February 4, 2020

BSE Ltd. The Manager P. J. Towers, Listing Department

Dalal Street, National Stock Exchangeof India Limited Mumbai — 400 001 Exchange Plaza, C-1, Block-G Scrip Code : 500378 Bandra-Kurla Complex, Bandra (E), Mumbai — 400 051 Scrip Code : JINDALSAW

Sub.: Financial Operational Highlights — 3" Quarter/9 Months Results

Dear Sirs,

The Board of Directors of Jindal Saw Limited has approved the Unaudited Standalone and consolidated Financial Results for the 3quarter/9 Months ended 31°' December, 2019. A copy of the highlights of financial and operational performance which will be circulated to the investor's community and other stakeholders is being sent to you for your reference and record,

Thanking you,

Yours faithfully, for JINDAL SAW LTD.

NARENDRA MANTRI CFO

Encl. : As above,

Corporate Office : Jindal Centre, 12 Bhikaiji Cama Place, New Delhi- 110066 » Phone: +91 (11) 26188360 - 74, 26188345 Fax: +91 (11) 26170691 Regd. Office : A-1, UPSIDC,Indl. Area, Nandgaon Road,Kosi Kalan, Distt. Mathura (U.P.) - 281403 » Website: www,jindalsaw.com

JINDAL SAW ANNOUNCES Q3 & 9M FY20 RESULTS

Demonstrates continued strong all-round performance

New Delhi, February 4, 2020

Jindal Saw Limited, a leading global manufacturer and supplier of Iron & Steel pipe products and accessories with manufacturing facilities in India, USA, UAE (MENA) and Europe, today announced its unaudited financial results for the quarter and nine-months ended December 31, 2019.

Notes:

(\$) Q3 of FY 2020 has seen depreciation of Indian rupee against USD. Total Income, other Expenses and Finance Costs are net of the impact of Foreign exchange fluctuations because of foreign exchange denominated items (borrowings, assets and liabilities).

The Company follows a policy and strategy of natural hedging of foreign exchange exposures.

Operational & Financial Highlights

Operational performance: Overall Productivity (Revenue Profile)

During the quarter ended 31st December 2019, Company produced:

• Pipes & pig Iron of app. 3,09,000 MT and
• Pellets app. 3,87,500 MT

Pipes & Pig Iron production was higher in Q3 FY2020 (3,09,000 MT) as compared to Q3 FY2019 (3,00,000 MT). Pellet production is also higher in Q3 FY2020 (3,87,500 MT) as against Q3 FY2019 (3,63,000 MT).

Performance of Iron & Steel Pipe Segment– Q3 FY2020: -

Saw Pipe Strategic Business Unit: The current order book standsatapp. 6.56 lakh MT. The order book comprises of 2.89 lakh MT of L Saw and balance of 3.67 lakh for H Saw (H Saw orders are largely from the domestic water sector). During Q3 FY2020, Company produced app. 1.47 lacs MT pipe as compared to 1.27 Lac MT of Pipes (including pipes for job work) in Q3 FY2019 which corresponds to the planned production and delivery schedules.

DI Pipes and Pig Iron Strategic Business Unit: Operations were in line with the planned production in this Quarter, where Company has produced 1.30 lakh MT DI Pipe as compared to 1.28 Lakh MT in Q3 of FY 2019. The current order book stands at app. 4.64 lac MT of DI pipes.

Seamless Pipes Strategic Business Unit: The performance of Seamless segment remained consistent where we produced 32,000 MT pipes as compared to 45,000 MT pipes in Q3 FY2019. The current order book stands at app. 28,000 MT.

Iron Ore Mines and Pellet Strategic Business Unit:

Due to improvement in the iron ore prices and steel demand in the market, operations in Pellet plant were at optimal level. The production in Q3 FY 19 was app. 3,87,500 MT from app. 3,63,000 MT in Q3 FY 19.

Order Book Position

• The current order book for pipes and pellets is app. US\$ 1000 million, the break-up is as under:

With volume of app. 1.24 Million MT (Pipes & Pellets), Order Book has a visibility of next 9-12 months. The orders for Large Diameter Pipes are expected to be executed in next 9-12 months and in case of Ductile Iron Pipes the same are slated to be executed over next 12-15 months or more. With improved investment scenario in India, the Company is working on new business opportunities and expected to get additional orders in phases. Total current order book includes export of app 30%.

Financing and Liquidity

As at 31st December 2019, net institutional debt of the Company (at standalone level) was app. Rs. 41,019 Million (~ Rs 41,154 Million in September 2019) including long term loans and fund based working capital. This includes Net working capital borrowings (short term) at 31st December2019 of Rs 23,134 Million (~ Rs. 23,783 Million at 30th September 2019) and Long-term Rupee Loans / Rupee NCDs of Rs. 17,885 Million (~ Rs. 17,371 Million at 30th September 2019). Company is having sufficient working capital facilities to take care of increased business opportunities.

External Credit Ratings

The Company's debt instruments are rated by CARE Ratings which has reaffirmed A1(+) rating for short term debt facilities and AA with "Stable Outlook" rating for long term debt facilities.

Update on Arbitration matter of Jindal ITF Limited

Jindal ITF Limited one of the subsidiaries of the Company has won an arbitral award allowing various claims to the tune of Rs. 1,891.08 crores plus interest and applicable taxes. During the arbitration process the subsidiary has received Rs. 356.31 crores against bank guarantees. At present the dispute is in High Court and under an order of the High Court, the defendant was required to deposit Rs. 500 crores in the High Court

which has been released to the subsidiary, in Jan 2020, against a bank guarantee submitted by the Jindal ITF to the High Court.

Based on the current status and the expert legal advice received, the Company is expecting a favorable outcome which would cover all the investments, loans and advances and consequently no adjustment has been made to the financial statements.

Status of New Projects / Capital Expenditures

The Company is carrying out expenditures for increase in production / productivity, enhancement of the product range, quality and profitability etc. which would be covered by normal Capital expenditures

Outlook

Water and Sanitation is one of the Aspirational Component in the Union Budget for Financial Year 2020-21. The Centre's flagship program "Jal Jeevan Mission" (JJM), aims to provide piped drinking water to all rural households by 2024. The same saw an increase of 15 per cent in the budget allocation for financial year 2020- 21. It also laid down plans for the expansion of National Gas Grid to 27,000 km from the present 16,200 km. Currently, around 7,000 km of pipeline is under construction. Besides, the city gas distribution projects are expected to add several thousand more kilometres of steel pipeline.

The Union Budget 2020-21 recognizes the focus on the economic development through increased infrastructure capex along with the societal commitments. The infrastructure sector has the potential to kick start the economy, boost capex cycle, create jobs etc. Initiatives like expansion of national gas grid and piped water supply to households will boost demand of the pipe sector.

Jindal Saw Limited being the only Company having a diversified product range with multi-locational manufacturing facilities catering and supporting the growing infrastructure sectors like water, oil & gas as well as other industries like automobile and power, is set to grow with the growth in the Indian and Global economies. As a growth strategy, the Company is making conscious efforts to move towards adding more value-added products.

-ENDS-

About Jindal Saw Limited

Jindal Saw ([NSE – JINDALSAW, BSE - 500378) is a leading global manufacturer and supplier of Iron & steel pipe products and accessories with manufacturing facilities in India, USA, UAE (MENA) and Europe. Their customers include world's leading oil and gas companies, water bodies as well as engineering companies engaged in constructing oil and gas gathering, transportation, power generation and other industrial applications.

The Company hasa unique business model which in itself is diversified in terms of location, markets, products, industry and customers. This business model itself hedges various risks and allows the Company to operate and perform in most difficult economic and geopolitical scenarios. It is one of the largest exporters of Steel pipes out of India. Their business operations are highly structured with five strategic business divisions including SAW Pipes, DI Pipes & Fittings, Seamless and Stainless-Steel Pipes and Tubes and Mining & Pellets.

Jindal Saw had interests in various businesses including infrastructure business along with the core business of pipe through subsidiaries in India and overseas. In late 2014, the Company decided to remain in core business of Pipe and Pellets manufacturing and after the implementation of scheme of re-arrangement through a court approved process, they had demerged majority of non-core businesses.

For more information, please visit http://www.jindalsaw.com OR contact:

Rajeev Goyal Jindal Saw Limited +91 11 41462330 Email: [email protected] Siddharth Rangnekar / Nishid Solanki CDR India Tel: +91 22 6645 1209 / 1221 Fax: +91 22 6645 1213 Email: [email protected] [email protected]

Forward Looking Statements

This document contains statements that constitute "forward looking statements" including, without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to our future business developments and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations.

These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that we have indicated could adversely affect our business and financial performance. Jindal Saw undertakes no obligation to publicly revise any forward-looking statements to reflect future events or circumstances.