Investor Presentation

August 2013

Industry Overview

Industry Size and Structure

Light Hair Oil is now the largest non-coconut hair oil segment

2

Perfumed Hair Oil Segment

FMCG

Rs.199,401 cr (USD 36.3 bn)

Hair Care

Rs. 15,141 cr (USD 2.75 bn)

Shampoo

Rs. 4694cr

(USD 853 mn)

(31.0%)*

Perfumed Oil

Rs. 4283 cr

(USD 779 mn)

(28.3%)*

Coconut Based Oil

Rs. 3587 cr

(USD 652 mn)

(23.7%)*

Hair Conditioners

Rs. 302 cr

(USD 55 mn)

(2.0%)*

Hair Dyes

Rs. 2,271 cr

(USD 413 mn)

(15.0%)*

Hair Oil Market

Coconut based

Oils

(46%)**

Amla

based Oils

(15%)**

Light Hair Oils

(16%)** Cooling Oils

(11%) **

Others

(12%)**

Source: AC Nielsen Retail Audit Report.

Only branded products data for CY 2012

* Value based share of Hair Care Market

** Value based share of Hair Oil Market

8% salience

Hair Oil Market in India

Overall Hair Oil Market – Volume Overall Oil Market – Value

Light Hair Oil – Volume Light Hair Oil – Value

Light hair oils is one of the fastest growing segments in the hair oil market in India

Source: AC Nielsen Retail Audit Report, Jun2013.

(In K

Ltr

) (I

n K

Ltr

)

(Rs.

Cr.

) (R

s. C

r.)

Y-o

-Y 30%

Y

-o-Y

33%

Y-o

-Y 40%

Y-o

-Y 14%

Y-o

-Y

8.6

%

Y-o

-Y 1

0.1

%

Y-o

-Y 18%

Y-o

-Y

8.3

%

Y-o

-Y 1

2.5

%

Y-o

-Y 29%

Y-o

-Y

16.4

%

Y-o

-Y 1

7.1

%

Y-o

-Y 31%

Y-o

-Y 21%

Y-o

-Y

12.1

%

Y-o

-Y

13.6

%

Y-o

-Y 1.2

%

Y-o

-Y 19.5

%

Y-o

-Y 22%

Y

-o-Y

30%

3

Y-o

-Y 5.1

%

Y-o

-Y 12.6

%

Y-o

-Y 10.8

%

Y-o

-Y 20.3

%

132560

172,528 197,057

214,002 235,539 238,283

250,396

64,511

0

50,000

100,000

150,000

200,000

250,000

300,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

2,827.3

3,707 4,498

5,044 5,728

6,981

7,861

2,107

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

11764

15,603 18,390

19,908 22,406

26,768 29,663

8,035

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

335.6

472

610 710

831

1,080

1299

366

0

200

400

600

800

1,000

1,200

1,400

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

3M

-o-3

M

8.6

%

3M

-o-3

M

17.7

%

3M

-o-3

M

6.8

%

3M

-o-3

M

2.2

%

Light Hair Oil Market in India

Light Hair Oil – Volume Light Hair Oil – Value

Almond Drops Hair Oil Market - Volume Almond Drops Hair Oil Market - Value

Almond Drops is the brand which is driving light hair oils and in turn the overall market

(In K

Ltr

)

(Rs.

Cr.

)

Y-o

-Y 5

4.5

%

Y-o

-Y 4

8.9

%

Y-o

-Y 2

6.7

%

Y-o

-Y 2

2.6

%

Y-o

-Y 5

1%

Y-o

-Y 3

5%

Y-o

-Y 1

7.9

%

Y-o

-Y 1

5.1

%

(In K

Ltr

)

Y-o

-Y 26.2

%

Y-o

-Y 34.8

%

4

Source: AC Nielsen Retail Audit Report, Jun2013.

Y-o

-Y 16.3

%

Y-o

-Y 24 .

4%

(Rs.

Cr.

)

Y-o

-Y 33%

Y-o

-Y 40%

Y-o

-Y 18%

Y-o

-Y

8.3

%

Y-o

-Y 1

2.5

%

Y-o

-Y 29%

Y-o

-Y

16.4

%

Y-o

-Y 1

7.1

%

Y-o

-Y 19.5

%

Y-o

-Y 30%

Y-o

-Y 10.8

%

Y-o

-Y 20.3

%

3M

-o-3

M

8.6

%

3M

-o-3

M

17.7

%

11764

15,603 18,390

19,908 22,406

26,768 29,663

8,035

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

335.6

472

610 710

831

1,080

1299

366

0

200

400

600

800

1,000

1,200

1,400

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

3M

-o-3

M

15.5

%

Y-o

-Y 22.7

%

3978

5,988

8,108 9,559

11,006

13,895

16,157

4,578

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

123 191

284

360

441

594

739

213

0

100

200

300

400

500

600

700

800

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

Nielsen Panel Expansion

Nielsen has expanded its retail audit panel in 2013 – up by 60% from the existing

panel with significant increases in Rest of Urban and Rural.

This enhancement improves country level precision for all states and pickup more

regional / local brands, thereby significantly improving accuracy in reported

estimates.

Since Nielsen data is based on statistical projection of sample to the actual

universe, any change in sample leads to a change in the projected data with

retrospective effect. As a result of this expansion the data from Jan 2011 onwards

has changed to reflect the bigger panel and hence better data.

5 Source: Nielsen Retail Audit Report, Jun2013

Category outlets Old Panel New Panel

Hair Care oils 6,923,929 6,032,262

LHO 4,865,663 4,177,911

HAB 3,063,306 2,554,584

CHO 3,299,790 2,802,538

Market Shares Trends (All India - Urban Plus Rural)

Source: AC Nielsen Retail Audit Report, Jun2013

*Market Share in the Light Hair Oil Category

Volume MS Value MS

6

38.4%

44.1%

48.0% 49.1% 51.9%

54.5% 57.0%

0%

10%

20%

30%

40%

50%

60%

07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

40.3%

46.5%

50.7% 53.0%

55.0% 56.9% 58.4%

0%

10%

20%

30%

40%

50%

60%

70%

07-08 08-09 09-10 10-11 11-12 12-13 13-14 (3m)

ADHO – Relative Market Share – Value Trend

Source – AC Nielsen Retail Audit Report, Jun2013

Growth in Relative market share demonstrates the strength of the brand

Relative Market share is the ratio of Almond Drops market share to

the next largest competitor in LHO segment

7

2.08

2.65

3.17

3.43

4.04

4.27

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

2008 2009 2010 2011 2012 2013 (6M)

Relative MS - Val

ADHO – Relative Market Shares – Value

Source – AC Nielsen Retail Audit Report, Jun2013

State Relative MS Rank

Delhi 3.7 1st

Rajasthan 1.6 1st

Uttar Pradesh 3.4 1st

Punjab 4.0 1st

HP-JK 2.8 1st

Haryana 4.3 1st

Uttaranchal 4.9 1st

North Zone 4.1 1st

Assam 5.5 1st

North East 4.1 1st

Bihar 7.9 1st

Orissa 4.1 1st

West Bengal 3.1 1st

Jharkhand 5.0 1st

East Zone 5.6 1st

All India 4.3 1st

State Relative MS Rank

Madhya Pradesh 3.8 1st

Chhattisgarh 6.2 1st

Central Zone 4.4 1st

Gujarat 2.2 1st

Mumbai 3.9 1st

Maharashtra 4.3 1st

West Zone 3.0 1st

Andhra Pradesh 0.8 2nd

Karnataka 6.7 1st

Kerala 1.3 1st

Tamil Nadu 0.5 2nd

South Zone 1.3 1st

All India 4.3 1st

Relative Market share is the ratio of Almond Drops market share to the next largest competitor in LHO segment

Rank is the position of ADHO in respective state

8

Statewise Market Share

July12-June13 LHO Volume Proportion % ADHO Market Share % (Vol)

Saliency Urban Rural Total Urban Rural

All India (U+R) 100.0% 65.1% 34.9% 55.4% 53.7% 58.5%

Punjab 5.8% 68.8% 31.2% 52.8% 51.5% 55.8%

Haryana 6.7% 80.4% 19.6% 57.4% 54.8% 68.2%

Delhi 5.9% 100.0% 0.0% 52.2% 52.2%

Rajasthan 9.0% 59.9% 40.1% 47.1% 45.9% 48.9%

Uttar Pradesh (U+R) 21.7% 61.8% 38.2% 58.7% 55.5% 63.9%

Uttaranchal 1.0% 58.3% 41.7% 60.9% 57.7% 65.3%

Assam 5.6% 45.6% 54.4% 52.3% 43.6% 59.5%

Bihar 4.5% 65.3% 34.7% 72.8% 71.3% 75.5%

Jharkhand 0.8% 77.0% 23.0% 60.8% 60.0% 63.3%

Orissa 1.5% 61.4% 38.6% 56.4% 56.6% 56.0%

West Bengal 6.5% 63.3% 36.7% 37.6% 37.5% 37.7%

Gujarat 6.1% 74.8% 25.2% 52.5% 51.2% 56.4%

Madhya Pradesh 11.5% 43.7% 56.3% 61.9% 65.4% 59.2%

Chattisgarh 3.5% 46.6% 53.4% 67.1% 63.9% 69.8%

Maharashtra 6.8% 81.8% 18.2% 57.3% 57.9% 54.7%

Karnataka 1.0% 86.7% 13.3% 63.3% 62.9% 66.2%

Andhra Pradesh 1.5% 71.8% 28.2% 32.0% 37.8% 17.0%

Tamil Nadu 0.5% 96.2% 3.8% 23.5% 24.3% 3.8%

Kerala 0.1% 90.0% 10.0% 19.1% 20.9% 3.3% Source: AC Nielsen Retail Audit Report, MAT Jun2013

9

Light Hair Oil Market – Key Characteristics

Rural –Urban break up of LHO market Share of Distribution Channels in LHO market

SKU wise break up of LHO market Region wise break up of LHO market

Urban dominated

segment due to its

relatively higher

pricing

Given the

dominance of the

urban market,

larger units

account for bulk

of the sales.

However, smaller

units to increase

rural penetration

Sales tend to be

concentrated in

the Northern parts

of the country, but

West is the fastest

growing region

% - Market share

Traditional

channels dominate

distribution, but

alternate channels

like modern retail

demonstrating

higher growth rate

10

All India - Urban 64%

All India - Rural 36%

Local Grocer Stores 51%

Gen Stores 28%

Chemists 7%

Cosmetics 4%

Modern Trade

3%

Others 7%

North, 48%

East, 21%

West, 28%

South, 4%

Source: AC Nielsen Retail Audit Report, Mar2013

2-5ml, 4.6% 10-45ml,

3.7%

50ml, 20.0%

75ml, 4.4%

100ml, 36.9%

200ml, 18.1%

250ml, 0.6%

300ml, 7.1%

500ml, 3.6%

Cooling Hair Oil Market in India

Y-o

-Y -

18

%

Y-o

-Y -

13

%

Y-o

-Y -

12

%

Cooling Hair Oil – Volume

Y-o

-Y -

23

%

Y-o

-Y -

12

%

Y-o

-Y -

14

%

Cooling Hair Oil – Value

KLt

r

Rs.

Cr.

Source – AC Nielsen Retail Audit Report, Jun2013

Kailash Parbat – Distribution Trend Kailash Parbat – Volume Market Share Trend

Lakh

ou

tlet

s

%

11

Y-o

-Y –

5.0

%

Y-o

-Y –

14

%

6M

-o-6

M –

-6

.3%

6M

-o-6

M –

2.9

%

485

594

667

760

869

441

0

100

200

300

400

500

600

700

800

900

1,000

CY08 CY09 CY10 CY11 CY12 Jan13-Jun 13

12,416

14,655

16,610

18,520 19,498

9,252

0

5,000

10,000

15,000

20,000

25,000

CY08 CY09 CY10 CY11 CY12 Jan13-Jun 13

0.0

0.4

0.9 1.2

1.3 1.5 1.6 1.6 1.5 1.4

1.5 1.8

2.0

2.5

2.8 3.0

3.2 3.2 3.1 3.0 3.0

2.8 2.8 3.0

3.2 3.5 3.6

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

AP

R1

1

MA

Y11

JUN

11

JUL1

1

AU

G1

1

SEP

11

OC

T11

NO

V1

1

DEC

11

JAN

12

FEB

12

MA

R1

2

AP

R1

2

MA

Y12

JUN

12

JUL1

2

AU

G1

2

SEP

12

OC

T12

NO

V1

2

DEC

12

JAN

13

FEB

13

MA

R1

3

AP

R1

3

MA

Y13

JUN

13

0.0%

0.4%

0.8% 1.0%

1.2% 1.4%

1.0% 1.0% 1.2%

1.0%

1.3% 1.4% 1.5%

1.7%

2.0%

2.6%

2.2% 2.3% 2.4% 2.5%

2.3% 2.5%

2.1% 1.9%

2.5%

2.9% 2.9%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

Company Overview

Bajaj Corp Ltd. (BCL) – An Overview

Part of Bajaj Group which has business interests

in varied industries including sugar, consumer

goods, power generation & infrastructure

development

Subsidiary of Bajaj Resources Ltd. (BRL)

BCL is the exclusive licensee of brands

owned by BRL

Brands licensed to BCL for 99 years from

2008

3rd largest player in the overall hair oils segment

Key brand – Bajaj Almond Drops Hair Oil

Market leader with over 58% market share*

of LHO market

Premium positioning commands one of the

highest per unit prices in the industry

New Product Launch: Bajaj Kailash Parbat

Cooling Oil

Other brands - Brahmi Amla, Amla Shikakai and

Jasmine (all hair oil brands) and Black tooth

powder

Bajaj Almond Drops Hair Oil - A premium perfumed

hair oil containing almond oil and Vitamin E

Competitors – Keo Karpin (Dey’s Medical), Hair &

Care (Marico), Clinic All Clear (HUL)

Bajaj Brahmi Amla Hair Oil - Traditional heavy hair

oil. Brand has been in existence since 1953

Competitors - Dabur Amla, Dabur Sarson Amla

Bajaj Amla Shikakai – Variant in the heavy hair oil

segment catering to price conscious consumers

Competitors - Shanti Badam Hair Oil (Marico)

Bajaj Jasmine Hair Oil - A Jasmine flower perfumed

hair oil. In demand due to cultural significance.

Bajaj Kala Dant Manjan – An oral care product for

the rural market.

*Source: AC Nielsen Retail Audit Report, Jun2013.

Bajaj Kailash Parbat Cooling Oil – An ayurvedic

formulation containing Sandal & Almond extracts

Competitors: Himani Navratna

13

Bajaj Almond Drops - A Premium Brand

Source: AC Nielsen Retail Audit

Report Jun2013, Kotak

Institutional Research

Almond Drops has created a unique positioning for itself through initiatives like product differentiation

(Almond based), focused marketing, unique packaging (glass vs. plastic used by competition etc.)

. . . But not at the cost of pricing power

Comparative Price of Different Brands for 100 ml in the Hair Oil Segment

Strong Market Share Growth in Recent Years

(MR

P o

f 100m

l (R

s.)

Competitor Brands

14

28 29 30 32 35

38 40 42 46

50 55

0

10

20

30

40

50

60

23

36

55 55

27

44 42 38

44

60

0

10

20

30

40

50

60

70

Amla Shikakai Brahmi Amla Almond Drops Kailash Parbat Parachute Keo Karpin Dabur Vatika Dabur Amla Hair & Care Navratna

31.4% 36.7%

40.3% 46.5%

50.7% 53.0% 55.0% 56.9% 58.4%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

05-06 06-06 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

Consumer Profile- Almond Drops

For Almond Drops the consumer is:

— Gender

Male- 54%

Female- 46%

— Age Group

15 to 39 yrs ( 59% of users)

— Urban Vs Rural

61% are Urban consumers

— Socio Economic Class (SEC)- Urban

A1- 10.4%

A2- 14.4%

B1- 14.4%

B2- 11.5%

Source – IRS, Q42012 15

Strong Distribution Network

Over the years, BCL has created a large distribution network (that continues to grow) which can be leveraged to

introduce new products

Factory (5)

OWN – Himachal Pradesh -2, Uttarakhand-1

THIRD PARTY - Himachal Pradesh-1, Rajasthan-1

Central Warehouse (1)

Regional Distribution Centre (29)

Urban Distribution Rural Distribution

Redistribution Stockist

(1,775)

Retail Outlets (983,633)1

1 - as on June 30 2013. Nielsen New Sample

Super Stockist (184)

Sub-Stockist (4,946)

Retail Outlets

(1,376,397)1

Distribution Network Distribution Structure

The company reaches

consumers through 2.36mn

retail outlets serviced by

6721 direct distributors and

14,848 wholesalers

47

50

1518

154

212

562

590

547

173 432

208

163

502

260

262

98

386

375

MT - 69

66

16

Van Operations

Started in FY 13 with a objective of increasing Rural Sales

Piloted 39 Vans in Q4 FY 13

Currently operating 120 vans (for Sales) and 26 Video Vans (for Promotions)

Vans cover 7611 uncovered Towns and Villages on a monthly basis

In Q1 FY 14

— Bajaj Almond Drops Hair Oil got 37 % of its sales from Rural India

— Volume Growth in Rural India – 22.3% (Urban + Rural = 15.5%)

— Market share in Rural India – 60.4% (Urban + Rural = 57%)

17

Organization Structure

18

Chairman

Mr. Kushagra Bajaj

Managing Director

Mr. Sumit Malhotra

Director – Business Development

Mr. Jimmy Anklesaria President Operations

Mr. Apoorv Bajaj

Chief Financial officer

Mr. V.C.Nagori

Vice President (Finance)

Mr. D.K. Maloo

Company

Secretary

DGM -

Finance

Sr. Manager

Finance Sr. Manager

Finance

Works Manager

Purchase

Manager

Quality Control

Manager Sr. Manager

EDP

Manager

Logistics

Regional

Commercial

Manager

VP – Sales

Mr. Sudhir

Taneja

GM – Marketing

Mr. Gurpreet S.

Amrit

GM – HR

Mr. S.

Chatterjee

DGM Sales

AGM - West

RSM – North 1

RSM – North 2

RSM - Central

DGM -EDP

GM- Operations

Mr. Kabir Sahni

Head International

Business –

Mr. Arnab Banerjee

Financial Information

19

Summary Income Statement Summary Balance Sheet

Sales Break up in Q1 FY 14 by Brand Key Highlights

Strong demonstrated growth track record

Among the highest EBITDA margins in the

industry

` in Crores

Particulars Q1 FY14 Q1 FY13 FY13 FY12

Sales (Net) 170.05 138.05 605.66 472.24

EBITDA 48.24 38.92 172.87 116.64

EBITDA Margin 28.37% 28.19% 28.54% 24.70%

Net Profit after

Tax 47.01 37.62 167.38 120.09

Net Profit Margin 27.65% 27.25% 27.64% 25.43%

ADHO 95.7%

KPCO 2.5%

BAHO 1.1%

ASHO 0.1%

JHO 0.3%

BTP 0.2%

(` in Crores)

Particulars Q1 FY 14 Q1 FY 13 2012-13 2011-12

Shareholders

Equity 532.08 466.70 485.06 428.81

Total Debt

-

-

-

-

Net Fixed Assets 47.14 39.54 45.85 38.90

Investments

461.24 396.82 423.04 366.12 (including Bank FDs,

Bank CDs and

Government Securities

& Bonds)

Net Current Assets 23.70 30.34 16.17 23.79

EBITDA & PAT Performance

20

` in Crores

Particulars Q1 FY14 Q1 FY13 YoY% FY13 FY12 YoY%

EBITDA 48.24 38.92 23.95% 172.87 116.64 48.21%

Profit Before Tax

(PBT) 59.51 47.13 26.27% 209.55 151.34 38.46%

Profit After Tax

(PAT) 47.01 37.62 24.97% 167.38 120.09 39.38%

Profit & Loss Q1 & FY2013

21

` in Crores

Particulars Q1FY14 Q4FY13 Q1FY13 YoY% FY13 FY12 YoY%

Net Sales 170.05 183.69 138.05 23.18% 605.66 472.24 28.25%

Other Operating Income 0.19 0.49 0.19 1.06 1.08

Material Cost 68.63 77.45 61.77 260.08 221.70

% of Sales 40.36% 42.16% 44.75% 42.94% 46.95%

Employees Cost 8.31 8.65 6.93 29.16 22.90

% of Sales 4.89% 4.71% 5.02% 4.81% 4.85%

Advertisement & Sales

Promotion Exp. 28.53 30.24 17.36

87.92 64.71

% of Sales 16.78% 16.46% 12.58% 14.52% 13.70%

Other Expenses 16.52 15.95 13.26 56.69 47.37

% of Sales 9.72% 8.68% 9.61% 9.36% 10.03%

EBITDA 48.24 51.89 38.92 23.95% 172.87 116.64 48.21%

% of Sales 28.37% 28.25% 28.19% 28.54% 24.70%

Other Income 12.06 10.69 9.01 40.05 37.38

% of Sales 7.09% 5.82% 6.53% 6.61% 7.92%

Finance Cost 0.01 0.03 0.02 0.09 0.08

Depreciation 0.78 0.85 0.78 3.28 2.60

Profit Before Tax &

Exceptional Item 59.51 61.70 47.13 26.27% 209.55 151.34 38.46%

Exceptional Items 0.00 0.00 0.00 0.00 0.00

Profit Before Tax(PBT) 59.51 61.70 47.13 26.27% 209.55 151.34 38.46%

Tax Expenses 12.50 12.55 9.51 42.17 31.25

Profit After Tax(PAT) 47.01 49.15 37.62 24.97% 167.38 120.09 39.38%

% of Sales 27.65% 26.76% 27.25% 27.64% 25.43%

Diluted EPS (Rs.) 3.19 3.33 2.55 11.35 8.14

Sales Performance

22

472.24

605.66

-

100.00

200.00

300.00

400.00

500.00

600.00

700.00

FY12 FY13

Sales (Value) :

FY 12 v/s FY 13

Sales for Q1 FY 14 increased by 23.18% in value terms and 20.16% in volume

terms.

138.05 170.05

0

20

40

60

80

100

120

140

160

180

Q1 FY13 Q1 FY14

In `

Cro

res

Sales (Value) : Q1FY13 v/s Q1FY14

Statement of Quarter wise Sales (Volume & Value)

23

STATEMENT OF QUARTERWISE SALES (VOLUME- IN CASES)

STATEMENT OF QUARTERWISE SALES (VALUE – In Rs. Crores)

Product Q1 FY14 % to Total Q1 FY13 % to Total

ADHO 1,163,796 96.84% 952,959 95.28%

KPCO 21,653 1.80% 28,665 2.87%

BAHO 9,853 0.82% 11,481 1.15%

ASHO 1,732 0.14% 2,455 0.25%

OTHERS 4,779 0.40% 4,639 0.46% TOTAL 1,201,813 100.00% 1,000,199 100.00%

% Increase over corresponding period

of Previous Year 20.16%

Product Q1 FY14 % to Total Q1 FY13 % to Total

ADHO 162.71 95.68% 129.46 93.78%

KPCO 4.33 2.55% 5.45 3.95%

BAHO 1.94 1.14% 2.07 1.50%

ASHO 0.18 0.11% 0.26 0.19%

OTHERS 0.89 0.52% 0.81 0.59% TOTAL 170.05 100.00% 138.05 100.00%

% Increase over corresponding period of

Previous Year 23.18%

Consistent Performance over the last 13 successive quarters

24

8.6

4%

11

.19

%

17

.39

%

21

.09

%

19

.96

%

21

.98

%

20

.45

%

22

.27

%

22

.35

%

18

.70

%

22

.33

%

19

.12

%

20

.16

%

14

.91

%

19

.19

%

24

.07

%

27

.60

%

30

.44

%

31

.43

%

30

.75

%

33

.46

%

29

.53

%

27

.25

%

31

.84

%

25

.31

%

23

.18

%

35.12%

28.53%

30.29%

28.26%

24.96%

25.68%

25.51%

23.17%

28.19%

28.76%

29.03%

28.25%

28.37%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14

Gr (Vol) Gr (Value) EBIDTA

Change in Prices of Key Ingredients

25

During the quarter average price of LLP decreased to Rs. 73.54/kg from Rs.80.40/kg in

corresponding previous quarter recording a reduction of 8.5%.

Prices of Refined oil also decreased to Rs.71.89/kg in current quarter from Rs.79.80/kg in

corresponding previous quarter recording a reduction of 9.9%.

80.40 83.54

73.54

78.43

65

70

75

80

85

Qtr1 (FY13 vs FY14) FY12 vs FY13

Am

ou

nt

(Rs

.)

Per Kg Rates of LLP

79.80

70.87 71.89

81.15

65.00

70.00

75.00

80.00

85.00

Qtr1 (FY13 vs FY14) FY12 vs FY13

Per Kg Rates of Oil

Breakup of RM/PM Costs (for Q1 14)

26

*Consumption is 39.77% of Sales

*For Bajaj Almond Drops

Key Raw & Packing Material % to Sales % to Total Cost

LLP 14.62% 36.76%

Glass Bottles 9.69% 24.36%

Refined Veg. Oil 4.24% 10.65%

Perfumes & other additives 3.49% 8.77%

Corrugated Boxes 1.64% 4.12%

Caps 2.14% 5.39%

Laminates 1.64% 4.13%

Others 2.32% 5.82%

TOTAL 39.77% 100.00%

Corporate Governance

Bajaj Corp Ltd is a part of the Bajaj Group of companies. The other listed entity

in the group is Bajaj Hindusthan Ltd

Bajaj Corp Ltd has not and will not transfer funds from and to from any other

company within the Bajaj Group

The Company acquired in September 2011 (Uptown Properties) owns a piece of

land and building in Worli, Mumbai. Uptown Properties was previously owned by

the C.K. Raheja Group (i.e. Mr. Chandu Raheja)

The corporate Headquarters of Bajaj Corp Ltd will be constructed on this land.

The Construction is expected to be completed by mid 2015.

The Bajaj Group is well aware of issues regarding Corporate Governance and

would like to state that they will be no financial interaction between any of the

listed entities within the group.

27

Growth Strategy

Strategy Action Steps

Market share gains from

other hair oil segments

Convert coconut hair oil users to light hair oil users through sampling, targeted advertising

campaigns, product innovation and creating awareness about product differentiation including

communicating the advantages of switching to lighter hair oils. Aim for a market share of 65% by the

year 2015-16

Focus on rural

penetration

Tap the increase in disposable income of rural India and convert rural consumer from unbranded to

branded products by providing them with an appropriate value proposition

Among its key competitors, our Almond Drops is the only brand which is available in sachets – a

marketing initiative to penetrate the rural market

Leverage existing

strengths to introduce

new products

BCL has over the years created a strong distribution network across 2.36 mn. retail outlets which

can be optimally utilized by introducing new products

BCL intends to extend ‘Almond Drops’ platform developed by its Almond Drops Hair Oil brand to

other personal care products to leverage on the strong connotation of Almonds with nutrition

Pursue inorganic

Opportunities

Will seek inorganic growth opportunities in the FMCG and hair oil market as part of growth strategy

The inorganic growth opportunities will focus on targeting niche brands which can benefit from BCL’s

strong distribution network so that they can be made pan India brands

28

Thank You

29