WCL - Welspun

On The Path of Global Leadership…
WELSPUN CITY, ANJAR
August 2012 Page 1

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 Corp. Limited (“WCL"), 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 WCL'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 securities of WCL and should not be considered or construed in any manner whatsoever as a recommendation that any
person should subscribe for or purchase any of WCL's securities. 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 WCL to
subscribe for or purchase any of its securities.
WCL, 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. WCL 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 presentation, 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. WCL 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
SHARES OR ANY OTHER SECURITY OF WCL.
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.
August 2012 Page 2

Welspun Group
Brief Synopsis
• One of the fastest emerging global groups, with multiple
countries strategy and manufacturing facilities
• Group companies enjoys market leadership positions:
• 2 nd ranked 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 Apollo, ICICI
Life, IDBI Bank, Reliance Capital, 3i (UK), Genesis (UK)
• Excellent relationship with domestic and international lenders
Global Recognitions
Welspun India “Golden Peacock Eco-Innovation Award for the year 2012
for Eco Dry Towels”
Welspun Group “ Green IT Award for 2011”
- by CIO magazine, IDG Group 2011
Welspun Group
Ramakrishna Bajaj National Quality Merit Award for
Welspun Vidya Mandir – IMC 2012
Welspun Corp Best India Manufacturing Company in the US – IACC 2011
Top Exporter for the Year 2010-2011 - EEPC
Welspun Corp Economic Times “Emerging Company of the Year Award”
for Corporate Excellence - 2008
Key Markets
• Major exports mainly to US, Europe, Latin America, Africa,
South East Asia, Middle East etc
International Setup
• Christy, UK
• Office in Manhattan-NY, Huston, TX - US
• Pipe & Coating facility in Arkansas, US
• Pipe & Coating Facility in Dammam, Saudi Arabia
Welspun Corp
2nd Largest (Large Diameter) Line Pipe Manufacturer
in the World - Financial Times UK - 2008
Welspun India “ Outstanding CSR in Textiles Sector”
India Shining CSR Award - Wockhardt Group 2011
Welspun Corp STAR PERFORMER – GAIL India Ltd - 2011
Welspun India Sustainability Award - Walmart - 2007
Welspun India 4 Gold Trophies for Outstanding Export Performance –
Textile Promotion Council (TEXPROCIL) - 2007
August 2012 Page 3

WCL – An Introduction
• WCL, 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 1/2 inch to 121 inches
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
• Prominent international footprint
• Accredited with ISO 9001, ISO 14001 and OHSAS 18001
certifications
• Strong order book of 1.2 million tonne ~ US$ 1.58 billion
Shareholding Pattern, as on June 30, 2012
39.27%
37.96%
Steady Growth in Revenues and Profit
Consolidated Total Revenues
(INR MM)
105,000
89,766
90,000
80,221
73,503
75,000
57,395
60,000
45,000
25,497
30,000
15,000
0
2008-09 2009-10 2010-11 2011-12 Q1 2012-13
(1)
(2)
US $ MM 1,250
1,637
1,799 (3)
(4)
(5)
1,765
470
Operational EBITDA
(INR MM)
14,461
13,186
11,120
12,200
9,200
6,348
6,200
3,310
3,200
200
2008-09 2009-10 2010-11 2011-12 Q1 2012-13
(1)
US $ MM 104
252 (2) 259 (3) 142 (4)
21 (5)
Summary Market Statistics
As of August 16, 2012 INR MM US$ MM (6)
Share Price (INR/ US$) 101.75 1.83
22.53%
0.24%
Promoter Mutual Funds FII Public, Banks ,Financial Institutions and others
Note
1. Average exchange rate of US$1 = Rs.45.91 from 01-Apr-08 till 31-Mar-09
2. Average exchange rate of US$1 = Rs.44.90 from 01-Apr-09 till 31-Mar-10
3. Average Exchange rate of US$1 = Rs. 44.595 from 01-Aptil-10 till 31 - March -11
4. Average Exchange rate of US$ 1 = Rs. 50.87 from 01-Aptil-11 till 31 _ March -12
Market Capitalization * 26,808 482
Enterprise Value (7) 60,787 1,093
Note
5. Average Exchange rate of US$ 1 = Rs. 54.221 from 01-Aptil-12 till 30 _ June-12
6. Exchange rate of US$ 1 = Rs. 55.627as on 16- August -2012
7. Net Debt at INR 30,621 million as on 30-June-2012
* Total no of shares outstanding : 263.47 million including 35.04 million of CCD’s
August 2012 Page 4

Corporate Structure
Products
Manufacturing Facilities
WCL – An Introduction
Promoters (37.96%) Welspun Corp Limited (WCL)
Public and Others (62.04%)
WCL – 100% WCL – 100%
WCL – 26%
Welspun Pipes Inc, USA
Welspun Plate and Coil Mill
Division
Manufacturer of state-of-art
Plates and Coils
Welspun Natural Resources
Pvt. Ltd.
Oil & Gas Exploration Activities
Welspun Energy Ltd
Solar & Renewable Energy
100% Beneficial Interest 100% Beneficial Interest
WCL – 50.01% in each (through its subsidiary)
WCL – 100%
Welspun Tubular LLC
Manufacturer of Pipes,
Coating and Double jointing
Welspun Global Trade LLC
Welspun Middle East Pipes
Welspun Middle East Coating
(Saudi Plant)
Welspun Infratech Ltd.
Infrastructure
- Welspun Projects ltd (MSK) – 61.12%
- Leighton Contractors India– 35%
Pipes
- Longitudinal (LSAW)
- Helical / Spiral (HSAW)
Plates & Coils
Oil and Gas
Renewable Energy &
Infrastructure
- Electrical (ERW)
State of the art pipe
manufacturing capacities in
• India (Anjar, Dahej, Mandya)
• Saudi Arabia (Dammam) and
• US (Little Rock, AK)
Plate & Coil mill in Anjar
Exploration and drilling
activities in India, Egypt and
Thailand
Extensive work in renewable
energy across India in states
like Karnataka, Gujarat,
Andhra Pradesh and Madhya
Pradesh
August 2012 Page 5

Manufacturing Facilities
Corporate Structure
Products
……WCL – An Introduction
Promoters (37.96%) Welspun Corp Limited (WCL) Public and Others (62.04%)
WCL – 87.35%
Welspun MaxSteel Ltd
Steel
( Directly Reduced Iron )
• DRI (Sponge Iron- Gas based) capacity of 0.9 million MTPA at Village
Salav, Maharashtra
State of art technology (in Sponge iron):
‘HYL III’ from HYLSA of Mexico.(Now Tenova Italy)
Engineering expertise of Davy Dravo of USA
August 2012 Page 6

Manufacturing Capacities catering clients globally
Manufacturing Capacities in ‘000 MTPA
Current Capacities
2,500
175
In ‘000 MTPA
Anjar, India Dahej, India Mandya, India Dammam, SA Little Rock, US Total Capacity
2,000
1,500
1,000
500
-
700
1,350
175
200
2,250
LSAW HSAW ERW Total
Pipes
1,500
Plates
New
Capacities
Current
Capacities
LSAW 350 350 700
HSAW 500 50 150 300 350 1,300
ERW 200 200
Current Pipe Capacity 1,050 400 150 300 350 2,250
New Pipe Capacity Expansions* 175 (ERW) 175
Total Capacity with Expansions 1,050 400 150 300 525 2,425
Plate & Coil 1,500 1,500
* New pipe capacity to be commissioned by Q4 FY13.
Anjar, Dahej and Mandya Mills
Little Rock, Arkansas, USA
Dammam, Saudi Arabia
Plate-cum-Coil Mill
• Premier integrated set-up for manufacturing
welded pipes. installed state-of-the-arttechnology
and is completely geared to meet
the requirements of the global industry
• The Longitudinal Pipes division (LSAW) has a
capacity of 350,000 MTPA at Dahej
• The New LSAW Pipe Plant (LSAW) plant at
Anjar with a capacity of 350,000 MTPA
• The Spiral Pipes division (HSAW) at Dahej
and Anjar together have a capacity of
550,000 MTPA
• The Spiral Pipes division (HSAW) at Mandya
(Karnataka) has a capacity of 150,000 MTPA
• The ERW Pipes division at Anjar has a
capacity of 200,000 MTPA
• Manufacturing facility on a 740-acre site
adjacent to the Little Rock Port Authority
commissioned in February 2009
• This API certified facility currently employs
443 people and is capable of producing
350,000 MTPA of HSAW pipes annually
for the use of the oil and gas industry
• It also has Coating and Double Jointing
capabilities
• The construction of the new ERW mill with
175,000 MTPA capacity is underway and
should be commissioned by end of FY13
• Manufacturing facility of 300,000
MTPA of HSAW pipes with
Coating facility
• Recently commissioned the
coating facility of 1.0 mn sq mtrs
• This backward integration at
Anjar, India has annual capacity
to produce 1,500,000 MTPA of
Plate and Coil with plates (up to
12.5 mtrs in length, 140 mm
thickness and 450 mm width) and
Coil (up to 2800 mm width and 25
mm thickness) with strength of
120,000 PSI
August 2012 Page 7

8
Growth at Infinity
Revenue
Growth
Rs. 25,497 mn.
Q1 2013
Mandya plant expansion completed
Rs. 89,766 mn.
Rs. 80,221 mn.
Rs. 73,637 mn.
2012
2011
- 350,000 tons LSAW pipe capacity Commissioned
- Initiated Mandya Plant Capacity Expansion to
150,000 MT
- Initiative of Setting up new ERW Plant 175,000 tons
in US
Saudi Plant - capacity of 300,000 MTPA operational
100,000 MTPA HSAW Plant at Mandya operational
2010 Foray into infrastructure through Welspun Projects
Ltd. and 35% stake in Leighton Welspun Contractors
Private Ltd.
Rs. 57,395 mn. 2009
Rs. 39,945 mn. 2008
350,000 tons US Spiral Mill commissioned
150,000 tons Spiral Mill commissioned
Commissioning of Plate Mill & 43 MW Power Plant
Rs. 26,834 mn.
2007
Anjar Facility , A Key Contributor
Rs. 18,298 mn.
2006
Approvals from O&G majors for new facility
Rs. 10,385 mn.
2005
New Capacity at Anjar, Gujarat for HSAW & Coating
Rs. 8,277 mn.
2004
Merger of coating J.V. with WCL
Rs. 2,565 mn.
Rs. 585 mn.
Rs. 180 mn.
1998
2000
2001
Pipe Coating in JV with EUPEC, Germany
Dahej, Gujarat
LSAW, Dahej, Gujarat
HSAW, Dahej, Gujarat
Incorporated
1995
Embarked on a Growth Journey
August 2012 Page 8

Welspun Corp Limited: Strong Value & Growth Story
1
Strong Industry Fundamentals
2
Robust Business Fundamentals & Healthy Order Book
3
Global Footprint & Pre Approved with Oil & Gas Majors
4
Strong Management Team with Proven Execution Capabilities
5
Revenues & Margins
6
Welspun Maxsteel Ltd
August 2012 Page 9

1. Strong Industry Fundamentals
Relatively Few Major Players International Demand Outlook 2012 –
Share of Expected Demand 2012 - 2017
2017 (Future Pipeline Projects)
• Industry is highly capital intensive with high barriers to
Global Demand for Pipes
entry
• Niche markets exist which have been effectively
captured by Welspun
• Reliability and reputation for excellence are
paramount, as pipelines are used for critical
applications such as oil and gas transport
• Prospects for the industry brightening with oil prices
gaining strength
Global Demand
• Business potential of around US$ 489 Bn (3) – Simdex
• Shale Gas rapidly increasing its share in total gas
requirement in US
• Replacement of the old pipelines in US
• US oil boom is expected to enhance pipeline demand
• Alaska Pipeline project - another boost to the demand
for pipes
Domestic Demand
• Low pipeline penetration in India provides huge
potential
• Natural Gas as a source of energy is growing at a rapid
pace and shall grow the demand for pipelines
• Formation of the Petroleum & Natural Gas Regulatory
Board (PNGRB) to give boost to trunk pipelines
• City Gas Distribution set to take-off
• Liquefied Natural Gas (LNG) terminals projects to
enhance pipe demand
• Water Infrastructure projects: A Key driver for HSAW
pipes
Source: Simdex and Industry Sources
Region
Company
Total Length
(kms)
Quantity
(KMT) (1)
Business
Potential
(US$ Bn) (2)
GAIL* 6,642 1,328 1.6
RGTIL 2,628 526 0.6
IOCL 4,366 874 1.0
Total 13,636 2,728 3.2
Proposed pipeline of GAIL
Phase I (Under Execution)
Name of Pipeline
Length
(Kms)
Cost
(Rs Cr)
Add. Cap
(MMSCMD
)
DVPL Ph -II / Vijaypur Dadri 1,109 10,764 80
Dadri - Bawana - Nangal 594 2,358 31
Chainsa - Jhajjhar - Hissar 349 1,315 35
Sub Total 2,052 14,437 146
Phase II (Approved in 2009)
Name of Pipeline
Length
(Kms)
Cost
(Rs Cr)
Add. Cap
(MMSCMD
)
Jagdishpur - Haldia 2,050 7,596 32
Dabhol - Bangalore 1,414 4,994 16
Kochi - Mangalore - Bangalore 1,126 3,263 16
Sub Total 4,590 15,853 64
Grand Total 6,642 30,290 210
Welspun is well placed, with global clients and state-ofthe-art
technology, to capitalise on this opportunity Source GAIL India Investor Presentation , May 2012
Projects
Total
Length
(kms)
Quantity
(MMT)
Business
Potential
(US$
Bn) (1)
North America 221 68,187 14 80
Latin America 55 33,500 7 52
Europe 187 60,915 12 116
Africa 59 24,349 5 31
Middle East 125 38,912 8 63
Asia 115 63,791 13 116
Australasia 75 17,978 3 31
Total 837 307,632 62 489
Source: www.simdex.com Aug 2012 data update
Domestic Market Size
Source: *GAIL India Ltd Presentation May 2012
Source: Basic Stats Report – www.petroleum.nic.in
Australasia
6%
Asia
24%
Middle
East
13%
Africa
6%
North
America
16%
Europe
24%
Source: www.simdex.com Aug 2012 data update
Latin America
11%
Note
1. Conversion rate of 200 tons/ km 2. As illustrated in the adjoining tables
August 2012 Page 10

1. Strong Industry Fundamentals
Business Strategy and Outlook
• The outlook for the pipe business remains mixed amidst challenges in the global economy.
However, Welspun continues to win new pipe orders both locally and internationally during such
challenging times on the back of its strong customer reach and proven execution track record.
Some of the key demand markets continue to be North America, Middle East and India. The
Company sees high potential across some newer regions such as Latin America, Africa and Asia
driven by strong growth in energy and oil demand
• The Company believes a key differentiating factor going forward shall be the ability to offer a
portfolio of high quality products to customers. The increase in rig count in North America, rebound
in oil prices, new shale gas discoveries and potential demand from the replacement market in the
coming years shall bode well for the industry
• Improvement in capacity utilization looks promising as the Company has a healthy order book of 1.2
million tonne. More specifically, the US and Saudi plants have the potential to deliver higher
volumes in the coming quarters. Saudi plant will also benefit from recent approvals by major
customers
August 2012 Page 11

1. Strong Industry Fundamentals
Business Strategy and Outlook
• The Plate market continues to witness softness in demand driven by weak demand from the
shipping industry combined with higher prices at which steel slabs are available
• The outlook for the pipe business remains mixed amidst challenges in the global economy.
Welspun’s infrastructure business (Welspun Projects Ltd. & Leighton Welspun Contractors Private
Ltd.) is witnessing a difficult business environment with higher costs and challenges on profitability
growth, but still managing to win meaningful orders
• The outlook for Welspun Maxsteel Ltd remains challenging due to lower availability of contracted
gas and the continued pressure it faces in procuring higher cost gas from alternatives sources.
However, efforts continue to find a solution through regulatory bodies and the government to
improve the gas situation and bring a positive change to the operations of Maxsteel
August 2012 Page 12

2. Robust Business Fundamentals & Healthy Order Book
Strongly Positioned
• Welspun serves several marquee customers like Exxon Mobil, Kinder Morgan, El Paso and
GAIL because of its specialized offerings
• Long term contracts with TransCanada and framework agreement with Chevron
• Strong presence in the highly competitive markets of North America and Middle East, and
well positioned to take advantage of higher realization margins in Latin American markets
Production ‘000 MT
‘000 MT
Export-Domestic Revenue Break up %
1000
800
717
814
958
819
100%
80%
33% 18% 28% 29% 34%
48%
600
400
200
0
500 507
384
193
217
150
FY 09 FY 10 FY 11 FY 12 Q1 FY13
Total Pipe Production Total Plate Production
60%
40%
20%
0%
67% 82% 72% 71% 66%
52%
FY07 FY08 FY09 FY10 FY11 FY12
*
Export
Domestic
• = FY12 pipe exports by value are ~ 70%, but the above figure has gone down
August 2012 due to consolidation of various businesses
Page 13

WELSPUN’S GLOBAL REACH
AMERICAS
EUROPE & CIS
Canada
USA
Mexico
Bahamas
Trinidad & Tobago
Venezuela
Colombia
Peru
Bolivia
Spain
Czech Rep.
Algeria
Nigeria
Egypt
Sudan
Russia
Iraq
Qatar
UAE
Saudi Oman
India
DOMESTIC
China
Bangladesh
Thailand
Malaysia
SOUTH
EAST ASIA
AUSTRALIA
Indonesia
Plant Locations
Anjar, India
Dahej, India
Mandya, India
Dammam, Saudi
Little Rock, USA
Marketing Offices
Mumbai, India
Delhi , India
Dammam, Saudi Arabia
Dubai, UAE
Houston, USA
MENA
Plants
Mktg Office
Countries served
August 2012 Source: Welspun Corp Ltd. Page 14

Journey to become the most respected Pipe Company in the
World
How Welspun will sustain
How Welspun reached here
• Technology
• Product profile
• Approvals
• Accreditations
• Serving challenging orders
• Zero Harm - Safety
• Niche markets -deep offshore/ sour
pipelines
• Stringent client specifications
• Local presence in key markets
• Highly trained workforce
• Zero Tolerance – Quality Standard
• People
Humble beginnings
Today
The future
August 2012 Page 15

2. Robust Business Fundamentals & Healthy Order Book
KEY GROWTH FACTORS FOR WELSPUN
• Technologically advanced global production capacities reaching customers levels at different
levels across the world
• Persistent efforts to serve in emerging markets like Iraq, North Africa, and South East Asia
• Increasing crude oil prices, newer oil and gas fields, shale gas discovery catalysing exploration,
production and pipeline laying
• Tougher norms on pipeline integrity, giving a boost to pipeline replacement market, and high
end pipes
• Welspun’s aim to get closer to customers with international sales offices and agents focused
on each different geographic areas by having a local presence
• 18m length pipes - Key to future
• Track record of offshore projects
• Excellent track record on High WT, OOR, OOS
• Capability, consistency and continuously improving performance recognised by global
clientele.
August 2012 Page 16

2. Robust Business Fundamentals & Healthy Order Book
Pipe Orders Booked Pipe Orders Executed Closing Pipe Orders
Year MT (in '000 tons) MT (in '000 tons) MT (in '000 tons)
FY 2008-09 807 695 781
FY 2009-10 824 814 791
FY 2010-11 844 909 726
FY 2011-12 1,163 835 1,029
Q1 FY 2012 - 13 345 178 1,196
*Current Order for Pipes book stands at (1,196K tonnes of pipes and 32K tonnes of external plates)
at US$ 1.58 billion
*Current Order Book – Geographical Distribution
by Volume
100%
80%
60%
40%
20%
0%
82%
Export
18%
Domestic
Some of the Top Clients for Pipes
Client
Country
Enterprise -EPCO
USA
TransCanada Pipe Line Limited Canada
WASIT
Middle East
PTTEP
Thailand
Access - NEX
USA
RTCC - WASIA
Middle East
*As of August 16 th 2012
August 2012 Page 17

3. Global Footprint & Pre Approved with Oil & Gas Majors
Global Market Expansion
World’s largest diameter steel pipe producers (1)
2007 output (million tonnes)
Salzgitter/Europipe* (Germany) 1.3
Saudi Arabia
Iraq
Welspun (India) 1.0
Canada
Spain
Venezuela
Russia
JFE (Japan) 0.7
Sumitomo (Japan) 0.7
US (Trader Mkt.)
US (Projects)
Mexico
Peru
Bolivia
Algeria
Egypt
Columbia
Oman
Qatar
Kuwait Indonesia
Sudan
China
Bangladesh
Thailand
Malaysia
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
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
Year 2010-2011
Year 2011-2012
Year 2009 – 2010
Stupp (US) 0.1
Tata/Corus (India/UK/Netherlands) 0.1
Others*** 7.3
What Sets WCL Apart From Competition
• Decade Long Experience
• One stop solution
• High Capacity Equipment to Meet Future Demand
• Backward Integration with In-house Plate-cum-Coil-Mill
Framework Agreements
• 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 and Statoil
WCL was rated 2 nd largest Pipe Company in 2007 and has since reached capacity of 2.25 MTPA
Note
1. As reported by Financial Times on April 13, 2008
August 2012 Page 18

3. Global Footprint & Pre Approved with Oil & Gas Majors
AGIP
BECHTEL
BRITISH GAS
BRITISH PETROLEUM
CHINA NATIONAL PETROLEUM CORPORATION
CPMEC, CHINA
CHEVRON (Framework Agreement)
DOW
RUBY (ELPASO)
EGYPTIAN GENERAL PETROLEUM CORPORATION
ENTERPRISE
EXXON-MOBIL (GOLDEN PASS PIPELINE)
GROUP FIVE , Saudi Arabia
GAIL
GASCO, ABUDHABI
GASCO, EGYPT
GAZPROM (STROYTRANSGAZ)
KINDER MORGAN
MOGE, MYANMER
N.A.O.C. - NIGERIA
NPCC, ABU DHABI
NTPC
ONGC
PETRO CHINA
PETRONAS, MALAYSIA
PDO, OMAN
PGN, INDONESIA
QATAR PETROLEUM
RELIANCE INDUSTRIES LIMITED
SAIPEM, SNAM
SAUDI ARAMCO
SHELL
STOLT OFFSHORE – Acergy
SONATRACH
TOTAL
TECHNIP
TRANSCANADA (Long Term Contract)
UNOCAL
PERU LNG (HUNT OIL)
VIETSOPETRO
WASIT
SWCC
Accreditation Process
A significant entry barrier
Setting up plant
2 years
Seeking API
approval
1 year
3 - 5 years
Approval from
major domestic
/ international
oil and gas
companies
2 – 3 years
August 2012 Page 19

4. Strong Management Team with Proven Execution
Capabilities
Management Team
Mr. B.K. Goenka is the Chairman, 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 the Group Managing Director,
a key contributor in Welspun’s journey. A Chartered
Accountant by profession and with over 25 years of
experience, he has expertise varying from Textiles to SAW
pipes.
Mr. Braja K Mishra is the Managing Director of Welspun
Corp and is a prominent figure in the industry with long and
varied experience. Has over 25 years of experience and
posseses immense critical know-how about the pipe and
plate industry
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.
Mr. Akhil Jindal serves as Director, Group Strategy &
Finance. He graduated with an Engineering Degree , 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 bn.
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. Mintoo Bhandari, serves as Director on Board
(Nominee of a shareholder) in WCL. Mr. Bhandari also
serves on the board of directors of SOURCECORP, Dish TV
India Limited and Wire & Wireless (India) Ltd. Mr.
Bhandari graduated with an SB in Mechanical Engineering
from MIT and with an MBA from the Harvard Business
School.
Mr. David J. Delie serves as President Welspun Tubular
LLC. A graduate in Science (Electrical Engineering) and a
Masters Degree in Engineering Management from the
University of Pittsburgh, he has an extensive 33-year
background in the steel and pipe industry. Mr Delie has
served on the Board of Directors of Berg Steel Pipe Corp.,
EB Pipe Coating, Inc., the American Iron & Steel Institute
(AISI).
Mr. Vipul Mathur is the Director Sales & Marketing (Pipes).
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. Akbar Umatiya is Vice President & Unit Head of
Welspun Middle East LLC (Saudi Plant) A technocrat
Professional having more than 26 years of versatile experience in
various fields like Operations, Project Executions and Marketing
in India and Overseas. He has proven capability to perform in
International environment studded with a mix of diverse cultures
and to develop Technical and professional abilities for team
building to enhance superior quality work.
August 2012 Page 20

4. Strong Management Team with Proven Execution
Capabilities
LSAW Pipes
ERW Pipes
HSAW Pipes
Coating of Pipes
August 2012 Page 21

4. Strong Management Team with Proven Execution
Capabilities
Plates
Plates
US Plant
Skilled Workforce
August 2012 Page 22

4. Strong Management Team with Proven Execution
Capabilities
US Plant, Little Rock Arkansas
Mr . B.K. Goenka (CMD, Welspun) with Arkansas Governor Mike Beebe
• Commissioned in Feb’09 , state of the art HSAW, API approved mill with a Capacity of 350,000
MTPA; Utilization ~ 60% during FY12
• Supplier to TCPL, El Paso, Enterprise, Exxon Mobil, etc
• New ERW Mill of 175,000 MTPA capacity and Coating Line
• $80 million investment and shall be commissioned by Q4 FY13 and likely to ramp up production in FY14
• By 2013, we shall be providing a complete range of HSAW & ERW pipes along with Coating and
Double Jointing facilities from the Little Rock plant
• From 6” to 60” Line Pipes
• This will create one of the best and fully integrated facilities in this part of the world.
August 2012 Page 23

4. Strong Management Team with Proven Execution
Capabilities
Saudi Plant, Dammam
• The state of the art Saudi Plant with 300,000 MTPA capacity enables us to have a strong
presence in the key Middle East pipes market
• Opportunity to locate closer to customers and cater to their specific demands
• Savings on transportation cost, and in process improve operational efficiency
• Key supplier in the Middle East with client list that includes Saudi Aramco, and other
recognized Oil & Gas majors
• Recent approval from Saudi Aramco, one of the major Oil & Gas companies in the region
• Capabilities to deliver pipes from 18” to 100” and of the highest quality standards to meet
the stringent requirements in the Middle East market
• Coating plant with capacity of 1.0 million sq mtrs
August 2012 Page 24

5. Revenues & Margins
Sales Volume (000’ MT)
Consolidated Revenues (Rs. Mn)
1000
908
816
833
800 696
600
485 531
387
400
200
154
178 148
0
FY 09 FY 10 FY 11 FY 12 Q1 FY13
Profit After Tax (Rs. Mn)
Total Pipe Sales
Total Plate Sales
100,000
80,000
60,000
40,000
20,000
-
57,395
73,637
(1)
(2)
(3) (4)
US$ MM 1,250 1799 1,637 1679
Operational EBITDA (Rs. Mn)
(6)
80,221
89,766
25,497
FY 09 FY 10 FY 11 FY 12 Q1 FY13
(5)
470
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
6,104 6,330
2,135
2,385
75
FY 09 FY 10 FY 11 FY 12 Q1 FY13
15,000
12,000
9,000
6,000
3,000
-
14,461 *
13,186
11,120 **
6,348
3,310 ***
FY 09 FY 10 FY 11 FY 12 Q1 FY13
US$ MM
47
(1)
136
(2)
(3)
142
(4)
45
Notes
1. Using avg. exchange rate of US$1 = Rs.45.91 from 01-Apr-08 till 31-Mar-09
2. Using avg. exchange rate of US$1 = Rs.44.90 from 01-Apr-09 till 31-Mar-10
3. Using avg. exchange rate of US$1 = Rs.44.59 from 01-Apr-10 till 31-Mar 11
4. Using avg. exchange rate of US$1 = Rs.50.87 from 01-Apr 11 till 31-Mar 12
5. Using avg. exchange rate of US$1 = Rs.54.221 from 01-Aptil-12 till 30 _ June-12
6. Excluding Other Income
* Operational EBITDA & Adjusted PAT in FY 2010-11 post adjustments in Note 8
** Operational EBITDA and Adjusted PAT in FY 2011-12 post adjustments in Note 9
*** Operational EBITDA & Adjusted PAT in Q1 FY2012 -13 post adjustments in Note 10
(1) (2) (3) (4)
(5)
US$ MM 138 294 316 196
1
61 (5)
Notes
7. Includes recovery of past forex provisioning ( in FY09) , which is reflected in better realization and cost of material
8. Includes export rebate of Rs. 734 million on receipt of favorable judgment from Honorable Supreme Court. and
provision of Rs. 2,007 million on account of settlement with one of the customers thereby ending long pending
litigation
9. FY12 operational performance impacted by foreign exchange provisions of Rs 1,244 million and provisions made
towards amicable settlement with a customer of Rs 649 million. Total Foreign Exchange provision was Rs. 1,517
million
10. Due to sharp depreciation of rupee during Q1 FY2012-13, total foreign exchange provision was Rs. 1,728 million, out
of which Rs. 1,650 million was booked under other expenses impacting operational performance
August 2012 Page 25

5. Revenues & Margins
Extract of Balance Sheet – Equity & Liabilities
Particulars
FY12 (Rs. Mn)
EQUITY AND LIABILITIES
Shareholders' funds
Share capital 1,139
Reserves and surplus 40,117
Total Shareholders' Funds 41,256
Compulsary Convertible Debentures 7,884
Total Net Worth 49,139
Share Application Money Pending Allotment
Minority Interest 3,433
-
Foreign Currency Monetory Item Translation Difference Acct -
-
Non-current liabilities -
Long-term borrowings 39,714
Deferred tax liabilities (Net) 5,036
Other Long term liabilities 3,405
Long-term provisions 244
Total Non-Current Liabilities 48,400
Current liabilities
Short-term borrowings 7,773
Trade payables 32,923
Other current liabilities 14,885
Short-term provisions 1,741
Total Current Liabilities 57,322
TOTAL 158,294
August 2012 Page 26

5. Revenues & Margins
Extract of Balance Sheet - Assets
Particulars
FY12 (Rs. Mn)
ASSETS
Non-current assets
Fixed assets 63,625
Goodwill on consolidation 9,888
Non-current investments 355
Deferred Tax Assets (Net) 66
Long-term loans and advances 5,061
Other non-current assets 357
Total Non-Current Assets 79,351
Foreign Currency Monetory Item Translation Difference Acct 323
Current assets
Current investments 19,431
Inventories 25,827
Trade receivables 15,260
Cash and cash equivalents 10,255
Short-term loans and advances 5,809
Other current assets 2,038
Total Current Assets 78,620
TOTAL 158,294
August 2012 Page 27

5. Revenues & Margins
Extract of Balance Sheet – Net Worth
• Net Worth of the Company at the end of Q1 FY13 - Rs. 49,350 million including
Share Capital, Reserves & Surplus, and CCDs
• Gross Debt after Q1 FY13 - Rs. 53,026 million including Long Term Borrowing, Short Term
Borrowing and current portion of Long Term Borrowing
• Cash & Liquid Investment - Rs. 22,405 million including Cash & Cash Balances and
Current Investments
• Net Debt - Rs. 30,621 million
Net Debt / Net Worth - 62%
August 2012 Page 28

Q1 FY13 Highlights
• 1.2 million tonne outstanding pipe
order book
• Strong performance of pipes
business
• Sales up by 45% in Q1 FY13 Y-o-Y
• Operating EBITDA up by 10% Y-o-Y
• During the year added 3 large orders
from International Oil and Gas
majors from US and Middle of ~ 470
KMT
Consolidated Financial Summary Q1 FY13
Breakdown of Production and Sales in MT
(Rs. Mn)
Particulars Q1 FY13 Q1 FY12 Change % Q4 FY12 Change %
Sales 25,497 17,559 45% 26,998 -6%
Other Income 708 487 45% 1,061 -33%
EBITDA 2,367 3,315 -29% 3,673 -36%
Finance Cost 1,258 661 90% 1,157 9%
Depreciation/Amortization 1,068 768 39% 918 16%
PAT 75 1,191 -94% 1,185 -94%
Operational EBITDA 3,310 3,021 10% 1,674 98%
Due to sharp depreciation of rupee during the quarter Q1 FY13 performance was impacted. Total foreign
exchange provision was Rs. 1,728 million out of which Rs. 1,650 million was booked under other expenses.
Thus the operational EBITDA stands at Rs. 3,310 million.
Production Volume (MT) Q1 FY13 Q1 FY12 Change % Q4 FY12 Change %
Total Pipes Consolidated 216,906 179,901 21% 232,860 -7%
Plates & Coils 149,908 108,145 39% 143,292 5%
Sales Volume (MT) Q1 FY13 Q1 FY12 Change % Q4 FY12 Change %
Total Pipes Consolidated 178,176 202,544 -12% 219,927 -19%
Plates & Coils* 147,615 114,611 29% 172,962 -15%
Status of Projects
Capacity expansion at Mandya (Karnataka): To cater to the strong demand for pipes, the Company has completed the expansion of the Mandya plant by another 50,000
tons. This expansion has been done within the original capital expenditure budget of Rs.1,000 million
ERW Plant in US: The Company is working towards the construction of a 175,000 MTPA ERW and Coating Plant in the US adjoining the existing facility at Little Rock; the
mill is expected to be commissioned by Q4 FY13 as scheduled. The facility is expected to stabilize and ramp-up production during FY14 and cater to the growing ERW
markets in North America. The total capital expenditure on the plant is planned for US $ 80 million
August 2012 Page 29

Summary
1 Strong Industry
Fundamentals
• Capital intensive, high
barriers to entry
• North America expected to
lead demand
5
Revenues & Margins
• Maintaining margins in
challenging environment
2
Robust Business
Fundamentals
& Healthy Order Book
• Strong volume growth
• Order Book in excess of US$
• 1.58 billion
• Capacities of global size
• Comprehensive product mix
4 3 Global Footprint & Pre
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
Approved with O&G Majors
• Presence across more than 25
countries
• Pre-approved with more than
55 O&G Majors
August 2012 Page 30

Welspun on the Path of Global Leadership
Global Leadership Serve Globally, Act Locally
Scale Leadership
Scale of operations through large economic plants across the globe
Cost Leadership
Produce world class products at the least cost and maintain competitive edge
Technology
Leadership
Adopt and innovate cutting-edge technology to satisfy stringent
requirements of customers
Quality Leadership
Consistent focus on quality at all levels; be the best in delighting customers
Process Leadership
Most efficient and effective processes to achieve optimal utilizations
People Leadership
Best in class people : Produce extraordinary results
August 2012 Page 31

Thank You
For further details, please contact:
Akhil Jindal
Director – Group Strategy and Finance
Email: akhil_jindal@welspun.com
Navin Agarwal
VP - Group Strategy and Finance
Email: navin_agarwal@welspun.com
Company Website: http://www.welspuncorp.com
August 2012 Page 32