Investor Presentation

May 2013

Industry Overview

Industry Size and Structure

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

2

Perfumed Hair Oil Segment

FMCG

Rs.199,401 cr (USD 36.3 bn)

Hair Care

Rs. 15,141 cr (USD 2.75 bn)

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 Conditioners

Rs. 302 cr

(USD 55 mn)

(2.0%)*

Hair Dyes

Rs. 2,271 cr

(USD 413 mn)

(15.0%)*

Hair Oil Market

Coconut based

Oils

(46%)**

Amla

based Oils

(15%)**

Light Hair Oils

(16%)** Cooling Oils

(11%) **

Others

(12%)**

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

8% salience

335.6

472

610 710

831

1,056

1276

0

200

400

600

800

1,000

1,200

1,400

06-07 07-08 08-09 09-10 10-11 11-12 12-13

11764

15,603 18,390

19,908 22,406

26,241

29175

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13

2,827.3

3,707

4,498 5,044

5,728

6,990

7967

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13

132560

172,528 197,057

214,002 235,539 238,459

254532

0

50,000

100,000

150,000

200,000

250,000

300,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13

Hair Oil Market in India

Overall Hair Oil Market – Volume Overall Oil Market – Value

Light Hair Oil – Volume Light Hair Oil – Value

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

Source: AC Nielsen Retail Audit Report, Mar2013.

(In K

Ltr

) (I

n K

Ltr

)

(Rs.

Cr.

) (R

s. C

r.)

Y-o

-Y 30%

Y

-o-Y

33%

Y-o

-Y 40%

Y-o

-Y 14%

Y-o

-Y 8.6

%

Y-o

-Y 1

0.1

%

Y-o

-Y 18%

Y-o

-Y 8.3

%

Y-o

-Y 1

2.5

%

Y-o

-Y 29%

Y-o

-Y 16.4

%

Y-o

-Y 1

7.1

%

Y-o

-Y 31%

Y-o

-Y 21%

Y-o

-Y 12.1

%

Y-o

-Y 13.6

%

Y-o

-Y 1.2

%

Y-o

-Y 17.1

%

Y-o

-Y 22%

Y

-o-Y

27.1

%

3

Y-o

-Y 6.7

%

Y-o

-Y 14.0

%

Y-o

-Y 11.2

%

Y-o

-Y 20.8

%

123

191

284

360

441

571

702

0

100

200

300

400

500

600

700

800

06-07 07-08 08-09 09-10 10-11 11-12 12-13

3978

5,988

8,108 9,559

11,006

13,349

15344

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13

335.6

472

610 710

831

1,056

1276

0

200

400

600

800

1,000

1,200

1,400

06-07 07-08 08-09 09-10 10-11 11-12 12-13

11764

15,603 18,390

19,908 22,406

26,241 29175

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13

Light Hair Oil Market in India

Light Hair Oil – Volume Light Hair Oil – Value

Almond Drops Hair Oil Market - Volume Almond Drops Hair Oil Market - Value

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

(In K

Ltr

)

(Rs.

Cr.

) (R

s. C

r.)

Y-o

-Y 40%

Y-o

-Y 29%

Y-o

-Y 16.4

%

Y-o

-Y 1

7.1

%

Y-o

-Y 5

4.5

%

Y-o

-Y 4

8.9

%

Y-o

-Y 2

6.7

%

Y-o

-Y 2

2.6

%

Y-o

-Y 5

1%

Y-o

-Y 3

5%

Y-o

-Y 1

7.9

%

Y-o

-Y 1

5.1

%

(In K

Ltr

)

Y-o

-Y 33%

Y-o

-Y 18%

Y-o

-Y 8.3

%

Y-o

-Y 12.5

%

Y-o

-Y 17.1

%

Y-o

-Y 27.1

%

Y-o

-Y 21.3

%

Y-o

-Y 29.5

%

4

Source: AC Nielsen Retail Audit Report, Mar2013.

Y-o

-Y 11.2

%

Y-o

-Y 20.8

%

Y-o

-Y 14.9

%

Y-o

-Y 23 .

0%

Market Shares Trends (All India - Urban Plus Rural)

Source: AC Nielsen Retail Audit Report, Mar2013

*Market Share in the Light Hair Oil Category

Volume MS Value MS

5

38.4%

44.1% 48.0% 49.1% 50.9% 52.6%

0%

10%

20%

30%

40%

50%

60%

07-08 08-09 09-10 10-11 11-12 12-13

40.3%

46.5% 50.7%

53.0% 54.0% 55.0%

0%

10%

20%

30%

40%

50%

60%

07-08 08-09 09-10 10-11 11-12 12-13

ADHO – Relative Market Share – Value Trend

Source – AC Nielsen Retail Audit Report, Mar2013

Growth in Relative market share demonstrates the strength of the brand

Relative Market share is the ratio of Almond Drops market share to

the next largest competitor in LHO segment

6

2.08

2.65

3.17 3.34

3.66 3.91

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

2008 2009 2010 2011 2012 2013 (3M)

Relative MS - Val

ADHO – Relative Market Shares – Value

Source – AC Nielsen Retail Audit Report, Mar2013

State Relative MS Rank

Delhi 3.17 1st

Rajasthan 1.65 1st

Uttar Pradesh 3.04 1st

Punjab 3.57 1st

Haryana 4.12 1st

Uttaranchal 4.13 1st

North Zone 3.62 1st

Assam 5.71 1st

Bihar 8.48 1st

Orissa 3.95 1st

West Bengal 2.67 1st

Jharkhand 4.52 1st

East Zone 5.03 1st

All India 3.91 1st

State Relative MS Rank

Madhya Pradesh 3.71 1st

Chhattisgarh 5.28 1st

Central Zone 4.16 1st

Gujarat 2.22 1st

Mumbai 3.71 1st

Maharashtra 4.43 1st

West Zone 3.11 1st

Andhra Pradesh 1.47 1st

Karnataka 8.14 1st

Kerala 0.91 2nd

Tamil Nadu 1.10 1st

South Zone 2.51 1st

All India 3.91 1st

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

7

Statewise Market Share

Apr 12- Mar 13 LHO Volume Proportion % ADHO Market Share % (Vol)

Saliency Urban Rural Total Urban Rural

All India (U+R) 100.0% 64% 36% 52.6% 50.7% 55.9%

Punjab 5.9% 70% 30% 48.9% 46.3% 55.0%

Haryana 6.1% 83% 17% 54.2% 50.5% 71.4%

Delhi 6.3% 100% 0% 49.7% 49.7%

Rajasthan 9.2% 61% 39% 46.3% 46.6% 45.9%

Uttar Pradesh (U+R) 20.3% 58% 42% 56.0% 53.1% 59.9%

Uttaranchal 0.8% 55% 45% 57.3% 51.8% 64.0%

Assam 5.2% 42% 58% 50.3% 40.7% 57.3%

Bihar 5.1% 55% 45% 69.4% 65.2% 74.5%

Jharkhand 1.1% 68% 32% 59.3% 57.3% 63.5%

Orissa 1.3% 52% 48% 48.8% 47.6% 50.1%

West Bengal 7.6% 62% 38% 34.4% 34.4% 34.3%

Gujarat 6.1% 72% 93% 53.6% 52.2% 56.7%

Madhya Pradesh 10.3% 45% 15% 60.3% 64.6% 64.4%

Chattisgarh 2.8% 44% 60% 62.1% 59.2% 57.1%

Maharashtra 8.0% 81% 19% 55.3% 54.4% 59.0%

Karnataka 1.2% 86% 14% 61.4% 61.4% 61.7%

Andhra Pradesh 1.7% 65% 35% 28.9% 33.9% 19.6%

Tamil Nadu 0.6% 94% 6% 21.5% 22.5% 4.5%

Kerala 0.2% 90% 10% 14.5% 16.1% 0.0%

Source: AC Nielsen Retail Audit Report, MAT Mar2013

8

Light Hair Oil Market – Key Characteristics

Rural –Urban break up of LHO market Share of Distribution Channels in LHO market

SKU wise break up of LHO market Region wise break up of LHO market

Urban dominated

segment due to its

relatively higher

pricing

Given the

dominance of the

urban market,

larger units

account for bulk

of the sales.

However, smaller

units to increase

rural penetration

Sales tend to be

concentrated in

the Northern parts

of the country, but

West is the fastest

growing region

% - Market share

Traditional

channels dominate

distribution, but

alternate channels

like modern retail

demonstrating

higher growth rate

9

All India - Urban 64%

All India - Rural 36%

Local Grocer Stores 51%

Gen Stores 28%

Chemists 7%

Cosmetics 4%

Modern Trade

3%

Others 7%

North, 48%

East, 21%

West, 28%

South, 4%

Source: AC Nielsen Retail Audit Report, Mar2013

2-5ml, 4.6% 10-45ml, 3.7%

50ml, 20.0%

75ml, 4.4%

100ml, 36.9%

200ml, 18.1%

250ml, 0.6%

300ml, 7.1%

500ml, 3.6%

Cooling Hair Oil Market in India

Y-o

-Y -

18

%

Y-o

-Y -

13

%

Y-o

-Y -

12

%

Cooling Hair Oil – Volume

Y-o

-Y -

23

%

Y-o

-Y -

12

%

Y-o

-Y -

15

%

Cooling Hair Oil – Value

KLt

r

Rs.

Cr.

Source – AC Nielsen Retail Audit Report, Mar2013

Kailash Parbat – Distribution Trend Kailash Parbat – Volume Market Share Trend

Lakh

ou

tlet

s

%

10

Y-o

-Y –

5.0

%

Y-o

-Y –

14

%

485

594 667

766

875

162

0

100

200

300

400

500

600

700

800

900

1,000

3M

-o-3

M –

-9

.0%

12,416

14,655 16,610

18,624 19,508

3,461

0

5,000

10,000

15,000

20,000

25,000

3M

-o-3

M –

0%

0.0

0.5

0.9 1.3

1.4 1.6 1.7 1.7 1.7 1.6 1.7

2.0 2.3

2.9 3.2

3.6 3.8 3.8 3.6 3.6 3.5 3.2 3.3

3.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

AP

R1

1

MA

Y11

JUN

11

JUL1

1

AU

G1

1

SEP

11

OC

T11

NO

V1

1

DEC

11

JAN

12

FEB

12

MA

R1

2

AP

R1

2

MA

Y12

JUN

12

JUL1

2

AU

G1

2

SEP

12

OC

T12

NO

V1

2

DEC

12

JAN

13

FEB

13

MA

R1

3

0.0%

0.3%

0.8% 1.0% 1.1% 1.2%

1.0% 1.0% 1.2% 1.2%

1.7% 1.7% 1.6%

1.9% 2.1%

2.8% 2.9% 2.6%

2.3% 2.4%

2.0% 2.0% 1.7%

1.9%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

AP

R1

1

MA

Y11

JUN

11

JUL1

1

AU

G1

1

SEP

11

OC

T11

NO

V1

1

DEC

11

JAN

12

FEB

12

MA

R1

2

AP

R1

2

MA

Y12

JUN

12

JUL1

2

AU

G1

2

SEP

12

OC

T12

NO

V1

2

DEC

12

JAN

13

FEB

13

MA

R1

3

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

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 55% 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 Almond Drops Hair Oil - A premium perfumed

hair oil containing almond oil and Vitamin E

Competitors – Keo Karpin (Dey’s Medical), Hair &

Care (Marico), Clinic All Clear (HUL)

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)

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.

*Source: AC Nielsen Retail Audit Report, Dec2012.

Bajaj Kailash Parbat Cooling Oil – An ayurvedic

formulation containing Sandal & Almond extracts

Competitors: Himani Navratna

12

Bajaj Almond Drops - A Premium Brand

Source: AC Nielsen Retail Audit

Report Mar2013, Kotak

Institutional Research

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.)

. . . But not at the cost of pricing power

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

Strong Market Share Growth in Recent Years

(MR

P o

f 100m

l (R

s.)

Competitor Brands

13

31.4% 36.7%

40.3%

46.5% 50.7%

53.0% 54.0% 55.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13

28 29 30 32 35

38 40 42 46

50 55

0

10

20

30

40

50

60

23

36

55 55

27

44 42 38

44

60

0

10

20

30

40

50

60

70

Amla Shikakai Brahmi Amla Almond Drops Kailash Parbat Parachute Keo Karpin Dabur Vatika Dabur Amla Hair & Care Navratna

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 14

Strong Distribution Network

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

introduce new products

Factory (5)

OWN – Himachal Pradesh -2, Uttarakhand-1

THIRD PARTY - Himachal Pradesh-1, Rajasthan-1

Central Warehouse (1)

Regional Distribution Centre (29)

Urban Distribution Rural Distribution

Redistribution Stockist

(1,863)

Retail Outlets

(1,107,443)1

1 - as on Mar 2013

Super Stockist (189)

Sub-Stockist (4,830)

Retail Outlets

(1,571,663)1

Distribution Network Distribution Structure

The company reaches

consumers through 2.679

mn retail outlets serviced

by 6693 direct distributors

and 16,048 wholesalers

47

50

1492

152

212

553

598

543

152 420

219

158

506

258

265

96

356

375

MT - 73

66

15

Organization Structure

16

Chairman

Mr. Kushagra Bajaj

Managing Director

Mr. Sumit Malhotra

Director – Business Development

Mr. Jimmy Anklesaria President Operations

Mr. Apoorv Bajaj

Chief Financial officer

Mr. V.C.Nagori

Vice President (Finance)

Mr. D.K. Maloo

Company

Secretary

DGM -

Finance Sr. Manager

Treasury

Sr. Manager

Finance Sr. Manager

Finance

Works Manager

Purchase

Manager

Quality Control

Manager Sr. Manager

EDP

Manager

Logistics

Regional

Commercial

Manager

VP – Sales

Mr. Sudhir

Taneja

GM – Marketing

Mr. Gurpreet S.

Amrit

GM – HR

Mr. S.

Chatterjee

DGM Sales

AGM - West

RSM – North 1

RSM – North 2

RSM - Central

DGM -EDP

GM- Operations

Mr. Kabir Sahni

Head International

Business –

Arnab Banerjee

Financial Information

17

` in Crores

Particulars

Q4 FY13 Q4 FY12 FY13 FY12

Sales (Net) 183.69 146.59 605.66 472.24

EBITDA 51.89 33.97 172.87 116.64

EBITDA Margin 28.25% 23.17% 28.54% 24.70%

Net Profit after

Tax 49.15 34.05 167.38 120.09

Net Profit Margin 26.76% 23.23% 27.64% 25.43%

Summary Income Statement

(` in Crores)

Particulars

2012-13 2011-12

Shareholders Equity 485.06 428.81

Total Debt

Net Fixed Assets 45.85 38.90

Investments

423.04 366.12 (including Bank FDs, Bank CDs

and Government Securities &

Bonds)

Net Current Assets 16.17 23.79

Summary Balance Sheet

Sales Break up in FY2013 by Brand

ADHO 95.3%

KPCO 2.4%

BAHO 1.5%

ASHO 0.2%

JHO 0.3%

BTP 0.3%

Key Highlights

Strong demonstrated growth track record

Among the highest EBITDA margins in the

industry

EBITDA & PAT Performance

18

` in Crores

Particulars Q4 FY13 Q4 FY12 YoY% FY13 FY12 YoY%

EBITDA 51.89 33.97 52.75% 172.87 116.64 48.21%

Profit Before Tax

(PBT) 61.70 43.19 42.86% 209.55 151.34 38.46%

Profit After Tax

(PAT) 49.15 34.05 44.35% 167.38 120.09 39.38%

During the FY 2012-13 Company paid an interim dividend @ 650 % of share capital i.e.

at the rate of Rs 6.50/- per share of face value of Re 1/- each. The dividend payout

to the shareholders was Rs.9587.50 Lacs (Rs. 11142.84 Lacs inclusive of dividend

distribution tax).

Profit & Loss Q4 & FY2013

19

` in Crores

Particulars Q4FY13 Q4FY12 YoY% FY13 FY12 YoY%

Net Sales 183.69 146.59 25.31% 605.66 472.24 28.25%

Other Operating Income 0.49 0.45 1.06 1.08

Material Cost 77.45 69.37 260.08 221.70

% of Sales 42.16% 47.32% 42.94% 46.95%

Employees Cost 8.65 5.83 29.16 22.90

% of Sales 4.71% 3.98% 4.81% 4.85%

Advertisement & Sales

Promotion Exp. 30.24 24.65

87.92 64.71

% of Sales 16.46% 16.82% 14.52% 13.70%

Other Expenses 15.95 13.22 56.69 47.37

% of Sales 8.68% 9.02% 9.36% 10.03%

EBITDA 51.89 33.97 52.75% 172.87 116.64 48.21%

% of Sales 28.25% 23.17% 28.54% 24.70%

Other Income 10.69 10.04 40.05 37.38

% of Sales 5.82% 6.85% 6.61% 7.92%

Finance Cost 0.03 0.02 0.09 0.08

Depreciation 0.85 0.80 3.28 2.60

Profit Before Tax &

Exceptional Item 61.70 43.19 42.86% 209.55 151.34 38.46%

Exceptional Items 0.00 0.00 0.00 0

Profit Before Tax(PBT) 61.70 43.19 42.86% 209.55 151.34 38.46%

Tax Expenses 12.55 9.14 42.17 31.25

Profit After Tax(PAT) 49.15 34.05 44.35% 167.38 120.09 39.38%

% of Sales 26.76% 23.23% 27.64% 25.43%

Diluted EPS (Rs.) 3.33 2.31 11.35 8.14

Sales Performance

20

146.59 183.69

0

50

100

150

200

Q4 FY12 Q4 FY13

In R

s. C

rore

s

Sales (Value) : Q4FY12 v/s Q4FY13

472.24

605.66

-

100.00

200.00

300.00

400.00

500.00

600.00

700.00

FY12 FY13

Sales (Value) :

FY 12 v/s FY 13

In R

s. C

rore

s

Sales for Q4 FY 13 increased by 25.31% in value terms and 19.12% in volume

terms.

Sales for the FY13 has increased by 28.25% in value terms and 20.53% in

volume terms.

Statement of Quarter wise Sales (Volume & Value)

21

ADHO KPCO BAHO ASHO Others Total % Inc

over PY FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12

Q1 952,959 765,858 28,665 28,777 11,481 14,125

2,455

4,451

4,639 4,249 1,000,199 817,460 22.35%

Q2 944,632 793,821 12,739

7,562 11,019 12,272

3,094

3,751

5,926 6,053 977,410 823,459 18.70%

Q3 1,044,316 846,456

1,206

998 15,067 15,798

2,475

4,247

5,502 6,020 1,068,566 873,519 22.33%

Q4 1,270,580 1,053,629 35,493 37,106 11,246 12,415

2,452

3,693

4,407 4,785 1,324,178 1,111,628 19.12%

Total 4,212,487

3,459,764 78,103 74,443 48,813 54,610 10,476 16,142 20,474 21,107 4,370,353

3,626,066 20.53%

STATEMENT OF QUARTERWISE SALES (VOLUME- IN CASES)

ADHO KPCO BAHO ASHO Others Total

% Inc

over PY FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12

Q1 129.46 97.59 5.45 5.42 2.07 2.44 0.26 0.47 0.81 0.66 138.05 106.58 29.53%

Q2 129.87 102.15 2.49 1.17 2.09 2.08 0.33 0.40 1.08 0.97 135.86 106.77 27.25%

Q3 143.68 107.93 0.21 0.16 2.89 2.79 0.26 0.45 1.02 0.97 148.06 112.30 31.84%

Q4 174.10 136.61 6.39 6.58 2.13 2.21 0.26 0.39 0.81 0.79 183.69 146.59 25.31%

Total 577.11 444.28 14.54 13.33 9.18 9.52 1.11 1.71 3.72 3.39 605.66 472.24 28.25%

STATEMENT OF QUARTERWISE SALES (VALUE – In Rs. Crores)

Consistent Performance over the last 10 successive quarters

22

8.6

4%

11.1

9%

17.3

9%

21.0

9%

19.9

6%

21.9

8%

20.4

5%

22.2

7%

22.3

5%

18.7

0%

22.3

3%

19.1

2%

14.9

1%

19.1

9%

24.0

7%

27.6

0%

30.4

4%

31.4

3%

30.7

5%

33.4

6%

29.5

3%

27.2

5%

31.8

4%

25.3

2%

35.12%

28.53%

30.29%

28.26%

24.96% 25.68%

25.51%

23.17%

28.19% 28.76% 29.08% 28.28%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

Q1 FY 11 Q2 FY 11 Q3 FY 11 Q4 FY 11 Q1 FY 12 Q2 FY 12 Q3 FY 12 Q4 FY 12 Q1 FY 13 Q2 FY 13 Q3 FY 13 Q4 FY 13

Gr (Vol) Gr ( Value) EBIDTA

Change in Prices of Key Ingredients

23

86.26 85.66

82.86

80.65

83.54

80.40 81.43

78.63

74.48

78.43

68.00

70.00

72.00

74.00

76.00

78.00

80.00

82.00

84.00

86.00

88.00

Qtr1 Qtr2 Qtr3 Qtr4 FY

2011-12

2012-13

Per Kg Rates of LLP

61.91 67.50

70.29

79.70

70.87

79.80 84.93

79.71 80.32

81.15

-

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

Qtr1 Qtr2 Qtr3 Qtr4 FY

2011-12

2012-13

Per Kg Rates of Oil

During the year average price of LLP decreased to Rs. 78.43/kg from Rs.83.54/kg in previous

year recording a reduction of 6.1%.

Prices of Refined oil increased from Rs.70.87/kg in FY 12 to Rs.81.15/kg in FY12 witnessing an

increase of 14.05% over previous year.

Prices of our other key ingredients (except glass bottles which reduced by 6.50% during last

quarter of FY -13) have remained more or less on the same level.

Breakup of RM/PM Costs (for FY 13)

24

*Consumption is 42.19% of Sales

*For Bajaj Almond Drops

Key Raw & Packing Material % to Sales % to Total Cost

LLP 16.03% 38.00%

Glass Bottles 10.66% 25.27%

Refined Veg. Oil 4.68% 11.09%

Perfumes & other additives 3.42% 8.12%

Corrugated Boxes 1.79% 4.24%

Caps 2.23% 5.30%

Others 3.37% 7.99%

TOTAL 42.19% 100.00%

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.

25

Growth Strategy

Strategy Action Steps

Market share gains from

other hair oil segments

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

Focus on rural

penetration

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

Leverage existing

strengths to introduce

new products

BCL has over the years created a strong distribution network across 2.7 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

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 BCL’s

strong distribution network so that they can be made pan India brands

26

Thank You

27