Nitco Tiles Ltd

1. Investor Update Nitco Tiles Ltd January – March 2008 April 28, 2008

2. Index 1. Financial Review Product Wise Performance 2. 3. Operational Highlights 4. Financial Statements

3. Strong Quarterly Growth Trend Continues Performance Review Q4 FY’08 Vs. Q4 FY’07 40% 24% Gross Sales EBITDA • Gross Sales up 40% from Rs 1,419.11mn to Rs 1,983.76mn driven by strong volume growth across key product segments: • Vitrified tiles up 10% to Rs 908.5mn • Ceramic tiles up 24% to Rs 389.7mn • Marble up 139% to Rs 398.5mn • Cement sales of Rs 263.2mn • EBITDA up 24% from Rs 208.91mn to Rs 258.82mn, while EBITDA margins dropped from 16.7% to 14.7% due to: • Lower margin in cement business of 5.35% as compared to tiles business of 16.14% • PAT up 3% from Rs 129.27mn to Rs 133.15mn • In Q4 FY’08, interest and other financial charges increased by Rs. 39.08mn which includes forex loss of Rs. 37.87mn as against forex gain of Rs.17.06mn in Q4 FY’07. The loss was as a result of significant exposure in USD due to outsourcing of Vitrified Tiles from China. The exchange rate of USD to INR was Rs. 40.06 at the end of Q4FY”08 as compared to 39.42 as at the end of Q3FY”08 resulting in foreign exchange loss for Q4FY”08.

4. Resulting in a Robust Growth for the Fiscal Year Performance Review FY’08 Vs. FY’07 34% 38% 22% Gross Sales PAT EBITDA • Gross Sales up 38% from Rs 4,704.33mn to Rs 6,510.03mn driven by strong volume growth across key product segments: • Vitrified tiles up 32% to Rs 3,331.6mn • Ceramic tiles up 25% to Rs 1,463.3mn • Marble up 68% to Rs 1,281.9mn • Cement sales of Rs 297.2mn • EBITDA up 22% from Rs 709.00mn to Rs 865.74mn, while EBITDA margins dropped from 17.16% to 14.97% due to: • Lower margin in cement business of 5.22% as compared to tiles business of 15.47% • Increase in personnel cost by 43.37% from Rs 182.87mn in FY’07 to Rs. 262.19mn in FY’08 on account of higher level of recruitments to cater to the growth plans of the company and also overall increase in salary levels • Increase in input cost. • PAT up 34% from Rs 380.21mn to Rs 510.22mn, while PAT margins dropped from 9.2% to 8.8% • Interest and financial charges increased by 73% from Rs 80.49mn in FY’07 to Rs 139.41mn in FY’08 due to lower exchange gain and increased borrowings for higher level of operations

5. With a diversified product mix Product mix Q4 FY’07 Q4 FY’08 46% 58% 4% 13% 4% 12% 1% 20% 20% 22% FY 2007 FY 2008 5% 2% 54% 51% 3% 2% 16% 20% 22% 25% Vitrified Ceramic Marble Mosaic Others Cement Derisked business model through focus on all major categories of flooring

6. Strong Growth Across Key Segments Vitrified Tiles 32% Gross Sales from vitrified tiles up 32% from Rs 2528.82mn to Rs 3331.63mn driven by volume growth of 29% from 5.19mn sq mtrs in FY’07 to 6.71mn sq mtrs in FY’08 Realisation increased by 2% from Rs 487 per sq mt in FY’07 to Rs 496 per sq mt in FY’08 Launched various new products during the year including Orient White, Java, Taiga, Florence, Viva, Moilano and Murano Ceramic Tiles Gross Sales from ceramic tiles up 25% from Rs 1,171.74mn to Rs 1,463.27mn driven by volume growth of 14% from 4.02mn sq mtrs in FY’07 to 4.58mn sq mtrs in FY’08 and realisation growth of 10% from Rs 292 per sq mt in FY’07 to Rs 320 per sq mt in FY’08 due to focus on premium segment Launched various new products including Metallica, Innova Series, Vintage Series, Estonia Series, Breton Stone series, Timberland series, Matrix Series, Country Series and Ethinica Series 25%

7. Strong Growth Across Key Segments Marble 68% Gross Sales from marble up 68% from Rs 763.08mn to Rs 1,281.85mn, driven by volume growth of 69% from 3.34mn sq ft in FY’07 to 5.64mn sq ft in FY’08 Realisation marginally dropped by 1% from Rs 229 per sq ft in FY’07 to Rs 227 per sq ft in FY’08 due to product mix Total license quota increased by 24% from 12,816 MT to 15,895 MT Cement To benefit from already strong marketing and distribution network in the tiles business, the company successfully forayed into cement business of sourcing it from overseas market Gross Sales from cement of Rs 297.17mn in FY’08

8. Steps driving future growth • Retail Foray to drive higher margin • LE Studio – LE Studios in 12 major cities • LE Studio Express – 43 franchisee studios are under implementation in tier 1and tier 2 cities across the country • Real Estate Development to unlock the value of land assets • Construction has commenced on Thane IT Park I & II (Biz Park) expected to be completed in next 12 months • Construction of a premium residential building at Worli (Mumbai) has commenced. • Premium Ceramic Capacity expansion in full swing • The 10,000 sq. mt. capacity expansion project of the ceramic tile plant in Alibaug, Maharashtra is on schedule for start-up by the end of Q1 2008-09. • The state -of-the-art plant for processing imported marble at Silvassa, is expected to go on stream by end of Q3 2008-09 • Anti Dumping Duty • Anti Dumping Duty on Vitrified Tiles has been extended for another 5 years. Nitco’s suppliers continue to be exempted.

9. Financial Statements – Income Statement In Rs Mn • *Based on Weighted Average Number of Shares • Notes • Power & Fuel figures are after netting of power generated through wind mill of Rs 5.52mn and Rs.44.76mn for the quarter ended 31 March 2008 and year ended 31 March 2008 respectively (Corresponding quarter in Previous Year - Rs.4.99mn & for the year ended 31 March 2007 - Rs.44.21mn

10. Financial Statements – Ratio Analysis

11. Product-wise Volume and realisation

12. Shareholding Structure as on 31st March 2008 No. of shares outstanding: 32.12mn

13. About Nitco Tiles Ltd Nitco Tiles Ltd. (Nitco) is a complete flooring solution provider. The company product category includes ceramic floor tiles, vitrified tiles, paving tiles, mosaic tiles and imported marble. It caters to both institutional and retail clients through its large scale network of 550 direct dealers and over 5,000 retail outlets spread over India. The key institutional clients include Hiranandanis’, Rahejas’, Pantaloon Retail, Godrej Properties, Oberoi Construction, Keystone, Piramals’, Nirmal Lifestyle, Shrusti, Runwal, RNA, several large corporates, banks and financial institutions etc.. For further information please visit www.nitcotiles.com Forward Looking Statement Certain statements in this document with words or phrases such as “will”, “should”, etc., and similar expressions or variation of these expressions or those concerning our future prospects are forward looking statements. Actual results may differ materially from those suggested by the forward looking statements due to a number of risks or uncertainties associated with the expectations. These risks and uncertainties include, but are not limited to, our ability to successfully implement our strategy and changes in government policies. The company may, from time to time, make additional written and oral forward looking statements, including statements contained in the company’s filings with the stock exchanges and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.

14. Contact Us For any Investor Relations queries please contact: Jogendra Sethi Nitco Tiles Ltd Email: jogendrasethi@nitcotiles.com Tel. No. +91-22-66164555