Investors Presentation (Company Update)

GUJARAT FLUOROCHEMICALS LIMITED
QUARTERLY INVESTOR UPDATE

Q1 FY17
DISCLAIMER
This presentation and the following discussion may contain forward looking statements by Gujarat Fluorochemicals
Limited (GFL or the Company) that are not historical in nature. These forward looking statements, which may
include statements relating to future state of affairs, results of operations, financial condition, business prospects,
plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the
management of GFL about the business, industry and markets in which GFL operates.
These statements are not guarantees of future performance, and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond GFLs control and difficult to predict, that could cause
actual results, performance or achievements to differ materially from those in the forward looking statements.
Such statements are not, and should not be construed, as a representation as to future performance or achievements
of GFL. In particular, such statements should not be regarded as a projection of future performance of GFL. It should
be noted that the actual performance or achievements of GFL may vary significantly from such statements.
DISCUSSION SUMMARY
Q1 FY17 RESULTS HIGHLIGHTS
CONSOLIDATED RESULTS
CHEMICALS BUSINESS
WIND TURBINE MANUFACTURING BUSINESS

WIND FARMING BUSINESS
FILM EXHIBITION BUSINESS
SHAREHOLDING STRUCTURE
FINANCIAL SUMMARY
ANNEXURE

CONSOLIDATED RESULTS
Q1 FY17 YoY ANALYSIS
REVENUES*
EBITDA ** & EBITDA MARGIN
PAT & PAT MARGIN
21.1%
20.2%
6.1%
1,363.2
1,093.4
4.3%
275.4
230.8
82.6
47.5
20 %
Q1 FY16
16 %
Q1 FY17
Q1 FY16
EBIDTA
43 %
Q1 FY17
EBIDTA %
Q1 FY16
PAT
Q1 FY17
PAT %
Note: * Revenue from Operations, ** EBIDTA excluding Other Income
In Rs. Cr

CONSOLIDATED REVENUES BREAKUP
CONSOLIDATED REVENUES BUSINESS WISE BREAKUP
% Share
In Rs. Cr
Q1 FY16
Q1 FY17
Chemicals Business
25.9%
34.1%
Wind Turbine Manufacturing Business
47.2%
39.8%
Wind Farming Business
3.4%
5.6%
Film Exhibition Business
22.2%
30.8%
Other Subsidiaries / Intersegment
1.3%
-10.3%
1,363.2
1,093.4
302.5
45.8
643.9
11 %
34 %
336.9
61.5
435.0
32 %
352.7
18.3
Q1 FY16
6%
373.0
-113.0
Q1 FY17

CONSOLIDATED EBITDA BREAKUP
CONSOLIDATED EBITDA BUSINESS WISE BREAKUP
% Share
In Rs. Cr
Q1 FY16
Q1 FY17
Chemicals Business
28.5%
34.4%
34.0%
19.8%
14.0%
22.8%
23.4%
26.9%
Other Subsidiaries / Intersegment
0.1%
-3.9%
275.4
230.8
64.5
4%
62.1
38.5
37 %
52.6
93.7
78.3
51 %
2%
45.7
79.5
0.4
-9.1
Q1 FY16
Q1 FY17

CONSOLIDATED PAT BREAKUP
CONSOLIDATED PAT BUSINESS WISE BREAKUP
% Share
82.6
25.3
9%
-34.4
Q1 FY16
Q1 FY17
Chemicals Business
33.7%
70.0%
73.1%
24.8%
4.2%
6.7%
30.6%
52.6%
Other Subsidiaries / Intersegment /

Minority Interest
-41.6%
-54.1%
47.5
25.0
80 %
19 %
27.8
Q1 FY16
1%
3.5
60.4
In Rs. Cr
3.2
11.8
33.2
-25.7
Q1 FY17

CHEMICALS BUSINESS - STANDALONE RESULTS
REVENUES*
EBITDA ** & EBITDA MARGIN
373.0
352.7
22.2%
21.3%
78.3
79.5
6%
Q1 FY16
PAT & PAT MARGIN
33.2
27.8
19 %
2%
Q1 FY17
Q1 FY16
EBIDTA
8.9%
7.9%
Q1 FY17
EBIDTA %
Q1 FY16
PAT
Q1 FY17
PAT %
In Rs. Cr

Q1 FY17 YoY ANALYSIS - REVENUES BREAKUP
373.0
352.7
33.3
17 %
35 %
96.7
% Share
Q1 FY16
Q1 FY17
Caustic Soda
18.9%
21.8%
Chloromethanes
16.5%
14.8%
Refrigerant Gases
27.7%
20.9%
PTFE
27.4%
35.1%
Other Products
9.5%
7.4%
27.6
130.8
20 %
78.1
97.6
5%
55.3
58.2
22 %
66.8
81.3
Q1 FY16
Q1 FY17
In Rs. Cr

Q1 FY17 YoY ANALYSIS - SALES VOLUME BREAKUP (MT)
29,787
25,252
15,721
Q1 FY17 YoY ANALYSIS - PRICE TREND (RS PER MT)

27,289
26,447
42,048
13,846
35,152
18 %
Q1 FY16
14 %
Q1 FY17
Q1 FY16
Caustic Soda
3%
Q1 FY17
Q1 FY16
16 %
Q1 FY17
Q1 FY16
Caustic Soda
Chloromethanes
Q1 FY17
Chloromethanes
190,160
5,134
171,841
1,644
4,546
634,161
623,430
454,362
998
825
2%
10 %
23%
11 %
404,340
1,015
11 %
65 %
Q1 FY16
Q1 FY17
Refrigerant Gases
Q1 FY16
Q1 FY17
PTFE - Regular Grade

PTFE - Value Added Grade
Q1 FY16
Q1 FY17
Refrigerant Gases
Q1 FY16
Q1 FY17
PTFE - Regular Grade
PTFE - Value Added Grade
10

Q1 FY17 - KEY RAW MATERIALS PRICE TREND
1,290
19,901
16,692
974
24 %
Q1 FY16
16 %
Q1 FY17
Q1 FY16
Salt (Rs/MT)
Q1 FY17
Methanol (Rs/MT)
21,865
3,652
3,133
17,607
27 %
19 %
Q1 FY16
799
Q1 FY17
Fluorospar (Rs/MT)
Q1 FY16
Coal (Rs/MT)
14 %
580
Q1 FY17
Gas (Rs/MMBTU)
11

WIND TURBINE MANUFACTURING BUSINESS (INOX WIND LIMITED)
EBITDA AND EBITDA MARGIN
REVENUES*
643.9
PAT AND PAT MARGIN
9.4%
14.5%
10.5%
435.0
2.7%
93.7
60.4
45.7
32 %
51 %
80 %
11.8
Q1 FY16
Q1 FY17
Q1 FY16
EBIDTA
Q1 FY17
EBIDTA %
Q1 FY16
Q1 FY17
PAT
PAT %
In Rs. Cr
12

WIND FARMING BUSINESS (INOX RENEWABLES LIMITED)
REVENUES*
EBITDA** & EBITDA MARGIN

85.6%
84.1%
61.5
7.7%
5.2%
3.5
3.2
52.6
45.8
38.5
34 %
Q1 FY16
PAT & PAT MARGIN
37 %
Q1 FY17
Q1 FY16
EBIDTA
9%
Q1 FY17
EBIDTA %
Q1 FY16
Q1 FY17
PAT
PAT %
In Rs. Cr
13

FILM EXHIBITION BUSINESS (INOX LEISURE LIMITED)
REVENUES*
EBITDA ** and EBITDA MARGIN
336.9
PAT and PAT MARGIN
21.3%
18.4%
302.5
64.5
8.4%
7.4%
62.1
25.3
11 %
Q1 FY16
4%
Q1 FY17
Q1 FY16
EBIDTA
25.0
1%
Q1 FY17
EBIDTA %
Q1 FY16
PAT
Q1 FY17
PAT %
In Rs. Cr
14
SHAREHOLDING STRUCTURE
Share Price Performance
Market Data
800
Market capitalization (Rs Cr)
As on 07.09.16 (BSE)
6,448.2
600
400
200
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Price (Rs.)
587.0
No. of shares outstanding (Cr)
10.99
Face Value (Rs.)

52 week High-Low (Rs.)
% Shareholding June 2016
Key Institutional Investors June 2016
Public /
Others, 27.66
FII, 4.01
DII, 5.30
Source: BSE
Promoter &
Promoter
Group, 68.33
1.0
704.7 401.1
% Holding
Reliance Capital
1.80%
Reliance Life Insurance
1.35%
Fidelity Investments
1.13%
UTI MF
1.06%
Birla Sunlife MF
0.76%
AADI Financial Advisors
0.62%
Source: Company
15
FINANCIAL SUMMARY LAST 5 YEARS

STANDALONE FINANCIALS CHEMICALS BUSINESS
Figures are as per IGAAP
REVENUES *
1,193
1,154
1,141
EBITDA & EBITDA MARGIN
1,321
1,338
26.2%
17.4%
17.0%
200
194
312
FY12
FY13
FY14
FY15
FY16
FY12
* Revenues excludes significant CER Income

during FY12 and FY13.
55%
6%
17%
16%
FY12
Caustic Soda
PTFE
6%
8%
34%
39%
38%
32%
10%
16%
11%
19%
15%
19%
21%
19%
2,142
25%
25%
19%
22%
FY13
FY14
FY15
FY16
14%
7%
Chloromethanes
Others
FY14
21.4%
22.1%
282
295
FY15
FY16
EBITDA Margin %
2.0%
Refrigerants
0.3
0.3
0.3
0.1
5.2%
0.7%
6.0%
7.8%
80
104
236
FY12
LEVERAGE ANALYSIS
REVENUES BREAKUP
5%
FY13
EBITDA
PAT & PAT MARGIN
60
74
FY13
PAT
FY14
FY15
FY16
PAT Margin %
RETURN METRICS
0.2
11.0%
8.8%
4.7%
2,495
2,525
2,856
2,913
640
847
696
371
456
FY12
FY13
FY14
FY15
FY16
Net Debt
Equity
Net Debt to Equity
3.3% 2.4%2.8% 2.9%
FY12
FY13
ROCE %
FY14
4.3%
3.6%
3.0%
FY15
FY16
ROE %
ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt)
Note: FY15 standalone PAT is adjusted to exclude Rs 302.7 cr gain from the Offer for Sale (sale of 1 cr Inox Wind Limited shares) by GFL as a part of Inox Wind Limited IPO.
In Rs. Cr
16
FINANCIAL SUMMARY LAST 5 YEARS

CONSOLIDATED FINANCIALS
In Rs. Cr
REVENUES *
EBITDA & EBITDA MARGIN
CAGR: 26.2%
43.4%
7,199
27.6%
32.1%
17.3%
19.4%
2,830
FY12
3,166
3,452
5.4%
780
1,303
1,035
1,017
17.2%
18.1%
5,341
1,228
PAT & PAT MARGIN
FY14
FY15
FY16
FY12
FY13
EBITDA
FY14
186
0.7
0.5
0.3
3,159
3,297
4,235
2,075
2,250
1,448
FY13
Net Debt
FY14
Equity
2,718
1,251
FY12
0.7
FY12
FY15
FY16
EBITDA Margin %
LEVERAGE ANALYSIS
5.5%
317
394
FY15
FY16
543
598
FY13
5.9%
FY13
PAT
FY14
PAT Margin %
RETURN METRICS
0.5
33.7%
31.1%
18.5%
17.7%
4,496
12.1%
7.3% 5.8%
8.4% 13.6%9.0%
2,442
FY15
FY16
Net Debt to Equity
FY12
FY13
FY14
ROCE %
Note: FY15 consolidated PAT is adjusted to exclude Rs 268.6 cr gain from the Offer for Sale (sale of 1 cr Inox Wind Limited shares) by
GFL as a part of Inox Wind Limited IPO.
FY15
FY16
ROE %
ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital
Employed = Equity + Total Debt)
17
ANNEXURE
18
DETAILED FINANCIALS
STANDALONE P&L STATEMENT
Particulars (In Rs Cr)
Total Income from Operations
Cost of Material Consumed
Purchases of stock-in-trade
Changes in inventories of finished goods, work-inprogress and stock-in-trade
Employee benefit expense
Power and fuel
Foreign Exchange Fluctuation (Gain)/Loss (net)
Other Expenses
EBITDA
EBITDA Margin %
Depreciation and amortization expense
Other Income
Q1 FY16
IGAAP
352.7
87.6
0.7
Difference
(IND-AS Vs IGAAP)
-
Q1 FY16
IND-AS
352.7
87.6
0.7
Q1 FY17
IND-AS
YoY %
373.0
93.9
2.6
5.8%
7.3%
-
29.0
29.0
9.5
26.7
76.9
-3.0
56.7
78.2
22.2%
34.4
9.2
-0.08
0.08
0.73
26.7
76.9
-3.1
56.7
78.3
22.2%
34.4
10.0
30.2
88.0
-1.4
70.8
79.5
21.3%
36.8
13.8
13.2%
14.5%
24.8%
1.5%
-90bps
7.2%
37.9%
Finance Cost
13.4
-0.59
12.8
8.1
-37.0%
Exceptional items
PBT
0.0
39.7
1.40
0.0
41.1
0.0
48.3
17.5%
Tax Expense
12.6
0.68
13.3
15.2
14.1%
PAT
PAT Margin %
Earnings Per Share (EPS)
27.1
7.7%
2.47
0.72
0.25
27.8
7.9%
2.72
33.2
8.9%
3.05
19.1%
100bps
12.1%
Remarks
Fair value changes of Investments

which under the previous GAAP
were accounted at Cost
Impact of deferred tax due to

above changes
19
DETAILED FINANCIALS
STANDALONE BALANCE SHEET
Particulars (Rs Cr)
FY16
FY15
Share Holders Funds:
Particulars (Rs Cr)
FY16
FY15
2,073.8
2,103.1
Non-current investments
570.6
420.5
Long-term loans and advances
402.5
377.7
Other non-current assets
0.0
0.0
Total non-current assets
3,046.9
2,901.2
11.4
12.7
Inventories
321.0
367.1
Trade receivables
375.7
385.4
Cash and bank balances
22.0
346.4
Short-term loans and advances
83.3
53.8
Other Current Assets
5.7
3.2
Total Current Assets
819.2
1,168.6
3,866.1
4,069.8
Non-current assets:
10.9
10.9
Reserves and Surplus
2,901.6
2,844.6
Total of Shareholder funds
2,912.6
2,855.6
Long term Borrowings
221.3
238.0
Deferred tax liabilities (Net)
296.2
265.5
Other Long Term Liabilities
0.0
1.9
Current assets:
11.4
9.1
Current Investments
528.9
514.5
207.3
418.3
79.5
70.5
131.6
159.1
6.2
51.7
424.6
699.7
3,866.1
4,069.8
Equity share capital
Non-current liabilities:
Long Term Provisions

Total of Non-current liabilities
Current liabilities:
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
Total of Current liabilities
Total Equity & Liabilities
Fixed Assets
Total Assets
20
DETAILED FINANCIALS
CONSOLIDATED P&L STATEMENT
Particulars (In Rs Cr)
Total Income from Operations
Cost of Material Consumed
Purchases of stock-in-trade
Changes in inventories of finished goods, work-in-progress and stock-in-trade
Employee benefit expense
Power and fuel
Erection, Procurement & Commissioning Cost
Film Exhibition Cost
Foreign Exchange Fluctuation (Gain)/Loss (net)
Other Expenses
Expenditure Capitalised
EBITDA
EBITDA Margin %
Depreciation and amortization expense
Other Income
Finance Cost
Exceptional items
PBT
Tax Expense
PAT
Share of profit of associate
Share of Minority in (profit)/loss
PAT after minority interest and share of profit of associate
PAT Margin %
Earnings Per Share (EPS)
Q1 FY17
1,093.4
409.9
2.6
-30.8
83.3
114.2
38.5
95.4
-3.5
247.8
-94.7
230.8
21.1%
86.1
26.6
68.3
0.0
103.1
37.0
66.0
-1.9
-16.6
47.5
4.3%
4.30
Q1 FY16
1,363.2
512.3
0.7
31.8
65.9
99.3
76.4
85.2
6.4
209.9
0.0
275.4
20.2%
76.4
26.1
52.4
0.0
172.8
53.8
119.0
-1.5
-34.8
82.6
6.1%
7.83
YoY %
-19.8%
-20.0%
26.3%
15.0%
-49.6%
11.9%
155.6%
18.0%
-16.2%
90bps
12.6%
1.9%
30.4%
-40.3%
-31.1%
-44.5%
52.4%
-42.5%
-171bps
-45.1%
21
DETAILED FINANCIALS
CONSOLIDATED BALANCE SHEET
Particulars (Rs Cr)
March-16
March-15
Share Holders Funds:
Particulars (Rs Cr)
March-16
March-15
4,937.1
4,469.0
Non-current assets:
10.9
10.9
Reserves and Surplus
4,485.4
4,224.3
Goodwill on Consolidation
16.1
165.1
Total of Shareholder funds
4,496.4
4,235.3
Non-current investments
286.9
136.5
973.6
849.3
Deferred Tax Assets (Net)
34.7
22.4
630.7
540.9
1,062.5
1,136.8
Other non-current assets
26.5
8.6
Deferred tax liabilities (Net)
348.1
315.2
Other Long Term Liabilities
35.5
34.9
Total non-current assets
5,931.9
5,342.6
Long Term Provisions
24.4
17.9
1,470.5
1,504.9
92.2
22.7
922.3
870.4
2,900.3
1,863.5
Equity share capital
Minority Interest
Non-current liabilities:
Long term Borrowings
Total of Non-current liabilities
Fixed Assets
Long-term loans and advances
Current assets:
Current Investments
Inventories
Current liabilities:
Trade receivables
Short-term borrowings
1,753.8
1,220.2
Trade payables
1,348.9
864.5
Cash and bank balances
564.8
1,117.3
Other current liabilities
567.4
590.8
Short-term loans and advances
217.4
153.3
Short-term provisions
67.5
121.1
Other Current Assets
49.1
16.1
Total of Current liabilities
3,737.5
2,796.5
Total Current Assets
4,746.0
4,043.2
Total Equity & Liabilities
10,677.9
9,385.9
Total Assets
10,677.9
9,385.9
22
GROUP OVERVIEW
STRONG PEDIGREE
Strong legacy of more than 80 years.

Diversified businesses across industrial gases, engineering plastics, refrigerants, chemicals, cryogenic engineering, renewable energy and entertainment sectors.
More than 8,000 employees at more than 100 business units across India.
Distribution network spread across more than 50 countries around the world.
Listed Companies
Gujarat Fluorochemicals
Limited
Largest producer of
chloromethanes, refrigerants
and Polytetrafluoroethylene
in India
Pioneer of carbon credits in
India
Other Key Companies
Inox Leisure
Limited
Inox Air Products Private

Limited
Inox India Private

Limited
Inox Renewables
Limited
Fully integrated player in the

wind energy market
Second largest multiplex chain

in India
50:50 joint venture with Air

Products Inc., USA
State-of-the-art manufacturing
plants near Ahmedabad
(Gujarat) and at Una (Himachal
Pradesh) and new facility in
Madhya Pradesh. Madhya
Pradesh facility one of the
largest in Asia
In the business of setting up,

operating and managing a
national chain of multiplexes
under the brand name INOX
Largest producer of
industrial gases in India
Largest producer of
cryogenic liquid storage and
transport tanks in India
Engaged in the business of

setting up and operating of
wind farms
Offers comprehensive
solutions in cryogenic
storage, vaporization and
distribution engineering
Existing operating capacity of

~ 260 MW in states of
Rajasthan, Maharashtra,
Tamil Nadu and Madhya
Pradesh
Inox Wind Limited
Ability to provide end-to-end

turnkey solutions for wind
farms
Present in 57 cities with 108

multiplexes and 425 screens
40 plants spread throughout

the country
Has operations in India, USA,

Canada, The Netherlands
and Brazil
STRONG SPONSORSHIP OF INOX GROUP - RECOGNIZED AND TRUSTED CORPORATE GROUP
23
FOR FURTHER QUERIES:
THANK YOU
Deepak Asher
Director and Group Head (Corporate Finance)
Email : deepakasher@gfl.co.in
Mr. Dheeraj Sood
Head IR- Inox Group
Contact No: 0120 6149881
Email : dheeraj.sood@inoxwind.com
Nilesh Dalvi / Kapil Jagasia

Dickenson Seagull IR
Contact No : +91 9819289131 / 9819033209
Email : nilesh.dalvi@dickensonir.com
Kapil.jagasia@dickensonir.com
24

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GUJARAT FLUOROCHEMICALS LIMITED

QUARTERLY INVESTOR UPDATE

WIND TURBINE MANUFACTURING BUSINESS

Q1 FY17 RESULTS HIGHLIGHTS

EBITDA ** & EBITDA MARGIN

PAT & PAT MARGIN

Note: * Revenue from Operations, ** EBIDTA excluding Other Income

Q1 FY17 RESULTS HIGHLIGHTS

Wind Turbine Manufacturing Business

Wind Farming Business

Film Exhibition Business

Other Subsidiaries / Intersegment

Q1 FY17 RESULTS HIGHLIGHTS

Wind Turbine Manufacturing Business

Wind Farming Business

Film Exhibition Business

Other Subsidiaries / Intersegment

Q1 FY17 RESULTS HIGHLIGHTS

Wind Turbine Manufacturing Business

Wind Farming Business

Film Exhibition Business

Other Subsidiaries / Intersegment /

Q1 FY17 RESULTS HIGHLIGHTS

EBITDA ** & EBITDA MARGIN

PAT & PAT MARGIN

Note: * Revenue from Operations, ** EBIDTA excluding Other Income

Q1 FY17 RESULTS HIGHLIGHTS

Q1 FY17 RESULTS HIGHLIGHTS

Q1 FY17 YoY ANALYSIS - PRICE TREND (RS PER MT)

PTFE - Regular Grade

Q1 FY17 RESULTS HIGHLIGHTS

Q1 FY17 RESULTS HIGHLIGHTS

PAT AND PAT MARGIN

Note: * Revenue from Operations, ** EBIDTA excluding Other Income

Q1 FY17 RESULTS HIGHLIGHTS

EBITDA** & EBITDA MARGIN

PAT & PAT MARGIN

Note: * Revenue from Operations, ** EBIDTA excluding Other Income

Q1 FY17 RESULTS HIGHLIGHTS

EBITDA ** and EBITDA MARGIN

PAT and PAT MARGIN

Note: * Revenue from Operations, ** EBIDTA excluding Other Income

Market capitalization (Rs Cr)

No. of shares outstanding (Cr)

Face Value (Rs.)

% Shareholding June 2016

Key Institutional Investors June 2016

Reliance Life Insurance

AADI Financial Advisors

FINANCIAL SUMMARY LAST 5 YEARS

EBITDA & EBITDA MARGIN

* Revenues excludes significant CER Income

PAT & PAT MARGIN

Net Debt to Equity

3.3% 2.4%2.8% 2.9%

FINANCIAL SUMMARY LAST 5 YEARS

EBITDA & EBITDA MARGIN

PAT & PAT MARGIN

Fair value changes of Investments

Impact of deferred tax due to

Share Holders Funds:

Particulars (Rs Cr)

Long-term loans and advances