Piramal Enterprises Limited Investor Presentation Mar 2016 20160330102053

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

businesses
What we did?
Entered pharma business in

1988
Outcome / Potential Outcome
Transformed from 48th to 4th largest pharma company in India

Sold Domestic Formulations at $3.8 Bn (9x sales & 30x EBITDA)
Entered Inhalation
Anaesthesia business in 2002
M&As till 2009 & organic initiatives later - Now worlds 3rd largest business.
Presence in around 120 countries
Revenues grew at 18% CAGR over last 5 years
Entered pharma CDMO

business in 2003
Now amongst top integrated global CDMOs offering both APIs & Forms
10 facilities located in NA, Europe & Asia All key ones are FDA approved
Aggressively grew pharma

OTC business since 2007
From 40th largest in 2007, business grown to become 7th largest currently.
Most brands among top two in their respective market
Entered Financial Services in

2011
MAR 2016
Created one of largest Real Estate developer financing business of India

Deployed over Rs.19,700 Crores in >160 transactions across debt & equity
APG and CPPIB chose us for partnership
Entered retail financing through stakes in Shriram Group of Companies
PAGE 2
Efficient capital allocation over years
Rs.15,000 Crores realized (net of taxes) from Abbott on sale of our Domestic Formulations business
+
Free cash flow realized from our operations over last few years
Key capital allocations

Invested Rs.11,070
Crores (on B/S) &
Rs.8,638 Crores (off
B/S) in FS
Average yields on loan

- 17%
RoE in FS business
25%+
Vodafone deal Realized IRR @ 19%

p.a
~Rs.4,583 Crores
invested in Shriram
Group
MAR 2016
Mr. Ajay Piramal now

Chairman of Shriram
Capital (Holdco)
Contributing to
Shrirams long term
growth strategy
~Rs.4,000 Crores
invested in
Information
Management
~Rs.3,000 Crores
invested in
Healthcare
5 Year Revenue
CAGR - ~17%
Selective acquisitions
in OTC and Pharma
Solutions
Discontinued NCE
research
Exited non-strategic
businesses
Business, geographic,
currency diversification
Strong profitability
margins
Rs.4,564 Crores of
capital returned to
shareholders
Capital returned to
shareholders through:
Buyback
Annual dividends
Special dividend
PAGE 3
Created a strong business portfolio

Piramal Enterprises
9M FY2016 Revenues : Rs.4,876 Crores
Healthcare
Financial Services
Information Management
Revenues : 54%
Revenues : 27%
Revenues : 19%
Pharma Solutions
Wholesale Lending
Critical Care
Alternative Asset Management
Consumer Products
Investments in Shriram
Diversification of revenues towards high growth business

segments
DRG
Significant shift in the capital employed to non-Healthcare

sectors as well
Movement in revenue mix (%)

Movement in capital employed mix3 (%)
Others - 20%
IM - 20%
IM -18%
FY2015
20%
56%
24%
FS -11%
FS - 18%
HC - 80%
HC - 71%
HC - 62%
FY2010
FY20112
Rs.2,009 Cr
FY2013
Rs.3,544 Cr
FY2015
Rs.5,123 Cr
Note:
1. Healthcare revenues include revenues from other businesses contributing 1% of the total revenues
for FY2015
MAR 2016
100%
HC
2.
3.
FS
IM
Others include treasury income.

As per books. Excludes unallocated portion of capital employed to various business segments
PAGE 4
Revenue growth across business segments

% change - Q3 FY2016 Vs. Q3 FY2015 Revenues
Total Revenue
+33%
Healthcare
+17%
Financial Services
+131%
+13%
% change - 9M FY2016 Vs. 9M FY2015 Revenues

Total Revenue
Healthcare
+27%
+14%
Financial Services
+94%
+15%
Strong growth in revenues driven by improved operating performance across business segments
Note: Healthcare revenues does not include revenues from others businesses
MAR 2016
PAGE 5
MAR 2016
219
Q3FY15
Q3FY16
202
508
784
750
915
265
618
837
377
318
994
427
1,400
1,544
1,474
1,286
275
1,243
1,131
223
221
863
248
1,182
1,859
4,876
Business-wise revenue trend
Q3FY14
608
522
777
714
173
850
225
965
949
3,825
Q3FY13 108
Q3 FY12 77
429
236
Q2FY15
Q2FY16
179
Q2FY14
591
535
724
186
2,603
825
3,381
Healthcare
Q2FY13 84
454
369
218
Q2FY12 51
Q1FY16
Q1FY15
606
58 747
512
2,285
725
2,606
Financial Services
Q1FY14 165
608
437
Q1FY12 71
Q1FY13 74
1,305
674
9MFY15
495
1,664
2,070
1,807
1,413
9MFY16
546
9MFY14
9MFY13 264
9MFY12 205
Consistent and strong revenue performance across all business

segments....
In Rs. Crores
Others
Note: All historical numbers used in our analysis are the numbers as reported in those respective periods.
PAGE 6
.resulting in significant growth in operating profits..

Operating profit and margin trend
OPBITDA (Rs. Crores)
OPBITDA Margin
29%
34%
33%
23%
18%
20%
21%
17%
17%
14%
13%
152
212
502
37
207
276
321
628
Q2FY15
Q2FY16
Q3 FY12
Q3FY13
Q3FY14
Q3FY15
Q3FY16
300
Q1FY16
6%
Q2FY14
156
Q1FY15
74
141
Q1FY14
Q2FY12 27
79
Q1FY13
5%
Q2FY13
9%
15% 11%
78
692
9MFY15
13%
Q1FY12
568
9MFY14
1,405
360
9MFY13
9MFY16
321
15%
9MFY12
19%
21%
Note: All historical numbers used in our analysis are the numbers as reported in those respective periods.
MAR 2016
PAGE 7
.and net profits

Net profit and margin trend
Net profit excluding exceptional items (Rs. Crores)
Net Profit Margin

18%
16%
17%
16%
14%
8%
17%
224
337
Q3FY15
Q3FY16
64
2%
(14)
(14)
(48)
(92)
6%
11
41
3%
52
205
55
(140)
35
89
797
320
(197)
(22)
154
(1%)
1%
10%
255
5%
9%
(1%)
(4%)
(11%)
(6%)
Note:
1. All historical numbers used in our analysis are the numbers as reported in those respective periods.
MAR 2016
2.
Q3FY14
Q3FY13
Q3 FY12
Q2FY16
Q2FY15
Q2FY14
Q2FY13
Q2FY12
Q1FY16
Q1FY15
Q1FY14
Q1FY13
Q1FY12
9MFY16
9MFY15
9MFY14
9MFY13
9MFY12
(15%)
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.
PAGE 8
Consolidated revenues growth in last 20 quarters

Matrix showing YoY revenue growth over last 20 quarters
Businesses
FY11
Q4
Q1
Q2
Q3
FY14
FY13
FY12
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
FY16
FY15
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Healthcare
Fin. Services
Information Mgt
Before acquisition of DRG
Total Revenues
21% and above
11%-20%
1%-10%
0%
Below 0%
* Investment income from treasury operations for various periods has been clubbed under Financial Services to make numbers more comparable
Consolidated revenues grew in 19 out of 20 quarters
Positive growth across business segments in last 10 quarters

In FY16, overall growth has been higher than 20% in all three quarters
Financial Services grew at >20% in 13 out of last 15 quarters
Healthcare grew in 19 out of last 20 quarters
Information Management grew in all 11 quarters since acquisition despite economic volatility in West
MAR 2016
PAGE 9
High standards of corporate governance

CHAIRMAN
AJAY PIRAMAL
CHAIRMAN
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
DR. RAGHUNATH MASHELKAR
FORMER PRESIDENT & CEO

TRANSUNION
EMINENT SCIENTIST
FORMER DIRECTOR - IISc
AWARDED PADMA SHRI
EMINENT SCIENTIST
FORMER DG, CSIR
AWARDED PADMA VIBHUSHAN
DEEPAK M SATWALEKAR
KEKI DADISETH
S RAMADORAI
FORMER MD & CEO,

HDFC STANDARD LIFE
FORMER CHAIRMAN,
HINDUSTAN UNILEVER LTD
FORMER VICE-CHAIRMAN,
TCS
INDEPENDENT
PROF. GOVERDHAN MEHTA
SIDDHARTH (BOBBY) MEHTA
GAUTAM BANERJEE
N VAGHUL
DR. SWATI PIRAMAL
NANDINI PIRAMAL
VIJAY SHAH
VICE-CHAIRPERSON
EMINENT SCIENTIST
AWARDED PADMA SHRI
EXECUTIVE DIRECTOR,
LEADS OTC, HR, ETC.
MBA, STANFORD
EXECUTIVE DIRECTOR,
25+ YEARS WITH GROUP
TURNAROUND BUSINESSES
FORMER CHAIRMAN,
ICICI BANK
EXECUTIVE
MAR 2016
SENIOR MD & Co-CHAIRMAN,

ASIA OPERATING COMMITTEE,
BLACKSTONE, SiNGAPORE
PAGE 10
Robust Governance mechanism

Board and Board-Sub Committees with majority Independent Directors
Business Boards / Investment Committees : Operating our business segments as three virtual companies
HEALTHCARE
Pharma Operations Board
INFORMATION MANAGEMENT
FINANCIAL SERVICES
Executive Directors
External Expert
Key Business CEOs
Management Members
Investment Committee for

Real Estate Lending
Executive Director
Independent Director
External Experts
Business CEO
Management Members
Investment & Advisory

Committees for Special
Situation transactions
Investment Committee for

RE Asset Management
Executive Director
External Experts
Business CEO
Executive Directors
Independent Directors
External Expert
Business Heads
Management Members
Board
Independent Director
External Expert
Business CEO
Management Members
Independent Directors and External Experts who are members of Business Boards/ Investment Committees
Niraj
Bhukhanwala
Worked with Mckinsey and Intel

MBA from INSEAD, France
Ashish Dalal
Partner with PWC

Practicing in M&A
Shitin Desai
Ex. Vice Chairman of DSP Merrill Lynch

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

Worked for 26 years in Bank of America
Rajesh Khanna
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
Suhail Nathani
MAR 2016
Deepak M.
Satwalekar
Former MD & CEO, HDFC Standard Life

Has been consultant to the World Bank and ADB
Bharat D. Shah
Chairman, HDFC Securities

Advisor HDFC Bank
Solicitor and senior partner at M/s Crawford Bayley &

Co
Tara
Subramaniam
Director - Sun Group

Past experience in HDFC Limited.
N. Vaghul
Former Chairman, ICICI Bank
Shikhar Ghosh
Professor of Entrepreneurial Management at HBS

Founder and CEO/Chairman of eight companies
R A Shah
PAGE 11
Strong partnerships
Organizations
Nature of Partnership
Alliance Partner
Infrastructure Financing
Total AUM - 405 Bn
PIRAMAL ENTERPRISES
Alliance Partner
Real Estate Financing
Total AUM - C$283 Bn
PEL invested in
Shriram Group
Total AUM Rs.900+ Bn
Netherlands largest asset manager

Strategic alliance to deploy upto US$ 1 bn in infrastructure mezzanine investments in India
Among top 10 global sovereign pension funds
Strategic alliance to deploy upto US$ 500 mn of debt financing to residential projects in India
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.)
JV Partner
Market Cap - $112 Bn
Allergan India a 51:49 joint venture between Allergan Inc and PEL
Commenced commercial operations in 1996. India leader in ophthalmology
PEL had invested

in Vodafone India
Market Cap - $81 Bn
Among top 2 mobile operators in the world

PEL bought 11% stake in Vodafone India. Monetized by realizing 52% over amount invested
Acquirer Domestic
Formulations Business
Total Assets - $41 Bn
Financial Partner
Total AUM >US$ 343 Bn
Strategic Partner
Total AUM US$ 45 Bn
MAR 2016
Key highlights
Among top 50 global pharma companies

PEL sold its Pharma DF business to Abbott for $3.8 Bn, at 9x sales and 30x EBITDA
One of the worlds largest global investors, wholly owned by the Government of Singapore
Among top investors in Nicholas laboratories in early 90s
A leading US based global private equity firm
Exited from Decision Resources Group in 2012 for ~US$ 635 mn
PAGE 12
Creating and delivering significant value for our shareholders

Shareholder value creation in less than 3 decades
(In Rs. Crores)
Capital returned through buyback
Dividend Paid
A. Before sale of our Domestic Formulations business to Abbott
Incremental Market Cap

B. Sale period
Annualized return of PEL vs Nifty

Particulars
UOM
CY11
CY12
CY13
CY14
CY15
PEL Share price as

on 31 Dec
INR/share
378
1,004
Dividend paid
INR/share
18
18
53
20
Net cash flow
INR/share
378
18
18
53
1024
Annualized Return
(IRR)
C. Post Sale
A+B+C
10,517
22,620
2012-2015
As on Date
32%
7,396
Particulars
UOM
CY11
Nifty as on 31 Dec
INR/share
4,624
Annualized
Return (IRR)
Capital Raised
CY12 CY13 CY14
CY15
7,946
14%
3,736
7
1988
26
257
1989-1992
1993-1997
680
1998-2003
Note:
1. Company raised merely Rs.477 Crores during the entire period (includes initial capital
invested in the company in 1988)
MAR 2016
2004-2009
2.
3.
2010-2011
All numbers till 1992 represents book value

Analysis carried out based on market information till 31 Dec 2015
PAGE 13
PEL among top performing companies of India on key

parameters
PEL positioning among BSE 200 companies on revenue, profitability and valuation parameters
BSE-200
3Yr Revenue CAGR
3Yr Net Profit CAGR
Price / Earnings
Price / Book
Top 50
companies
Quartile
1
51-100
companies
Quartile
2
101-150
companies
Quartile
3
151-200
companies
Quartile
4
Source: Bloomberg, Company Financials
MAR 2016
PAGE 14
Financial Services
Financial Services : Diversified exposure across segments
Financial Services
Complete suite of products to meet diverse customers needs
Wholesale
Lending
Alternative
Assets under Management
Financing for :
Real estate
Special situations
Third party funds invested in

Real Estate
Special Situations
Loan book
Rs.11,070 Crores
AUM
Rs.8,638 crore
Strategic stakes in Shriram

Group
Retail financing
Used CV financing
MSME financing
Gold & home loan
Personal loan
Life and general insurance
Broking
Invested
Rs.4,583 crore
20% stake in Shriram Capital
10% stake in STFC
10% stake in SCUF
Among top deployers of

capital in India
Market leaders in
Used CV, MSME
Financing
Strong portfolio with a total investments, loans and assets under management of Rs.24,291 Crores
MAR 2016
PAGE 16
Financial Services : Built a robust and scalable financial

services platform
Built a solid financial services portfolio1
(in Rs. Crores)
24,291
Investment in Shriram
Loan Book
Asset Management
4,583
Strong trend of cumulative exits / repayments1, 2

(in Rs. Crores)
6,045
Loan Book
Asset Management
4,299
17,790
2,150
4,583
830
1,027
FY12
FY13
223
11,070
FY11
12,066
1,636
4,766
6,273
4,207
3800
2,016
350
3,857
7,569
FY15
9M FY16
Rapidly growing income from FS business

(in Rs. Crores)
2,861
3,800
FY14
8,638
8,441
Interest Income
Dividend Income - Shriram
Associate Income - Shriram
Investment Income
Total
726
1,432
1,096
786
4,257
372
FY11
FY12
FY13
FY14
FY15
9M FY16
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
MAR 2016
82
FY12
FY13
FY14
FY15
9M FY15
9M FY16
PAGE 17
Wholesale Lending : Growing exponentially, robust asset quality

Total Loan Book of Rs.11,070 Crores as on 31 Dec 2015
vs. Rs.3,933 Crores, as on 31 Dec 2014
Trend showing significant scaling up of loan book1

(In Rs. Crores)
Significant growth due to our entry into construction

finance few quarters earlier
11,070
Robust asset quality with negligible NPAs

Gross NPAs at 1%; provided for more than required
Of the total 132%

increase over FY15
loan book, 80% is
driven by
construction finance
Real Estate Lending:
>70% portfolio with grade A
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
4,766
2,861
2,016
Special Situation :
Healthy security and cash cover of 1.5x - 2x
Minimum construction/execution risk
Strategic alliance with APG for investments in infra
0
FY11
350
FY12
FY13
FY14
FY15
9MFY16
Note:
1. Excludes our investment in Vodafone India, which was exited during FY2015 and includes special
situation investments
MAR 2016
PAGE 18
Strong balance sheet gives huge potential to grow our

Financial Services segment
PEL performance against key ratio matrices
Maintaining strong balance sheet in challenging

economic scenario.
Particulars
B/S headroom - key competitive advantage
Still significant potential to grow business by

increasing leverage
Ratios
PEL overall Debt / Equity
1.1x
Average Yield on Loans
~17%
Credit rating
AA (ICRA)
Cost of Capital
ROE expected to further improve with increase in

scale of business, optimum leverage levels, more
trusted partnerships and down-selling opportunities.
9-10%
Gross NPA Performance
1%
RoE on Loan Book
25%+
Comparison of PEL with other large NBFCs on key parameters
PEL overall Net Debt / Equity trend

(Rs. Crores)
Loan Book
Gross NPA
ratio1
RoE
HDFC (Consolidated)
0.7%
19%
Bajaj Finance
1.3%
21%
Indiabulls Housing Fin.
0.8%
27%
LIC Housing Finance
0.6%
19%
Top NBFCs
(x)
Net Debt/Equity
12,000
3.0
10,000
2.5
8,000
2.0
Mahindra Finance
10.1%
7%
6,000
1.5
Cholamandalam Fin
3.3%
15%
1.0
L&T Finance Holdings
2.9%
11%
4,000
2,000
0.8
0.8 0.9
1.0
1.1
0.6
0.3
0.3
0.4
0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
FY14 FY14 FY15 FY15 FY15 FY15 FY16 FY16 FY16
MAR 2016
Dewan Housing Fin
0.8%
19%
0.5
Median
0.7%
19%
0.0
Piramal Enterprises
~1%
25%+
1.
2.
All numbers are as on 31 Dec 16/ for 9M FY2016

PEL ratios are for its lending business
PAGE 19
Alternative Asset Management

Total gross Assets under Management grew to Rs.8,638
Crores
Growing Alternative Asset Management business

(Rs. Crores)
450
Real Estate :
8,638
902
Real Estate gross AUM of Rs.8,188 Crores
Invested in 61 projects in 7 cities with 24 top developers
Exited more than 92% of corpus in vintage funds
7,286
Expecting to reach 100% in next few months
Strong sponsor commitment of 7.5%
Special Situations :
Rs.450 Crores funded under alliance with APG
MAR 2016
PEL earns Management Fees and Carry
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)
PAGE 20
Partnership with Shriram Strategic in nature

Acquired ~10%
Acquired 20%
Acquired ~10%
Ajay Piramal
stake in STFC.
stake in SCL.
stake in SCUF.
appointed as
Invested
Invested
Invested
Chairman of
Rs.1,636 Cr
Rs.2,146 Cr
Rs.801 Cr
Shriram Capital
May, 2013
April, 2014
June, 2014
November 2014
US$ 16 bn
Assets under management in financial services
US$ 4.5 bn
Market capitalization of listed entities1
3,000+
Number of branches
76,000+
Manpower strength
12 mn
Customers
#1
Industry rank in used CV and MSME financing
Note:
1. Includes Shriram Transport Finance and Shriram City Union Finance
MAR 2016
Mr. R. Thyagarajan, Founder of Shriram

Group on Piramals investment deal
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.
Source: Livemint, 17 April, 2014
PAGE 21
Financial Services Strategy : On track to create one of the

largest well-diversified Financial Services businesses of India
Effective measures taken to maintain robust asset
quality
Potential to grow through optimizing leverage level

Real Estate financing to grow construction finance
ALM framework in place
Special Situations to also look into non-infra sectors
Automatization of systems and processes

Strengthening teams to handle potential scale
Continue the
growth
momentum
Enter
more
partnerships
Partnerships like CPPIB & APG reflects robustness
of business model
Develop
strong system
and maintain
robust asset
quality
Contribute in
taking
Shriram to
next level
Multiple partners in Real Estate AUM business

Partnerships to generate more fee income
Consistently monitor & react to early-warning signals
Mr. Piramal now Chairman of Shriram Capital

Focused on developing long term strategy
Hired external consultant to assist in developing
strategy
To explore down-selling opportunities to improve

ROEs
Inorganic opportunities could also become the key drivers of growth in future
MAR 2016
PAGE 22
Healthcare
Pharma Solutions: Our unique positioning

Coldstream Laboratories, Kentucky
Address customers needs across drug lifecycle
Amongst top integrated CDMOs offering both APIs &Forms

10 sites in NA, Europe and India. All key sites approved by FDA.
Along with various customers, serving 5 of top 7 global pharma cos.
Rated1 among best global CDMO in quality, reliability & regulatory
2 years in a row
Business head globally awarded as CEO of the year in 2015
Strong revenue performance

(in Rs. Crores)
5 years CAGR @ 16%
(Global CDMO market
growing @ 9%)
1,786
Acquisition, Debottlenecking and Capacity Expansion

Doubled capacity at Discovery services sites.
2,008
1,697
1,553
1,448
1,355
939
1,021
FY10
FY11
Enhanced capacity at Grangemouth

Acquired Coldstream facility. Commenced capacity expansion.
Note:
1. CMO Leadership Awards
2. CPhl Awards 2015
MAR 2016
FY12
FY13
FY14
FY15
9M
FY15
9M
FY16
PAGE 24
Pharma Solutions: End-to-end service provider
Discovery
Preclinical
Phase 1
Phase 2
Phase 3
Launch
Medicinal &
Synthetic
chemistry
services
India Ahmedabad
Off-patent
Commercial (CMO)
Development (CRO)
Discovery
On-patent
Early phase API
Late phase API
India Ennore
Canada Aurora
India Digwal, Ennore

Canada Aurora
UK - Morpeth
Early phase Formulations
Late phase Formulations (OSDs & Steriles)
UK Grangemouth (ADC)
India Ahmedabad, Mumbai
US Kentucky
UK Morpeth, Grangemouth (ADC)

India Pithampur
US - Kentucky
SPECIAL SERVICES
Antibody Drug Conjugates
Bio-catalysis
Clinical Trial Supplies
Regulatory,
Pharmacovigilance,
Patents
UK - Grangemouth
UK - Billingham
UK - Morpeth
India - Mumbai
MAR 2016
PAGE 25
Pharma Solutions: Strong global footprint
GRANGEMOUTH
ADC Manufacturing
USFDA, MHRA
Vitamins and Minerals

Premixes
WHO-GMP
Grangemouth
Morpeth
CANADA
MAHAD
API development &

manufacturing
CHINA
MORPETH
USFDA, MHRA
Sourcing office
API & Formulation

development &
manufacturing
USFDA, MHRA
KENTUCKY
Sterile Development
and Manufacturing
USFDA
PITHAMPUR
AHMEDABAD
Drug discovery and
Formulation development
Formulation
manufacturing
USFDA, MHRA
DIGWAL
API development and
manufacturing
USFDA
MUMBAI
MAR 2016
API & Formulation

development
ENNORE
API development &
manufacturing
PAGE 26
Pharma Solutions strategy : Series of initiatives undertaken to

deliver strong performance in coming years
Capacity expansion at Discovery Services, Grangemouth and Cold Stream
Executed debottlenecking initiatives in API plants to handle higher volumes.
Debottlenecking /
Capacity expansion
Acquired U.S. based CDMO

Coldstream in 2015, for development
& manufacturing injectables.
Inorganic
Growth
Focused
Customer
Segmentation
Targeting late phase opportunities
Targeting Biotech, medium, virtual

companies
Continue to look at attractive M&As.
Constantly
improving Quality
and Customer
Centricity
Quality, EHS & Reliability: Invested in processes / capabilities

Customer Centricity: Organization wide initiative to improve customer experience & service delivery.
Focus on execution to ensure sustainable performance

MAR 2016
PAGE 27
Critical Care : Significant positioning in global inhalation

anaesthetic market
2014 global inhalation anaesthesia market ~$1.2 billion
Market Share
Product-wise
Geography-wise
PCC
Baxter
Abbott
Asia
Sevoflurane
US
Desflurane
Europe
Isoflurane
Latin America
Halothane
ME/Africa
12%
PEL growing global market share

14%
Only company with entire portfolio of Inhalation Anaesthesia

12%
AbbVie
12%
10%
Desflurane*
8%
8%
6%
4%
3%
2%
Baxter
Piramal
Sevoflurane
Isoflurane
Halothane
0%
FY2009
FY2012
FY2015
* Desflurane is expected to get launched in 2017
PEL rapidly gaining share in the global inhalation anaesthetic market

Source : Internal estimates, secondary market research
MAR 2016
PAGE 28
Critical Care: Successful growth strategy

2013-2015
6 key acquisitions till 2009 and organic growth later

2010-2012
Became one of the top 3 players in the world

2009
2008
2005
2002
Acquired pharma
business of ICI India
Limited - Entry in
Inhalation
Anaesthetics:
Halothane
Acquired Inhalation
Anaesthetics business
of Rhodia Organique,
UK - Distribution
network across 58
countries.
Manufacturing
technology for
Halothane & Isoflurane.
Acquisition of brand
Haemaccel from
Plasmaselect,
Germany.
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
Production doubled at
Bethlehem ; Registered
Sevolfurane in EU
countries
(Revenue in Rs. Crores)
720
757
631
616
388
Presence in now over 100

countries; >50% market
share in emerging
markets; significantly
increased Sevoflurane
market share in US
582
413
328
132
71
83
82
FY06
FY07
FY08
FY05
MAR 2016
FY09
FY10
FY11
FY12
FY13
FY14
FY15
9M FY15 9M FY16
PAGE 29
Critical Care: Unparalleled global footprint

Presence in over 100 countries
6 million surgeries globally
Global workforce with ~75% staff located outside India
Market share in US grew from 20% in 2011 to 30% now
Manufacturing facilities in the US and India
Over 50% market share in Emerging Markets
Serving over 6,000 hospitals in the world
Significant share in UK and Japan
Europe & Central Asia

33
North America
Middle East & North Africa
East Asia & Pacific

15
14
Latin America & Caribbean

19
South Asia
Sub-Saharan Africa
9
25
118 countries
Direct sales force
Distributors
Manufacturing Plant
MAR 2016
Recently launched
Australia
Germany
Saudi Arabia
UK
Netherlands
Malaysia
Iraq
Entry Planned
Brazil
Russia
China
Canada
Australia
1
PAGE 30
Critical Cares growth drivers : Efforts delivering results. Further

efforts are on
Having established in US, Japan and EMs, focusing on

growth in Europe
Lowest cost producer - progressing well on further cost

reduction initiatives
Significantly improved market share in UK with

expansion in Scotland, Wales and London region
Investments in Bethlehem site are yielding results
Enter new market

& increase share
in existing
markets
Further improve
low cost position
Growth
Strategy
Add new products
to leverage strong
marketing network
Launch
Desflurane
Launch Desflurane in 2017 Challenging the

domination of Innovator
Actively looking at both organic and inorganic opportunities

to add other critical care products to portfolio.
Entered co-promotion agreement & launched two

hospital products
Note: All market data is based on primary & secondary research carried out internally
MAR 2016
PAGE 31
Consumer Products: Brands in leadership position
Saridon
Rs.131 Crores
Saridon Largest in oral analgesic

Recognized as Super Brand
i-pill 2nd largest in emergency
contraceptive
Caladryl Largest in anti-allergy and
anti-itch topical application segment
Lacto No. 1 among calamine lotions
Lacto
Value Offtake
Rs.46 Crores
Polycrol Largest antacid in East India

Tetmosol Largest in medicated soaps
for scabies
Jungle Magic Leading brands for kids
Quikkool - Respected brand in Mouth
Ulcer
i-pill
Rs.50 Crores
Acquired Littles a baby care brand

for babies in the 0-4 age group
Acquired brands in Gastro-Intestinal

Allergan India, a JV with Allergan - India
leader in ophthalmology
Focused on launching innovative

products for children
Throatsil - Sore throat pain relief product
PEL has strong brand portfolio: Most brands are among the top two in their respective representative market
Source : Independent syndicated research providers
MAR 2016
PAGE 32
Consumer Products : Acquired two brand portfolios to leverage

strong distribution
Acquired 5 brands from Organon India & MSD BV in
Dec 15
Includes key brands like Naturolax, Lactobacil &

Farizym leading brands in Gastro-Intestinal segment
(GI)
PEL to expand this segment - already has presence

through Polycrol.
To launch new formats and target wider reach.
Acquired baby-care brand Littles in Nov 2015
Includes entire product range across 6 categories.
Littles is a 30 year old brand with high consumer recall.
Operates in the Rs.1,000 Crores non-food baby-care

category, which is growing at 13%.
Will leverage on our India-wide strong network.

Potential to increase distribution to 1,50,000 outlets
MAR 2016
PAGE 33
Consumer Products: Growing faster than market

Rank
Rank
40
28
2007
Domestic
Formulations
business sold to
Abbott
2008
2009
Independently
started OTC
Business after
dissolution of JV
with BOOTS
2010
Acquired Caladryl
from Inova
Pharmaceuticals
2011
2012
2013
Acquired i-pill
from CIPLA.
Build capabilities,
expanded field
force
17
Rank
Acquired 5 brands
in GastroIntestinal segment
2015
2014
Rank
2020
Acquired the
baby-care brand
- Littles
Rank
OTC (including Ophthalmology) revenues

(in Rs. Crores)
357
CAGR
313
Market
271
177
113
196
255
276
12%
220
CAGR
124
PEL
18%
FY08
MAR 2016
FY09
FY10
FY11
FY12
FY13
FY14
FY15
9M FY15
9M FY16
PAGE 34
Consumer Products initiatives : Simultaneously focused

towards improving growth and profitability margin
Geographical
Expansion
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
Growing organically & inorganically
New Product
Development
New product field force launched which will be ramped up in

phases, should be completed by the end of FY16
~1,500 towns
with population over 20,000
Sales Force
Automation
Sales Force Automation Program successfully rolled out

PAN India across channels. Enabled efficient productivity at
every retailer under direct coverage
Inorganic
Initiatives
Continue to aggressively look at acquiring quality brands at

attractive valuations
Servicing 3.5 lacs outlets, out of

which chemist stores
are 2.2 lacs
Industry leading field force and India-wide coverage will enable drive significant growth and boost profitability in
coming years
MAR 2016
PAGE 35
PAYER /
PROVIDER
LIFE SCIENCES
What we do in our Information Management business :

answer our clients most pressing questions
Market
Assessment
Which therapeutic markets have the highest potential?

What should healthcare organizations do as healthcare shifts to a value focus?
Market Access
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?
Commercial
Optimization
What levers can I pull to improve my brands volume?

How is my product being perceived in market relative to competition?
Digital
Innovation
Where should my digital spend be targeted?

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

How is the market unfolding? Who is winning and losing?
Performance
Improvement
Where can I improve my hospitals performance? In Revenue Cycle Management? In IT? In Supply Chain?
How do I benchmark relative to hospital peers?
Leaders Interview
Hospital Audit
Health Plan Data
Proprietary Survey Data
MAR 2016
Our
Business
Analytical Tools
Market Forecasts
Customized Services
Proprietary Databases
PAGE 37
Information Management : strong positioning to monetize

significant market opportunity
Serves major Developed and Emerging Markets
>75% recurring revenue
CY2015 Revenue - $178 Mn
Capabilities across customers product life cycle
15 office locations globally
900+ employees globally
Expanding into New End Markets, Products and Geographies

PAST
PRESENT
FUTURE
US$ 16 bn
US$ 6 bn
Life Sciences
Data
Research Products
Solutions
Consulting Services
Research Products
Data & Analytics
Life
Sciences
Leading Solutions for Health Plans and

Pharmacy Benefit Managers
Marks Companys entry into payer space
May 2015 Acquired HBI
Trusted provider of best practice research,
training & services to >1,400 hospitals in US
Marks Companys entry into provider space
US$ 2 bn
Life Sciences
Feb 2016 - Acquired Adaptive Software
Provider Payer
Solutions
Consulting Services
Research Products
Data & Analytics
Source: Based on proprietary market research and internal DRG estimation
MAR 2016
PAGE 38
Information Management : diversified customer base with high

long term revenue visibility
Top 20 relationships comprise ~57% of revenue
DRG serves nearly all leading life sciences companies
DRGs clients utilize multiple portfolio offerings leading to
4.8% 4.7%
4.7%
4.0%
deeply entrenched relationships
3.6%
3.5%
97% client retention by value during CY2015
Other
Customers
62.8%
100% among top 20 customers
3.4%
2.9%
2.8%
2.7%
Over 75% of Revenue is recurring

Solutions
Portfolio
(78%)
>10 year relationships with all of the Companys top ten

customers
Customer
Global
Consulting
Services
22%
Research
Products
43%
35%
Data and
Analytics
Astellas Pharma
AstraZeneca
Bayer
Boehringer Ingelheim
Bristol-Myers Squibb
Johnson & Johnson
Merck & Co
Novartis
Pfizer
Roche
# of Years
>10 yrs
>10 yrs
>10 yrs
>10 yrs
>10 yrs
>10 yrs
>10 yrs
(1)
>10 yrs
>10 yrs
>10 yrs
With 97% retention and ~ 75% recurring revenues, the business has high revenue visibility
MAR 2016
PAGE 39
Information Management : M&A Crucial for Growth

DRGs accretive acquisitions to date and their corresponding impact on revenues
Pre-Acquisition
2004
2005
2006
2007
2008
Post-Acquisition
2009
2010
2011
2012
2013
2014
2015
2016
Abacus International
Gave access to European Health Economics and
Outcomes Research (HEOR) market
Relay Technology Management
Enabled DRG to supply clients with premier
analytics
$200
Revenue
In $ Million
$180
$178
$164
$160
$151
$139
$140
HealthHiway
Strength in providing analytics & solutions to
Indian healthcare providers
$131
$116
$120
$103
$94
$100
Healthcare Business Insights (NBI)

Trusted provider of best practice research,
training & services to >1,400 hospitals in US
Marks Companys entry into provider space
$80
$62
$60
$40
$51
$37
$20
$0
2005
MAR 2016
Activate Networks
Expanded DRGs analytics capabilities
Supports clients with sales force targeting
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Adaptive Software
Leading Solutions for Health Plans and Pharmacy
Benefit Managers
Marks Companys entry into payer space
PAGE 40
Information Management : DRGs Peer valuations

DRGs peers valuation multiples
DRG Peers
EV/Revenue (x)
7.4
6.1
5.5
4.9
7.0
6.1
Verisk Analytics, Inc

Inovalon Holdings, Inc
Athenahealth, Inc.
Medidata Solutions, Inc.
Veeva Systems Inc.
Median
Source : Capital IQ
2015 Multiples
EV/EBITDA (x)
16
18
84
48
29
29
EV (US$ mn)
14,628
2,495
5,116
1,914
2,669
-
* As of 9/30/15 filing
Sector M&A valuation multiples
MAR 2016
Target
Buyer / Investors
Acquisition Price
(US$ mn)
Value / LTM
Revenue (x)
Transaction Value /
LTM EBITDA (x)
iHealth
Heartbeat Experts
Vitruvian
Altegra
Truven Health
Merge Healthcare
Connolly
Truven
CRF
Emdeon
IBM Watson
IBM Watson
Median
$ 1,200
$ 136
$ 374
$ 910
$ 2,600
$ 1,000
7.5
5.2
4.5
4.3
4.2
4.2
4.4
14
22
18
16
17
24
17
PAGE 41
Information Managements growth initiatives : targeting

multiple ways to enhance growth and increase profitability
DRG India office on target with 120+
positions on-boarded in two offices
HBI acquisition to enable entry into

provider market
Leveraging India and reviewing cost

structure to identify margin enhancement
opportunities
Adaptive software to enable entry into

payers market
Expanding
market size &
geographical
presence
Continued
development of
cost &
operational
synergies
Leadership team progressing well on

integrating products and services under
one brand
Growth
Drivers
New delivery platform for all DRG

research reports is progressing well
and will transform how customers
access and consume DRG content
Product
innovation
Inorganic
Growth
opportunities
Continue to look at attractive
opportunities to enhance capabilities /
expand geographically through
acquisitions
Multiple new product ideas in pipeline
MAR 2016
PAGE 42
Appendix
9M FY2016 Diversified Revenue Mix

(In Rs. Crores or as stated)
Quarter III ended
Net Sales break-up
Healthcare
Nine months ended
31-Dec-15 31-Dec-14 % Change
% Sales
31-Dec-15
31-Dec-14
% Change
915
784
16.7%
53.4%
2,603
2,285
13.9%
Pharma Solutions
587
487
20.4%
34.8%
1,697
1,448
17.2%
Critical Care
232
213
8.8%
12.9%
631
582
8.4%
97
84
15.4%
5.7%
276
255
8.1%
Financial Services
508
219
131.3%
26.8%
1,305
674
93.6%
427
377
13.1%
19.5%
949
825
15.0%
Others
19
0.4%
19
41
Total 2
1,859
1,400
32.8%
100%
4,876
3,825
27.5%
Consumer
Products1
Note:
1. Including Ophthalmology
2. Foreign Currency denominated revenue in 3Q FY2016 was Rs.1,173 Crores (63% of total revenue) and in 9M FY2016 was
Rs.3,062 Crores (63% of the total revenue)
MAR 2016
PAGE 44
9M FY2016 Consolidated P&L

Particulars
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)
Quarter III ended
Nine months ended
31-Dec-15
31-Dec-14
% Change
31-Dec-15
31-Dec-14
% Change
1,859
31
1,199
628
34%
31
250
87
322
(15)
25
282
(0)
40
322
18.6
1,400
47
1,032
321
23%
67
101
80
207
35
33
209
40
249
14.4
33%
(33%)
16%
96%
(54%)
149%
9%
55%
(24%)
35%
(1%)
29%
29%
4,876
97
3,375
1,405
29%
203
635
237
736
(27)
66
643
(0)
127
770
44.6
3,825
221
2,912
692
18%
181
392
219
262
2,692
311
2,642
(0)
112
2,755
159.6
27%
(56%)
16%
103%
12%
62%
8%
181%
(79%)
(76%)
13%
(72%)
(72%)
Notes:
1.
Exceptional gain for 9M FY2015 majorly included gain on sale of 11% stake in Vodafone India for Rs.8,900 Crores (Investment of
Rs.5,864 Crores made in FY2012) partly offset by the amount written down on account of scaling back of our investments in NCE
research
2.
Tax expense for 9M FY15 include Rs.258 Crores on gain from sale of stake in Vodafone India.
3.
Income under share of associates primarily includes our share of profits at Shriram Capital.
MAR 2016
PAGE 45
Consolidated Balance Sheet

Particulars
Dec 31 2015
Mar 31 2015
35
12,589
29
14,011
3
26,667
8,175
13,337
12
35
11,701
29
7,306
3
19,074
7,342
7,768
29
780
902
465
568
4,226
675
832
460
354
3,475
1,475
325
26,667
1,229
633
19,074
INR Debt
FX Debt
Total
As on 31-Dec-15
11,319
2,692
14,011
As on 31-Mar-15
3,937
3,369
7,306
Shareholders' Funds
(A) Share Capital
(B) Reserves & Surplus
Minority Interest
Loan Funds
Deferred Tax Liability
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
Break Up Loan Funds (In Rs. Crores)
Note: Foreign currency loans have been used mainly to acquire assets outside India & will be repaid from net cash generated from non-India
assets.
MAR 2016
PAGE 46
Real Estate Financing : Robust asset quality is no.1 priority

for us
Diligence before transaction
Developer selection >70% portfolio with grade A
developers
Location and project selection - Mostly in Tier-1 cities in
select projects having intrinsic end-user demand
Ability to mine primary data from existing portfolio to make
more informed decisions about product, price and sales
mix
Care during transaction

Unique structuring of each transaction to address specific risks
with ability to enforce security in event of default
Strong financial, legal and business diligence.
Independent legal and risk teams critically looking at
transaction
Independent Directors & External Experts in investment
committees
Large reputed partners like CPPIB re-assuring the investment
thesis
Post-transaction monitoring
Healthy Security, Balanced Portfolio
Local teams based out of 6 cities to constantly access the

performance of the project
Healthy security and cash cover of 1.5x-2x based on

conservative underwriting assumptions
Significant time spent for post-disbursement monitoring by

both investment and asset management teams to detect
and react to early warning signals
Piramal group has a history of strong project development

capabilities - can take over, complete, sell project, if
required
Established a dedicated asset management team of

financial and techno-commercial people across cities to
further enhance focus on asset quality
De-risking portfolio by changing mix towards construction

finance & senior debt vis a vis equity / mezzanine
structures
All accruals realized till last quarter. Superior asset quality with negligible NPAs
MAR 2016
PAGE 47
Pharma Solutions : Entry into Sterile Injectable Space
Coldstream Laboratories, a U.S. based CDMO acquired in

January 2015 for ~US$ 30 Millions
Focused on
injectables
development
&
manufacturing
of
sterile
Offers clinical trial to commercial-scale manufacturing of

sterile liquid and injectables
Capabilities include handling of high potency & cytotoxic
compounds including ADCs
Sterile injectable is one of the fastest growing segments

within formulations manufacturing
Significant synergies with existing business expected by

uniting the strengths, competencies, expertise and portfolios
Will expand our offerings, reach & access to new customers
View of Coldstream Laboratories facility
Acquisition playing out well
Significant traction at Coldstream site, post our acquisition.
Site already has its order book running full

Execution of capex for capacity expansion on track
Coldstream Laboratories specializes in development
& manufacture of cytotoxic & potent compounds
MAR 2016
PAGE 48
Imaging : Well positioned to be a market leader
Entry into Business
Acquired molecular imaging research and development portfolio of Bayer in 2012

Commercial Operations in US & UK and R&D hub in Germany
Lead Compound - Florbetaben
Reliably detects Beta-Amyloid plaques in the brain, which is the pathological hallmark of Alzheimers disease
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
Our Unique Positioning

Promising Field - Future of diagnostic imaging
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
Attractive Pipeline in Neurology, Oncology & Cardiovascular

Imaging
High Market Potential - Molecular Imaging potential market size

of $1-1.5bn between 2020-2025
High Quality R&D Team - Core members of Bayers team joined

Piramal Imaging leadership team.
Well Positioned to be a market leader - in Europe, NA and

selected Asia-Pacific markets
MAR 2016
PAGE 49
For Investors :
Hitesh Dhaddha
Email : hitesh.dhaddha@piramal.com
Phone : +91 22 3046 6444
Bhavna Sinyal
Email : bhavna.sinyal@piramal.com
Phone : +91 22 3046 6570

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Piramal Enterprises Limited

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

Unparalleled track record of developing large profitable

Entered pharma business in

Outcome / Potential Outcome

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

Entered pharma CDMO

Aggressively grew pharma

Entered Financial Services in

Created one of largest Real Estate developer financing business of India

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

Efficient capital allocation over years

Key capital allocations

Average yields on loan

Vodafone deal Realized IRR @ 19%

Mr. Ajay Piramal now

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

Created a strong business portfolio

9M FY2016 Revenues : Rs.4,876 Crores

Alternative Asset Management

Diversification of revenues towards high growth business

Significant shift in the capital employed to non-Healthcare

Movement in revenue mix (%)

Others include treasury income.

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

Revenue growth across business segments

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

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

Business-wise revenue trend

Consistent and strong revenue performance across all business

.resulting in significant growth in operating profits..

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

.and net profits

Net Profit Margin

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

Consolidated revenues growth in last 20 quarters

Before acquisition of DRG

21% and above

Consolidated revenues grew in 19 out of 20 quarters

Positive growth across business segments in last 10 quarters

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

High standards of corporate governance

DR. RAGHUNATH MASHELKAR

FORMER PRESIDENT & CEO

FORMER MD & CEO,

PROF. GOVERDHAN MEHTA

SIDDHARTH (BOBBY) MEHTA

DR. SWATI PIRAMAL

PIRAMAL ENTERPRISES LIMITED INVESTOR PRESENTATION

SENIOR MD & Co-CHAIRMAN,

Robust Governance mechanism

Investment Committee for

Investment & Advisory

Investment Committee for

Worked with Mckinsey and Intel

Partner with PWC

Ex. Vice Chairman of DSP Merrill Lynch

Former ED & HeadWholesale Banking, HDFC Bank

Founder & CEO of Arka Capital Advisors;