Analyst Briefing4th Quarter 2014

January 27th, 2015

Key Highlights

TARANG ELAICHI

313%

20% 18%

13%

20%

0.4%

4.7%2.1%

3.2%

6.4%

0%

5%

10%

15%

20%

25%

30%

4Q'13 1Q'14 2Q'14 3Q'14 4Q'14

GP as a % of revenue

PAT as a % of revenue

Business Update Dairy & Beverages

Volume increase vs.

- 3Q14: 22%

- 4Q13: 21%

UHT Market Share

- Nov 2014: 56%

- Dec 2013: 49%6,000

7,000

8,000

9,000

10,000

11,000

12,000

4Q'13 1Q'14 2Q'14 3Q'14 4Q'14

Revenue (Rs. M)

Ambient UHT & Dairy Powder Juices

12,037

9,481 9,517

8,629

9,835

QoQ Increase in GP %

Decrease in milk price 4%

Price increase in Olpers 3%

Price decrease in Tarang -1%

Energy & other variable cost 1%

4377

512

1,169

953

301

0

200

400

600

800

1,000

1,200

4Q'13 1Q'14 2Q'14 3Q'14 4Q'14

Revenue (Rs. M)

(184)(169)

38

8

(170)

9%

34%

43%40%

2%

-60%

-45%

-30%

-15%

0%

15%

30%

45%

60%

(200)

(150)

(100)

(50)

0

50

100

150

200

4Q'13 1Q'14 2Q'14 3Q'14 4Q'14

GP as % of revenue

PAT (Rs. M)

Business Update Ice cream & Frozen Desserts

Volume increase vs.

FY 2013: 17%

Market Share:

- Dec 2014: 28%

- Dec 2013: 25%(Internal Estimate)

53,787 3,979 3,783 4,286 4,726

3443

33 18

38

5

15

25

35

45

2,500

3,000

3,500

4,000

4,500

5,000

4Q'13 1Q'14 2Q'14 3Q'14 4Q'14

Herd Size

Production (thousand litres per day)

(8)

(20)

10

(24)

3

(30)

(10)

10

4Q'13 1Q'14 2Q'14 3Q'14 4Q'14

PAT (Rs. M)

Business Update Farm

10% higher production compared to 4Q13

Rs. Millions

Q42014

12 months of 2014

2015 Outlook

Sales PAT Sales PAT

Dairy 12,037 768 40,018 1,711

Expecting Industry growth to continue and also see opportunity for further market shareexpansion.

Margin to remain strong on the back of lower inflation and international powder prices.

Innovation to continue

Ice Cream 301 (170) 2,936 (292) Expecting volume growth to continue.

Farm - 3 - (32) Expecting volume growth to continue.

Mabrook 18 (112) 73 (239) Discontinued so no more losses expected.

Canada - (37) - (596) Discontinued so no more losses expected.

Prior year Tax Credit

- 185 - 337 Expecting around Rs. 50mn in 2015

Total 12,356 637 43,027 889

2015 Outlook

7