Presentation Made To The Analyst / Institutional Investor (Company Update)

Overseas Investor Conference Presentation
March 2016
Piramal Enterprises Limited
MAR 2016
PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION
comparable to current period.
Note: Figures in previous periods might have been regrouped or restated, wherever necessary to make them
or circumstances after the date thereof.
Piramal Enterprises Limited does not undertake any obligation to update forward-looking statements to reflect events
other risks.
technological changes, investment and business income, cash flow projections, exposure to market risks as well as
implement its strategy, the Companys growth and expansion plans, obtain regulatory approvals, provisioning policies,
These risks and uncertainties include, but are not limited to Piramal Enterprise Limiteds ability to successfully
results to differ materially from those suggested by the forward-looking statements.
These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual
expressions may constitute 'forward-looking statements'.
'should', 'potential', 'pipeline', 'guidance', 'will pursue' 'trend line' and similar expressions or variations of such
'anticipate', 'estimate', 'intend', 'plan', 'contemplate', 'seek to', 'future', 'objective', 'goal', 'likely', 'project', 'on-course',
which include words or phrases such as 'will', 'aim', 'will likely result', 'would', 'believe', 'may', 'expect', 'will continue',
Except for the historical information contained herein, statements in this presentation and any subsequent discussions,
Disclaimer
PAGE 1
MAR 2016
Entered Financial Services in

2011
From 40th largest in 2007, business grown to become 7th largest currently.
Most brands among top two in their respective market
Revenues grew at 18% CAGR over last 7 years
Aggressively grew pharma

OTC business since 2007
Created one of largest Real Estate developer financing business of India

Deployed over $3 Bn in >160 transactions across debt & equity
APG and CPPIB chose us for partnership
Entered retail financing through stakes in Shriram Group of Companies
Now amongst top integrated global CDMOs offering both APIs & Forms
10 facilities located in NA, Europe & Asia All key ones are FDA approved
Entered pharma CDMO

business in 2003
M&As till 2009 & organic initiatives later - Now worlds 3rd largest business.
Presence in around 120 countries
Sold Domestic Formulations at $3.8 Bn (9x sales & 30x EBITDA)
Transformed from 48th to 4th largest pharma company in India
Outcome / Potential Outcome
Entered Inhalation
Anaesthesia business in 2002
Entered pharma business in

1988 by investing $1 mn
What we did?
Unparalleled track record of developing large profitable

businesses
PAGE 2
RoE in FS business
25%+
Vodafone deal Realized IRR @ 19%

p.a
Mr. Ajay Piramal now

Chairman of Shriram
Capital (Holdco)
Contributing to
Shrirams long term
growth strategy
$0.8 bn invested in
Shriram Group
MAR 2016
Discontinued NCE
research
Exited non-strategic
businesses
Selective acquisitions
in OTC and Pharma
Solutions
5 Year Revenue
CAGR - ~17%
~$0.5 bn invested in
Healthcare
Business, geographic,
currency diversification
Strong profitability
margins
~$0.7 bn invested in
Information
Management
Note:
1. Used average exchange rate of Rs.60 per $ for conversion of INR into USD
Average yields on loan

- 17%
Invested $1.8 bn
(on B/S) & $1.4 bn
(off B/S) in FS
Key capital allocations
Special dividend
Annual dividends
Buyback
Capital returned to
shareholders through:
$0.8 bn of capital
returned to
shareholders
$3 bn realized (net of taxes) from Abbott on sale of our Domestic Formulations business
+
Free cash flow realized from our operations over last few years
Efficient capital allocation over years
PAGE 3
HC - 71%
FY2013
$0.6 bn
FS -11%
IM -18%
FS - 18%
HC - 62%
FY2015
$0.9 bn
IM - 20%
MAR 2016
2.
3.
4.
20%
HC
FS
100%
56%
IM
24%
$0.3 bn
$2.0 bn
Total Capital
Employed
PAGE 4
Others include treasury income.

As per books. Excludes unallocated portion of capital employed to various business segments
Used average exchange rate of Rs.60 per $ for conversion of numbers
FY2010
FY2015
Movement in capital employed mix3 (%)
Significant shift in the capital employed to non-Healthcare

sectors as well
DRG
Revenues : 19%
Information Management
9M FY2016 Revenues : $0.8 bn
Note:
1. Healthcare revenues include revenues from other businesses contributing 1% of the total revenues
for FY2015
FY20112
$0.3 bn
HC - 80%
Others - 20%
Movement in revenue mix (%)
Diversification of revenues towards high growth business

segments
Investments in Shriram
Alternative Asset Management
Critical Care
Consumer Products
Wholesale Lending
Revenues : 27%
Revenues : 54%
Pharma Solutions
Financial Services
Healthcare
Piramal Enterprises
Created a strong business portfolio
Note: Healthcare revenues does not include revenues from others businesses
MAR 2016
+15%
+14%
+27%
% change - 9M FY2016 Vs. 9M FY2015 Revenues
+13%
+17%
+33%
+94%
+131%
Strong growth in revenues driven by improved operating performance across business segments
Financial Services
Healthcare
Total Revenue
Financial Services
Healthcare
Total Revenue
% change - Q3 FY2016 Vs. Q3 FY2015 Revenues
Revenue growth across business segments
PAGE 5
23
13
1
10
12
MAR 2016
2.
10
14
13
Others
11
12
15
Note:
1. All historical numbers used in our analysis are the numbers as reported in those respective periods.
14
9MFY12
18
9MFY13
21
9MFY14
17
9MFY16
9MFY15
26
Q1FY12
Q1FY13
26
Q1FY14
Q1FY15
34
Q2FY12
15
Q2FY13
38
Q2FY14
Q2FY15
49
Q1FY16
Q3 FY12
Healthcare
Q3FY13
Financial Services
Q2FY16
PAGE 6
19
In Rs. billion
Q3FY14
Business-wise revenue trend
Q3FY15
Consistent and strong revenue performance across all business

segments....
Q3FY16
5.7
9MFY14
3.6
9MFY13
3.2
9MFY12
MAR 2016
2.
0.4
6%
PAGE 7
6.3
3.2
2.8
34%
2.1
21%
21%
23%
5.0
2.1
1.5
0.7
5%
0.3
9%
13%
Note:
1. All historical numbers used in our analysis are the numbers as reported in those respective periods.
3.0
1.6
1.4
0.8
0.8
14.1
6.9
9MFY15
15% 11%
9MFY16
13%
Q1FY12
15%
Q1FY13
14%
Q1FY14
19%
Q1FY15
17%
Q2FY12
17%
Q2FY13
20%
Q2FY14
18%
Q2FY15
33%
Q2FY16
29%
Q1FY16
OPBITDA Margin
Q3 FY12
Q3FY13
OPBITDA (Rs. billion)
Q3FY14
Operating profit and margin trend
Q3FY15
.resulting in significant growth in operating profits..
Q3FY16
(1%)
(6%)
892
7,970
9MFY16
3,205
9MFY15
(15%)
5%
MAR 2016
3.
10%
(11%)
(4%)
3%
17%
2%
6%
(1%)
16%
18%
PAGE 8
Net profit excluding exceptional item has been calculated by adjusting back the pre-tax exceptional
item to the reported net profit number for various periods except for FY2015, where the post-tax
exceptional gain from Vodafone transaction has been adjusted back to the reported net profit for
the quarter.
Note:
1. All historical numbers used in our analysis are the numbers as reported in respective periods.
2. Used average exchange rate of Rs.60 per $ for conversion of numbers
Q1FY12
1%
54
Q1FY13
17%
553
Q1FY15
8%
2,053
Q1FY16
14%
518
Q2FY12
16%
413
Q2FY15
Net Profit Margin
2,550
Q2FY16
639
Q3FY13
9%
1,540
9MFY12
(224)
9MFY13
(1,969)
9MFY14
(1,404)
Q1FY14
(481)
Q2FY14
(917)
Q2FY13
111
Q3 FY12
(140)
Q3FY14
Net profit and margin trend

Net profit excluding exceptional items (Rs. million)
2,241
Q3FY15
.and net profits
3,370
Q3FY16
Q1
Q2
Q3
FY12
Q4
Q1
Q2
Q4
Q1
1%-10%
Q3
FY13
Q2
Q3
FY14
0%
Q4
Q1
Q2
Q4
Q1
Below 0%
Q3
FY15
Q2
FY16
Q3
MAR 2016
PAGE 9
Information Management grew in all 11 quarters since acquisition despite economic volatility in West
Healthcare grew in 19 out of last 20 quarters
Financial Services grew at >20% in 13 out of last 15 quarters
In FY16, overall growth has been higher than 20% in all three quarters
Positive growth across business segments in last 10 quarters
Consolidated revenues grew in 19 out of 20 quarters
* Investment income from treasury operations for various periods has been clubbed under Financial Services to make numbers more comparable
11%-20%
Before acquisition of DRG
Q4
FY11
21% and above
Total Revenues
Information Mgt
Fin. Services
Healthcare
Businesses
Matrix showing YoY revenue growth over last 20 quarters
Consolidated revenues growth in last 20 quarters
PAGE 10
EXECUTIVE DIRECTOR,
LEADS OTC, HR, ETC.
MBA, STANFORD
VICE-CHAIRPERSON
EMINENT SCIENTIST
AWARDED PADMA SHRI
EXECUTIVE
EXECUTIVE DIRECTOR,
25+ YEARS WITH GROUP
TURNAROUND BUSINESSES
NANDINI PIRAMAL
DR. SWATI PIRAMAL
INDEPENDENT
MAR 2016
VIJAY SHAH
FORMER CHAIRMAN,
ICICI BANK
FORMER VICE-CHAIRMAN,
TCS
S RAMADORAI
SENIOR MD & Co-CHAIRMAN,

ASIA OPERATING COMMITTEE,
BLACKSTONE, SiNGAPORE
N VAGHUL
FORMER CHAIRMAN,
HINDUSTAN UNILEVER LTD
GAUTAM BANERJEE
KEKI DADISETH
EMINENT SCIENTIST
FORMER DG, CSIR
AWARDED PADMA VIBHUSHAN
EMINENT SCIENTIST
FORMER DIRECTOR - IISc
AWARDED PADMA SHRI
FORMER MD & CEO,

HDFC STANDARD LIFE
DR. RAGHUNATH MASHELKAR
PROF. GOVERDHAN MEHTA
DEEPAK M SATWALEKAR
FORMER PRESIDENT & CEO

TRANSUNION
SIDDHARTH (BOBBY) MEHTA
AWARDED ENTREPRENEUR OF THE YEAR BY UK TRADE & INVESTMENT COUNCIL

AWARDED CEO OF THE YEAR BY WORLD STRATEGY FORUM
AWARDED GLOBAL LEADER OF TOMORROW BY WORLD ECONOMIC FORUM
SERVED ON PM TASK FORCE ON KNOWLEDGE BASED INDUSTRIES AND PM COUNCIL FOR
TRADE & INDUSTRY
AJAY PIRAMAL
CHAIRMAN
High standards of corporate governance

CHAIRMAN
Executive Director
Independent Director
External Experts
Business CEO
Management Members
Executive Director
External Experts
Business CEO
Investment Committee for

RE Asset Management
FINANCIAL SERVICES
Executive Directors
Independent Directors
External Expert
Business Heads
Management Members
Ex. Vice Chairman of DSP Merrill Lynch

Member of SEBI and RBI Committees
Former ED & HeadWholesale Banking, HDFC Bank

Worked for 26 years in Bank of America
Founder & CEO of Arka Capital Advisors;

Former MD of Warburg Pincus
Among panel of lawyers for SEBI, CCI and WTO Panel

for the Government of India
Shitin Desai
Harish
Engineer
Rajesh Khanna
Shikhar Ghosh
N. Vaghul
Tara
Subramaniam
R A Shah
Bharat D. Shah
Deepak M.
Satwalekar
Independent Director
External Expert
Business CEO
Management Members
Board
Professor of Entrepreneurial Management at HBS

Founder and CEO/Chairman of eight companies
Former Chairman, ICICI Bank
Director - Sun Group

Past experience in HDFC Limited.
PAGE 11
Solicitor and senior partner at M/s Crawford Bayley &

Co
Chairman, HDFC Securities

Advisor HDFC Bank
Former MD & CEO, HDFC Standard Life

Has been consultant to the World Bank and ADB
Partner with PWC

Practicing in M&A
Ashish Dalal
Suhail Nathani
Worked with Mckinsey and Intel

MBA from INSEAD, France
Niraj
Bhukhanwala
MAR 2016
Investment & Advisory

Committees for Special
Situation transactions
INFORMATION MANAGEMENT
Independent Directors and External Experts who are members of Business Boards/ Investment Committees
Executive Directors
External Expert
Key Business CEOs
Management Members
Investment Committee for

Real Estate Lending
Pharma Operations Board
HEALTHCARE
Business Boards / Investment Committees : Operating our business segments as three virtual companies
Board and Board-Sub Committees with majority Independent Directors
Robust Governance mechanism
MAR 2016
Organizations
Among top 10 global sovereign pension funds

Strategic alliance to deploy upto USD 500 mn of debt financing to residential projects in India
Alliance Partner
Real Estate Financing
Total AUM - C$283 Bn
PAGE 12
A leading US based global private equity firm

Exited from Decision Resources Group in 2012 for ~US$ 635 mn
Strategic Partner
Total AUM US$ 45 Bn
Among top 50 global pharma companies

PEL sold its Pharma DF business to Abbott for $3.8 Bn, at 9x sales and 30x EBITDA
Acquirer Domestic
Formulations Business
Total Assets - $41 Bn
One of the worlds largest global investors, wholly owned by the Government of Singapore
Among top investors in Nicholas laboratories in early 90s
Among top 2 mobile operators in the world

PEL bought 11% stake in Vodafone India. Monetized by realizing 52% over amount invested
PEL had invested

in Vodafone India
Market Cap - $81 Bn
Financial Partner
Total AUM >US$ 343 Bn
Allergan India a 51:49 joint venture between Allergan Inc and PEL
Commenced commercial operations in 1996. India leader in ophthalmology
JV Partner
Market Cap - $112 Bn
One of the largest financial services business conglomerate in India

PEL holds stakes in holding co. & listed subs. Mr. Piramal is Chairman of SCL (holdco.)
Netherlands largest asset manager

Strategic alliance to deploy upto USD 1 bn in infrastructure mezzanine investments in India
Alliance Partner
Infrastructure Financing
Total AUM - 405 Bn
PEL invested in
Shriram Group
Total AUM Rs.900+ Bn
Key highlights
Nature of Partnership
Strong partnerships
PIRAMAL ENTERPRISES
INR/share
INR/share
Dividend paid
Net cash flow
1989-1992
1988
32%
18
18
CY13
53
53
CY14
43
14%
113
7,946
CY15
1024
20
1,004
CY15
1998-2003
CY12 CY13 CY14
18
18
CY12
1993-1997
4,624
CY11
378
378
CY11
MAR 2016
2012-2015
1,753
C. Post Sale
As on Date
3,770
A+B+C
Capital Raised
All numbers till 1992 represents book value

Analysis carried out based on market information till 31 Dec 2015
2010-2011
1,233
B. Sale period
Incremental Market Cap
2.
3.
4.
2004-2009
623
Dividend Paid
Note:
1. Company raised merely $80 mn during the entire period (includes initial capital invested in
the company in 1988)
INR/share
Nifty as on 31 Dec
Annualized
Return (IRR)
UOM
Particulars
INR/share
PEL Share price as

on 31 Dec
Annualized Return
(IRR)
UOM
Particulars
Annualized return of PEL vs Nifty
A. Before sale of our Domestic Formulations business to Abbott
Capital returned through buyback
Shareholder value creation in less than 3 decades

(In USD million)
Creating and delivering significant value for our shareholders
PAGE 13
MAR 2016
PAGE 14
Quartile
4
151-200
companies
Source: Bloomberg, Company Financials
Quartile
3
101-150
companies
Price / Book
Quartile
2
Price / Earnings
51-100
companies
3Yr Net Profit CAGR
Quartile
1
3Yr Revenue CAGR
Top 50
companies
BSE-200
BSE
200
PEL positioning among BSE 200 companies on revenue, profitability and valuation parameters
PEL among top performing companies of India on key

parameters
4%
7%
26%
13%
7%
8%
37%
29%
17%
7%
17%
Lupin
Dr. Reddy's
Cipla
Aurobindo Pharma
Median
HDFC (Consolidated)
Bajaj Finance
Indiabulls Housing Finance
LIC Housing Finance
Mahindra Finance
Median
MAR 2016
EBITDA
Margin
YoY
PAT
growth
PAT
Margin
103%
22%
22%
38%
12%
-17%
-20%
13%
21%
55%
13%
-21%
-18%
2.
3.
16%
16%
8%
13%
28%
17%
19%
Excluding Shriram Group companies

Excludes exceptional items
149%
20%
-34%
20%
24%
44%
10%
15%
14%
14%
16%
15%
15%
33%
16%
13%
16%
35%
34%
14%
28%
29%
13%
-1%
28%
61%
YoY
Asset
growth1
29%
Top 5 listed NBFCs of India
23%
23%
22%
27%
27%
28%
Top 5 listed Pharma Companies of India
YoY
EBITDA
growth
Source : Bloomberg, Company and peer financial statements

Note:
1. YoY asset growth for all companies are as on 30th September 2015.
Piramal Enterprises
27%
-3%
Sun Pharma
YoY
Revenue
growth
Companies
9M FY16 (in %)
PEL Vs. Peers : Performance and valuation metrics
4.0
3.4
5.3
5.3
21
24
17
24
5.5
19
19
12
10
25
1.3
2.2
2.0
2.2
2.1
4.4
4.8
7.5
34
25
6.9
PAGE 15
P/B
38
P/E
Trailing 12M
Financial Services
Among top deployers of

capital in India
Market leaders in
Used CV, MSME
Financing
20% stake in Shriram Capital

10% stake in STFC
10% stake in SCUF
Invested
$0.8 bn
Retail financing
Used CV financing
MSME financing
Gold & home loan
Personal loan
Life and general insurance
Broking
Strategic stakes in Shriram

Group
Note:
1. Used average exchange rate of Rs.60 per $ for conversion of numbers
MAR 2016
AUM
$1.4 bn
Third party funds invested in

Real Estate
Special Situations
Alternative
Assets under Management
Strong portfolio with a total investments, loans and assets under management of $4 bn
Loan book
$1.8 bn
Financing for :
Real estate
Special situations
Wholesale
Lending
Complete suite of products to meet diverse customers needs
Financial Services
Financial Services : Diversified exposure across segments
PAGE 17
FY12
FY11
FY13
43
20
FY14
76
29
16
121
FY15
84
48
46
178
MAR 2016
86
111
46
243
9M FY16
FY12
FY13
10
FY14
21
FY15
43
FY12
FY13
FY14
Interest Income
Dividend Income - Shriram
Associate Income - Shriram
Investment Income
Total
7
FY15
11
9M FY15
60
PAGE 18
9M FY16
14
9M FY16
Rapidly growing income from FS business

(in Rs. billion)
FY11
Loan Book
Asset Management
Strong trend of cumulative exits / repayments1, 2

(in Rs. billion)
Notes:
1. Excludes our investment in Vodafone India, which was exited during FY2015
2. Exits from Asset Management business have been included on calendar year basis
39
42
38
38
63
Investment in Shriram
Loan Book
Asset Management
Built a solid financial services portfolio1

(in Rs. billion)
Financial Services : Built a robust and scalable financial

services platform
Robust asset quality with negligible NPAs
Among leaders in residential developer financing in

India Getting quality deals from top developers
Strong growth in Construction Financing Now 38% of

book size
Strategic alliance with CPPIB
Strategic alliance with APG for investments in infra
FY12
4
FY13
20
FY14
29
48
FY15
Of the total 132%

increase over FY15
loan book, 80% is
driven by
construction finance
9MFY16
111
PAGE 19
Note:
1. Excludes our investment in Vodafone India, which was exited during FY2015 and includes special
situation investments
FY11
(In Rs. billion)
Trend showing significant scaling up of loan book1
Minimum construction/execution risk
MAR 2016
Healthy security and cash cover of 1.5x - 2x
Special Situation :
>70% portfolio with grade A
Real Estate Lending:
Gross NPAs at 1%; provided for more than required
Significant growth due to our entry into construction

finance few quarters earlier
Total Loan Book of Rs.111 bn as on 31 Dec 2015 vs.

Rs.39 bn, as on 31 Dec 2014
Wholesale Lending : Growing exponentially, robust asset quality
1.0
0.3
0.3
0.4
0.6
0.0
0.5
1.0
0.8%
0.6%
10.1%
Indiabulls Housing Fin.

LIC Housing Finance
Mahindra Finance
~1%
Piramal Enterprises
All numbers are as on 31 Dec 16/ for 9M FY2016
PEL ratios are for its lending business
0.7%
0.8%
Dewan Housing Fin

Median
2.9%
L&T Finance Holdings
3.3%
1.3%
Bajaj Finance
Cholamandalam Fin
0.7%
Gross NPA
ratio1
HDFC (Consolidated)
Top NBFCs
1.
2.
25%+
1%
9-10%
25%+
19%
19%
11%
15%
7%
19%
27%
21%
19%
RoE
PAGE 20
Comparison of PEL with other large NBFCs on key parameters
RoE on Loan Book
Gross NPA Performance
Cost of Capital
AA (ICRA)
~17%
Average Yield on Loans

Credit rating
1.1x
Ratios
PEL overall Debt / Equity
Particulars
PEL performance against key ratio matrices
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
FY14 FY14 FY15 FY15 FY15 FY15 FY16 FY16 FY16
MAR 2016
20
40
0.8
1.1
1.5
60
0.9
2.0
80
0.8
2.5
(x)
100
Net Debt/Equity
3.0
Loan Book
120
(Rs.billion)
ROE expected to further improve with increase in

scale of business, optimum leverage levels, more
trusted partnerships and down-selling opportunities.
PEL overall Net Debt / Equity trend
Still significant potential to grow business by

increasing leverage
B/S headroom - key competitive advantage
Maintaining strong balance sheet in challenging

economic scenario.
Strong balance sheet gives huge potential to grow our

Financial Services segment
Exited more than 92% of corpus in vintage funds
Strong sponsor commitment of 7.5%
MAR 2016
86.4
PAGE 21
Gross AUM as on Increase in Real

Increase in
Gross AUM as on
31st Dec 2014 Estate Gross AUM Special Situations 31st Dec 2015
AUM (under APG)
72.9
9.0
4.5
Growing Alternative Asset Management business

(Rs. billion)
PEL earns Management Fees and Carry
Rs.4.5 billion funded under alliance with APG
Special Situations :
Invested in 61 projects in 7 cities with 24 top developers
Expecting to reach 100% in next few months
Real Estate gross AUM of Rs.82 billion
Real Estate :
Total gross Assets under Management grew to Rs.86

billion
Alternative Asset Management
Manpower strength
Customers
Industry rank in used CV and MSME financing
76,000+
12 mn
#1
MAR 2016
Source: Livemint, 17 April, 2014
PAGE 22
Ajay Piramal is a good entrepreneur and

we are organization builders. The equity
investment by Piramal in Shriram creates a
platform where both these skills get
combined. So the entrepreneurial skills of
Piramal Group will certainly help in
introducing new ideas into the way we are
doing business at Shriram Group......and
now with Piramal on board, we can look
forward to better entrepreneurial thoughts
that can enable the business to do things
differently and at a different pace.
Note:
1. Includes Shriram Transport Finance and Shriram City Union Finance
Number of branches
November 2014
Shriram Capital
Chairman of
appointed as
Ajay Piramal
Mr. R. Thyagarajan, Founder of Shriram

Group on Piramals investment deal
June, 2014
3,000+
April, 2014
May, 2013
Rs.8.0 bn
Market capitalization of listed entities1
Rs.21.5 bn
Rs.16.4 bn
Invested
US$ 4.5 bn
Invested
Invested
stake in SCUF.
Assets under management in financial services
stake in SCL.
stake in STFC.
Acquired ~10%
US$ 16 bn
Acquired 20%
Acquired ~10%
Partnership with Shriram Strategic in nature
MAR 2016
Enter
more
partnerships
Continue the
growth
momentum
Contribute in
taking
Shriram to
next level
Develop
strong system
and maintain
robust asset
quality
PAGE 23
Hired external consultant to assist in developing

strategy
Focused on developing long term strategy
Mr. Piramal now Chairman of Shriram Capital
Consistently monitor & react to early-warning signals
Strengthening teams to handle potential scale
Automatization of systems and processes
ALM framework in place
Effective measures taken to maintain robust asset

quality
Inorganic opportunities could also become the key drivers of growth in future
To explore down-selling opportunities to improve

ROEs
Partnerships to generate more fee income
Multiple partners in Real Estate AUM business
Partnerships like CPPIB & APG reflects robustness

of business model
Special Situations to also look into non-infra sectors
Real Estate financing to grow construction finance
Potential to grow through optimizing leverage level
Financial Services Strategy : On track to create one of the

largest well-diversified Financial Services businesses of India
Healthcare
2 years in a row
MAR 2016
Note:
1. CMO Leadership Awards
2. CPhl Awards 2015
FY10
FY11
10
FY12
14
16
FY13
5 years CAGR @ 16%

(Global CDMO market
growing @ 9%)
(in Rs. billion)
FY14
18
FY15
20
Strong revenue performance
9M
FY15
14
17
PAGE 25
9M
FY16
Coldstream Laboratories, Kentucky
Acquired Coldstream facility. Commenced capacity expansion.
Enhanced capacity at Grangemouth
Doubled capacity at Discovery services sites.
Acquisition, Debottlenecking and Capacity Expansion
Business head globally awarded as CEO of the year in 2015
Rated1 among best global CDMO in quality, reliability & regulatory
Along with various customers, serving 5 of top 7 global pharma cos.
10 sites in NA, Europe and India. All key sites approved by FDA.
Amongst top integrated CDMOs offering both APIs &Forms
Address customers needs across drug lifecycle
Pharma Solutions: Our unique positioning
Phase 1
UK - Morpeth
UK - Billingham
UK - Grangemouth
MAR 2016
Clinical Trial Supplies
India - Mumbai
Regulatory,
Pharmacovigilance,
Patents
UK Morpeth, Grangemouth (ADC)

India Pithampur
US - Kentucky
Bio-catalysis
SPECIAL SERVICES
UK Grangemouth (ADC)
India Ahmedabad, Mumbai
US Kentucky
Late phase Formulations (OSDs & Steriles)
Off-patent
Early phase Formulations
Commercial (CMO)
On-patent
India Digwal, Ennore

Canada Aurora
UK - Morpeth
Launch
India Ennore
Canada Aurora
Phase 3
Late phase API
Phase 2
Early phase API
Development (CRO)
Preclinical
Antibody Drug Conjugates
India Ahmedabad
Medicinal &
Synthetic
chemistry
services
Discovery
Discovery
Pharma Solutions: End-to-end service provider
PAGE 26
MAR 2016
KENTUCKY
USFDA, MHRA
API & Formulation

development &
manufacturing
MORPETH
USFDA, MHRA
ADC Manufacturing
API & Formulation

development
MUMBAI
Formulation development
Drug discovery and
AHMEDABAD
Grangemouth
Morpeth
Premixes
WHO-GMP
Vitamins and Minerals
MAHAD
CHINA
manufacturing
API development &
ENNORE
manufacturing
USFDA
API development and
DIGWAL
manufacturing
USFDA, MHRA
Formulation
PITHAMPUR
Sourcing office
USFDA
Sterile Development
and Manufacturing
USFDA, MHRA
API development &

manufacturing
CANADA
GRANGEMOUTH
Pharma Solutions: Strong global footprint
PAGE 27
MAR 2016
Continue to look at attractive M&As.
Inorganic
Growth
Constantly
improving Quality
and Customer
Centricity
Focused
Customer
Segmentation
Targeting Biotech, medium, virtual

companies
Targeting late phase opportunities
Focus on execution to ensure sustainable performance
Customer Centricity: Organization wide initiative to improve customer experience & service delivery.
Quality, EHS & Reliability: Invested in processes / capabilities
Acquired U.S. based CDMO

Coldstream in 2015, for development
& manufacturing injectables.
Executed debottlenecking initiatives in API plants to handle higher volumes.
Debottlenecking /
Capacity expansion
Capacity expansion at Discovery Services, Grangemouth and Cold Stream
Pharma Solutions strategy : Series of initiatives undertaken to

deliver strong performance in coming years
PAGE 28
Abbott
Baxter
PCC
FY2009
3%
MAR 2016
FY2015
12%
Isoflurane
Europe
ME/Africa
Halothane
Desflurane
US
Latin America
Sevoflurane
Asia
Product-wise
Isoflurane
* Desflurane is expected to get launched in 2017
Halothane
Sevoflurane
Baxter
Desflurane*
AbbVie
Piramal
PAGE 29
Only company with entire portfolio of Inhalation Anaesthesia
Geography-wise
PEL rapidly gaining share in the global inhalation anaesthetic market
FY2012
8%
Source : Internal estimates, secondary market research
0%
2%
4%
6%
8%
10%
12%
14%
PEL growing global market share
12%
Market Share
2014 global inhalation anaesthesia market ~$1.2 billion
Critical Care : Significant positioning in global inhalation

anaesthetic market
MAR 2016
FY2005
0.1
FY2006
0.7
Acquired pharma
business of ICI India
Limited - Entry in
Inhalation
Anaesthetics:
Halothane
2002
FY2008
0.8
FY2009
1.3
FY2010
3.3
Acquisition of brand
Haemaccel from
Plasmaselect,
Germany.
FY2011
3.9
FY2012
4.1
FY2013
6.2
Acquired Minrad Inc., US

- Gave access to
Sevoflurane & Desflurane
Acquired Rxelite Inc., US
- Gave direct presence in
the region
Acquired Injectable
Anaesthesia business in
India
2009
FY2014
7.2
FY2015
7.6
Production doubled at
Bethlehem ; Registered
Sevolfurane in EU
countries
2010-2012
FY2007
0.8
Acquired Inhalation
Anaesthetics business
of Rhodia Organique,
UK - Distribution
network across 58
countries.
Manufacturing
technology for
Halothane & Isoflurane.
2005
2008
Became one of the top 3 players in the world
6 key acquisitions till 2009 and organic growth later
Critical Care: Successful growth strategy
9M
FY2015
5.8
PAGE 30
9M
FY2016
6.3
(Revenue in Rs. billion)
Presence in now over 100

countries; >50% market
share in emerging
markets; significantly
increased Sevoflurane
market share in US
2013-2015
MAR 2016
Manufacturing Plant
Distributors
Direct sales force
118 countries
Recently launched
Australia
Germany
Saudi Arabia
UK
Netherlands
Malaysia
Iraq
25
Entry Planned
Brazil
Russia
China
Canada
Sub-Saharan Africa
14
Australia
South Asia
19
Latin America & Caribbean
Middle East & North Africa
East Asia & Pacific
15
PAGE 31
Significant share in UK and Japan
Serving over 6,000 hospitals in the world
North America
Over 50% market share in Emerging Markets
Manufacturing facilities in the US and India
33
Market share in US grew from 20% in 2011 to 30% now
Global workforce with ~75% staff located outside India
Europe & Central Asia
6 million surgeries globally
Presence in over 100 countries
Critical Care: Unparalleled global footprint
Launch Desflurane in 2017 Challenging the

domination of Innovator
Launch
Desflurane
Enter new market

& increase share
in existing
markets
MAR 2016
Entered co-promotion agreement & launched two

hospital products
PAGE 32
Actively looking at both organic and inorganic opportunities

to add other critical care products to portfolio.
Add new products

to leverage strong
marketing network
Further improve
low cost position
Investments in Bethlehem site are yielding results
Lowest cost producer - progressing well on further cost

reduction initiatives
Growth
Strategy
Having established in US, Japan and EMs, focusing on

growth in Europe
Significantly improved market share in UK with
expansion in Scotland, Wales and London region
Note: All market data is based on primary & secondary research carried out internally
Critical Cares growth drivers : Efforts delivering results. Further

efforts are on
Rs.1.3 billion
Throatsil - Sore throat pain relief product
Quikkool - Respected brand in Mouth

Ulcer
Jungle Magic Leading brands for kids
Tetmosol Largest in medicated soaps

for scabies
Rs.0.5 billion
Focused on launching innovative

products for children
PAGE 33
Allergan India, a JV with Allergan - India

leader in ophthalmology
Acquired brands in Gastro-Intestinal
Acquired Littles a baby care brand

for babies in the 0-4 age group
i-pill
Source : Independent syndicated research providers
MAR 2016
Value Offtak
Valu
Offtake
Rs.0.5 billion
Polycrol Largest antacid in East India
Lacto
PEL has strong brand portfolio: Most brands are among the top two in their respective representative market
Lacto No. 1 among calamine lotions
Caladryl Largest in anti-allergy and

anti-itch topical application segment
i-pill 2nd largest in emergency

contraceptive
Recognized as Super Brand
Saridon Largest in oral analgesic
Saridon
Consumer Products: Brands in leadership position
PEL to expand this segment - already has presence

through Polycrol.
To launch new formats and target wider reach.
Littles is a 30 year old brand with high consumer recall.
Operates in the Rs.10 billion non-food baby-care

category, which is growing at 13%.
Will leverage on our India-wide strong network.
MAR 2016
Potential to increase distribution to 1,50,000 outlets
Includes entire product range across 6 categories.
Acquired baby-care brand Littles in Nov 2015
Includes key brands like Naturolax, Lactobacil &

Farizym leading brands in Gastro-Intestinal segment
(GI)
Acquired 5 brands from Organon India & MSD BV in

Dec 15
Consumer Products : Acquired two brand portfolios to leverage

strong distribution
PAGE 34
Rank
17
2009
2010
MAR 2016
FY08
1.1
(in Rs. billion)
FY10
FY11
2.0
FY12
2.2
FY13
2.7
2012
FY14
3.1
Rank
3.6
FY15
2013
Acquired Caladryl
from Inova
Pharmaceuticals
9M FY15
9M FY16
2.8
PAGE 35
18%
PEL
CAGR
12%
Market
CAGR
2020
2015
Acquired the
baby-care brand
- Littles
Rank
Acquired 5 brands
in GastroIntestinal segment
2.6
2014
FY09
1.2
1.8
2011
Acquired i-pill
from CIPLA.
Build capabilities,
expanded field
force
Domestic
Formulations
business sold to
Abbott
OTC (including Ophthalmology) revenues
Independently
started OTC
Business after
dissolution of JV
with BOOTS
2008
28
40
2007
Rank
Rank
Consumer Products: Growing faster than market
Sales Force Automation Program successfully rolled out

PAN India across channels. Enabled efficient productivity at
every retailer under direct coverage
Sales Force
Automation
Servicing 3.5 lacs outlets, out of

which chemist stores
are 2.2 lacs
~1,500 towns
with population over 20,000
Growing organically & inorganically
MAR 2016
PAGE 36
Industry leading field force and India-wide coverage will enable drive significant growth and boost profitability in
coming years
Continue to aggressively look at acquiring quality brands at

attractive valuations
New product field force launched which will be ramped up in

phases, should be completed by the end of FY16
New Product
Development
Inorganic
Initiatives
Geographical expansion program to get fully operational by

end FY16 - coverage to all 20,000 population towns
Exports to nearby geographies started contributing to business
Geographical
Expansion
Consumer Products initiatives : Simultaneously focused

towards improving growth and profitability margin
What is the best evidence to support my access and reimbursement argument?

How will the key payers in the future make decisions about my product?
Where should my digital spend be targeted?

How can I segment and target segments uniquely?
What are my competitors doing?

How is the market unfolding? Who is winning and losing?
Market Access
Commercial
Optimization
Digital
Innovation
Market
Assessment
Performance
Improvement
Our
Business
Customized Services
Analytical Tools
Proprietary Survey Data
Health Plan Data
MAR 2016
Hospital Audit
Leaders Interview
PAGE 38
Proprietary Databases
Market Forecasts
Where can I improve my hospitals performance? In Revenue Cycle Management? In IT? In Supply Chain?
How do I benchmark relative to hospital peers?
What levers can I pull to improve my brands volume?

How is my product being perceived in market relative to competition?
Which therapeutic markets have the highest potential?

What should healthcare organizations do as healthcare shifts to a value focus?
Market
Assessment
What we do in our Information Management business :

answer our clients most pressing questions
LIFE SCIENCES
PAYER /
PROVIDER
900+ employees globally
15 office locations globally
Solutions
Consulting Services
Research Products
Data & Analytics
Data
Research Products
MAR 2016
Provider Payer
Solutions
Consulting Services
Research Products
Data & Analytics
Life
Sciences
FUTURE
USD 16 bn
PAGE 39
May 2015 Acquired HBI

Trusted provider of best practice research,
training & services to >1,400 hospitals in US
Marks Companys entry into provider space
Leading Solutions for Health Plans and

Pharmacy Benefit Managers
Marks Companys entry into payer space
Source: Based on proprietary market research and internal DRG estimation
Life Sciences
USD 6 bn
PRESENT
Life Sciences
USD 2 bn
PAST
Feb 2016 - Acquired Adaptive Software
Capabilities across customers product life cycle
CY2015 Revenue - $178 Mn
Expanding into New End Markets, Products and Geographies
>75% recurring revenue
Serves major Developed and Emerging Markets
Information Management : strong positioning to monetize

significant market opportunity
MAR 2016
43%
Solutions
Portfolio
(78%)
Data and
Analytics
Research
Products
2.8%
2.7%
3.4%
2.9%
3.5%
3.6%
4.0%
4.7%
Astellas Pharma
AstraZeneca
Bayer
Boehringer Ingelheim
Bristol-Myers Squibb
Johnson & Johnson
Merck & Co
Novartis
Pfizer
Roche
Customer
>10 yrs
>10 yrs
(1)
>10 yrs
>10 yrs
>10 yrs
>10 yrs
>10 yrs
>10 yrs
>10 yrs
>10 yrs
# of Years
PAGE 40
>10 year relationships with all of the Companys top ten

customers
Other
Customers
62.8%
4.8% 4.7%
With 97% retention and ~ 75% recurring revenues, the business has high revenue visibility
35%
22%
Global
Consulting
Services
100% among top 20 customers
97% client retention by value during CY2015
Over 75% of Revenue is recurring
DRGs clients utilize multiple portfolio offerings leading to
deeply entrenched relationships
DRG serves nearly all leading life sciences companies
Top 20 relationships comprise ~57% of revenue
Information Management : diversified customer base with high

long term revenue visibility
MAR 2016
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
2004
2005
$37
2005
2006
$51
2006
2007
$62
2007
2010
2009
$103
2010
$116
Revenue
In $ Million
2009
2011
$131
2011
2012
$139
2012
2013
$151
2013
2014
$164
2014
2015
$178
2015
Post-Acquisition
2016
PAGE 41
Adaptive Software
Leading Solutions for Health Plans and Pharmacy
Benefit Managers
Marks Companys entry into payer space
Healthcare Business Insights (NBI)

Trusted provider of best practice research,
training & services to >1,400 hospitals in US
Marks Companys entry into provider space
HealthHiway
Strength in providing analytics & solutions to
Indian healthcare providers
Activate Networks
Expanded DRGs analytics capabilities
Supports clients with sales force targeting
Relay Technology Management

Enabled DRG to supply clients with premier
analytics
Abacus International
Gave access to European Health Economics and
Outcomes Research (HEOR) market
2008
$94
2008
Pre-Acquisition
DRGs accretive acquisitions to date and their corresponding impact on revenues
Information Management : M&A Crucial for Growth
* As of 9/30/15 filing
MAR 2016
Connolly
Truven
CRF
Emdeon
IBM Watson
IBM Watson
Median
iHealth
Heartbeat Experts
Vitruvian
Altegra
Truven Health
Merge Healthcare
$ 1,200
$ 136
$ 374
$ 910
$ 2,600
$ 1,000
Acquisition Price
(USD mn)
EV/Revenue (x)
7.4
6.1
5.5
4.9
7.0
6.1
7.5
5.2
4.5
4.3
4.2
4.2
4.4
Value / LTM
Revenue (x)
2015 Multiples
EV/EBITDA (x)
16
18
84
48
29
29
Buyer / Investors
Target
Sector M&A valuation multiples
Source : Capital IQ
Verisk Analytics, Inc

Inovalon Holdings, Inc
Athenahealth, Inc.
Medidata Solutions, Inc.
Veeva Systems Inc.
Median
DRG Peers
DRGs peers valuation multiples
Information Management : DRGs Peer valuations
14
22
18
16
17
24
17
PAGE 42
Transaction Value /
LTM EBITDA (x)
EV (USD mn)
14,628
2,495
5,116
1,914
2,669
-
MAR 2016
Product
innovation
Continued
development of
cost &
operational
synergies
Inorganic
Growth
opportunities
Growth
Drivers
Expanding
market size &
geographical
presence
PAGE 43
Continue to look at attractive

opportunities to enhance capabilities /
expand geographically through
acquisitions
Leadership team progressing well on

integrating products and services under
one brand
Leveraging India and reviewing cost

structure to identify margin enhancement
opportunities
Multiple new product ideas in pipeline
New delivery platform for all DRG

research reports is progressing well
and will transform how customers
access and consume DRG content
Adaptive software to enable entry into

payers market
HBI acquisition to enable entry into

provider market
DRG India office on target with 120+

positions on-boarded in two offices
Information Managements growth initiatives : targeting

multiple ways to enhance growth and increase profitability
Appendix
MAR 2016
13,996
18,587
Total 2
32.8%
13.1%
131.3%
15.4%
8.8%
20.4%
16.7%
100%
0.4%
19.5%
26.8%
5.7%
12.9%
34.8%
53.4%
% Sales
48,764
187
9,494
13,051
2,755
6,309
16,967
26,031
31-Dec-15
38,251
405
8,253
6,740
2,550
5,822
14,480
22,852
31-Dec-14
27.5%
15.0%
93.6%
8.1%
8.4%
17.2%
13.9%
% Change
Nine months ended
(In Rs. million or as stated)
2. Foreign Currency denominated revenue in 3Q FY2016 was Rs.11.7 billion (63% of total revenue) and in 9M FY2016 was
Rs.30.6 billion (63% of the total revenue)
1. Including Ophthalmology
Note:
186
3,772
91
4,266
2,194
842
2,131
4,871
7,844
Others
5,075
972
Financial Services
Consumer
2,317
Critical Care
Products1
5,865
9,155
31-Dec-15 31-Dec-14 % Change
Pharma Solutions
Healthcare
Net Sales break-up
Quarter III ended
9M FY2016 Diversified Revenue Mix
PAGE 45
13,996
469
10,316
3,211
23%
667
1,005
802
2,071
346
327
2,091
399
2,490
14.4
310
2,502
873
3,218
(150)
249
2,819
-2
397
3,217
18.6
31-Dec-14
18,587
314
11,991
6,282
34%
31-Dec-15
48,764
969
33,749
14,046
29%
33%
(33%)
16%
96%
(54%)
149%
9%
55%
(24%)
35%
(1%)
29%
29%
2,033
6,349
2,374
7,356
(267)
656
6,433
-3
1,268
7,704
44.6
31-Dec-15
1,807
3,916
2,189
2,618
26,918
3,111
26,424
-3
1,121
27,548
159.6
38,251
2,212
29,123
6,916
18%
31-Dec-14
27%
(56%)
16%
103%
12%
62%
8%
181%
(79%)
(76%)
13%
(72%)
(72%)
% Change
Nine months ended
% Change
Quarter III ended
Income under share of associates primarily includes our share of profits at Shriram Capital.
3.
MAR 2016
Tax expense for 9M FY15 include Rs.2.6 billion on gain from sale of stake in Vodafone India.
2.
Notes:
1.
Exceptional gain for 9M FY2015 majorly included gain on sale of 11% stake in Vodafone India for Rs.89 billion (Investment of Rs.58.6
billion made in FY2012) partly offset by the amount written down on account of scaling back of our investments in NCE research
Total Revenues
R&D Expenses
Other Operating Expenses
OPBIDTA
OPBIDTA Margin %
Non-operating other income
Interest expenses
Depreciation
Profit before tax & exceptional items
Exceptional items (Expenses)/Income1
Income tax2
Profit after tax (before MI & Prior Period items)
Minority interest
Share of profit/(loss) of associates3
Net Profit after Tax
EPS (Rs./share)
Particulars
9M FY2016 Consolidated P&L
PAGE 46
MAR 2016
FX Debt
INR Debt
113,191
39,371
Break Up Loan Funds (In Rs. million)
As on 31-Dec-15
As on 31-Mar-15
73,061
140,113
Note: Foreign currency loans have been used mainly to acquire assets outside India & will be repaid from net cash generated from non-India
assets.
33,690
26,922
12,288
6,332
190,738
14,749
3,248
266,666
Total
6,749
8,317
4,601
3,545
34,748
7,802
9,021
4,652
5,685
42,265
TOTAL
Fixed Assets
Investments
Deferred Tax Asset
Current Assets, Loans and Advances
Inventories
Sundry Debtors
Cash and Bank Balances
Other Current Assets
Loans and Advances
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
TOTAL
Mar 31 2015
345
117,014
291
73,061
26
190,738
73,424
77,679
295
Dec 31 2015
345
125,892
289
140,113
28
266,666
81,748
133,369
121
Shareholders' Funds
(A) Share Capital
(B) Reserves & Surplus
Minority Interest
Loan Funds
Deferred Tax Liability
Particulars
Consolidated Balance Sheet
PAGE 47
MAR 2016
All accruals realized till last quarter. Superior asset quality with negligible NPAs
De-risking portfolio by changing mix towards construction

finance & senior debt vis a vis equity / mezzanine
structures
Piramal group has a history of strong project development

capabilities - can take over, complete, sell project, if
required
Significant time spent for post-disbursement monitoring by

both investment and asset management teams to detect
and react to early warning signals
Established a dedicated asset management team of

financial and techno-commercial people across cities to
further enhance focus on asset quality
Healthy security and cash cover of 1.5x-2x based on

conservative underwriting assumptions
Healthy Security, Balanced Portfolio
PAGE 48
Large reputed partners like CPPIB re-assuring the investment

thesis
Independent Directors & External Experts in investment

committees
Independent legal and risk teams critically looking at

transaction
Strong financial, legal and business diligence.
Unique structuring of each transaction to address specific risks

with ability to enforce security in event of default
Care during transaction
Local teams based out of 6 cities to constantly access the

performance of the project
Post-transaction monitoring
Ability to mine primary data from existing portfolio to make

more informed decisions about product, price and sales
mix
Location and project selection - Mostly in Tier-1 cities in

select projects having intrinsic end-user demand
Developer selection >70% portfolio with grade A

developers
Diligence before transaction
Real Estate Financing : Robust asset quality is no.1 priority

for us
of
sterile
Significant synergies with existing business expected by

uniting the strengths, competencies, expertise and portfolios
Will expand our offerings, reach & access to new customers
PAGE 49
Coldstream Laboratories specializes in development

& manufacture of cytotoxic & potent compounds
View of Coldstream Laboratories facility
Site already has its order book running full

Execution of capex for capacity expansion on track
Significant traction at Coldstream site, post our acquisition.
MAR 2016
Acquisition playing out well
Sterile injectable is one of the fastest growing segments

within formulations manufacturing
Offers clinical trial to commercial-scale manufacturing of

sterile liquid and injectables
Capabilities include handling of high potency & cytotoxic
compounds including ADCs
manufacturing
&
Focused on
injectables
development
Coldstream Laboratories, a U.S. based CDMO acquired in

January 2015 for ~USD 30 Millions
Pharma Solutions : Entry into Sterile Injectable Space
PAGE 50
Well Positioned to be a market leader - in Europe, NA and

selected Asia-Pacific markets
High Quality R&D Team - Core members of Bayers team joined

Piramal Imaging leadership team.
High Market Potential - Molecular Imaging potential market size

of $1-1.5bn between 2020-2025
Attractive Pipeline in Neurology, Oncology & Cardiovascular

Imaging
MAR 2016
AD is a growing world-wide clinical challenge: >20mn patients

today, costs to grow from $200 bn in 2013 to $1.2 tn by 2050
Our Unique Positioning
Approved by US FDA in March 2014, European Commission in February 2014 and MFDS (South Korea) in December 2014
Registered first sales during Q2 FY2015
Currently selling in European key markets and the US
Manufacturing & distribution agreements executed in EU and US
Licensing agreements signed with partners in South Korea, Australia, Canada & Ireland
The teams are focused on driving sales by educating dementia experts and supplying Pharma trials as well as creating health
economic evidence for payors in registry trials.
We are seeking for a strategic co-investor to fund the business through key inflection points
Reliably detects Beta-Amyloid plaques in the brain, which is the pathological hallmark of Alzheimers disease
Lead Compound - Florbetaben
Acquired molecular imaging research and development portfolio of Bayer in 2012

Commercial Operations in US & UK and R&D hub in Germany
Promising Field - Future of diagnostic imaging
Entry into Business
Imaging : Well positioned to be a market leader
Bhavna Sinyal
Email : bhavna.sinyal@piramal.com
Phone : +91 22 3046 6570
Hitesh Dhaddha
Email : hitesh.dhaddha@piramal.com
Phone : +91 22 3046 6444
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Overseas Investor Conference Presentation

Piramal Enterprises Limited

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

comparable to current period.

or circumstances after the date thereof.

results to differ materially from those suggested by the forward-looking statements.

expressions may constitute 'forward-looking statements'.

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

Entered Financial Services in

Aggressively grew pharma

Created one of largest Real Estate developer financing business of India

Entered pharma CDMO

Sold Domestic Formulations at $3.8 Bn (9x sales & 30x EBITDA)

Transformed from 48th to 4th largest pharma company in India

Outcome / Potential Outcome

Entered pharma business in

Unparalleled track record of developing large profitable

Vodafone deal Realized IRR @ 19%

Mr. Ajay Piramal now

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

Average yields on loan

Key capital allocations

Efficient capital allocation over years

Others include treasury income.

Movement in capital employed mix3 (%)

Significant shift in the capital employed to non-Healthcare

9M FY2016 Revenues : $0.8 bn

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

Movement in revenue mix (%)

Diversification of revenues towards high growth business

Alternative Asset Management

Created a strong business portfolio

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

% change - 9M FY2016 Vs. 9M FY2015 Revenues

% change - Q3 FY2016 Vs. Q3 FY2015 Revenues

Revenue growth across business segments

Used average exchange rate of Rs.60 per $ for conversion of numbers

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

Business-wise revenue trend

Consistent and strong revenue performance across all business

Used average exchange rate of Rs.60 per $ for conversion of numbers

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

OPBITDA (Rs. billion)

Operating profit and margin trend

.resulting in significant growth in operating profits..

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

Net Profit Margin

Net profit and margin trend

.and net profits

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

Healthcare grew in 19 out of last 20 quarters

Financial Services grew at >20% in 13 out of last 15 quarters

Positive growth across business segments in last 10 quarters

Consolidated revenues grew in 19 out of 20 quarters

Before acquisition of DRG

21% and above

Matrix showing YoY revenue growth over last 20 quarters

Consolidated revenues growth in last 20 quarters

PIRAMAL ENTERPRISES LIMITED OVERSEAS INVESTOR CONFERENCE PRESENTATION

DR. SWATI PIRAMAL

SENIOR MD & Co-CHAIRMAN,

FORMER MD & CEO,