PEL Investor Presentation May 2020

Piramal Enterprises Limited – Investor Presentation
Piramal Enterprises Limited

Investor Presentation
May 2020
Piramal Enterprises Limited – Investor Presentation Page 2
Disclaimer
Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as 'will', 'aim',
'will likely result', 'would', 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'intend', 'plan', 'contemplate', 'seek to', 'future', 'objective', 'goal', 'likely', 'project',
'on-course', 'should', 'potential', 'pipeline', 'guidance', 'will pursue' 'trend line' and similar expressions or variations of such expressions may constitute 'forward-looking
statements'.
These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the
forward-looking statements.
These risks and uncertainties include, but are not limited to Piramal Enterprise Limited’s ability to successfully implement its strategy, the Company’s growth and expansion
plans, obtain regulatory approvals, provisioning policies, technological changes, investment and business income, cash flow projections, exposure to market risks as well as
other risks.
Piramal Enterprises Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
These materials are not a prospectus, a statement in lieu of a prospectus, an offering circular, an invitation or an advertisement or an offer document under the Indian
Companies Act, 2013 together with the rules and regulations made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2009, as amended, or any other applicable law in India. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being
made in the United States or in any other jurisdiction.
Note: Figures in previous periods might have been regrouped or restated, wherever necessary to make them comparable to current period.
Business Overview
FY20 Revenues:
Piramal Enterprises INR 13,068 Cr (~USD 1.7 Bn)2
Financial Services Pharma

Loan Book and Overall Performance: Overall Performance:
■ Loan book of INR 50,963 Cr. (~USD 7 bn)2 as of Mar-2020 across both ■ Revenue of INR 5,419 Cr. in FY20 – CAGR of 15% over 9 years
wholesale and retail financing
■ EBITDA crosses INR 1,400 Cr. with margins improved to 26% in FY20
■ Housing Finance forms 11% of the overall loan book (vs. 9% a year ago)
■ 13 sites (9 USFDA inspected) across US, Canada, UK and India
■ Aim to create a multi-product retail lending business, which will be
‘digital at its core’ Pharma CDMO:
■
Financial
Building a granular Financial Services business and focusing on
Services
■ Revenues grew by 13% to INR 3,154 Cr.in FY20
calibrated growth ■ Integrated solutions across APIs, formulations and delivery systems
Alternative Asset Managment: Complex Hospital Generics:
■ AuM of INR 11,496 Cr. (~USD 1.5bn) ■ Revenues grew by 11% to INR 1,853 Cr. in FY20
■ Marquee partners: CDPQ, APG, Bain, CPPIB ■ Complex branded generics with distribution network in 100+ countries
Investments in Shriram Group:
India Consumer Products:
■ 20% stake in SCL2 and 10% SCUF2
■ Revenues grew by 25% to INR 418 Cr. in FY20
■ Strong position in CVs, SME lending, Insurance
■ Pan-India distribution network of 280,000+ outlets across 1,500+ towns
Sale of DRG: Simplifying the structure of the Company, with focus on two core businesses – Financial Services & Pharma
Note: In Jan-2020, the Company signed a definitive agreement for the sale of Healthcare Insights & Analytics (DRG) to Clarivate Analytics for a consideration of USD 950m; The deal was closed in Feb-2020 and USD 900m were received
1) Exchange rate for revenues and Loan book is INR 75/ USD 2) SCL: Shriram Capital Limited and SCUF: Shriram City Union Finance
Balance sheet performance

Strengthened the balance sheet in FY2020

Inflows from key transactions during FY20: ~INR 14,500 Cr. (~US$ 2bn)
■ Fresh investment by CDPQ – an existing long-term investor / partner

Preferential Allotment:
− CDPQ had also participated as the anchor investor during PEL’s previous CCD issuance in
~INR 1,750 Cr. (~US$ 250m) 2017, had invested USD 175m
Financial Services
■ Issue over-subscribed more than 1.15x times
Rights Issue:
■ Promoters participated and had underwritten the issue – invested ~INR 1,600 Cr.
~INR 3,650 Cr. (~US$ 520m)
■ Existing large holders increased their investment in the Company
Sale of business/ ■ Sale of DRG to Clarivate Analytics plc, for a consideration of USD 950 mn
investment exits:
■ Sold 10% stake in Shriram Transport for ~INR 2,300 Cr. in Jun-2019
~INR 9,050 Cr. (~US$ 1,250m)
Future planned capital actions: Minority stake issuance in Pharma & Sale of Investments in Shriram Group
Key Financial Highlights: Balance Sheet

Total Equity (INR Cr.) Net Debt (INR Cr.)
Net Debt-to-Equity
2.0x 2.0x 1.9x 1.8x 1.6x 1.2x

30,572
53,397 55,122
29,013 52,055
48,963
27,224 46,066
26,427 26,856 26,655
Financial Services 37,283
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20
Balance Sheet (INR Cr.) As on Mar-2020 As on Mar-2019 % Change

Equity 30,572 27,224 12%
Gross Debt 42,055 56,040 -25%
Net Debt 37,283 55,122 -32%
Equity Allocation: Segment-wise breakdown

(In INR Crores)
Equity allocation as of March 31, 2020

Financial Services (Lending): 51% Pharma: 15%
To maintain net worth post creating the FY20 revenues of INR 5,419 Cr. (+13% YoY);
provision, additional allocation of ~INR EBITDA margin of 26%
2,000 Cr. equity to FS from the
unallocated equity pool in Q4 4,491
15,599
Unallocated: 34%
Significant unallocated surplus equity
pool, which includes (i) investments in
Total Equity: 10,482 Shriram, (ii) proceeds from Capital
INR 30,572 Cr. Raise and (iii) sale of DRG, net of debt.
Unallocated surplus equity pool of INR 10,482 Cr.

Note: Pharma revenue growth includes Pharma CDMO, Complex Hospital Generics and India Consumer Healthcare
Revenue performance
Revenue trends by Segments (In INR Crores)
PEL: Total Revenues1,2 Financial Services Revenues
5-year CAGR: 26% 7,063 7,649

4,981
3,352
937 1,740
FY15 FY16 FY17 FY18 FY19 FY20
Pharma Revenues3
13,068
11,883
9,430
7,325
5,225 5,419
4,103 4,322 4,786
3,467 3,893
3,008
FY15 FY16 FY17 FY18 FY19 FY20 FY15 FY16 FY17 FY18 FY19 FY20
Notes:
1) FY2015 results have been prepared based on IND GAAP and FY2016 onwards on IndAS basis
2) Previous year figures are restated for discontinued operations of HIA
3) Pharma revenue includes Pharma CDMO, Complex Hospital Generics and India Consumer Healthcare and certain Forex exchange gain
Revenue growth across business segments for FY2020

Annual Revenues: FY 2020 vs. FY 2019
Total
10%
Revenue
Financial
8%
Services
Pharma 13%
1) Note: Pharma revenue includes Pharma CDMO, Complex Hospital Generics and India Consumer Healthcare and Forex exchange gain
P&L performance
Key Financial Highlights: Profit & Loss Statement (in INR crores)
Profit & Loss (full-year) FY2020 FY2019 % Change
Revenue 13,068 11,883 10%
Net Profit after tax 21 1,464 n.m.
Normalized Net Profit* 2,615 2,142 22%
Profit & Loss (quarter) Q4 FY2020 Q4 FY2019 % Change
Revenue 3,341 3,409 -2%
Net Profit after tax (1,703) 455 n.m.
Normalized Net Profit* 807 575 40%
FY20 dividend of INR 14 per share, amounting to a total dividend payout of INR 316 Cr.#
* Normalized net profit excludes: (i) impact of profit/loss from discontinuing operations (DRG); (ii) reversal of Deferred Tax Assets (DTA) and Minimum Alternate Tax
(MAT) credit; and (iii) additional conservative provision (net of taxes) on account of COVID-19
# Recommended dividend, subject to shareholders’ approval at the AGM
Net Profit Reconciliation: Impact of one-off items (1/2)

For Quarter For Full-Year
Particulars (in INR Cr.)
Q4 FY2020 Q4 FY2019 YoY Change FY2020 FY2019 YoY Change
Reported Net Profit / (Loss) (1,703) 455 - 21 1,464 -
A Add: Accounting write-off of DTA

1,758 - - 1,758 - -
One-off items in FY20
and MAT Credit Reversal
B Add: Incremental conservative

1,411 - - 1,411 - -
provisions (impact - net of tax)
C Less: (Profit)/loss from

(658) 121 - (574) 226 -
Discontinued operations (DRG)
Add: Accounting charge on

- - - - 452 -
sale of Imaging Business in FY19
Normalized Profit 807 575 +40% 2,615 2,142 +22%
A, B, C Refer to the next slide for details on one-off, non-recurring items

Net Profit Reconciliation: Impact of one-off items (2/2)

A ■ Had one-time gain on creation of DTA of ~INR 3,570 Crore in Q4 FY18
■ Opted for lower rate under new corporate tax regime, resulting in one-time write-offs of INR 1,758 Cr.
DTA write-off due to:
and MAT Credit Reversal
− (i) Forgoing partial benefit under DTA; and (ii) unutilized MAT credit
■ Benefit to profitability/cash flows to continue in future by opting for lower tax rate regime
B ■ Adopted a conservative & prudent approach to provisioning

Incremental ■ Incremental provisions of INR 1,903 Cr. (INR 1,411 Cr., net of taxes) in Financial Services
conservative
■ Conservative provisioning is in addition to the usual provisions created for GNPAs
provisions
■ Provision has been created out of abundant caution
C
Profit from ■ Sold DRG for a consideration of USD 950m
Discontinued ■ Profit /loss from operations (including gain on sale of DRG) has been reversed to determine normalized
Operations (DRG) profit
Governance & Partnerships

Board of Directors
AJAY PIRAMAL
CHAIRMAN
AWARDED “ASIA BUSINESS LEADER OF THE YEAR” BY CNBC ASIA
NON - EXECUTIVE DIRECTOR, TATA SONS
DR. SWATI PIRAMAL NANDINI PIRAMAL ANAND PIRAMAL

VICE-CHAIRPERSON EXECUTIVE DIRECTOR, NON-EXECUTIVE DIRECTOR,
EMINENT SCIENTIST OTC, HR, QUALITY & RISK HEADS PIRAMAL REALTY
AWARDED PADMA SHRI MBA, STANFORD MBA, HARVARD
N VAGHUL*
FORMER CHAIRMAN,
Financial Services
GAUTAM BANERJEE*
SENIOR MD & Co-CHAIRMAN,
DEEPAK M SATWALEKAR*
FORMER MD & CEO,
ICICI BANK ASIA OPERATING COMMITTEE, HDFC STANDARD LIFE
BLACKSTONE, SINGAPORE
KEKI DADISETH* S RAMADORAI* PROF. GOVERDHAN MEHTA*

FORMER CHAIRMAN, FORMER VICE-CHAIRMAN, EMINENT SCIENTIST
HINDUSTAN UNILEVER LTD TCS FORMER DIRECTOR - IISc
AWARDED PADMA SHRI
DR. R MASHELKAR* VIJAY SHAH RAJESH LADDHA

EMINENT SCIENTIST NON-EXECUTIVE DIRECTOR, EXECUTIVE DIRECTOR & GROUP CFO
FORMER DG, CSIR 25+ YEARS WITH GROUP TREASURY & STRATEGIC INITIATIVES
AWARDED PADMA VIBHUSHAN TURNAROUND BUSINESSES FORMER MD & CEO, SHRIRAM CAPITAL LTD.
* Independent Directors
Governance Mechanism
Board of Directors Legal, Risk, Quality and Compliance

teams are independent and report
directly to the Board members
Board Sub-committees
PHARMA FINANCIAL SERVICES
5 Investment Committees for Real Estate Lending,

Pharma Operations Board Real Estate Fund Management, Corporate Finance,
Emerging Corporate Lending and Housing Finance
• Executive Directors
• Executive Directors • Independent Directors
• Key Business CEOs • Financial Services CEO
• External Experts • External Experts
• Business Vertical Heads
Trusted Partnerships
Our Strategic Partners Our Top Investors
Financial Services
Financial Services
Diversified exposure across both wholesale and retail financing

As on Mar 31, 2020
Financial Services
Loan Book Alternative AUM Investments in Shriram1
INR 50,963 Cr. INR 11,496 Cr. INR 3,954 Cr.
Wholesale financing Retail financing

Financial Services
Real Estate Corporate Lending Other Retail
Alternative AUM Housing Finance Investments in Shriram
Lending (CFG + ECL) Lending
Loan Book Loan Book AUM Loan Book SCL - SCUF -

In build-up phase
INR 37,561 Cr. INR 7,868 Cr. INR 11,496 Cr. INR 5,534 Cr. 20% stake 10% Stake
Note: CFG – Corporate Finance Group ECL – Emerging Corporate Lending SCL – Shriram Capital Limited SCUF – Shriram City Union Finance
Strong portfolio with total investments, loans and assets under management of ~INR 66,400 Crores
Note: (1) Investments in Shriram: SCUF based on market value; SCL based on book value, including accumulated profits
Loan book breakdown

Loan book split as of March 31, 2020
Wholesale Real Estate

11%
Hospitality
Financial Services
INR 50,963 Cr. 70%
15% Corporate Lending
4% Retail Financing
Entire loan book is secured

Asset Side
Reducing wholesale loan book concentration

Wholesale Loan Book Top-10 exposures Single-borrower exposures
No. of accounts >15% of net worth
-12%
-23% No. of accounts >10% of net worth
51,436 10
18,404
45,429
Financial Services
14,187
3
1
Mar-19 Mar-20 Mar-19 Mar-20 Mar-19 Mar-20
■ 12% YoY reduction in wholesale loan ■ Exposure to top-10 accounts reduced by ■ As of Mar-20, three exposures were >10%
book, which includes real estate and ~INR 4,200 Cr. during the year (decline of of net worth of the FS business, which
corporate loans 23% YoY) includes one account >15% of net worth
Fund-based platforms – Alternative Assets Under Management

Alternative AUM
As on Mar-20
JV Partner / Size / Initial (in INR crores)
Platform
Co-investor Commitment
2,138
India RF – Stressed Asset Investing Bain Capital USD 567m1
Financial Services INR 11,496 Cr.

Mezzanine investments in Infra APG USD 375m2
2,286 7,072
Ivanhoé
Residential Real Estate platform USD 250m
Cambridge
Real Estate & Other 4
Senior Debt in non-Real Estate, APG
CDPQ USD 300m
non-Infra sectors
India RF( Stressed Asset Platform)
Notes: (1) India RF platform has so far invested USD 398m along with along with co-investors (2) Represents APG’s commitment; PEL has further committed USD 375m along-side these investments
(3) Represents Ivanhoé Cambridge’s commitment, PEL to co-invest 25% to pure equity and 50% to preferred transactions (4) Includes net AUM for the RE platform and the AUM for the platform with CDPQ
Retail Financing
Housing Finance Multi-product Retail Lending
Housing Finance Loan book
(in INR Crores)
5,534 ■ Significant untapped market potential to
5,188
create long-term growth opportunities
Market
1,210 Landscape ■ Consolidation to pick-up in the sector, due to
COVID-19
Mar-18 Mar-19 Financial Services
Mar-20
Housing Finance: Loan book profile & KPIs As on Mar-20 ■ Aim to create a multi-product retail lending
business, which will be ‘digital at its core’
Share of Housing Finance in Overall Loans 11%
Average ticket size (Home Loans) INR 70 lakhs ■ Building a new age technology infrastructure
Progress &
Weighted average loan-to-value 65% Focus Areas ■ Key talent acquisition in progress
Salaried : Self-employed customers 62 : 38 ■ To conservatively build the book, while

GNPA ratio 0.17% incorporating learnings from the environment
Sufficient capital on the balance sheet to build a strong retail financing franchise in the future
Asset Quality
Review and governance mechanism

Board of Directors
Legal and Risk teams are
independent and report directly to
Board Sub-committee for Financial Services the Board members
This sub-committee comprise of Executive Directors,
Independent Directors & External Experts
5 Investment Committees for Real Estate Lending, RE Fund Management, Corporate Finance Transactions, Emerging Corporate Lending
and Housing Finance
These investment committees comprise of Executive Directors, Managing Director, Independent Directors, External Experts and Business Heads
Deal Clearance Committee
Independent Risk Independent

Asset Management Team Finance & compliance Brickex
Management Team Legal Team
Investment Teams
Key factors & controls enabling healthy asset quality
Entire portfolio is secured, with healthy Control over escrow mechanism,

security cover taken at the time of deal
enabling complete visibility on client’s cash flows
origination
Superior client selection

100% of developer sales MIS monitored
every month
Independent risk and legal teams, Proactive corrective actions to cure

directly reporting to Board Members potentially stressed projects
Deals based on conservative 65% loan-to-value (LTV) for the retail

underwriting assumptions housing loan portfolio
Stage-wise loan book and provisioning

Particulars (in INR Cr.) As on Dec-19 As on Mar-20
Gross Stage 1 & 2 Loans 50,485 49,761 ■ Large part of the portfolio is standard (97.6%)
Provision - Stage 1 & 2 loans 717 2,480 ■ Adopted a conservative & prudent approach to
Provision Coverage Ratio - Stage 1 & 2 1.4% 5.0% provisioning, given macroeconomic uncertainty
Gross Stage 3 Loans (GNPAs) 944 1,202
■ Total provisions of INR 2,016 Cr. added in Q4, including
GNPA Ratio (% of loans in Stage 3) 1.8% 2.4% INR 1,903 Cr. of conservative provisioning and the
Provision - Stage 3 loans 230 483 provisioning for change in GNPAs
Provision Coverage Ratio - Stage 3 24% 40%
■ Provisions as a % of GNPAs at 246% as of Mar-20
Total Provision 947 2,963* (vs. 100% as of Dec-19)
Total Loans 51,429 50,963
■ Provisions as a % of loans at 5.8% as of Mar-20
Total Provision / Total Loans 1.8% 5.8%
(vs. 1.8% as of Dec-19)
Total Provision / GNPAs 100% 246%
* Mar-20 data includes incremental conservative provisions of INR 1,903 Cr.
Overall provisioning at ~2.5x times of GNPAs and 5.8% of overall loan book
Note: Stage 1 - Loans which are less than or equal to 30 days past due (dpd); Stage 2 – Loans which are 31-90 dpd; and Stage 3 – Loans which are 90+ dpd
Liabilities
Liquidity Position and Liability Profile
■ ~INR 8,900 Crores were available in the form of cash and undrawn bank lines as of Mar 31st, 2020
■ Out of the above, INR 4,000 Cr. of long-term bank lines have been drawn-down since the beginning of
the Covid-19 lockdown
■ Continued diversification of borrowing mix and shift toward long-term borrowings:
− Raised ~INR 13,500 Crores of long-term borrowings (of ≥1 year tenure) in FY2020
− Share of CPs in overall borrowings has declined 94% to INR 1,080 Crores as of Mar-2020 from
INR 18,017 Crores in Sep-2018
Borrowing mix
Borrowing mix by type of instrument Borrowing mix by investor
5% 6% 6% 7% 9% 11%
16% 2% 18%
6% 7% 2% 2% 6%
12% 2% 8% 7%
2% 2% 4% 5%
2% 2% 2%
18% 11% 8%
18% 19% 19% 9%
4%
4%
29%
17%
67% 71% 69%

63% 65% 65%
47% 49%
Sep-18 Mar-19 Sep-19 Mar-20 Sep-18 Mar-19 Sep-19 Mar-20
Loans NCDs / Bonds ECB CP Tier II Securitization Others Banks MFs Insurance FIIs Securitization Others
 Share of bank borrowings increased from 49% as of Sep-2018 to 65% as of Mar-2020

 Share of MFs in overall borrowings declined from 29% in Sep-2018 to 4% in Mar-2020
Note: Data for PCHFL
Asset-liability profile
(in INR crores)
As on March 31, 2020
74,259
Cumulative Inflows
61,332
Cumulative Outflows
49,675
35,723 33,271
26,306
16,293
14,791
11,095
8,287 7,207 10,266
5,573 6,650
3,758 4,603
2,786 1,719
up to 14d up to 1m up to 2m up to 3m up to 6m up to 1 yr up to 3 yrs up to 5 yrs > 5 yrs
Note: Data for PCHFL

Capital Adequacy & Leverage

Capital Adequacy Ratio (%) Gross Debt-to-Equity:
PEL Financial Services (Lending business)
In 4Q20 equity of
In 2Q20 additional equity of ~INR ~INR 2,000 Cr.
1,700 Cr. allocated to Financial allocated to
31% Services from the sale of stakes in Financial Services
29% STFC business by PEL
4.6x
27%
24% 3.9x 3.8x
22%
2.9x 2.8x
2.6x
Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20
Significant deleveraging of the Financial Services business

Performance metrics
Key Performance Indicators: PEL Financial Services (Lending Business)
Particulars FY2020
Total Loan Book size INR 50,963 Cr.
Total Equity on Lending (utilized synergies from reverse merger) INR 15,599 Cr.
Gross Debt INR 39,832 Cr.
Net Debt INR 35,480 Cr.
Gross Debt-to-Equity (for Lending business) 2.6x Excl. additional conservative
Average Yield on Loans 14.3% provisioning of INR 1,903 Cr. and
incremental capital allocation of
Average Cost of Borrowings 11.2% ~INR 2,000 Cr. to Financial Services
Net Interest Margin 5.2%
Cost to Income Ratio (CIR) 22.7% FY2020 (Normalized)
Total Provisioning as a % of loan book (as on Mar 31, 2020) 5.8% 2.1%
Gross NPA ratio (based on 90 dpd) 2.4% 2.4%
ROA 0.5% 3.1%
ROA (considering Cash Tax and other synergies from merger) 0.8% 4.1%
ROE 1.9% 12.4%
ROE (considering Cash Tax and other synergies from merger) 3.3% 16.3%
Pharma
Robust business with differentiated business segments
Pharma
FY20 Revenue1,2 : INR 5,419 Crores
Pharma CDMO Complex Hospital Generics India Consumer Products

• Offering unique integrated solutions across • Strategically chosen portfolio comprising of • Strong portfolio of OTC brands
drug life-cycle product categories with high entry barriers
• Large India-wide distribution network
• Strong capabilities in niches such as Highly
• Strong global presence in injectable &
Potent APIs and Antibody Drug Conjugates
inhalation anesthesia, intrathecal spasticity • Partnerships with leading ecommerce
(ADCs), Injectables and Hormonal products
& pain management and selected anti- players
• Development and manufacturing facilities infective products
located across the globe • Use of cutting edge technology and
• Distribution to >100 countries analytics across operations
• Strong culture of quality and compliance
• FY20 revenue: INR 1,853 Cr. • FY20 revenue: INR 418 Cr.
• FY20 revenue: INR 3,154 Cr.
Notes: (1) Pharma includes Pharma CDMO, Complex Hospital Generics and India Consumer Healthcare and certain Forex exchange income
(2) FY2016 - FY2020 results have been prepared based on IND AS, prior periods are IGAAP
13 manufacturing & Development facilities globally – All key sites USFDA inspected
MAHAD*
Vitamins & Minerals PITHAMPUR
MORPETH Premixes Formulations Manufacturing
API & Formulations USFDA, WHO-GMP USFDA, FIMEA Finland
Development &
MUMBAI
Manufacturing DIGWAL
Generic API
RIVERVIEW USFDA, MHRA, 2 sites:
Development
API Development &
HPAPI Development GRANGEMOUTH AHMEDABAD Manufacturing
& Manufacturing ADC Development & 2 sites: Anaesthesia Manufacturing
USFDA, HC Manufacturing Drug Discovery & USFDA, MHRA, PMDA
USFDA, MHRA Formulation
ENNORE
Development
LEXINGTON AURORA API Development
FIMEA Finland
Sterile API Development & & Manufacturing SHANGHAI
Development & Manufacturing WHO-GMP
Manufacturing Sourcing Office
USFDA, PMDA,
USFDA HC
BETHLEHEM
Anesthesia Manufacturing
USFDA
 Total 9 sites inspected by the US FDA

 Close to 115 approvals across facilities
Note: * Dietary Ingredients

Strong focus on Quality and Compliance

Multi-year track record of successful inspections
Total Regulatory
Customer
Year USFDA Inspections ■ Successfully cleared 36 USFDA inspections, 169 other
Audits
(incl. USFDA)
regulatory inspections, and 1,130 customer audits since
FY2012 5 13 60 start of FY2012
FY2013 2 10 71 − Successfully cleared 3 USFDA inspections for key
FY2014 4 14 116 facilities at Bethlehem, Lexington and Pithampur, 26
other regulatory inspections, and 141 customer
FY2015 7 17 115
audits during FY 2020
FY2016 5 26 140
FY2017 5 25 157 − No ‘Official Action Indicated (OAI)’ for any of our
USFDA audits
FY2018 3 27 167
FY2019 2 44 163
■ Strong quality governance model:
FY2020 3 29 141
− Quality function reports directly to a Board Member
Total 36 205 1,130
~67% of FY 2020 revenues from regulated markets
Strong presence in North America Expanding presence in Europe Expanding Presence in Japan Strong presence in India
Manufacturing Faculties • Aurora : API Dev & Mfg • Grangemouth : Antibody • One of the three • Mumbai : API & Form. Dev
Drug Conjugates , Mfg approved generics in the
• Lexington : Sterile Dev & Mfg market for Sevoflurane • Digwal : API Dev & Mfg and
• Morpeth : API & Form. Dev Anaesthesia Manufacturing
• Riverview : HPAPI Dev & Mfg & Mfg • Leading market share for
Fentanyl with the only • Pithampur : Form. Mfg
• Bethlehem : Anaesthesia Mfg currently approved
branded generic in the • Ahmedabad : Drug
30% market share in US in Expanding presence in key countries market Discovery and Form. Dev
Distribution Presence
Inhalation Anaesthesia including UK, Italy, Germany, etc.
• Ennore : API Dev & Mfg
Through direct sales force Through direct sales force and
Distribution Model • Mahad : Vitamins &
distributors
Minerals Premixes
% Global Business Revenues
(For FY 2020) ~39% ~22% ~6%
Note: Form – Formulations; Dev – Development; Mfg - Manufacturing
Moving up the Value Chain
1 Acquired global businesses to enter into niche capabilities

Injectable HPAPI
2 Expanding manufacturing capacities in niche areas

ADC Injectable Inhalation Anaesthesia HPAPI
Moving up the Value Chain (cont’d)

3 Adding differentiated hospital branded generic products 4 Strong product portfolio to leverage global distribution network
organically and inorganically
Controlled substances Injectable Anaesthesia
Desflurane Intrathecal
• Leverage global distribution network by adding • Entry barrier – Complex to manufacture, sell or distribute
differentiated products resulting in limited competition
• Differentiated offerings – Niche branded generics and • Expanded addressable market size from US$ 1bn Inhalation
controlled substances Anaesthesia market to US$ 58bn generic hospital product market
Our strategy of moving up the value chain is enabling us to boost growth and enhance margins
Consistent revenue performance trend in Pharma

■ FY20 performance: Revenues1 grew by 13% to INR 5,419 Cr.
Pharma Performance
− Pharma contributed 41% to PEL’s overall revenue
Revenue1,2 (In INR Crore)
■ Consistent growth: PEL’s annual Pharma revenue grew at a
5,419
CAGR of 15% over last 9 years
9-year Revenue 4,786
CAGR of 15%
4,322 − Differentiated Model: Over 90% of revenues derived from
3,893 CDMO & Complex Hospital Generics – that are relatively
3,467 less impacted by the pricing pressures
3,008
2,715 − Quality & Compliance: Since start of FY2012, PEL has
2,339 successfully cleared 36 USFDA inspections, 169 other
1,906 regulatory audits & 1,130 client audits
1,537
■ JV with Allergan: PEL has 49% stake in Allergan India
− Market leader in the ophthalmic category in the Indian
formulations market
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
− Revenue of INR 393 Cr. & net profit of INR 104 Cr. in FY20
Notes: (1) Pharma includes Pharma CDMO, Complex Hospital Generics and India Consumer Healthcare and certain Forex exchange income
(2) FY2016 - FY2020 results have been prepared based on IND AS, prior periods are IGAAP
Segment-wise and Geographical breakdown of revenue

Segment-wise breakdown (%) Geographical breakdown (%)
India North
Consumer Rest of the America
Healthcare World 39%
8% 15%
CDMO
58%
India
18%
Complex Hospital
Generics
Europe
34% Japan 22%
6%
Over 90% of revenues derived from Key regulated markets (US, Europe and Japan)
two niche global businesses account for ~67% of revenues
Continued improvement in the profitability of the Pharma Business

Significant improvement in EBITDA over the last few years Performance Highlights
26%
EBITDA (INR Crore) EBITDA Margin (%) ■ EBITDA for the Pharma business crosses INR 1,400 Cr. in FY20
− 9-Year EBITDA CAGR: 33%
FY2020 Performance:
EBITDA growth: 41% YoY 21% 1,436 − Pharma EBITDA margins at 26% in FY20
9-year EBITDA CAGR: 33% − Consistent improvement in margin over last few years
18%
17%
1,019 ■ Margin expansion driven by:
15%
14%
14% − Synergies from acquisitions of high-margin products and
794
niche manufacturing capabilities
11% 660
− Integrated CDMO offerings resulting in higher stickiness
513
7% 7% 427 − Leveraging global distribution network to introduce new
371
252 product ranges in Complex Hospital Generics business
140
110 − Better sales realization
− Higher capacity utilization
− Backward integration of raw materials
Notes: (1) FY2016 - FY2020 results have been prepared based on IND AS, prior periods are IGAAP
(2) Pharma includes restated for continuing business including Pharma CDMO, Complex Hospital Generics and India Consumer Healthcare and Forex exchange income
Segment-wise Performance
Pharma CDMO: Integrated business model in drives consistent growth

■ FY20 performance: Revenues grew by 13% over FY19 to INR 3,154 Cr.
CDMO Performance
■ The business has strong capabilities in niches such as high potent
(In INR Crore)
APIs and antibody drug conjugates (ADCs), injectables and hormonal
3,154 products
9-year Revenue 2,783 ■ Offering unique integrated solutions across drug life-cycle to be a
CAGR of 13% 2,547
2,454 strategic partner for its clients
2,329
■ Major capex investments during FY20 included:
2,008
1,786
− API capability enhancement at Morpeth
1,553 − Oral Solid Dosage capacity expansion at Pithampur
1,355
− Addition of 2 new API reactor suites at Aurora
1,021
■ Awards & accolades:
− Manufacturing Supply Chain Operational Industry Excellence
Award for Pharmaceuticals Category by Manufacturing Supply
Chain Awards
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 − Global Customer Service Leadership Award by Frost & Sullivan
− Ranked 1st by Biospectrum India in Bio Services
Notes: FY2016 - FY2020 results have been prepared based on IND AS, prior periods are IGAAP
Pharma CDMO: Capabilities from Discovery to Commercialization

Discovery Preclinical Phase 1 Phase 2 Phase 3 Launch On-patent Off-patent
CRO Development (CDMO & Generic API) Late Phase & Commercial (CDMO, Generic API)
Discovery Early Phase API (including Early Phase Formulations Late Phase API Late Phase Formulations
Ahmedabad* High Potency#) Ahmedabad* (including High Potency#) (OSD’s & Sterile (Injectables & FFS))
Ennore* | Aurora (Canada) Lexington, KY Digwal* | Ennore* | Morpeth (UK) Pithampur* | Morpeth (UK) | Lexington, KY
Riverview# (USA) Grangemouth (ADC**), UK Aurora (Canada) | Riverview# (USA) Grangemouth (ADC**), UK
Special Capabilities
Antibody Drug Conjugates High Potent (HPAPIs) Hormone Drugs Vitamins & Nutrition Solutions
Grangemouth (UK) Riverview (USA) Morpeth (UK) Mahad (India)
■ Helping pharma companies go to market with fast track, breakthrough designated drugs in considerably reduced time by providing
expert support from concept to commercialization
■ Multiple successful Integrated programs till date through various sites spread across North America, Europe and Asia
■ PEL is client-oriented in its approach- positioning itself as a partner of choice for large Global Pharma and Biotech companies
(*) sites in India. (**) ADC stands for Antibody Drug Conjugation (#) HPAPI facility in USA
Complex Hospital Generics: Growing in strategically chosen portfolio

Complex Hospital Generics Performance
■ FY20 performance: Revenues grew by 11% to INR 1,853 Cr.
(In INR Crore)
1,853
■ Growth in most major product families and geographies in
1,669
9-year Revenue PCC, especially in Isoflurane, Sevoflurane and injectable pain
CAGR of 19%
1,429 and anesthesia products previously acquired from Janssen
■ The business has a strategically chosen portfolio comprising

1,064
of product categories with high entry barriers
878
720 757 − Injectable & inhalation anesthesia, intrathecal
616 spasticity & pain management and selected anti-
388 413 infective products
■ Synergies from integration of key acquired products from

Janssen and Mallinckrodt getting reflected in the segment’s
performance
Complex Hospital Generics: Differentiated product portfolio

Acquired from Janssen Acquired from
Pharmaceutical Mallinckrodt LLC Acquired Acquired Developed through Acquired distribution
in 2016 in 2017 in Jan 2018 in Jun 2018 an affiliate license in 2020
Capsule for
Injectable Injectable
Plasma Intrathecal type I Selected
Inhalation Anaesthesia / for Muscarinic Muscle
Volume Spasticity Gaucher & Anti-
Anaesthesia Pain Myxedema Anticholinergic Relaxant
Expander Pain Mgmt Niemann- infectives
Management Coma
Pick disease
Levothyroxine Ampicillin- Glycopyrrolate Rocuronium

Sojourn® Sublimaze® Haemaccel# Gablofen® Yargesa
Sevoflurane USP Fentanyl citrate Polygeline Baclofen Sodium Miglustat
Sulbactam# injection Bromide*
Cefepime#
Terrell® Sufenta® MitigoTM
Isoflurane USP Sufentanil citrate Morphine Sulfate
Ceftriaxone#
Rapifen®
Fluothane®
Alfentanil
Halothane USP
hydrochloride Oxacillin#
TorraneTM Dipidolor® Ampicillin

Desflurane USP# Piritramide Sodium#
Piperazilin
Hypnomidate®
Etomidate
Tazobactam#
Linezolid bag#
# In select markets Controlled substances * To be launched in FY22
India Consumer Healthcare business: Strong performance in FY20

India Consumer Healthcare Performance
Record sales achieved during FY20:
(In INR Crore)
■ The business achieved revenues of INR 418 Cr. in FY20 with
418
a growth of 25% over FY19
375
9-year Revenue
CAGR of 14% 346
334
PEL took following initiatives during FY20:
261 ■ Customized growth strategies for consumer & trade brands
243
209
■ Re-initiated mass media campaigns on brands such as
170
Little’s, Saridon, Polycrol and lacto-calamine
138
127
■ Focus on e-commerce channel with significant use of
analytics for driving trials and for launching new products
■ Leveraging technology to deliver a robust distribution

setup and for entire tech-enablement of field force
India Consumer Healthcare: Strong Product Portfolio

* indicates acquired
* * * *
* *
* *
Most brands are among the ‘Top-2’ in their respective representative market
India Consumer Healthcare: Large India-wide Distribution Network

FY2008 FY2012 Now
Wide Distribution Network
No. of towns
present
16 481 1500+
Total Outlet
presence
24,000 200,000 280,000 +
Chemist Outlet
presence
16,000 100,000 160,000+
Our chemist coverage is now comparable Field Force

with the top OTC players 80 800 1700
India Consumer Healthcare: Distribution, e-commerce, technology & media

Partnerships with leading E-commerce players
■ Leveraging a large India-wide distribution network:
− Our chemist coverage of 160,000+ outlets across 1,500+ towns is
comparable with top peers
■ Focus on e-commerce channel for launching and growing trade brands:

− Upswing in Little’s toys & wipes, i-range & Lacto-Calamine
Leveraging technology across operations − Leadership rank on Little’s Baby wipes and toys on Amazon
− Entire OTC product range has now been listed on e-pharmacies and
is generating high growth on all platforms
■ Using analytics & technology to improve productivity and distribution:

− Insights gained by analytics are used to drive business decisions on
distributor credit limits, product distribution, scale, etc.
Re-initiation of advertisements for Saridon, Polycrol and Little’s − Use of technology continues to monitor real-time sales movement
■ Branding activities for leading brands to generate consumer pull:

− From Q2FY20 onwards, re-focussed on TV commercials in national
media as well as in selective regional markets for key brands such
as Saridon, Polycrol, Lacto-Calamine and Little’s
Pharma: Strategic outlook

Growth drivers for the Pharma business

CDMO Complex Hospital Generics Consumer Healthcare
■ Healthy pipeline of early and late-stage ■ Increasing market share in the inhalation ■ Leveraging strong brand equity and
development projects anesthesia portfolio consumer pull for the core brands to cater
to a larger share of the consumer
− Share of innovator products in the ■ Leveraging strong global distribution
healthcare market
CDMO portfolio is increasing network and GPO relationships by adding
■ Strong capabilities in niche, complex new complex hospital generics such as ■ Increased investment in marketing and
areas such as Antibody Drug Conjugates Desflurane launch of successful new products through
(ADCs), high potency APIs and sterile ‘Ecommerce-first’ route
■ Strong pipeline of new products across
injectables, serving high growth segments
various stages of development ■ Ability to pilot and pivot to newer business
■ Integrated services across the drug life- models and newer products portfolio in
cycle to increase customers stickiness response of market conditions and/or
changing consumer needs
■ Enhance production capacity through
brownfield expansions
Plans for infusing growth capital into the Pharma businesses

Update of fund-raising
■ Plan to bring Pharma businesses under a subsidiary and raise funds by issuing a minority stake to potential financial investors
■ Despite current challenges due to COVID-19, the process is currently on track
Use of growth capital
■ To target both organic and inorganic growth opportunities across the pharma businesses we operate in
■ Evaluating re-entry in domestic formulations

Financials
Diversified Revenue Mix

(In INR Crores or as stated)
Quarter IV ended % Sales Full year ended % Sales for

Net Sales break-up
31-Mar-20 31-Mar-19 % Change for Q4 FY20 31-Mar-20 31-Mar-19 % Change FY2020
Financial Services 1,718 1,933 -11% 51% 7,649 7,063 8% 59%
Pharma3 1,623 1,476 10% 49% 5,419 4,786 13% 41%
Pharma CDMO 1,048 939 12% 31% 3,154 2,783 13% 24%
Complex Hospital Generics 500 450 11% 15% 1,853 1,669 11% 14%
India Consumer Products 82 89 -8% 2% 418 334 25% 3%
Others - - - - - 34 - -
Total 3,341 3,409 -2% 100% 13,068 11,883 10% 100%
Notes:
1. Foreign Currency denominated revenue in Q4 FY2020 was INR 1,417 Crores (42% of total revenue) and in FY2020 was INR 4,497 Crores (34% of the total revenue)
2. Previous year figures are restated for accounting affect of Piramal Phytocare merger and discontinued operations from HIA
3. Pharma revenue includes certain Foreign exchange income
Consolidated Profit & Loss (In INR Crores or as stated)

Quarter IV Ended Full year Ended
Particulars
31-Mar-20 31-Mar-19 % Change 31-Mar-20 31-Mar-19 % Change
Net Sales 3,341 3,409 -2% 13,068 11,883 10%
Non-operating other income 240 83 190% 491 310 59%
Total income 3,581 3,491 3% 13,559 12,192 11%
Other Operating Expenses 1,420 1,364 4% 4,926 4,692 5%
Expected Credit loss 2,019 107 1786% 1,875 324 478%
OPBIDTA 142 2,020 -93% 6,758 7,175 -6%
Interest Expenses 1,295 1,237 5% 5,321 4,100 30%
Depreciation 143 105 36% 520 401 30%
Profit / (Loss) before tax & exceptional items (1,296) 678 - 918 2,675 -66%
Exceptional items (Expenses)/Income - - - - (452) -
Income tax
Current Tax and Deferred Tax (498) 221 - 203 852 -76%
DTA and MAT Credit written off 1,758 - - 1,758 - -
Profit/(Loss) after tax (before MI & Prior Period items) (2,556) 457 - (1,043) 1,370 -
Minority interest - - - - - -
Share of Associates1 195 118 65% 490 319 53%
Net Profit/(Loss) after Tax from continuing operations (2,361) 575 - (553) 1,690 -
Profit / (Loss) from Discontinued operations 658 (121) - 574 (226) -
Net Profit after Tax from discontinuing operations (1,703) 455 - 21 1,464 -
Normalized Net Profit3 807 575 40% 2,615 2,142 22%
1. Income under share of associates primarily includes our share of profits at Shriram Capital and profit under JV with Allergan, as per the new accounting standards.
2. Previous year figures are restated for accounting affect of Piramal Phytocare merger and discontinued operations
3. Normalized profit excludes: (i) impact of profit/loss from discontinuing operations; (ii) reversal of Deferred Tax Assets (DTA) and Minimum Alternate Tax (MAT) credit; and
(iii) additional conservative provision (net of taxes) on account of Covid-19 (iv) Accounting charge on Sale of Piramal Imaging assets
Consolidated Balance Sheet (In INR Crores)

Particulars As on March 31st, 2020 As on March 31st, 2019
Equity Share Capital 45 37
Other Equity 30,526 27,187
Non Controlling Interests - 9
Borrowings (Current & Non Current) 42,055 56,040
Deferred Tax Liabilities (Net) 8 19
Other Liabilities 1,965 2,109
Provisions 310 211
Total 74,909 85,613
PPE, Intangibles (Under Development), CWIP 5,794 5,751
Goodwill on Consolidation 1,139 5,939
Financial Assets
Investment 19,443 25,747
Others 31,854 33,661
Other Non Current Assets 1,144 633
Deferred Tax Asset (Net) 2,372 4,068
Current Assets
Inventories 1,061 831
Trade receivable 1,324 1,403
Cash & Cash Equivalents & Other Bank balances 4,771 919
Other Financial & Non Financial Assets 6,006 6,660
Total 74,909 85,613
Note : 1) The above numbers have been regrouped from IND AS Financial Statements for Presentation purposes only
Appendix
Role of the Asset Monitoring Team

Physical Presence at Site Operating Performance EWS Meetings
‘Ears to the ground’ approach Adherence to Business Plan ‘Early Warning Signals’ identified
■ Periodic site visits ■ Actual v/s Budget (Sales Velocity, ■ Project performance
(Monthly/quarterly) Selling Price, Collection, Costs)
■ Key issues highlighted
■ Construction status ■ Cash Cover Ratio (Actual v/s Budget)
■ Action items
■ Real time feedback to Team ■ Sales Trend Analysis
■ Market trends
■ Micro Market Analysis / Sector ■ Operating and financial analysis
Updates ■ Regulatory developments
■ NOC issuance
■ PMC & Board Meetings ■ APG Portfolio updates
■ Escrow statement
■ Engagement with Lender’s Engineer
Asset Monitoring: Sample site visit photos
Aug’17 – Mid stage Sep’18 – Late Stage May’19 – Completed
Progress on projects monitored regularly through site visits

Sample of Site Visit Report

Expected
Tower Name Dec 07, 2016 Nov 23, 2016 Oct 20, 2016 Sep 20, 2016 Aug 16, 2016 Jul 18, 2016
completion date
No. of Labours on
400 - 425 400 - 425 400-425 430-450 360-380 310-330
site
Tower 1 : 4B + G + 22
Flr.
Work in progress on Work in progress on Work in progress on Work in progress on Work in progress on Work in progress on
RCC Mar, 2017
18th and 19th floors 18th floor. 14th & 15th floor. 12th & 13th floors. 9th & 10th floors. 6th & 7th floors.
Block Work Jun, 2017 12th floor in progress. 9th floor in progress. 6th floor in progress. 4th floor in progress. 3rd floor in progress. 2nd floor in progress.
Gypsum started on 1st

Plastering / Gypsum Sep, 2017 - - - - -
and 2nd floor.
Awaiting for material

Flooring Dec, 2017 to start with flooring in - - - - -
next week.
Finishes Jun, 2018 - - - - - -
Dashboard of site visits and stalled projects separately highlighted to the MD on a monthly basis
Sample of overall Portfolio Performance Review Sheet

AUM Summary (INR Cr)
No. of
Category Total
Deals
Green
– No major concerns
Yellow
– Closely monitor for next 6 months
Amber
– Envisage stress over next 6 months Teams spend significant time post
disbursement to detect and react to
Red
– Overdue early warning signals (EWS)
Total
Key parameters for colour coding

1. Site visit findings
2. Approval timelines
3. Construction cost
4. Sales Velocity in terms of units, area and value
5. Pricing – per sq ft and ticket size
6. Collections
7. Cover computation
8. Ability to meet principal and interest obligations
9. Discussions with developers / promoters
Equity Reconciliation
Equity reconciliation INR Crores
Opening Equity as on April 1, 2019* 27,224
Add: (i) Proceeds from Preferential allotment 1,459
(ii) Proceeds from Rights issue 3,465
(iii) Normalized Profit from business during FY2020 2,615 8,137
(iv) Profit from Discontinued operations (DRG) 574
(v) Others 24
Less: (i) Non-recurring write-off of DTA and MAT Credit (1,758)
(ii) Additional conservative provisions (impact, net of taxes) (1,411)

(4,790)
(iii) Dividend for the year FY2019 (668)
(iv) Movement in OCI (Other Comprehensive Income)
(953)
Incl. impact from sale of Shriram investments
Closing equity as on March 31, 2020 30,572
* Opening Equity is adjusted for Piramal Phytocare Merger and does not include Non controlling interest
For Investors :
Hitesh Dhaddha
Chief Investor Relations Officer
Email : hitesh.dhaddha@piramal.com
Phone : +91 22 3046 6306
Aditya Sharma Sarang Nakadi

Chief Manager – IR (Financial Services) Chief Manager – IR (Pharma Business)
Email : investor.relations@piramal.com Email : investor.relations@piramal.com
Phone : +91 22 3046 6305 Phone : +91 22 3046 6416

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Piramal Enterprises Limited – Investor Presentation

Piramal Enterprises Limited

Financial Services Pharma

Balance sheet performance

Strengthened the balance sheet in FY2020

■ Fresh investment by CDPQ – an existing long-term investor / partner

Key Financial Highlights: Balance Sheet

2.0x 2.0x 1.9x 1.8x 1.6x 1.2x

Balance Sheet (INR Cr.) As on Mar-2020 As on Mar-2019 % Change

Equity Allocation: Segment-wise breakdown

Equity allocation as of March 31, 2020

Unallocated surplus equity pool of INR 10,482 Cr.

Revenue trends by Segments (In INR Crores)

PEL: Total Revenues1,2 Financial Services Revenues

5-year CAGR: 26% 7,063 7,649

FY15 FY16 FY17 FY18 FY19 FY20

Revenue growth across business segments for FY2020

Profit & Loss (full-year) FY2020 FY2019 % Change

Revenue 13,068 11,883 10%

Net Profit after tax 21 1,464 n.m.

Normalized Net Profit* 2,615 2,142 22%

Profit & Loss (quarter) Q4 FY2020 Q4 FY2019 % Change

Revenue 3,341 3,409 -2%

Net Profit after tax (1,703) 455 n.m.

Normalized Net Profit* 807 575 40%

Net Profit Reconciliation: Impact of one-off items (1/2)

Reported Net Profit / (Loss) (1,703) 455 - 21 1,464 -

A Add: Accounting write-off of DTA

and MAT Credit Reversal

B Add: Incremental conservative

C Less: (Profit)/loss from

Add: Accounting charge on

Normalized Profit 807 575 +40% 2,615 2,142 +22%

A, B, C Refer to the next slide for details on one-off, non-recurring items

Net Profit Reconciliation: Impact of one-off items (2/2)

B ■ Adopted a conservative & prudent approach to provisioning

Governance & Partnerships

DR. SWATI PIRAMAL NANDINI PIRAMAL ANAND PIRAMAL

KEKI DADISETH* S RAMADORAI* PROF. GOVERDHAN MEHTA*

DR. R MASHELKAR* VIJAY SHAH RAJESH LADDHA

Board of Directors Legal, Risk, Quality and Compliance

PHARMA FINANCIAL SERVICES

5 Investment Committees for Real Estate Lending,

Diversified exposure across both wholesale and retail financing

Wholesale financing Retail financing

Loan Book Loan Book AUM Loan Book SCL - SCUF -

Loan book breakdown

Wholesale Real Estate

Entire loan book is secured

Reducing wholesale loan book concentration

Fund-based platforms – Alternative Assets Under Management

India RF – Stressed Asset Investing Bain Capital USD 567m1

Financial Services INR 11,496 Cr.

Salaried : Self-employed customers 62 : 38 ■ To conservatively build the book, while

Review and governance mechanism

Deal Clearance Committee

Independent Risk Independent

Key factors & controls enabling healthy asset quality