RML

Registered Office Tel: 91 44 2811 2472 “ Maithri ” URL: www.ranegroup.com 132, Cathedral Road, Chennai 600 086, India. CIN: L65993TN2004PLC052856 Rane (Madras) Limited // Online submission // RML/SE/ 38 /2021-22 November 02, 2021 BSE Limited National Stock Exchange of India Ltd. Listing Centre NEAPS Scrip Code: 532661 Symbol: RML Dear Sir / Madam, Sub: Earnings Presentation – un-audited Financial Results for the Quarter ended September 30, 2021 Ref: Our letter RML / SE / 37 /2021-22 dated October 27, 2021 This is with reference to the aforementioned letter intimating Earnings Conference Call scheduled on Wednesday, November 03, 2021 at 11:00 hours (IST), inter alia, to discuss the Un-Audited financial results for the quarter ended September 30, 2021. We enclose herewith copy of the Earnings presentation proposed to be made thereat, to the analyst and investors. The same is also being made available on the website of the Company, www.ranegroup.com. We request you to take the above on record and note the compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR). Thanking you. Yours faithfully, For Rane (Madras) Limited S Subha Shree Secretary Encl: a/a Rane Group Earn ing s Presentation | Q 2 FY22 N o v e m b e r 2 0 2 1 www. r an egrou p . com Not to be copied or distributed without permission of Rane Holdings Limited 1 Outline › Industry Performance Review – Q2 FY22 › Rane Group Performance Review – Q2 FY22 › Group Companies Performance Highlights – Q2 FY22 Not to be copied or distributed without permission of Rane Holdings Limited 2 Industry Performance Review (Q2 FY22) Production YoY Rane Group Sales Growth Rane Group Revenue Vehicle Segment Growth# in % YoY in % (India OEM) Split * (India OEM) Passenger Cars (PC) -14% 13% 39% Utility Vehicles (MUV) 34% 51% 22% Vans 1% 35% 1% - Total Passenger Vehicle 4% 24% 62% Small Commercial Vehicles (SCV) 23% 58% 3% Light Commercial Vehicles (LCV) -1% 0% 8% Medium & Heavy Commercial Vehicles 97% 87% 13% (M&HCV) - Total Commercial Vehicle 27% 42% 24% 2-Wheeler -6% -1% 3% Farm Tractors (FT) 16% 23% 9% * Other segments such as Rail, Defence and Stationary Engines contribute around 2% #Source: SIAM › Rane Group sales growth better than industry growth except M&HCV segment where there was lower growth in the served models Not to be copied or distributed without permission of Rane Holdings Limited 3 Outline › Industry Performance Review – Q2 FY22 › Rane Group Performance Review – Q2 FY22 › Group Companies Performance Highlights – Q2 FY22 Not to be copied or distributed without permission of Rane Holdings Limited 4 Group Aggregate Performance Review (Q2 FY22) Total Revenue EBITDA PBT* (Rs cr.) (Rs cr.) (Rs cr.) 3.3% 7.6% 9.4% 1,395.0 100.3 1,072.9 105.9 1.4% 30% 5.6% 207.7% 45.5 14.8 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 › * PBT includes Exceptional items Total Revenue increased by 30% from Rs. 1,072.9 Cr in Q2 FY21 to Rs. 1,395 Cr in Q2 FY22 – Revenue from Indian OE customers grew 28%. Strong demand across vehicle segments except Two Wheelers. – Revenues from International customers grew 33% supported by strong off-take of Steering and Light Metal Casting products. – Revenue from Indian aftermarket segment grew 35% › EBITDA increased from Rs. 100.3 Cr in Q2 FY21 to Rs. 105.9 Cr in Q2 FY22 – Material cost increase resulted in drop in EBITDA margin by 176 bps › PBT increased by 207.7% from Rs. 14.8 Cr in Q2 FY21 to Rs. 45.5 Cr in Q2 FY22 – Exceptional income of Rs. 8.2 Cr represents Income of Rs. 9.1 Cr on account of US Federal stimulus benefit received by RML(LMCA) and Voluntary Retirement Expenditure Rs. 0.9 Cr incurred by REVL Not to be copied or distributed without permission of Rane Holdings Limited 5 RHL Consolidated Performance Review (Q2 FY22) Total Revenue EBITDA PBT* (Rs cr.) (Rs cr.) (Rs cr.) 9.6% 3.9% 6.8% 697.3 50.3 2.5% 27.1 33.1% -6% 106.2% 524.0 13.2 47.2 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 * PBT includes net profit/loss from JV and Exceptional items › Total Revenue increased by 33.1% from Rs. 524.0 Cr in Q2 FY21 to Rs. 697.3 Cr in Q2 FY22 › EBITDA decreased by 6.0% from Rs. 50.3 Cr in Q2 FY21 to Rs. 47.2 Cr in Q2 FY22 › PBT increased by 106.2% from Rs. 13.2 Cr in Q2 FY21 to Rs. 27.1 Cr in Q2 FY22 – Exceptional income of Rs. 8.2 Cr represents Income of Rs. 9.1 Cr on account of US Federal stimulus benefit received by RML(LMCA) and Voluntary Retirement Expenditure Rs. 0.9 Cr incurred by REVL Not to be copied or distributed without permission of Rane Holdings Limited 6 Group Aggregate Performance Review (YTD) Rs Cr 6M FY21# 6M FY22 Total Revenue 1,387.0 2,485.4 EBITDA 24.1 170.0 EBITDA Margin 1.7% 6.8% PBT Before Exceptional Items (104.3) 36.4 Exceptional Income / (Expenses)* (21.6) 36.3 PBT (126.0) 72.7 PBT Margin -9.1% 2.9% PAT (97.1) 51.7 PAT Margin -7.0% 2.1% Total Comprehensive Income (101.6) 48.8 * Exceptional income of Rs.36.3 Cr in H1 FY22 represents Income of Rs. 37.21 Cr on account of US Federal stimulus benefit received by RML (LMCA) and Voluntary Retirement Expenditure Rs. 0.9 Cr incurred by REVL. Exceptional expenses of Rs. 21.6 Cr in H1 FY21 represents incremental provision made towards product warranty claim of Rs. 20.8 Cr incurred by RNSS and Voluntary Retirement Expenditure Rs. 0.81 Cr incurred by REVL # The business operations were partly suspended during Q1 FY21 on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. Hence 6M FY21 results are not comparable to the corresponding period of the current year. Not to be copied or distributed without permission of Rane Holdings Limited 7 RHL Consolidated Performance Review (YTD) Rs Cr 6M FY21# 6M FY22 Total Revenue 718.1 1,223.1 EBITDA 4.0 70.6 EBITDA Margin 0.6% 5.8% PBT Before Share of profit/ (loss) of JV & Exceptional (78.2) (9.0) Items Share of profit/ (loss) of JV (Net of Exceptional items & (13.9) 19.4 Tax) Exceptional Income / (Expenses)* (0.8) 36.3 PBT (92.9) 46.7 PBT Margin -13% 4% PAT (79.3) 37.3 PAT Margin -11.1% 3.0% Total Comprehensive Income (85.6) 44.1 *Exceptional income of Rs. 36.3 Cr in H1 FY22 represents Income of Rs. 37.21 Cr on account of US Federal stimulus benefit received by RML (LMCA) and Voluntary Retirement Expenditure Rs. 0.9 Cr incurred by REVL. Exceptional expenses of Rs.0.81 Cr in H1 FY21 incurred by REVL towards Voluntary Retirement Expenditure. # The business operations were partly suspended during Q1 FY21 on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. Hence 6M FY21 results are not comparable to the corresponding period of the Current year. Not to be copied or distributed without permission of Rane Holdings Limited 8 Outline › Industry Performance Review – Q2 FY22 › Rane Group Performance Review – Q2 FY22 › Group Companies Performance Highlights – Q2 FY22 Not to be copied or distributed without permission of Rane Holdings Limited 9 Rane (Madras) Ltd. (RML) Not to be copied or distributed without permission of Rane Holdings Limited 10 RML Standalone – Operational Performance Review Business Split (Q2 FY22) Market Environment By Market (%) › Experienced strong demand from passenger vehicle and commercial vehicle India Intl OEM, 28 OEM&OES, 56 segment in India. › Semiconductor shortage impacted demand from International customers › Domestic Aftermarket is witnessing growth from PV & FT segment across Pan India Operational Highlights India Aftermarket, 16 › Won Supplier Excellence award of 2020 from General Motors through Nexteer By Vehicle Segment (%) › Secured Rs. 125 Cr per annum order for R&P from a Global Passenger Vehicle FT, 18 manufacturer M & HCV, 10 › Received nomination for Light Metal Casting product worth Rs. 26 Cr per annum from leading European Passenger Vehicle manufacturer LCV, 8 PC, 32 SCV, 4 › Acquired Steering Components Business of Hical Group MPV, 2 MUV, 26 Not to be copied or distributed without permission of Rane Holdings Limited 11 RML Standalone – Financial Performance Review Total Revenue EBITDA PBT (Rs cr.) (Rs cr.) (Rs cr.) 10.2% 7.6% 2.7% 413.2 29.3 11.2 44.6% 31.2 285.7 3.3% 6.7% 19.8% 9.4 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 › Total Revenue increased by 44.6% from Rs. 285.7 Cr in Q2 FY21 to Rs.413.2 Cr in Q2 FY22 – Sales to Indian OE customers grew by 34%. – Sales to International customers grew by 78% due to commencement of supplies of steering products to new program in Q3FY21. – Sales to Indian Aftermarket customers increased by 44% supported by new product introductions. › EBITDA increased by 6.7% from Rs. 29.3 Cr in Q2 FY21 to Rs. 31.2 Cr in Q2 FY22 – Increase in all material cost and other cost resulted in drop in EBITDA margin by 268 bps › PBT increased by 19.8% from Rs. 9.4 Cr in Q2 FY21 to Rs. 11.2 Cr in Q2 FY22 Not to be copied or distributed without permission of Rane Holdings Limited 12 RML – Standalone Financials (YTD) Rs Cr 6M FY21# 6M FY22 Total Revenue 382.0 713.7 EBITDA 16.8 54.8 EBITDA Margin 4.4% 7.7% PBT Before Exceptional Items (22.7) 16.2 Exceptional Income / (Expenses) - - PBT (22.7) 16.2 PBT Margin -5.9% 2.3% PAT (15.5) 12.2 PAT Margin -4.1% 1.7% Total Comprehensive Income (13.3) 12.0 # The business operations were partly suspended during Q1 FY21 on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. Hence 6M FY21 results are not comparable to the corresponding period of current year. Not to be copied or distributed without permission of Rane Holdings Limited 13 RML Consolidated – Financial Performance Review Total Revenue EBITDA PBT * (Rs cr.) (Rs cr.) (Rs cr.) 4.7% 1.1% 171.6% 459.5 5.1% 5.0 -2.2% 322.1 Q2 FY2021 Q2 FY2022 42.6% 32.0% 21.6 16.4 -7.0 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 * PBT includes Exceptional items › Total Revenue increased by 42.6% from Rs. 322.1 Cr in Q2 FY21 to Rs. 459.5 Cr in Q2 FY22 – Sales of the US subsidiary grew with strong demand on the served models and ramp-up in volumes on new programs. › EBITDA increased by 32% from Rs. 16.4 Cr in Q2 FY21 to Rs. 21.6 Cr in Q2 FY22 – Improved operational performance sustained on quality, productivity and customer delivery. › PBT increased from a loss of Rs. 7 Cr in Q2 FY21 to a profit of Rs. 5.0 Cr in Q2 FY22 – Exceptional income of Rs. 9.1 Cr (USD 1.2 Mn) on account of US Federal stimulus benefit accounted in Q2 FY22 Not to be copied or distributed without permission of Rane Holdings Limited 14 RML – Consolidated Financials (YTD) Rs Cr 6M FY21# 6M FY22 Total Revenue 436.4 800.4 EBITDA (11.6) 32.9 EBITDA Margin -2.6% 4.1% PBT Before Exceptional Items (59.1) (15.7) Exceptional Income / (Expenses)* - 37.21 PBT (59.1) 21.5 PBT Margin -13.6% 2.7% PAT (51.9) 17.5 PAT Margin -11.9% 2.2% Total Comprehensive Income (57.3) 16.2 * Exceptional Income of Rs.37.21 Cr on account of US Federal stimulus benefit received by LMCA # The business operations were partly suspended during Q1 FY21 on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. Hence 6M FY21 results are not comparable to the corresponding period of the current year. Not to be copied or distributed without permission of Rane Holdings Limited 15 Rane Engine Valve Ltd. (REVL) Not to be copied or distributed without permission of Rane Holdings Limited 16 REVL – Operational Performance Review Business Split (Q2 FY22) Market Environment By Market (%) › Experienced strong demand from Indian OE customers in passenger vehicle and India Aftermarket, 9 commercial vehicle segments › The schedules from International OE customers was affected by semiconductor shortage Intl Aftermarket& India OEM, 28 OEM&OES, 63 Operational Highlights By Vehicle Segment (%) › The plant operations improved their output to support demand growth in Q2 SCV&LCV, 5 FT, 13 MUV&MPV, › 7 Secured new business worth Rs. 7.9 cr from various customers M&HCV, 8 PC, 21 Stationary Engine & Others, 23 2W/3W, 23 Not to be copied or distributed without permission of Rane Holdings Limited 17 REVL – Financial Performance Review Total Revenue EBITDA PBT * (Rs cr.) (Rs cr.) (Rs. cr.) 4.6% 3.5% Q2 FY2021 Q2 FY2022 -5.3 100.4 -4.5 20.4% 3.9 15.8% 83.4 8.7% 3.5 -4.4% Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 -6.4% * PBT includes Exceptional items › Total Revenue increased by 20.4% from Rs. 83.4 Cr in Q2 FY21 to Rs. 100.4 Cr in Q2 FY22 – Sales to Indian OE customers grew by 15%. – Sales to International customers increased by 20%. – Sales to Indian Aftermarket customers grew by 42%. › EBITDA decreased by 8.7% from Rs. 3.9 Cr in Q2 FY21 to Rs. 3.5 Cr in Q2 FY22 – Increase in Material cost, employee cost and other costs resulted in drop in EBITDA margin by 112 bps › Loss before tax for Q2 FY22 was Rs. 4.5 Cr as against a loss of Rs. 5.3 Cr in Q2 FY21 Not to be copied or distributed without permission of Rane Holdings Limited 18 REVL – Financials (YTD) Rs Cr 6M FY21# 6M FY22 Total Revenue 113.9 176.4 EBITDA (12.7) 1.3 EBITDA Margin -11.1% 0.7% PBT Before Exceptional Items (29.6) (12.5) Exceptional Income / (Expenses)* (0.81) (0.90) PBT (30.4) (13.4) PBT Margin -26.7% -7.6% PAT (19.8) (8.9) PAT Margin -17.4% -5.0% Total Comprehensive Income (19.9) (8.8) * Exceptional expenses represents Voluntary Retirement Expenditure # The business operations were partly suspended during Q1 FY21 on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. Hence 6M FY21 results are not comparable to the corresponding period of the current year. Not to be copied or distributed without permission of Rane Holdings Limited 19 Rane Brake Lining Ltd. (RBL) Not to be copied or distributed without permission of Rane Holdings Limited 20 RBL – Operational Performance Review Business Split (Q2 FY22) Market Environment By Market (%) › Intl OEM & After Demand recovered across key served segments Market, 4 India OEM&OES, › In the Aftermarket, STU and other Bus segment continue to underperform 55 India Aftermarket, 41 Operational Highlights By Vehicle Segment (%) › Achieved 100% delivery performance with all customers FT, 2 2W/3W, 11 › Secured various new business from Indian OE customers having a combined sales Rail/Others, 2 potential of around Rs. 3.0 Cr. p.a. M & HCV, 30 PC, 30 LCV, 2 SCV, 1 MUV/MPV, Not to be copied or distributed without permission of Rane Holdings Limited 22 21 RBL – Financial Performance Review Total Revenue EBITDA PBT (Rs cr.) (Rs cr.) (Rs cr.) 21.0% 15.5% 22.6 7.0% 126.2 11.2% 16.7 107.7 37.8% 17.2% 47.2% 14.1 8.8 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 › Total Revenue increased by 17.2% from Rs. 107.7 Cr in Q2 FY21 to Rs. 126.2 Cr in Q2 FY22 – Sales to OE customer grew by 12% – Sales to Aftermarket customers grew 24% › EBITDA decreased by 37.8% from Rs. 22.6 Cr in Q2 FY21 to Rs. 14.1 Cr in Q2 FY22 – Increase in material cost and unfavourable product mix resulted in drop in EBITDA margin 985 bps. – There was also an one off selling price increase recovery from customer during Q2 FY21 › PBT decreased by 47.2% from Rs. 16.7 Cr in Q2 FY21 to Rs. 8.8 Cr in Q2 FY22 Not to be copied or distributed without permission of Rane Holdings Limited 22 RBL – Financials (YTD) Rs Cr 6M FY21# 6M FY22 Total Revenue 148.9 224.1 EBITDA 19.0 21.3 EBITDA Margin 12.8% 9.5% PBT Before Exceptional Items 6.7 10.7 Exceptional Income / (Expenses) - - PBT 6.7 10.7 PBT Margin 4.5% 4.8% PAT 4.6 7.1 PAT Margin 3.1% 3.2% Total Comprehensive Income 4.9 6.0 # The business operations were partly suspended during Q1 FY21 on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. Hence 6M FY21 results are not comparable to the corresponding period of the current year. Not to be copied or distributed without permission of Rane Holdings Limited 23 Rane TRW Steering Systems Pvt. Ltd. (RTSS) Not to be copied or distributed without permission of Rane Holdings Limited 24 RTSS – Operational Performance Review Business Split (Q2 FY22) Market Environment By Market (%) › Strong off-take from Commercial vehicle segment in steering business India OEM&OES, › Occupant Safety business sales impacted due to semiconductor shortages 57 Intl OEM, 38 India Aftermarket, 5 Operational Highlights By Vehicle Segment (%) › Productivity improvements carried out across plants and all plants achieved 100% M & HCV, 24 FT & delivery adherence across all the customers Others, 1 LCV, 11 PC, 23 SCV, 1 MUV&MPV, Not to be copied or distributed without permission of Rane Holdings Limited 40 25 RTSS – Financial Performance Review Total Revenue EBITDA PBT (Rs cr.) (Rs cr.) (Rs cr.) 9.4% 9.6% 5.2% 32.5 5.1% 18.2 26.5 347.1 25.7% 22.7% 29.1% 276.1 14.1 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 › Total Revenue increased by 25.7% from Rs. 276.1 Cr in Q2 FY21 to Rs. 347.1 Cr in Q2 FY22 – Revenue from steering gear products grew 47% – Revenue from occupant safety systems increased 10% › EBITDA increased by 22.7% from Rs. 26.5 Cr in Q2 FY21 to Rs. 32.5 Cr in Q2 FY22 – Increase in material cost and employee cost resulted in marginal drop in EBITDA › PBT increased by 29.1% from Rs. 14.1 Cr in Q2 FY21 to Rs. 18.2 Cr in Q2 FY22 Not to be copied or distributed without permission of Rane Holdings Limited 26 RTSS – Financials (YTD) Rs Cr 6M FY21# 6M FY22 Total Revenue 362.5 622.6 EBITDA 10.9 52.3 EBITDA Margin 3.0% 8.4% PBT Before Exceptional Items (13.2) 23.6 Exceptional Income / (Expenses) - - PBT (13.2) 23.6 PBT Margin -3.6% 3.8% PAT (9.8) 17.6 PAT Margin -2.7% 2.8% Total Comprehensive Income (9.4) 17.6 # The business operations were partly suspended during Q1 FY21 on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. Hence 6M FY21 results are not comparable to the corresponding period of the current year. Not to be copied or distributed without permission of Rane Holdings Limited 27 Rane NSK Steering Systems Pvt. Ltd. (RNSS) Not to be copied or distributed without permission of Rane Holdings Limited 28 RNSS – Operational Performance Review Business Split (Q2 FY22) Market Environment By Market (%) › Strong growth in Utility Vehicle segment Intl OEM, 0 India OEM&OES, › Semiconductor shortage impacting the demand 100 Operational Highlights By Vehicle Segment (%) › Secured new business for MSC product with a sales potential of around Rs. 9 Cr. p.a. SCV, LCV, 3 M & HCV, 4 MUV ,MPV, 24 FT & Others, 2 PC, 67 Not to be copied or distributed without permission of Rane Holdings Limited 29 RNSS – Financial Performance Review Total Revenue EBITDA PBT* (Rs cr.) (Rs cr.) (Rs cr.) 9.9% 5.5% 11.2% 836.9% -1.0% 360.2 19.8 28.4% 13.4% 280.5 35.5 -2.7 Q2 FY2021 Q2 FY2022 31.4 Q2 FY2021 Q2 FY2022 Q2 FY2021 Q2 FY2022 * PBT includes Exceptional items › Total Revenue increased by 28.4% from Rs. 280.5 Cr in Q2 FY21 to Rs. 360.2 Cr in Q2 FY22 – Better offtake in served models helped post growth in Total Revenue › EBITDA increased by 13.4% from Rs. 31.4 Cr in Q2 FY21 to Rs. 35.5 Cr in Q2 FY22 – Lag in recovery of material cost increase resulted in drop in EBITDA margin › PBT for Q2 FY22 was Rs.19.8 Cr compared to loss of Rs. 2.7 Cr in Q2 FY21 – Discussions under progress to determine and conclude on certain aspects pertaining to warranty returns. Based on our assessment and pending final outcome of the discussions, no incremental provision has been made during this quarter. Not to be copied or distributed without permission of Rane Holdings Limited 30 RNSS – Financials (YTD) Rs Cr 6M FY21# 6M FY22 Total Revenue 318.8 658.1 EBITDA 19.3 64.5 EBITDA Margin 6.1% 9.8% PBT Before Exceptional Items (7.1) 33.6 Exceptional Income / (Expenses)* (20.8) - PBT (27.9) 33.6 PBT Margin -8.7% 5.1% PAT (18.4) 21.7 PAT Margin -5.8% 3.3% Total Comprehensive Income (18.1) 21.2 *Exceptional expenses represents incremental provision made towards product warranty claim # The business operations were partly suspended during Q1 FY21 on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. Hence 6M FY21 results are not comparable to the corresponding period of the current year. Not to be copied or distributed without permission of Rane Holdings Limited 31 Thank You Rane Corporate Centre For further information, please contact: “Maithri" 132, Cathedral Road, investorservices@ranegroup.com or dpingle@christensenir.com Chennai -600 086, India w w w.ra n eg roup .c om Not to be copied or distributed without permission of Rane Holdings Limited 32 Glossary of Abbreviations Abbreviation Expansion Abbreviation Expansion CV CommercialVehicle PAT Profit After Tax Cr Crores PBT Profit Before Tax EBITDA Earnings Before Interest, Tax, Depreciation PC Passenger Car and Amortization PV Passenger Vehicle FT Farm Tractors Q1 Quarter 1 FY Financial Year Q2 Quarter 2 Intl International RBL RaneBrake Lining Limited JV Joint Venture REVL RaneEngine Valve Limited LCV Light Commercial Vehicles RHL Rane Holdings Limited LMCA LightMetal Castings America RML Rane (Madras) Limited Mn Million RNSS Rane NSK Steering Systems Pvt Limited MSC Manual Steering Column RTSS Rane TRW SteeringSystems Pvt Limited MPV Multi Purpose Vehicles SCV Small Commercial Vehicles MUV Multi Utility Vehicles SE Stationary Engines M&HCV Medium & Heavy Commercial Vehicles STU State TransportUndertaking OE Original Equipment SIAM Society of Indian Automobile Manufacturers OEM Original Equipment Manufacturer YoY Year-on-Year OES Original Equipment Supplier YTD YearTo Date p.a Per Annum 2W/3W Two Wheeler/Three Wheeler Not to be copied or distributed without permission of Rane Holdings Limited 33 Disclaimer This presentation may contain certain forward looking statements concerning Rane’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, government policies and action with respect to investments, fiscal deficits, regulations etc., interest and other fiscal costs generally prevailing in the economy. The company does not undertake to make any announcement in case any of these forward looking statement become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. Not to be copied or distributed without permission of Rane Holdings Limited 34