KINDER MORGAN MOGE, MYANMER N.A.O.C. - NIGERIA NPCC, ABU DHABI NTPC ONGC PETRO CHINA PETRONAS, MALAYSIA PDO, OMAN PGN, INDONESIA QATAR PETROLEUM RELIANCE INDUSTRIES LIMITED SAIPEM, SNAM SAUDI ARAMCO (Framework Agreement) SHELL STOLT OFFSHORE Acergy SONATRACH TOTAL TECHNIP TRANSCANADA (Long Term Contract) UNOCAL PERU LNG (HUNT OIL) VIETSOPETRO

Accreditation Process A significant entry barrier

Approval from major domestic / international oil and gas companies Seeking API approval 1 year 2 3 years

Setting up plant 2 years

3 - 5 years

May 2011

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. 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. R.R. Mandawewala is the Managing Director. He has been a key contributor in Welspuns 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. 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. 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. 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 bn. Mr. David J. Delie serves as President Welspun Tubular LLC. A graduate in Science (Electrical Engineering) and a Masters Degree in Engineering Management from the University of Pittsburgh, he has an extensive 33-year background in the steel and pipe industry. Mr Delie has served on the Board of Directors of Berg Steel Pipe Corp., EB Pipe Coating, Inc., the American Iron & Steel Institute May 2011 (AISI).

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
May 2011

Coating of Pipes
Page 15

4. Strong Management Team with Proven Execution Capabilities

Plates

Plates

US Plant
May 2011

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 worlds deepest pipe- line in Gulf of Mexico In 9M FY 2011 utilization levels ramp-up to 63%

May 2011

Page 17

5. Exponential Growth in Revenues & Margins

Sales (volume)
(000 MT)
CAGR (06-10): 22%

Consolidated Revenues (1)

(INR MM)
814
100,000
CAGR (05-10): 42%

850 650 450 250 50

2005-06 2006-07 2007-08

641 501 371

695 640
(#)

75,000 57,395
356
(#)

73,503 58,604

387
(#)

50,000 26,834 25,000 0 18,298

39,945

154

2008-09

2009-10

9M -2010-11

2005-06

2006-07

2007-08

2008-09
(5)

2009-10

9M-2010-11

# Plates

US$ MM

413

(2)

617

(3)

991

(4)

1,250

1,637

(7)

1311

(9)

EBITDA (1)
(INR MM)
12,000 8,000 4,000 1,655 0
2005-06 2006-07 2007-08 2008-09 2009-10 9M-2010-11
(6)

Profit After Tax

(INR MM)
13,186
(8)

CAGR (06-10): 68%

CAGR (06-10): 78%

PAT Margin (%)

6,104 5,150 12.0% 16.0%

10,493

6,000 4,500 3,408 3,000

(6)

6,555 3,384

6,348
1,425 614 0
2005-06 2006-07

8.0% 4.0% 0.0%

2,135

1,500

2007-08

2008-09

2009-1 0

9M -201 1 0-1

US$ MM

37

(2)

78

(3)

163

(4)

138

(5)

294

(7)

235

(9)

US$ MM

14

(2)

33

(3)

85

(4)

47 (5)

136

(7)

115

(9)

Notes 1. Excluding Other Income 2. Using avg. exchange rate of US$1 = Rs.44.28 from 01-Apr-05 till 31-Mar-06 3. Using avg. exchange rate of US$1 = Rs.43.51 from 01-Apr-06 till 31-Mar-07 4. Using avg. exchange rate of US$1 = Rs.40.29 from 01-Apr-07 till 31-Mar-08

May 2011

Notes 5. Using avg. exchange rate of US$1 = Rs.45.91 from 01-Apr-08 till 31-Mar-09 6. Includes extraordinary items : forex provisioning of INR1,256MM, Inventory write-down of INR 385MM, ECB provisions of INR 178MM 7. Using avg. exchange rate of US$1 = Rs.44.90 from 01-Apr-09 till 31-Mar-10 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..705 as at 31-Dec-10

Page 18

5. Exponential Growth in Revenues & Margins

EPS (Rs./Share)(Diluted) CAGR (06-10): 61%
35 28.4 28 21 14 7 0 2005-06 2006-07 2007-08 2008-09 2009-10 9M-2010-11 4.2 8.7 18.3 11.5 23.3

ROCE and ROE (%)

25% 20%
1 4.7% 1 7.3% 1 2.2%

21 .8% 1 % 9.1

21 .7%

R OC E

R OE 21 .0% 1 9.5%

15% 10% 5% 0%

1 3.7% 1 .4% 1

2005-06

2006-07

2007-08

2008-09

2009-10

May 2011

Page 19

5. Exponential Growth in Revenues & Margins

Consolidated Balance Sheet (Rs. Mn.) Sources of Funds Shareholders' Funds Share Capital Reserves and Surplus Minority Interest Foreign Currency Monetary Item Translation Difference A/c Loan Funds Secured Loans Unsecured Loans Deferred Tax Liabilities (Net) Total

FY2009

FY2010

Change

932 14,664 15,597 0 26,435 103 26,538 2,488 44,623

1,022 27,990 29,011 0 75 18,654 6,822 25,476 3,352 57,915

89 13,325 13,414 (0) 75 (7,780) 6,718 (1,062) 865 13,292

May 2011

Page 20

5. Exponential Growth in Revenues & Margins

Consolidated Balance Sheet (Rs. Mn.) Application Of Funds Fixed Assets Gross Block Less:Depreciation/Amortisation/Impairment Net Block Capital Work-In-Progress Investments Foreign Currency Monetary Item Translation Difference A/c Current Assets, Loans and Advances Income Accrued on Investments Inventories Sundry Debtors Cash and Bank Balances Loans and Advances Less : Current Liabilities and Provisions Current Liabilities Provisions Net Current Assets Preliminary Expenses Deferred Revenue Expenditure Total
May 2011

FY2009

FY2010

Change

34,844 3,847 30,996 5,808 36,804 1,140 355 113 26,113 4,601 9,470 5,552 45,848 38,955 601 39,555 6,293 0 31 44,623

38,810 5,889 32,921 5,412 38,333 1,596 13 20,322 8,077 17,028 6,031 51,471 32,291 1,219 33,510 17,961 0 25 57,915

3,966 2,042 1,924 (396) 1,529 456 (355) (99) (5,791) 3,476 7,558 479 5,623 (6,663) 618 (6,045) 11,668 (0) (5) 13,292
Page 21

Consolidated Balance Sheet as on 30th Sept 2010

Particulars

H1 FY 2011 As at 30.09.2010
Unaudited (Rs. Mn)

A 1 a b c d 2 3 4 B 1 2 3 4 5 a b c d Less 4 a b 5

Sources of Funds Shareholders Fund Share Capital Reserves and Surplus Share Application Money Minority Interest Loan Funds Foreign Currency Monetory Item Translation Difference Account Deferred Tax Liabilities-Net Total Application of Funds Fixed Assets Build Operate and Transfer Projects Expenditure Investments Foreign Currency Monetory Item Translation Difference Account Current Assets, Loans and Advances Inventories Sundry Debtors Cash and Bank Balances Loans and Advances Current Liabilities and Provisions Current Liabilities Provisions Miscellaneous Expenditure Total
May 2011

1,023 31,470 1,548 38,913 38 3,761 76,753 40,296 4,159 13,065

19,002 12,998 13,132 4,964

29,404 1,482 25 76,753

Page 22

Breakdown of Production and Sales in Metric Tonnes (MT)

9M & Q3 FY 2010-11 Highlights

Major Highlights in 9M FY11 Summary of 9M & Q3 FY11
Sales strengthened by volume growth and consolidation of Infra business and is up by 2% Interest costs lower by 42%, due to repayment of high cost debt Depreciation is higher by 17%, due to capitalization of new capacities and consolidation of Infra business PAT at Rs. 5,150 million reflects the growth of 16% on a YoY basis Net Debt of Rs 11,120 million and Net Debt Equity Ratio of 33% Particulars Sales Reported EBITDA* Interest Depreciation PAT Cash PAT EPS (Rs./Share) Diluted Reported EBITDA Margin (%) PAT Margin (%) Q3 FY11 15,862 3,154 454 653 1,465 2,297 6.65 19.9% 9.2% Q3 FY10 16,395 3,561* 428 511 1,668 2,300 7.83 21.7% 10.2% Growth % -3% -11% 6% 28% -12% -15% 9M FY11 58,604 10,493 1,046 1,808 5,150 7,481 23.26 17.9% 8.8% 9M FY10 57,528 10,336* 1,790 1,541 4,439 6,191 20.91 18.0% 7.7% (Rs. Million) Growth % 2% 2% -42% 17% 16% 21% 11%

Status of Projects
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. Saudi Plant commences production in Q4 FY11

*Reported EBITDA and Profits for the quarter and nine months period ended 31st December 2009 includes Foreign Exchange realignment gain of Rs 590 million and Rs 1,260 million.

Breakdown of Production and Sales in MT

Production Volume (in tons)

Total Pipes Consolidated Plates & Coils

Q3 FY11 211,787 144,279 Q3 FY11 163,611 124,511

Q3 FY10 156,679 93,586 Q3 FY10 170,216 112,329

Change 35% 54% Change -4% 11%

9M FY11 719,613 372,635 9M FY11 639,862 355,937

9M FY10 613,544 276,749 9M FY10 610,319 288,279

Change 17% 35% Change 5% 23%

New Initiatives
The company successfully completed the investment in the Saudi plant, which has commenced production in Q4 FY11 Implementation of L-SAW plant at Anjar is on schedule, and is likely to be commissioned by the end of Q1 FY12 The Mandya plant in Karnataka has started production and is ramping up to achieve desired level of production. Welspun Middle East is establishing its presence in Dubai to cater to the bouyant markets of Middle East and Africa.

Sales Volume (in tons) Total Pipes Consolidated # Plates & Coils*

# Company recorded higher inventory of pipes in Q3 FY11due to delay in shipment of certain export orders. The above inventory of finished pipes is being dispatched in Q4 FY11 ensuring that the company achieves its annual sales target and records its highest ever sales in FY11. * Includes Internal Sales

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Summary

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

Exponential Growth in Revenues & Margins Revenues have grown at a CAGR of 42% over the last five years PAT has grown at a CAGR of 78% in the same period

Robust Business Fundamentals & Healthy Order Book Strong volume growth Order Book in excess of US$ 1.5 Bn Capacities of global size Comprehensive product mix

Strong Management Team with Proven Execution Capabilities Recognized by the FT as the second largest steel pipe producer in the world in 2007 First Indian company to supply pipes for offshore projects in US

Global Footprint & Pre Approved with O&G Majors Presence across more than 25 countries Pre-approved with more than 50 O&G Majors

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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 Leadership

Adopt and innovate cutting-edge technology to satisfy stringent 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

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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.

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Thank You

For further details, please contact:

Akhil Jindal Director - Corporate Affairs Email: akhil_jindal@welspun.com

Navin Agarwal AVP - Corporate Affairs Email: navin_agarwal@welspun.com

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

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