Investor Presentation

August 2013

Industry Overview

Industry Size and Structure

FMCG Rs.199,401 cr (USD 36.3 bn)

Hair Care Rs. 15,141 cr (USD 2.75 bn)

8% salience

Shampoo Rs. 4694cr (USD 853 mn) (31.0%)*

Perfumed Oil Rs. 4283 cr (USD 779 mn) (28.3%)*

Coconut Based Oil Rs. 3587 cr (USD 652 mn) (23.7%)*

Hair Oil Market

Hair Conditioners Rs. 302 cr (USD 55 mn) (2.0%)*

Hair Dyes Rs. 2,271 cr (USD 413 mn) (15.0%)*

Coconut based Oils (46%)**

Amla based Oils (15%)**

Light Hair Oils (16%)**

Cooling Oils (11%) **

Others (12%)**

Perfumed Hair Oil Segment

Source: AC Nielsen Retail Audit Report. Only branded products data for CY 2012

* Value based share of Hair Care Market ** Value based share of Hair Oil Market

Light Hair Oil is now the largest non-coconut hair oil segment
2

Hair Oil Market in India

Overall Hair Oil Market Volume
300,000 250,000 200,000 197,057 172,528 3M-o-3M 2.2% Y-o-Y 10.1% Y-o-Y 8.6% 132560 Y-o-Y 30% Y-o-Y 14% Y-o-Y 1.2% Y-o-Y 5.1% 214,002 235,539 238,283 250,396 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

Overall Oil Market Value

7,861 6,981 5,728 4,498 Y-o-Y 12.1% 3,707 Y-o-Y 31% Y-o-Y 21% 2,827.3 5,044 3M-o-3M 6.8% 12-13 1299 1,080 831 710 Y-o-Y 40% Y-o-Y 29% Y-o-Y 30% 472 3M-o-3M 17.7% 12-13 Y-o-Y 13.6% Y-o-Y 22% Y-o-Y 12.6%

(In KLtr)

150,000 100,000 50,000 0

(Rs. Cr.)

64,511

2,107

06-07

07-08

08-09

09-10

10-11

11-12

12-13

13-14 (3m)

06-07

07-08

08-09

09-10

10-11

11-12

13-14 (3m)

Light Hair Oil Volume

35,000 30,000 25,000 18,390 15,603 Y-o-Y 33% 11764 Y-o-Y 18% 19,908 Y-o-Y 12.5% 22,406 29,663 26,768 1,200 1,000 800 600 400 200 13-14 (3m) 0 06-07 07-08 335.6 1,400

Light Hair Oil Value

(In KLtr)

3M-o-3M 8.6%

20,000 15,000 10,000 5,000 0 06-07

Y-o-Y 19.5%

Y-o-Y 10.8%

(Rs. Cr.)

Y-o-Y 8.3%

610
Y-o-Y 16.4% Y-o-Y 17.1% Y-o-Y 20.3%

8,035

366

07-08

08-09

09-10

10-11

11-12

12-13

08-09

09-10

10-11

11-12

Source: AC Nielsen Retail Audit Report, Jun2013.

13-14 (3m)

Light hair oils is one of the fastest growing segments in the hair oil market in India
3

Light Hair Oil Market in India

Light Hair Oil Volume
1,400 35,000 30,000 25,000 18,390 Y-o-Y 33% Y-o-Y 18% 15,603 19,908 Y-o-Y 12.5% 22,406 3M-o-3M 8.6% Y-o-Y 19.5% Y-o-Y 10.8% 29,663 26,768 1,200 1,000 831 610 Y-o-Y 16.4% Y-o-Y 17.1% Y-o-Y 20.3% Y-o-Y 40% Y-o-Y 29% Y-o-Y 30% 472 335.6 3M-o-3M 17.7% 12-13 Y-o-Y 22.7% 12-13 710 1,080

Light Hair Oil Value

1299

(Rs. Cr.)

(In KLtr)

20,000 15,000 10,000 5,000

800 600 400 200

11764

Y-o-Y 8.3%

8,035

366

0
06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 (3m)

0
06-07 07-08

08-09

09-10

10-11

11-12

13-14 (3m)

Almond Drops Hair Oil Market - Volume

18,000 16,000 14,000 12,000 11,006 13,895 9,559 16,157 800 700 600 3M-o-3M 15.5%

Almond Drops Hair Oil Market - Value

739 594 441

(In KLtr)

Y-o-Y 48.9%

Y-o-Y 26.7%

Y-o-Y 17.9%

Y-o-Y 15.1%

Y-o-Y 16.3%

Y-o-Y 51%

6,000 4,000 2,000 0

5,988

Y-o-Y 35%

Y-o-Y 26.2%

3978

4,578

300 200 100 0

284

Y-o-Y 34.8%

8,000

Y-o-Y 54.5%

Y-o-Y 24 .4%

400

Y-o-Y 22.6%

10,000

8,108

(Rs. Cr.)

500 360

191

213

123

06-07

07-08

08-09

09-10

10-11

11-12

12-13

Source: AC Nielsen Retail Audit Report, Jun2013.

13-14 (3m)

06-07

07-08

08-09

09-10

10-11

11-12

13-14 (3m)

Almond Drops is the brand which is driving light hair oils and in turn the overall market
4

Nielsen Panel Expansion

Nielsen has expanded its retail audit panel in 2013 up by 60% from the existing panel with significant increases in Rest of Urban and Rural. This enhancement improves country level precision for all states and pickup more regional / local brands, thereby significantly improving accuracy in reported estimates. Since Nielsen data is based on statistical projection of sample to the actual universe, any change in sample leads to a change in the projected data with retrospective effect. As a result of this expansion the data from Jan 2011 onwards

has changed to reflect the bigger panel and hence better data.
Category outlets Hair Care oils LHO HAB CHO Old Panel 6,923,929 4,865,663 3,063,306 3,299,790 New Panel 6,032,262 4,177,911 2,554,584 2,802,538
Source: Nielsen Retail Audit Report, Jun2013
5

Market Shares Trends (All India - Urban Plus Rural)

Volume MS
70% 60% 50% 40% 30% 20% 20% 10% 10% 0% 07-08 08-09 09-10 10-11 11-12 12-13 13-14 (3m) 0% 07-08 08-09 38.4% 40% 30% 48.0% 44.1% 49.1% 51.9% 54.5% 57.0% 60%

Value MS
56.9% 58.4%

50.7% 50% 40.3% 46.5%

53.0%

55.0%

09-10

10-11

11-12

12-13

13-14 (3m)

*Market Share in the Light Hair Oil Category

Source: AC Nielsen Retail Audit Report, Jun2013

ADHO Relative Market Share Value Trend

Relative Market share is the ratio of Almond Drops market share to the next largest competitor in LHO segment

Relative MS - Val
4.5 4.04 4 3.5 3 2.5 2.08 2 1.5 3.43 4.27

3.17
2.65

1
0.5 0 2008 2009 2010 2011 2012 2013 (6M)

Source AC Nielsen Retail Audit Report, Jun2013

Growth in Relative market share demonstrates the strength of the brand

7

ADHO Relative Market Shares Value

State Delhi Rajasthan Uttar Pradesh Punjab HP-JK Haryana Uttaranchal North Zone Assam North East Bihar Orissa West Bengal Jharkhand East Zone All India Relative MS
3.7 1.6 3.4 4.0 2.8

4.3
4.9

Rank 1st 1st 1st 1st 1st 1st 1st

1st

State
Madhya Pradesh Chhattisgarh Central Zone Gujarat Mumbai Maharashtra West Zone Andhra Pradesh Karnataka Kerala Tamil Nadu South Zone

Relative MS
3.8
6.2 4.4 2.2 3.9 4.3 3.0 0.8 6.7 1.3 0.5 1.3 4.3

Rank
1st
1st 1st 1st 1st 1st 1st 2nd 1st 1st 2nd 1st 1st

4.1
5.5 4.1

7.9
4.1 3.1 5.0 5.6

1st 1st 1st 1st 1st 1st 1st

1st

All India

4.3

Relative Market share is the ratio of Almond Drops market share to the next largest competitor in LHO segment Rank is the position of ADHO in respective state
Source AC Nielsen Retail Audit Report, Jun2013
8

Statewise Market Share

July12-June13 LHO Volume Saliency
100.0% 5.8% 6.7% 5.9% 9.0%

Proportion % Urban Rural

65.1% 68.8% 80.4% 100.0% 59.9% 34.9% 31.2% 19.6% 0.0% 40.1%

ADHO Market Share % (Vol) Total Urban Rural

55.4% 52.8% 57.4% 52.2% 47.1% 53.7% 51.5% 54.8% 52.2% 45.9% 48.9% 58.5% 55.8% 68.2%

Source: AC Nielsen Retail Audit Report, MAT Jun2013

All India (U+R) Punjab Haryana Delhi Rajasthan Uttar Pradesh (U+R) Uttaranchal Assam Bihar Jharkhand Orissa West Bengal Gujarat Madhya Pradesh Chattisgarh Maharashtra Karnataka Andhra Pradesh Tamil Nadu Kerala

21.7%
1.0% 5.6% 4.5% 0.8% 1.5% 6.5% 6.1% 11.5% 3.5% 6.8% 1.0% 1.5% 0.5% 0.1%

61.8%
58.3% 45.6% 65.3% 77.0% 61.4% 63.3% 74.8% 43.7% 46.6% 81.8% 86.7% 71.8% 96.2% 90.0%

38.2%
41.7% 54.4% 34.7% 23.0% 38.6% 36.7% 25.2% 56.3% 53.4% 18.2% 13.3% 28.2% 3.8% 10.0%

58.7%
60.9% 52.3% 72.8% 60.8% 56.4% 37.6% 52.5% 61.9% 67.1% 57.3% 63.3% 32.0% 23.5% 19.1%

55.5%
57.7% 43.6% 71.3% 60.0% 56.6% 37.5% 51.2% 65.4% 63.9% 57.9% 62.9% 37.8% 24.3% 20.9%

63.9%
65.3% 59.5% 75.5% 63.3% 56.0% 37.7% 56.4% 59.2% 69.8% 54.7% 66.2% 17.0% 3.8% 3.3%
9

Light Hair Oil Market Key Characteristics

Rural Urban break up of LHO market Share of Distribution Channels in LHO market
Modern Trade 3% Cosmetics 4% Chemists 7% Gen Stores 28% Others 7% Traditional channels dominate distribution, but alternate channels like modern retail demonstrating higher growth rate

All India Rural 36% All India Urban 64%

Urban dominated segment due to its relatively higher pricing

Local Grocer Stores 51%

% - Market share

SKU wise break up of LHO market

500ml, 3.6% 2-5ml, 4.6%

Region wise break up of LHO market

South, 4%

300ml, 7.1% 250ml, 0.6%

200ml, 18.1%

100ml, 36.9%

Given the dominance of the urban market, larger units account for bulk 50ml, 20.0% of the sales. However, smaller 75ml, 4.4%units to increase rural penetration

10-45ml, 3.7%

West, 28% North, 48%

Sales tend to be concentrated in the Northern parts of the country, but West is the fastest growing region

East, 21%

Source: AC Nielsen Retail Audit Report, Mar2013

10

Cooling Hair Oil Market in India

Cooling Hair Oil Volume
25,000 19,498 1,000 900 20,000 16,610 14,655 18,520 800 760 667 594 485 869

Cooling Hair Oil Value

6M-o-6M -6.3%

700

KLtr

Y-o-Y - 13%

Y-o-Y - 12%

Y-o-Y 5.0%

Y-o-Y - 18%

12,416

10,000

9,252

400 300 200 100

5,000

0
CY08 CY09 CY10 CY11 CY12 Jan13-Jun 13

0
CY08 CY09 CY10 CY11 CY12 Jan13-Jun 13

Kailash Parbat Distribution Trend

4.0 3.5 3.0 3.53.6 3.2 3.23.23.13.0 3.0 3.0 3.0 2.82.8 2.8 2.5 2.0 1.8 1.61.61.5 1.5 1.4 1.31.5 1.2 0.9 0.4

3.5% 3.0% 2.5% 2.0%

Kailash Parbat Volume Market Share Trend

2.5% 2.5% 2.4% 2.3% 2.3% 2.2% 2.1% 2.0% 1.9% 1.7% 1.5% 1.4% 1.3% 2.6% 2.9% 2.5% 2.9%

Lakh outlets

2.5 2.0 1.5 1.0

1.5%
1.0% 0.5% 0.0% 0.0%

1.4% 1.2% 1.2% 1.0% 1.0% 1.0% 1.0% 0.8% 0.4%

0.5 0.0 0.0

APR11 MAY11 JUN11 JUL11 AUG11 SEP11 OCT11 NOV11 DEC11 JAN12 FEB12 MAR12 APR12 MAY12 JUN12 JUL12 AUG12 SEP12 OCT12 NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13

Source AC Nielsen Retail Audit Report, Jun2013

Y-o-Y 14%

Y-o-Y - 23%

Y-o-Y - 12%

Y-o-Y - 14%

500

6M-o-6M 2.9%

15,000

Rs. Cr.

600

441

11

Company Overview

Bajaj Corp Ltd. (BCL) An Overview

Part of Bajaj Group which has business interests in varied industries including sugar, consumer goods, power generation & infrastructure development
Bajaj Almond Drops Hair Oil - A premium perfumed hair oil containing almond oil and Vitamin E Competitors Keo Karpin (Deys Medical), Hair & Care (Marico), Clinic All Clear (HUL) Bajaj Kailash Parbat Cooling Oil An ayurvedic formulation containing Sandal & Almond extracts Competitors: Himani Navratna Bajaj Brahmi Amla Hair Oil - Traditional heavy hair oil. Brand has been in existence since 1953 Competitors - Dabur Amla, Dabur Sarson Amla Bajaj Amla Shikakai Variant in the heavy hair oil segment catering to price conscious consumers Competitors - Shanti Badam Hair Oil (Marico)

Subsidiary of Bajaj Resources Ltd. (BRL)

BCL is the exclusive licensee of brands owned by BRL Brands licensed to BCL for 99 years from 2008

3rd largest player in the overall hair oils segment Key brand Bajaj Almond Drops Hair Oil

Market leader with over 58% market share* of LHO market

Premium positioning commands one of the highest per unit prices in the industry

New Product Launch: Bajaj Kailash Parbat Cooling Oil Other brands - Brahmi Amla, Amla Shikakai and Jasmine (all hair oil brands) and Black tooth powder

Bajaj Jasmine Hair Oil - A Jasmine flower perfumed hair oil. In demand due to cultural significance.

Bajaj Kala Dant Manjan An oral care product for the rural market.
13

*Source: AC Nielsen Retail Audit Report, Jun2013.

Bajaj Almond Drops - A Premium Brand

Strong Market Share Growth in Recent Years
70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 05-06 06-06 07-08 08-09 09-10 10-11 11-12 12-13 13-14 (3m) 36.7% 31.4% 46.5% 40.3% 58.4% 55.0% 56.9% 53.0% 50.7% 60 50 40 30 20 10 0 28 40 42 46 50

. . . But not at the cost of pricing power

55 38

29

30

32

35

Comparative Price of Different Brands for 100 ml in the Hair Oil Segment
70

Competitor Brands
60 55 55

(MRP of 100ml (Rs.)

60 50 40 30 20 10 0 36

44

42

44
38

23

27

Amla Shikakai Brahmi Amla Almond Drops Kailash Parbat Source: AC Nielsen Retail Audit Report Jun2013, Kotak Institutional Research

Parachute

Keo Karpin

Dabur Vatika

Dabur Amla

Hair & Care

Navratna

Almond Drops has created a unique positioning for itself through initiatives like product differentiation (Almond based), focused marketing, unique packaging (glass vs. plastic used by competition etc.)
14

Consumer Profile- Almond Drops

For Almond Drops the consumer is: Gender Male- 54% Female- 46%

Age Group 15 to 39 yrs ( 59% of users) Urban Vs Rural 61% are Urban consumers

Socio Economic Class (SEC)- Urban A1- 10.4% A2- 14.4% B1- 14.4% B2- 11.5%

Source IRS, Q42012

15

Strong Distribution Network

Distribution Network
The company reaches consumers through 2.36mn retail outlets serviced by 6721 direct distributors and 14,848 wholesalers
66

Distribution Structure

Factory (5)
OWN Himachal Pradesh -2, Uttarakhand-1 THIRD PARTY - Himachal Pradesh-1, Rajasthan-1

47
50 212 154

Central Warehouse (1)

1518

562
375 590
163

547 173

386

Regional Distribution Centre (29)

432

208 502 MT - 69 260 262

Urban Distribution

Rural Distribution

Redistribution Stockist (1,775)

Super Stockist (184)

Sub-Stockist (4,946)
98

Retail Outlets (983,633)1

1 - as on June 30 2013. Nielsen New Sample

Retail Outlets (1,376,397)1

Over the years, BCL has created a large distribution network (that continues to grow) which can be leveraged to introduce new products

Van Operations
Started in FY 13 with a objective of increasing Rural Sales Piloted 39 Vans in Q4 FY 13 Currently operating 120 vans (for Sales) and 26 Video Vans (for Promotions) Vans cover 7611 uncovered Towns and Villages on a monthly basis In Q1 FY 14 Bajaj Almond Drops Hair Oil got 37 % of its sales from Rural India Volume Growth in Rural India 22.3% (Urban + Rural = 15.5%) Market share in Rural India 60.4% (Urban + Rural = 57%)

17

Organization Structure
Chairman Mr. Kushagra Bajaj Managing Director Mr. Sumit Malhotra President Operations Mr. Apoorv Bajaj Chief Financial officer Mr. V.C.Nagori Vice President (Finance) Mr. D.K. Maloo Company Secretary Sr. Manager Finance Purchase Manager DGM Finance Sr. Manager Finance Manager Logistics Regional Commercial Manager DGM -EDP

Director Business Development Mr. Jimmy Anklesaria

GM Marketing Mr. Gurpreet S. Amrit

GM- Operations Mr. Kabir Sahni Works Manager

GM HR Mr. S. Chatterjee

Head International Business Mr. Arnab Banerjee

VP Sales Mr. Sudhir Taneja

DGM Sales AGM - West

Sr. Manager EDP

Quality Control Manager

RSM North 1

RSM North 2

RSM - Central
18

Financial Information
Summary Income Statement
` in Crores

Summary Balance Sheet

(` in Crores)

Particulars Sales (Net) EBITDA EBITDA Margin

Q1 FY14 170.05 48.24 28.37%

Q1 FY13 138.05 38.92 28.19%

FY13 605.66 172.87 28.54%

FY12 472.24 116.64 24.70%

Particulars Shareholders Equity Total Debt Net Fixed Assets Investments

(including Bank FDs, Bank CDs and Government Securities & Bonds)

Q1 FY 14 Q1 FY 13 532.08 47.14 461.24 23.70 466.70 39.54 396.82 30.34

2012-13 2011-12 485.06 45.85 423.04 16.17 428.81 38.90 366.12 23.79

Net Profit after Tax

47.01

37.62
27.25%

167.38
27.64%

120.09
25.43%

Net Profit Margin 27.65%

Net Current Assets

Sales Break up in Q1 FY 14 by Brand

BAHO 1.1% ASHO 0.1% KPCO 2.5% JHO 0.3% BTP 0.2%

Key Highlights
Strong demonstrated growth track record Among the highest EBITDA margins in the industry

ADHO 95.7%
19

EBITDA & PAT Performance

` in Crores

Particulars EBITDA Profit Before Tax (PBT) Profit After Tax (PAT)

Q1 FY14 48.24

Q1 FY13 38.92

YoY% 23.95%

FY13 172.87

FY12 116.64

YoY% 48.21%

59.51

47.13

26.27%

209.55

151.34

38.46%

47.01

37.62

24.97%

167.38

120.09

39.38%

20

Profit & Loss Q1 & FY2013

Particulars Net Sales Other Operating Income Material Cost % of Sales Employees Cost % of Sales Advertisement & Sales Promotion Exp. % of Sales Other Expenses % of Sales EBITDA % of Sales Other Income % of Sales Finance Cost Depreciation Profit Before Tax & Exceptional Item Exceptional Items Profit Before Tax(PBT) Tax Expenses Q1FY14 170.05 0.19 68.63 40.36% 8.31 4.89% 28.53 16.78% 16.52 9.72% 48.24 28.37% 12.06 7.09% 0.01 0.78 59.51 0.00 59.51 12.50 Q4FY13 183.69 0.49 77.45 42.16% 8.65 4.71% 30.24 16.46% 15.95 8.68% 51.89 28.25% 10.69 5.82% 0.03 0.85 61.70 0.00 61.70 12.55 Q1FY13 138.05 0.19 61.77 44.75% 6.93 5.02% 17.36 12.58% 13.26 9.61% 38.92 28.19% 9.01 6.53% 0.02 0.78 47.13 0.00 47.13 9.51 YoY% 23.18% FY13 605.66 1.06 260.08 42.94% 29.16 4.81% 87.92 14.52% 56.69 9.36% 172.87 28.54% 40.05 6.61% 0.09 3.28 209.55 0.00 209.55 42.17 ` in Crores FY12 YoY% 472.24 28.25% 1.08 221.70 46.95% 22.90 4.85% 64.71 13.70% 47.37 10.03% 116.64 24.70% 37.38 7.92% 0.08 2.60 151.34 0.00 151.34 31.25

23.95%

48.21%

26.27%

38.46%

26.27%

38.46%

Profit After Tax(PAT) % of Sales Diluted EPS (Rs.)

47.01 27.65% 3.19

49.15 26.76% 3.33

37.62 27.25% 2.55

24.97%

167.38 27.64% 11.35

120.09 25.43% 8.14

39.38%

21

Sales Performance
Sales (Value) : FY 12 v/s FY 13

Sales (Value) : Q1FY13 v/s Q1FY14

180 160 140 120 100 80 60 40 20 0

700.00 600.00 500.00 400.00

In ` Crores

138.05

170.05

300.00
200.00 100.00 472.24

605.66

Q1 FY13

Q1 FY14

FY12

FY13

Sales for Q1 FY 14 increased by 23.18% in value terms and 20.16% in volume terms.

22

Statement of Quarter wise Sales (Volume & Value)

STATEMENT OF QUARTERWISE SALES (VOLUME- IN CASES)
Product ADHO KPCO BAHO ASHO OTHERS
TOTAL

Q1 FY14 1,163,796 21,653 9,853 1,732 4,779

1,201,813

% to Total 96.84% 1.80% 0.82% 0.14% 0.40%

100.00%

Q1 FY13 % to Total 952,959 95.28% 28,665 2.87% 11,481 1.15% 2,455 0.25% 4,639 0.46%
1,000,199 100.00%

% Increase over corresponding period of Previous Year

20.16%

STATEMENT OF QUARTERWISE SALES (VALUE In Rs. Crores)

Product
ADHO KPCO BAHO ASHO OTHERS
TOTAL

Q1 FY14 % to Total Q1 FY13 % to Total 162.71 95.68% 129.46 93.78% 4.33 2.55% 5.45 3.95% 1.94 1.14% 2.07 1.50% 0.18 0.11% 0.26 0.19% 0.89 0.52% 0.81 0.59%
170.05 100.00% 138.05 100.00%

% Increase over corresponding period of Previous Year

23.18%

23

Consistent Performance over the last 13 successive quarters

40.00% Gr (Vol) 35.00% 35.12% 30.29% 30.00% 24.96% 28.53% 25.00% 28.26% 25.68% 23.17% 20.00% 25.51% 28.76% 28.25% 28.19% 29.03% 28.37% Gr (Value) EBIDTA

15.00%

10.00%

5.00%
14.91% 11.19% 19.19% 17.39% 24.07% 21.09% 27.60% 19.96% 30.44% 21.98% 31.43% 20.45% 30.75% 22.27% 33.46% 22.35% 29.53% 18.70% 27.25% 22.33% 31.84% 19.12% 25.31% 20.16% 23.18% 8.64% 0.00% Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14

24

Change in Prices of Key Ingredients

Per Kg Rates of LLP
85 85.00

Per Kg Rates of Oil

Amount (Rs.)

80

80.00

75

83.54 80.40 78.43 73.54

75.00 79.80 70.00 71.89 70.87

81.15

70

65

Qtr1 (FY13 vs FY14)

FY12 vs FY13

65.00 Qtr1 (FY13 vs FY14) FY12 vs FY13

During the quarter average price of LLP decreased to Rs. 73.54/kg from Rs.80.40/kg in corresponding previous quarter recording a reduction of 8.5%.

Prices of Refined oil also decreased to Rs.71.89/kg in current quarter from Rs.79.80/kg in corresponding previous quarter recording a reduction of 9.9%.

25

Breakup of RM/PM Costs (for Q1 14)

Key Raw & Packing Material LLP Glass Bottles Refined Veg. Oil Perfumes & other additives Corrugated Boxes Caps Laminates Others TOTAL
*Consumption is 39.77% of Sales
*For Bajaj Almond Drops

% to Sales 14.62% 9.69% 4.24% 3.49% 1.64% 2.14% 1.64% 2.32% 39.77%

% to Total Cost 36.76% 24.36% 10.65% 8.77% 4.12% 5.39% 4.13% 5.82% 100.00%

26

Corporate Governance
Bajaj Corp Ltd is a part of the Bajaj Group of companies. The other listed entity in the group is Bajaj Hindusthan Ltd Bajaj Corp Ltd has not and will not transfer funds from and to from any other company within the Bajaj Group The Company acquired in September 2011 (Uptown Properties) owns a piece of land and building in Worli, Mumbai. Uptown Properties was previously owned by the C.K. Raheja Group (i.e. Mr. Chandu Raheja) The corporate Headquarters of Bajaj Corp Ltd will be constructed on this land. The Construction is expected to be completed by mid 2015. The Bajaj Group is well aware of issues regarding Corporate Governance and would like to state that they will be no financial interaction between any of the listed entities within the group.

27

Growth Strategy
Strategy
Market share gains from other hair oil segments

Action Steps
Convert coconut hair oil users to light hair oil users through sampling, targeted advertising campaigns, product innovation and creating awareness about product differentiation including communicating the advantages of switching to lighter hair oils. Aim for a market share of 65% by the year 2015-16 Tap the increase in disposable income of rural India and convert rural consumer from unbranded to branded products by providing them with an appropriate value proposition Among its key competitors, our Almond Drops is the only brand which is available in sachets a marketing initiative to penetrate the rural market BCL has over the years created a strong distribution network across 2.36 mn. retail outlets which can be optimally utilized by introducing new products BCL intends to extend Almond Drops platform developed by its Almond Drops Hair Oil brand to other personal care products to leverage on the strong connotation of Almonds with nutrition

Focus on rural penetration

Leverage existing strengths to introduce new products

Pursue inorganic Opportunities

Will seek inorganic growth opportunities in the FMCG and hair oil market as part of growth strategy The inorganic growth opportunities will focus on targeting niche brands which can benefit from BCLs strong distribution network so that they can be made pan India brands

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Thank You

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