Usha Martin Limited has informed the Exchange about Investor presentation of the Company on the un-audited Financial Results of the Company for the quarter and half-year ended 30th September 2022.

Date: 8th November 2022

The Secretary National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, Plot No.C/1, G Block, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 [Scrip Code: USHAMART]

The Secretary BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001 [Scrip Code: 517146]

Societe de la Bourse de Luxembourg 35A Bouleverd Joseph II L-1840, Luxembourg [Scrip Code: US9173002042]

Dear Sirs,

Sub : Investor Presentation

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), please find enclosed investor presentation of the Company on the un-audited Financial Results of the Company for the quarter and half-year ended 30th September 2022.

The presentation is also being hosted on the website of the Company i.e. www.ushamartin.com.

You are requested to take the same on record.

Yours sincerely, For Usha Martin Limited

Shampa Ghosh Ray Company Secretary

Encl: as above

STEEL WIRE ROPE | WIRE & STRAND | LRPC | PRE-STRESSING ACCESSORIES & SERVICES | ALLIED MACHINERY | TELECOM CABLE |

Results Presentation Half year and second quarter ended 30th September, 2022

Contents

1

2

3

4

Key Highlights

Operating Performance

Financial Performance

Annexures

Statements in this presentation describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/or other incidental factors

2QFY23 Results Presentation

2

1

Key Highlights

2QFY23 Results Presentation

3

Key Highlights

Maintained strong profitability by managing spread and met customer commitments despite decrease in realization of Wire and LRPC due to softening of metal prices

Focused capex program underway to increase capacity and capability across product segments

Product development remains a key focus area

Successfully carried out trial and development of Swaged Rope

High inflation, monetary tightening by Fed and ECB, energy shortages, Ukraine-Russia war, strengthening USD are headwinds for global growth

Govt.’s continued focus on infrastructure, strong growth in Auto industry to drive domestic demand, global slowdown and geo-political disruptions pose major threat

Health and safety of employees and partners remains key focus area for the company

Plants continue operating normally but COVID-19 protocols in place

2QFY23 Results Presentation

4

Strong growth in YoY Quarterly Consolidated Revenue and EBITDA

Volumes (in ‘000 tons)

Production

Delivery

Revenue

EBITDA & EBITDA Margin (%)

17%

16%

15%

45.4

42.5

48.3

46.5

49.4

50.1

594

759

820

99

124

121

Figures in INR Crs

PBT & PAT - Margin (%)

PBT

PAT

14%

12%

11%

10%

103

82

100

79

12%

10%

70

58

16%

14%

12%

10%

8%

6%

4%

2%

0%

d e t a d

i l

o s n o C

2QFY22

1QFY23

2QFY23

2QFY22

1QFY23

2QFY23

2QFY22

1QFY23

2QFY23

2QFY22

1QFY23

2QFY23

Volumes (in ‘000 tons)

Production

Delivery

Revenue

EBITDA^ & EBITDA Margin (%)

16%

15%

14%

36.5

35.5

40.2

39.5

40.4

40.8

421

516

519

68

79

71

l

e n o a d n a t S

PBT & PAT - Margin (%)

PBT

PAT

14%

71

12%

10%

54

61

9%

45

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

13%

10%

53

42

2QFY22

1QFY23

2QFY23

2QFY22

1QFY23

2QFY23

2QFY22

1QFY23

2QFY23

2QFY22

1QFY23

2QFY23

2QFY23 Results Presentation

^Excluding dividend income

5

Strong growth in YoY Half-yearly Consolidated Revenue and EBITDA

Volumes (in ‘000 tons)

Production

Delivery

Revenue

EBITDA & EBITDA Margin (%)

d e t a d

i l

o s n o C

92.2

87.5

97.7

96.6

1,209

1,579

16%

197

15%

245

12%

141

10%

116

16%

14%

12%

10%

8%

6%

4%

2%

0%

1HFY22

1HFY23

1HFY22

1HFY23

1HFY22

1HFY23

1HFY22

1HFY23

Figures in INR Crs

PBT & PAT - Margin (%)

PBT

PAT

13%

10%

161

204

Volumes (in ‘000 tons)

Production

Delivery

Revenue

EBITDA^ & EBITDA Margin (%)

l

e n o a d n a t S

75.5

71.7

80.6

80.2

824

1,034

16%

133

14%

150

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

PBT & PAT - Margin (%)

PBT

PAT

13%

12%

100

9%

77

10%

99

133

1HFY22

1HFY23

^Excluding dividend income

6

1HFY22

1HFY23

1HFY22

1HFY23

1HFY22

1HFY23

2QFY23 Results Presentation

2

Operating Performance

2QFY23 Results Presentation

7

Quarterly Consolidated delivery volumes increased 18% YoY & 8% QoQ

Production

48.3

22.7

7.9

14.8

45.4

22.1

8.0

14.1

49.4

24.0

8.3

15.7

R O P E

42.5

19.9

11.3

8.6

Delivery

46.5

20.9

12.7

8.2

Figures in ‘000 tons

Standalone Subsidiaries

YoY (+) 4.2, 21%

QoQ (+) 3.2, 15%

50.1

24.1

13.6

10.5

2QFY22

1QFY23

2QFY23

2QFY22

1QFY23

2QFY23

9.1

3.4

5.7

9.1

3.1

6.0

9.4

3.0

6.4

2QFY22

1QFY23

2QFY23

14.2

16.5

16.0

2QFY22

1QFY23

2QFY23

W I R E

&

S T R A N D

L R P C

9.8

3.8

6.0

9.0

3.2

5.8

9.8

3.5

6.3

2QFY22

1QFY23

2QFY23

QoQ (+) 0.8, 9%

12.8

12.8

2QFY22

16.6 0.1

16.5

16.2 0.1

16.1

YoY(+) 3.4, 27%

QoQ (-) 0.4, 2%

1QFY23

2QFY23

2QFY23 Results Presentation

Deliveries are excluding Intra-Group deliveries

8

Half-yearly Consolidated delivery volumes increased 10% YoY

Production

Delivery

92.2

43.8

16.1

27.7

97.7

46.7

16.2

30.5

1HFY22

1HFY23

17.3

6.4

10.9

18.5

6.1

12.4

1HFY22

1HFY23

31.1

1HFY22

32.5

1HFY23

R O P E

W I R E

&

S T R A N D

L R P C

87.5

40.3

24.3

16.0

Figures in ‘000 tons

Standalone Subsidiaries

YoY (+) 4.7, 12%

96.6

45.0

26.3

18.7

1HFY22

1HFY23

19.3

7.5

11.8

1HFY22

27.9 0.1

27.8

18.8

6.7

12.1

1HFY23

32.8 0.2

32.6

YoY (-) 0.5, 3%

YoY(+) 4.9, 18%

1HFY22

1HFY23

2QFY23 Results Presentation

Deliveries are excluding Intra-Group deliveries

9

3

Financial Performance

2QFY23 Results Presentation

10

PBT Bridge : 1H’22 Actual To 1H’23 Actual

Figures in INR Crs

d e t a d

i l

o s n o C

l

e n o a d n a t S

2QFY23 Results Presentation

11

141 204 222 -92 9 -76 1HFY22 PBTSales Price/MixSales Volume &ConsumptionFinance costsOthers1HFY23 PBT100 133 147 -74 10 -50 1HFY22 PBTSales Price/MixSales Volume & ConsumptionFinance costsOthers1HFY23 PBTPBT Bridge : 1Q’23 Actual To 2Q’23 Actual

Figures in INR Crs

d e t a d

i l

o s n o C

l

e n o a d n a t S

2QFY23 Results Presentation

12

103 100 -21 19 -1 1QFY23 PBTSales Price/MixSales Volume & ConsumptionOthers2QFY23 PBT71 61 -17 14 -7 1QFY23 PBTSales Price/MixSales Volume & ConsumptionOthers2QFY23 PBTProfitability indicators remain strong

Consolidated Standalone

EBITDA/MT (in ₹ ‘000)^

Interest Coverage (x)

Fixed Asset Turnover Ratio (x)

21.7

18.1

26.5

24.1

19.9

25.5

17.5

18.7

8.2

8.1

18.5

15.0

17.0

13.8

14.4

17.8

4.4

3.2

4.7

3.4

4.7

3.6

FY22

1QFY23

2QFY23

1HFY23

FY22

1QFY23

2QFY23

1HFY23

FY22

Jun-22 (LTM)

Sep-22 (LTM)

Return on Capital Employed

Return on Net Worth

18%

18%

13%

25%

21%

27%

26%

19%

20%

22%

15%

11%

FY21

FY22

1HFY23*

FY21

FY22

1HFY23*

^Excluding standalone dividend income and UM Cables in consolidated

*Annualized

2QFY23 Results Presentation

13

Balance sheet remains significantly de-risked

Figures in INR Crs

Consolidated Standalone

Gross Debt

Net Debt

355

354

151

147

Mar-22

Sep-22

191

52

Mar-22

256

130

Sep-22

Gross Debt/Equity (x)

Net Debt/Equity (x)

0.2

0.2

0.2

0.2

0.1

0.1

0.1

0.1

Mar-22

Sep-22

Mar-22

Sep-22

2QFY23 Results Presentation

14

NWC Turnover reduction through active rationalization of inventory Continuous focus on optimizing working capital to reduce cash conversion cycle over the next few quarters

Figures in INR Crs

Consolidated Standalone

Current Ratio (x)

Net Working Capital

2.2

2.1

2.2

2.0

Mar-22

Sep-22

874

353

999

438

Mar-22

Sep-22

Net Working Capital to Turnover (LTM, %)

29%

18%

28%

19%

Mar-22

Sep-22

2QFY23 Results Presentation

15

Operating Cash Flow impacted by increase in working capital Optimizing working capital to increase EBITDA conversion into cash flows the centreof our strategy over the next few quarters

{ } Previous year figures

Figures in INR Crs

d e t a d

i l

o s n o C

OCF : ₹ 96 Cr {₹ 104 Cr}

FCF : ₹ (2) Cr {₹ 101 Cr}

{ } Previous year figures

Figures in INR Crs

l

e n o a d n a t S

OCF : ₹ 57 Cr {₹ 66 Cr}

FCF : ₹ (18) Cr {₹ 82 Cr}

2QFY23 Results Presentation

^Excluding dividend income

16

154 245 -7 -142 -34 -64 8 1 -61 -13 -1 86 ​​​​​​​​​​​​​​​​​​​​​​​​Cash & Cashequivalent1st Apr-22EBITDANon-Cash &OthersWorking CapitalchangesDirect TaxPurchase ofAssetsOthersLong Term -BorrowingDividend PaidFinance CostsFx.Cash & Cashequivalent30th Sep-2297 150 -3 -90 -29 -46 7 -5 -61 -8 13 ​​​​​​​​​​​​​​​​​​​​​​Cash & Cashequivalent1st Apr-22EBITDA^Non-Cash &OthersWorkingCapitalchangesDirect TaxPurchase ofAssetsOthersShort Term -RepaymentDividend PaidFinance CostsCash & Cashequivalent30th Sep-224

Annexures

2QFY23 Results Presentation

17

Profit and Loss Statement Summary - Consolidated

Figures in INR Crs

2QFY23 Results Presentation

*EPS is not annualized

18

2QFY232QFY22Y-o-Y Change1QFY23Q-o-Q Change1HFY231HFY22Y-o-Y ChangeRevenue from Operations 820.2 594.1 38.1% 758.7 8.1% 1,578.9 1,209.4 30.6%EBITDA 120.6 99.0 21.9% 124.1 -2.8% 244.7 196.7 24.4%EBITDA Margin (%)14.7%16.7%-196bps16.4%-164bps15.5%16.3%-77bpsDepreciation 16.8 17.5 -4.2% 16.5 1.3% 33.3 35.0 -4.9%Finance Costs 7.5 12.2 -38.5% 7.2 4.7% 14.7 23.9 -38.6%PBT 96.4 69.3 39.1% 100.4 -4.0% 196.7 137.8 42.7%Share of profit /(loss) of joint ventures 3.8 0.9 341.4% 3.0 30.2% 6.8 2.8 146.0%PBT after share of profit/(loss) of joint ventures 100.2 70.2 42.8% 103.3 -3.0% 203.5 140.6 44.8%PBT Margin (%)12.2%11.8%41bps13.6%-140bps12.9%11.6%127bpsCurrent/Deferred Tax 21.2 12.6 68.6% 21.1 0.7% 42.3 24.9 69.7%Profit After Tax 79.0 57.6 37.2% 82.2 -3.9% 161.2 115.7 39.4%Basic EPS (in INR) 2.59* 1.89*37.2%2.69*-3.6% 5.29* 3.79* 39.8%Profit and Loss Statement Summary - Standalone

Figures in INR Crs

2QFY23 Results Presentation

*EPS is not annualized

19

2QFY232QFY22Y-o-Y Change1QFY23Q-o-Q Change1HFY231HFY22Y-o-Y ChangeRevenue from Operations 518.8 421.2 23.2% 515.6 0.6% 1,034.4 823.9 25.5%EBITDA 71.7 70.0 2.4% 82.2 -12.8% 153.9 134.2 14.7%EBITDA Margin (%)13.8%16.6%-280bps15.9%-213bps14.9%16.3%-141bpsDepreciation 6.8 8.0 -14.8% 6.7 1.5% 13.5 15.9 -15.1%Finance Costs 3.8 9.3 -58.8% 4.1 -6.1% 7.9 18.2 -56.6%PBT 61.1 52.8 15.8% 71.4 -14.5% 132.5 100.1 32.3%PBT Margin (%)11.8%12.5%-75bps13.9%-208bps12.8%12.2%66bpsCurrent/Deferred Tax 16.0 10.7 49.4% 17.8 -10.0% 33.8 23.6 43.2%Profit After Tax 45.1 42.1 7.2% 53.7 -16.0% 98.7 76.6 29.0%Basic EPS (in INR) 1.48* 1.38* 7.2%1.76*-16.0% 3.24* 2.51* 29.0%Thank You

USHA MARTIN LIMITED 2A, Shakespeare Sarani, Kolkata – 700 071, India CIN: L31400WB1986PLC091621 Phone: 033 – 7100 6300

Email: investor@ushamartin.co.in

Website: www.ushamartin.com