Further to our letter dated November 21, 2022 on the subject, please find attached herewith the presentation to the investors attending the meeting today. The presentation is being uploaded simultaneo...

WCL/SEC/2022

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

November 22, 2022

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

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

(Symbol: WELCORP, Series EQ)

Dear Madam/ Sirs,

Subject: Intimation of Schedule of Analyst / Institutional Investor Meetings under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Further to our letter dated November 21, 2022 on the subject, please find attached herewith the presentation to the investors attending the meeting today. The presentation is being uploaded simultaneously on the Company website (www.welspuncorp.com).

Thanking You.

Yours faithfully, For Welspun Corp Limited

Pradeep Joshi Company Secretary FCS-4959

PS: Investor Relations: Mr. Gaurav Ajjan at Gaurav_Ajjan@welspun.com / +91 22 6613 5748

Welspun Corp Limited Investor Presentation | November 2022

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

2

Our journey so far…

Core business of “Line Pipes” – Strong business visibility

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

2.5 mn MT Pipes Capacity

6 manufacturing facilities in 3 countries

Used in Oil & Gas, Water industry & Structurals

4

Approvals & accreditations: Line Pipes

Oil & gas

Transportation

Others

5

Line Pipes: Key Drivers

India

USA

Saudi Arabia

• Expansion of National Gas Grid

pandemic levels

• Rig count almost close to pre-

Pipeline

• City Gas Distribution (CGD)

network

• Strong export outlook with focus on Australia, Central America, South East Asia and Middle East • Demand returning in the Water sector with moderating steel prices

• Permian basin expected to be the

key growth driver

• At least 3 more large gas

pipelines planned from Permian to Gulf coast; 5 new LNG terminals being added for export of gas

• Big focus on New Energy

including Carbon Capture and Ammonia pipelines

• Saudi Aramco to boost oil

production from 10 million to 13 million barrels a day by 2027

• Saudi Aramco to boost gas

production by more than 50% by 2030

• Huge capex in distribution of

Desalinated water; 7 large water infrastructure projects planned; Total demand exceeding 3 MN MT over 3 years

Source: Government websites, news articles, market intelligence

6

Line Pipes: Key Drivers

This is the future for pipelines

Hydrogen:

New Energy

• WCL is a part of a key international committee drafting the specifications for these pipelines

• Undertaking critical long lead tests on existing pipeline order to certify compatibility to carry 100% Hydrogen –

Will give us a head start in the global new energy market (in case of success)

Carbon Capture:

• Recently secured a strategic and breakthrough order of 1,250 KM of HFIW pipes (>100 KMT); This will put us

again in the pole position in the new energy market

7

Sales Volume Mix: Line Pipes (Long Term Trend)

635

646

632

650

764

510

393

217

165

236

138

255

265

197

180

222

237

106

96

629

413

578

500

423

626

506

254

123

190

99

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

India (KMT)

USA (KMT)

Saudi (KMT)

India: Stable in a range of ~ 6 lakhs MTPA

8

Line Pipes: Global Order Book Position Order Book and Outlook providing visibility for next several quarters

• Confirmed Order

Book of ~1 MN MT (including Saudi Arabia)

• Clear earning

visibility for next 5 to 6 quarters

9

As of 31st Oct'22Confirmed Order BookMTQ3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Line PipesIndiaLSAW1,20,000 HSAW1,30,000 ERW30,000 USAHSAW3,35,000 ERW1,25,000 Confirmed order bookIn pole position for few ordersThe way forward….

• Core business of “Line Pipes” – Strong Business Visibility

• Start up of new Greenfield Businesses of DI, TMT and Stainless Steel

• Acquisitions – ABG specified assets & Sintex BAPL

Transformation Strategy

Existing

Large Diameter Pipe and Coating

New Energy

Amongst the Top manufacturers globally

s s e n i s u B

l

e a c S

s u c o F

New

Pig Iron and DI Pipes

Specialty Steel

ABG Shipyards

Billets & TMT1)

One of the largest standalone single location facility

Integrated producer from steel-making to finished products

One of the largest shipyard infrastructure in India

Oil & Gas & New Energy

Jal Jeevan Mission

Defense, Nuclear & Power

Defense

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

Infra & Housing

Transportation of Energy & Water

Defense Sector

Transition to B2C

Note: 1) Through Forward Integration 2) Acquired Sintex BAPL Ltd.’s Non-Convertible Debentures with outstanding of Rs. 1,223 Crore for a purchase price of Rs. 418 Crore

11

Greenfield

Acquisitions

Planned

Plastic Products

Acquisition2) of one of the largest national level brand

B2C

Ductile Iron Pipes

Ductile Iron Pipes: Market Overview

Our Focus Market will be West, Central and North India

Received State Approval

13

Ductile Iron Pipes: Market Overview

Our Focus States cover ~ 40% of JJM’s Total Budget Unutilized budget in the Focus States is 84% (INR 1,24,421 crores) of the JJM Budget, indicating huge potential

Annual demand expected to be ~3 MN MT

• • WDIPL has an order book of ~70 KMT giving visibility for next 2 quarters • •

Strong demand for next 3 to 5 years Plant under stabilization phase and should be fully on stream in next 2 quarters

Source: Jal Jeevan Mission website

14

S.No.StateJJM BudgetFY 2019-20FY 2020-21 FY 2021-22FY 2022-23 YTDTotal Exp. Till DateBalance AmountH(D+E+F+G)1Uttar Pradesh62,963 639 1,761 2,930 2,986 8,317 54,646 2Madhya Pradesh23,577 327 1,015 2,263 1,098 4,702 18,875 3Rajasthan20,059 620 762 1,920 1,313 4,615 15,444 4Maharashtra20,042 308 474 378 432 1,591 18,451 5Chhattisgarh9,694 39 224 499 446 1,208 8,486 6Punjab3,803 73 147 248 139 606 3,197 7Haryana3,772 69 131 435 152 787 2,985 8J&K2,823 200 89 112 84 485 2,338 9Gujarat3,441 385 839 2,125 1,415 4,763 -1,322 1,46,733 2,276 4,602 8,785 6,649 22,312 1,24,421 3,59,875 6,000 12,542 25,506 14,728 58,776 301,099 TOTALTotal JJM Budget (at India Level)Central ExpenditureABCDEFGC-HSpecialty Steel

Specialty Steel: Overview

Robust demand expected going forward

Key Drivers

• Make in India initiative by the government providing push to local manufacturing

•

•

High value business and a differentiated import- substitution play with obvious synergies with existing business and capabilities, characterized by superior margins and resilient demand

High Entry Barriers due to technology capabilities as well as approvals and accreditations required from customers, process licensors, and EPC players

Sectors

• Critical applications in key sectors like Power,

Nuclear, Defense, Petrochemicals etc.

Demand Estimates

•

~65 KMT in Domestic Market and ~25 KMT in Exports per Annum

Fully integrated facility from SS Steel to Pipes

16

Specialty Steel: Sales Volumes

T M

1800

1600

1400

1200

1000

800

600

400

200

0

8 5 3

2 4 1

5 1 5

0

1 8 8

1 4 1

8 4 2 1

0 6 1 1

7 5 5 1

2 9 6

1 8 0 1

9 0 0 1

Q1 FY22

Q2 FY22

Q3 FY22

Q4 FY22

Q1 FY23

Q2 FY23

Stainless Steel Bars (MT)

Pipes (MT)

Improved performance to sustain, on the back of several new customer approvals, accreditations and development of new products

Dip in performance of Q1FY23 due to the conflict in Europe and imposition of export duty

17

Value Added Grades – New Product Development (Specialty Steel)

Material

Size

Application

Phase

Status

SS310

SS321

SS317L

SS347H

Inconel 825

Monel 400

Inconel 625

1.5” – 6”

Urea plants (Zero Ferrite)

6”

1.5”

4”

4”

2”

4”

Process Plant Industry

Chemical industry (S and acid)

Food Processing and FCC

Nuclear, Chemical & Pollution Control

Petrochemical

Refinery, Chemical processing, etc

Square Tubes

50 X 50 X 3

Nuclear

Super304H

SS904L

SS31254/6Moly

1.5”

1.5”

1.5”

Ultra Super Critical boilers

Refinery, Petrochemical

Sea water

1

1

1

1

2

2

2

3

3

3

3

Completed

Completed

Completed

Completed

Completed - Order

Completed - Order

2” Completed. 4” TBD

Completed - Order

Literature study completed

H2- FY22-23

H2- FY22-23

18

Specialty Steel: Outlook

• Healthy order book for Pipes & Tubes of 1,853 MT

• Order book for Stainless Steel Bars of 1,387 MT

• Moving towards higher value added grades

• Favourable domestic conditions

-

Implementation of BIS

- DGTR Investigation & AD possibility on cheap imports

-

“Make in India” initiative

- Buoyant Oil & Gas, Petrochemicals, Refineries and Defense sectors

19

TMT

TMT: Our Differentiated Strategy

Forward Integration from Billets to TMT

Growth Drivers

Welspun Strategy

•

Infrastructure: Massive spending expected in the sector including –

•

Sharp focus on ₋

₋

₋

₋

₋

PM Gati Shakti National Master Plan: an expected outlay of INR 100 lakh Cr

Pradhan Mantri Awas Yojana-Urban's 'Housing for All' mission

(PMAY-U)

Private Sector Capital Expenditure

Individual House Builders

₋

₋

Branding and creating a robust distribution network - B2C segment Presence in High growth Western India (especially Gujarat) region where Welspun enjoys strong brand presence Differentiated Strategy to add value like Epoxy Coating on rebars and Pre- Fab rebars

a

~3 MN MT per Annum demand expected in Gujarat for TMT rebars

Synergy with our steel business

Source: News articles, Market intelligence, Internal estimates

21

TMT: Our Differentiated Strategy

Creation of a widespread Distributor – Dealer network for selling TMT Rebars in Gujarat

1. Creating a unique and industry first , a digital platform for distributors , dealers , retailers & influencers

- having socioeconomic impact.

2.

This would also help to analyse early trends / buying pattern of consumers in every region.

3.

This can significantly help plan our production and make Supply chain operations more effective and completely stay consumer centric.

4. Penetration into all 33 districts and 252 talukas across Gujarat. Robust B2C strategy.

5. Creating a brand – “Welspun Shield”

22

TMT: Our Focus Market

23

ABG Shipyard – Specified Assets

ABG Shipyard: Value Accretive Transaction

•

•

•

Transaction at Attractive Terms

Total cost of acquisition: INR 659 Cr (plus applicable taxes)

Partially built ships, equipment and metal scrap in excess of 150,000 MT

• Metal/ metal scrap not required for business purposes will be disposed over 12-15 months

Post payment was made to ABG’s Liquidator and receipt of sale certificates by us, the Liquidator received a Provisional

Attachment Order from ED, Ahmd. The Company, the Liquidator and the Lenders (SBI & IDBI) have all filed separate writ

petitions before Hon'ble Gujarat High Court against ED's Provisional Attachment Order. We are making best efforts for

an early and favorable disposition.

25

Sintex BAPL

Sintex BAPL

• Extremely Strong Brand in the Consumer space with extensive Distribution (847 Nos) and Retail (13K)

Network

• National Brand having >10% market share (2018) in India

• Diversification of Product Portfolio - Works well with overall theme of providing water related solutions

(through DI for water transportation and Tanks for storage)

•

In Sync with Welspun Group Mission: “Har Ghar Welspun”

• This would potentially meet our aspiration to become a large scale B2C player

27

Sustainability

Sustainability Strategy

Energy Efficiency

Water Intensity

Health & Safety

Human Capital

Renewable Energy

Waste Intensity

Gender Diversity

Impacting Lives in CSV

Sustainable Supply Chain

Hydrogen Pipelines

Carbon Capture Projects

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

29

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)

100% (all suppliers)

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

30

Financials & Outlook

Financial Performance - Consolidated

Consistent Performance over the last 10 years

EBITDA in Q2FY23 impacted by a loss of ~ INR 200 cr on account of high Inventory Cost and commissioning of new DI facility in Steel

Vertical. Starting from Q4FY23, strong Business Outlook providing earnings visibility for next several quarters

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 only

32

ParticularsFY13FY14FY15FY16FY17FY18FY19FY20FY21FY22H1FY23Revenue (INR cr)9,083 7,705 8,451 7,380 6,035 7,587 8,954 9,957 7,153 6,505 3,286 EBITDA (INR cr)919 844 951 891 737 815 708 1,276 1,152 1,023 147 Basic EPS6.1 2.8 2.6 5.8 1.0 6.0 2.6 25.6 29.8 16.8 (2.0) Net Worth (INR cr)2,750 2,957 2,799 2,799 2,809 2,854 2,798 3,215 4,209 4,528 4,479 Net Debt / (Cash) (INR cr)2,314 2,568 1,910 1,355 1,106 422 286 32 (447) (173) 1,609 Net debt/Equity0.84x0.87x0.68x0.48x0.39x0.15x0.10x0.01x-0.11x-0.04x0.36xWCL Medium Term Mission (3-5 Years)

•

•

•

Top line of INR 15,000 Cr +

Sustainable EBIDTA of INR 1,600 Cr to INR 1,800 Cr

ROCE of 18% +

• Net Cash Positive driven by strong Free Cashflows

•

Increase in DJSI ESG rating from 41 to 60

• Dominant player in B2B and B2C segment in line with group vision of “Har Ghar Welspun”

• No major anticipated project Capex

33

Key Risks

• High inflation resulting in increasing input costs

• Volatility in Commodity Prices

•

Looming threat of recession

• Uncertainty due to Geo-political reasons

•

Localized Competition

• Regulatory Risks - Imposition of Duties

• Ramp-Up of New Greenfields Projects of DI & TMT

• Delay in Acquisition of SBAPL and Specified Assets of ABG Shipyards

34

Thank You

Welspun Corp Limited CIN: L27100GJ1995PLC025609

www.welspuncorp.com

35

Annexure: Our Manufacturing Facilities

Capacity

India

US

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

1,605

350

175

525

375

375

150

18

Total

700

1,430

375

2,505

350

400

150

18

36