Corporate Presentation

May 2019
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uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition, our ability to manage our international operations, government policies,
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applicable law of any other Country.

2
J.K. Organisation

Indica Travels

3 3
Group Businesses

• Pioneer in Radials
• 32 Mn. Tyres p.a. - 4 /2 Wheeler
 Major supplier to Defence & OEM  Largest producer of branded paper  13 Million tones capacity
 4500 dealers across India  5.90 Lac tones per year - 3 Integrated and 6 grinding units
 Exports to over 100 countries  3 Strategically Located plants  Construction Material
• 12 Plants – 9 in India & 3 in  4000 dealers -11 Ready mix concrete plants
Mexico (JK Tornel)  Wood & Carbon Positive- A Green - 2 Ariated auto clave block plants
• Among World’s 4 best in Energy Company + Gupsumplasters etc.
9.81 GJ/Ton  Export to over 35 countries  Recognised as one of the most
• Renewable Energy – 40%  Planting more than 70 million Green & Water Positive Cement
• World’s No.1 in water usage Trees annually operations

 Industrial & Automotive V-belts

Oil seals & Hoses • 1.2 Million Litres / day –milk  R&D driven Hybrid seeds
 Engineering Products - Power processing  1st Indian company to develop and
transmission accessories, Gear • Wide range of processed dairy commercialize Bt. Cotton
Boxes, Couplings, Pully, Aerators products.
 Registrations in South Asian and
 The first choice of many Indian • Well know Brand.
African countries
OEMs • Major Customer- Mother Dairy,
Coco Cola, Hershey’s, Spencer’s,  Serves > 2 Million Farmers
 7 Plants
ABRL and Dr. Oetker.
 Renewable Energy -80%

4 5
 JK Tyre & Industries Limited - Company Overview
Ranked top 22nd tyre company in the world

Company Background
 Pioneer of radial technology in India and ranked No. 1 Truck/Bus Radial
• Established Tyre Business in 1977
• Manufacturing and marketing of (TBR) manufacturer with market share of ~32%
automotive tyres, tubes & flaps  12 manufacturing plants (9 in India and 3 in Mexico) having total capacity of
~32 million tyres per annum
 Manufactures wide range of products starting from 2 kg (2/3 wheeler) to 3.4
Corporate structure
Ton (OTR)
JK Tyre & Industries Ltd.  Brands :
 Among the most energy efficient tyre companies in the world (9.81 Gj/Ton)
100%  Wide range of Products with presence in over 100 countries.
JK Tornel Mexico 64% 15%
 Extensive Distribution Network in India, Mexico and many other geographies.
Valiant
16%  State-of-the-art centralized R&D Centre at Mysore - Raghupati Singhania
Cavendish Industries Centre of Excellence (RPSCOE).
Ltd.(CIL)*
 1st company in India with OE fitment of tubeless passenger radials. Also,
Bengal
5% Assam 1st in India to launch high performance H, V and Z-rated passenger radial tyres

*JK Tyre along with its subsidiary holds 80% stake in CIL

A Leading Indian Tyre Manufacturer with over four decades of Experience

5
JK Tyre: The Journey So Far

• Acquired • Major TBR expansion

• Started All • New OTR
Vikrant Tyres Steel Truck of ` 950 crore in
Plant in
Ltd., Mysore Cavendish underway
radial Mysore Mysore
2018-19

• First Tyre
plant in
Kankroli, 2016
Rajasthan 2013-14
2012
• Acquired
2010
Cavendish
2008 • Greenfield plant Industries
1999 in Chennai
1997
1991
• Second tyre • Acquired • Major brownfield
plant at Tornel plant in expansion in Chennai
1976 Banmore, MP Mexico

JK Tyre has a Successful Track Record of Turnaround – Vikrant, Tornel & now Cavendish

6
Manufacturing Footprint
Location of Manufacturing Facilities
India Mexico

Laksar, Uttrakhand– 3

Kankroli, Rajasthan – 1
Banmore, Madhya Pradesh – 1
Total 12
 Hidalgo – 1
Tultitlan – 1 Manufacturing
Azcapotzalco – 1
Facilities with
Mysore, Karnataka – 3 Chennai, Tamil Nadu – 1
Annual
Production
Manufacturing Plants Mn./ Nos
JK Tyre Indian JK
Capacity
S.No. Product Category KTP BTP VTP CTP LTP Total
Standalone Operation Tornel
1 Truck & Bus Bias 0.8 - 0.7 - 1.5 0.7 2.2 0.3 2.6
~32 mn tyres.
2 Truck & Bus Radial - - 1.1 1.2 2.3 1.4 3.7 - 3.7
3 Truck & Bus Total 0.8 - 1.8 1.2 3.8 2.1 5.9 3.0 6.3
4 Pass. Line Radial - 5.0 0.4 4.5 9.9 - 9.9 5.2 15.0
5 2/3 Wheeler - - - - - 6.3 6.3 - 6.3
6 Others 1.2 - 0.5 - 1.7 0.7 2.4 2.4 4.8
7 TOTAL 2.0 5.0 2.7 5.7 15.4 9.1 24.5 7.9 32.4

7
 Industry Overview
Indian Tyre Industry Overview
Overview: By Revenue Segment – FY19 By End Market – FY19
• Indian Tyre Industry generates over `62,000 crore in Others
turnover (US$ 8.9 bn) 2/3 9% Truck & OEM
Wheelers Bus 32%
• Commercial Tyre segment (Truck/Bus & LCVs)
13% 54%
accounts for ~2/3rd (by value) of total tyre market
• Indian exports – about `12000 crore ( US$ 1.7 bn) to Passenger
over 100 countries Car
15%
• Radialisation key driver for growth: Replacement
68%
− Car Tyres: 99%
LCV
− Truck Tyres: 53% (OEM: 73%) 9%

Source Internal estimates.

Domestic Competitive Landscape

Key Players: Truck and Bus Radial (TBR) Market Light Commercial Vehicle incl Commercial Vehicle2 (Bias +
Share1 – FY19 SUV (Bias + Radial) Market Share1 Radial) Market Share1 – FY19
• Indian tyre market comprises of – FY19
JK Tyre,
global majors and domestic brands JK Tyre
JK Tyre 30%
35%
• Top 5 global tyre players already have 32%
a presence in the Indian market Others
Others 65%
• Top 3 to 4 domestic brands dominate 68%
the Indian tyre market
Others,
70%

Note Market share date as per internal estimates.

1.
2.
Market share based on Units Sold (Sales Nos).
Commercial Vehicle includes MHCV,LCV,SCV (Bias+Radial)
JK Tyre has highest market share in Commercial Vehicle Tyre
8
Industry Outlook FY20

Indian Tyre Industry Outlook FY20

• Tyre demand is expected to grow by 7-9%, where OEM and Replacement segment will grow at equal pace.
- MHCV tyre demand is expected to be driven by growing freight demand and infrastructure development.
- LCV tyre demand is expected to be driven by increasing awareness and shift to low-cost Indian radial tyres by Medium and small fleet
operators.
- Cars & UV tyre demand is expected to be driven on account of shared mobility and pre-buying due to BS VI Norms implementation.
- 2/3 wheeler tyre demand is expected to be driven by increasing penetration in rural and semi-rural areas due to improvement in road
infrastructure.

• Imports to remain subdued in FY20 on account of ongoing ADD on imported TBR tyres and higher customs duty on TBR and PCR.

Tyre Demand Outlook across Segments (000’ tonnes)

MHCV LCV Cars and UVs 2/3W Tractors
Expected CAGR of 7-9% Expected CAGR of 7-9% Expected CAGR of 7-9% Expected CAGR of 6-8% Expected CAGR of 7-9%
till FY23 till FY23 till FY23 till FY23 till FY23
139 189 545
3 433
286
938 130 367 303
197

FY18 FY23P FY18 FY23P FY18 FY23P FY18 FY23P FY18 FY23P

Growth Momentum is Expected to Accelerate across Tyre Segments

Source CRISIL Research

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 Raw Material Price Trend

Natural Rubber – Price Movement ($/MT) RM Consumption by Value (FY19)

2400
2,174
2200 Chemicals Natural
2,232
2000 & Crude Rubber
1,832
1800 1,844
1,729 1,714 1,729 1,714 1,711 Derivatives 33%
1600
1,759 1,694 1,723
1,6931,678
1,544 1,629 41%
1,749 1,421
1,623 1,623 1,421
1,585
1400 1,549 1,623 1,459
1,468
1,432
1200 1,345

1000

Brent Crude Oil – Price Movement ($/barrel)

90
85
80
Synthetic
75
70
Rubber
65 Steel Tyre 14%
60 Cord/Bead Wire
55
11-12%
50
45
40
04/2017 06/2017 08/2017 11/2017 01/2018 04/2018 06/2018 10/2018 01/2019 05/2019
Source Rubber - SICOM, Brent Crude - Bloomberg., RM Consumption - Company

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 Truck and Bus Radialisation is Gaining Momentum
Radialisation (%) Key Drivers & Trends

90% Projected
Actuals
82%
80% Cost - Benefit Ratio
80%
74% 73%
72%
68%
70%
61% Road Infrastructure
60%
62%
51%
58%
50% 53%
42% Overload Control
48%
40% 46%
34% 34% 44%

30% 25% 33% User Education

20% 26%
22% Radialisation: FY19
19% Radialisation: FY18
8% 17% • Overall Truck/Bus Re-treading
10% • Overall Truck/Bus – 48% – 53%
11% • OEM – 74% Infrastructure
• OEM – 73%
6%
0%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20E FY21E
Domestic OEM

Radialisation Expected to Drive Indian Tyre Industry Growth

Source SIAM and Industry Reports

11
JK Tyre - Leading Indian Tyre Manufacturer: Presence Across Product Segments

By Revenue Segmentation¹ – FY19

By Market By Product Line
Exports Others
9% 2/3 13%
Wheeler
4%
PLR
OEMs 18% Truck and
36% Bus
Replacement
65%
55%
By Customer Mix² – FY19
Passenger Car
Truck & Bus Truck Radial
OEMs
40% Replacement
OEMs Replacement
39% OEMs 51%
49%
40%

Replacement Exports
Exports Exports
48% 9%
12% 12%

Gradual Shift Towards Profitable Segments and Radial Tyres¹

FY16 FY17 FY19

Bias Bias Bias

42% 40% 39%

Radial
Radial Radial 61%
58% 60%
Notes:
1. Based on total value.
2. Based on total units (nos).

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JK Tyre - Product Portfolio: Moving in Sync with Radialisation

Truck Radial & Passenger Radial Pose Healthy Growth

Wide Product Range No. of Tyres Sold (Consolidated)

Particulars (Mn) *FY19 FY18 FY17 FY16 FY15
Truck Bias 2.15 1.91 1.94 1.77 2.08
Farm Industrial Truck Radial 2.98 2.52 2.11 1.81 1.53
and Passenger line Radial 9.80 8.29 8.25 8.05 7.75
Speciality
Non Truck Bias 2.89 2.23 2.42 2.27 2.41
Truck/bus PCR
Bias 2/3 Wheeler 4.36 3.14 1.92 0.04 -
Total 22.18 18.09 16.64 13.94 13.77
*23% Volume increase.
Truck/bus 2/3
Radial Wheeler

FY 19 Sales (Nos)
LCV/SCV OTR 2/3 Truck Bias
Bias Wheeler 10%
20%
Truck
LCV Racing Radial
Radial Non Truck 13%
Military/
Bias
Defence Passenger
13%
Line Radial
44%

Complete Product Basket Catering to a Diverse Set of Customer Requirements

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Our Strengths

Diversified Product Portfolio

Extensive and Growing Distribution Network with well

Established Brands

Strong R&D Capabilities leading to faster Product

Development

Longstanding Relationships with Customers and Suppliers

Experienced Management Team Supported by a Committed

Employee Base

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Extensive Distribution Network …
Indian Distribution Footprint
• 45 JK Tyre Truck Wheels
 4,500 Dealers Fully equipped Tyre service centre
offering Total Tyre Solutions
 345 Distributors
• 355 JK Tyre Steel Wheels
 Tie up with 870 Fleet Operators Exclusive Passenger Car Tyre Retailing

 Tie up with 3 Oil Marketing Companies • 114 Xpress Wheels for Small Towns &
Semi Urban Markets
 140 Sales, Service and Stocking Points

• 35 JK Tread centres for value added

 20 Regional Offices
services such as re-treading

Mexico Distribution Footprint Presence in Other Geographies

76 Distributors in Middle East and South East
 97 Dealers  Asia
 Network of 144 third party dealers/distributors  61 Distributors in Africa

 Network of 34 Distributors for Exports  60 Distributors in North and Latin America

15
 Strong R&D Capabilities leading to Product Innovations
R&D Facility

Technology - R&D Centre (RPSCOE):

• Centralized R&D center in Mysore, Karnataka

• Employs more than 350 R&D and Technology personnel

• R&D efforts focused on the field of advanced materials, alternate

materials, nanotechnology, process and product simulations, predictive
technology, advanced tyre mechanics, etc.

• Greener Technology – Eco-range of products for cars and buses (E-

vehicle) fitted with ultra low rolling resistance Tyres.

New Offerings (FY19)

 93 New Products Launched for Domestic and International

Markets  Additional 44 Products Launched in 2/3 Wheeler category to
cater to high end bikes in the Indian market

 New Pattern JET XTRA XLM is launched in TBB segment for

heavy loading high mileage.  New Pattern for PCR Taxi Max for India and Blaze X-AT for
US market launched.

R&D activities aimed at offering technologically advanced products. Higher market share and enhanced Profitability

16
 Strong OEM Relationships: Industry Leading Partners

Car Truck Tractor OTR

• Maruti Suzuki • TATA Motors • TAFE • BEML
• TATA Motors • Mahindra & • Mahindra & • Caterpillar
Mahindra Mahindra
• Mahindra & • L&T Construction
Mahindra • Ashok Leyland • Captain
• Tractors India
• Honda Cars • Volvo Eicher • Escorts
• TATA Hitachi
• Force Motors • Volvo
• JCB
• MAN
• SANY
India/Mexico

• Renault India/Mexico 2/3 Wheelers

JK Tornel, Mexico – LTR
• Volkswagen • Nissan • John Deere • Hero MotoCorp
• FIAT • Bajaj Auto
JK Tornel, Mexico JK Tornel Mexico
• Chrysler • Case New Holland

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Experienced Management with a Committed Employee Base

Dr. Raghupati Singhania

Chairman &
Managing Director

Arun K. Bajoria Rajiv Prasad Praveen Chaudhury

Director & President – Anshuman Singhania President – India A. K. Kinra Sanjeev Aggarwal V. K. Misra Chief Operating Officer –
International Operations Whole-time Director Operations Financial Advisor CFO Technical Director JK TORNEL

Dr. R. Mukhopadhyay A. K. Makkar Ashish Pandey Bharat Aggarwal Vikram Malhotra K. H. Prasad
Director (R&D) Manufacturing Director VP–Materials Head– International Trade Marketing Director VP – CAVENDISH

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Sustainability Initiatives - improving operational efficiencies..
Energy Consumption Trend (Gj Per Tonne) Water Consumption Trend (KL Per Tonne)
14 5.00
12.31 4.40
12 11.23 4.50
10.74 10.33 3.90
10.20 9.81 4.00
10 3.40
3.50
2.83
8 3.00
2.42
2.50 2.18
6
2.00
4 1.50
1.00
2
0.50
0 0.00

2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19

Emission Intensity (CO2 per tonne) Contribution of renewable power in total

2.000 1.835 50.0
energy consumption
1.693
1.530 39.0%
1.500 1.350 40.0 36.6%
1.172
1.006 30.0
1.000 21.2%
20.0
0.500
10.0
3.5%
0.000 0.0

2013-14 2014-15 2015-16 2016-17 2017-18 2018-19Estm. 2015-16 2016-17 2017-18 2018-19

JK Tyre is among the top four energy efficient tyre companies in the world.
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Cavendish Industries Ltd.
Significant production ramp-up since takeover
Particulars FY17 FY18 FY19 Capacity Utilisation
90%
81%
80%
Installed Capacity
70%
62%
- MT 133964 133964 147760 60%

- MT(per day) 383 383 422 50%

41%
40%

Production
30%

- MT 54376 83058 119030 20%

- MT(per day) 155 237 342 10%

0%

Utilisation % 41% 62% 81% FY17 FY 18 FY 19

JK Tyre acquired CIL in April’16 in a closed state, Production ramp up from July’16

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Cavendish Industries Ltd.

TBR Capacity Expansion

 Brand new 4 nos. packed Tyre Building Machines – an integral part of purchase consideration at
the time of acquisition – Recently commissioned.

 Capacity expansion from 7.40 Lac Tyres p.a. to 13.85 Lac Tyres p.a.

 The project was completed for `275 crore. Similar Brownfield/Greenfield expansion project
would cost more than `800-900 crore).

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Cavendish Industries Ltd.
Proposed Expansion Project of `675 crore

 Capacity Expansion – TBR from 13.85 to 20.57 Lac/Nos. @ Cost of `590 crore
- Tractor Rear from 0.20 to 0.95 Lac/Nos. @ Cost of `85 crore
(Similar Brownfield expansion would cost `900~1000 crore)

 Funding through a mix of debt & equity. Term loan already tied-up.

 Estimated additional Revenue - `1000 crore per annum.

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Financial Overview: Consolidated
`/Crs
S.No. Particulars FY19 FY18 y-o-y
growth
1 Net Sales & Other Income 10,452 8,418 24%
2 PBIDT 1,196 883 35%
3 % to Net Sales & OI 11.4 10.5
4 PBDT 675 418 62%
5 PBT (after exceptional items) 270 107 153%
6 Net Profit 176 63 180%

Sales Growth in FY19 - Domestic Market vis –a-vis Industry over Previous Year
Particulars JK Tyre (%) Industry(%)
Total Truck 12 9
LCV 22 14
Tractor Rear 44 1
PCR 16 7
2/3 Wheelers 38 5

Truck Radialisation 61 53

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Business Highlights: Consolidated
(Mn Nos)

 Highest ever sales in FY19 at Rs.10,452 crore. Truck Radial

3.5
 JK Tyre with 32% share in TBR market 3 2.98
benefitted the most post imposition of Anti- 2.5
2.52
Dumping Duty on TBR. 2
2.11
1.5 1.81
1.53
 Highest share in industry at 30% in Commercial 1
0.5
Vehicle tyres segment (HCV+LCV+SCV). 0
FY15 FY16 FY17 FY18 FY19
 TBR Capacity Utilisation in JK Tyre & CIL >
90% in FY19. CIL TBR capacity being TBR sold in FY 19: 2.98 Mn
expanded to 20.57 Lac tyres p.a.
2/3 Wheeler
 Big jump in 2/3 wheeler tyre sales in FY19, 5.00 4.36

registered a growth of 38%. Entry into OEMs - 4.00

3.14
Bajaj, Hero and many more in the offing. 3.00
1.92
2.00
 Major labour restructuring successfully 1.00
completed at JK Tornel. -
- 0.04

FY15 FY16 FY17 FY18 FY19

2/3 W sold in FY19: 4.36 Mn

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 Key Focus Areas
 Improvement in NSR through Product and Market Mix Optimization
• Higher Sales of TBR Premium products
• Higher Sales of PCR Tyres in > 15 inch category
• Higher Sales of Light Truck Radial Tyres.
• Introduction of higher value added products.
• Increasing volume through innovative channels viz., Retread, Mobility solutions,

 Increased Volumes to Optimize Capacity Utilization leading to better efficiencies

 Capacity Addition at CIL under implementation

• TBR capacity expansion from 13.85 lac to 20.57 lac tyres p.a. Estimated project cost of
`590 crore.
• Tractor rear expansion from 0.20 lac tyres to 0.95 lac tyres p.a. Estimated project cost of
`85 crore.

 Continuous focus on cost reductions in materials, energy and logistics etc.

25
Key Drivers

• Easing of liquidity expected in current FY • Increasing number of international auto

will result in substantial increase in brands now manufactured in India
demand for automobiles. • Taxi Aggregators viz., Uber, Ola driving
• Expected boost in commercial vehicle the demand
segment due to BS VI pre-buying. • Requirement of vehicles for last mile
• Policy measures for road sector- connectivity.
substantial fund allocation on projects like • Rising disposable income has increased
– NHDP, Bharatmala, PMGSY etc. the propensity to purchase personal
• Government thrust on agriculture and vehicles.
rural development to drive tractor sales • Younger demographics a key factor
• Government thrust on infrastructure propelling growth amongst the smaller
(roads, railways & irrigation) spending will segments
generate increased demand for tyres. • MUV & 2/3 wheeler sales increasing at
• Vehicle scrappage policy will lead to faster pace due to increasing rural income
increase in demand vehicles.

26
Growth Strategy Going Forward

1 2

Strengthen Market
Increase Global
Position across
Business Share
Segments

6 3

Leverage benefits
Deleverage
of expanded
Balance Sheet
capacity at CIL

5 4
New Product
Improve Development
Profitability through Focus on
R&D

27
Acquisition History : Tornel & Cavendish

Manufacturing Excellence Manufacturing Excellence

Acquisition Overview Acquisition Overview

• Acquired in 2008, well established tyre company in Mexico • Acquired in April 2016
• 3 tyre manufacturing plants in Mexico (Azcapotzalco, Tultitlan and • State-of-the-art established tyre plant, earlier part of Kesoram Industries
Hidalgo) with a combined annual capacity of 7.9 mn tyres • Wide product range of TBB / TBR tyres, 2-3W tyres, tractor tyres, and
• Wide product range of Passenger Car Radial, Truck Bias, Light Truck tubes & flaps
Radial, Farm Tyres And Industrial Tyres
• Plant located at Laksar (Haridwar) with annual capacity of 9.1 mn tyres
Deal Rationale Deal Rationale
• Free access to NAFTA and other trade blocks
• Expands JK Tyres global footprint • Acquisition of Laksar plant provided additional TBR and other capacities

• Low cost acquisition of additional capacity • Benefits of excise duty exemption till FY20
• Greater access to North America and emerging Latin America markets, • Enabled strategic entry into 2/3 Wheeler Category
Manufacturing Excellence
where JK Tyre is already exporting substantial quantities Manufacturing Excellence
Turnaround Poised for Growth
• Turnaround of operations in first year of acquisition • Laksar plant an excise benefit zone – excise exemption of 10 years (up
• Improved plant efficiencies to 2020)
• Enhanced market share across all products • Operational turnaround in 1st year of acquisition
• Truck Radial (Outsourced)
• Launched Blaze – premium 2/3 wheeler tyre
• Entered Chrysler, Nissan (Car / Light Truck Radial), John Deere
(Farm) & Case New Holland • Well received and volumes increasing month by month
• Recently implemented a Labour Restructuring Scheme – A Disruptive
Innovation………..Significant gains in coming period

28
 Thank you

29