Pipavav, 11th August 2016

Result Review – Q1 June 2016

Disclaimer

Statements in this presentation describing the Company’s objectives,

projections, estimates, expectations may be “forward looking statements”

within the meaning of applicable securities laws and regulations. Actual

results could differ materially from those expressed or implied. Important

factors that could make a difference to the Company's operations

include, among others, economic conditions affecting demand / supply

and price conditions in the markets in which the Company operates,

changes in Government regulations, tax laws and

other statutes and incidental factors

2

Agenda

• Key Highlights

• Volume Development

• Infrastructure Developments

• Financials

3

Key Highlights

4

Key Highlights – Q1 June 2016

Container

• 172K TEUs : 3% decrease vs. Q4 March 2016;

Lower reefer

Dry Bulk

• 600K MT : 59% increase vs. Q4 March 2016

Higher Coal and Mineral Imports;

Liquid & RORO

• 128K MT Liquid cargo : down 48% vs. Q4 March 2016Seasonality and subdued market conditions

• 9 calls / ~ 11K cars ; up 26% vs. Q4 March 2016Trial shipment of Honda Cars in June 2016

Financial Results

• INR 1002M EBITDA; 60% EBITDA Margin; INR 598M PATSFIS income of INR 35M; higher bulk volumes; growth in RORO and cost efficiencies

5

Volume Development

6

Operational Highlights

7

Container Volume (TEU ‘000)

143 133 105 124 119 119

201 193

147

178 177 172

692

644

550

664 702

640

200

300

400

500

600

700

-

50

100

150

200

250

300

350

400

Q4 FY 15 Q1 FY 16 Q2 FY 16 Q3 FY 16 Q4 FY 16 Q1 FY 17

ICD Volume ('000 TEU) Total Volume ('000 TEU) Trains

0.92 1.02

0.63

0.44 0.38

0.60

-

0.20

0.40

0.60

0.80

1.00

1.20

Q4 FY 15 Q1 FY 16 Q2 FY 16 Q3 FY 16 Q4 FY 16 Q1 FY 17

Bulk Volume - MT's (million)

2.50 2.50

1.79 1.82 1.81 1.69

-

0.50

1.00

1.50

2.00

2.50

3.00

Q4 FY 15 Q1 FY 16 Q2 FY 16 Q3 FY 16 Q4 FY 16 Q1 FY 17

Rail Volume - MTs (million)

Infrastructure Development

8

Infrastructure developments

9

Container Yard Works- Complete & in use

Construction of Residential Building

RMGC- Expected completion August 2016

Construction of Office Building Commenced

Financials

10

Profit & Loss AccountStandalone Financials

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INR million

IND (AS) – Key Impact Areas

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Government Grants

• Applicable for Grant received in 2013-14 for construction of road.

• As per IGAAP, the said Grant was netted-off against the total cost of the road

• As per IND AS, the Grant needs to be accounted as deferred income and to be amortized .

Impact : Deferred income of Rs. 196.45M recognized as of 31.03.2015; INR 2.58M to be amortized each quarter

Employee Benefits

• Actuarial gains and losses on defined benefit obligations (Gratuity), charged to the P&L under IGAAP

• In Ind-AS ‘actuarial gains and losses’ to be recognized as ‘Other Comprehensive Income’ (‘OCI’)

Impact : Actuarial loss of Rs 4.48M (Net of Tax) for FY 2015-16 recognized as OCI

Deferred Tax

� As of 31.03.2015, Company had a net deferred tax asset position.

� IGAAP - deferred tax recognition based on virtual certainty; hence not recognized

� INDAS - deferred tax recognition based on reasonable certainty;

Impact : Deferred asset of Rs. 115.83M recognized as on 31.03.2015, resulting in higher tax charge for FY

2015-16; no impact on deferred tax liability as on 31.03.2016

IND (AS) – Impact on Opening Balance Sheet

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IND (AS) – Impact on Opening Balance Sheet

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