WELCORPNSE27 May 2022

Welspun Corp Limited has informed the Exchange about Investor Presentation

Welspun Corp Limited

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WCL /SEC/2022

To, BSE Ltd. Department of Listing, P. J. Towers, Dalal Street, Mumbai - 400 001.

%~‘ WELSPUN CORP V V

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May 27, 2022

National Stock Exchange of India Ltd. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051.

(Scrip Code: Equity - 532144), (NCD— 948505, 960468, 960491 & 973309)

(Symbol: WELCORP, Series EQ)

Dear Sirs! Madam,

Sub: Outcome of the meeting of the Board of Directors of Weispun Corp Limited.

Please take note that the board of Directors of the Company at its meeting held on Friday, May 27, 2022 have, inter-alia, considered and approved the following businesses:

1. Audited Financial Results for the financial year ended March 31, 2022.

to Regulation 33 of

Pursuant (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith standalone as well as consolidated Audited Financial Results for the financial year ended March 31, 2022 (“AFR”), along-with the unmodified audit report, as reviewed by the Audit Committee and approved by the Board of Directors.

the SEBI

A declaration pursuant to Regulation 33 (3)(d) of SEBI.(LODR), Regulations, 2015 is also enclosed herewith.

2. Recommendation of Dividend and Approval of Record Date

Recommended a dividend at the rate of 100% (i.e. Rs.5/- per share) on 260,949,395 Equity Shares of Rs.5/- each fully paid-up, i.e. Rs. 1,304,746,975/-.

Recommended a dividend at the stipulated rate of 6% per share (i.e. Rs.0.60) on the 6% Cumulative Redeemable Preference Shares of the face value of Rs.10/- each fully paid up;

Pursuant to Regulation 42 of SEBI (LODR) Regulations, 2015, that the Company has fixed Friday, June 10, 2022 as the “Record date” for the purpose of determining the

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shareholders eligible for dividend, Company at the ensuing Annual General Meeting.

if any, approved by the shareholders of

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The dividend, if any, approved at the ensuing AGM, will be paid within 30 days to those Members whose name appear in the Register of Members of the Company and/or the Register of Beneficial Owners maintained by the Depositories as on Friday, June 10, 2022.

3. Raising of funds

The annual renewal of the enabling resolution of the shareholders u/s. 42/71 for raising of funds by way of private placement up to Rs. 500 crore by issuing Commercial Papers/ NCD. The Company has traditionally used this for raising Commercial Papers for routine working capital requirements.

4. Re-appointment of Mr. Vipul Mathur as Managing Director and CEO

As per recommendation of the Nomination and Remuneration Committee, approved the Re-appointment of Mr. Vipul Mathur as the Managing Director and CEO for a period from December 1, 2022 to November 30, 2027, subject to approval of shareholders at the ensuing Annual General Meeting.

Necessary disclosures required in terms of Regulation 30 of SEBI Listing Regulations are enclosed as “Annexure A”.

5. Business Update and Investors’ Presentation

Please find enclosed the Business Update and Investors’ Presentation which is being released to the media.

The meeting of the Board of Directors commenced at 11:30 a.m. and concluded at 4:30 p.m.

Thanking you. Yours faithfully, For Weispun Corp Limited /27%~1 (~/I~Pradeep Joshi Company Secretary FCS-4959

End.: as above

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Annexure A

change Re-appointment of Mr. Vipul Mathur (DIN: 07990476)

Reason for viz, appointment, resignation, removal, death or otherwise Date of Appointment Re-appointment as Managing Director and CEO from December 1, 2022. / applicable) Term of Re-appointed for a period of 5 years from December 1, 2022 to November 30, 2027 subject to approval of shareholders at the ensuing Annual General Appointment Meeting.

Cessation

(as

Brief Profile (in case Education: of appointment)

Science Graduate, Post Graduate (MBA-Marketing)

Key Expertise: Strategy, Finance, Marketing and Contract Management, Commercial, Legal & Procurement, Digital Transformation, Greenfield project.

Key Experience (over 30 years): Mr. Mathur is a seasoned professional with experience across sectors including Carbon Steel Line Pipes, Plates and Coils, Ductile Iron Pipes, Stainless Steel Tubes, TMT rebars, Heavy Engineering Goods, among others.

Before starting his stint at Weispun Group in 2001, Mr. Mathur amassed experience in the fields of Heavy Electrical Equipment, Pipe Manufacturing, Oil & Gas, etc. over a total of 11 years. Mr. Mathur has been associated with the Weispun Group for over two decades and has played a variety of leadership roles namely Global Marketing Head, Plate & Coil Mill Division Head, Business Unit Head - EMENA, Business Unit Head - India & APAC & Business Unit Head - Americas, and Chief Operating Officer - Weispun Corp Ltd. (WCL - holding company of the Company).

Mr. Mathur assumed the position of MD and CEO, WCL in 2018, and under his leadership, WCL has successfully catered to some of the most critical pipeline piojecis in the woild.

of Mr. Mathur is not related to any Director or Key Managerial Personnel of

the Company.

Disclosure Relationship between (in case appointment Director)

Directors of a

Affirmation

Mr. Mathur is not debarred from holding the office of a director by virtue of any SEBI order or any other such authority.

We~spun Corp Limited

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May 27, 2022

National Stock Exchange of India Ltd. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Murnbai - 400 051.

(Symbol: WELCORP, Series EQ)

WCL /SEC/2022

To,

BSE Ltd. Department of Listing, P. J. Towers, Dalal Street, Mumbai - 400 001.

(Scrip Code: Equity - 532144), (NCD— 948505, 960468, 960491 & 973309)

Dear Sirs/ Madam,

Subject: Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We, Vipul Mathur - Managing Director and CEO and Percy Birdy, Chief Financial Officer of Weispun Corp Limited (CIN:L27100GJ1995PLC025609) having its registered office at Weispun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat-370110, in terms of the provision of Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amemded, confirm and declare that the Statutory Auditors of the Company viz. Price Waterhouse Chartered Accountants LLP (Firm Registration Number 012754N/N500016) have issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company (Standalone & Consolidated) for the year ended on March 31,2022.

This declaration is for your information and record, please.

Thanking you.

‘or Weispun Corp

Vipul~Mathur Managing Director & DIN: 0007990476

Percy Birdy Chief Financial Officer

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Price Waterhouse Chartered Accountants LLP

Independent auditors’ report

To the Board of Directors of Weispun Corp Limited

Report on the audit of standalone financial results

Opinion

1. We have audited the standalone financial results of Welspun Corp Limited (hereinafter referred to as the ‘Company’) for the year ended March 31, 2022 and the statement of standalone balance sheet and the statement of standalone cash flows as at and for the year ended on that date, including the notes thereon (together referred to as the ‘standalone financial results’), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:

(i)

(ii)

are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and

give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the “Act”) (refer Emphasis of matters paragraph 5 below) of and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2022 and statement of standalone balance sheet and the statement of standalone cash flows as at and for the year ended on that date.

Basis for opinion

3. We conducted our audit in accordance with the Standards on Auditing (SM) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the ‘Auditors’ responsibilities for the audit of the standalone financial results’ section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Price Waterhouse Chartered Accountants LIP, 7” floor, Tower A - Wing 1, Business Bay, Airport Roo4 Yeruiada, Pune—411 006 2’: +91(20) 41004444, F: +91 (20) 41006161 Regiatered office anti Head office Sucheta Shawan, I IA Vishnu Pigrunhar Marg, Hew Deihi 110 002 Price atcrhossnr, In Srstnership Firm) reverted into Price Waterhouse Chartered Accountants I~P Ia Limited Linbility PartnershIp with LLP identity nor LLPIH AAC~50O1) with effect from July 25. 2014. Port its conversion to Price Waterhouse Chartered Accnsmtants LLP, its 1CM registration nuns her it 012754t1/N500016 (iCAf registration number bsfore e-sooenaton was 0127545)

Price Waterhouse chartered Accountants LLP

Independent auditors’ report To the Board of Directors of Welspun Corp Limited Report on the standalone financial results Page 2 of 4

Emphasis of matters

4. We draw your attention to Note 10 to the standalone financial results, regarding the approval of the Scheme of Arrangement between Weispun Steel Limited (the “Demerged Company” or “WSL”) and the Company and their respective shareholders for transfer of the Demerged Undertaking (the ‘Scheme’) received from the National Company Law Tribunal vide its Order dated March i6, 2022, from appointed date of April 1, 2021. However, the accounting treatment pursuant to the Scheme has been given effect to from the date required under IndAS 103 - Business Combinations, which is the beginning of the preceding period from April 1, 2020. Accordingly, the figures for the quarter ended March 31, 2021 and December 31, 2021 and year ended March 31, 2021 have been restated to give effect to the aforesaid merger.

5. We draw your attention to note 10 to the standalone financial results, regarding the accounting treatment and presentation of Cumulative Redeemable Preference shares (“CRPS”), issued on March i6, 2022 pursuant to the Scheme (Refer paragraph 4 above) as a financial liability in its entirety in accordance with the requirements of md AS 32 ‘Financial Instruments: Presentation’ and md AS 109 ‘Financial Instruments’. Such accounting treatment and presentation, however, is not in accordance with the provisions of section 2(64) and section 43 of tho Act.

Our opinion is not modified in respect of these matters.

Board of Directors’ responsibilities for the standalone financial results

6. These standalone financial results have been prepared on the basis of the standalone financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of the net profit and other results that give a true and fair view of these standalone financial comprehensive income and other financial information of the Company and the statement of standalone balance sheet and the statement of standalone cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed tinder Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. The Board of Directors of the Company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, that were operating implementation and maintenance of adequate internal effectively for ensuring accuracy and completeness of the accounting records, to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial results by the Directors of the Company, as aforesaid.

financial controls,

relevant

In preparing the standalone financial results, the Board of Directors of the Company are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

8. The Board of Directors of the Company are responsible for overseeing the financial reporting process

of the Company.

Price Watcrhouse Chartered Accountants LLP

Independent auditors’ report To the Board of Directors of Welspun Corp Limited Report on the standalone financial results Page 3 of 4

Auditors’ responsibilities for the audit of the standalone financial results

9. Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SM will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

10. As part of an audit

in accordance with SM, we exercise profe~sional

judgment and maintain

professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, inisrepresentalions, or tire override of internal control.

o Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls (refer paragraph 14 below).

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.

11. We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Price Waterhouse Chartered Accountants LLP

Independent auditors’ report To the Board of Directors of Welspnn Corp Limited Report on the standalone financial results Page 4 of 4

Other matters

12. The standalone financial results include the results for the quarter ended March 31, 2022, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.

13. We did not audit the comparative figures for the quarter ended March 31, 2021 and December 31, 2021 and year ended March 31, 2021 which have been restated to include the financial information of the Demerged undertaking (referred to in Note 10 of the standalone financial results) which reflects total assets of P.s. 72,558 lakhs and net assets of Rs. 51,357 lakhs as at March 31, 2021, total revenue of Rs. 20,397 lakhs and Rs. i6,g8g lakhs, total net profit/(loss) after tax of Rs. 2,001 lakhs and Rs. (1,123) lakhs and total comprehensive income of P.s. 2,002 lakhs and Rs. (1,123) lakhs for the quarter ended March 31, 2021 and December 31, 2021, respectively and total revenue of Rs. 65,048 lakhs, total net profit after tax of Rs. 1,593 lakhs and total comprehensive income of Rs. 1,594 lakhs for the year ended March 31, 2021 and cash flows (net) of Rs. (i) lakh for the year ended March 31, 2021. The said financial information of the Demerged undertaking have been provided to us by the Management, and our opinion on the standalone financial results of the Company to the extent they relate to these Demerged Undertaking is based solely on such unaudited financial information furnished to us. We have audited the adjustments made by the Management, including adjustments required for consistency of accounting policies, arising on account of scheme of arrangement to arrive at the restated comparative figures for the year ended March 31, 2021. Our opinion is not modified in respect of the above matter.

14. The standalone financial results dealt with by this report have been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited standalone financial statements of the Company for the year ended March 31, 2022, on which we issued an unmodified audit opinion vide our report dated May 27, 2022.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: o12754N/N500016

Place: Mumbai Date: May 27, 2022

Neeraj Sharma Partner Membership Number: 108391 UDIN: 22108391.A.JSPR04558

W2LSPIJN CORP

WELSPUN CORP LIMITED CIN : L27100SJ1995P1C025609 Regd. Office: Welspun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode-370110. Tel No. 02836-662222, Fax :02836-279060, email - Companysecretary_wcl@welspun.com, Website: www.welspuncorp.com Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai, Pincode -400013.

Tel No. 022-2490 8000, Fax: 022-2490 8020

AUDITED STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2022

Sr. No.

Particulars

Quarter ended (Unaudited)

Year ended (Audited)

31-Mar-22 (refer note 12)

31-Dec’21

31-Mar-2O21 (refer note 12)

31-Mar-22

31-Mar-21

(INR in Lakhs)

8 9 10

11 12 13 14

a b c d e

a b

Continuine operations: Income Revenue from operations Sale of products and services Other operating revenues Total revenue from operations Other income Total income (a+b) Expenses Cost of materials consumed Purchase of stock-in-trade Changes in inventories of finished goods, stock-in-trade and work-in progress Employee benefit expense Depreciation and amortisation expense Other expanses Finance costs Total expenses Profit before tax (1-2)

Tax expenses Currant tax Deferred tax Total tax expense Net profit for the period from continuing operations (3-4) (I)

Discontinued operations: Profit! (loss) from discontinued operations Tax expenses I (credit) of discontinued operations Profit / (loss) from discontinued operations, after tax (II)

180,796 2,363 183,159 33,466 216,625

145,864 7,732 (4,019) 6,151 2,932 19,247 2,148 180,055 36,370

4,637 414 5,051 31,519

134,818 3,284 138,102 5,950 144,052

91,697 4,999 14,543 5,373 2,895 11,886 2,286 133,679 10,373

2,304 341 2,645 7.728

139,784 4,495 144,279 9,902 154,181

84,864 971 8,823 5,210 2,913 28,891 1,073 132,745 21,436

13,472 (11,636) 1.836 19,600

(178) 42 (220)

519,117 9.670 528,787 48,262 577,049

393,206 14,667 2,040 20,902 11,528 67,532 7,688 517,563 39,486

10,946 (32) 10,914 88,572

—

‘

509,954 18.587 528,541 86,490 615,031

287,344 2,494 64,297 19,677 10,968 93,418 5,794 483,992 131,039

38,896 (10,370) 28,526 102,513

(1,043) (333) (710)

Profit for the period (1+11)

31,519

7.728

19,380

88,572

101,803

a b

Other Comprehensive Income, net of income tax Items that will be reclassified to profit or loss (net) Items that will not be reclassified to profit or loss Total other comprehensive income, net of income tax Total Comprehensive Income forthe period (5+6)

Paid up equity share capital (Face value of INR 5/- each) Other Equity Earnings/ (loss) per share (of INR 5/- each) (not annualised in quarters) (a) Basic (In INR) -continuing operations (b) Diluted (In INR) -continuing operations

(e) Basic (In INR) - continuing and discontinued operations (f) Diluted (In INR) -continuing and discontinued operations Debenture Redemption Reserve Capital Redemption Reserve Net Worth Debt — Equity Ratio Debt Service Coverage Retio (05CR) (No of times) Interest Service Coverage Ratio (15CR) (No of times)

a. b. c.

54 296 350 31.869

13,047

(368) (34) (402) 7,326

13,D47

12.08 12.05

2.96 2.95

12.08 12.05

2.96 2.95

(641) 313 (328) 19.052

13,044

7.51 7.49

(0.08) (0.08)

7.43 7.41

(1,093) 193 (900) 47,672

13,047 292,390

18.61 18.57

18.61 18.57 900 218 305,438 0.43 6.32 11.84

216 173 389 102,192

13,044 257,547

39.29 39.19

(D.27) (0.27)

39.02 38.92 1,350 218 270,592 0.20 2.2D 42.52

Notes: I The aforesaid standalone financial results ofWelspun Corp Limited (the ‘Company’) were reviewed by the Audit Committee and subsequently approved by the Board of Directors of

the Company at its meeting held on May 27, 2022. The Statutory Auditors have carried out an audit of the above standalone results for the year ended March 31, 2022 and espressed an unmodified opinion on the aforesaid results.

2 Since the segment information as per Ind AS lOB. Operating Segments is provided on the basis of consolidated financial results, the same is not provided separately in standalone

financial results.

3 The aforesaid standalone financial results of the Company have been prepared in accordance with the Companies (Indian Accounting standards) Rules, 2015 (as amended) (md AS)

prescribed under Section 133 ofthe Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.

4 Details ofSecured, Redeemable, Non Convertible Debentures is as follows:

Particulars

Previous Due Date ft

Nest Due Date

Principal

Interest

Next Instalment Date

Princi al Amount

Interest Date

11.00% Secured Redeemable Non Convertible Debenture

09.11.2021

09.02.2022

November 2022

3,600

De.OS.2022

6.50% secured Redeemable Non Convertible Debenture

7.25% secured Redeemable Non Convertible Debenture ft Principal and interest has been paid on the due dates.

10.02.2022

16.02.2022

rebruary 2024

February 2026

20,000

10.02.2023

20,000

16.02.2023

(INR in Laths)

Interest Amount

1,300

1,450

The listed Secured, Redeemable, Non-Convertible Debentures ofthe Company aggregating to 1NR47,600 laths (esciudes transaction costs as per effective interest rate of INR 121 lakhs) as on March 31, 2022 are secured by firut charge ranking pan passu by way of mortgage of certain movable and immovable property, plant and equipment of the Company. The Company has maintained hundred percent asset cover sufficient to discharge the principal amount of the said debentures in terms of Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The fixed assets cover is 0.75 times for total debts and the Credit rating by CARE for secured Redeemable Non Convertible Debentures issue by the Company is “AAJuteble”.

6 The details of Commercial Papers outstanding as at March 31, 2022 areas follows . Security description and SIN

s. No. I 2 3

CP-4.45%, INE191B14SS6 CP-4.75%, 1NE191B14564 INEI91B14S72 CP’4.75%,

(INR in Lakha)

2.000 10,000 5,000

Previoua due date .

Principal NA NA NA

Interest 18.01.2022 02.03.2022 14.02.2022

Nest due date for

Principal 18.04.2022 31.05.2022 10.06.2022

Interest NA NA NA

The Credit rating by CARE for Commercial Papers issued by the Company is “All-”.

7 On March 31, 2021, the Company had concluded salt of its Plates & Coils Mills Division (PCMD) division for INR B4,BSD laths plus closing adjustments towards net working capital

pursuant to the Business Transfer Agreement dated March 31, 2019 and amended on March 31, 2021 (collectively tnown as “BTA’3. The disposal group (i.e. PCMO) was reported as discontinued operations in the financial statements for the year ended March 31, 2020 and the assets and liabilities directly associated with disposal group were presented as held for saje as at March 31, 2020.The Company has received the total consideration oflNR 80,920 laths and there is no further consideration receivable.

Management has made an assessment of the impact of COVID 19 in preparation for these standalone financial results. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial results have been identified, However, the impact assessment of COVID 19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations.

9 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The draft rules

for the Code on Soctel Security, 2020 have been released by the Ministry of Labour and Employment on November 13, 2020. The Company is in the process of assessing the additional impact on Provident Fund contributions and on Gratuity liability contributions and will complete their evaluation and give appropriate impact in the financial results in the period in which the rules that are notified become effective.

10 The Hon’ble National Company Law Tribunal, Ahmedabad Bench by an order dated March 16, 2022 has sanctioned the Scheme of Arrangement (the “Scheme”) filed by Welspun Corp Limited and Welspun Steel Limited for transfer and vesting of Demerged Undertaking of the Demerged Company i.e. Welspun Steel Limited (WSL) into the Resulting Company i.e. Welspsan Corp Limited with effect from April 1,2021, being the appointed date as per the Scheme. The certified true copy of the said Order has been received and filed with the Ministry of Company Affairs on 16 March, 2022. The effect of amalgamation as per “pooling of interest method” has been considered in the books retrospectively and the figures for the corresponding year ended March 31, 2021 have been restated as iftha merger had occurred from the beginning ofshe comparative period in the financial statements, i.e. April 1, 2020 as per the requirements of Indian Accounting Standard (INO As) 103 and in accordance with the accounting treatment specified in the Scheme. Accordingly, the figures for the year ended March 31, 2021 and March 31, 2022 include the results of the Company and its Demerged undertaking. The amalgamation has resulted in recognition of Capital Reserve of INR 13,480 laths as at April 1,2020. The previous year’s figures in the standalone financial statement/result have been accordingly restated from April 1,2020. In terms of face value of INR 10/- each held in Welspun Steel Limited by shareholders as on the record date stated therein, which v,ere pending for allotment as at March 31, 2022. Further, consequent to the above arrangement, Welspun Speciality Solution Limited and Aniar TMT Steel Private Limited have become subsidiaries of the Company.

the Scheme, the Company has issued 81 Cumulative Redeemable Preference shares (CRPS) offace value of INR 10/- each ofthe Company for every 100 Equity Shares of

With respect to the accounting treatment of such CRPS, presentation and measurement has been made in accordance with Ind AS 32 ‘Financial Instruments: Presentation’ and md AS 109 ‘Financial Instruments’ which requires the presentation ofthese CRPS as a financial liability in its entirety, given that as per the terms of the instrument, they are redeemable, at face value, at the option of the holder. The relevant disclosures required under md AS 107 ‘rinancial Instruments: Disclosures’ and under md AS ‘‘Presentation of financial statements’ for these CRPS have been made in the standalone financial statements. Accordingly, as preference shsre capital in the standalone financial results, in accordance with the Companies Act, 2013.

in view ofthe reasons set out in the aforesaid note, CRPS have not been presented

11 During the quarter the Company announced the successful listing of its Joint Venture company in Kingdom of Saudi Arabia (“KSA”), East Pipes Integrated Company for Industry (EPIC) on the Saudi Exchanges Main Market (“Tadawul”( at the final offer price of SAR 80 per share. Post the P0 the Company owns 35.01% (from earlier 50.01%) through its step-down subsidiary in Mauritius and will continue to be the largest shareholder in EPIC. Consequently, EPIC is now classified as an associate for the Company.

12 rigures for the quarter ended March 31, 2022 and March 31, 2021 are balancing figures between the audited figures in respect offull financial year and the limited

reviewed year to date figures up to the quarter ended December 31, 2021 and December 31, 2020, respectively.

13 The Board of Directors at their meeting dated May 27, 2022 have recommended to pay dividend at the stipulated rate on the 6% Cumulative Redeemable Preference Shares of the face value of INR 10/- each fully paid up and to pay dividend at the rate of 100% per equity share (i.e. INR S per equity share) having nominal value of INR 5 for the financial year ended March 31, 2022. The payment is subject to approval of the shareholders in the upcoming Annual General Meeting.

14 Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of ndia (Listing obligations and Disclosure Requirements)

Regulations, 2015, as amended.

Sr. No.

particulars

1 Debt Equity Ratio

(Total Debt/Total Equity)

2 Debt service coverage ratio

(Earnings available far debt service / debt service)

Interest service coverage ratio (Earning before Interest on borrowings and Tax divided/interest an borrowings)

4 Current Ratio

(Current Assets/ Current Liabilities)

Long term debt to working capital (Nan-current borrowings + Current maturities of long term barrowings/ (Current Assets - Current liabilities)

Bad debts to Accounts receivable ratio (Bad debt expense / Closing Trade Receivable)

7 Current liability ratio

(Current liabilities/ Total Liabilities)

8 Total Debts to total assets ratio (Total Debts/TatalAssets)

9 Debtors Turnover (no. of days)

(Closing trade receivable/sales (multiplied by 365 days))

10 Inventory Turnover (no. of days)

(Average inventory/Cost of goods sold (multiplied by 365 days))

11 Operating EBIDTA Margin (%)

(Earnings before Depreciation, Interest and Tax/Sales)

12 Net Profit Margin (%)

(Net profit after tax/sales)

Quarter ended (tinaudited) 31-Dec-21

31-Mar-21

31-Mar-22

Year ended (Audited)

31-Mar-22

31-Mar-21

0.43

0.37

14.08

30.45

0.20

0.18

0.43

6.32

0.20

2.20

25.93

7.39

44.91

11.84

42.52

1.59

0.58

1.78

0.31

0.72

0.20

0.68

0.17

2.33

0.23

0.02

0.60

0.10

101

1.59

0.58

0.72

0.20

2.33

0.23

0.02

0.60

0.10

109

22.64%

11.12%

16.88%

14.80%

27.66%

17.21%

5.60%

13.43%

9.19%

19.26%

13 Paid up equity share capital (Face value of INR 5/- each)

13,047

13,044

13,047

14 Other Equity

15 Debenture Redemption Reserve

16 Capital Redemption Reserve

292,390

260,475

257,547

292,390

900

218

900

218

1,350

218

900

218

13,044

257,547

1,350

218

17 Networth — * the above mentioned ratios are computed for merged financials.

305,438

273,523

270,592

305,438

270,592

15 The figures for the previous periods have been regrouped wherever necessary.

For and On Behalf of the Board of Directors of Weispun Corp Limited

Place: Mumbai Date: May 27, 2022

Vipul Mathur Managing Director and Chief Executive Officer DIN -007990476

N2~/’ WELSPUN corn’

CIN L27100S31995PLC025609 , Website: www.welspuncorp.com

WELSPUN CORP LIMITED

Regd. Office: Welspun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode-370110. Tel No. 02836-662222, Fax: 02836-279060, email~ Companysecretary_wcl@welspun.com, Website: www.welspuncorp.com

Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai, Pincode -400013. Tel No.022-24908000, Fax: 022-2490 8020

STATEMENT OF AUDITED STANDALONE BALANCE SHEETAS AT MARCH 31, 2022

Particulars

ASSETS

Non-current assets Property, plant and equipment Capital work-in-progress Right-of-use asset Investment property intangible assets Intangible assets under development Financial assets Investments Equity investments in subsidiaries, joint venture and associates Loans Other financial assets Other non-current assets Total non-current assets

Current assets Inventories Financial assets Investments Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Loans Other financial assets

Other current assets Assets or disposal groups classified as held forsale Total current assets

Total assets

EQUITY AND LIABILITIES

Equity Equity share capital Other equity Reserves and surplus Other reserves Share Application money pending for allotment Total equity

LIABILITIES

Non-current liabilities Financial liabilities Borrowings Lease liabilities Otherfinancial liabilities

Provisions Deferred tax liabilities (net) Government grants Total non-current liabilities

Current liabilities Financial liabilities Borrowings Lease liabilities Trade payables

total outstanding dues of micro and small enterprises total outstanding dues other than above

Asat March 31, 2022 (Audited)

(INR in Lakhs)

Asat March 31, 2021 (Audited)

96,437 424 2,297 1,564 425 90

12 134,873 8,863 8,315 3,334 256,634

79,007

139,731 80,148 35,650 1,881 24,934 12,252 12,932 153 386,688

643,322

13,048

293,635 (1,243)

- 305,440

79,030 1,001 1,143 5,298 905 7,036 94,413

52,115 812

152 96,520 3,454 2,990 2,048 47,233 38,145 243,469 337,882 643,322

103,675 1,034 3515 1,496 706

7,997 50,332

- 2,021 2,663 173,439

55,242

114,009 60,645 9,121 3,047 627 87,215 13,787

- 343,693

517,132

13,044

257,800 (251) 65 270,658

43,435 1,908 36,297 7,183 1,206 9,083 99,112

9,681 841

760 47,836 4,479 3,095 2,048 47,924 30,698 147,362 246,474 517,132

Other financial liabilities

Provisions Government grants Current tax liabilities (net) Other current liabilities Total current liabilities

Total Liabilities Total equity and liabilities

‘ Place: Mumbai

Date: May 27, 2022

or and On Behalf of the Board of Directors of Welspun Corp Limited

Vipul Ma hur Managing Director and Chief Executive Officer DIN’ 0D7990476

WELSPUH CORP

CIN: L27100GJ19SSPLC02S6O9 , Website: www.welspuncorp.com

WELSPUN CORP LIMnED

Regd. Office: Welapun City, Village Versamedi, Taluka Anjar, Dint. Kutch, Gujeret, Pincode-370110, Tel No. 02836-662222, Faa: 02836-279060, email - Compsnysecreterywcl@welspun.com, Wsbsite: wv,wwelspuncorp.corn

Corp. Office: Weispun House, Kamala Mills Compound, Senspati Bapat Merg, tower Parel, Mumbal - 400013. Tel No. 022-2490 8000, Fax: 022-2490 8020

STATEMENT DFAUDITEDSTANDALONE CASH FLOWS FORTHEYEAR ENDED MARCH 31, 2022

_______________________________________________________________________________

Year ended March 31, 2022 (Audited)

(INR In Lakhs)

Year ended March 31, 2021 (Audited)

A) Cash flow (med in), from opereting activities

Profit! (lost) before tax

Continuing operations Discontinued operations

Profit before tax

Adjustments for: Depreciation and amortisation expense Employee share-based expense Gain on sale / discarding of property, plant end equipment (net) Loss) (Gain) on sale of disposal group classified as held for sale Reversal of Impairment loss on disposal group (net) Gain on sate) redemption of Current investments Non-current investments

Fair valuation (gein)/ loss on inveatmant (net) Liabilities) Provision no longer required written back Provision for litigation, disputes and other matters (net) Allowance for doubtful debtn (net) Bed debts expense Dividend income interest income and commission income Interest expenses lJnrealiaed net exchange differences

Operating profit before changes in operating eseetg end liebllitieg

Changes In opereting egeets and liabilities (bracket figures represents Increase In Assets and Decrease in liabilities) Movement in other non-current financial assets Movement in other non-current assets Movement in inventories Movement in trade receivables Movement in other current financial assess Movement in other current assess Movement in other non-current financial liabilities Movement in trade payables Movement in other current financial liabilities Movement in other current liabilities Movement in provisions Movement in government grants

Total changes in operating asset≤ and liabilities

Caeh flow from operations Income sages paid (net of refund received)

Net cash (used in)/ from operating activielee (A)

B) Cash flow (uned in)/ frem investing activities

59,406

131,D3a 1,043) ______________________ _____________________ 129,996

- 59,486

11,528 Sg 681

(563)

- 701

90 (1,003)

- (30,776) (12,599) 5,790 (1091 (26,204)

33,282

(6,359) 52 (23,765) (18,427) (6,503) 936 (3) 48,079 198 7,447 (1,022) (2,048)

(2,215)

10,968 173 )5,754) 324 (519)

(4,442) (16) (3,282) (1,096) (69) 2,174 919 (61g48) (6,2ao) 3,472 1735) (66,4611

63,535

(2) 1,081 94,407 9,125 770 5,395 (548) (51,166) 2,164 (69,254) 374 (3,195)

(10,849)

52,656 ___________________ __________________ (14,860)

31,067 11,738)

19,329 ______________________

37,826

Payments for property, plant and equipment, investment property snd intangible assets (including capital work-in-progress and Intangible assets under development)

(4,630)

(7,632)

Proceeds from property, plans and equipment and inveatmsnt property Proceeds from eooeso of disposal group Proceeds from sale/redemption of long term investments Purchase of long term investments Purchase of current investments Proceeds from sale/redemption of current investments (investment in)/ proceeda from matarity of fixed deposit (net) Interest and commission received Dividend received Loans given to subsidiaries Repayment of loans by subsidiaries Loan given (to)/ repaid by others met)

377 7e,o95

176,839) (1,617,103) 1,592,526 1,230 12,683 30,776 (66,614) 33,442 2

Net cash (used in)/ from investing activities (B)

(16.255) ______________________

C) Cash flow from/ (used In) financing activities

Proceeds from Share application money pending allotment Proceeds from long term borrowings Repayment of long term borrowings Proceeds from short term borrowings Repayment of short term borrowings Interest paid Dividend paid Principal elements of lease payments

- 4,ODD (2,700) 201,930 (160,397) (5,310) (13,027) (1,034)

Net cash from? (used in) finenclng activitiee (C)

23,454 _____________________

Net incrtese in cash and cash equivalents (A.B÷C)

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

Net increase In cash and cash equivalents

Caeh and cash equivalents at the ead of year

Hole: The figures for the previous perisd have been regrouped s-.harever eecesaasy.

26,529

9,121

35,650 _____________________

26,529

35,650

6,375

- 2,084 (20,762) 1998,276) 929,291 4,431 3,446 61,848 (7.6001 7.000

(19,795)

65 40,000 (47,700) 33,327 (40,019) (3,150) (1,290) (968)

(19743)

(1,709)

10,830

9,121

(1,109)

e,121

Price Waterhouse Chartered Accountants LLP

Independent auditors’ report

To the Board of Directors of Weispun Corp Limited

Report on the audit of consolidated financial results

Opinion

1. We have audited the consolidated financial results of Weispun Corp Limited (hereinafter referred to as the “Holding Company” or “Company”) and its subsidiaries (Holding Company and its its associates and joint venture for the year subsidiaries together referred to as the “Group”), ended March 31, 2022 and the statement of consolidated balance sheet and the statement of consolidated cash flows as at and for the year ended on that date, including the notes thereon (together referred to as the ‘consolidated financial results’), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’) which has been signed by us for identification purposes.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements/information of subsidiaries and associates and the aforesaid consolidated financial results:

(i)

include tile annual financial results of the following entities:

Relationship

Entity name

Holding Company: Subsidiaries:

Welspun Corp Limited, India Welspun Tradings Limited, India

Welspun DI Pipes Limited, India

Welspun Metallics Limited, India Mahatva Plastic Products And Building Materials Private Limited, India (w.e.f. November 16, 2021) Anjar TMT Steel Private Limited, India

Weispun Specialty Solution Limited, India

Welspun Pipes Inc., USA

Welspun Tubular LLC, USA Welspun Global Trade LLC, USA

Weispun Mauritius Holdings Limited, Mauritius East Pipes Integrated Company for Industry, Kingdom of Saudi Arabia (formerly known as Welspun Middle East Pipes Company) (Joint venture till Feb 14, 2022) Welspun Captive Power Generation Limited Welspun Wasco Coatings Private Limited, India

Associate:

Joint venture:

(ii) are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the

Listing Regulations in this regard; and

Thte Waterhouse Chartered Accountants LLP, 7th Floor, Tower A - Wing 1, Business Bay, A&port Road, Yerwada,Purte—411 006 2’: +91 (20) 41004444, F: +91 (20) 41006161

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Independent auditors’ report To the Board of Directors of Weispun Corp Limited Report on the consolidated financial results Page 2 of 6

(iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the “Act”) (refer Emphasis of matters paragraph 5 below) and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Group, its associates and joint venture for the year ended March 31, 2022 and the statement of consolidated balance sheet and the statement of consolidated of cash flows as at and for the year ended on that date.

Basis for opinion

3. We conducted our audit in accordance with the Standards on Auditing (SM) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the ‘Auditors’ responsibilities for the audit of the consolidated financial results’ section of our report. We are independent of the Group, its associates and joint venture in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other matters” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of mailers

4. We draw your attention to note 13 to the consolidated financial results, regarding the approval of the Scheme of Arrangement between Welspun Steel Limited (the “Demerged Company” or “WSL”) and the Company and their respective shareholders for transfer of the Demerged Undertaking (the ‘Scheme’) received from the National Company Law Tribunal vide its Order dated March i6, 2022, from appointed date of April 1, 2021. However, the accounting treatment pursuant to the Scheme has been given effect to from the date required under md AS 103 - Business Combinations, which is the beginning of the preceding period from April 1, 2020. Accordingly, the figures for the quarter ended March 31, 2021 and December 31, 2021 and year ended March 31, 2021 have been restated to give effect to the aforesaid merger.

~. We draw your attention to note 13 to the consolidated financial results, regarding the accounting issued on treatment and presentation of Cumulative Redeemable Preference shares (“CRPS”), March 16, 2022 pursuant to the Scheme (Refer paragraph 4 above) as a financial liability in its entirety in accordance with the requirements of md AS 32 ‘Financial Instruments: Presentation’ and Ind AS 109 ‘Financial Instruments’. Such accounting treatment and presentation, however, is not in accordance with the provisions of section 2(64) and section 43 of the Act,

Our opinion is not modified in respect of these matters.

Ecartcrod 4C(’

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Independent auditors’ report To the Board of Directors of Weispun Corp Limited Report on the consolidated financial results Page 3 of 6

Board of directors’ responsibilities for the consolidated financial results

6. These consolidated financial results have been prepared on the basis of the consolidated financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associates and joint venture and the statement of consolidated balance sheet and the statement of consolidated of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associates and joint venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and joint venture and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.

implementation and maintenance of adequate internal

financial controls,

In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and of its associates and joint venture are responsible for assessing the ability of the Group and its associates and joint venture to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group and its associates and joint venture or to cease operations, or has no realistic alternative but to do so.

8. The respective Board of Directors of the companies included in the Group and of its associates and joint venture are responsible for overseeing the financial reporting process of the Group and of its associates and joint venture.

Auditors’ responsibilities for the audit of the consolidated financial results

9. Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SM will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered if, individually or in the aggregate, they could reasonably be expected to influence the material economic decisions of users taken on the basis of these consolidated financial results.

10. As part of an audit in accordance with SAs, we exercise professional judgment and maintain

professional skepticism throughout the audit. We also:

Identi~ and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, intentional omissions, misrepresentations, or the override of internal control.

fraud may involve collusion,

forgery,

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Jndependent auditors’ report To the Board of Directors of Weispun Corp Limited Report on the consolidated financial results Page 4 of 6

o Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls (refer paragraph 18 below).

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint venture to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related to disclosures in the consolidated financial results or, if such disclosures are inadequate, modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group and its joint venture to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial the underlying transactions and events in a manner that achieves fair presentation.

results represent

o Obtain sufficient appropriate audit evidence regarding the financial

information of the entities within the Group and its associates and joint venture to express an opinion on the consolidated financial the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

results. We are responsible for

ii. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

12. We also performed procedures in accordance with the circular issued by the SEBI under

Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

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Independent auditors’ report To the Board of Directors of Welspun Corp Limited Report on the consolidated financial results Page 5 of 6

Other matters

13. We did not audit the comparative figures for the quarter ended March 31, 2021 and December 31, 2021 and year ended March 31, 2021 which have been restated to include the consolidated financial information of the Demerged undertaking (referred to in note 13 of the consolidated financial results) which reflects total assets of Rs. n8,n8 lakhs and net assets of Es. 70,895 lakhs as at March 31, 2021, total revenue of Its. 22,410 laths and Rs. 18,484 lakhs, total net proflt/(loss) after tax of Es. 15,996 laths and Rs. (2,393) lakhs and total comprehensive income of Rs. i6,o~g lakhs and Rs. (2,397) laths for the quarters ended March 31, 2021 and December 31, 2021, respectively and total revenue of Its. 73,526 laths, total net profit after tax of Es. 11,663 laths and total comprehensive income of Rs. 11,643 laths for the year ended March 31, 2021 and cash flows (net) of Es. (i) lath for the year ended March 31, 2021. The said consolidated financial information of the Demerged undertaking have been provided to us by the Management, and our opinion on the consolidated financial results of the Holding Company to the extent they relate to these Demerged Undertaking is based solely on such information furnished to us. We have audited the adjustments unaudited consolidated financial made by the Management, including adjustments required for consistency of accounting policies, arising on account of scheme of arrangement to arrive at the restated comparative figures for the year ended March 31, 2021.

14. The consolidated financial results include the Group’s share of total comprehensive income (comprising of loss and other comprehensive income) of Rs. (620) laths for the year ended March 31, 2022, as considered in the consolidated financial results, in respect of 1 associate (joint venture till Feb 14, 2022) located outside India whose financial information have not been audited by us. This financial information has been audited by other auditor whose report has been furnished to us by the Management, and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this associate, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 12 above.

15. We did not audit the financial statements of 1 subsidiary located in India, whose financial statements reflect total assets of Rs 37,245 lakhs and net assets of Rs 752 laths as at March 31, 2022, total revenue of Rs. 16,329 lakhs, total comprehensive income (comprising of loss and other comprehensive income) of Rs (3,130) lakhs and net cash flows amounting to Es 471 lakhs for the year ended on that date, as considered in the consolidated financial results. These financial statements have been audited by other auditor whose report has been furnished to us in so far as it by the Management, and our opinion on the consolidated financial results, relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 12 above.

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Independent auditors’ report To the Board of Directors of Weispun Corp Limited Report on the consolidated financial results Page 6 of 6

16. The financial statements of 1 subsidiary located outside India, included in the consolidated financial results, which constitute total assets of Rs. 30,374 lakhs and net assets of Rs. 1,053 lakhs as at March 31, 2022, total revenue of Rs. Nil, total comprehensive income (comprising of loss and other comprehensive income) of Rs. 31,738 lakhs and net cash inflows amounting to Rs. 12,261 lakhs for the year then ended, have been prepared in accordance with accounting principles generally accepted in its respective country and have been audited by other auditor under generally accepted auditing standards applicable in its respective country. The Holding Company’s management has converted the financial statements of such subsidiary located outside India from the accounting principles generally accepted in its respective country, to the accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company’s management. Our opinion in so far as it relates to the balances and affairs of such subsidiary located outside India, is based on the report of other auditor and the conversion adjustments prepared by the management of the Holding Company and audited by us and the procedures performed as stated in paragraph 12 above.

Our opinion on the consolidated financial results is not modified in respect of the above matters with respect to our reliance on the work done, and the reports of the other auditors and the financial information of demerged business for the previous year certified by the Management.

17. The consolidated financial results include the results for the quarter ended March 31, 2022, being the balancing figures between the audrted figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.

18. The consolidated financial results dealt with by this report have been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited consolidated financial statements of the Group, its associates and its joint venture, for the year ended March 31, 2022 on which we have issued an unmodified audit opinion vide our report dated May 27, 2022.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Place: Mumbai Date: May 27, 2022

Neeraj Sharma Partner Membership Number: 108391 UDIN: 22108391AJSHAP8855

N’ WELSPI5NCORP

WEISPUN CORP LIMITED

CIN L27100GJ1995PLC025609 Regd. Office: Weispun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode-370110. Corp. Office: Weispun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Psrel, Mumbai, Pincode -400013.

Ttl No. 022-2490 8000, fax: 022-2490 8020

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2022

—

Sr No

Particulars

—- Continuing operations: Income Revenue from operations

Sale of products and services Other operating revenues

Total revenue from operations

Other income Total income (e+b)

Expenses

Cost of materials consumed

Purchase of stock-in-trade Changes in inventories of finished goods, stock-in-trede end work-in progress

Employee benefit expense

Depreciation and ernortisation expense

Other expenses Finance costs

Total expenses Profit/(Loss) before share of profit! (loss) ofjoint ventures, associates, exceptional items & tax (1-2)

Share of profit/ (loss) of joint ventures and associates Profit/(I.oss) before exceptional items & tax (4+5) Exceptional Items -Income / (Expenses) (Refer note- 13) Profit before tax (5+6) Tax expense

Current tax

Deferred tax Total tax expense

6 7

a b c d

Net profit for the period from continuing operations (7-8) (I)

Discontinued ooerations: Profit / (loss) from discontinued operations Tax expenses / (credit) of discontinued operations Profit! (loss) from discontinued operations, after tax (II)

Profit for the period (1+11)

Other Comprehensive Income, net of income tax

a b

Items that will be reclassified to profit or loss (net)

Items that will not be reclassified to profit or loss Total other comprehensive income, net of income tax Total Comprehensive Income for the period (including non.contralling interest) (7+8)

Net profit/ (loss) attributable to:

-Owners -Non-controlling interast

Other comprehensive income attributable to:

-Owners ‘Non-controlling interest

Total comprehensive income attributable to:

-Owners ‘Non-controlling interest

Paid up equity share capital (Face value of INR SI- each) Other Equity

Earnings! (loss) per share (of INR Si’- each) (not annualised in quarters)

(a) Basic (In INR) -continuing operations (b) Diluted (In INR) ‘continuing operations

(d) Diluted (In INR)- discontinued operations

(e) Basic (In 1NR) -continuing and discontinued operations (0 Diluted (In INR) - continuing and discontinued operations

Qusrter ended (Unaudited) 31-Dec’21

31-Mar’ZOZl

31-Mar’22

(INR in Lakhs)

Year ended (Audited)

31-Mar-22

31-Mar’21

(refer note 141

Irefer note 14)

198,656

2,450 201,106

40,242 241,348

150,923

13.760 (3,784) 9,749

6,338 23,337

2,993 203,316

38,032

1,299 s9,3s1

—

39,331

12,759

216 12,975

26.356

139,623

4,558 144.181

5,757 149.938

96,521

- 13,965 8,727

6,417 13,918

2,721 142.269

7,669

(1,587) 6,082

6,082

2,058

164 2,222

3,860

192,023

11,528 203,551

9,556 213,107

632,918

17,593 6SD,511

55,122 705,633

114,839

416,749

(198) 17,133 11,738

6,155 34,311

1,331 185,309

27.798

(1,978) 25,820 14,114

39,934

13,441

(11,384) 2,057

37,877

(572)

42 (614)

13,760 45,295 38,348

25,475 89,189

10,189 639.005

66.628

(572) 66,056

‘

66,056

22,971

(1,332) 21,639

44,417

‘

26,356

3,860

37.263

44,417

3,014

275

3,289

29,645

23,614 2,741

3,199 90

26,813

2,831

(216)

(9)

(225)

3.635

4,579

(719)

(232)

4,347

(712)

13,047

13,044

9.05 9.03

1.75 1.75

1.75

11.97 11.94

(0.23) (0.23)

11.74

11.71

(495)

415

(80)

3,922

131

4,D53

37,183

48,470

30,629

6.633

(61)

(19)

30,568

6,614

43,880

536

3,922

130

47,802

666

13,047

452,753

16.82 16.77

678,927

36,329 715,256

35,683 750.939

369,202

55.196 51,549 45,446

24,647 114,356

8,495 668,891

82,D48

13,492 95,540 13,761

109.301

39,388

(13,854) 25.534

83,767

(1,436)

(333) (1,1D3)

82,664

(3,146)

(3,109)

79,555

73,745

5,810

13,044

420,886

29.84 29.76

(0.42) (0.42)

29.42 29.34

Notes: 1 The aforesaid consolidated financial results of Welspun Corp Limited (the Company) and its subsidiaries (the Company and its subsidiaries together hereinafter referred to as the Group’), its joint ventures and associates were reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on May 27, 2022. The Statutory Auditors have carried out an audit of the above consolidated results for the year ended March 31, 2022 and expressed an unmodified opinion on the aforesaid results.

2 The Group is primarily engaged in the business of manufacture and distribution of steel products i.e. single segment.

3 The Standalone financial results of the Company were reviewed by the Audit Committee and thereafter approved by the Board of Directors at its

meeting held on May 27, 2022 and will be made available to BSE Ltd. and National Stock Exchange of India Ltd. and will be posted on the Company’s website www.welspuncorp.com. The key information related to the standalone financial results - continuing operations are given below.

Key financials

(INR in lakhs except earninRs per share)

Quarter ended (linaudited)

Year ended (Audited)

31-Mar-22 (refer note 15)

31-Dec-21

31-Mar-2021 (refer note 15)

31-Mar-22

31-Mar-21

a Total Income b Profit before tax Profit after tax c Earnings per share (of INR 5/- each) (not annualised) d (a) Basic (In INR) - continuing operations (b) Diluted (In INR) - continuing operations (c) Basic (In INR) - continuing and discontinued operations (d) Diluted (In INR) - continuing and discontinued operatio

216,625 36,570 31,519

144,052 10,373 7,728

154,181 21,436 19,600

577,049 59,486 48,572

12.08 12.05 12.08 12.05

2.96 2.95 2.96 2.95

7.51 7.49 7.43 7.41

18.61 18.57 18.61 18.57

615,031 131,039 102,513

39.29 39.19 39.02 38.92

4 The aforesaid consolidated financial result3 of the Group, its joint ventures and associates have been plepdred ii’ dccorddrIce with the Corri~sdnies (Indian Accounting Standards) Rules, 2015 (as amended) (md AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.

5 Details of Secured, Redeemable, Non Convertible Debentures is as follows:

(INR in Lakhs)

Previous Due Date U

Next Due Date

Particulars

. Principal

Interest

11.00% Secured Redeemable Non Convertible Debenture

09.11.2021

09.02.2022

Next Instalment Date November 7n77

Principal

Amount

Interest Date

Interest

Amount

3,600 08.05.2022

6.50% Secured Redeemable Non Convertible Debenture 7.25% Secured Redeemable Non Convertible Debenture ft Principal and interest has been paid on the due dates.

NA NA

10.02.2022 February 2024 16.02.2022 February 2026

20.000 20,000

10.02.2023 16.02.2023

1,300 1,450

6 The listed Secured, Redeemable, Non-Convertible Debentures of the Company aggregating to INR 47,600 lakhs (excludes transaction costs as per

effective interest rate of INR 121 lakhs) as on March 31, 2022 are secured by first charge ranking pan passu by way of mortgage of certain movable and immovable property, plant and equipment of the Company. The Company has maintained hundred percent asset cover sufficient to discharge the principal amount of the said debentures in terms of Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The fixed assets cover is 1.59 times for total debts and the Credit rating by CARE for Secured Redeemable Non Convertible Debentures issue by the Company is “M/stable”.

7 The details of Commercial Papers outstanding as at March 31, 2022 are as follows

S. No. Security description and ISIN

(INR in Lakhs)

CP-4.45%, 1NE191B14556

CP-4.75%, 1NE191B14564

CP-4.75%, 1NE191B14572

2,000

10,000

5,000

The Credit rating by CARE for Commercial Papers issued by the Company is “Ali-”.

Previous due date

Principal NA

Interest 118.01.2022

Next due date for

Principal

18.04.2022 I

Interest NA

02.03.2022 31.05.2022

14.02.2022

10.06.2022

8 Group’s management has made an assessment of the impact of COVID 19 in preparation for these consolidated financial results. Group’s

management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the consolidated financial results have been identified. However, the impact assessment of COV1D 19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations.

9 On March 31, 2021, the Company had concluded sale of its Plates & Coils Mills Division (PCMD) division for INR 84,850 lakhs plus closing adjustments towards net working capital pursuant to the Business Transfer Agreement dated March 31, 2019 and amended on March 31, 2021 (collectively known as “BTA’) The disposal group (i.e. PCMD) was reported as discontinued operations in the financial statements for the year ended March 31, 2020 and the assets and liabilities directly associated with disposal group were presented as held for sale as at March 31, 2020.

The Company has received the total consideration of NB 80,920 lakhs and there is no further consideration receivable.

10 During the quarter the Company announced the successful listing of its Joint Venture company in Kingdom of Saudi Arabia (“KSA”), East Pipes

Integrated Company for Industry (EPIC) on the Saudi Exchanges Main Market (“Tadawul”) at the final offer price of SAR 80 per share. Post the P0 the Company owns 35.01% (from earlier 50.01%) through its step-down subsidiary in Mauritius and will continue to be the largest shareholder in EPIC. Welspun Mauritius Holdings Limited received gross proceeds of SAR 2,520 lakhs (INk 50,000 Iakhs) and has shown the gain of INk 35,900 lakhs under other income. Consequently, EPIC is now classified as an associate for the Company.

11 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Group and its joint ventures towards Provident Fund and Gratuity. The draft rules for the Code on Social Security, 2020 have been released by the Ministry of Labour and Employment on November 13, 2020. The Group and its joint ventures are in the process of assessing the additional impact on Provident Fund contributions and on Gratuity liability contributions and will complete their evaluation and give appropriate impact in the financial results in the period in which the rules that are notified become effective.

12 a) During the quarter ended on March 31, 2021, WSSL has received INk 909 lakhs vide Department Order Number 1692081 dated January 16, 2021 from Govemment of Gujarat towards reimbursement of power subsidy of previous years and accordingly the same has been considered as an exceotional item. b) During the previous year, WSSI. has received final appeal order of INk 575 lakhs (including interest of INk 126 Iakhs) related to Value Added Tax Assessment for FY 2014-15 vide order Number 0182693 dated March 23, 2021. During the quarter ended December 31, 2020, WSSL had written off the said recoverable of INk 352 lakhs, which was reinstated during the quarter ended March 31, 2021. WSSL has received net refund of INk 358 lakhs after adjustment of 6th final installment of Sales Tax deferment loan of INk 104 Iakhs, interest on defennent of loan of INk 15 lakhs and refund already received earlier of INR 97 lakhs, Accordingly, the interest amount of INk 126 lakhs received on the said Order has been considered as an exceptional item during quarter ended March 31, 2021. c) During the previous year, the terms of 5,09,04,271 12% Non-Cumulative Redeemable (redeemable at a premium of INk 25/-per share) Preference Shares of INk 10- each have been varied and therefore, post variation the said securities stood modified as 12% Non-Cumulative Redeemable Preference Shares redeemable at par with the rest of the terms remaining unchanged. The said variation shall be effective from the issuance of the said securities. Thereby the redemption amount stands reduced from INk 17,816 Iakhs to INk 5,090 lakhs. WSSL has accounted for the reduced liability by crediting to the Statement of Profit and Loss amounting to INk 12,726 lakhs as an Exceptional Item during the quarter ended March 31,

13 The Honble National Company Law Tribunal, Ahmedabad Bench by an order dated March 16, 2022 has sanctioned the Scheme of Arrangement (the

“Scheme”) filed by Welspun Corp Limited and Welspun Steel Limited for transfer and vesting of Demerged Undertaking of the Demerged Company i.e. Welspun Steel Limited (WSL) into the Resulting Company i.e. Welspun Corp Limited with effect from April 1,2021, being the appointed date as per the Scheme. The certified true copy of the said Order has been received and filed with the Ministry of Company Affairs on 16 March, 2022. The effect of amalgamation as per “pooling of interest method” has been considered in the books retrospectively and the figures for the corresponding year ended March 31, 2021 have been restated as if the merger had occurred from the beginning of the comparative period in the financial statements, i.e. April 1, 2020 as per the requirements of Indian Accounting Standard (IND AS) 103 and in accordance with the accounting treatment specified in the Scheme. Accordingly, the figures for the year ended March 31, 2021 and March 31, 2022 include the results of the Company and its Demerged undertaking. The amalgamation has resulted in recognition of Capital Reserve of INk 13,480 lakhs as at April 1, 2020. The previous year’s figures in the standalone financial statement/result have been accordingly restated from April 1,2020.

In terms of the Scheme, the Company has issued 81 Cumulative Redeemable Preference shares (CRPS) of face value of INk 10/- each of the Company for every 100 Equity Shares of face value of INk 10/- each held in Welspun Steel Limited by shareholders as on the record date stated therein, which were pending for allotment as at March 31, 2022. Further, consequent to the above arrangement, Welspun Speciality Solution Limited and Anjar TMT Steel Private Limited have become subsidiaries of the Company.

With respect to the accounting treatment of such CRPS, presentation and measurement has been made in accordance with Ind AS 32 ‘Financial Instruments: Presentation’ and md AS 109 ‘Financial Instruments’ which requires the presentation of these CRPS as a financial liability in its entirety, given that as per the terms of the instrument, they are redeemable, at face value, at the option of the holder. The relevant disclosures required under nd AS 107 ‘Financial Instruments: Disclosures’ and under md AS 1 ‘Presentation of financial statements’ for these CRPS have been made in the standalone financial statements. Accordingly, capital in the standalone financial results, in accordance with the Companies Act, 2013.

in view of the reasons set out in the aforesaid note, CRPS have not been presented as preference share

14 Figures for the quarter ended March 31, 2022 and March 31, 2021 are balancing figures between the audited figures in respect of full financial year

and the limited reviewed year to date figures up to the quarter ended December 31, 2021 and December 31, 2020, respectively.

15 The Board of Directors at their meeting dated May 27, 2022 have recommended to pay dividend at the stipulated rate on the 6% Cumulative

Redeemable Preference Shares of the face value of INk 10/- each fully paid up and to pay dividend at the rate of 100% per equity share (i.e. INkS per equity share) having nominal value of INkS for the financial year ended March 31, 2022. The payment is subject to approval of the shareholders in the upcoming Annual General Meeting.

Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015, as amended.

Sr. No.

. Particulars

1 Debt Equity Ratio

(Total Debt! Total Equity)

2 Debt service coverage ratio

(Earnings available for debt service/debt service)

Interest service coverage ratio (Earning before Interest on borrowings and Tax divided/Interest an borrowings)

4 Current Ratio

(Current Assets/ Current Liabilities)

l.ong term debt to working capital (Non-current borrowings + Current maturities of long term borrowings/(CurrentAssets - Current liabilities)

Bad debts to Accounts receivable ratio (Rod debt expense / Closing Trode Receivable)

7 Current liability ratio

(Current liobilities/ Total Liobilities)

8 Total Debts to total assets ratio (Total Debts/ Total Assets)

9 Debtors Turnover (no. of days)

(Closing trode receivable /soles (multiplied by 365 days))

10 Inventory Turnover (no. of days)

(Average inventory! Cost of goods sold (multiplied by 365 days))

11 Operating EBIDTA Margin (%)

(Eornings before Depreciation, Interest and Tox/Sales)

12 Net Profit Margin (%)

(Net profit ofter tax/soles)

Quarter ended (Unaudited)

Year ended (Audited)

31-Mar-22

31-Dec-21

31-Mar-21

31-Mar-22

31-Mar-21

0.45

5.62

0.37

5.20

0.23

0.46

0.45

4.00

0.23

1.51

18.49

4.04

85.79

9.73

23.02

1.49

1.05

0.00

0.63

0.22

1.63

0.65

0.61

0.18

102

1.97

0.38

0.01

0.62

0.13

127

1.49

1.05

0.00

0.63

0.22

1.97

0.38

0,01

0.62

0.13

143

24.08%

10.38%

22.94%

15.52%

19.55%

13.10%

2.68%

18.31%

6.83%

11.56%

13 paid up equity share capital (Face value of INR 5/- each)

13,047

13,044

13,047

13,044

14 Other Equity

15 Debenture Redemption Reserve

16 Capital Redemption Reserve

17 Networth

429,783

403,273

395,166

429,783

395,166

900

218

900

218

1,350

218

900

218

1,350

218

452,753

426,838

420,886

452,753

420,886

* the above mentioned ratios are computed for merged financials.

17 The figures for the previous periods have been regrouped wherever necessary.

For and On Behalf of the Board of Directors of Welspun Corp Limited

Place: Mumbai Date: May 27, 2022

Managing Director and Chief Executive Officer DIN -007990476

WELSPUN CORP

WELSPUN CORP LIMITED

CIN : L27100GJ1995PLC025609, Website: www.welspuncorp.com

Regd. Office: Weispun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode -370110. Tel No. 02836-662222, Fax : 02836-279060, email - Companysecretary_wcl@welspun.com, Website: www.welspuncorp.com Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai -400013. Tel No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF AUDITED CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2022

Particulars

ASSETS

Non-current assets Property, plant and equipment Capital work-in-progress Right-of-use asset Investment property Goodwill on consolidation Intangible assets Intangible assets under development Financial assets Investments Investments accounted for using the equity method Other financial assets Deferred tax assets (net) Other non-current assets Total non-current assets

Current assets Inventories Financial assets Investments Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Loans Other financial assets Current tax assets (net) Other current assets Assets or disposal groups classified as held for sale Total current assets

Asat March 31, 2022 (Audited)

(INR in Lakhs)

Asat March 31, 2021 (Audited)

193,954 126,037 12,887 1,564 34,312 607 90

38,706 42,648 8,841 3 25,618 485,267

101,946

149,318 81,256 64,021 6,127 30 11,589 221 16,960 153 431,621

208,129 14,723 15,024 1,496 34,312 943

8,067 48,087 2,377 G 8,803 341,967

121,299

115,107 66,880 16,980 8,909 127 86,647 44 11,213

427,206

Total assets

916,888

769,173

\~/ WELSPUN COI~P

WELSPUN CORP LIMITED

CIN L27100GJ1995PLC025609, Website: www.welspuncorp.com

Regd. Office: Welspun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode - 370110. Tel No. 02836-662222, Fax 02836-279060, email - Companysecretarywcl@welspun.com, Website: www.welspuncorp.com Corp. Office: Weispun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai -400013. Tel No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF AUDITED CONSOLIDATED BALANCE SKEET AS AT MARCH 31, 2022

Asat March 31, 2022 (Audited)

(INR in Lakhs)

Asat March 31, 2021 (Audited)

13,048

411,520 18,264

442,832 9,923 452,755

142,942 1,890 2,247 5,585 13,841 7,036

173,541

59,202 1,658

309 98,091 31,046 3,162 2,048 58,938 36,138 290,592 464,133

916,888

13,044

380,855 14,311 65 408,275 12,676 420,951

58,995 4,057 36,967 7,284 15,053 9,084 201 131,641

37,279 1,769

752 70,938 15,255 3,231 2,047 50,718 34,592 216,581 348,222

769,173

For and On Behalf of the Board of Directors of Welspun Corp Limited

Vipul Managing Director and Chief Executive Officer DIN -007990476

Particulars

EQUITY AND LIABILITIES

Equity Equity share capital Other equity Reserves and surplus Other reserves Share application money pending allotment Equity attributable to owners of Welspun Corp Limited Non-controlling interests Total equity

LIABILITIES

Non-current liabilities Financial liabilities Borrowings Lease liabilities Otherfinancial liabilities

Provisions Deferred tax liabilities (net) Government grants Other non-current liabilities Total non-current liabilities

Current liabilities Financial liabilities Borrowings Lease liabilities Trade payables

total outstanding dues of micro and small enterprises total outstanding dues otherthan above

Otherfinancial liabilities

Provisions Government grants Current tax liabilities (net) Other current liabilities Total current liabilities

Total Liabilities

Total equity and liabilities

Place: Mumbai Date: May 27, 2022

%~WELSPUNCORP

CIN : L27100GJ1995PLC025609 , Website: www.welspuncorp.com

WELSPUN CORP LIMITED

Regd. Office: Welspun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode - 370110. Tel No. 02836-662222, Fax : 02836-279060, email - Companysecretary_wcl@weispun.com, Website: www.welspuncorp.com Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai -400013. Tel No.022-24908000, Fax: 022-2490 8020 STATEMENT OF AUDITED CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2022

__________________________________________________________________________________

Year ended March 31, 2022 (Audited)

(INR in Lakhs)

Year ended March 31, 2021 (Audited)

A) Cash flow from operating activities

Profit/ (loss) before tax Continuing operations Discontinued operations

Profit before tax

Adjustments for: Depreciation and amortisation expense Employee share-based expense Gain on sale! redemption of

Current investments Non-current investment

Gain on sale! discarding of property, plant and equipment (net) Loss! (Gain) on sale of disposal groups classified as held for sale Reversal of Impairment loss on disposal group Share of loss! (gain) of joint ventures accounted for using the equity method (net) Fair valuation (gain)! loss on investment (net) Allowance for doubtful debts (net) Bad debts expense Write back of Preference Share Liability (Exceptional Item) Provision for obsolescence of inventory Provision for grauity and compensated abscenses Provision for litigation, disputes and other matters (net) Provision for doubtful advances written back Liabilities! provisions no longer required written back Dividend income Interest income and commission income Interest expenses Unrealised net exchange differences

66,056

109,301 (1,436) ____________________ ____________________ 107,864

- 66,056

25,475 56

(577) (35,902) 700

- 572 1,505 (992)

- (361) (10) (15,703) 7,957 671

24,647 214

(4,947) (16) (5,526) 324 (slq) (13,492) (14,648) 1,218 2,446 (12,726) (24) 48 (35) (559) (1,135)

- (6,039) 5,716 (1,315)

Operating profit before changes in operating assets and liabilities

81,498 __________________ _________________

49,505

Changes in operating assets and liabilities (bracket figures represents Increase in Assets and Decrease in liabilities) Movement in other non-current financial assets Movement in other non-current assets Movement in inventories Movement in trade receivables Movement in other currentfinancial assets Movement in other current assets Movement in other non-current financial liabilities Movement in trade payables Movement in other non-current liabilities Movement in other current financial liabilities Movement in other current liabilities Movement in provisions Movement in government grants

Total changes in operating assets and liabilities

Cash flow from operations Income taxes paid (net of refund received)

Net cash from operating activities (A)

(6,401) (14,607) 19,354 (13,848) (6,334) (5,665) 431 27,003 (201) (10,089) 1,546 (1,669) (2,048)

(12,528)

36,977 (15,130)

21,847

(2) 1 123,506 60,945 (333) 4,089 (236) (95,827) 201 5,086 (82,087) (106) (3,195)

12,043

93,541 (16,093)

77,449

WELSPUN ~

V V

CIN: L27100GJ1995PLC025609, Website: www.welspuncorp.com

WELSPUN CORP LIMITED

Regd. Office: Weispun City, yillage Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode -370110. Tel No. 02836-662222, Fax : 02836-279060, email - Companysecretary_wcl@welspun.com, Website: www.welspuncorp.com Corp. Office: Weispun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai -400013. Tel No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF AUDITED CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2022

B) Cash flow used in investing activities

Payments for property, plant and equipment, investment property and intangible assets (including Capital work-in-progress and Intangible assets under Proceeds from property, plant and equipment, investment property Proceeds from assets of disposal group Proceeds from sales! redemption of long term investments Purchase of long term investments Purchase of current investments Proceeds from sales! redemption of current investments Proceeds from maturity of fixed deposits (net) Interest and commission received Dividend received Loan given (to)! repaid by others (net) Loan given to joint venture Repayment of loans by joint venture

Net cash used in investing activities (B)

C) Cash flow from! (used in) financing activities

Proceeds from Share application money pending allotment Payment of dividends to non-controlling interests Proceeds from longterm borrowings Repayment of long term borrowings Proceeds from short term borrowings Repayment of short term borrowings Interest paid Dividend paid Principal elements of lease payments

Net cash from! (used in) financing activities (C)

Net decrease in cash and cash equivalents (A+B+C)

Cash and cash equivalents at the beginning of the financial year

Gain! (Loss) on exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of year

Note: The figures for the previous period have been regrouped wherever necessary.

Year ended March 31, 2022 (Audited)

IINR in Lakhsl

Year ended March 31, 2021 (Audited)

(97,913)

(31,935)

376 80.595 49,996 (38,694) (1,627,809) 1,594,000 2,741 15,692 10 3 94

(20,909)

- (3,450) 99,756 (68,129) 203,930 (164,886) (7,355) (13,027) (1,566)

45,274

46,212

16,980

829 64,021

6,314

2,085 (2,352) (1,051,273) 985,235 618 3,760

1,107 (123) 2.043

(84,522)

- 40,447 (46,350) 47,429 (52,550) (5,321) (1,290) (2,242)

(19,812)

(26,885)

44,111

(246) 16,980

BUSINESS UPDATE

Building for Scale

May 27, 2022, Mumbai: Welspun Corp Ltd. (WCL), a flagship Company of the Welspun Group, announced its consolidated financial results for the quarter and full year ended March 31, 2022.

 Won Single Largest Order ever, valued at Rs. 5000+ cr for supply of pipes in the US

 Current Order Book of 925 KMT, active bid book of 1,250 KMT

 Revenue from Operations for Q4FY22 at Rs. 2,011 cr, up 39.5% QoQ

 Sales Volume (QoQ): Line Pipes up 58%, Billets up 65%, SS Pipes up +32%

 Achieves Rs. 1023 cr EBITDA for FY22



Note: Sales Volume & Order Book includes our Saudi operations

Key Highlights of the Quarter ended March 31, 2022

Prior period figures are restated after the acquisition of the Steel business of Welspun Steel Limited

Financial Highlights (Consolidated) for Continuing Operations (Ind AS)

1. Global Order Book position

 Current Global Order Book stands at 925 KMT valued at Rs. 12,250 cr

2. Revenue from Operations

 Q4 FY22 at Rs. 2,011 cr vs. Rs. 1,442 cr, QoQ, up 39.5%

3. Sales Volumes (Q4 FY22)

 Line Pipes: 269 KMT vs. 171 KMT QoQ | Billets: 18 KMT vs. 11 KMT QoQ | SS Pipes 1,160 MT

vs. 881 MT QoQ

4. EBITDA

 Reported EBITDA for Q4FY22 at Rs. 474 cr, up 181.8% QoQ

5. Profit (Continuing Operations)

 PAT (after Minorities & share of JVs) stands at Rs. 236 cr, up 415.7% QoQ

6. Net Debt / (Cash) position

Figures in Rs. Cr

Consolidated debtMar-22Dec-21Mar-21Gross Debt 2,021 1,568 963 Cash & Cash Equivalents 2,195 2,119 1,410 Net Debt / (Cash) (173) (551) (447) BUSINESS UPDATE

7. Corporate Tax Rate

The company has fully utilized its existing tax credits in FY21 and has switched to the new corporate tax

rate of 25.17% in FY22 from 34.94% (both including surcharges) in India.

8. Dividend

The Board has recommended a final dividend of Rs. 5.00 per share for FY22 which will be paid after the

AGM. During Q2 FY22, the company paid a dividend of ~ INR 130 crores. The dividend amount declared

per share for FY21 was 100% of FV of Rs. 5.00 per share.

9. Business Outlook

Russia’s invasion of Ukraine are driving up the prices in the Global Energy market. Crude oil prices remain

above $100/b. Sanctions on Russia have contributed to rising crude prices with significant market

uncertainties about the potential for further supply disruptions. Gas prices in Europe and Asia have also

gone up in tandem and are at around $30 per mmbtu and while they are at about $8 per mmbtu in the U.S.

We are in active discussions for several orders in the export markets which have seen an improvement in

prospects for pipelines due to high oil prices, increased energy demand and Europe looking to diversify its

energy supply.

India

Line Pipes

The Government has set a target to raise the share of natural gas in the energy mix to 15% by 2030 from

about 6.7% now. Various steps taken by the Government in this direction include expansion of National

Gas Grid Pipeline, expansion of City Gas Distribution (CGD) network, setting up of Liquefied Natural Gas

(LNG) Terminals etc.

Petroleum & Natural Gas Regulatory Board (PNGRB) has authorized approximately 33,768 km length of

Natural Gas Pipeline Network across the country. Out of this, 20,334 km length of natural gas pipelines

including spur lines, are operational and a total of 15,194 km length of pipelines are under various stages

of construction. The length of operational pipelines has increased from 16,368 kms in March 2019 to

20,334 kms in December 2021.

PNGRB has authorized 268 Geographical Areas (GAs) for development of CGD Network in the country.

Further, Letters of Intent have been issued for 21 GAs. Also, PNGRB has launched 11th CGD bidding

round for development of CGD Networks in 6 GAs (covering 27 districts). After that, the CGD network shall

potentially cover 98% population and 88% geographical areas of the country. The number of CNG stations

established by various authorized entities has increased from 1,742 in March 2019 to 3,878 in January

2022. The pipelines being laid by the CGD entities has also increased from 161,992 inch kms to 352,961

BUSINESS UPDATE

inch kms as of January 2022. The CGD sector is still in a nascent stage in India and the demand for ERW

pipes is likely to remain healthy going forward.

Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), the umbrella irrigation scheme, launched in 2015 will

provide central grants to the State Governments for Accelerated Irrigation Benefits Programme (AIBP) and

Har Khet Ko Pani (HKKP). This will continue through 2026, with a total funding requirement of Rs. 93,068

crore. The plan includes Rs. 37,454 crore central assistance to states and Rs 20,435 crore of debt servicing

for past loans availed for PMKSY. States are also expected to part-fund the scheme.

Total additional irrigation potential creation targeted during 2021-26 under AIBP is 13.88 lakh hectare. Apart

from focused completion of 60 ongoing projects including their 30.23 lakh hectare command area

development, additional projects can also be taken up. The inclusion criteria have been relaxed for projects

under tribal and drought prone areas.

The coordinated focus by both the Central and State Governments on irrigation is expected to drive the

demand for large diameter HSAW pipes.

The government has levied an export duty of 15% on almost all the major steel products to drive volumes

to the domestic market and to make steel prices affordable for domestic consumers like Autos, MSMEs,

Infrastructure etc. Procurement of steel had become challenging and this measure would boost availability

for us in the domestic market.

USA

With the clean energy transition interrupted due to soaring prices and the disruptions caused by geo political

events in Europe, there is a revival for fossil fuels. Governments are releasing strategic reserves, lining up

new supplies and urging oil and gas producers to pump up production. As a result, we have seen an

increase in exploration. The distribution network creation for Shale oil and gas in US has seen a resurgence

after almost two years of lull coupled with the administration's permitting woes.

US is now focused on boosting oil and gas supply within the country but also trying to provide the much-

needed back up to Europe for critical gas supplies which has been on the tenterhook considering the huge

supply dependence on Russia.

We see Permian Oil & Gas in US a big gainer in terms of its contribution in this resurgence. Oil excavation

in the West Texan basin has shot upwards of 5.2 billion barrels a day thereby creating a need to evacuate

both Oil & Gas through some potential long distance large diameter pipelines.

BUSINESS UPDATE

Source: U. S. Energy Information Administration | Permian Region Drilling Productivity Report

We recently announced winning of the single largest order in our history for supply of pipes valued at Rs.

5000 + crores (approx) in the US. This order is for supply of 325,000 MT (approx) of large diameter coated

pipes for transporting natural gas from the Permian Basin to Houston. The pipes for this order will be

produced from our Little Rock plant in the US and the same will be executed over a period of 12 months,

commencing H2 of FY23. This large new order from the US comes on the back of another win we had

announced in April 2022, of a 26,000 MT order from a long-standing customer in North America.

Saudi Arabia

With surging oil prices, we are confident that further opportunities will arise, both in the Oil & Gas and the

Water segment.

Saudi Aramco aims to boost its capex to US$40 billion-US$50 billion in 2022, with further growth expected

until around the middle of the decade. Capex in 2021 was US$31.9 billion, an increase of 18% from 2020.

It plans to raise crude oil "maximum sustainable capacity" to 13 million barrels a day by 2027, and wants to

boost gas production by more than 50% by 2030.

Saudi Arabia is planning to partner with the private sector to deliver 3,500 kilometres of new water

transmission lines that will distribute more than 4 million cubic metres a day of desalinated water, requiring

a total investment of $16bn. The projects are the first water transmission PPP projects in the Middle East,

and will be the first water transmission schemes globally to be tendered as separate concession contracts

without being bundled along with a water supply project such as a reservoir or production plant.

10. Welspun Specialty Solutions Limited (WSSL)

WSSL has seen a sustained improvement in performance in FY22 and obtained several new customer

approvals. SS Pipe volumes were higher by 82% for Q4 FY22 and higher by 50% for FY22, compared to

the corresponding period in the previous year. The company restarted its Steel Melting (SMS plant)

operations during Q3FY22 which has helped mitigate challenges being faced in Raw Material procurement

and hurdles in logistics.

BUSINESS UPDATE

WSSL continues to win orders both in the domestic and export market. In addition, it continues to reap

benefits out of country’s ‘Make in India’ indigenisation projects with several Private and PSU companies.

Increasingly, customers are preferring to source locally which is favourable for the company.

During the Quarter, WSSL successfully:

 Completed the development and manufacturing of an SS 347H grade Shot Peened Pipe

 Established extrusion and cold finishing for Super Duplex stainless steel tubes and dispatched its first

order

 Manufactured 6” diameter Pipes with a stringent acceptance criterion for a critical nuclear power project

 Entered into another niche market segment by successfully executing first lot of Heat Exchanger tubes

in SS 317L grade.

 Delivered the first order from a prominent company in the Fertilizer industry

11. IPO update of EPIC

During the quarter, the company announced the successful listing of its Joint Venture Company in Kingdom

of Saudi Arabia (“KSA”), East Pipes Integrated Company for Industry (EPIC) on the Saudi Exchanges Main

Market (“Tadawul”) at the final offer price of SAR 80 per share. Post the IPO, WCL owns 35.01% (from

earlier 50.01%) through its step-down subsidiary in Mauritius and will continue to be the largest shareholder

in EPIC. Welspun Holdings Mauritius received gross proceeds of SAR 252 million (~ INR 500 crores) and

has shown the gain of Rs.359 crores under “Other Income”.

12. Merger Update - Acquisition of Steel business of Welspun Steel Limited

The transaction was completed on 16 March, 2022 with the Appointed Date of April 1, 2021. In line with the

accounting standards, all prior figures including for the year ended March 31, 2021 have been restated after

consolidation of the demerged steel undertaking of WSL and WSSL.

13. Business Growth & Diversification

WCL’s growth strategy entails creating a diversified product portfolio, repurposing its business to add new

target segments, expanding its offerings to address both the B2B and B2C markets, and making well-

considered strategic acquisitions. The diversification into the B2C segment will help the Company to

significantly expand its base, enhance its brand, penetrate new markets, build a distribution network and

provide opportunities to develop new products.

In this regard, we have acquired Sintex BAPL Ltd.’s Senior Secured Unlisted Non-Convertible Debentures

with outstanding of Rs. 1,176.61 Crore for a purchase price of Rs. 403.16 Crore by our wholly-owned

subsidiary viz. Mahatva Plastic Products And Building Materials Private Limited.

BUSINESS UPDATE

14. Update on Ductile Iron Pipe Project

As announced in October 2020, given the industry prospects and synergies with our existing business, we

are setting up a Greenfield facility at Anjar to enter the Ductile Iron (DI) Pipe business. We expect to be

ready with our product offering at the end of June 2022.

There is a big focus on creating drinking water supply in the country through Government programs. In the

Union Budget, the Finance Minister earmarked Rs. 60,000 crore for the Jal Jeevan Mission that aims to

provide potable water to 3.8 crore households in 2022-23. Overall, the Jal Shakti Ministry was allocated a

total of Rs. 86,189 crore, higher from Rs. 69,052 crore allocated in the previous fiscal year. Furthermore,

our internal forecasts based on interactions with various potential customers and industry participants,

indicate a robust demand for DI pipes over the next 5-7 years.

Due to improvements to the project plan and inflation, the project cost has been revised from INR 1,550

crores (plus soft costs) to INR 1,900 crores (plus soft costs). Some of the major reasons for the variance

are: 1) Design changes for productivity improvements and increased safety 2) Augmentation and increase

in capacities of BF, Sinter, Coke and DI 3) Own Oxygen plant instead of a BOOT model 4) Transfer of BF

gas directly the power plant to reduce emissions 5) Cost escalation for key input commodities like Steel,

TMT bars, Cement, Ocean Freight etc. and 6) Creating expanded residential infrastructure for our Staff and

Associates.

The project viability continues to be healthy with the increased investment, being offset through

productivity gains and increased realizations for DI pipes.

15. Long Steel Products

The demand for Long Steel Products will be supported by increased government spending on infrastructure.

The Union Budget 2022-23 has seen an increase of 36% Y-o-Y in allocation of capex at Rs. 7.5 lakh crore.

The budget has infrastructure push towards seven engines (roads, railways, airports, ports, mass transport,

waterways and logistic infra). The allocation for various schemes like Pradhan Mantri Awas Yojana (for

housing) will have a positive impact on long steel players. The government has a fixed objective of

increasing rural consumption of steel from the current 19.6 kg/per capita to 38 kg/per capita by 2030-31.

Our forward integration plan of setting up a TMT Bars plant at Anjar with a capacity of 350 KMPTA is on

track and we expect to begin Commercial Operations by July 2022.

16. ESG Initiatives

During the year, we have taken several ESG interventions aligned with global ESG standards. WCL was

ranked 13th among the 41 companies included in its industry group (68th percentile) in S&P Global’s

DJSI Corporate Sustainability Assessment (CSA).

Our Key Focus areas moving forward are:

BUSINESS UPDATE

a) GreenHouse Gas (GHG) Inventory

 We have completed goals and target setting – aim to be Carbon Neutral by 2040

b) TCFD (Task Force on Climate Related Financial Disclosures)

 Physical & transition risks have been identified and analysed and TCFD action report prepared based

on the 4 pillars (governance, strategy, risk management and metrics & targets)

c) Governance Structure

 Established ESG Committee at the Board level (ESG & CSR Committee) with defined terms of

reference

 Separate role of Board Chairperson and Managing Director

 Fully independent audit committee and nomination & remuneration committee (100% independent

directors)

 Expanded scope of Stakeholder Relationship Committee to include all stakeholders (investors,

customers, suppliers / business partners, employees and other stakeholders)

 Appointment of Lead Independent Director to strengthen Board structure

d) Ethics & Compliance

e) Strengthening Supply Chain

f) Highest level of transparency and disclosures

Management Comments

Commenting on the results, Mr. B. K. Goenka, Chairman, Welspun Group said, “FY2021-22 was a pivotal

year for the company as we made significant progress on our Business Growth & Diversification Strategy.

We demonstrated resilience despite a sharp increase in steel prices and a weak operating environment. As

we embark upon a new journey of growth along with sustainability at the core, we are confident of creating

incremental value for all our stakeholders. Our foray into the B2C segment will help improve our

competitiveness and provide a stronger base for future growth.”

“The acquisition of the Steel business of Welspun Steel has been completed. The upcoming Ductile Iron

Pipes plant is going to commence production soon. I am confident that this will further strengthen the strong

and successful business model of the Company. I am pleased by our recent order win in the US line pipe

business, which is the single largest order in the history of our company. This marks a revival for the US

facility and we expect to receive more orders in due course of time. Overall, we are well geared to help the

development of infrastructure in the oil, gas and water industries across India and the World.”

BUSINESS UPDATE

Consolidated Performance Snapshot

Figures in Rs. Cr

Prior period figures have been restated, wherever necessary

Saudi Financials

Key figures of East Pipes Integrated Company for Industry (EPIC):

Figures in SAR Mn

Prior period figures have been restated, wherever necessary

Sales Volumes (MT) Q4FY22 Q3FY22 Q4FY21 FY22 FY21 Line Pipes 269,424 170,892 246,616 795,827 1,002,950 Billets 17,989 10,872 60,307 111,738 175,403 SS Pipes 1,160 881 636 2,915 1,937 Consolidated Profit & Loss Account Q4FY22 Q3FY22 Q4FY21 FY22 FY21 Continuing OperationsTotal Revenue from Operations 2,011 1,442 2,036 6,505 7,153 Other Income 402 58 96 551 357 Reported EBITDA 474 168 353 1,023 1,152 Depreciation and Amortisation 63 64 62 255 246 Finance Cost 30 27 13 102 85 Profit before tax and share of JVs 380 77 278 666 820 Share of profit/(loss) from Associates and JVs 13 (16) (20) (6) 135 Exceptional Items - Income / (Expenses) - - 141 - 138 Tax expense 130 22 21 216 255 Non-controlling interest 27 (7) 66 5 59 PAT after Minorities, Associates & JVs (I) 236 46 312 439 779 Discontinued Operations(PCMD & 43MW)Profit After Tax (II) - - (6) - (11)Net Profit / (Loss) attributable to Owners 236 46 306 439 768 Particulars in SAR MN FY22 FY21 Saudi Arabia Ops:Revenue 597 936 Operating (loss) profit 15 208 (Loss) profit before zakat and income tax (2) 176 (Loss) profit for the period (3) 148 BUSINESS UPDATE

Q4 FY22 Investor & Analyst conference call:

WCL management would be happy to answer investor queries on a conference call. Please find details

below:

Date: Monday, 30th May 2022

Time: 10:00 AM IST

Dial in details:

 Primary Access: +91 22 6280 1325 / +91 22 7115 8226



International Toll-Free numbers

o Hong Kong: 800 964 448

o Singapore: 800 1012 045

o UK: 0808 101 1573

o USA: 1866 746 2133

About Welspun Corp Ltd. (WCL)

Welspun Corp Ltd. is a flagship company of global conglomerate ‘Welspun Group’, one of India’s fastest-growing

multinationals with a leadership position in line pipes, home textiles, infrastructure, warehousing, retail, advanced

textiles, and flooring solutions.

Welspun Corp Ltd. (WCL) is a one-stop service provider offering end-to-end pipe solutions ranging from 1½ inches to

140 inches. The business also offers specialized coating, double jointing, and bending as some of its core strengths.

With a current capacity of over 2.5 million MTPA in Dahej, Anjar, Mandya, and Bhopal in India, Little Rock in the USA,

and Dammam in Saudi Arabia; WCL takes pride in being a preferred supplier to most of the Fortune 100 Oil & Gas

companies, globally.

As a part of its Business Growth & Diversification strategy, WCL is setting up a state-of-the-art Greenfield facility at

Anjar to enter the Ductile Iron Pipe business. It has also acquired the steel business of Welspun Steel Limited (WSL)

through a scheme of arrangement. Through this acquisition, the company looks to add stakeholder value by

manufacturing of BIS Certified Steel Billets, Direct Reduced Iron, TMT bars, Stainless & Alloy Steel and Stainless Steel

Tubes & Pipes.

With 360-degree abilities in pipe products, operational excellence, and technological innovation, WCL has undertaken

some of the most challenging projects around the world viz. world’s deepest pipeline, world’s heaviest pipeline, and

others. Supported by its state-of-the-art facilities and global-scale operations, WCL caters to energy and water resource

management for the safe and environmentally-friendly transportation of oil, gas, petro-products, and water.

___________________________________________________________________________________

For further information please visit www.welspuncorp.com ___________________________________________________________________________________

DISCLAIMER: The information in this release has been included in good faith and is for general purposes only. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this release shall constitute an invitation to invest in Welspun Corp Ltd. or any of its affiliates. Neither Welspun Corp Ltd., nor their affiliates' officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.

Welspun Corp Limited Investor Presentation | Q4 FY22

Disclaimer

For any financial disclosures, the information contained herein is provided by Welspun Corp Limited (the “Company”), although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject to change without notice, its accuracy, fairness or completeness is not guaranteed and has not been independently verified unless specifically provided and no express or implied warranty is made thereto. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. Neither the Company nor any of its directors assume any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. This document is for informational purposes and does not constitute or form part of a prospectus, a statement in lieu of a prospectus, an offering circular, offering memorandum, an advertisement, and should not be construed as an offer to sell or issue or the solicitation of an offer or an offer document to buy or acquire or sell securities of the Company or any of its subsidiaries or affiliates under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, both as amended, or any applicable law in India or as an inducement to enter into investment activity. No part of this document should be considered as a recommendation that any investor should subscribe to or purchase securities of the Company or any of its subsidiaries or affiliates and should not form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax, investment or other product advice.

With respect to any ESG related disclosures, the information contained in our disclosures, statements or reports are specific to the Company and not audited or confirmed to be compliant with any general or standard benchmark. A number of statements in such disclosure or statements may contain forward-looking statements including statements about the Company’s strategic priorities, financial goals and aspirations, organic growth, performance, organizational quality and efficiency, investments, capabilities, resiliency, sustainable growth and Company management, as well as the Company’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives.

With respect to all disclosures provided herein, the statements contained herein may be pertaining to future expectations and other forward-looking statements which involve risks and uncertainties that are subject to change based on various important factors (some of which are beyond the Company’s control). These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers including with respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “future,” “potentially,” “outlook” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results, performances or events may differ from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, or that assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.

Reproduction, distribution, republication and retransmission of material contained herein is prohibited without the prior consent of the Company

Investor Presentation

Q4 FY22 at a Glance

Pipes

Other Verticals

Production (Line Pipes)

Sales (Line Pipes)

Sales (Billets)

Sales (SS Pipes)

229 KMT

269 KMT

18 KMT

1,160 MT

Order Book (Line Pipes)

925 KMT

Active Bids – Outlook (Line Pipes) 1,250 KMT

Sales (SS Bars)

1,248 MT

Note: Pipe Sales & Production volumes and Order Book include Saudi

Arabia operations

Investor Presentation

Financial Results for Q4 FY22

Q4FY22 includes Gain of Rs.359 crores in “Other Income” from the Saudi IPO

Note: • •

Consolidated Financials pertaining to continuing operations Prior period figures are restated wherever necessary

Investor Presentation

Particulars (Rs Cr)Q4FY22Q3FY22QoQTotal Revenue from Operations 2,011 1,442 39.5%Other Income 402 58 599.0%Reported EBITDA 474 168 181.8%Depreciation and Amortisation 63 64 -1.2%Finance Cost 30 27 10.0%Profit before tax and share of JVs 380 77 395.9%Share of profit/(loss) from Associates and JVs 13 (16)-Exceptional Items - Income / (Expenses) - - -Tax expense 130 22 483.9%Non-controlling interest 27 (7)-PAT after Minorities, Associates & JVs (I) 236 46 415.7%Basic EPS from Continuing Operations 9.0 1.8 Financial Performance

Note: • • •

Consolidated Financials Prior period figures are restated wherever necessary; All numbers of this sheet are based on IND-AS disclosures From FY19 figures are pertaining to continuing operations (Pipes) only

Investor Presentation

ParticularsFY13FY14FY15FY16FY17FY18FY19FY20FY21FY22Revenue (INR cr)9,083 7,705 8,451 7,380 6,035 7,587 8,954 9,957 7,153 6,505 EBITDA (INR cr)919 844 951 891 737 815 708 1,276 1,152 1,023 Basic EPS6.1 2.8 2.6 5.8 1.0 6.0 2.6 25.6 29.8 16.8 Net Worth (INR cr)2,750 2,957 2,799 2,799 2,809 2,854 2,798 3,215 4,209 4,528 Net Debt / (Cash) (INR cr)2,314 2,568 1,910 1,355 1,106 422 286 32 (447) (173) Net debt/Equity0.84x0.87x0.68x0.48x0.39x0.15x0.10x0.01x-0.11x-0.04xSales Volume Mix: Line Pipes

Consistent Performance in India

635

646

632

650

764

510

393

217

165

236

138

255

265

197

180

222

237

106

629

413

578

500

423

626

506

254

123

190

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

India (KMT)

USA (KMT)

Saudi (KMT)

Investor Presentation

Business Outlook

Line Pipes

India continues to be strong, both in O&G & Water sectors, with strong emphasis on creating an O&G pipeline network across the country. Also water distribution network and irrigation is a key priority. Further, CGD connectivity will provide a huge impetus for ERW pipes. Active discussions for several orders in the export markets which have seen an improvement in prospects due to high oil prices, increased demand and Europe looking to diversify its energy supply. Saudi market strong, Saudi Aramco has increased its capital expenditure guidance to $40 billion - $50 billion for 2022 from $31.9 billion in 2021. O&G market in the US also buoyant as evident from the recent order win (single largest order in the history of the company).

Ductile Iron Pipes

Huge impetus on creating drinking water supply infrastructure. Jal Shakti Ministry was allocated a total of Rs. 86,189 crore for FY23 higher from Rs. 69,052 crore allocated in the previous fiscal year. Our internal forecasts based on interactions with various industry participants, indicate a robust demand for DI pipes over the next 5-7 years with projected demand outstripping supply.

Long Products

Demand uptick stemming from the Government’s thrust on infrastructure, particularly in the rural markets, apart from the pickup in the construction activity, which will lead to increased offtake of Long Products. The government has a fixed objective of increasing rural consumption of steel from the current 19.6 kg/per capita to 38 kg/per capita by 2030-31.

Stainless Steel and Tubes & Pipes

Big push for localization of these products under Atmanirbhar Bharat initiatives. Implementation of quality order, mandatory BIS certification in India and withdrawal of export benefits by Chinese Government will act as major catalysts for the growth of this sector which is poised to grow at CAGR of 6-7% per annum. The Key Sectors are Power, Nuclear & Defence from where we see a significant demand pull.

Investor Presentation

Strategy for Long Term Value Creation

Business Growth & Diversification to improve Earnings Predictability and Enhance Margins

Building Resilience: Maintain Robust Balance Sheet

Accelerate ESG Initiatives

Enhancing Returns through Prudent Capital Allocation

Investor Presentation

WCL as “it was”: High Quality Line Pipe Business

Top 3

50+

15+ MN MT

Among Line Pipe Manufacturers globally

Approvals from O&G majors; Qualifies for global bidding

Pipes delivered since inception with multiple repeat orders

2.55 mn MT Pipes Capacity

6 manufacturing facilities in 3 countries

Used in Oil & Gas, Water industry & Structurals

Investor Presentation

Approvals & accreditations: Line Pipes

Oil & gas

Transportation

Others

Investor Presentation

Diversification of Steel Business: Solid Platform for Higher Value Products and B2C Initiatives

Large Diameter Pipes

• Global Leadership Position in this Segment • Focus on expanding customer base and presence • No Capex spend apart from regular maintenance

Ductile Iron Pipes

• Greenfield Project at Anjar with capacity of 400 KMPTA • Strong focus on creating water supply infra in India • Product offering in Q1FY23

Long Products

• Manufacturing of Steel Billets and DRI • Forward integration - TMT Bars with capacity of 350 KMTPA • Commercial operations by July 22

Stainless Steel and Tubes & Pipes

• Products used for critical applications, large export potential • Huge thrust on localization of these products in India • Capacity – Alloy / SS Steel: 150 KMTPA, SS pipe:18 KMTPA

Investor Presentation

Existing Business

Greenfield Project

Acquisition of the Steel Business of Welspun Steel Limited. Enlarges B2C Presence & Valuation accretive. Boutique SS Plant

Our Manufacturing Facilities

Capacity 1)

India

Saudi Arabia

Products / City

Anjar

Dahej

Mandya

Bhopal

Jhagadia

Little Rock

Dammam

350

250

200

350

400

LSAW

HSAW

ERW/ HFIW

Line Pipes (KMT)

TMT Bars (KMT)

DI Pipes (KMT)

SS Bars (KMT)

SS Pipes (KMT)

150

305

350

1,655

350

175

525

375

150

Total

700

1,480

375

2,555

350

400

150

Port based facilities

All major accreditations

Best in class equipment & practices

Note: 1) TMT Bars & DI Pipes Capacities are upcoming

Investor Presentation

WCL “The Way Forward”: Business Growth & Diversification Strategy

Existing

Large Diameter Pipe and Coating

Amongst the Top 3 manufacturers globally

New

Pig Iron and DI Pipes

One of the largest standalone single location facility

Specialty Steel

Billets & TMT

Integrated producer from steel-making to finished products

One of the largest players in the Key Growth Market of Western India

Planned

Plastic Products

Acquisition1) of a national level brand (largest player)

B2B

B2B + B2C

B2C

s s e n i s u B

e a c S

t e g r a T

Note: 1) Acquired Sintex BAPL Ltd.’s Senior Secured Unlisted Non-Convertible Debentures with outstanding of Rs. 1,176.61 Crore for a purchase price of Rs. 403.16 Crore

Investor Presentation

Greenfield

Acquisitions

New & Planned Acquisitions

Plastic Products

•

National Brand with >10% market share (Year: 2018) in India

Extensive Distribution (~ 900) and Retail (~ 13,000) Network

Potential Synergy of leveraging this Distribution Platform for products such as TMT, DI and ERW

pipes (Building Materials).

Billets & TMT

•

Location Advantage of Anjar (Port based) for Raw Material imports and exports of Finished Goods

• Maximum Demand for Long Products in Western Region: Target Markets are Gujarat & Rajasthan

•

TMT Bars through dealer & retail network, with direct impact on end users. Transition to B2C

Transition to B2C

Distribution Network + Strong Brand

segment and leveraging Brand Welspun

Specialty Steel

•

High Entry Barriers with approvals required from Process Licensors & EPC’s

Existing Group Company that has enabled WCL’s entry in this segment

Strong Improvment in recent performance: Pipe Sales Volumes higher by 50% for FY22

High Barriers to Entry

Investor Presentation

Rationale for Business Growth & Diversification Strategy

•

Earnings predictability, stronger revenue and improved competitiveness with business diversification. Strong presence in the B2C segment.

• Dominant presence across each product segment.

• Greater economies of scale will provide a larger and stronger base for potential future growth.

•

Synergies especially in raw material sourcing, common infrastructure, technical manpower.

Significant Value Creation for all stakeholders – Shareholders, Employees, Customers, Suppliers, Communities etc.

Investor Presentation

Our ESG Journey

Environmental & Social

Detailed Benchmarking versus peers on ESG factors

Mapping universe of issues, objectives and risk and prioritizing them based on Materiality for WCL

Maturity Assessment

Materiality Analysis

Corporate Governance

Arrive at baseline scenario in line with WEF metrics and identification of improvement areas

Baseline & Gap Analysis

Formulation of a strategic roadmap outlining key actions to be undertaken in short, medium and long term

Roadmap

Public reporting and disclosures of ESG performance

Communication and Reporting

Board Matters / Entity Level Controls • •

ESG Committee at the board level setup Several key actions taken in line with leading practices

Related Party Framework • •

As-Is analysis of existing policy and process flow Refine scope, applicability, responsibility and appropriate controls in RPT framework

Conducted Ethics culture survey Developed a road map for training and awareness programs As-Is analysis, benchmarking and gap assessment of existing policies

Ethics Framework • • • • Updated Policies Finalized: Whistle-blower Policy, Code of Conduct, Fraud Prevention Policy & Fraud Response Plan, Disciplinary Action Matrix and Anti-Bribery & Anti-Corruption Policy

Major transformation to further strengthen ESG across our organization

Investor Presentation

Sustainability Targets

Aspects

FY 2020-21

Goal 2025

Goal 2030

Goal 2040

Carbon Neutrality - % Renewable Energy (RE)

Water Neutrality - Water Intensity

10% RE

20% RE

Carbon neutral

0.63 KL/MT

0.55 KL/MT

0.40 KL/MT

Water neutral

Waste to Landfill

1.53 MT

1.00 MT

0 MT

Zero waste to landfill

Impacting Lives in CSV

1,60,735

5,00,000

1,000,000

2,000,000

Sustainable Supply Chain - % suppliers assessed as per ESG compliant Code of Conduct

100% critical suppliers assessed

100% (all suppliers)

Note: 1) Sustainability targets for Line Pipes India business 2) Impacting Lives in CSV through Welspun Foundation

Investor Presentation

ESG Initiatives in FY22

Several management interventions with ESG at the core:

‒ MoU with BP India Pvt Ltd. to jointly explore carbon emission mitigation and reduction opportunities in WCL’s energy,

logistics, mobility and waste management activities

‒ Project for Installation of 300 KW Solar Panels at Anjar – expected generation of 446,315 KWH p.a.

‒ Rain water harvesting developed for 974 KL, RO rejected water utilized for Process consumption

‒ Optimization of manufacturing processes to reduce Waste Intensity

‒ Including ESG in internal audit framework, formalizing key governance roles, expanding the scope of stakeholder

relationship committee

Ranked in Top One-Third in Steel Industry by S&P Global’s Dow Jones Sustainability Index (DJSI) Corporate Sustainability Assessment

Investor Presentation

Capital Allocation at WCL

• Consistent Dividend paying Company

• Dividend Distribution1) policy aims for a balance between the quantum of dividend paid and amount of profits

retained in the business for reinvestment

• Expansion and diversification of product offerings remains a key growth enabler

• Will now shift focus on Incubation, Stabilisation & Ramping of the new businesses

Note: 1) Dividend Diistribution Policy https://www.welspuncorp.com/system/downloads/attachments/000/000/338/original/Dividend_Distribution_Policy_08.05.2017.pdf?1494308856

Investor Presentation

Thank You

Welspun Corp Limited CIN: L27100GJ1995PLC025609

www.welspuncorp.com

For further information, please contact:

Mr. Gaurav Ajjan gaurav_ajjan@welspun.com

October 2020

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