Raymond Re-Imagined Corporate Overview

Raymond Re-Imagined Corporate Overview May 2018

To emerge as a company that endeavours to stay ahead of the curve by embracing change and in doing so, establishes its thought, product and market leadership

Table of Contents 4 Introduction & Overview 13 Businesses 37 New Leadership Team & Investor Confidence 40 Transformation Drivers & Financial Outlook for FY20 43 CSR Initiatives & Environmental Sustainability 3

Raymond Group: Introduction SUITING SHIRTING APPAREL RETAIL PRESENCE GARMENTING ENGINEERING DENIM FMCG 4 A diversified group with interests in Textile & Apparel sectors as well as presence across diverse segments such as FMCG, Engineering in national and international markets

Raymond: A Group with Strong Leadership Position No 1 player in worsted suiting fabrics in India 5 th largest Suit manufacturer in the World 1 st organised retailer in India Manufacturer of world s finest fabric Near 100% consumer awareness One of the world s largest manufacturer of worsted suiting fabric 3 rd largest player in Menswear segment with 4 power brands One of the largest exclusive retail network in Branded Lifestyle space Only Indian manufacturer to craft full canvas premium jackets Among the Most Trusted brands in India 5

Raymond Group at a Glance Promoters Group Branded Textiles Suiting B2C Shirting Made to Measure (MTM) Branded Apparel Raymond Apparel (100%) 43% Public Garmenting High Value Cotton Shirting Celebration Apparel (100%) Raymond Luxury Cotton (75.7%) Everblue Apparel (100%) Silver Spark Apparel (100%) Dress Masters Suit (100%) Ethiopia *(100%) Tools & Hardware 57% Auto Components JK Files (100%) JK Talabot (90%) Denim Ring Plus Aqua (89.1%) FMCG Raymond UCO Denim (50%) Others JK Helene Curtis (47.7%) JK Ansell (23.8%)^ (1) Raymond shareholding pattern as of 31 st Mar 2018 per NSE 6 (2) Legend: Division Subsidiary Joint Venture Associate Business segment * Silver Spark Apparel Ethiopia Plc ^In final stage of acquiring JV partner s stake Note: 1) The structure includes key subsidiaries & operating businesses only 2) Others includes Non Scheduled Airline Operations and Real Estate Development. 3) The percentage represents effective stake of Raymond Ltd.

Consolidated Financial Overview Revenue (USD mn) Profitability Ratios 645 757 814 847 926 11.7% 9.3% 9.1% 8.7% 9.6% 9.1% 7.7% 9.1% 9.2% 6.8% FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 EBITDA Margin ROCE Leverage Indicators India Global 2.7 2.9 3.2 4.0 3.5 FY 18 Revenue by Geography 82% 18% 0.9 0.8 1.0 1.0 1.0 FY14 FY15 FY16 FY17 FY18 Net Debt/EBITDA Net Debt/Equity Total Assets & Net Worth FY 18: Total Assets USD 939 mn FY 18: Net Worth USD 279 mn Note: FY14 FY15 - Adjusted for Denim (JV), FY 16 onwards as per IND-AS FY 18: ROCE is excluding real estate project Note: 1USD = INR65.0441 7

EBITDA Margin Sales* Business Overview: FY18 Sales Contribution & Margins Consumer Business Business to Business Engineering Business Joint Venture & Associates 70% 20% 10% Denim Fabric & Garments 47% 23% 11% 9% 6% 4% FMCG Male Grooming & Sexual Wellness Branded Textiles Branded Apparel Garmenting High Value Cotton Shirting Tools & Hardware Auto Components *gross of elimination 15.7% 1.6% 5.2% 10.2% 9.0% 20.8% Brands New Customer Segments 8

Strong presence in Domestic B2C businesses led by Deeply Penetrated Exclusive Store Network Strong global footprint in B2B segment serviced by state of art manufacturing capabilities North America London Europe Romania Asia New York Dubai Shanghai South America Africa Ethiopia Indonesia Australia Retail Store Locations* - 1,076 stores New Retail Store Locations (Mini TRS)* - 91 Stores Overseas Store Locations* - 52 Stores Tailoring Hub 25 Hubs Manufacturing Location Global Office Corporate Office * The legends represent indicative store locations; map not to scale 9

Strong Competitive Positioning in Domestic Market Integration across the value chain delivering products of global standards #1 in Worsted Fabric ICONIC BRAND WITH UNDISPUTED LEADERSHIP IN MEN s LIFESTYLE SPACE Ability to build leading brands by leveraging its deep understanding of Indian customers Extensive Distribution network with a strong presence in urban as well as tier II- VI towns New Management team with relevant consumer experience #1 trusted Menswear brand 20,000+ POS Dynamic Leadership Strong ethos on product innovation TechnoSeries, Raymond Whites, All Black Collection 10

Key Awards & Recognitions: Quest for Excellence Mr. Gautam Hari Singhania Maha Udyog Shri Award by Government of Maharashtra s Awards for Industrial Excellence #3 in the Apparel & Fashion Category for afaqs! India s Most Buzziest Brands 2017 Most Admired Clothing Company of 2017 by Clothing Manufacturing Association of India Apex Awards Raymond Ltd, Raymond Apparel Limited and Raymond Luxury Cottons Ltd certified as Great Place to Work in 2018 3 rd position at APEC Export Awards 2015-16 in the Highest Global Exports Category Raymond UCO Denim CII Most Innovative Environment Project Award for Environmental Best Practices 2017 11

Table of Contents 13 Business Textile & Apparel Market Overview Branded Textiles Branded Apparel Garmenting High Value Cotton Shirting Tools & Hardware Auto Components Denim (JV) & FMCG (Associate) Real Estate 13

120 0 100 0 800 600 400 200 0 7.0 % 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % Textile Market: Overview Textile Market in India Major Role in Indian Economy India s Share in Global Textile & Apparel Exports (USD bn) Employs about 45mn people 4% 5% 5% 7% 4% of GDP INDIAN ECONOMY 14% of industrial production 736 33 723 34 858 47 1,021 68 15% of export earnings 2012 2017e 2022f 2027f Global India India Share in Global Trade (%) Domestic Menswear Fabric Market 58% USD 3.5bn 42% Organized Unorganized 2.0 USD 3.5bn 1.5 Suiting B2C Shirting B2C $ 3.5bn B2C market expected to grow at mid-single digits 14 Source: Technopak, IBEF & Company estimates *Note: Menswear market size considered at retail price

Apparel Market: Overview 7.7% Is the expected CAGR of the Indian apparel market between 2017 and 2027 Menswear India USD 21 bn market dominated by Shirting & Trousers USD 50bn USD 104bn Shirts 28% 5.8 Trousers 22% 4.7 2017e 2027f Denim 14% 3.0 25% Unbranded, USD 37.5bn of total apparel market is branded Branded, USD 12.5bn of total apparel market is 42% menswear Male Female Kids 10 21 19 22 39 43 2017 2027 T-Shirts Innerwear Ethnic Winterwear Suits/Coats/safari Activewear Others 7% 7% 7% 7% 4% 3% 1% 1.5 1.5 1.4 1.4 0.9 0.6 0.2 figures in USD bn 15 Source: Technopak

Opportunities in the Textile & Apparel Market: Increasing income and consumer spend Per Capita Income $2,000 - Inflection point for exponential growth in fashion industry... Revenue growth rate over a decade post reaching inflection point 1982 1984 1986 3X 4X 2X 2001 2006 2X 3X 2019 2X India s Per Capita Income to reach inflection point of $ 2000 in FY 19...coupled with high growth in consumption Per Capita Income in India Increasing share of discretionary spends in India 36% 41% 46% 59% 67% 1,742 1,852 1,989 2,165 2,355 64% 59% 54% 41% 33% 2016 2017 2018f 2019f 2020f 1981 1992 2000 2010 2020f Basic Discretionary 16 Source : CLSA, Dun & Bradstreet - India 2020: Economy Outlook, IMF & Industry sources

Key Growth Drivers: Consumer demand well supported by factors driving the supply Key Demand Drivers Industry Initiatives Higher Disposable Income World class Shopping Experience Favorable demographics coupled with aspiration based purchasing Growing Urbanization Apparel Market Growth Drivers Convenience shopping led by e-commerce Customisation & Personalisation Shift from unorganized to organized - GST Implementation Deeper market Penetration 17

18 Branded Textiles

500 480 460 440 420 400 380 360 340 320 300 16. 0% 15. 5% 15. 0% 14. 5% 14. 0% 13. 5% 13. 0% Textile Segment #1 in Worsted Suiting, Branded Shirting and Made to Measure (MTM) categories Distribution strength ~20,000 POS across 600+ cities and towns 165+ wholesalers, 1380+ MBOs and exclusive Raymond retail network of 800 TRS across Tier I to VI towns Strong channel partner relationship lasting more than 50 yrs Product & Service Quality / Innovation Manufacturer of world s finest fabric: Super 250s Launched advanced fabrics like Technofresh and Technostretch Unique Tailoring Propositions: Custom Tailoring Made to Measure (MTM) Online Tailoring Wide product portfolio across extensive price points Segment Performance (USD Mn) Sales EBITDA % Sales: 10% growth* 15.7% 14.1% 417 448 FY17 FY18 Product/Service Innovations & Extensions to drive growth Brand awareness 20,000+ SKU ranges Amongst the most preferred brands Near 100% consumer awareness in India Extensive price ranges (~ $5 per meter to ~ $4,700 per meter) Monza *exc. GST impact 19

Branded Apparel 20 20

240 220 200 180 160 140 120 2.0 % 1.5 % 1.0 % 0.5 % 0.0 % -0.5% -1.0% -1.5% Apparel Segment Third largest player in men s apparel with 4 power brands LUXURY Offerings across spectrum of consumer preferences Segment Performance (USD Mn) Sales EBITDA % Sales: 19% growth* 1.6% 195 219-1.0% FY17 FY18 Brand Sales Mix (FY18) 3% Park Avenue 15% Color Plus 42% Raymond RTW 20% Parx 20% New offerings PREMIUM Continued focus on strengthening brand & core proposition as a wardrobe solution provider MASS VALUE CLASSIC *exc. GST impact CONTEMPORARY EDGY WORK OCCASION LEISURE ACC. GROOMING SPORT Cutting edge digital experience through Store of Future Building Omni Channel capabilities Strong channel network:1,219 exclusive retail outlets, 299 exclusive brand outlets, 4,000+ MBOs, 900+ LFS, online portals and the TRS Network 4 power brands New Customer Segments Building Women wear portfolio through Park Avenue 21

22 Exclusive Retail Network & Digitization

140 0 120 0 100 0 800 600 400 200 0 Exclusive Retail Network Large Own Retail Network Supported by Strong Channel Relationships Exclusive retail store count stood at 1,219 Expansive presence in small Indian towns and cities (Tier III - Tier VI) Asset-light franchisee model comprising ~75% of stores Exclusive Retail Stores Total Retail Space 1.99 mn sq ft 2.15 1,080 60 257 1,219 68 299 Raymond Store of Future A modern and luxurious retail experience around cutting-edge technology, already 46 in place 763 852 Mini-TRS Mar 17 Mar 18 TRS EBO MTM New Design Fully Franchised Tier III-VI towns 91 Mini TRS as on Mar 18 Roll out another 200 by 2020 ~180 stores renovated 17% Same store sales growth of renovated stores in FY18 *MTM includes 41 converged stores as on Mar 18 23

Digitization Focus on Developing E-commerce Capabilities and Increase Revenue from Loyalty Program Digital Platforms Raymond Next own E-comm site www.raymondnext.com Online Tailoring website for Concierge service www.raymondcustomtailoring.com MTM App App for 3D Visualization & Website for Concierge Service www.raymondmtm.com 5 Mn+ member base 75% Retails Sales contributed by Raymond Rewards Stylist App for Suiting Fabric E-Commerce Market Place PA & RTW amongst TOP 3 formal brands across portals Digital Reach Present across all major portals for Apparel Myntra, Jabong, Amazon, Flipkart, Paytm Focus on e-commerce Unified loyalty program 1.03 mn ~$95 Repeat Shoppers A 21% growth Y-o-Y Member ATV Increased 12% Y-o-Y; Member ATV 90% higher than Non-Member ATV 630 mn Digital Impressions 70 mn Individuals Unique Digital Reach 24

Garmenting High Value Cotton Shirting 25

120 115 110 105 100 95 90 85 80 12. 0% 10. 0% 8.0 % 6.0 % 4.0 % 2.0 % 0.0 % Garmenting Segment B2B Business Segment Offering White Label-integrated Solutions HIGHLIGHTS Segment Performance (USD mn) 5th largest Suit manufacturer in the World* Sales EBITDA % 75% + exports driven Sales: 8% growth 8.4% 106 Jackets, trousers & shirts - Existing annual capacity ~7 mn pieces Strengthening manufacturing capabilities Greenfield garment plant (2.4 mn pcs) in Ethiopia operational from June 17 98 FY17 5.2% FY18 Some of the customers serviced by garmenting in FY2018 Only Indian manufacturer with the expertise to craft fullcanvas jackets 26 *After including Ethiopia plant capacity

95 90 85 80 75 70 65 60 55 50 10. 3% 10. 2% 10. 1% 10. 0% 9.9 % 9.8 % 9.7 % 9.6 % High Value Cotton Shirting Segment B2B Business Segment offering Exclusive Cotton Shirting and Bottom Weight Fabrics HIGHLIGHTS Supplying to leading Domestic & International brands High value cotton & linen fabrics Existing annual capacity ~26 mn meters Total volume sold in FY2018 - ~27 mn meters Segment Performance^ (USD mn) Sales EBITDA % Sales: 17% growth* 10.2% 9.8% 77 88 Proximity to the weaving cluster, resulting in a unique flexibility and cost advantage FY17 FY18 Greenfield facility in Amravati inaugurated in December 2017 demonstrating commitment towards Make in India initiative: Annual Capacity 1,200 tons linen yarns & 4.8 mn meters of linen and blended fabrics Manufacturer of Finest Fabrics 340s count Cotton and 150 lea pure Linen fabrics *exc. GST impact 27 ^For 100% operations and include minority interest

Tools & Hardware Auto Components 28

100 90 80 70 60 50 40 30 20 10 0 10. 0% 9.0 % 8.0 % 7.0 % 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % Tools and Hardware Segment Business under transformation journey; with significant focus on improving ROCE HIGHLIGHTS Segment Performance^ (USD mn) Business Portfolio : Steel Files, Cutting Tools, Hand Tools and Power Tool Accessories Leading manufacturer of steel files in the world with a domestic market share of ~65% Sales EBITDA % Sales: 10% growth* 9.0% 2.0% Annual Manufacturing capacity 54 56 Files 83 mn pieces FY17 FY18 Drills 21 mn pieces Strong distribution network in Africa, Asia and Latin America, with presence in 60+ countries across the globe Dominant in India with high recall among technical professionals Brands: JK Super Drive and "JK *exc. GST impact 29 ^For 100% operations and include minority interest

40 35 30 25 20 15 10 5 0 25. 0% 20. 0% 15. 0% 10. 0% 5.0 % 0.0 % Auto Component Segment Successful Turnaround in FY17 HIGHLIGHTS Segment Performance^ (USD mn) Sales EBITDA % Portfolio Realignment Divesting noncore business Improved Productivity Sales: 36% growth* 14.5% 25 20.8% 33 Emphasis on the commercial and passenger vehicle segment Divested non-core businesses like the forging and the pulleys Lean Manufacturing Upgraded ERP system Algorithmic production planning tools 2017 2018 Annual manufacturing capacity of ~9.2 mn of ring gears (4.6 mn), flexplates (0.6 mn) and water pump bearings (4.0 mn) Presence across diverse industry segments from automotive to industrial, agricultural and marine applications Strong customer focus and close engagement *exc. GST impact 30 ^For 100% operations and include minority interest

31 FMCG

FMCG Business Leading Brands in Male Grooming, Sexual Wellness and Toiletries FY 18: ~ USD 68 mn ^ of Business 1 Recognized Brands Park Avenue is the #2 brand in Men s Deodorant* KS Spark is the #1 selling Aerosol Deodorant Launched a unified identity of Park Avenue - One Park Avenue In final stage of acquiring JV partners stake in Kama Sutra brand Deodorants & Perfume Categories Talc 2 Key Categories & Expansion Men s personal care, Home Care & Sexual Wellness Launched Park Avenue Eau De Perfume 3 Strong distribution network Covers overs 3,75,000 retail outlets including pharmacies in India Hair Gels Soaps 4 International expansion Park Avenue & Kama Sutra Brands are expanding market in West Asia and SAARC countries Shaving Products Shampoo Room Fresheners Condoms & Sexual Wellness * AC Nielsen Feb 2018 Report ^ Revenue for 100% Operations of FMCG business 32

33 Denim

JV Business: Denim Providing end-to-end solution ranging from designing to manufacturing quality fabric & garments HIGHLIGHTS Manufactures denim fabric and markets a wide range of denim fabric and garments Existing Annual capacity - 47 mn metres FY 18 Revenue - ~USD 144 mn, 7% growth vs PY Caters to customers across Americas, Europe and Asia Initiated several energy conservation measures to promote green living Catering to the new-age consumer with new and innovative products New differentiated product offerings that included a sustainable range using organic cotton, post-consumer waste (PCW) and waterless technologies, among others *The JV s results are accounted for in the consolidated accounts under the equity method. 34

Real Estate: Update Board has approved development of 20 acres of land at Thane for residential purposes Potential of over 3 million sq ft of saleable area To be developed over 5-6 years ~USD 46 Mn estimated project expenditure in FY 19 Launch expected in FY 19 Management team in place, Processes & Systems are being developed Plans are under finalization & pending for statutory approvals 35

New Leadership Team Leading the Transformation Agenda Senior Management Team Sanjay Bahl Group CFO Ex- Landmark, HUL Sanjay Behl CEO-Lifestyle Ex- Rcom, HUL Vipin Agarwal President Corporate Ex Deepak Fertilizers, Jindal Stainless Steel S L Pokharna President Commercial 36 years of experience K A Narayan President Human Resources Ex- Wockhardt S K Gupta President Corporate and Shirting Business Ex- Grasim Industries, Bombay Dyeing Sudhanshu Pokhriyal President-Suiting Ex- Asian paints, Coca-Cola Gaurav Mahajan President- Group Apparel Ex - Trent Ashish Grover VP International Business and Garmenting Ex- Niryat Sam Ganesh Kumar CEO-Tools & hardware Ex- Arysta Life, Mosiac Balasubramanian V CEO-Auto, Ex- Eaton Industrial, Bosch Chassis Arvind Mathur CEO-Denim Ex- Coats Plc Giriraj Bagri CEO-FMCG Ex- ITC, Colgate Abhishek Kapoor CEO-Realty Ex- Rustomjee 37

Shareholding Analysis: Increased Institutional Investor Confidence Stock Performance Key New Institutional Investors Raymond Sensex Reached $1 bn market cap on 26 Dec 17 102% 18% Shareholding Pattern Particulars Mar 15 Mar 16 Mar 17 Mar 18 Promoter Group 40.2% 41.7% 42.5% 43.0% Mutual Funds 3.7% 3.7% 7.9% 16.1% FIIs 6.9% 7.8% 8.9% 10.2% Individuals 26.1% 25.0% 21.1% 22.1% Others 23.1% 21.8% 19.6% 8.6% Top Shareholders (as on 31 st Mar 2018) Institutional Shareholders % Mirae Asset Fund 5.0% Reliance Capital Trustee Ltd 2.0% Tata Mutual Fund 1.8% Aditya Birla Sun Life Trustee Private Limited 1.2% Source: Stock Exchange 38

Transformation Drivers Enhancing Stakeholders Value Growth Transformati on Innovate & Sustain Invest & Grow Unlock value & De-leverage Management Textile The Core Business Product innovations Service innovations Market & Category expansion Channel penetration Sustain the margins Apparel The Growth Engine Asset light network expansion Stabilize Brand investments Retail experience store of the future Omnichannel penetration Full wardrobe & services solution Engineering, FMCG & Real-Estate Engineering Turnaround in progress of T&H business Sustain profitable growth in Auto business FMCG Category expansion, leverage Raymond brand & channel Specific Focus Real Estate An opportunity Further strengthen corporate governance Industry repute Advisory Board Dynamic leadership 40

Strategic Roadmap for FY20: Financial Targets FY-2018 Guidance FY-2018 Results FY-2019* FY-2020* Revenue Growth 7% -9% 13%* 7% - 9% 10% - 12% EBITDA Margin +100-150 bps 9.1% (+140 bps) +80-100 bps +70-100 bps ROCE Underlying 8% - 9% 9.2%* 12% - 15% Net Debt to EBITDA Stable 3.5x (from 4x) 1.5x to 2.5x Free cash flow -ve -ve -ve +ve * Excluding real estate project On track of achieving FY 2020 guidance 41

Table of Contents 4 Introduction & Overview 13 Businesses 37 New Leadership Team & Investor Confidence 40 Transformation Drivers & Financial Outlook for FY20 44 CSR Initiatives & Environmental Sustainability 42

Corporate Social Responsibility and Other Initiatives Raymond Tailoring Initiative Raymond Rehabilitation Centre Singhania School Other Initiatives 43 A unique employment generating social initiative that provides tailoring training to youth and enhances their livelihood options MoUs with state governments of West Bengal, Rajasthan and Uttar Pradesh State The rehabilitation centre organises free vocational training workshops (electrical, air conditioning, refrigeration and plumbing) for boys over 16 years of age. Three-month vocational courses in association with ITIs Three Singhania schools at Thane, Chhindwara & Vapi impart value based education for all Smt. Sulochanadevi Singhania School at Thane has been ranked State s No. 1 and India s No. 3 Day Co-Ed School in Education world India School Rankings 2017. It also received International School Award 2017-2020 from British Council Participating Mid-day meal programs Providing assistance to children suffering from cancer at St. Jude India Childcare Centre Offering free dialysis to under privileged patients at Apex Kidney Foundation Contributing actively in Maharashtra government s drive to clean and desilt rivers

Environmental Sustainability Initiatives Activities Awards Continuously engaged in technology up-gradation in creating an environmental compliant enterprise Technology Upgradation Some of the environmental preservation & sustenance measures undertaken are:- Online Monitoring Commencement of online monitoring of coal boiler stack emission parameters Water Conservation Initiation of water recycling through effluent treatment and sewage treatment plant to treat waste water Resource conservation & Optimization Developed denim fabric for a premium international jeans wear brand from recycled pet bottles and food trays Energy Conservation Installed Solar Panels and made our factories solar energy compliant 44

The future lies in imagining the unimaginable!!! At Reimagined Raymond we aspire to achieve just the same. We aim to create not just offerings but an organisation that is built for the future Gautam Hari Singhania, Chairman and Managing Director Raymond Ltd. 45

Disclaimer The particulars of this presentation contain statements related but not limited to revenues, financial results and supplemental financial information which has been compiled by the management, not to be construed as being provided under any legal or regulatory requirement and are not intended to invite any investment in the Company. The information contained in this presentation has not been subjected to review by any auditors or by the Board of Directors of the Company. Commentary in the presentation describes the reporting quarter performance versus the same quarter of the corresponding previous year, unless specified otherwise. The figures for the previous periods in this presentation have been regrouped/ reclassified, wherever necessary. The Company assumes no responsibility and does not provide any warranty to the accuracy or comprehensiveness of the information contained in this presentation. This presentation is not intended to be a prospectus (as defined under the Companies Act, 2013, SEBI Regulations and relevant provisions of applicable laws, the Companies (Prospectus and Allotment of Securities) Rules, 2014). This is for information purposes only and does not constitute or form part of, and should not be considered as any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscription for securities in any jurisdiction. No part of this presentation and the information contained herein should form the basis of, or be relied upon, in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. Statements in this presentation describing the Company s objectives, projections, estimates, expectations or predictions may constitute forward looking statements. Such statements are based on the current expectations and certain assumptions of the Company's management, and are, therefore, subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. The Company neither intends, nor assumes any obligation to amend, modify, revise or update these forward looking statements, on the basis of any subsequent developments which differ from those anticipated. 46

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