An industry leader in aluminium and copper, Hindalco Industries Limited, the metals flagship company of the Aditya Birla

Group is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the worlds largest custom smelter at a single location. Established in 1958, we commissioned our aluminium facility at Renukoot in eastern Uttar Pradesh, India in 1962. Later acquisitions and mergers, with Indal, Birla Copper and the Nifty and Mt. Gordon copper mines in Australia, strengthened our position in value-added alumina, aluminium and copper products. The acquisition of Novelis Inc. in 2007 positioned us among the top five aluminium majors worldwide and the largest vertically integrated aluminium company in India. Today we are a metals powerhouse with high-end rolling capabilities and a global footprint in 13 countries. Our consolidated turnover of USD 15.85 billion (Rs. 72,078 crore) places us in the Fortune 500 league. Hindalco is one of the leading producers of aluminium and copper. Our aluminium units across the globe encompass the entire gamut of operations, from bauxite mining, alumina refining and aluminium smelting to downstream rolling, extrusions, foils, along with captive power plants and coal mines. Our copper unit, Birla Copper, produces copper cathodes, continuous cast copper rods and other by-products, such as gold, silver and DAP fertilisers. Our units are ISO 9001:2000, ISO 14001:2004 and OHSAS 18001 certified. Several units have gone a step further with an integrated management system (IMS), combining ISO 9001, ISO 14001 and OHSAS 18001 into one business excellence model. We have been accorded the Star Trading House status in India. Hindalco's aluminium metal is accepted for delivery under the High Grade Aluminium Contract on the London Metal Exchange (LME). Our copper quality standards are also internationally recognised and registered on the LME with Grade A accreditation. the Hindalco story dates back to the young Indian democracy of the 1950s. Ready to take a giant leap, India was geared to make it big, especially in terms of innovation and industrialisation. Hindalco embarked on its journey in 1958. Its first real contribution to the vision of an industrial India occurred four years later, when the visionary late Mr. G.D. Birla set up India's first integrated aluminium facility at Renukoot, in the eastern fringe of Uttar Pradesh, India. It was backed by

a captive thermal power plant at Renusagar in 1967. Hindalco attained its leadership position in the aluminium industry under the dynamic leadership of the late Mr. Aditya Vikram Birla a formidable force in the Indian industry. And it was through the vision and guidance of Mr. Kumar Mangalam Birla, the Group Chairman that the business segments of aluminium and copper are consolidated to make Hindalco the non-ferrous metals powerhouse it is today. This was achieved in part by expansion through mergers and acquisitions with companies such as Indal and Birla Copper. Hindalco also secured copper reserves and amplified its operating base by acquiring the Australian Nifty and Mt. Gordon copper mines. Over the years, Hindalco has grown into the largest vertically integrated aluminium company in the country and among the largest primary producers of aluminium in Asia. Its copper smelter is today the world's largest custom smelter at a single location. History 1958 - The Company was Incorporated on 15th December, at Mumbai to manufacture alumina, aluminium and aluminium fabricated items. - The Company was formed by the house of Birlas in collaboration with the Kaiser Organisation of U.S.A. According to the Company's agreement with Kaiser Aluminium and Chemical Corporation, the Collaborators agreed to allot to the Collaborators 4,80,000 fully paid-up equity shares of Rs 10 each. - The Company also concluded Technical Advisers and Consultants Agreements with Kaiser Aluminium Technical Services Inc., California, who agreed to train the Indian technical personnel, to supply the Company necessary technical advice, to assist in operating the plant including aluminium fabrication and to provide information for a period of 20 years on all technical matters. - An agreement was also entered into with Henry J. Kaiser Company for such design, engineering procurement and related services with regard to the

construction of the plant at Rihand as were to be performed outside India and with Kaiser Engineers Overseas Corporation for such services to be rendered in India. 1960 - 2,50,000 Pref. & 58,50,000 equity shares issued through a prospectus of which 4,80,000 shares allotted without payment in cash to Kaiser Aluminium Corporation and 9,61,000 shares against cash. 1,20,000 shares to Kaiser Aluminium Technical Services Inc. allotted without payment in cash 21,33,000 shares to Birla Gwalior Pvt. Ltd. & 21,56,000 shares to public. 1961 - Rate of dividend on pref. shares altered. In 1962, 10,750 No. of equity shares & 300 pref. shares forfeited. Forteiture on 2,250 No. of equity shares annulled. 1964 - The Properzi mill plant was set up for the production of redraw rods with a rated capacity of 6,000 tonnes per annum. - Forfeiture on 30 pref. and 3,950 No. of equity shares annulled. Another 2,250 No. of equity shares forfeited. Arrears: Rs 4,000.

1967 - Another Properzi mill plant was commissioned which expanded the fabrication plant capacity from 15,000 tonnes per annum to 37,000 tonnes per annum. 1972 - 20,07,973 Bonus Equity shares issued in the proportion 1:4. Arrears of Rs 4,000. 1976

- By the middle of the year the total installed capacity of the metal rose to 95,000 tonnes per annum. 1977 - The Company revalued its plant and machinery as on 1st January, and the surplus of Rs 61,71,60,821 arising out of it was transferred to capital reserves. 1981 - As on 1st January, the Company further revalued the major items of land, buildings and plant and machinery. A surplus of Rs 83,97,23,344 arising out of this was transferred to capital reserve. 1982 - 33,46,622 Bonus Equity shares issued in proportion 1:3 in June. 1984 - The Company issued secured non-convertible debentures for a sum of Rs 17.50 crores for augmenting the resources for long-term working capital requirements. 1985 - 26.69% of the Company's equity capital was held by Kaiser Aluminium & Chemical Corporation, U.S.A., along with their nominees (Kaisers) aggregating to 35,73,332 equity shares of Rs 10 each as on 31st December. 1986 - The highlight of the alumina plant expansion and modernisation was the installation of a gas suspension calciner which was reported to be the first of its kind in the world. The design and technology was provided by F. L. Smidth & Co.

of Denmark.

- 1987

- The Company entered into an agreement with the Pradeshiya Industrial & Investment Corporation of U.P. (PICUP) on 2nd January for setting up an aluminium foil manufacturing unit in the Assisted Sector at Jagdishpur in Sultanpur district of U.P. The capacity of this foil plant was envisaged at 5,000 tonnes per annum and the estimated cost of the project was Rs 50 crores. This project was cleared under the MRTP Act in April 1989. 1988 - During May-June, Kaiser Group disinvested all its equity shareholders in the Company. - Conform extrusion machine was installed and commissioned. - (15 months), the Company issued 14% non-convertible debentures of Rs 100 each for Rs 45 crores on a rights basis to the existing resident equity shareholders and preference shareholders. The funds thus raised were utilised for the Company's modernisation schemes. 1989 - The sixty pot line was commissioned, with the addition of 70 pot cells, thereby increasing the installed aluminium production capacity to 1.35 lakh tonnes per annum. Installation of a new cold rolling was taken up to enhance the capacity of rolled products by 40,000 tonnes per annum. - The rate of Central Excise Duty on aluminium was also increased by the Finance Act.

- The name of the Company was changed from Hindustan Aluminium Corporation Ltd., to Hindalco Industries Ltd. 1990 - During January-February, the Company issued 53,54,595-12.5% secured redeemable partly convertible debentures of Rs 250 each on Rights basis in the proportion 3 debentures: 10 equity shares held. Additional 8,03,189 debentures were allotted to retain oversubscription. - The balance of Rs 140 (Part-B) of the face value of each debenture would be redeemed at par in two equal instalments of Rs. 70 each at the end of the 7th and 8th year from the date of allotment of debentures. - 63,81,234 No of Equity Shares allotted in part conversion of 12.5% debentures as on 1.10.1990 (prem. Rs. 100). 145,37,930 bonus shares issued in prop. 3:5 in October. 1991 - The Company issued 40,00,000-17.5% redeemable non-convertible debentures of Rs 100 each to financial and other institutions on private placement basis. 1992 - Renusagar Power Co. Ltd., a wholly owned subsidiary of the Company, was merged with the Company with effect from the close of business on 31st March. The Company was engaged in obtaining certification for ISO 9000 and for introduction of TQM. - The Company again revalued its assets as on 1st April, and the net surplus of Rs 90623.37 lakhs arising out of this was credited to revaluation reserve. - The erstwhile Renusagar Power Co. Ltd. issued 6,50,000-18% non-convertible

debentures of Rs 100 each to financial institutions on private placement basis to augment the long-term resources for working capital. Out of this, 3,00,000 debentures are redeemable at 5% premium in equal annual instalments on 23rd June, 1998, 23rd June, 1999 and 23rd June, 2000. The remaining 3,50,000 debentures are redeemable on 23rd June, 1999. 1993 - The Company was in the process of implementing the expansion project to raise the smelter capacity by 40,000 TPA to 2,10,000 TPA. - With a view to meet the demand of over seas markets, the company proposed to instal own Ingot Casting machine. Also, alumina production capacity was enhanced to 3,50,000 TPA reducing thereby the company's dependence on external sources. - It was also proposed to undertake a further expansion of alumina production capacity to 4,50,000 TPA with the technology from Remolds International Inc. USA and Reytheon Engineering & Construction, USA. - The Company undertook to instal 9 high pressure boiler along with back pressure turbines for generation of power. - During the year, the company proposed to install two power generating units lamp a total capacity of about 150 MW at Renusagar power plant. In addition, upgradation of existing extrusion facilities, the existing hot and cold mills. - The joint venture manages mutual fund schemes for Birla Mutual Fund. Another joint venture, Rajashree Polyfil Ltd. was setting up an integrated plant with a capacity of 66,000 TPA of polycondensation and 37,900 TPA of partially oriented polyester filament yarns project. - The Company issued 25,00,000-17% secured non-convertible redeemable debentures of Rs 100 each on private placement basis. Theser are to be redeemed in three equal instalements on 11th May of 1999, 2000 and 2001 at a premium of

Rs 5 per debentures. - On 22nd July, the Company issued 44,73,000 GDRs of U.S. $16.10 per GDR equivalent to Rs 505 per unit (conversion rate of U.S. $1 = Rs. 31.37). Each GDR comprises one equity share of the nominal value of Rs 10 together with one-half of a warrant which can be converted into one equity share on exercise of two half warrant at the price of U.S. $16.10 subject to adjustment) during the period from 3rd November, 1993 to 2nd November, 1995 (both days inclusive).

- 46,03,650 equity share out of 67,09,500 shares were allotted. The net proceeds of this issue, estimated to be about U.S. $69,331, 500 (before expenses) were to be utilised to part finance the Company's capital expansion programme. 1994 - The Company proposed to further expand the smelting capacity to 2,42,000 tonnes p.a. with an upgradation of all attendant plants. - It was also proposed to increase alumina capacity to 4,50,000 TPA to match the smelting capacity. Technology was being secured from Reynolds international Inc. USA and United Engineers International Inc. USA. A significant feature of the expansion is the installation of co-generation system with a high pressure boiler and back pressure turbines for power generation. - During the year, the Company undertook to increase the power generation capacity at Renusagar power plant from 350 MW to 500 MW. - With the strategy of undertaking down stream activity with the purpose of acheiving higher realisation, the company undertook to instal an aluminium foil plant with an initial capacity of 5000 TPA. - During July, the Company issued its second GDR issue of 41,66,666 receipts at the rate of 24 $ per GDR. Each GDR was converted into one equity share and accordingly 41,66,666 equity shares were to be allotted.

1996 - One of the power generating turbine of 75 MW was commissioned during the year, taking the total capacity to 425 MW. - It was proposed to acquire additional bauxite mines in M.P. - The upgradation of existing extrusion facilities with technology from Reynolds (Europe) Ltd. was undertaken. - With a view to improving quality of feed stock for the upgraded rolling and extrusion facilities, the company undertook to instal vertical ingot casting facility and vertical billet casting facility. Both the facilities were to use the Air Slip Technology of Wagstaff Engineering Inc., U.S.A. - Following a comprehensive technological upgradation of the Company's hot and cold rolling mills, the two mills were commissioned in March 1997. - Also, the Company's installed capacity of rolled products was increased to 80,000 tpa. In addition, the vertical ingot casting facility, a scalpter, soaking pits and slitting line were commissioned. - The Company received the special export award conferred by the Chemical & Allied Products Export Promotion Council of India for its outstanding export performance. - 24,827,990 bonus shares issued in prop. 1:2. 1999 - Hindalco Industries Ltd is slated to commission its aluminium alloy wheel plant at Silvaasa in Gujarat in September, Mr. Kumar Mangalam Birla, Chairman of the company, said.

- Hindalco Industries, the flagship company of the Aditya Birla group, is the country's largest integrated aluminium company. - Aditya Birla group company Hindalco Industries Ltd (Hindalco) has acquired 18,38,900 shares of public sector major National Aluminium Company Ltd (Nalco) through one of its investment subsidiaries. - The Rs 1,767-crore aluminium major, Hindalco Industries Ltd, is setting up a one lakh tonne per annum brownfield (expansion at current site) aluminium smelting project at Renukoot at an estimated cost of Rs 2,500 crore. 2002 -Hindalco has embarked on a brownfield expansion in Renukoot. It will enhance the smelter capacity by 1,00,000 TPA and the alumina refining capacity by 210,000 TPA. A matching increase in the captive power generating capacity is also on the anvil. So consequent to its completion, aluminium smelting capacity will increase to 3,42,000 MTPA. Alumina refining capacity will be augmented to reach 6,60,000 MTPA and power generation capacity will stand raised to 769 MW. The project is being implemented at a cost of Rs. 18 billion and is slated for completion in a phased manner, largely by end 2002-03. -The company recently entered the Rs 250-crore branded foils market under the "Hindalco Wrap" brand name. With this launch, the company wants to address a category in the FMCG sector. Launched in 54 cities across the country, Hindalco Wrap is currently available at most retail outlets in a unique dispenser pack at Rs 42 for a nine metre roll. The company also plans to enter the aluminium-based kitchen utility products market in a big way. -Hindalco, Indal marketing division integrated -Launches its new product 'Aura' aluminium wheels -Board of Directors approves buyback of shares

-Mr Rajendra K. Kasliwal, Chief Financial Officer, named the winner of the CFO Asia Pricewaterhouse Coopers Achievements in Best Practices Awards for 2002 for managing external stakeholders -Sebi stalls Hindalco's Indal open offer -Temporarily shuts down Gurdari mines 2003 -Commissions 11th potline -Acquires Nifty Copper Mine of Australia for Rs 225 crore -Copper Business of Indo Gulf Corporation Ltd merged with the company with effect from Feb 12, 2003, swap ratio fixed at 1:12 (1 share of Hindalco for 12 shares of Indo Gulf Fertilisers held) -Gives boiler contract of Rs 87 crore to Alstom Projects India Ltd. -Aditya Birla Group divests its Equity Stake in Mangalore Refinery & Petrochemicals Ltd. (MRPL) to Oil & Natural Gas Corporation Ltd. (ONGC) -Picks up 30-pc stake in Bihar Caustic & Chemicals Ltd., increases the stake to 50% -Hindalco increases its holding in Grasim to 3% and in Indian Rayon to 12.79% -Shareholders approve to delist equity shares from three stock exchanges (Madras, Calcutta & Delhi Stock Exchanges)

2006

- Hindalco Industries Ltd has announced that on October 30, 2006 the Company has entered into a Joint Venture partnership with ALMEX USA, Inc., for the manufacture of High Strength Aluminium Alloys for applications in the aerospace, sporting goods and surface transport industries. - Hindalco awarded the Greentech Safety Silver Award for its outstanding safety performance during the year. 2008 -The company has issued rights in the ratio of 3:7at a premium of Rs.95/- Per Share. 2009 - Hindalco Industries, Aditya Birla group flagship firm, has decided to cut its overseas operations and is restructuring its capital expenditure in India in an effort to stabilise operations. As part of this overall plan, Novelis, which Hindalco acquired for $6 billion in 2007, is closing its sheet mill at Rogerstone in the UK, involving 440 job losses. 2010 - Hindalco ranked ninth across industries on Forbes Asia's Fab 50 companies list of Asia's 50 most valued companies. - Hindalco and Birla White declared winners in the Golden Peacock Awards for Corporate Social Responsibility 2010 by an eminent international jury, headed by Justice P.M. Bhagwati, the erstwhile Chief Justice of India. - Hindalco Industries Ltd has announced that its subsidiary - Utkal Alumina International Ltd. (UAIL) has tied up a debt of Rs. 4,906 crore from a group of banks. - Hindalco Industries Ltd, Utkal Alumina International Ltd. (UAIL), 100%

subsidiary of Hindalco, is setting up a 1.5 mtpa alumina refinery in Rayagada district of Orissa. The project will feed the alumina requirements of the Mahan and the Aditya smelters presently under construction. - Hindalco - Novelis Inc. Announces Pricing of $2.5 Billion Senior Unsecured Notes. 2011 - The Company is setting up a Greenfield Aluminium Smelter Project in Madhya Pradesh (Mahan Project) with a capacity of 359,000 TPA of aluminium supported by 900 MW captive power plant at a cost (including financing cost) of Rs. 10,500 Crs.

2012 - Hindalco Industries, an integral part of the Aditya Birla Group announced it is expecting to commence its 1.5 million tonnes per annum (mtpa) alumina refinery by January 2013, located in Orissa. - Moving against the trend of avoiding any capex plan by companies amid global economic slowdown, Hindalco Industries has achieved financial closure for Rs 9,896 crore debt for its greenfield smelter project at Lapanga in Odisha in one of the largest syndication in recent times. Our vision To be a premium metals major, global in size and reach, excelling in everything we do, and creating value for its stakeholders Our mission To relentlessly pursue the creation of superior shareholder value, by exceeding customer expectation profitably, unleashing employee potential, while being a responsible corporate citizen, adhering to our values.

Awards

Hindalco bagged the prestigious CII EXIM Bank Business Excellence Award 2011 for its "strong commitment to excel on the journey towards business excellence". Birla Copper, a division of Hindalco, won the IMC Ramkrishna Bajaj Quality Award Commendation Certificate. Hindalco Renusagar won the Greentech Safety Gold Award 2011 in power sector for outstanding achievement in safety management, by Greentech Foundation, New Delhi. Greentech Gold Safety Award 2010 for Occupational Health and Safety Management in the Mining & Metals sector by Greentech Foundation, New Delhi. Greentech Environment Excellence Gold Award 2010 in the metals sector for its efforts towards environment management, by Greentech Foundation, New Delhi. The Golden Peacock Award for Corporate Social Responsibility for the year 2010. Greentech HR Excellence Silver Award for 2010 for excellence in training. "Best Exporter Award" for 2010 by the Container Corporation of India for contributing to India's economic progress through significant volume of exports. The Safety Innovation Award 2007 for excellence in the field of occupational health, presented by The Institute of Engineers India. The National Energy Conservation Award 2007, second prize, awarded by the Ministry of Power and Energy, Government of India. Renukoot was selected for the Rajiv Gandhi National Quality Award 2007 Silver Trophy, presented by the Bureau of Indian Standards, in the large scale manufacturing (metallurgy) category. The CII National Award for Excellence in Water Management (Beyond the Fence) 2007, for its land and water management projects in neighbouring villages. The IMC Ramkrishna Bajaj National Quality Award 2007 special award for excellent performance in the service category. The CII Human Resource Excellence Award 2007 for strong commitment and significant achievement in the field of HR Hirakud smelter - National Safety Award for performance year 2005 (presented in Oct 07) by Ministry of Labour and Employment, Government of India.

Hirakud power - CII - Orissa Award for Best Practices in Environment, Safety, Health for the year 2007. Hirakud power plants Jeevan Jyoti and Aryan quality circles won the Distinguished Award at the National Convention of Quality Circles 2007. Other Hirakud power teams, bagged awards at the regional and state level QC competitions. Hirakud power plants Shakti and Prerana quality circles also bagged third prize in the operations & production category and repair & maintenance category respectively during the seventh Supervisor Skills Competition organised by CII in December 2007. Muri alumina plant selected for CIIs National Award for Excellence in Water Management 2007 for both Within and Beyond the Fence 2007. Belur was selected for the National Safety Award for outstanding performance in industrial safety as runners up for the performance year 2005 in achieving the lowest average frequency rate (presented in October 2007), by the Ministry for Labour and Employment, Government of India . Winner of the GreenTech Environmental Gold Award in the metals and mining sector for its outstanding achievement in environment management during 2007 2008. Earned the National award as an "Energy Efficient Unit", presented by CII. Belur sheet plant was adjudged the winner of the "CII Eastern Region Energy Conservation Award for 2007 2008".

PROJECTS Committed to sustaining and further enhancing its already prominent standing in the aluminium industry, Hindalco continues to be involved in multiple projects to expand its current facilities and establish new ones. At Hindalco, we value quality, safety, and environmental consciousness and implement the same in all our projects. Site work on all the greenfield projects has gained momentum and are in various stages of progress. Greenfield expansion projects include Mahan Aluminium Project in Madhya Pradesh; the Aditya Alumina and Aluminium Project and the Utkal Alumina Project, both in Orissa; and the Jharkhand Aluminium Project Hindalco's brownfield expansion projects include primary metal in Hirakud and alumina capacities in Belgaum and Muri. Here are links to information on our different projects: Greenfield projects Brownfield projects

GREENFIELD PROJECTS
At Hindalco, we value quality, safety, and environmental consciousness and implement the same in all our projects. Site work on all the greenfield projects has gained momentum and is in various stages of progress. Madhya Pradesh: Mahan Aluminium Project The Mahan Aluminium Project is a smelter-power plant complex that boasts of a 359-ktpa aluminum smelter and a 900-MW captive thermal power plant. The project has access to the Mahan coal block (off the main basin in the Singrauli coal fields) through a joint venture with Essar Power. Hindalcos share in the coal block is about 3.6 million mtpa. Site work has already started and is in full swing. Engineering and ordering of packages for both smelter and power plant are moving ahead of schedule. All the major approvals are in place and site activities are progressing well. Major contractors have mobilised at site. A major chunk of land is already acquired. Orissa: Aditya Alumina and Aluminium Project Aditya Alumina and Aluminium Project is a greenfield integrated aluminium complex. The project includes a 4.2 million-tpa bauxite mine, 1.5 million-tpa alumina refinery at Kansariguda and 359-ktpa smelter at Lapanga. The refinery is expected to produce 2 million tpa within three years of its startup. The project also has a 20 million-tpa joint venture coal mine at Ib Valley, coal blocks Talabira II and III, Orissa, and a 900-MW captive power plant at Lapanga. A major portion of the total land required for the project has been acquired. Most of the important clearances have been obtained, and major orders have been placed for the smelter and power plant.

Orissa: Utkal Alumina Project The Utkal Alumina Project (Utkal Alumina) is a greenfield project, a wholly owned subsidiary of Hindalco. Construction of 1.5 million-tpa alumina refinery at Rayagada, Orissa is in full swing. Over 85 per cent of the project cost has already been committed. Land and all statutory clearances required for the project have been obtained. Engineering for the project is nearing completion. Site work is going on in full swing with large contractors like L & T , Gannon Dunkerley and others, and major equipment like boilers, evaporators, turbines have started arriving at site. All the major orders have been placed.

BROWNFIELD PROJECTS
Corporate Projects and Procurement Cell, Mumbai The Corporate Projects and Procurement Cell is the central and nodal cell for the evaluation, monitoring, control and implementation of all brownfield expansion projects and for procurement of major raw materials for all units of Hindalco. Head: B.B.Jha Brownfield expansion projects include: Primary metal: Hirakud Hirakud smelter production was ramped up in phases from 30 ktpa to 155 ktpa and power plant was ramped up from 60 MW to 367.5 MW from 2002 to 2009. Expansion of smelter from 155 ktpa to 213 ktpa and power plant expansion from 367.5 MW to 467 MW will be commissioned in FY 2012. Project is underway for transfer of all key equipments for flat rolled products, from Novelis plant at Rogerstone, United Kingdom to Hirakud. This will enable Hindalco to produce Can body stock for the local and export market. Business head: Mr. R.S. Dhulkhed

Alumina capacity: Belgaum Conversion from standard alumina to special alumina is being taken up. On completion this project will catapult Hindalco to the position of the second-highest producer of specials in the world. The specials alumina production from Belgaum will be ramped up to 316 ktpa from 138 ktpa. A cogen power plant (steam and power production), railway facility etc. are also being taken up as a part of the project to substantially reduce the production costs. Business head: Mr. Sanjay Sehgal Alumina capacity: Muri The expansion of the Muri alumina refinery from 110 ktpa to 450 ktpa, and the cogen plant expansion from 9 MW to 30 MW was completed in 2008 and stabilisation and production ramp up is in progress. The expansion at Muri has resulted in alumina production going up by over 100 per cent at Muri.

CAPITAL STRUCTURE (RS CRORE)

Class Paid Up From To Of Authorized Issued Shares Year Year Share Capital Capital (Nos) Equity 2011 2012 Share 210.00 Equity 2010 2011 Share 210.00 Equity 2009 2010 Share 210.00 Equity 2008 2009 Share 195.00 Equity 2007 2008 Share 145.00 Equity 2006 2007 Share 145.00 Equity 2006 2007 Share 145.00 Equity 2006 2007 Share 145.00 Equity 2005 2006 Share 145.00 Equity 2005 2006 Share 145.00 Equity 2004 2005 Share 145.00 2003 2004 Equity 145.00 Paid Up Paid Face Up Value Capital

191.51 1915088557 1

191.51

191.50 1914944163 1

191.49

191.47 1914008691 1

191.40

170.15 1700817056 1

170.08

122.72 1227190692 1

122.72

115.93 1159329501 1

115.93

115.93 231521031

11.58

115.93 927808470

92.78

115.93 231521031

5.79

115.93 927808470

92.78

92.78 92.48

92780847 92481325

10 10

92.78 92.48

Class Paid Up From To Of Authorized Issued Shares Year Year Share Capital Capital (Nos) Share Equity 2002 2003 Share 145.00 Equity 2001 2002 Share 145.00 Equity 2000 2001 Share 145.00 Equity 1999 2000 Share 145.00 Equity 1996 1999 Share 145.00 Equity 1995 1996 Share 145.00 Equity 1994 1995 Share 70.00 Equity 1993 1994 Share 70.00 Equity 1992 1993 Share 70.00 Equity 1991 1992 Share 45.00 Equity 1990 1991 Share 45.00 1989 1990 Equity 45.00

Paid Up Paid Face Up Value Capital

92.48

92481325

10

92.48

74.47

74466213

10

74.47

74.47

74472020

10

74.47

74.47

74472020

10

74.47

74.47

74472020

10

74.47

49.65

49650030

10

49.65

49.65

48012080

10

48.01

45.48

43377514

10

43.38

38.77

38773864

10

38.77

38.77

38773864

10

38.77

38.77 17.85

38773864 17854700

10 10

38.77 17.85

Class Paid Up From To Of Authorized Issued Shares Year Year Share Capital Capital (Nos) Share Equity 1988 1989 Share 21.00 Equity 1982 1988 Share 15.00 Equity 1972 1982 Share 12.00 Equity 1968 1969 Share 10.00 Equity 1967 1968 Share 10.00 Equity 1965 1966 Share 10.00 Equity 1964 1965 Share 10.00 Equity 1961 1963 Share 10.00 Equity 1960 1961 Share 10.00 Equity 1960 1961 Share 10.00 Equity 1959 1960 Share 10.00

Paid Up Paid Face Up Value Capital

17.85

17848650

10

17.85

13.39

13386488

10

13.39

10.05

10039866

10

10.04

8.04

8031893

10

8.03

8.04

7670510

10

7.67

6.00

5993950

10

5.99

6.00

5993200

10

5.99

6.00

5991500

10

5.99

6.00

5250000

3.94

6.00

750000

10

0.75

0.15

150000

10

0.15

BALANCE SHEET
Mar ' 12 Sources of funds Owner's fund Equity share capital Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08

191.48

191.46

191.37

170.05

122.65

Share application money 541.31 Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block

4.47

3.99

3.17

139.50

0.41

31,299.68 29,504.17 27,715.61 23,584.69 17,173.67

11,276.16 5,170.31 3,295.75 2,101.19

5,153.90 1,203.00

5,713.23 2,611.06

6,205.42 2,123.16

46,604.38 36,971.60 34,267.87 32,082.61 25,764.40

14,478.11 14,287.32 13,793.35 13,393.07 12,608.46

Less : revaluation reserve Less : accumulated depreciation Net block

7,327.67 7,150.44

6,702.94 7,584.38

6,058.53 7,734.82

5,506.10 7,886.97

4,799.12 7,809.34

Mar ' 12 Capital work-inprogress Investments Net current assets

Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

17,654.38 9,464.05

3,702.79

1,389.63

1,119.87

18,087.10 18,246.75 21,480.83 19,148.84 14,107.99

Current assets, loans & advances 12,869.15 10,904.79 8,962.11 Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities

7,824.24

7,926.26

9,156.69

9,228.37

7,612.68

4,167.07

5,199.05

3,712.46

1,676.42

1,349.43

3,657.17

2,727.21

46,604.38 36,971.60 34,267.87 32,082.61 25,764.40

15,955.43 17,007.83 20,232.63 17,853.29 12,940.29

5,762.70

4,672.67

4,304.76

2,433.33

5,795.68

8,537.29

11,333.90 18,607.32 9,775.80

17,660.42

Number of equity sharesoutstanding (Lacs) 19145.42 19143.98 19134.62 17002.71 12271.30

PROFIT LOSS ACCOUNT (RS CRORE) Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Income Operating income Expenses Material consumed

26,592.56 23,757.14 19,456.98 18,159.81 19,118.01

18,145.52 16,032.10 12,900.91 11,392.95 12,344.83

Manufacturing expenses 3,096.49 2,477.32 2,138.32 2,375.02 2,026.73 Personnel expenses Selling expenses

1,112.06 1,054.39 904.90

675.05

631.07

469.75

405.32

362.94

318.54

310.60

Adminstrative expenses 864.21 Expenses capitalised Cost of sales Operating profit Other recurring income Adjusted PBDIT

618.87

559.19

487.04

535.38

-91.85

-390.30

23,596.18 20,197.70 16,866.26 15,248.60 15,848.60

2,996.38 3,559.44 2,590.72 2,911.21 3,269.41

564.21

422.19

302.12

621.10

527.95

3,560.59 3,981.63 2,892.84 3,532.31 3,797.36

Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Financial expenses Depreciation Other write offs

293.63 689.97

610.26 687.48

278.00 671.36

336.93 644.34

280.63 587.81

3.62

Adjusted PBT 2,576.99 2,683.89 1,943.48 2,551.04 2,925.30 Tax charges 499.75 468.66 462.10 610.88 705.34

Adjusted PAT 2,077.24 2,215.23 1,481.38 1,940.16 2,219.97 Non recurring items 109.80 Other non cash adjustments Reported net profit

-117.94

272.50

91.56

43.23

50.16

39.63

157.60

198.55

597.74

2,237.20 2,136.92 1,911.48 2,230.27 2,860.94

Earnigs before appropriation 2,587.20 2,436.92 2,211.48 2,530.27 2,959.38 Equity dividend Preference dividend Dividend tax Retained earnings

296.76

287.17

258.32

229.58

226.89

38.41

46.59

42.90

0.02 39.03

0.02 38.56

2,252.03 2,103.16 1,910.26 2,261.64 2,693.90

DIVIDEND
Year 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 Month Jun May Jun Jun Jun Mar Apr May Apr Apr May Apr May May May May Dividend (%) 155 150 135 135 185 170 220 200 165 135 135 120 30 65 53 45

COMPETITION
Company Market Cap (Rs. in Cr.) 21,748.72 12,332.09 5,829.07 1,303.31 1,012.78 218.75 36.29 34.85 25.71 23.00 14.08 11.18 11.03 9.36 8.29 P/E (TTM) (x) 11.60 21.08 0.00 41.97 20.76 2.06 4.33 44.88 7.36 3.87 4.40 451.00 10.30 0.00 0.35 P/BV EV/EBIDTA ROE (TTM) (x) (%) (x) 0.69 1.05 83.05 1.94 1.50 0.49 0.44 1.27 0.89 0.49 0.39 -1.56 0.71 0.61 0.04 10.38 5.53 0.00 0.00 5.14 5.45 5.30 14.97 5.96 4.42 3.88 0.00 3.67 0.00 4.75 7.3 7.4 0.0 5.3 9.3 20.8 5.2 3.3 3.5 14.8 9.4 0.0 13.9 10.5 10.2 ROCE (%) 7.0 11.4 0.0 6.3 12.0 16.4 9.3 6.5 11.8 12.3 13.9 0.0 21.3 12.8 12.8 D/E (x) 0.38 0.00 0.29 0.00 0.39 1.88 0.72 0.42 2.21 1.48 1.13 0.00 1.09 0.21 0.58

Hindalco Inds. Natl. Aluminium Indian Aluminium Madras Aluminium Ess Dee Alumin. Parekh Aluminex PG Foils Sacheta Metals Gujarat Foils Hind Aluminium Century Extrus. Alumeco India Sudal Inds. Mahavir Alum. Hamco Mining

RATIOS
Mar ' 12 Per share ratios Adjusted EPS (Rs) Adjusted cash EPS (Rs) Reported EPS (Rs) Reported cash EPS (Rs) Dividend per share Operating profit per share (Rs) Book value (excl rev res) per share EPS (Rs) Book value (incl rev res) per share EPS (Rs) Net operating income per share EPS (Rs) Free reserves per share EPS (Rs) Profitability ratios Operating margin (%) Gross profit margin (%) Net profit margin (%) Adjusted cash margin (%) Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) 11.26 8.67 8.23 10.18 6.59 7.10 6.73 14.98 12.08 8.83 12.00 7.45 7.19 9.44 13.31 9.86 9.69 10.89 5.30 6.86 6.71 16.03 12.48 11.87 13.76 8.16 9.38 9.72 17.10 14.02 14.56 14.31 12.83 16.54 13.56 10.85 14.45 11.69 15.29 1.55 15.65 11.57 15.16 11.16 14.75 1.50 18.59 7.74 11.25 10.01 13.52 1.35 13.54 11.41 15.20 13.12 16.91 1.35 17.12 18.09 22.91 23.31 28.13 1.85 26.64 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08

164.48 155.12 145.85 139.71 140.95

164.48 155.12 145.85 139.71 140.95

138.90 124.10 101.68 106.81 155.79 118.08 108.14 98.72 86.31 138.43

Mar ' 12 Leverage ratios Long term debt / Equity Total debt/equity Owners fund as % of total source Fixed assets turnover ratio Liquidity ratios Current ratio Current ratio (inc. st loans) Quick ratio Inventory turnover ratio Payout ratios Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio Cash earnings retention ratio Coverage ratios Adjusted cash flow time total debt Financial charges coverage ratio Fin. charges cov.ratio (post tax) Component ratios Material cost component (% earnings) Selling cost Component 5.27 12.13 10.97 14.98 11.45 83.87 87.89 1.41 1.01 0.54 3.80 0.35 0.46 68.36 0.63

Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

0.17 0.24 80.32 1.67

0.18 0.22 81.44 1.42

0.25 0.35 74.04 1.37

0.36 0.48 67.49 1.53

1.18 0.96 0.34 3.43

1.18 1.02 0.38 3.63

1.88 1.20 0.88 5.16

1.52 1.08 0.52 4.32

15.61 11.81 84.94 88.51

15.72 11.64 79.67 86.01

12.04 9.34 86.16 89.61

9.27 7.68 88.05 90.56

2.50 6.52 5.63

2.95 10.41 10.31

3.22 10.48 9.53

2.96 13.53 13.30

69.78 1.76

69.18 1.70

70.24 1.86

59.77 1.75

65.31 1.62

Mar ' 12 Exports as percent of total sales Import comp. in raw mat. consumed Long term assets / total Assets Bonus component in equity capital (%) 30.14 90.17 0.76 25.68

Mar ' 11 29.87 88.47 0.76 25.68

Mar ' 10 27.12 89.76 0.78 25.69

Mar ' 09 28.38 86.35 0.78 28.92

Mar ' 08 33.65 90.35 0.74 40.09

CHANGE IN THE SHARE PRICE FOR LAST FIVE YEARS

Date 01 Jan 2008 31 Jan 2008 31 Mar 2008 30 Apr 2008 30 May 2008 29 Jul 2008 28 Aug 2008 27 Oct 2008 26 Nov 2008 26 Dec 2008 24 Feb 2009 26 Mar 2009 25 May 2009 24 Jun 2009 24 Jul 2009 22 Oct 2009 21 Dec 2009 20 Jan 2010 19 Feb 2010 20 Apr 2010 20 May 2010 19 Jul 2010 18 Aug 2010 16 Nov 2010 16 Dec 2010 Open Value 218.90 172.90 174.05 198.00 194.80 144.00 124.00 43.95 51.35 51.00 39.00 50.40 78.00 82.90 92.50 140.70 143.50 163.90 150.00 178.00 157.25 148.50 169.45 225.00 221.35 High 219.50 175.00 177.90 201.40 197.20 145.90 127.00 45.90 53.00 51.90 39.35 52.80 78.50 84.60 94.20 143.10 143.80 167.00 152.40 182.00 159.15 153.00 176.95 225.00 224.95 Low 213.55 158.50 163.35 191.25 190.20 138.00 120.00 38.05 49.20 48.25 38.20 50.00 76.30 81.75 90.70 136.70 136.55 162.70 146.70 177.35 154.25 148.00 168.70 211.20 216.15 Close Value 215.40 165.75 164.75 193.60 191.95 139.25 121.05 40.40 52.55 48.55 39.10 52.30 77.40 83.80 93.70 138.20 137.15 165.75 149.75 181.40 156.65 152.35 176.00 212.05 223.85 Volume 610652 1187409 3511587 522419 613515 1034346 1491957 8302989 2148233 1454884 878472 2153593 2058892 2694869 2662385 2063644 1514230 1455048 2858792 1335978 1579041 1447872 1895775 953124 1100350

Date 14 Feb 2011 16 Mar 2011 15 Apr 2011 14 Jun 2011 14 Jul 2011 12 Sep 2011 12 Oct 2011 11 Nov 2011 10 Jan 2012 09 Feb 2012 09 May 2012 08 Jun 2012 07 Aug 2012 06 Sep 2012 05 Nov 2012 05 Dec 2012 04 Jan 2013

Open Value 212.00 206.00 208.00 181.50 177.00 147.70 131.70 136.00 118.75 158.55 116.70 120.50 118.10 100.50 117.00 118.00 133.20

High 219.90 207.10 213.20 181.95 181.60 147.70 134.15 136.10 123.50 161.60 120.80 121.30 119.75 103.15 117.50 121.50 133.85

Low 203.65 202.55 208.00 176.10 175.80 142.30 128.05 126.75 118.55 148.75 113.55 118.35 118.10 100.15 114.15 118.00 131.10

Close Value 219.40 203.10 209.90 176.75 178.25 143.10 132.85 128.70 123.00 158.75 119.00 120.30 118.75 101.70 114.70 120.85 132.60

Volume 2442536 935461 771814 1252305 673138 680852 1170336 1759083 1697663 4684523 2212112 760794 326201 1053799 494651 1140314 556533

Date 1 Feb, 2013 1 Jan, 2013 3 Dec, 2012 1 Nov, 2012 1 Oct, 2012 3 Sep, 2012 31-Aug-2012 1 Aug, 2012 2 Jul, 2012 1 Jun, 2012 1 May, 2012 2 Apr, 2012 1 Mar, 2012 1 Feb, 2012 2 Jan, 2012 1 Dec, 2011 1 Nov, 2011 3 Oct, 2011 14-Sep-2011 2 Sep, 2011 1 Aug, 2011 1 Jul, 2011 1 Jun, 2011 2 May, 2011 1 Apr, 2011 1 Mar, 2011 1 Feb, 2011 3 Jan, 2011 1 Dec, 2010 1 Nov, 2010 1 Oct, 2010 1 Sep, 2010 24-Aug-2010 2 Aug, 2010

Open 116.05 131.50 116.90 116.85 120.50 105.40

High 117.40 137.10 133.70 118.80 126.50 121.90

Low 112.85 112.70 115.05 104.80 100.00 100.00 1.55 Dividend

Close 113.20 116.20 130.50 116.60 116.55 120.70

Avg Vol 8,734,400 6,897,900 7,350,500 4,832,500 5,357,200 8,695,800

Adj Close* 113.20 116.20 130.50 116.60 116.55 120.70

120.00 120.30 115.60 120.50 130.00 147.30 147.20 117.00 129.45 135.35 128.55

124.75 127.90 127.00 121.90 133.65 155.95 164.90 148.95 140.30 141.70 144.15

102.30 113.00 112.70 105.40 115.55 122.65 138.60 111.20 114.75 112.80 119.30 1.50 Dividend

103.85 120.10 119.90 116.65 120.75 129.40 148.90 146.60 115.85 122.95 135.95

5,675,000 5,989,200 7,098,800 10,985,500 7,814,800 12,120,200 12,845,900 9,912,600 8,860,900 7,981,300 11,579,100

103.85 118.35 118.15 114.95 118.99 127.51 146.72 144.46 114.16 121.15 133.96

155.00 170.75 184.35 198.25 216.25 209.70 203.15 230.50 248.00 207.05 214.90 197.50 167.60

163.70 171.90 196.00 198.75 219.80 224.75 215.40 251.25 252.85 247.90 239.45 223.70 199.70

124.50 128.20 166.20 161.70 181.25 200.00 189.35 194.50 217.40 206.90 194.00 195.80 166.50 1.35 Dividend

131.45 151.45 168.45 180.55 197.35 216.05 209.15 201.35 229.65 247.00 206.55 210.50 197.05

8,054,300 9,032,200 6,644,400 6,446,600 6,083,000 5,358,900 8,023,200 11,588,800 9,474,800 6,898,200 7,775,000 7,819,900 7,210,600

129.53 147.66 164.24 176.03 192.41 210.64 203.92 196.31 223.90 240.82 201.38 205.23 192.12

161.40

189.00

160.05

166.40

6,842,500

162.24

1 Jul, 2010 1 Jun, 2010 3 May, 2010 1 Apr, 2010 1 Mar, 2010 1 Feb, 2010 1 Jan, 2010 1 Dec, 2009 2 Nov, 2009 1 Oct, 2009 10-Sep-2009 1 Sep, 2009 3 Aug, 2009 1 Jul, 2009 1 Jun, 2009 1 May, 2009 1 Apr, 2009 2 Mar, 2009 2 Feb, 2009 1 Jan, 2009 1 Dec, 2008 3 Nov, 2008 1 Oct, 2008 1 Sep, 2008 28-Aug-2008 1 Aug, 2008 1 Jul, 2008 2 Jun, 2008 1 May, 2008 1 Apr, 2008 3 Mar, 2008 1 Feb, 2008 1 Jan, 2008

143.00 149.70 176.00 182.00 162.45 145.00 161.20 138.50 122.20 130.00

162.90 154.60 178.00 193.00 186.90 164.90 179.80 163.00 140.80 144.45

141.00 129.35 135.65 170.00 158.15 133.55 139.80 136.25 106.30 116.70 1.35 Dividend

160.35 144.50 150.25 178.50 181.25 162.65 148.50 161.20 137.50 122.20

7,972,700 16,825,000 10,834,900 5,423,700 9,063,600 12,144,800 7,166,400 10,917,700 8,735,500 9,022,400

155.14 139.80 145.36 172.70 175.36 157.36 143.67 155.96 133.03 118.23

106.05 105.00 85.00 85.00 53.80 52.00 38.40 48.20 52.40 53.00 63.00 99.90 122.00

139.90 116.00 102.70 106.50 86.45 66.70 55.75 49.85 60.95 58.75 68.80 100.00 128.80

101.05 95.25 68.15 78.65 53.80 50.90 36.75 37.00 41.85 48.10 47.00 38.00 90.00 1.85 Dividend

129.50 105.80 101.80 86.30 84.00 53.80 52.40 38.50 49.60 51.60 53.50 60.70 98.30

13,093,200 11,087,300 8,957,800 15,007,800 11,267,900 8,540,700 7,122,300 4,245,900 5,356,800 6,707,200 9,766,600 12,206,000 3,067,700

125.29 101.21 97.38 82.56 80.36 51.47 50.13 36.83 47.45 49.36 51.18 58.07 94.04

141.90 143.10 188.00 193.55 160.10 196.30 169.90 216.00

146.90 159.90 192.85 206.40 200.90 210.70 205.00 221.40

119.50 132.60 138.45 167.60 154.20 147.55 146.90 140.00

122.75 141.20 142.70 190.50 193.55 165.00 202.00 165.00

3,148,400 2,496,300 2,250,700 3,503,700 1,854,100 3,677,600 3,800,500 3,010,100

117.42 133.28 134.70 179.82 182.70 155.75 190.68 155.75

* Close price adjusted for dividends and splits.