performance highlights h1_fy 16 final

7/25/2019 Performance Highlights H1_FY 16 Final

1/57

Steel Authority of India LimitedPerformance Highlights

Q2-FY16


2/57


3/57

Global Steel Price Trends

525 525519 520

509 506 507 506494

478

467 459

421

378 373366

360346

315 306

281

507

492479

486

469

448 443 440

423413 411

403

367

342328 333

334323

290 290

273250

300

350

400

450

500

550

600

650

Jan '14 Mar '14 May '14 July '14 Sept '14 Nov '14 Jan '15 Mar '15 May '15 July '15 Sept '15

HRC/China Export S S400 FOB Tianjin China$/t Rebar/China Export FOB China $/t


4/57

Import of Finished Steel in IndiaQuantity in million tonne

5.4

9.3

0.0

2.0

4.0

6.0

8.0

10.0

2013-14 2014-15

5.4

3.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

H1-FY16 H1-FY15

Import of Finished Steel

(Apr.Mar.)H1 FY16 vs. H1 FY15

Source: JPC


5/57


6/57

Amount in Rs. crore

Particulars H1 FY 16 H1 FY 15Increase/

Decrease% change

Gross Sales 20797 25449 -4652 -18.3%

EBIDTA -825 2824 -3649 -129.2%

PBT* -2598 1364 -3961 -290.5%

PAT* -1378 1179 -2557 -216.8%

Financial Highlights

H1 FY 16 vs. H1 FY 15


7/57

Amount in Rs. crore

Particulars Q2 FY 16 Q2 FY 15Increase/

Decrease% change

Gross Sales 10244 12934 -2690 -20.8%

EBIDTA -918 1498 -2416 -161.2%

PBT* -1821 751 -2572 -342.5%

PAT* -1056 649 -1705 -262.6%

Financial Highlights

Q2 FY 16 vs. Q2 FY 15


8/57

Financial Performance

Net Sales (Rs. cr.)

45,65443,961

46,18945,208

30,000

35,000

40,000

45,000

50,000

11-12 12-13 13-14 14-15

Annual Net Sales Performance

(Apr.Mar.)

H1-FY16 vs. H1-FY15

18497

22761

0

5000

10000

15000

20000

25000

H1-FY16 H1-FY15


9/57

0

2000

4000

6000

8000

2011-12 2012-13 2013-14 2014-15

7658

5621 5909 5586

Earning Before Interest Depreciation and Tax (EBIDTA)

(Rs cr.)

H1FY16 vs. H1 FY15Annual EBIDTA Performance

(Apr.Mar.)


-825

2824

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

H1-FY16 H1-FY15


10/57

Cash Profit Unit(Rs cr.)

6980

4873

38854132

3000

6000

9000

11-12 12-13 13-14 14-15

Annual Cash Profit Performance

(Apr.Mar.)


-1736

2163

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

H1-FY16 H1-FY15

H1FY16 vs. H1FY15


11/57

0

1000

2000

3000

4000

5000

6000

2011-12 2012-13 2013-14 2014-15

5151

3241 3225

2359

PBT (Rs. cr.)

Annual PBT Performance

(Apr.Mar.)


-2598

1364

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

H1-FY16 H1-FY15

H1FY16 vs. H1FY15


12/57

-1378

1179

-2000

-1500

-1000

-500

0

500

1000

1500

H1-FY16 H1-FY15

0

1000

2000

3000

4000

2011-12 2012-13 2013-14 2014-15

3543

21702616 2093

PAT (Rs. cr.)

H1FY16 vs. H1 FY15Annual PAT Performance

(Apr.Mar.)



13/57

39811

41025

42666

43505

37000

38000

39000

40000

41000

42000

43000

44000

31.03.2012 31.03.2013 31.03.2014 31.03.2015

Net Worth (Rs. cr.)

Net Worth Value - Annual


H1FY16 vs. H1 FY15

42130

43622

41000

41500

42000

42500

43000

43500

44000

30.09.2015 30.09.2014


14/57

Quarter wise Profits (Rs. crore)


93

-918

1498

-777

-1821

751

-322

-1056

649

-2000

-1500

-1000

-500

0

500

1000

1500

2000

Q1-FY16 Q2-FY16 Q2-FY15

EBIDTA PBT PAT


15/57

33864

25400910

661200

600

1000

1400

1800

22000

24000

26000

28000

30000

32000

34000

30.09.2015 30.09.2014

Borrowings as on date Interest Cost

Borrowings (Rs. Cr.)

16320

21597

25281

29898

0

5000

10000

15000

20000

25000

30000

35000

31.03.12 31.03.13 31.03.14 31.03.15

The ongoing CAPEX is being financed through Debt-Equity Ratio of 1:1

Year 31/03/2012 31/03/2013 31/03/2014 31/03/2015 30/06/2015 30/09/2015

D/E

Ratio 0.41 0.53 0.59 0.69 0.73 0.80

Annual Borrowings Borrowings and Interest Cost



16/57

Short Term Investments in Banks (Rs. Cr.)

17142

5900

34002500

2000

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

31.03.11 31.03.12 31.03.13 31.03.14 31.03.15


2000

2500

93

127

80

90

100

110

120

130

140

150

160

0

500

1000

1500

2000

2500

3000

30.09.2015 30.09.2014

Investments as on date


17/57

Performance Highlights H1 FY16

Saleable Steel Production of 5.76 million tonne

Crude Steel Production of 7.03 million tonne

Hot Metal Production of 7.86 million tonne

Semis component in production 25% of saleable steel

Saleable Steel Sales of 5.43 million tonne

Value Added Steel Production of 2.45 million tonne

Production through Concast route of 5.24 million tonne


18/57

Performance Highlights H1 FY16

Coke Rate at 493 kg / THM

Fuel Rate at 570 kg/THM

Specific Energy Consumption at 6.55 Gcal/TCS

BF Productivity at 1.52 T/m3/day

Major Techno-economic Parameters


19/57

Saleable Steel (in Million Tonne)

11.00

11.50

12.00

12.50

13.00

12-13 13-14 14-15

12.39

12.88 12.84

Annual Saleable Steel Production

(including Special Steel Plants)

Saleable Steel Production

(incl. Spl. Steel Plants)

Production Performance

5.6

5.7

5.8

5.9

6.0

6.1

6.2

H1-FY16 H1-FY15

5.8

6.2


20/57

Saleable Steel from 5 Integrated Steel Plants

(in Million Tonne)

10.0

11.0

12.0

13.0

12-13 13-14 14-15

11.9

12.4 12.4

Production Performance

5.2

5.3

5.4

5.5

5.6

5.7

5.85.9

6.0

H1-FY16 H1-FY15

5.5

6.0


21/57

BOF

Process,81.0%

THFProcess,

17.5%

EAF

Process,

1.5%

CC

Route

75%

Ingot

Route25%

Value

Added

Steel

43%

Commo

dity

57%

Crude Steel Production by processProduction of Value Added Steel (5 ISPs)

Production by Process

Production by Process & Sales Mix: H1FY 16

Semis

25%

Longs

26%

Flats

49%

Production of Saleable Steel (5 ISPs)

P d t Mi


22/57

ISP

BSL

RSP

DSP

BSP

54%

28%

49%

95%

89%

30%

46%

5%

11%

72%

21%

Long Products2 Flat Products Semis

Product Mix:

Production Five Integrated Steel Plants: H1 FY16

In percentage

SAIL5 ISPs : Semis 25%; Flats 49%; Longs 26%


23/57

Sales Performance

Saleable Steel (in million tonne)

10

10.5

11

11.5

12

12.5

13

12-13 13-14 14-15

11.1

12.1

11.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

H1 - FY16 H1 - FY15

5.4 5.7

Annual Saleable Steel Sales

(including Special Steel Plants)

Saleable Steel Sales

(incl. Spl. Steel Plants)


24/57

Sales through Dealers Network

0

500

1000

1500

2000

2500

3000

01.10.2015 01.10.2014

583 598

2608

2837

Districts covered Dealers appointed

*Note: Sales through Dealers during H1 FY was 326,900 tonnes


25/57

Captive Power Generation & drawal from the Grid

For H1FY16

JV CPP

56%

Own CPP

10%

Drawal from

Grid

34%


26/57

Current manpower : 91,389 numbers as on 01.10.2015

Tonne Crude Steel /man - year

Labour Productivity

241258

278

100

155

210

265

2011-12 2012-13 2013-14 2014-15 H1-FY16

302 312


27/57

Performance of SAIL Share price vis--vis Sensex

67

88

95

88

8170

83

89

8377

7168

70

66

61

57

50 5153

22418

24217

2541425895

26638

26631

27866

28694

27499

29183

29362

27957

27011

27828 27780

28115

26283

26155

26657

14000

16000

18000

20000

22000

24000

26000

28000

30000

35

55

75

95

SAIL's Share Price (Rs.) Sensex Points

Closing Share Price and Sensex as on the last day of the month


28/57

Dividend

Interim

(%)

Final

(%)

Total

(%)

Dividend

(Rs. crore)

Dividend Tax

(Rs. crore)

2014-15 17.5 2.5% 20 826 165

2013-14 20.2 - 20.2 834 142

2012 -13 16 4 20 826 134

2011 -12 12 8 20 826 134

2010 -11 12 12 24 992 162

2009 -10 16 17 33 1363 228

2008 09 13 13 26 1074 181

2007- 08 19 18 37 1528 259


29/57

SAILs Expansion & Modernisation Plan

Particulars

Actual

production

2014-15

After

On-going

Expansion

Crude Steel 13.91 21.4

Saleable

Steel12.84 20.2

in million tonne


30/57

Expansion Plan : Technological Shift

TechnologyBefore

Expansion

After Expansion

BOF Steel Making 79% 100%

CC Route 71% 94%

Pelletisation Plant No Yes

Coke Dry Quenching Partial Yes

Top Pressure Recovery

TurbineNo Yes

Auxiliary Fuel Injection in

BFPartial Coverage Full Coverage

Desulphurization of HotMetal Partly 100 %

Beam Blank Casting No Yes

Coupled Pickling & Tandem

MillNo Yes

Beneficiation Plant Partial Full


31/57

Ongoing Projects

The Expected Outcome:

Production through twin-hearth furnace (THF) route to be replaced by BOF-LD

converter route.

Production through Ingot teeming route to be replaced with Continuous cast

production route.

Enhancement of Production volume by addition of 2 new 4060 m3 Blast

Furnaces and one Blast Furnace of 4160 m3.

Increased Market Share.World class technology and products.

Improved Product Mix / proportion of value added products to increase.

Enhanced Pollution Control measures, with Environmental Conservation.


32/57

The Products to be added:

Auto grade CR Products, Galvanized Coils /Sheets.

Plates / Pipes to meet up to API 100 Grade specification.

Universal Beams/Heavy Beams to support increasing Infrastructural

requirements.

Rails for Metro Railways and Dedicated Freight Corridors.

Increased production of Rails and Wheels to meet the increasing

requirements of Indian Railways.

Quantum jump in Rounds and Structural production.

Wider Plates in the size of 4300 mm.

Ongoing Projects


33/57

39131 39131

70393509

12191

22739

1 2 3 4 5

InR

upeesCrore

61870

1 Expansion of existing capacity

2 Value-addition / Product-mix improvement

3 Technological up gradation / Modernization

4 Sustenance including de-bottlenecking, AMR & Environment

5 Total Estimated Cost

Note:In addition, a Capex Plan of Rs. 10264 crore has been made for augmentation

of Raw material facilities.

Ongoing Projects


34/57

Total Capital Expenditure Including on

Modernisation & Expansion

Unit : Rs crore

1000

4000

7000

10000

08-09 09-10 10-11 11-12 12-13 13-14 14-15

5233

10606 11280 110219731 9890

6840

Capex during H1 FY16 was Rs. 2982 crore. Capex Plan for 2015-16 is Rs. 6500 crore


35/57

Capacity increase after Expansion

Plant

Hot Metal (MTPA) Crude Steel (MTPA)Saleable Steel

(MTPA)

2014-15After

Expansion2014-15

After

Expansion2014-15

After

Expansion

BSP 5.1 7.5 4.8 7.0 4.3 6.6

DSP 2.3 2.5 2.1 2.2 2.0 2.1

RSP 3.1 4.5 2.9 4.2 2.5 4.0

BSL 4.2 5.8 3.8 4.6 3.4 4.2

ISP 0.6 2.9 0.1 2.5 0.1 2.4

VISL 0.1 0.3 0.0 0.2 0.0 0.2ASP - - 0.1 0.5 0.1 0.4

SSP - - 0.1 0.2 0.4 0.3

TOTAL 15.4 23.5 13.9 21.4 12.8 20.2

P d Mi S l bl S l P d i


36/57

Product Mix - Saleable Steel Production

Semis

12% Structurals

14%

Bars & Rods

19%

Rly Products8%

PM Plates

16%

HR

Plates/Coils/S

heets/skelp

16%

CR

Coils/Sheets

11%

GalvanizedProducts

3%

PET

Products

1%

FY 15

Post

Ongoing Expansion

Semis25%

Structurals

3%

Bars & Rods

12%

Rly Products

6%

PM Plates

15%

HR

Plates/Coils/S

heets/skelp

32%

CR

Coils/Sheets

4%

Galvanized

Products

2%

PET Products

1%


37/57

Salem Steel Plant

Facilities added:

Steel melting Shop Electric Arc Furnace (55 T); AOD Converter (60

T); Ladle Furnace (60 T); Single Strand Slab Caster.

Roll Grinder for Hot Rolling Mill

Cold Rolling Mill Complex ( except 20-high Sendzimir Mill)

Production (MTPA) :

Item 2014 -15 (Actual) After ExpansionCrude Steel 0.125 0.18

Saleable Steel 0.360 0.34

IISCO S l Pl


38/57

IISCO Steel Plant

Facilities Already Completed:New Coke Oven Battery (0.88 Mtpa, 2 x 37 ovens, 7 m tall)

Sinter Machines (3.88 Mtpa gross sinter production, 2X204 m)

Blast Furnace 4160 m3 volume (2.7Mtpa)

2 nos. of 150 T BOF Converters

Wire Rod (0.5 Mtpa)

Ore Handling PlantCoal, Coke Handling and Pipe Conveyor

Base Mix Preparation Plant

Coke Dry Cooling Plant

2X6 Strand Billet Casters (0.83 Mtpa each)1X4 Strand Bloom-cum-Beam Blank Caster (0.83 Mtpa)

Bar Mill (0.75 Mtpa)

Universal Section Mill (0.6 Mtpa)

IISCO S l Pl


39/57

Item 2014 -15 (Actual) After Expansion



Production (MTPA) :

IISCO Steel Plant

New stream to produce 2.7 Mtpa of Hot Metal &2.5 Mtpa of Crude Steel

The expanded capacity of IISCO Steel Plant

has been dedicated to the Nation by the

HonblePrime Minister on 10.05.2015.

BURNPUR

Current Progress of Expansion at IISCO Steel Plant


40/57

Caster-1 & 2

Coke OvenBattery Sinter Plant

Blast Furnace

BOF Converter- 3 & 2

Wire Rod Mill

BURNPURg p

Bokaro Steel Plant


41/57

Bokaro Steel Plant




Facilities Already Completed:

Re-building of Coke Oven Battery #1 & #2.

Up-gradation of Blast Furnace #2 and Stoves Up-gradation of #5

Auxiliary Fuel Injection (CDI) in Blast Furnaces #2 & #3.Turbo-blower-8.

New CRM Complex (1.2 Mtpa):

PLTCM completed and commissioning tests successfully performed in Jul15.

Rolling is in progress.

InHDGL, threading completed.

Up-gradation of HSM with augmentation of Roughing facility.

Facilities Likely to be Completed During FY 16:

Replacement of Re-heating Furnace.

Up-gradation of SMS II with Auxiliary facilities/Hot metal de-sulphurisation units.

Production (MTPA) :

Current Progress of Expansion at Bokaro Steel Plant


42/57

Coke Ovenbattery-2 BlastFurnace-2

PLTCMRolling

Coil Packaging Line

Skin Pass

Mill Bell Annealing Furnace

g p


43/57

Bhilai Steel Plant




New Facilities Already Completed:

Second Sinter Machine in Sinter Plant-3 New Coke Oven Battery No. 11 (7 m tall, Capacity 0.881 mtpa)

Facilities Likely to be Completed During FY H2 16:

Blast Furnace 4060 m3.

New Steel Melting Shop (SMS-3) with New Billet Casters/Billet-cum-Bloom Caster, Beam Blank Caster

Universal Rail Mill

Bar and Rod Mill

Production (MTPA) :

Current Progress of Expansion at Bhilai Steel Plant


44/57

Sinter Machine Coke Oven Battery - 11

Blast Furnace - 8

Continuous Caster - 1

Bar & Rod Mill

Universal Rail Mill

g p

Current Progress of Expansion at Bhilai Steel Plant


45/57

45

BF 8: Stoves

Universal Rail Mill

Equipment erection at COB-11

2ndSinter Machine

g p

R k l St l Pl t


46/57

Rourkela Steel Plant




New Facilities Already Completed:

New Coke Oven Battery -6 (7 m tall, 1 x 67 ovens)

New Sinter Plant -3 (1 x 360m)

New Blast Furnace -5, 4060 m3 useful volume, (PCI started in July 2014).

New 3rd Single Strand Slab Caster

New Oxygen Plant 2X700 tpd on BOO basis

New 3rdBOF (150 T) Convertor

New 4.3 meter Wide Plate Mill

Production (MTPA) :

The expanded capacity of Rourkela Steel Plant

has been dedicated to the Nation by the Honble

Prime Minister on 01.04.2015.

SINTER PLANT - 3

Current Progress of Expansion at Rourkela Steel Plant


47/57

Coke OvenBattery - 6

1

Blast Furnace

Tapping

BOF Converter

Slab CasterBOF Converter

Sinter Plant - 3

D St l Pl t


48/57

Durgapur Steel Plant




Facilities Completed :

Rebuilding of Coke Oven Battery no-2 New Ladle Furnace (125T)

Coke Sorting & Coal Handling Plant

New Dolomite Plant (300tpd)

New Dolomite Plant (300tpd)

Bloom-cum-Round Caster 1X4 (0.75 Mtpa) New Medium Structural Mill (1.0 Mtpa);

Production (MTPA) :

Current Progress of Expansion at Durgapur Steel Plant


49/57

Coke Oven Battery-2 Ladle Furnace-3

Bloom cum Round Caster

Medium Structural Mill

Raw Materials


50/57

Raw Materials

YearHot Metal

(mtpa)

Iron Ore

Consumption

(mtpa)

Linkages of Iron Ore

2014-15 15.41 24.22 Existing Mines

Post

Expansion23.46 39

The capacity of existing mines at Kiriburu,

Meghahatuburu, Bolani & Gua are being

ramped up to meet the requirement of

Iron Ore for post ongoing phase ofexpansion

Three new Pellet Plants - 4 mtpa capacity

at Gua, 2 mtpa capacity at RSP & 1 mtpa

capacity at Dalli) have been planned for

better utilisation of Iron Ore Fines

In addition to the above, iron ore shall be

mined from new mines at Rowghat, Chiria

and Taldih

Raw Materials


51/57

Raw Materials

Mine

Existing

Capacity

(mtpa)

Capacity after ongoing

expansion (mtpa)Remarks

Kiriburu 5.50 5.50 Expansion at Kiriburu has already beencompleted whereas at Meghahatuburu is being

ramped up to meet the requirement of the

ongoing expansion plan.

At Bolani, processing plant has upgraded to 7.5

mtpa and is under stabilization.

*Depleted resources and quality constraintsThe entire requirement of the increased capacity

shall be met through captive mines

The timeline for mines expansion is expected to

be in line with Steel Plants expansion

New Pellet Plant shall use the existing reserve of

fines incl. dumps & slimes at captive mines

Meghahatuburu 5.00 6.50

Bolani 5.50 10.00

Gua 4.00 10.00

Rajhara, Dalli 8.70 7.00*

New Pellet

PlantsNew 7.0

Barsua, Kalta,

Taldih3.31 6.5 Environment clearance & FC received from MOEF

Rowghat New 12.0All statutory clearances have been received.

MDO is being engaged.

Chiria 0.75 5.8Stage-I Forest Clearance& EC has been

obtained. Stage-II FC awaited from MoEF.

Raw Materials


52/57

Raw Materials

YearHot Metal

(mtpa)

Coking Coal

Requirement (mtpa)Linkages of Coking Coal

2014-15 15.41

15.1

(including

purchased coke)

Import Component 86%Over 90% of imported coal is sourced from

Australia.

Indigenous: 14%

Domestic coal is largely sourced from Coal

India Ltd.

SAIL has existing captive coking coal

production of nearly 0.5 mtpa

PostExpansion

23.46 21.0

Long term / Quarterly contracts to cover

95% of Import requirements, w.e.f. FY 11

MDO has been engaged for development

of Tasra captive coal to produce 4 mtpa of

ROM (2 mtpa washed coal)

Sitanala coal block allotted for a minecapacity of 0.30 mtpa of ROM (0.20 mtpa

of washed coal)

New linkages / acquisitions are being

explored

Major Joint Ventures strategic initiatives


53/57

FOCUS AREA ALLIANCE PARTNER REMARKS

TECHNOLOGY

SAIL Kobe Iron India Pvt Ltd. A Joint Venture Company

has been formulated for setting up a 0.5 mtpa capacity

Plant for producing iron nuggets based on ITmk3

technology.

RAW

MATERIALS

International Coal Ventures Pvt. Ltd., a SPV of 5 leading

PSUs incorporated (SAIL, RINL, CIL, NTPC & NMDC) for

acquisition / operation of coal assets in overseas

territories.

M/s SAIL & MOIL Ferro Alloys (Pvt.) Ltd. formed with

MOIL for production of Ferro-alloys at Bhilai.

M/s S&T Mining Company Pvt. Ltd. formed with Tata

Steel for developing coking coal mines in India.




54/57

FOCUS AREA

ALLIANCE PARTNER

REMARKS

ENERGY JV with NTPC & DVC for operating & managing CPPs

of Durgapur, Rourkela & Bhilai.

STEEL

A Special Purpose Vehicle, namely, Chhattisgarh

Mega Steel Limited has been formed for setting-up

an Ultra Mega Steel Plant (UMSP) in Bastar, Area of

Chhattisgarh.

CEMENT

Bhilai Jaypee Cement Ltd. -Slag based cement plant of

2.2 million tonne per annum capacity with grinding

unit at Bhilai & clinkering unit at Satna.



55/57

FOCUS AREA

ALLIANCE PARTNER

OBJECTIVE

SHIPPING

Joint Venture Company SAIL SCI Shipping Pvt.

Ltd. to cater to SAIL requirements of shippingimports of coal.

WAGON

MANUFACTURE

SAIL RITES Bengal Wagon Industry Pvt. Ltd. A

Joint Venture Company has been formed with

M/s. RITES for setting up Wagon Manufacturing

Factory at Kulti, West Bengal.

E-PORTAL JV with Tata Steel to promote e-commerce

activities in steel and related areas


Abb i ti d


56/57

Abbreviations used BF Blast Furnace

SMS Steel Melting Shop

BOF Basic Oxygen Furnace

THF Twin Hearth Furnace

EAF Electric Arc Furnace

BSP Bhilai Steel Plant

DSP Durgapur Steel Plant

RSP Rourkela Steel Plant

BSL Bokaro Steel Limited

SSP Salem Steel Plant

VISL Visvesvaraya Iron & Steel

Plant

ASP Alloy Steels Plant

CPLY Corresponding Period

Last Year

G.Cal/tcs Giga Calories per tonne ofCrude Steel

ISP Integrated Steel Plant

HDGL Hot Dip Galvanizing Line

FOB Freight On Board

JPC Joint Plant Committee

Kg/thm Kilo Gram Per Tonne of

Hot Metal

Tpd Tonnes Per Day

MT Million Tonne

Mtpa Million Tonne Per Annum

EBIDTA Earnings Before Interest

Depreciation ,Taxes &

Ammortization. PAT Profit After Tax

PBT Profit Before Tax

RINL Rashtriya Ispat Nigam

Limited

CS Crude Steel

CDI Coal Dust Injection

CC Continuous Casting

BOO Build-Own-Operate

GoI Government of India

MOEF Ministry of Environment

& Forests

Disclaimer


57/57

Statements / Data which do not relate to SAIL and are used / made in thispresentation are from sources which are considered reliable and Company cannot be

held for its authenticity.

Further, statement describing the Companys projections, estimates, expectations

are forward looking statementswithin the meaning of applicable securities laws

and regulations. Actual results may differ materially from those expressed

depending on the circumstances / situations.

Major factors that could affect the Companys operations include, among others,economic conditions affecting demand / supply and prices in the domestic and

global markets in which the Company operates, changes in Government regulations,

tax laws and other statutes etc.

Disclaimer

performance highlights h1_fy 16 final

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