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PRESENTATION AT ANALYST MEET 26th May, 2004

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FY 04 Highlights

• Record topline and bottomline growth

• Initiated steps to expand business platform and lower business risk by - setting up second automotive plant in the South (Chennai)

- setting up architectural glass processing facility in the West (Taloja)

• Continued focus on raising internal efficiencies and building “relevant” self sufficiency in technology • Recommended a dividend of Rs. 2.25 / equity share, resulting in pay-out of over 28 % in line with Company’s stated policy.

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• Continued to maintain leadership position in the automotive glass segment, with over 90 % market share in passenger cars

• Started supplies to the new models launched during the year

• Received following Award / Recognition :- “Overall Performance” from Maruti-Suzuki- “Achieving Target of Quality” from Toyota-Kirloskar- “Achieving Target of Delivery” from Toyota-Kirloskar- “Q 1 Award” from Ford India- “TS-16949” certification

• Achieved levels of operating efficiencies in line with best in class benchmarks

Automotive Glass SBU - Highlights

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Float Glass SBU - Highlights

• Achieved a record production of 31.45 million csqm. against rated capacity of 29 million csqm.

• Rationalized product mix, with focus on high-yielding products like thicker, tinted glass

• Continued focus on improvement activities in areas like quality, customer service, TQM

• Maintained market share of 20 %, in the Indian flat glass industry.

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Highlights of Financial Year 2003-04

• Net Sales increased 19 %, with Operating Profit, Cash Profit and PBT increasing by 42 %, 51 % and 108 % respectively over FY 03.

• Operating margin (PBDIT / Net Sales) stands at 25.75 %

• ROCE (PBDIT / Average Capital Employed) and RONW recorded at 32 % and 69 % respectively.

• Total Debt / Equity and Interest-bearing Debt / Equity stand at 2.08 and 0.29 respectively.

• Financial coverage (PBIT / Interest) stands at 33.

• CEPS and EPS soar to Rs. 15.39 and Rs. 8.9

2003-04 RESULTS : SUMMARY

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OVERVIEW OF 2003-04 RESULTS – MERGED

Results include other income as under (Rs. Lakhs)2002-03 2003-04

Other income 578.33 1485.34

Other income primarily relates to gains on account of foreign exchange (i.e. appreciation of the Indian Rupee).

02-03 03-04 vs. 02-03

Net Sales 43240 51271 19%PBDIT 9329 13200 41%PBDT 8542 12958 52%PBT 3763 7823 108%As %age of Sales: PBDIT 21.57% 25.75%: PBDT 19.76% 25.27%: PBT 8.70% 15.26%

03-04Merged2003-04 Results

(Rs. Lakhs)

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Segment-wise Results FY 2003-04 vs. 2002-03

S.No. Particulars 2003-04 2002-03 ChangeI Segment Revenue

- Automotive Glass 27961.46 21663.52 29%- Float Glass 24364.85 21676.11 12%- Others 111.89 47.40 136%Total 52438.21 43387.03 21%Less : - Inter-segment revenue (net of excise) -1968.15 -2487.42 -21%Net Sales / Income from Operations 50470.06 40899.61 23%

II Segment Results (Net of Prior Period Adjustments)- Automotive Glass 4881.84 2825.20 73%- Float Glass 3008.02 1730.80 74%- Others 111.89 47.40 136%Profit Before Tax & Interest 8001.75 4603.40 74%Less :- Interest & financial charges -242.47 -786.50 -69%- Other un-allocable expenditure -0.11 -1.09 -90%Total 7759.18 3815.81 103%

III Profit Before Tax (with Prior Period Adjustments) 7822.74 3763.02Less/Add :Prior Period Adjustments -63.56 52.79Total 7759.18 3815.81 103%

III Margin - Segment Results/Segment Revenue- Automotive Glass 17.46% 13.04%- Float Glass 12.35% 7.98%- Total 15.26% 10.61%

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Quarterly Segment-wise Results FY 2003-04

S.No. Particulars Q1 Q2 Q3 Q4 TotalI Segment Revenue

- Automotive Glass 6120.57 6644.76 7056.31 8139.83 27961.46- Float Glass 5432.46 6271.66 6786.99 5873.74 24364.85- Others 30.03 45.62 35.18 1.07 111.89Total 11583.06 12962.04 13878.47 14014.63 52438.21Less : - Inter-segment revenue (net of excise) -843.61 -787.07 -310.45 -27.02 -1968.15Net Sales / Income from Operations 10739.46 12174.97 13568.03 13987.61 50470.06

II Segment Results (Net of Prior Period Adjustments)- Automotive Glass 984.36 1067.01 1339.48 1491.00 4881.84- Float Glass 734.92 906.20 601.68 765.22 3008.02- Others 30.03 45.62 35.18 1.07 111.89Profit Before Tax & Interest 1749.30 2018.83 1976.34 2257.28 8001.75Less :- Interest & financial charges -68.97 -29.69 -76.98 -66.82 -242.47- Other un-allocable expenditure 0.00 -0.11 0.00 0.00 -0.11Total 1680.33 1989.03 1899.35 2190.47 7759.18

III Profit Before Tax (with Prior Period Adjustments) 1680.33 1989.03 1899.35 2254.03 7822.74Less : 0.00 0.00 0.00 0.00 0.00Prior Period Adjustments 0.00 0.00 0.00 -63.56 -63.56Total 1680.33 1989.03 1899.35 2190.47 7759.18

III Margin - Segment Results/Segment Revenue- Automotive Glass 16.08% 16.06% 18.98% 18.32% 17.46%- Float Glass 13.53% 14.45% 8.87% 13.03% 12.35%- Total 15.10% 15.57% 14.24% 16.11% 15.26%

2003-04 RESULTS : AUTOMOTIVE OPERATIONS

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Vehicle Production 2001 2002 2003 2004 02>01 03>02 04>03

Category I - ( < 3lakhs) 216474 211114 196692 234967 -2% -7% 19%Category II - ( 3lakhs<II< 4lakhs) 286223 306693 353977 493488 7% 15% 39%Category III - ( 4lakhs<III< 6lakhs) 57128 52015 55663 75848 -9% 7% 36%Category IV(7 lakhs<IV<11 lakhs) 23694 18313 20337 38911 -23% 11% 91%Category V(>11 lakhs) 880 5112 3817 8444 481% -25% 121%

Cars 584399 593247 630486 851658 2% 6% 35%MUVs 127599 124469 140240 192532 -2% 13% 37%

Total Cars & MUVs 711998 717716 770726 1044190 1% 7% 35%

April - Mar Increase / Decrease

Car & MUV production - Apr- Mar 04

0

200000

400000

600000

800000

1000000

1200000

2001 2002 2003 2004

Catg I Catg II Catg III Catg IV Catg V MUV Total

Vehicle Exports FY 03 -04 82925 against the total of 42600 in FY 02-03

MARKET SCENARIO : INDIAN VEHICLE PRODUCTION

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Car & MUV Production for Apr- Mar 04

0

50000

100000

150000

200000

250000

300000

350000

Apr- Jun Jul - Sep Oct - Dec Jan - Mar

Category I - ( < 3lakhs) Category II - ( 3lakhs<II< 4lakhs) Category III - ( 4lakhs<III< 6lakhs) Category IV(7 lakhs<IV<11 lakhs) Category V(>11 lakhs) MUVsTotal Cars & MUVs

Vehicle DataApr - Mar 04 Apr- Jun Jul - Sep Oct - Dec Jan - Mar Q2 - Q1 Q3 - Q2 Q4 - Q3

Category I - ( < 3lakhs) 56779 57817 58508 61863 2% 1% 6%Category II - ( 3lakhs<II< 4lakhs) 102254 117614 118314 155306 15% 1% 31%Category III - ( 4lakhs<III< 6lakhs) 15485 20671 18117 21575 33% -12% 19%Category IV(7 lakhs<IV<11 lakhs) 7029 9048 8627 14207 29% -5% 65%Category V(>11 lakhs) 621 1964 2781 3078 216% 42% 11%

CARS 182168 207114 206347 256029 14% 0% 24%MUVs 38229 48931 48852 56520 28% 0% 16%

Total Cars & MUVs 220397 256045 255199 312549 16% 0% 22%No. of cars exported included above 16235 16272 23082 27336 0% 42% 18%

Production Increase / Decrease

INDIAN VEHICLE PRODUCTION : QUARTER WISE : 2003-04

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DOMINATING THE OE BUSINESS

Customer Share of BusinessFiat India: Palio 50%: Uno 100%Ford India 100%General Motors India Ltd. 100%Hindustan Motors - Lancer Project 100%

Honda Siel 100%Hyundai Motors India 100%Mahindra & Mahindra

: Scorpio 100%: Other MPV's 50%Maruti Udyog Ltd. 100%TELCO: Indica 70%: Safari 100%: Other MPV's 30%Toyota Kirloskar 97%TOTAL 91%

Asahi India is the sole glasssupplier to almost theentire Indian car business.

Current market share is approximately 91% of automotive glass sales to OEMs.

Building presence in the after market has been a keyelement of the strategy to diversify sales. Current market shares is 55% in the automotive glass replacement market in terms of value.

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7%

11%

7%7%

AIGL Net Sales Apr-Mar 02 Apr-Mar 03 Apr- Mar 04 02>01 03>02OEM 15717 17141 23126 9% 35%OE Spares 1360 1394 1699 3% 22%AFM 2273 2693 2740 18% 2%Exports 824 288 107 -65% -63%Total 20173 21516 27672 7% 29%

AIGL Sales (Rs Lacs)

7000

12000

17000

22000

27000

32000

Apr-Mar 02 Apr-Mar 03 Apr- Mar 04

Sal

es in

Rs

Lacs

OEM OE Spares AFM Exports Total Sales (Rs Lacs)

84%80%

MARKET WISE SALES

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SHOPFLOOR PERFORMANCE

AIGL (automotive) shop floor performance can be benchmarked to best in

class, covering all parameters.

• Shop floor yields, at over 96%.

• Customer claims are within 100 ppm.

• Machine uptimes are in the range of 98%

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SQUARE METRE PRODUCTION / PERSON

01-02 02-03 03-04

Sqm / person 236 254 300

Productivity per person

200

210

220

230

240

250

260

270

280

290

300

310

01-02 02-03 03-04

Av erage Sqm / person

EMPLOYEE COST TO GROSS SALES 01-02 02-03 03-04

Employee cost to Gross Sales 5.93% 5.56% 5.39%

Personnel cost as a %age of sales

5.0%

5.5%

6.0%

01-02 02-03 03-04

Average Employee cost to Gross Sales

MANPOWER RATIOS

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TECHNOLOGY DEVELOPMENT

A key strategic initiative at Asahi India has been in the area of building “relevant” self sufficiency in technology.

We are fully equipped with CMM, CAD and a CNC Milling station, which providesself sufficiency in the area of product development. We have, however, gonebeyond this into the area of developing and building glass processingequipment.

CNC PRE-PROCESS LINE DEVELOPED BY ASAHI INDIA

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2ND AUTOMOTIVE GLASS PLANT

• Asahi India’s laminated plant at Bawal, with a capacity to manufacture 1.2 million windshields, is currently operating at full capacity.

• With most of the new capacity having been established by majors like Hyundai, Toyota and Ford in South India, the second automotive glass plant is being set up in Chennai in South India. Car production in this area is expected to rise from the current level of 220K to over 470K in next five years

• Besides proximity to key customers, Chennai is a Port city, thus allowing cost reduction in import of raw material (such as PVB) as well as in possible future exports.

• Commercial production of laminated windshields at second plant (Phase I) to commence from October, 2004. Capex for Phase I planned at Rs. 53 crores.

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EXPANSION : BRIEF HIGHLIGHTS

• In Phase 1, only laminated plant to be established in Chennai – with capacity of 500,000 windshields. Plan for raising laminated capacity to 1.5 million windshields to be decided later, depending on overall demand situation.

• Plant to be set up in modular fashion – i.e. ability to take capacity up to 1.50 million windshields with some de-bottlenecking and additional investment.

• Plan to invest in Chennai for tempered capacity.

• Once fully set up, new facility in Chennai planned at capacity of 1.50 million laminated windshields and 1.0 million tempered car sets.

• Chennai facility to include Value Addition capability (Assemblies, Add-ons) as required.

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Expansion Location - Automotive Glass Plants

CurrentPlant

Proposedexpansion

2003-04 RESULTS : FLOAT OPERATIONS

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GROWTH OF FLAT GLASS SALES IN INDIA GROWTH OF FLOAT GLASS SALES IN INDIA

YEAR MT/DAY %AGEGROWTH

YEAR MT/DAY %AGEGROWTH

1997-98 988.25 1999-00 842.461998-99 1077.19 9.00% 2000-01 882.12 4.71%1999-00 1205.59 11.92% 2001-02 980.87 11.19%2000-01 1261.73 4.66% 2002-03 1105.56 12.71%2001-02 1337.21 5.98% 2003-04 1307.23 18.24%2002-03 1460.73 9.24% CAGR GROWTH 11.60%2003-04 1655.39 13.33%CAGR GROWTH 9.00%

Average for the year.

Shows the increasing penetration of float.

FLAT GLASS SALES : 2003-04

0.00

500.00

1000.00

1500.00

2000.00

2500.00

Apr

il

May

June

July

Aug

Sep Oct

Nov

Dec Ja

n

Feb

Mar

chMONTHS

MT

/DA

Y

Total

MARKET SCENARIO

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QUARTER WISE SALES AND MONTHLY PRICE TREND

Domestic Q1 Q2 Q3 Q4 TotalCsqm 4494122 5354211 6854613 5656211 22359157Amount (Rs.) 323867510 414929038 483779027 389438081 1612013656Rate 72.06 77.50 70.58 68.85 72.10

Total Q1 Q2 Q3 Q4 TotalCsqm 6441311 7522188 8771276 7299252 30034026Amount (Rs.) 440882856 547468804 579746032 472623457 2040721149Rate 68.45 72.78 66.10 64.75 67.95

Rs for CSQM for Domestic Sales

70

75

80

85

90

95

Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar UptoMar04

UptoMar03

1. Sales peaked in the third quarter, but at lower prices.2. Prices remained quite static in the 3rd and 4th quarters, but volumes dropped off in the

last quarter.

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Market Break up - Sales Qty & Value

64% 62%

81% 74%

13% 11%

6%8%23%

27%

14%18%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CSQM2002-03

Value CSQM2003-04

Value

DOMESTIC AIGL EXPORT

MARKET WISE SALES

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Sales by Thickness

85% 82%

15% 18%

0%

20%

40%

60%

80%

100%

2002-03 2003-04

2-8mm 8-12mm

Sales by Thickness

2002-03 2003-042-8mm 85% 82%

8-12mm 15% 18%

Sales by Colour

2002-03 2003-04CLEAR 70% 60%

TINTED 30% 40%

Sales by Colour

70% 60%

30% 40%

0%

20%

40%

60%

80%

100%

2002-03 2003-04

CLEAR TINTED

SALES BY THICKNESS AND COLOUR

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Domestic Sales Zone Wise Volume

35% 36%

31% 30%

27% 27%

7%7%

0%

20%

40%

60%

80%

100%

2002-03 2003-04

NORTH SOUTH WEST EAST

2002-03 2003-04NORTH 35% 36%SOUTH 31% 30%WEST 27% 27%EAST 7% 7%

SALES BY REGION

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SHOPFLOOR PERFORMANCE

Production trend (million csqm)

2000-01 2001-02 2002-03 2003-04Production 22.87 26.60 29.00 31.46

At 31.45 million csqm, production is up by over 37% from 2000-01 (the last year before the coming together of FGI and AIS to form AIGL).

The Way Forward….

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Asahi India Group VisionTo be India's leading integrated glass company

Float Glass manufacture(FGI)

Automotive glassmanufacture(AIS)

Automotive Glassdistribution(AIM)

Allied Productsdistribution(e.g. sealants)(AWAGS)

Auto GlassRetail(WindshieldExperts)

AUTOMOTIVE GLASS VALUE CHAIN

Value Added Products: Reflective: Mirror

Processing:: Laminated: Tempered: Insulated Glass

Fabrication Installation

ARCHITECTURAL GLASS SOLUTIONS

(Blue cells signify those areas where we are already present, Grey cellswhere we are present by way of tie ups, Green cell where set up / launch activities have been initiated and un-shaded cell the areaswhich are under consideration for the way forward)

Design &Retail

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Capturing value chain presence

• In the automotive glass business, Asahi India already has a value chain presence, reaching out to end consumer.

• In the architectural glass business, Asahi India is initiating steps to capture the value chain, through a separate SBU - Glass Solutions, to address the following segments :

- Architectural processing & glass products (First unit being set up at Taloja near Float Glass Plant)- Product and knowledge development- Glass Services- Sales & Marketing

• Asahi India will work towards capturing values in the complete chain in FY 2004-05.