January 2010 Page 1

Welspun Gujarat Stahl Rohren Limited[Stahl Rohren: Steel Pipes in German]

On The Path of Global Leadership…

WELSPUN CITY, ANJAR

January 2010 Page 2

Disclaimer

Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements,” including those relating to general business plans and strategy of Welspun Gujarat Stahl Rohren Limited (“WGSRL"), its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, inter alia including future changes or developments in WGSRL's business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer invitation, or a solicitation of any offer, to purchase or sell, any shares of WGSRL and should not be considered or construed in any manner whatsoever as a recommendation that any person should subscribe for or purchase any of WGSRL's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation thereto shall be deemed to constitute an offer of or an invitation by or on behalf of WGSRL to subscribe for or purchase any of its shares.

WGSRL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. WGSRL assumes no responsibility to publicly amend, modify or revise any forward looking statements contained herein, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. WGSRL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner.

THE INFORMATION PRESENTED HERE IS NOT AN OFFER INVITATION OR SOLICITATION OF ANY OFFER TO PURCHASE OR SELL ANY EQUITY SHARES OR ANY OTHER SECURITY OF WGSRL.

This presentation is not for publication or distribution, directly or indirectly, in or into the United States, Canada or Japan.

These materials are not an offer or solicitation of any offer of securities for purchase or sale in or into the United States, Canada or Japan.

January 2010 Page 3

Welspun Group

Brief Synopsis

• One of the fastest emerging global groups, with multiple countries strategy and manufacturing facilities

• Group companies enjoys market leadership positions :

• Top 2 Large Diameter Pipe Company in World - Financial Times, UK

• Globally renowned towel company

• Global relationship with marquee clients including Fortune 100 companies like Exxon Mobil (Golden Pass Pipeline), Chevron, Shell, Bechtel, Wal- Mart, Target etc

• Equity investment by renowned investors like ICICI Life, Temasek (Govt. of Singapore), 3i (UK), Genesis (UK)

• Excellent relationship with domestic and international lenders

Key Markets

• 80% export mainly to US, Europe, Latin America, Middle East etc

International Setup

• Christy, UK

• Sorema, Portugal

• Textile facility in Mexico

• Office in Manhattan-NY, Huston-US

• Pipe facility in Arkansas, US

Welspun Gujarat Economic Times “Emerging Company of the Year Award”for Corporate Excellence - 2008

Welspun India Gold Trophy for “Best Exporter” –Textile Promotion Council (TEXPROCIL) – 2008

Welspun Gujarat 2nd Largest (Large Diameter) Line Pipe Manufacturer in the World - Financial Times UK - 2008

Welspun India Supplier of the Year Award – J C Penny - 2008

Welspun India Earth Care Awards – Times of India and Jindal Steel Ltd - 2008

Welspun India Sustainability Award - Walmart - 2007

Welspun Gujarat One of the fastest growing large companies in India –Business Today - 2007

Welspun India 4 Gold Trophies for Outstanding Export Performance –Textile Promotion Council (TEXPROCIL) - 2007

Global Recognitions

Welspun Gujarat EEPC India National award for Export Excellence(Silver Trophy ) - 2009

January 2010 Page 4

WGSRL – An Introduction

• WGSRL, flagship company of Welspun Group, is one of the largest pipe manufacturing company in the world

• Incorporated in 1995, the Company offers a complete range of high grade line pipes ranging from ½ inch to 100 inch used inter alia for transmission of oil & gas

• Partner of Choice for more than 50 Oil & Gas Giants across the globe with a geographically diverse client base including Chevron, Exxon Mobil (Golden Pass Pipeline), Saudi Aramco, British Gas , Kinder Morgan etc

• International footprint- facilities in India and US

• Accredited with ISO 9001, ISO 14001 and OHSAS 18001 certifications

• Strong order book of U.S. $ 1.4 Bn

57,52857,395

39,94526,834

0

20,000

40,000

60,000

80,000

2006-07 2007-08 2008-09 9M FY10

(INR MM)CAGR (07-09): 46.2%

617 991 1,250US $ MM

8,546

4,768

5,845

2,666

0

1,500

3,000

4,500

6,000

2006-07 2007-08 2008-09 9M FY10

(INR MM) CAGR (07-09): 33.7%

61 145 104US $ MM

Gross Profit

Steady Growth in Revenues and ProfitConsolidated Total Revenues

Summary Market StatisticsAs of Jan 21, 2010 INR MM US$ MM(5)

Share Price (INR/ US$) 265.85 5.77

Market Capitalization 54,204 1,177

Enterprise Value (1) 70,133 1,52319.07%

40.47%34.34%

6.12%

Promoter

Mutual Funds

FII

Public, Banks andFinancial Institutions

Shareholding Pattern, as on Dec 31, 2009

Note1. Net Debt at INR 15,929 MM as on 31 Mar, 20092. Average exchange rate of US$1 = Rs 43.51 from 01-Apr-06 till 31-Mar-07

Note3. Average exchange rate of US$1 = Rs.40.29 from 01-Apr-07 till 31-Mar-084. Average exchange rate of US$1 = Rs.45.91 from 01-Apr-08 till 31-Mar-095. Exchange rate of US$1 = Rs 46.0450 as on Jan 21, 2010

1249

186(5)

(5)

January 2010 Page 5

WGSRL – An Introduction

Welspun Gujarat Stahl Rohren LimitedPromoters (40%) Public and Others (60%)

Welspun Plate and Coil Mill Division

Manufacturer of state-of-art Plates and Coils

Plates & Coils

Pipes

- Longitudinal (LSAW)

- Helical / Spiral (HSAW)

- Electrical (ERW)

Welspun Pipes Inc, USA Welspun Natural Resources Pvt. Ltd.

Oil & Gas Exploration Activities

Welspun Tubular LLCManufacturer of Pipes,

Coating and Double jointing

Welspun Global Trade LLC Welspun Pipes Ltd.Proposed LSAW plant

Cor

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• Premier integrated set-up for manufacturing welded pipes. Installed state-of- the-art-technology and is completely geared to meet the requirements of the global industry. • The Longitudinal Pipes division (LSAW) has a capacity of 350,000 metric

ton per annum. • The Spiral Pipes division (HSAW) has a capacity of 550,000 metric ton per

annum. • The ERW Pipes division has a capacity of 250,000 metric ton per annum.

• It also has Coating capabilities

Anjar & Dahej Pipe Mills• With manufacturing facility on a 740-acre site adjacent to the Little

Rock Port Authority, the $150 million facility commissioned in February 2009.

• This API certified facility currently employs more than 300 people and is capable of producing 350,000 tons of HSAW pipes annually for the use of the oil and gas industry.

• The facility can produce Pipes from 24 to 60 inches as outer diameter; 6 mm to 25 mm as wall thickness and length of 40 -80ft.

• It also has Coating and Double Jointing capabilities and is a one- stop-solution provider to Welspun's valued customers

Little Rock , Arkansas, USA • This backward integration at Anjar, Kutch, Gujarat, India

has annual capacity to produce 1.5 million tones of Plate and Coil with plates (up to 4.5 meters wide, 140 mm thickness) and Coil (up to 2.8 meters wide, 25 mm thickness) with strength of 120,000 PSI.

• This mill can cater to high end specialized product requirement of Line Pipe Industry (API grades), Shipping, Heavy construction, Bridges, Boiler plates, Wind blades etc.

Plate-cum-Coil Mill

WGSRL – 100% WGSRL – 51%

Oil and Gas

WGSRL – 100% 100% Beneficial Interest 100% Beneficial Interest

January 2010 Page 6

Growth at Infinity

Merger of coating J.V. with WGSRL

New Capacity at Anjar, Gujarat for HSAW & Coating

Incorporated

350,000 tons US Spiral Mill commissioned

150,000 MT Spiral Mill commissioned

Approvals from O&G majors for newfacility

Anjar Facility , A Key Contributor

Embarked on a Growth Journey

HSAW, Dahej, Gujarat

LSAW, Dahej, Gujarat

Pipe Coating in JV with EUPEC, GermanyDahej, Gujarat

Growth 8

2006

2005

2004

2001

2000

1998

1995

Revenue : Rs. 180 mn.

Revenue : Rs. 585 mn.

Revenue : Rs. 2,565 mn.

Revenue : Rs. 8,277 mn.

Revenue : Rs. 10,385 mn.

Revenue : Rs. 18,298 mn.

2007Revenue : Rs. 26,834 mn.

Revenue : Rs. 39,945 mn. 2008 Commissioning of Plate Mill &43 MW Power Plant

Revenue : Rs. 57,395 mn. 2009

Revenue : Rs. 57,528 mn. 9M FY 100.6 mn MT pipe capacity addition under implementation

January 2010 Page 7

Welspun Gujarat: Strong Value & Growth Story

Strong Industry Fundamentals1

Global Footprint & Pre Approved with Oil & Gas Majors3

Robust Business Fundamentals & Healthy Order Book2

Strong Management Team with Proven Execution Capabilities4

Exponential Growth in Revenues & Margins5

January 2010 Page 8

Proposed pipeline of GAIL Phase I by 2011 (Under Execution)

Name of Pipeline Length (Kms)

Cost (Rs Cr)

Add. Cap (MMSCMD)

Dahej - Vijaipur / Grep Upgradation 1,108 10,329 60

Dadri - Bawana - Nangal 621 2,340 31

Chainsa - Jhajjhar - Hissar 443 1201 35

Sub Total 2,172 13,870 126

Phase II by 2012 (Approved in 2009)

Name of Pipeline Length (Kms)

Cost (Rs Cr)

Add. Cap (MMSCMD)

Jagdishpur - Haldia 2,050 7,596 32

Dabhol - Bangalore 1,389 4,543 16

Kochi - Mangalore - Bangalore 1,114 3,032 16

Sub Total 4,553 15,171 64

Grand Total 6,725 29,041 190

Company Total Length

(kms) Quantity (KMT)(1)

Business Potential

(US$ Bn)(2)

GAIL 6,725 1,345 2.7

Reliance Industries 3,630 726 0.9

GSPL 2,711 542 0.7

Total 13,066 2,613 4.3

1. Strong Industry Fundamentals

Relatively Few Major Players

North America22%

Latin America11%

Europe14%Africa

5%

Middle East14%

Asia29%

Australasia5%

Share of Expected DemandUntil 2014• Industry is highly capital intensive with

high barriers to entry• Niche markets exist which have been

effectively exploited by Welspun• Reliability and reputation for excellence are

paramount, as pipelines are used for critical applications such as oil and gas transport

• North American market expected to continue to lead demand

• Prospects for the industry brightening with oil prices gaining strength

• Business potential of around USD 80 Bn (3)

• Potential upside from domestic market

US Pipes – Replacement Demand• Substantial number of existing

pipelines in US are due for replacement• Line pipes have standard life of 30

years and 2/3rd of gas pipelines in US are pre-1975

• Welspun is well placed, with global clients and state-of-the-art technology, to capitalise on this opportunity

Source SBI Cap Securities

International Demand Outlook till 2014

Region Projects

Total Length

(kms) Quantity (MMT)(1)

Business Potential

(US$ Bn)(2)

North America 192 73,736 15 18

Latin America 56 35,034 7 8

Europe 101 44,784 9 11

Africa 49 17,452 3 4

Middle East 111 43,626 9 10

Asia 142 95,003 19 23

Australasia 59 16,339 3 4

Total 710 325,974 65 78

Source: Simdex, US, July 09 Update Source: Simdex, US, July 09 Update

Source: Industry Sources

Note1. Conversion rate of 200 tonnes / km 2. Conversion rate of $1,200 / ton3. As illustrated in the adjoining tables

Domestic Market Size

Source: Gail India Ltd Presentation Nov 09 / SBI Cap Securities

January 2010 Page 9

Going Strength to Strength FY04 FY07 FY09 Oil & Gas Co Approval 17 36 >50

Production ( '000 MT) 262 501 717

Revenue (US$ MM) 207 571 1,250

PAT (US$ MM) 18 36 47

No. of countries 5-6 Global Global

Export Market 48% 67% 80%

2. Robust Business Fundamentals & Healthy Order Book

Strongly Positioned

1,5001,500

250

900

350

600

300

300

(200)

200

600

1,000

1,400

1,800

2,200

LSAW HSAW ERW TotalP ipe

PlateM ill

Existing Capacity Proposed Capacity Addition

Current Capacities

‘000 MT pa

CAGR 24%

Export Market Gaining Dominance

%

Production GrowthInstalled Capacity : 1.5 Mn MT

‘000 MT

80%83%67%

20%17%33%

0%

20%

40%

60%

80%

100%

FY07 FY08 FY09Export Domestic

Major Clients in 2009

Major Orders Revenue (Rs Mn)

Revenue (% of total) Countries

Transcanada 13,818 24% CanadaKinder Morgan 6,863 12% USASonatrach 4,428 8% AlgeriaThe National Gas Company - Trinidad 2,917 5% TrinidadMITCO 2,857 5% MalaysiaPeru LNG S.R.L (Hunt Oil) 2,233 4% PeruSaudi Arabian Oil Company Saudi Aramco 2,085 4% Middle EastTeppco (Pinedale) 2,106 4% USARepsol 1,178 2% SpainPetroleum Development Oman LLC 1,100 2% Middle East

Particulars

193

277

614

717670

501

377

0

100

200

300

400

500

600

700

800

FY06 FY07 FY08 FY09 9M FY10

• Welspun serves several marquee customers like Exxon Mobil (Golden Pass Pipeline), Kinder Morgan, Ruby (El Paso) and GAIL because of its specialized offerings

• It has long term contracts with giants like TransCanada; and framework agreements with Chevron, Saudi Aramco, etc

• Successfully expanded into highly competitive North and Latin America to take advantage of higher realizations

Pipes Plates

January 2010 Page 10

Process Process

Steel Slab Steel Plates/

Coils (API Grade)

Pipes

Selling Price (1): $ 550 /ton.

Selling Price (1):$ 800 /ton.

Selling Price (1): $ 1100/ton.

Raw Steel

Welpsun’s Value Chain (from Slabs to Pipes)

Process

2. Robust Business Fundamentals & Healthy Order Book

Backward integration into plates provides critical value advantage

Opportunity to service the high end steel category which is currently serviced through importsNote1. Indicative market prices

January 2010 Page 11

Order Book - Pipe

• Orders in Hand in beginning of FY 09 - $ 1.2 bn

• Orders Booked during FY 09 - $ 1.6 bn

• Orders executed during FY 09 - $ 1.2 bn

• Orders at the beginning of FY 10 - $ 1.6 bn

• Orders Booked during 9M FY 10 - $ 1.0 bn

• Orders executed during 9M FY 10 - $ 1.2 bn

• Orders in Hand* - $ 1.4 bn

Order Book – Plates

• Orders in Hand - $ 22.6 mn

• Raw material tied up for all outstanding orders

• Majority of the shipping finalized

*includes Plate Orders

2. Robust Business Fundamentals & Healthy Order Book

Order Book – Geographical Distribution by Volume

Some of the Top Clients for PipesClient Country

Ruby – El Paso USA Enterprise- Teppco (TOPS) USA

Transcanada Pipe Line Limited Canada

Gas Authority of India Ltd. India

Quastar USA

Indian Oil Corporation of India India

Saudi Aramco Middle-East

Adani India

84%

16%

0%

20%

40%

60%

80%

100%

Export Domestic

January 2010 Page 12

3. Global Footprint & Pre Approved with Oil & Gas Majors

What Sets WGSRL Apart From Competition

• Decade Long Experience • All Solutions Under One Roof • High Capacity Equipment to Meet Future Demand • Backward Integration with In-house Plate-cum-Coil-Mill

World’s largest diameter steel pipe producers(1)

2007 output (million tonnes)

Salzgitter/Europipe* (Germany) 1.3

Welspun (India) 1.0

JFE (Japan) 0.7

Sumitomo (Japan) 0.7

Evraz** (Russia) 0.6

Nippon Steel (Japan) 0.6

Riva (Italy) 0.6

PSL (India) 0.5

JSW (India) 0.3

ArcelorMittal (Luxembourg) 0.2

Stupp (US) 0.1

Tata/Corus (India/UK/Netherlands) 0.1

Others*** 7.3

2007

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WGSRL was rated 2nd largest Pipe Company in 2007 and has since added further capacity of 0.5 MTPA

• Features- Selected few companies considered for supplies that meet stringent process of qualification- Typically customers with large requirement over a period of time- Flexibility in pricing terms and continuous business

• Current Framework Agreements- Chevron, Saudi Aramco (pipe purchase agreement)

Framework Agreements

Global Market Expansion

Year 2000–2001 Year 2001–2002 Year 2002–2003 Year 2003–2004 Year 2004–2005

Year 2005–2006 Year 2006–2007 Year 2007–2008 Year 2008–2009

Canada

US (Trader Mkt.)

US (Projects)

Mexico

Venezuela

Peru

Columbia

Spain

TunisiaAlgeria

Libya

Egypt

Sudan

QatarOman

Saudi Arabia

Indonesia

Malaysia

Bangladesh

Iraq

China

Russia

Year 2000–2001Year 2000–2001 Year 2001–2002Year 2001–2002 Year 2002–2003 Year 2003–2004 Year 2004–2005Year 2004–2005

Year 2005–2006 Year 2006–2007Year 2006–2007 Year 2007–2008Year 2007–2008 Year 2008–2009Year 2008–2009

Canada

US (Trader Mkt.)

US (Projects)

Mexico

Venezuela

Peru

Columbia

Spain

TunisiaAlgeria

Libya

Egypt

Sudan

QatarOman

Saudi Arabia

Indonesia

Malaysia

Bangladesh

Iraq

China

Russia

Note1. As reported by Financial Times on April 13, 2008

January 2010 Page 13

AGIP NTPC BECHTEL ONGC BRITISH GAS PETRO CHINA BRITISH PETROLEUM PETRONAS, MALAYSIA CHINA NATIONAL PETROLEUM CORPORATION PDO, OMAN CPMEC, CHINA PGN, INDONESIA CHEVRON (Framework Agreement) QATAR PETROLEUM DOW RELIANCE INDUSTRIES LIMITED RUBY (ELPASO) SAIPEM, SNAM EGYPTIAN GENERAL PETROLEUM CORPORATION SAUDI ARAMCO (Framework Agreement) ENTERPRISE SHELL EXXON-MOBIL (GOLDEN PASS PIPELINE) STOLT OFFSHORE – Acergy GAIL SONATRACH GASCO, ABUDHABI TOTAL GASCO, EGYPT TECHNIP GAZPROM (STROYTRANSGAZ) TRANSCANADA (Long Term Contract) KINDER MORGAN UNOCAL MOGE, MYANMER PERU LNG (HUNT OIL) N.A.O.C. - NIGERIA VIETSOPETRO NPCC, ABU DHABI

3. Global Footprint & Pre Approved with Oil & Gas Majors

3 - 5 years

Setting up plant2 years

Seeking API approval

1 year

Approval from major domestic / international

oil and gas companies2 – 3 years

Accreditation ProcessA significant entry barrier

January 2010 Page 14

4. Strong Management Team with Proven Execution Capabilities

Mr. L. T. Hotwani is Director, Supply Chain Management of Welspun Gujarat. With a rich experience of over 36 years, Mr. Hotwani is instrumental in sourcing raw materials and managing supply chain with global players

Management Team

Mr. B.K. Goenka is the Chairman and Managing Director, and the chief architect of the Welspun Group. Today, with his entrepreneurial ability and professionalism, he has built up one of the most admired business conglomerates

Mr. R.R. Mandawewala is a Director on the Board. He has been a key contributor in Welspun’s journey. A Chartered Accountant by profession and with over 20 years of experience, he has cross-industry expertise varying from Textiles to SAW pipes

Mr. M.L. Mittal serves as Executive Director. A Chartered Accountant by profession, Mr. Mittal has been instrumental in arranging Long Term Loans and Working Capital Facilities. During his tenure, the Company has successfully funded several expansions projects

Mr. Akhil Jindal serves as Director of Corporate Affairs. He graduated with an Engineering Degree and thereafter an MBA from Indian Institute of Management, Bangalore. Mr. Jindal is responsible for strategic inorganic/organic initiatives within the Group and has spearheaded large fund raisings, cross border acquisitions, private equity raisings and financial closure of projects exceeding over US$ 1 billion

Mr. Asim Chakraborty is Executive Director and Plant Head of the Anjar facility. A Civil Engineer from the University of Kolkata, Mr. Chakraborty has been instrumental in timely construction of various projects

Mr. Vipul Mathur is the Senior Vice President of the Plate & Coil Mill Division. A Science Graduate and Masters in Business Administration (MBA) in Marketing, he has a rich experience of over 16 years in the Oil & Gas Pipe Industry

Mr. Prashant Mukherjee serves as Director of Welded Pipes. A Graduate in Science (Engineering, Mech) with over 24 years experience mostly in the Oil & Gas Pipe Industry, Mr. Mukherjee has been instrumental in implementing expansion projects in the Company

Mr. B.R. Jaju serves as Director & CFO. A Chartered accountant by profession, member of Company Secretary (FCS), as well as a Law Degree (LL.B). He has a rich experience over 30 years in finance and global M&A activities. Mr. Jaju has been awarded 3 times as Best Performing CFO in the year 2003, 2005 and 2006, by the most credible nationally renowned jury.

January 2010 Page 15

4. Strong Management Team with Proven Execution Capabilities

LSAW Pipes ERW Pipes

HSAW Pipes Coating of Pipes

January 2010 Page 16

4. Strong Management Team with Proven Execution Capabilities

PlatesPlates

US Plant

January 2010 Page 17

4. Strong Management Team with Proven Execution CapabilitiesUS Plant

• State of the art facility at Little Rock, Arkansas. Commissioned in Feb-09 and has obtained all API approvals

• Production and sales volume of 3.5 K MT in FY 2009 with capacity utilization expected to ramp-up over 50% by the end of FY 2010– Sales of US$44.2 MM (1)

• Key supplier for last 5 years in US with client list that includes Chevron, Exxon Mobil (Golden Pass Pipeline), Kinder-Morgan and Ruby (El Paso)– Framework agreement with Chevron, making Welspun one of the three global preferred vendor for

next 3-5 years– Supplied pipes for world’s deepest pipe- line in Gulf of Mexico

• Rationale for US Plant– Opportunity to locate closer to customers who were facing supply challenges– Transportation cost becomes quite large for inter-continental shipment– Existing capacity in the US was not able to serve the requirement of US clientsNote1. Includes logistics support services of US$25.0 MM; also includes Coating and Double Jointing revenue

January 2010 Page 18

8,167

10,126

1,655684

3,384

6,555 6,348

0

4,000

8,000

12,000

2004-05 2005-06 2006-07 2007-08 2008-09 2008-099M FY 106.0%

10.0%

14.0%

18.0%

(2) (4) (5) (8)(6)(3)3715 78

5. Exponential Growth in Revenues & Margins

242

377501

670717

614

100

300

500

700

900

2004-05 2005-06 2006-07 2007-08 2008-09 9M FY10

(‘000 MT) (INR MM)

CAGR (05-09): 31.2%

(INR MM) EBITDA Margin (%)

3,336

614338

1,425

3,408

2,135

4,439

0

1,500

3,000

4,500

2004-05 2005-06 2006-07 2007-08 2008-09 2008-09 9M FY100.0%

4.0%

8.0%

12.0%

16.0%PAT Margin (%)(INR MM)

CAGR (05-09): 74.5% CAGR (05-09): 58.5%

163 138US$ MMNotes1. Excluding Other Income2. Using avg. exchange rate of US$1 = Rs.44.94 from 01-Apr-04 till 31-Mar-053. Using avg. exchange rate of US$1 = Rs.44.28 from 01-Apr-05 till 31-Mar-064. Using avg. exchange rate of US$1 = Rs.43.51 from 01-Apr-06 till 31-Mar-07

Production Consolidated Revenues (1)

EBITDA (1) Profit After Tax

1,250US$ MM 991231(2) 413 (3) 617 (4) (5) (6)

178Notes5. Using avg. exchange rate of US$1 = Rs.40.29 from 01-Apr-07 till 31-Mar-086. Using avg. exchange rate of US$1 = Rs.45.91 from 01-Apr-08 till 31-Mar-097. Forex provisioning of INR1,256MM, Inventory write-down of INR 385MM, ECB provisions of INR 178MM8. Exchange Rate of US$1= Rs.. 46.0450 on 21st Jan 20109. Includes recovery of past forex provisioning , which is reflected in better realization and cost of material

(2) (4) (5) (6)(6)(3)148 33 85 47 73

Excluding extraordinary items (7)

Excluding extraordinary items (7)

1,249(8)

(6) 220 96(8)

10,38518,298

26,83439,945

57,395 57,528

0

25,000

50,000

75,000

100,000

2004-05 2005-06 2006-07 2007-08 2008-09 9M FY10

CAGR (05-09): 53.3%

(9)(9)

January 2010 Page 19

5. Exponential Growth in Revenues & Margins

Consolidated Balance Sheet as at March 31, 2009

Sources of Funds Amount (INR MM) Amount (US$ MM) (1)

Net-worth 15,597 306

Secured & Unsecured Loans 26,538 521

Deferred Tax Liabilities 2,488 49

Total 44,623 876

Uses of Funds Amount (INR MM) Amount (US$ MM) (1)

Fixed Assets 36,835 723

Investments 1,140 22

Cash 9,470 186

Other Current Assets 36,378 714

Less: Current Liabilities 39,555 776

Other (2) 355 7

Total 44,623 876

Notes1. Using exchange rate of US$1 = INR50.95 as on March 31, 20092. Foreign currency monetary item translation difference account

January 2010 Page 20

Q3 FY 10 Highlights

Summary of Q3 & 9 M - FY10(Rs. Million)

Breakdown of Sales in MT #

Breakdown of Production in MT #

Major Highlights for 9M FY 10 :

Sales have grown by 13% due to:

• Higher Plate volumes• US plant contribution by way of Pipe sales and Coating & Double jointing revenues

• LSAW Mill had two week planned maintenance shutdown• EBITDA growth of 144% primarily due to additional contribution

from higher Plates volume and US Plant• Lower Interest cost due to pre-payment of approximately Rs. 5

billion high cost debt during the quarter• Higher depreciation with respect to Q3 FY10 due to commissioning

of 150K MT Spiral III Plant in Anjar and 350K MT Spiral Plant in US post 2nd half of the previous year

• Resultant PAT growth of 268%• Successful Placement of US $ 100 million QIP Welspun Gujarat

achieves total capital market fund raising of US$ 250 million

Status of Projects / New Initiatives • 100,000 MTPA (Including fabrication) Spiral Pipe mill project in

Bangalore, India, to cater to pipe demand in water segment shall be ready in the first half of FY 2011. Another 200,000 MTPA (Including fabrication) Spiral Pipe mill projects in other parts of India are being planned to cater to pipe demand in Oil and water segments, which will be ready over next 15 months and shall entail an investment of about Rs.1500 million.

• 300,000 MTPA LSAW Pipe mill project at Anjar, India is likely to be completed in second half of FY 2011.

• Coil mill in Anjar, India, likely to be commissioned in Q4 FY 2010.

Note: Includes recovery of past forex provisioning , which is reflected in better realization and cost of material

# Represents stand alone numbers of the company.

Particulars Q3 FY10 Q3 FY09# Growth 9M FY10 9M FY09# GrowthSales 16,395 14,566 13% 57,528 40,465 42%

EBITDA 3,486 1,429 144% 10,126 4,738 114%

PAT 1,668 453 268% 4,439 1,818 144%

Sales Volume (in tons) Q3 FY10 Q3 FY09# Change % 9M FY10 9M FY09# Change % FY2009

Total Pipes Consolidated 170,216 155,144 10% 610,319 504,668 21% 695,063

Plates External 103,151 13,110 687% 225,778 33,935 565% 42,073

Plates Internal 9,178 31,280 -71% 62,500 58,082 8% 112,043

Plates Total 112,329 44,390 153% 288,279 92,017 213% 154,116

# Represents stand alone numbers of the company.

Production Volume (in tons) Q3 FY10 Q3 FY09# Change % 9M FY10 9M FY09# Change % FY2009

Total Pipes Consolidated 156,679 179,980 -13% 613,544 509,192 20% 717,837

Plates 93,586 56,796 65% 276,749 147,115 88% 192,569

# Represents stand alone numbers of the company.

January 2010 Page 21

Summary

2Robust Business Fundamentals & Healthy Order Book

• Strong volume growth• Order Book in excess of

US$1.4 Bn• Capacities of global size• Comprehensive product mix

Strong Management Team with Proven Execution Capabilities

• Recognized by the FT as the second largest steel pipe producer in the world in 2007

• First Indian company to supply pipes for offshore projects in US

4 3 Global Footprint & Pre Approved with O&G Majors

• Presence across more than 25 countries

• Pre-approved with more than 50 O&G Majors

1 Strong Industry Fundamentals

• Capital intensive, high barriers to entry

• North America expected to lead demand

5 Exponential Growth in Revenues & Margins

• Revenues have grown at a CAGR of 53% over the last five years

• PAT has grown at a CAGR of 59% in the same period

1 Strong Industry Fundamentals

• Capital intensive, high barriers to entry

• North America expected to lead demand

January 2010 Page 22

Welspun on the Path of Global Leadership

Scale of operations through large economic plants across the globe Scale Leadership

Adopt and innovate cutting-edge technology to satisfy stringent requirements of customers

Technology Leadership

Produce world class products at the least cost and maintain competitive edgeCost Leadership

Consistent focus on quality at all levels; be the best in delighting customersQuality Leadership

Most efficient and effective processes to achieve optimal utilizationsProcess Leadership

Best in class people : Produce extraordinary resultsPeople Leadership

Global Leadership Serve Globally, Act Locally

January 2010 Page 23

Thank You

For further details, please contact:

Navin Agarwal

General Manager - Corporate Affairs

Tel.: +91- 22- 6613 5734

Mob.: +91- 98- 2044 9224

Email: navin_agarwal@welspun.com

Akhil Jindal

Director - Corporate Affairs

Tel.: +91- 22- 6613 5721

Mob.: +91- 98- 7029 6187

Email: akhil_jindal@welspun.com

Company Website: http://www.welspunpipes.com