Pipes - Welspun

On The Path of Global Leadership…WELSPUN CITY, ANJARMarch 2011 Page 1

DisclaimerCertain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements,” includingthose relating to general business plans and strategy of Welspun Corp. Limited (“WCL"), its future outlook and growth prospects, and futuredevelopments in its businesses and its competitive and regulatory environment. Actual results may differ materially from these forward-lookingstatements due to a number of factors, inter alia including future changes or developments in WCL's business, its competitive environment, its abilityto 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, topurchase or sell, any shares of WCL and should not be considered or construed in any manner whatsoever as a recommendation that any personshould subscribe for or purchase any of WCL'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 WCL to subscribe for orpurchase any of its shares.WCL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, thefairness, 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 anyforward looking statements contained herein, on the basis of any subsequent development, information or events, or otherwise. Unless otherwisestated in this document, the information contained herein is based on management information and estimates. The information contained herein issubject to change without notice and past performance is not indicative of future results. WCL may alter, modify or otherwise change in any mannerthe content of this presentation, without obligation to notify any person of such revision or changes. This presentation may not be copied anddisseminated in any manner.THE INFORMATION PRESENTED HERE IS NOT AN OFFER INVITATION OR SOLICITATION OF ANY OFFER TO PURCHASE OR SELL ANYEQUITY 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.March 2011 Page 2

Welspun GroupBrief Synopsis• One of the fastest emerging global groups, with multiplecountries 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 Fortune100 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 lendersGlobal RecognitionsWelspun Corp Star Performer Award for the year 2008-09All India Export Excellence Awards - EEPC 2010Welspun CorpEconomic Times “Emerging Company of the Year Award”for Corporate Excellence - 2008Welspun India Gold Trophy for “Best Exporter” –Textile Promotion Council (TEXPROCIL) – 2008Welspun Corp2nd Largest (Large Diameter) Line Pipe Manufacturerin the World - Financial Times UK - 2008Welspun India Supplier of the Year Award – J C Penny - 2008Key Markets• 80% export mainly to US, Europe, Latin America, Middle EastetcInternational Setup• Christy, UK• Sorema, Portugal• Textile facility in Mexico• Office in Manhattan-NY, Huston-US• Pipe facility in Arkansas, US• Pipe Facility in Saudi Arabia (In process)Welspun IndiaEarth Care Awards – Times of India andJindal Steel Ltd - 2008Welspun India Sustainability Award - Walmart - 2007Welspun Corp One of the fastest growing large companies in India –Business Today - 2007Welspun India 4 Gold Trophies for Outstanding Export Performance –Textile Promotion Council (TEXPROCIL) - 2007March 2011 Page 3

WCL – An Introduction• WCL, flagship company of Welspun Group, is one of thelargest pipe manufacturing company in the world• Incorporated in 1995, the Company offers a complete rangeof high grade line pipes ranging from ½ inch to 100 inchused inter alia for transmission of oil & gas• Partner of Choice for more than 50 Oil & Gas Giants acrossthe globe with a geographically diverse client base includingChevron, Exxon Mobil (Golden Pass Pipeline), Saudi Aramco,British Gas , Kinder Morgan etc• International footprint• Accredited with ISO 9001, ISO 14001 and OHSAS 18001certifications• Strong order book of U.S. $ 1.1 BnShareholding Pattern, as on Dec. 31, 2010Steady Growth in Revenues and ProfitConsolidated Total Revenues(INR MM)80,00060,00040,00020,0000US $ MMGross Profit12,5009,5006,5003,500500CAGR (07-10): 40%26,834 39,94557,39573,50358,6042006-07 2007-08 2008-09 2009-10 9M 2010-11(2)(3)(4)617 991 1,250(INR MM) CAGR (07-10): 62%US $ MM2,6665,845 4,76811,3019,4472006-07 2007-08 2008-09 2009-10 9M 2010-11(2) (3)(4)61 145 104252 (5)211 (6)Summary Market Statistics(5)1,6371311 (6)38.94%41.08%PromoterMutual FundsAs of Feb 28, 2011 INR MM US$ MM (6)Share Price (INR/ US$) 190.35 4.26FIIMarket Capitalization 38,966 871Public, Banks andFinancial Institutions19.78%0.20%Note1. Net Debt at INR 7,349 MM as on 31 Mar, 20102. Average exchange rate of US$1 = Rs 43.51 from 01-Apr-06 till 31-Mar-07Enterprise Value (1) 46,315 1,036Note3. 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. Average exchange rate of US$1 = Rs.44.90 from 01-Apr-09 till 31-Mar-10March 2011 6. Exchange rate of US$1 = Rs. 44.705 on 31 tst Dec 2010Page 4

Corporate StructureProductsManufacturing FacilitiesWCL – An IntroductionPromoters (41.08%) Welspun Corp Limited (WCL)Public and Others (58.92%)WCL – 100% WCL – 100%Welspun Pipes Inc, USAWelspun Plate and Coil MillDivisionManufacturer of state-of-artPlates and CoilsWelspun Natural ResourcesPvt. Ltd.Oil & Gas Exploration ActivitiesWelspun Energy LtdSolar & Renewable Energy100% Beneficial Interest 100% Beneficial InterestWelspun Tubular LLCManufacturer of Pipes,Coating and Double jointingWelspun Global Trade LLCWelspun Infratech Ltd.Infrastructure(Welspun Projects ltd)Pipes- Longitudinal (LSAW)- Helical / Spiral (HSAW)Plates & CoilsOil and GasRenewable Energy &Infrastructure- Electrical (ERW)Anjar & Dahej Pipe Mills• Premier integrated set-up for manufacturing weldedpipes. Installed state-of-the-art-technology and iscompletely geared to meet the requirements of theglobal industry.• The Longitudinal Pipes division (LSAW) has acapacity of 350,000 metric ton per annum.• The Spiral Pipes division (HSAW) has a capacity of550,000 metric ton per annum.• The ERW Pipes division has a capacity of 200,000metric ton per annum.• It also has Coating capabilitiesLittle Rock , Arkansas, USA• With manufacturing facility on a 740-acre site adjacentto the Little Rock Port Authority, the $150 millionfacility commissioned in February 2009.• This API certified facility currently employs more than300 people and is capable of producing 350,000 tonsof HSAW pipes annually for the use of the oil and gasindustry.• The facility can produce Pipes from 24 to 60 inches asouter diameter; 6 mm to 25 mm as wall thickness andlength of 40 -80ft.• It also has Coating and Double Jointing capabilitiesand is a one-stop-solution provider to Welspun'svalued customersDammam, Saudi Arabia• Manufacturing facility of 300,000 tons ofHSAW pipes annually for the use of the oiland gas industry.Plate-cum-Coil Mill• This backward integration at Anjar, Kutch,Gujarat, India has annual capacity toproduce 1.5 million tones of Plate and Coilwith plates (up to 4.5 meters wide, 140 mmthickness) and Coil (up to 2.8 meters wide,25 mm thickness) with strength of 120,000PSI.• This mill can cater to high end specializedproduct requirement of Line Pipe Industry(API grades), Shipping, Heavy construction,Bridges, Boiler plates, Wind blades etc.March 2011 Page 5

Welspun Corp Limited: Strong Value & Growth Story1Strong Industry Fundamentals2Robust Business Fundamentals & Healthy Order Book3Global Footprint & Pre Approved with Oil & Gas Majors4Strong Management Team with Proven Execution Capabilities5Exponential Growth in Revenues & MarginsMarch 2011 Page 7

1. Strong Industry FundamentalsRelatively Few Major Players• Industry is highly capital intensive with high barriers toentry• Niche markets exist which have been effectivelyexploited by Welspun• Reliability and reputation for excellence areparamount, as pipelines are used for criticalapplications such as oil and gas transport• Prospects for the industry brightening with oil pricesgaining strengthGlobal Demand• Business potential of around USD 82 Bn (3) - Simdex• Replacement of the old pipelines in US• New Gas is required to replace annual decline inexisting gas supplies in North America, which shallenhance demand for new pipelines• Shale Gas gradually increase its share in total gasrequirement in US• Alaska Pipeline project -another boost to the demandfor pipesDomestic Demand• Low pipeline penetration in India provides hugepotential• Natural Gas as a source of energy is growing at a rapidpace and shall grow the demand for pipelines• Formation of the Petroleum & Natural Gas RegulatoryBoard (PNGRB) to give boost to trunk pipelines• City Gas Distribution set to take-off• Liquefied Natural Gas (LNG) terminals projects toenhance pipe demand• Water Infrastructure projects: A Key driver for HSAWpipesSource: Industry SourcesCompanyWelspun is well placed, with global clients and state-ofthe-arttechnology, to capitalise on this opportunityInternational Demand Outlook till 2015RegionProjectsTotalLength(kms)Total Length(kms)Quantity(MMT) (1)Quantity(KMT) (1)BusinessPotential(US$Bn) (2)North America 170 61,998 12 15Latin America 35 28,304 6 7Europe 137 46,536 9 11Africa 67 29,139 6 7Middle East 159 53,240 11 13Asia 185 106,267 21 26Australasia 56 16,990 3 4Total 809 342,474 68 82Source: Simdex, US, Nov 2010 UpdateDomestic Market SizeBusinessPotential(US$ Bn) (2)GAIL 6,663 1,332 1.6RGTIL 2,750 550 0.7GSPL 5,675 1,135 1.4Total 15,088 3,017 3.7Source: GAIL India Ltd Presentation Aug 10 / Company dataShare of Expected DemandUntil 2016Asia31%Proposed pipeline of GAILPhase I by 2011 (Under Execution)Name of PipelineLength(Kms)Cost(Rs Cr)Add. Cap(MMSCMD)DVPL Ph -II / Vijaypur Dadri 1,115 10,830 80Dadri - Bawana - Nangal 646 2,349 31Chainsa - Jhajjhar - Hissar 349 1,259 35Sub Total 2,110 14,438 146Phase II by 2012 (Approved in 2009)Name of PipelineMiddle East16%Source: Simdex, US, Nov 2010 UpdateAustralasia4%North America18%Length(Kms)Africa9%Latin America8%Europe14%Cost(Rs Cr)Add. Cap(MMSCMD)Jagdishpur - Haldia 2,050 7,596 32Dabhol - Bangalore 1,389 5,014 16Kochi - Mangalore - Bangalore 1,114 3,263 16Sub Total 4,553 15,873 64Grand Total 6,663 30,311 210Source GAIL India Investor Presentation , August 2010Note1. Conversion rate of 200 tonnes / km 2. Conversion rate of $1,200 / ton 3. As illustrated in the adjoining tablesMarch 2011 Page 8

2. Robust Business Fundamentals & Healthy Order BookStrongly Positioned• Welspun serves several marqueecustomers like Exxon Mobil (GoldenPass Pipeline), Kinder Morgan, Ruby(El Paso) and GAIL because of itsspecialized offerings• It has long term contracts with giantslike TransCanada; and frameworkagreements with Chevron, SaudiAramco, etc• Successfully expanded into highlycompetitive North and Latin America totake advantage of higher realizationsCurrent Capacities‘000 MT pa2,2001,8001,4001,000600200(200)3503501,300200350LSAW HSAW ERW TotalPipeExisting Capacities1,550 1,500Plate MillNew CapacitiesGoing Strength to StrengthOil & Gas CoApprovalProduction( '000 MT)Revenue(US$ MM)PAT(US$ MM)No. of countriesFY07 FY09 FY1036 >50 >50501 717 814571 1,250 1,63736 47 136GlobalGlobalGlobalExport Market 67% 76% 77%Production GrowthExport Market Gaining Dominance‘000 MT9008007006005004003002001000814670718720501377384 373193FY06 FY07 FY08 FY09 FY10 9M FY11Pipes Plates100%80% 33%60%17% 24% 23%40%67%83% 76% 77%20%0%FY07 FY08 FY09 FY10Export DomesticMarch 2011 Page 9

2. Robust Business Fundamentals & Healthy Order BookProcessProcessProcessRaw SteelSteel Slab(API Grade)Steel Plates/Coils (API Grade)Pipes(API Grade for O&G)Selling Price (1) :Selling Price (1) :Selling Price (1) :$ 700-800 /ton.$ 900-1,000 /ton.$ 1,300-1,400/ton.Welpsun’s Value Chain (from Slabs to Pipes)Backward integration into plates provides critical value advantageOpportunity to service the high end steel category which is currently serviced through importsNote1. Indicative market pricesMarch 2011 Page 10

2. Robust Business Fundamentals & Healthy Order BookOrder BookCurrent Order Book – Geographical Distribution by Volume• Orders Booked during FY 09 - $ 1.6 bn• Orders at the beginning of FY 10 - $ 1.6 bn‣ Orders Booked during FY 10 - $ 1.3 bn‣ Orders executed during FY 10 - $ 1.6 bn• Orders at the beginning of FY 11 - $ 1.4 bn‣ Orders Booked during FY 11 (YTD) - $ 1.0 bn‣ Orders executed during 9M FY 10 - $ 1.3 bn90%80%70%60%50%40%30%20%10%0%Export85%15%Domestic• Current Orders in Hand (776 k Tonnes) - $ 1.1 bn• Raw material tied up for all outstanding orders• Majority of the shipping finalizedSome of the Top Clients for PipesClientEnterpriseTranscanada Pipe Line LimitedGas Authority of India Ltd.Indian Oil Corporation of IndiaSaudi AramcoCountryUSACanadaIndiaIndiaMiddle-EastMarch 2011 Page 11

3. Global Footprint & Pre Approved with Oil & Gas MajorsAGIPBECHTELBRITISH GASBRITISH PETROLEUMCHINA NATIONAL PETROLEUM CORPORATIONCPMEC, CHINACHEVRON (Framework Agreement)DOWRUBY (ELPASO)EGYPTIAN GENERAL PETROLEUM CORPORATIONENTERPRISEEXXON-MOBIL (GOLDEN PASS PIPELINE)GAILGASCO, ABUDHABIGASCO, EGYPTGAZPROM (STROYTRANSGAZ)KINDER MORGANMOGE, MYANMERN.A.O.C. - NIGERIANPCC, ABU DHABINTPCONGCPETRO CHINAPETRONAS, MALAYSIAPDO, OMANPGN, INDONESIAQATAR PETROLEUMRELIANCE INDUSTRIES LIMITEDSAIPEM, SNAMSAUDI ARAMCO (Framework Agreement)SHELLSTOLT OFFSHORE – AcergySONATRACHTOTALTECHNIPTRANSCANADA (Long Term Contract)UNOCALPERU LNG (HUNT OIL)VIETSOPETROAccreditation ProcessA significant entry barrierSetting up plant2 yearsSeeking APIapproval1 year3 - 5 yearsApproval frommajor domestic/ internationaloil and gascompanies2 – 3 yearsMarch 2011 Page 13

4. Strong Management Team with Proven ExecutionCapabilitiesManagement TeamMr. B.K. Goenka is the Chairman, and the chief architectof the Welspun Group. Today, with his entrepreneurialability and professionalism, he has built up one of the mostadmired business conglomeratesMr. Asim Chakraborty is Executive Director and Plant Headof the Anjar facility. A Civil Engineer from the University ofKolkata, Mr. Chakraborty has been instrumental in timelyconstruction of various projectsMr. R.R. Mandawewala is the Managing Director. He hasbeen a key contributor in Welspun’s journey. A CharteredAccountant by profession and with over 20 years ofexperience, he has cross-industry expertise varying fromTextiles to SAW pipes.Mr. L. T. Hotwani is Director, Supply Chain Managementof Welspun Corp Limited. With a rich experience of over 36years, Mr. Hotwani is instrumental in sourcing raw materialsand managing supply chain with global playersMr. M.L. Mittal serves as Executive Director. A CharteredAccountant by profession, Mr. Mittal has been instrumentalin arranging Long Term Loans and Working CapitalFacilities. During his tenure, the Company has successfullyfunded several expansions projects.Mr. Lauri Malkki serves as CEO. Mr. Malkki has over 30years of experience within the international steel and pipesindustries. Prior to Welspun, Mr. Malkki was the ManagingDirector, responsible for the global sales, of Europipe GmbHin Germany. For more than 20 years he was the head of themiddle European operations of the Rautaruukki Group,Finland.Mr. B.R. Jaju serves as Director & CFO. A Charteredaccountant by profession, member of Company Secretary (FCS),as well as a Law Degree (LL.B). He has a rich experience over30 years in finance and global M&A activities. Mr. Jaju has beenawarded 3 times as Best Performing CFO in the year 2003, 2005and 2006, by the most credible nationally renowned jury.Mr. Prashant Mukherjee serves as Director of WeldedPipes. A Graduate in Science (Engineering, Mech) with over 24years experience mostly in the Oil & Gas Pipe Industry, Mr.Mukherjee has been instrumental in implementing expansionprojects in the CompanyMr. Akhil Jindal serves as Director of Corporate Affairs.He graduated with an Engineering Degree and thereafter anMBA from Indian Institute of Management, Bangalore. Mr.Jindal is responsible for strategic inorganic/organicinitiatives within the Group and has spearheaded large fundraisings, cross border acquisitions, private equity raisingsand financial closure of projects exceeding over US$ 1billionMr. Vipul Mathur is the Director of Marketing & Sales(Pipes & Plates Division). A Science Graduate and Masters inBusiness Administration (MBA) in Marketing, he has a richexperience of over 16 years in the Oil & Gas Pipe IndustryMarch 2011 Page 14

4. Strong Management Team with Proven ExecutionCapabilitiesLSAW PipesERW PipesHSAW PipesCoating of PipesMarch 2011 Page 15

4. Strong Management Team with Proven ExecutionCapabilitiesPlatesPlatesUS PlantMarch 2011 Page 16

4. Strong Management Team with Proven ExecutionCapabilitiesUS Plant• 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 clients• State of the art facility at Little Rock, Arkansas. Commissioned in Feb-09 and has obtained all APIapprovals• Key supplier for last 5 years in US with client list that includes Chevron, Exxon Mobil (Golden PassPipeline), Kinder-Morgan and Ruby (El Paso)– Framework agreement with Chevron, making Welspun one of the three global preferred vendor fornext 3-5 years– Supplied pipes for world‟s deepest pipe- line in Gulf of Mexico• In 9M FY 2011 utilization levels ramp-up to 63%March 2011 Page 17

5. Exponential Growth in Revenues & MarginsEPS (Rs./Share)(Diluted)CAGR (06-10): 61%35282118.328.423.31474.28.711.502005-06 2006-07 2007-08 2008-09 2009-10 9M-2010-11ROCE and ROE (%)25%20%15%14.7%12.2%17.3%21.8% 21.7%19.1%11.4%R OC E13.7%R OE19.5%21.0%10%5%0%2005-06 2006-07 2007-08 2008-09 2009-10March 2011 Page 19

5. Exponential Growth in Revenues & MarginsConsolidated Balance Sheet (Rs. Mn.) FY2009 FY2010 ChangeSources of FundsShareholders' FundsShare Capital 932 1,022 89Reserves and Surplus 14,664 27,990 13,32515,597 29,011 13,414Minority Interest 0 0 (0)Foreign Currency Monetary Item Translation Difference A/c - 75 75Loan Funds -Secured Loans 26,435 18,654 (7,780)Unsecured Loans 103 6,822 6,71826,538 25,476 (1,062)Deferred Tax Liabilities (Net) 2,488 3,352 865Total 44,623 57,915 13,292March 2011 Page 20

5. Exponential Growth in Revenues & MarginsConsolidated Balance Sheet (Rs. Mn.) FY2009 FY2010 ChangeApplication Of FundsFixed AssetsGross Block 34,844 38,810 3,966Less:Depreciation/Amortisation/Impairment 3,847 5,889 2,042Net Block 30,996 32,921 1,924Capital Work-In-Progress 5,808 5,412 (396)36,804 38,333 1,529Investments 1,140 1,596 456Foreign Currency Monetary Item Translation Difference A/c 355 - (355)Current Assets, Loans and Advances -Income Accrued on Investments 113 13 (99)Inventories 26,113 20,322 (5,791)Sundry Debtors 4,601 8,077 3,476Cash and Bank Balances 9,470 17,028 7,558Loans and Advances 5,552 6,031 47945,848 51,471 5,623Less : Current Liabilities and Provisions -Current Liabilities 38,955 32,291 (6,663)Provisions 601 1,219 61839,555 33,510 (6,045)Net Current Assets 6,293 17,961 11,668Preliminary Expenses 0 0 (0)Deferred Revenue Expenditure 31 25 (5)Total 44,623 57,915 13,292March 2011 Page 21

Consolidated Balance Sheet as on 30 th Sept 2010ParticularsH1 FY 2011As at 30.09.2010Unaudited (Rs. Mn)ASources of Funds1 Shareholders Funda Share Capital 1,023b Reserves and Surplus 31,470c Share Application Money -d Minority Interest 1,5482 Loan Funds 38,9133 Foreign Currency Monetory Item Translation Difference Account 384 Deferred Tax Liabilities-Net 3,761Total 76,753BApplication of Funds1 Fixed Assets 40,2962 Build Operate and Transfer Projects Expenditure 4,1593 Investments 13,0654 Foreign Currency Monetory Item Translation Difference Account5 Current Assets, Loans and Advancesa Inventories 19,002b Sundry Debtors 12,998c Cash and Bank Balances 13,132d Loans and Advances 4,964Less4 Current Liabilities and Provisionsa Current Liabilities 29,404b Provisions 1,4825 Miscellaneous Expenditure 25Total 76,753March 2011 Page 22

Breakdown of Production and Sales in Metric Tonnes (MT)9M & Q3 FY 2010-11 HighlightsMajor Highlights in 9M FY11• Sales strengthened by volume growth and consolidationof Infra business and is up by 2%• Interest costs lower by 42%, due to repayment of highcost debt• Depreciation is higher by 17%, due to capitalization ofnew capacities and consolidation of Infra business• PAT at Rs. 5,150 million reflects the growth of 16% on aYoY basis• Net Debt of Rs 11,120 million and Net Debt Equity Ratioof 33%Status of ProjectsCapacity of Pipes is being increased to 2.2 million MTPA:• LSAW expansion of 350 K MTPA at Anjar in Q1 FY 2012.• HSAW plant of 100K MTPA at Karnataka is now fullyoperational.• Saudi Plant commences production in Q4 FY11Summary of 9M & Q3 FY11Breakdown of Production and Sales in MT* Includes internal salesNew Initiatives• The company successfully completed the investment in the Saudi plant, which has commenced production in Q4 FY11• Implementation of L-SAW plant at Anjar is on schedule, and is likely to be commissioned by the end of Q1 FY12• The Mandya plant in Karnataka has started production and is ramping up to achieve desired level of production.• Welspun Middle East is establishing its presence in Dubai to cater to the bouyant markets of Middle East and Africa.(Rs. Million)Particulars Q3 FY11 Q3 FY10Growth 9M 9M Growth% FY11 FY10 %Sales 15,862 16,395 -3% 58,604 57,528 2%Reported EBITDA* 3,154 3,561* -11% 10,493 10,336* 2%Interest 454 428 6% 1,046 1,790 -42%Depreciation 653 511 28% 1,808 1,541 17%PAT 1,465 1,668 -12% 5,150 4,439 16%Cash PAT 2,297 2,300 7,481 6,191 21%EPS (Rs./Share) -Diluted6.65 7.83 -15% 23.26 20.91 11%Reported EBITDAMargin (%)19.9% 21.7% 17.9% 18.0%PAT Margin (%) 9.2% 10.2% 8.8% 7.7%Production Volume (intons) Q3 FY11 Q3 FY10 Change9MFY119MFY10ChangeTotal Pipes Consolidated 211,787 156,679 35% 719,613 613,544 17%Plates & Coils 144,279 93,586 54% 372,635 276,749 35%Sales Volume (in tons) Q3 FY11 Q3 FY10 Change 9M FY119MFY10ChangeTotal Pipes Consolidated # 163,611 170,216 -4% 639,862 610,319 5%Plates & Coils* 124,511 112,329 11% 355,937 288,279 23%March 2011 Page 23

Summary1 Strong IndustryFundamentals• Capital intensive, highbarriers to entry• North America expected tolead demand5Exponential Growth inRevenues & Margins• Revenues have grown at aCAGR of 42% over the lastfive years• PAT has grown at a CAGR of78% in the same period2Robust BusinessFundamentals& Healthy Order Book• Strong volume growth• Order Book in excess of US$1.1Bn• Capacities of global size• Comprehensive product mix4 3 Global Footprint & PreStrong Management Teamwith Proven ExecutionCapabilities• Recognized by the FT as thesecond largest steel pipeproducer in the world in 2007• First Indian company to supplypipes for offshore projects in USApproved with O&G Majors• Presence across more than 25countries• Pre-approved with more than50 O&G MajorsMarch 2011 Page 24

Welspun on the Path of Global LeadershipScale LeadershipScale of operations through large economic plants across the globeCost LeadershipProduce world class products at the least cost and maintain competitive edgeTechnologyLeadershipAdopt and innovate cutting-edge technology to satisfy stringentrequirements of customersQuality LeadershipConsistent focus on quality at all levels; be the best in delighting customersProcess LeadershipMost efficient and effective processes to achieve optimal utilizationsPeople LeadershipBest in class people : Produce extraordinary resultsGlobal Leadership Serve Globally, Act LocallyMarch 2011 Page 25

Key questions on recent updatesWhat is Welspun's exposure to current civil proceedings?During the previous year one of the customer reported defect in the pipes suppliedalleging grade of steel used did not meet the specifications, the company replaced thedefective pipes and also provided for the expected loss on this account. During the yearthe said customer initiated legal action against the company in the United States ofAmerica claiming loss / damages of $ 66 million on account of defects in the pipessupplied, consequently the company also initiated legal action against the steel supplierclaiming corresponding loss / damages it may suffer on account of this claim of thecustomer. Hence the company does not expect any liability on account of the claimagainst it.March 2011 Page 26

Thank YouFor further details, please contact:Akhil JindalDirector - Corporate AffairsEmail: akhil_jindal@welspun.comNavin AgarwalAVP - Corporate AffairsEmail: navin_agarwal@welspun.comCompany Website: http://www.welspuncorp.comMarch 2011 Page 27