PC Jeweller Limited

Corporate Presentation

1st August 2013

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Disclaimer

Certain statements are included in this release which contain words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will continue,” “anticipate,” “estimate,” “intend,” “plan,” “contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue” and similar expressions or variations of these expressions that are “forward-looking statements.” Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for our products, our growth and expansion, the adequacy of our allowance for credit to franchisees, dealers and distributors, technological changes, volatility in income, cash flow projections and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions in India and the other countries which have an impact on our business activities; inflation, unanticipated turbulence in interest rates, foreign exchange rates, the prices of raw material including gold and diamonds, or other rates or prices; changes in Indian and foreign laws and regulations, including tax and accounting regulations; and changes in competition and the pricing environment in India. The Company may, from time to time make additional written and oral forward-looking statements, including statements contained in the Company’s filings with SEBI and the Stock Exchanges and our reports to shareholders. The Company does not undertake to update any statements made in this presentation. The facts and figures mentioned in this presentation is for informational purposes only and does not constitute or form part of, and should not be construed as, an offer or invitation to sell securities of the Company, or the solicitation of any bid from you or any investor or an offer to subscribe for or purchase securities of the Company, and nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. Nothing in the foregoing shall constitute and/or deem to constitute an offer or an invitation to an offer, to be made to the Indian public or any section thereof or any other jurisdiction through this presentation, and this presentation and its contents should not be construed to be a prospectus in India or elsewhere. This document has not been and will not be reviewed or approved by any statutory or regulatory authority in India or any other jurisdiction or by any stock exchanges in India or elsewhere. This document and the contents hereof are restricted for only the intended recipient(s). This document and the contents hereof should not be (i) forwarded or delivered or transmitted in any manner whatsoever, to any other person other than the intended recipient(s); or (ii) reproduced in any manner whatsoever. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorized. The information in this document is being provided by the Company and is subject to change without notice. No representation or warranty, express or implied, is made to the accuracy, completeness or fairness of the presentation and the information contained herein and no reliance should be placed on such information. The Company shall not have any liability to any person who uses the information presented here.

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Our Vision

One of the Fastest and Profitably Growing Jewellery Retail Company in India with 36 Showrooms across 28

Cities, across 10 states

Strong reputation and Brand Recall in Northern and Central India

Focus on Wedding jewellery with increasing contribution from High Margin Diamond Jewellery

Gold Hedging to ensure No Commodity Risk

Strong Manufacturing set-up with complete Back-end integration and Robust Internal Processes

Professional Management

PC Jeweller today

To be amongst the top 2 Jewellery Retail Companies of India, in terms of Market Share and Brand Recall

with a Pan India presence

Maintain Focus on Wedding Jewellery customers

Continue thrust on growing Diamond and other high-margin jewellery

Our Vision for PC Jeweller

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Journey of ‘Jeweller for Generations’ began here ….

PCJ showroom at Karol Bagh (New Delhi) – First showroom in 2005

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2009-10

Commenced operations in Apr 2005

Single showroom – Karol Bagh (ND)

2 New Showrooms

Noida

Panchkula

Export operations commenced from manufacturing unit at Noida, SEZ

5 New Showrooms

Pitampura (ND)

Chandigarh

Preet Vihar (ND)

Ghaziabad

Gurgaon

Additional manufacturing unit at Selaqui (Dehradun)

2 New Showrooms

Faridabad

Dehradun

Manufacturing unit at Selaqui (Dehradun)

7 New Showrooms

Lucknow

Indore

Bhopal

Raipur

Jodhpur

Bhilwara

Ludhiana

Export operations commenced from second manufacturing unit at Noida SEZ

7 New Showrooms

Haridwar

Bilaspur

Pali

South Ext. (ND)

Amritsar

Beawar

Ajmer

34,000 sq ft manufacturing facility at Noida

2005-06

2007-08

2008-09 2010-11

2011-12

Right Business Plan + Execution Speed + Careful Optimism over the years

6 New Showrooms

Kanpur

Rohtak

Rajouri Garden (ND)

Greater Kailash I (ND)

Indirapuram

Kingsway Camp (ND)

2012-13

*ND - New Delhi

6 New Showrooms

Jabalpur

Shri Ganganagar

Ahmedabad

Vadodara

Hisar

Paschim Vihar

2013 till date

5

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Opened 6 showrooms post IPO (in Dec 2012)

Vadodara, Gujarat

Today, PCJ has 36 Showrooms across 28 Cities, across 10 States

Hisar, Harayana Paschim Vihar, New Delhi

Jabalpur, Madhya Pradesh Shri Ganganagar, Rajasthan Ahmedabad, Gujarat

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PC Jeweller Business Model

Company exports Gold and Diamond jewellery on a wholesale basis to international distributors in Dubai and Hong Kong

Focus on Domestic Retail Business – High margins Diamond jewellery and Wedding jewellery

PC Jeweller Limited

Gold Jewellery Diamond Jewellery

FY 13 Revenue – Rs. 40,184 mn

Exports Sales Domestic Sales

Other Jewellery

FY13 Revenue – Rs. 10,307 mn Gross Margins – 9.00% - 10.00%

FY13 Revenue – Rs. 29,876 mn Gross Margins – 15.00% – 16.00%

FY13 Revenue – Rs.20,459 mn Gross Margins ~10%

FY13 Revenue – Rs. 9,202 mn Gross Margins ~30% - 35%

FY13 Revenue – Rs. 216 mn

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Key Pegs of PCJ Business Model

Large Format Stores

Intelligent Pricing

Extensive Research before opening any

Store

Large Variety – Best as compared to any other

Jeweller in that Location

Best in class Customer Policies

Key is to Develop Customer Trust and Confidence in PCJ Brand, Quality, Variety and Pricing

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Growing Retail Footprint

*As on 1 July 2013; All showrooms, except Chandigarh showroom, are directly managed

New Delhi

Bhopal

ChandigarhDehradun

FaridabadGhaziabad

Gurgaon

Indore

JodhpurLucknow

Noida

Panchkula

Raipur

Bhilwara

LudhianaHardiwar

Bilaspur

Pali

Amritsar

AjmerBeawar

Rohtak

Kanpur

Hisar

Vadodara

Ahmedabad

Shri Ganganagar

Jabalpur

13 1

3

27

35

65

101

138

165

198

1 1 3

5

10

17

24 30

36

-

5

10

15

20

25

30

35

40

-

50

100

150

200

250

FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 till date

# o

f S

how

room

s

Sq. F

t. in thousands

Total Area No. of Stores

36 Showrooms across 28 Cities, across 10

States

~1,98,000 Sq. Ft. of Retail Area

Large Format Showrooms at High street

locations

Not a Single Store closed till now

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Retail Sales Analysis

10

FY 13 FY 12

Operational stores in FY 30 24

Total Retail Sales (Rs. mn) 29,876 20,395

Stores with Annual Revenue > Rs. 1,000 mn 8 4

Stores with Annual Revenue btw Rs. 500 – 1,000 mn 15 8

Stores with Annual Revenue < Rs. 500 mn 7 12

Store-level Cash Breakeven Analysis

For a store in the same city as an existing store, cash breakeven is between

4-5 months

For a store in the same region/ state as an existing store, cash breakeven is

between 6-7 months

For a store in a completely new region, cash breakeven is around 1 year

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Typical Store Level Economics

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Indicative workings for a Store with an area of 5,000 sq. ft.

Target Annual Store Sales Rs. 600 mn

Gold: Diamond Jewellery Mix 70% : 30%

Gross Margins – Gold 9% – 10%

Gross Margins – Diamond 30% - 35%

Blended Gross Margins Rs.93.0 mn (15.50%)

Store Costs (as % of Store Sales)

Rentals 0.80%

Employee Costs 1.00%

Advertisement Expenses 1.00%

Other Expenses/ Overheads 0.80%

EBITDA Margins Rs. 71.4 mn (11.90%)

Finance Cost Rs. 18.0 mn (3.00%)

PBT Rs. 53.4 mn (8.90%)

Tax Rs. 11.7 mn (22% on PBT)

PAT Rs. 41.7 mn (6.94%)

Indicative Capital Employed at the Store

Total Inventory Rs. 250 mn

Store Inventory Rs. 187.5 mn

Back-end Inventory Rs. 62.5 mn

Store Set-up Cost Rs. 22.5 mn (Rs. 4,500/ sft)

Total Capital Employed (TCE) Rs. 272.5 mn

Typical Store Level Funding Pattern

Equity/ Internal Accruals Rs. 89.9 mn (~ 33% of TCE)

Creditors (Gold Lease scheme) Rs. 136.3 mn (~ 50% of TCE)

Debt (Bank Loan) Rs. 46.3 mn (~ 20% of TCE)

Total Capital Rs. 272.5 mn

Target Store-level Return on Equity

PAT Rs. 41.7 mn

Equity Rs. 89.9 mn

ROE for the Store ~46.3%

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Gross Margins in Diamond Jewellery (~30%-35%) significantly higher as compared to margins in Gold

Jewellery (~9%-10%)

Target to reach 35% Diamond Jewellery by FY 2015 (from 30.8% in FY 13)

High Focus on Diamond Jewellery

81.2% 76.4%

72.6% 68.5%

17.9%

22.9% 26.7%

30.8%

0.90% 0.70% 0.70% 0.723%

0%

20%

40%

60%

80%

100%

FY 2010 FY 2011 FY 2012 FY 2013

% b

reakup

Gold Jewellery Diamond Jewellery Other Jewellery

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Business De-risked from Gold Price Fluctuations

Gold Purchase Arrangement

Domestic Exports

RBI Nominated Agency/ Nominated Banks Upto 180 Days from date of procurement Stand By Letter of Credit

Direct Import for SEZs / RBI Nominated Agency/ Nominated Banks Upto 270 Days from date of procurement Stand By Letter of Credit

Mode of Purchase Credit Days Type of Security

Price of the gold procured by us is fixed on the basis of then prevailing gold rates on sale to

customers

No risk relating to gold price fluctuations between the time of raw material procurement and sale of

finished product to customers

We hedge our gold and do not seek to profit from gold price movements

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Recent Regulatory Updates

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All nominated banks/ nominated agencies will have to ensure that at least one fifth (20%) of every lot of import of gold

(in any form/ purity) is exclusively made available for the purpose of export

They will be required to retain 20 per cent of the imported quantity in the customs bonded warehouses

Fresh imports of gold is permitted only after the exports have taken place to the extent of at least 75 per cent of gold

remaining in the customs bonded warehouse

Any import of gold under any type of scheme, shall follow the 20/80 principle

Restrictions on import of gold on Consignment Basis, Letter of Credit Restrictions etc. stands withdrawn

New Import Policy RBI Circular dated July 22, 2013

While we continue to maintain our focus on Domestic Retail operations, ~25% of our revenues come from Jewellery

Exports (expected ~20% in next 3-4 years)

As a result, 20/80 principle suits us perfectly well in gold procurement and ensures a steady availability of raw material

for our Domestic Retail as well as Jewellery Export business

Positive for PC Jeweller

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Expansion Plans

Ahmedabad

Bangalore

Nagpur

Patna

Chennai

Hyderabad

Jammu

Lucknow

Agra

Rajkot Kolkata

Mumbai Bhubaneswar

Guwahati

Mangalore

Total showrooms to be opened

14

Sites finalised ( )

11

Sites under Consideration ( )

5

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Chairman – Padam Chand Gupta

Managing Director – Balram Garg

President (Gold

Manufacturing) (Sachin Gupta)

President (Diamond

Manufacturing) (Nitin Gupta)

Chief Operating

Officer (R. K. Sharma)

Chief Financial Officer

(Sanjeev Bhatia)

President (HR & BD)

(T.M. Lakshmikantan)

Senior Vice-President

(Accounts & Taxation) (Raja Ram

Sugla)

Senior Vice-President

(Projects & Audit)

(Kuldeep Singh)

Promoters have over two decades of experience in Jewellery business. No other businesses and

100% time and effort invested in PC Jeweller

Ably supported by Professional management team with various divisional and functional heads

Professional Management

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Strong Manufacturing Set-up

S. No Location Area (sq ft.) Focus of Operations

1 Noida, Uttar Pradesh 34,000 Domestic market

2 Selaqui, Dehradun, Uttarakhand 8,611 Domestic market

3 Noida SEZ, Uttar Pradesh 34,247* Exports

4 Noida SEZ, Uttar Pradesh 3,938 Exports

Note: Area is covered area ; * Total area mentioned in the lease agreement, not the covered are of the manufacturing facility

Vertically integrated operations – Sourcing, Manufacturing, Retail and Exports

Large modern manufacturing set-up gives ability to capture margins across the jewellery value chain

Significant portion of jewellery manufactured in-house (~6,230 kg of gold processed in FY13)

Additionally, some jewellery also manufactured from independent contractors to take into account local

tastes and customer preferences across different markets

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Strong Manufacturing Set-up (Contd.)

State of art manufacturing facility (34,000 sq. ft.)

in Noida, Uttar Pradesh (India)

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Key Investment Highlights

PCJ – An

Established and

Trusted Brand

Trusted name - Ensures purity by selling only Hallmarked Gold jewellery and Certified diamonds

Consistent focus on Quality, Design and Unique Customer Policies - Helps gain customer loyalty and referrals

Exclusive brand image and top of mind recall amongst the customers

Strategically

located Large

Format

Showrooms

36 Showrooms across 28 Cities, across 10 States

Large Format showrooms at High street locations with high visibility and customer traffic

Additionally, Diamond jewellery is displayed on the ground floor of our multi– floor showrooms to ensure high

visibility for diamond jewellery

Unmatched

Product Range

Focus on High Margin and High Ticket wedding segment of the industry

Gold Jewellery accounts for ~68.5% of our domestic revenues (operates at ~9% - 10% gross margin)

Diamond Jewellery accounts for ~30.8% of domestic revenues (operates at ~30% - 35% gross margin)

• Contribution of diamond jewellery increased from 17.9% in FY10 to 30.8%in FY13, target 35% by FY 15

Business De-

risked from Gold

Price Fluctuations

Price of most of the gold purchased is hedged minimizes any risk relating to gold price fluctuations between the

time of raw material procurement and sale of finished product to customers

We do not seek to profit from gold price movement

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Key Investment Highlights (contd.)

Manufacturing

Set-up

Vertically integrated operations – Sourcing, Manufacturing, Retail and Exports

Large modern manufacturing set-up gives ability to capture margins across the jewellery value chain

Significant portion of jewellery manufactured in-house (~6,230 kg of gold processed in FY13)

Manufacturing units at Dehradun (Uttarakhand), Noida (Uttar Pradesh) and Noida SEZ (Uttar Pradesh)

• Over 42,600 sq. ft.* of manufacturing facility exclusively for Domestic operations

• Over 38,000 sq. ft.^ of manufacturing facility exclusively for Export operations

Product

Development and

Design

State of art Design Centre in our Noida manufacturing facility

In-house team that conducts customer surveys, market researches and based on feedback from various sources

including Indian and international trade shows and jewellery fairs, designs and develop new product lines

*Area is covered area ; ^Total area mentioned in the lease agreement, not the covered are of the manufacturing facility

Professional

Management

Promoters Mr. Balram Garg & Mr. Padam Chand Gupta have over two decades of experience in jewellery business

Supported by professional management team consisting of various divisional and functional heads including COO

and CFO

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Key Financials

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Annual Performance Trends

Revenue from Operations Sales breakup - Consistently growing Domestic Sales

EBITDA and PAT Margins Steady PAT Growth

EBITDA margin computed as EBITDA / (Revenue from Operations), PAT margin computed as PAT / (Revenue from Operations)

9,84819,771

30,419

40,184

0

7,000

14,000

21,000

28,000

35,000

FY 2010 FY 2011 FY 2012 FY2013

Sale

s (I

NR

Mn

)

66.5% 65.6% 67.0%74.3%

33.5%

34.4% 33.0%25.7%

0%

20%

40%

60%

80%

100%

FY 2010 FY 2011 FY 2012 FY 2013

%

Domestic Sales Export Sales

10.00% 10.10% 11.50%

12.23%

8.00% 7.50% 7.60% 7.23%

0%

2%

4%

6%

8%

10%

12%

14%

FY 2010 FY 2011 FY 2012 FY 2013 EBITDA Margin PAT Margin

784 1,477

2,300

2,907

8.00% 7.50% 7.60% 7.23%

0%

2%

4%

6%

8%

10%

0

500

1,000

1,500

2,000

2,500

FY 2010 FY 2011 FY 2012 FY2013

PA

T (I

NR

Mn

)

PAT PAT Margin

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Margin Analysis

Particulars FY 13

(Annual) FY 12

(Annual)

Revenue from Operations (Rs. Mn.) 40,184 30,419

Domestic Operations 74.35% 67.05%

Export Operations 25.65% 32.95%

Gross Margins 15.57% 13.86%

Domestic Operations 15.95% 15.19%

Export Operations 14.48% 10.92%

(The export gross margins are 9.00% - 10.00% on a steady state basis. However, these keep on varying in line with the MTM position on the Balance Sheet date)

Expenses (% of total Revenue)

Employee Cost 0.88% 0.82%

Advertisements 0.82% 0.94%

Rentals 0.53% 0.47%

Other Costs 1.11% 0.13%

EBITDA Margins 12.23% 11.50%

Finance Costs 3.17% 2.57%

PAT Margins 7.24% 7.60%

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Balance Sheet

Particulars (INR Mn) As on 31 March 2013 As on 31 March 2012

1 Shareholders’ funds 13,888 5,558

(a) Share capital 1,791 1,340

(b) Reserves and surplus 12,097 4,218

2. Non current liabilities 24 28

3. Current liabilities 20,439 15,392

(a) Short term borrowings 2,309 5,751

(b) Trade payables 16,250 8,525

(c ) Other current liabilities 1,322 868

(d) Short term provisions 557 248

Total – Equity and Liabilities 34,352 20,978

B. Assets

1. Non-current assets 1,637 1,292

(a) Fixed assets 638 576

(b) Long term loans and advances 800 632

(c) Other non current assets (incl. deferred tax assets and non-current investments) 198 85

2 Current assets 32,715 19,686

(a) Current investments 4,429 0

(b) Inventories 17,137 11,724

(c) Trade receivables 6,748 6,866

(d) Cash and bank balances 2,649 748

(e) Short term loans and advances 1,700 325

(f) Other current assets 53 22

Total – Assets 34,352 20,978

A. Equity and Liabilities

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Management Discussion & Analysis

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Gold price, after remaining high for a long time, corrected in recent months. This correction has led to improvement

in gold jewellery volumes at the industry level

We hedge our Gold and hence we have been not been affected by any inventory losses due to gold fluctuation

Jewellery Retail has been a focus area for us. Our revenue from operations for FY13 have been Rs. 40,184 mn. Over

74% of this was contributed by our Domestic Retail business

We strongly follow our philosophy of setting up strategically located large format showrooms targeting wedding

jewellery customers

Our focussed expansion is continuing at a strong pace, have opened 6 showrooms after IPO taking count to 36

Diamond Jewellery share has consistently improved from 26.70% in FY 2012 to 30.80% in FY 2013

We are targeting share from Diamond jewellery to reach 35% by FY 15

Our Gross Margins have shown consistent improvement

Gross Margins at Company level have improved to 15.57% in FY13 from 13.86% in FY12

On the Domestic Retail front, our Gross Margins improved to 15.95% in FY13 from 15.19% in FY12

PAT margins have been steady at 7.23%

Crisil Ratings has reaffirmed our rating – Long term ratings as CRISIL A – STABLE and Short Term ratings as CRISIL A 1

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Thank You