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Nitco Limited

Investor Update. Nitco Limited. April – June 2008. July 26, 2008. Index. 1. Financial Review. Product Wise Performance. 2. 3. Operational Highlights. 4. Financial Statements. Strong Quarterly Growth Trend Continues. Performance Review Q1 FY’09 Vs. Q1 FY’08. 31%. 31%.

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Nitco Limited

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  1. Investor Update Nitco Limited April – June 2008 July 26, 2008

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

  3. Strong Quarterly Growth Trend Continues Performance Review Q1 FY’09 Vs. Q1 FY’08 31% 31% Gross Sales EBITDA • Gross Sales up 30.85% from Rs 1,322.81mn to Rs 1730.89 mn driven by growth across key product segments: • Vitrified tiles up 21% to Rs 922.59mn • Ceramic tiles up 11.21% to Rs 387.07mn • Marble up 21.84% to Rs 206.41mn • Cement sales was Rs193.26 mn • Ceramic Tile Capacity is being fully utilized. The Ceramic tiles expansion is at full swing and expected to complete by end of Q2’FY09 which will start showing results in sales and profit in subsequent period. • EBITDA up 31.33% from Rs 170.36mn to Rs 223.74mn. • Despite cost pressures, EBITDA margins in the Tiles business improved from 14.62% to 15.82% due to increase in selling prices and change in product mix • EBIDTA margin for Cement business was 4.37%.(cement business started from Q4FY08 hence no corresponding results PAT down by 27.24% from Rs 110.94mn to Rs 80.72mn • Due to forex loss of Rs. 41.47mn in Q1FY’09 as against forex gain of Rs.32.09mn in Q1 FY’08. The company has significant exposure in USD due to outsourcing of Vitrified Tiles from China.. The loss was on account of reinstatement of foreign currency exposure at the exchange rate prevailing as on 30th June 2008 of 1USD = Rs. 43.03 (Corresponding as on 30th June 2007 was 1USD =Rs. 40.74 and 31st March 2008 was I USD = Rs. 40.06). • Increase in provision for Tax by Rs. 20.92 mn on account on increase in provision for Deferred Tax.

  4. With a diversified product mix Product mix Q1 FY’08 Q1 FY’09 53% 58% 3% 11% 1% 13% 12% 26% 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

  5. 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 -- 100 to be opened in FY- 08-09 • 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. • Capacity expansion in full swing • The 10,000 sq. mt. capacity expansion project of the ceramic tile plant at Alibaug, Maharashtra is on schedule for start-up by the end of Q2’FY09. • The state -of-the-art plant for processing imported marble at Silvassa, is expected to go on stream by end of Q1’FY10 • Anti Dumping Duty • Anti Dumping Duty on Vitrified Tiles has been extended for another 5 years. Nitco’s suppliers continue to be exempted.

  6. Financial Statements – Income Statement (In Rs Mn) *Based on Weighted Average Number of Shares Notes 1) Consumption of Raw material is higher by 36% as compared to sales increase of 32% on account of cement business where the margins are lower as compared to tiles business. 2) Power & Fuel figures are after netting of power generated through wind mill of Rs 21.70mn and Rs.44.76mn for the quarter ended 31 March 2008 and year ended 31 March 2008 respectively (Corresponding quarter in Previous Year - Rs.17.77mn & for the year ended 31 March 2007 - Rs.44.21mn

  7. Financial Statements – Ratio Analysis

  8. Shareholding Structure as on 30th June 2008 No. of shares outstanding: 32.12mn

  9. About Nitco Ltd Nitco Limited (Formerly known as 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.

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

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