Investor Presentation March-Rchi

© Nomura International plc

Ruchi Soya Industries Limited

Corporate Presentation

DisclaimerBy attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations:

• This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell anysecurities of Ruchi Soya Industries Limited (the "Company"), nor shall part, or all, of this document form the basis of, or be relied on in connection with, anycontract or investment decision in relation to any securities of the Company.

• This document is strictly confidential and may not be copied, published, distributed or transmitted to any person, in whole or in part, by anymedium or in any form for any purpose. The information in this document is being provided by the Company and is subject to change withoutnotice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness.

• This document contains statements about future events and expectations that are forward-looking statements. These statements typicallycontain words such as "expects" and "anticipates" and words of similar import. Any statement in this document that is not a statement ofhistorical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause ouractual results, performance or achievements to be materially different from any future results, performance or achievements expressed orimplied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should betaken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on whichsuch future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions,fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actualresults, changes in assumptions or changes in factors affecting these statements.

• You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and thatyou will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business ofthe Company.

• This document speaks as of March 31, 2011. Neither the delivery of this document nor any further discussions of the Company with any of therecipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date

Page 1

Overview of Ruchi Soya Industries Ltd.

Oils66%

Extractions24%

Vanaspati6%

Food products2% Others

2%

26 33 39 52 4876

91117 127

144

182

0

50

100

150

200

FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

Overview of Ruchi Soya Industries

Company Profile Capacity One of the leading manufacturers of high quality edible oils, vanaspati,

bakery fats and soya foods in India

Annual turnover of over US$ 4 Bn(1) in FY11

Among the top Indian FMCG players

Branded portfolio including Nutrela, Ruchi Gold, Sunrich and Mahakosh

Present across the value chain with access to over 175,000 hectares of land in India for palm oil plantations

Listed on BSE, NSE & DSE with market capitalisation of ~US$ 787 Mn(1) (as of March 31, 2011)

Ongoing discussions for securing land for soya / palm plantation in geographies including Ethiopia and Cambodia and other geographies

Growing Sales (2) Business Overview (2)

Capacity growth

0.6 0.6

2.94.0

0.1 0.3

2.1

2.3

0.1 0.1

0.5

0.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1998 2002 2008 2011

Crushing Refining Vanaspati

Revenue mix (FY11) EBIT mix (FY11)

Page 3

Crushing: CAGR 1998-2011: 16%Refining: CAGR 1998-2011: 24%Vanaspati: CAGR 1998-2011: 19%

Revenues (INR Bn)

(1) Assuming INR/USD of 44.65(2) On the basis of consolidated financials

(MT/Yr)

Oil, 59%Extraction,24%

Vanaspati, 6%

Food products,

3%

Others, 8%

Page 4

Edible oil segment

1.Standalone sales of edible oil segment of Ruchi Soya Industries Ltd.; excludes the sales for captive consumption2. Market share estimated based on edible oil sales of Ruchi Soya (excluding captive consumption) and Industry edible oil consumption based on USDA FAS data

The Company has a strong position in the edible oil segment with an estimated market share of ~14%. The company has also witnessed growth over the last 3-4 years in the institutional segment, which caters to institutional customers like, Parle, Britannia Industries, Cadbury India, Nestle India, Lotte India, Bunge India, and ITC

1,243

1,535 1,598

2,380 2,369

0

500

1,000

1,500

2,000

2,500

FY07 FY08 FY09 FY10 FY11

10.5%11.8%

11.0%

15.0%14.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

FY07 FY08 FY09 FY10 FY 11

Ruchi Soya edible oil sales(1)

Ruchi soya edible oil segment:CAGR FY07–FY11: 17%Indian edible oil: CAGR FY07–FY11: 9%

(000’MT) FY07 FY08 FY09 FY10 FY 11Industry edible oil consumption 11,807 12,970 14,559 15,853 16,862

000’MT %

Ruchi Soya edible oil market share(2)

Source: USDA FAS

Evolution of Ruchi Soya Industries

Page 5

Expansion of extraction and refining capacity

Focus on branded products

Increased port based refining

Focus on developing upstream business

Secure access to 175,000 hectares of palm

plantation in India

Efforts to secure international land bank access

underway

Primary focus on inland crushing

High proportion of revenue from trading activities

0

0.5

1

1.5

2

2.5

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

200000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Years

Refining CapacityRevenue

2006: International Equity Offering (GDR) of ~US$60Mn

Consolidation of group companies, through scheme of amalgamation,leading to increase in total capacity of the Company

Acquisition of companiesMac Oil & Palm-Tech, through scheme of amalgamation,leading to increase in access to 175000 Ha of land in India for Palm Oil Plantations.

Consolidated revenues (INR Mn)

(MT)

(INR Mn)

Key Highlights

Key Highlights

Favourable Industry

Dynamics

Scale & Extensive Distribution

Reach in India

Strong Brands in India

Strong Risk Management

Experienced Management

Page 7

Fully Integrated Operations

Strong Market Position in Edible

Oils in India

43% 17% 14% 9%

7%

5%

4%Palm SoyabeanRapeseed PeanutCottonseed SunflowerseedOther

Global Industry Overview

World Edible Oil Consumption World Edible Oil Production

India is a leading consumer of edible oil with high growth expectation

Palm and Soyabean oil constitute ~61% of the Global Edible Oil Demand

Page 8Source: Global Edible Oil Demand as per USDA FAS

Source: USDA FAS

Source: USDA FAS

Indonesia

37 41 44 45 49

36 38 36 38 4217 18 20 22

2311 10 12 11 1120 21 21 21 22

020406080

100120140160


(MnT)

Palm oil Soyabean oil Rapeseed oil Sunflowerseed oil Others

FY07-FY11 CAGR

Argentina

7%

4%

8%1%

2%

Indonesia19%

Malaysia14%

China13%Europe

11%

United States

7%

Argentina6%

India5%

Other27%

Brazil, 4%

China, 19%

Argentina, 2%

Europe, 17%India, 11%US, 8%

Others, 38%

India Edible Oil Industry: High growth potential

Indian Edible oil demand being substantially met by imports as domestic production has lagged

Oil Consumption growing inline with growth in population …

…getting turbo charged by growing per capita income

Edible oils have a significant share in Indian agricultural imports

Source: USDA FAS Page 9

Source: USDA FAS, IMF

Source: USDA FAS

Significant growth in per capita consumption can be expected as Indian per capita GDP continues to grow


India

Pakistan

Indonesia

China

Argentina

Mexico

BrazilRussia

101214161820222426

0 2,000 4,000 6,000 8,000 10,000 12,000

Per capita consumption (kg / yr)

GDP / capita (US$)

Edible Oil43%

Wood Products

16%

Pulses16%

Cashew Nuts7%

Fruits & Nuts6%

Cotton5%

Others7%

Robust growth in consumption of edible oil .. Rising deficit with domestic production not being able to keep pace

6 7 6 7 7 6 7

5 5 5 6 8 9 9

0

4

8

12

16

20

FY05 FY06 FY07 FY08 FY09 FY10 FY11

MnT

India ProductionIndia Imports

CAGR Imports: 11%CAGR Production : 2%

443446

459

523

601

694

763

945

1,058

1,265

1,382

0

5

10

15

0

500

1,000

1,500

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

E20

11E

(Kg / year)

GDP / capita Per capita consumption

US$

1,0431,060

1,078

1,096

1,113

1,131

1,148

1,165

1,182

1,199

1,216

024681012141618

950

1,000

1,050

1,100

1,150

1,200

1,250

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Mn MT

Population Total oil consumption

Mn


947 1,054 1,038 1,049 1,141

3,6715,065

6,475 6,7507,7501,433

1,582

1,455 1,385

1,427

2,133

1,967

2,095 2,252

2,274

2,500

2,330

2,3002,670

2,700

600

398

731

852

930

523

574

667

674

0

4,000

8,000

12,000

16,000


000'MT

Cottonseed Palm Peanut Rapeseed Soybean Sunflowerseed Other

India Edible Oil Industry: High growth potential (Cont’d)

India Edible Oil Imports

Page 10Source: USDA FAS

India Edible Oil Consumption

Palm oil consumption in India has seen significant growth, and is primarily met through imports, leaving significant room for growth in domestic production

3,650

5,015

6,8676,400

7,200

1,447

733

1,0601,500

1,000

20318

583 550720

140151

230 230

0

3,000

6,000

9,000


000'MT

Source: USDA FAS

11, 807

5,440

5,917

8,7408,680

9%

21%

FY07-FY11 CAGR

14%

19%

FY07-FY11 CAGR

12,970

14,55915,853 16,862

2509,170

Scale & Extensive Distribution Reach in India

Pan India Presence

Cities Activity Access to PortsCrushing Refining Vanaspati Soyafood

1 Jammu 2 Ganganagar 3 Baran 4 Kota 5 Guna 6 Kandla 7 Shujalpur 8 Piparia 9 Gadarwara 10 Haldia 11 Manglia 12 Nagpur 13 Washim 14 Daloda 15 Patalganga 16 Mangalore 17 Chennai 18 Kakinada (A.P) palm mill

19 Vijaywada (A.P) palm mill

Page 11

Manufacturing facilities across 19 locations in India, giving access to markets across India

92 company depots (with storage and other logistical facilities) which serve 4,230 distributors across the country reaching 510,000 retail outlets

All refining plants located near ports, providing easier access to imported edible oil

Distribution through pipes at ports saves transport cost and time Inland crushing plants located in key soyabean and mustard

producing states

Crushing in Soya bowl of India

Proximity to Ports

Pan India Footprint

Strategically located facilities striking the right balance between proximity to raw materials (cultivating states and ports)and proximity to markets, with an aggregate daily crushing capacity of 13,694 MT of oilseeds and aggregate refining capacity of 7,570 MT of oil

2

3

16

1718

11

6 1314

12

4

7

15

10

8

9

Depot

Plant location

Office

Jammu

ParwanooDamtal

Dehradun

AmritsarRajpura

ChandigarhLudhiana

Bhatinda RoorkeeKarnal Meerut

BarellySaharanpur

Gurgaon Delhi

HapurKanpur Agra Allahabad

Gorakhpur Guwahati

PatnaDhanbad

RaniganjSiliguri

HaldiaKolkata

Ranchi

JeyporeSambalpur

Cuttack

Gwalior

Gaderwada

Raipur

BilaspurNagpur

Warangal

BerhampurVijaywada

HyderabadVizag

Ongole

KakinadaTirupathiKurnool

GulbargaDavangere

Guna

Piparia

Shujalpur

Manglia

Indore

SriganganagarJaipur

JodhpurSumerpur

Baran

Kota

Udaipur

Kandla

Ahmedabad

Nashik

PuneMumbai

BhiwandiPatalganga

BelgaumGoa

Manglore

ShimogaBanglore

Kumbakonam

Chennai

Mysore

Hassan

Kasargod

Cochin

Palghat

Calicut

Trichy

PondicherryVellore

Madurai

Villupuram

Erode

Salem

Bellary

Bijapur

Hubi

Varanasi

Rewari

Coimbatore

Manufacturing locations

Note: Distribution network as of March 2011 ;

Highlights19

1

Washim

Daloda

5

9

18

23

32

37

33

39

0

5

10

15

20

25

30

35

40

45

FY05 FY06 FY07 FY08 FY09 FY10 FY11

INRBn Nutrela – Food products/

Refined Oils (Soyabean, Groundnut, Cottonseed, Sunflower, Mustard and Ricebran)

Nutri Gold – Vanaspati

Mahakosh – Refined Oils (Soyabean, Groundnut, Cottonseed and Ricebran) / Vanaspati

Sunrich – Refined Sunflower Oil

Ruchi Gold – Refined Oils (Mustard and Palmolein)

Ruchi Star – Refined Soyabean Oil

Ruchi No. 1 – Vanaspati


Prem

ium

Page 12

Track record of successfully creating brands in a highly commoditized industry

Key Brands Branded Sales

Valu

eM

ass

18%

21%Branded Sales as % of

Consolidated Total Sales

Fully Integrated OperationsHealthy mix of midstream and downstream, and well on its way to develop an upstream business

Origination– Palm plantations across

Andhra Pradesh, Karnataka, Mizoram, Gujarat, Orissa and Tamil Nadu

– Exclusive access to total agricultural land of 175,000 hectares

Processing– Daily capacity (MT):

– Crushing:13,694– Crude Oil: 2,465– Soya Meal: 11,029– Refining: 7,570– Vanaspati & bakery fats:

1,565– Textured soya protein: 507– Edible soya flour: 200

Products– Key products

– Edible oil– Seed extractions, – Vanaspati – Food productions

– Key brands include Nutrela, Ruchi Gold, Ruchi Star, Sunrich and Mahakosh

Merchandising and distribution– 92 company depots through

India with storage and logistical facilities

– Pan India distribution network covering 4,230 distributors

Origination CustomerProcessing ProductsMerchandising

and distribution

Finance / Risk management / Logistics coordination

Information flows / Visibility across value chain

Page 13


Page 14

Source: IMFRapeseed refers to - Rapeseed Oil; Crude, fob RotterdamSoya refers to - Soybean Oil, Chicago Soybean Oil Futures (first contract forward) exchange approved grades, US$ per metric tonnePalm refers to - Palm oil, Malaysia Palm Oil Futures (first contract forward) 4-5 percent FFA, US$ per metric tonne

The Company has effectively maintained revenue growth and profitability through the volatility of commodity cycles, over the last decade

261 361 320 383 505851

1,036

1,658

974

1,749

2,252

0

400

800

1,200

1,600

2,000

2,400


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Jan-

02M

ay-0

2Se

p-02

Jan-

03M

ay-0

3Se

p-03

Jan-

04M

ay-0

4Se

p-04

Jan-

05M

ay-0

5Se

p-05

Jan-

06M

ay-0

6Se

p-06

Jan-

07M

ay-0

7Se

p-07

Jan-

08M

ay-0

8Se

p-08

Jan-

09M

ay-0

9Se

p-09

Jan-

10M

ay-1

0M

ar-1

1

(US$ / MnT)

Rapeseed Soya Palm

Consolidated Net Income (INR Mn)

26 33 39 52 4876 91

117 127144

182

0

50

100

150

200


Consolidated Revenues (INR Bn)

Experienced Management Experienced management team with over four decades of industry experience Credited with the growth and development of the soya and soya processing industry in India Key members have served or are currently serving as officers of various industry bodies, recognizing their standing in sector

Managing Director of Ruchi Soya Industries Ltd. since 1986 Over 30 years of experience in the soya and edible oil industry Also serves as a Non Executive Director of Ruchi Infrastructure Ltd. Mr. Shahra holds a degree of Bachelors in Chemical Engineering

Responsible for operations in all the port based refineries Over 17 years of experience in the relevant operations, including in Ruchi Soya since 2006 Mr. Shahra holds a degree of Bachelors in Commerce and Masters in Business Administration

Oversees Strategy, M&A and International Expansion Previously, served as the President and Chief Executive of Agri Business and Food Supply Chain at

Reliance Retail Limited from 2006 to May 2010 Mr. Asthana has previously also held the position of business head, grains and oilseeds, at Cargill

Joined Ruchi Soya Industries in 2009 Previous experience includes 16 years in Asian Paints (holding positions including, Regional Head-

S.Pacific, China & Hongkong and CEO for Bangladesh and Dubai) and 4 years in ITC Ltd. (Agri Business)

Core Management Team

Source: Company.

Over 24 years of experience, including ~16 years in Ruchi Soya Responsible for Finance and Treasury operations Qualified chartered accountant, cost accountant and company secretary

Mr. Dinesh ShahraManaging Director

Mr. Nitesh ShahraPresident, Refinery Business

Mr. Sanjeev AsthanaDirector

Mr. V. Suresh KumarHead, Corporate Finance

Mr. RV RamanujamChief Operating Officer

Page 15

Strong Market Position in Edible Oils in IndiaAmong the oldest and most established edible oil players in India

Market Position in India(1)

Select Awards Received

Page 16

National energy conservation awards

Edible oil / Vanaspati

Globoil gold & Other awards

Management awards Ruchi soya awards

No.1 M.D. for 2010 by Business World

- Dinesh Shahra

Globoil man of the year 2010

Nitesh Shahra

Globoil man of the decade award in the year 2006

Dinesh Shahra

Legend of the year 2003

Kailash Shahra

Highest exporter of oil meals

(2010/ 09 / 07 / 06 / 04 / 03 / 00 /

99 / 98)

Highest importer of edible oil

(2010/ 09 / 07 / 06 / 03 / 98)

Outstanding Performance for a

decade in Import of edible oil (09)

Outstanding Performance for a

decade in Export of oil meal (09)

1st

1st

Chennai Plant (2008)Chennai Plant (2007)

Karnataka Plant (2009)2nd

2nd

Among the leading importers of edible oil

Among the leading exporters of meal/oil seed extracts

Exports/Imports

Among the largest capacities

Crushing capacity (13,694MT/day)

Refinery capacity (7,570MT/day)

Access to one of the largest palm oil plantations in India

Capacity

One of the leading Indian Edible oil players in terms of Volumes

Very strong position in Palmolein Oil

Extensive portfolio of brand sales in edible oil segment

Branded Products

1st Gujarat plant (2008)

1st

(1) Based on company estimates

Awards to the Company Largest Food & Agriculture Company in India – Fortune India 2010

One of the only two Indian Companies featured in the World's 50 fastest growing consumer firms during the June 2009-June 2010 period.

Ranked 20th fastest growing consumer companies across the globe during June 2009-10 – Deloitte

Business Strategy

Expansion into upstream business in order to enhance margins as well as secure supply chain. Improving ability to source raw materials required from multiple sources in a timely and cost effective manner, with reduced

dependence on third parties. In FY2010, the Company acquired 2 entities with exclusive rights to cultivate palm plantations in two of the key palm

producing states in India. The Company entered into MoU with State governments securing access to a portion of the palm fruit produce at certain

plantations.

Sustained expansion in capacity to meet the growing demand of Edible oil in India, in addition to helping the Company realize efficiencies and economies of scale.

In the process of expanding CPO (crude palm oil) refining capacity by 1 Mn MTPA by calendar year 2011.

Focus on maintaining leadership position in the branded edible oils segment in India. Increase of sales and marketing efforts in regions where the Company does not have a strong presence, particularly towns

with population less than 50,000. Increased focus on R&D activities on expanding product range.

New health-focused product development to be marketed under the “Nutrela” brand. Focus on bakery shortening business along with leveraging the opportunities available in mustard branded sales ,

palm and soya products.

Diversify geographic footprint, and enhance scale and reach of operations. Explore opportunities to produce and sell edible oil in other emerging markets. Ongoing discussions for securing land for soya / palm plantation in geographies including Ethiopia and Cambodia and other

geographies.

Backward Integration

Page 17

Expansion of installed capacity

Greater focus on branded portfolio

Increasing Global Presence

Key Highlights

Favourable Industry

Dynamics

Scale & Extensive Distribution

Reach in India



Experienced Management

Page 18

Fully Integrated Operations

Strong Market Position in Edible

Oils in India

Appendices

Market and Ownership Overview

Sr No. Name of the shareholderShares as % of

total no. of shares

1 Vs Net Ltd 6.61%

2 Sawit Plantationa Pte. Ltd. 5.90%

3 Cresta Fund Limited 3.66%

4 Albula Investment Fund Limited 3.45%

5 Aiwo Ltd 3.34%

6 Merrill Lynch Capital Markets Espana 1.38%

7 Merdale Investment Co. Limited 1.28%

8 Clemfield Industries Limited 1.20%

Total 26.82%

Top Holders (1) Shareholding Pattern (1)

Indexed Stock Price Performance - 5 yearsEquity Capital Face Value @ INR 2

INR 665Mn

Closing Price(3) INR105.65

52 Week – High – LowINR142.45 (H)INR79.85 (L)

No. of shares outstanding (Mn) (3) 332.50

Market Capitalization(3) INR 35.13 Bn (US$ 787 Mn)

1. Source: Notice to NSE post amalgamation Sunshine Oleochem Limited with Ruchi Soya Industries Limited, as of Septermber 24, 20102. As of March 31, 2011 INR/USD of 44.653. Source: NSE

Capital Market Data(3)

Page 20

158%

0

50

100

150

200

250

300

350

08/2005 06/2006 04/2007 01/2008 11/2008 09/2009 07/2010

Indexed

Ruchi Soya

Promoter52%

Non institutional31%

FII16%

FI / Bank1%

Summary Financials – Consolidated

INR Mn FY07 FY08 FY09 FY10 FY 11

Consolidated Profit and Loss statement:

Total Revenue 90,695 117,202 127,423 143,943 182,311

EBITDA 3,034 4,385 2,905 4,443 5,946

PBT 1,610 2,639 1,572 2,809 3,603

PAT 1,036 1,658 975 1,749 2,252

Consolidated Balance Sheet

Net Fixed Assets Incl. CWIP 10,780 12,017 14,137 20,942 24,181

Current Assets, Loans and Advances 32,185 51,369 49,951 57,709 87,808

Current Liabilities and Provisions 17,358 31,817 32,739 34,148 43,890

Loans 16,091 19,898 18,515 24,561 45,083 (1)

Share Capital 817 1,054 1,055 825 (2) 685 (2)

Reserves and Surplus 8,219 10,199 11,005 18,638(3) 21,370

Page 21

Source: Company filings1. Including short term loans of INR 17617 Mn, which are guaranteed by banks against fixed deposits in the banks2. Share capital takes into account redemption of preference shares capital in FY 10 , conversion of share warrants and share capital suspense on amalgamation into equity shares in FY 11.3. Includes increase on account of revaluation of fixed assets pursuant to scheme of amalgamation

90117 127

144

182

0

40

80

120

160

200


INR Bn

Summary Financials - Consolidated

Source: Company Filings1. Net Worth takes into account the redemption of preference shares and revaluation of fixed assets pursuant to scheme of amalgamation

Page 22

Revenues EBITDA Net Income

Net Worth(1) Total Assets

3.0

4.4

2.9

4.4

6.0

01234567


INR Bn

1.0

1.7

1.0

1.82.2

0

1

2

3


INR Bn

4363 64

79

113

020406080

100120


INR Bn

9 11 12

20 22

0

10

20

30


INR Bn

Process Flow Diagram

Soybean extraction plant

Page 23

Beans

Full Flat Flakes

Refined Soya Oil

Vanaspati

Dom Bagging

Cleaning, Cracking, Dehulling, Conditioning, Flaking

Defatted Soya Flakes

Oil Extraction

Soya Flour

Grinding

Textured Soya Protein

ExtrusionSoya Meal

Toasting

Grinding/Grading

Hydrogenation

Crude Soyabean oil

Abbreviations

Page 24

Abbreviations Used Description

FY Financial Year

Mn Million

Bn Billion

yr Year

MT Metric Tonnes

MTPA Metric Tonnes per annum

BSE Bombay Stock Exchange

NSE National Stock Exchange

DSE Delhi Stock Exchange

INR Indian Rupee

US$ United States Dollar

USDA FAS United States Department of Agriculture Foreign Agricultural Service

IMF International Monetary Fund

THANK YOU!

Documents

Investor Presentation March-Rchi