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  • 1. March 2012 CLEANTECH TRACK Monthly Update on Indian Cleantech Industry News of the Month ContentIndia’s largest solar program cuts power rates by up to 33% ContentIndia’s largest solar program, of the State of Gujarat, has cut thepreferential rate it pays to utilities for sun power by as much as 33% as Private Equity 2global prices of panels declined by more than half.Photovoltaic plants commissioned after the Jan. 28 deadline will be paid CER Price Chart 2a rate of Rs 9.98 (20 cents) per kilowatt-hour for the first 12 years,compared with Rs 15 for those finished on time, the Gujarat ElectricityRegulatory Commission said in a tariff order. The rate will be reduced toRs 7 per kilowatt-hour for the next 13 years. News Update 3India joins governments in Europe that are cutting clean energy subsidiesas equipment costs plunge. Panel prices fell 51% last year after the 10largest manufacturers doubled production capacity, according to data Events Calendar 5compiled by Bloomberg.The companies that finished their projects by Jan. 28 include Lanco Stock Market Update 6Infratech, Tata Power, GMR Infrastructure, Azure Power India and GreenInfra.Of the 958MW of capacity, Gujarat issued contracts for 25MW of Results Update 6projects using solar-thermal technology where steam is produced fromsunlight for conventional turbines. Rests were for PV projects - PVtechnology uses panels that convert sunlight directly into electricity. Peer Benchmarking 7The regulator raised the rate for solar-thermal projects and fixed it for 25years to give them more certainty after one developer was unable toraise bank loans after 11 months, according to the tariff order. These About Four-S Services 8projects will now be paid Rs 11.55 per kilowatt-hour that won’t bereduced from Rs 11 to Rs 4 per kilowatt-hour after 12 years as plannedearlier, it said.The rate paid to photovoltaic plants will be lowered 7% annually fromthe Rs 9.28 rupees for each year that their completion is delayed afterMarch 31, 2013.About Four-S ServicesFour-S Services is Indias leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon,Mumbai and Bangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve theeffectiveness of decision making and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverserange of industries including Education, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etcOur Services: Strategy Consulting Investment Banking Valuation Services Business Planning Research Support Investor Relations & IPO Consulting
  • 2. FOUR-S Cleantech Track Investment Activity Clean-tech Private Equity deals – Last 6 months of 2011 and Jan-Mar 2012 Date Investor(s) Target Amount Business Stage ($Mn) 2011 18-July FE Clean Energy Group NSL Renewable Power 40 Renewable Growth 21-July IFCI Venture Amrit Jal Venture Ltd 6.7 Renewable-hydel Growth 04-Aug IDFC PE Green Infra 18.2 Renewable-wind Growth 08-Aug IFC Shalivahana Green Energy 15 Renewable-biomass Growth 12-Aug IDFC India Infrastructure Fund Caparo Energy India Ltd 33 Renewable-wind Growth 07-Sept India Infrastructure Plc Shree Maheshwar Hydel 26.4 Renewable-hydel SPV 27-Sept Goldman Sachs ReNew Wind Power 200 Renewable-wind Growth 10-Oct GE Energy Financial Services Greenko 50 Renewable-wind Project 21-Oct GE Energy Financial Services Moser Baer Clean Energy 58 Renewable-solar Project 07-Nov SBI-Macquarie Infra Fund Soham Renewable Energy 25.1 Renewable-hydel Late 2012 02-Jan JP Morgan Asset Management Leap Green Energy 18.1 Renewable-wind Growth 25-Jan Zephyr Peacock Gadhia Solar 9.8 Renewable-solar Growth Green India Building Systems and Energy efficient 24-Feb Hyderabad Angels 0.4 Early Services Pvt Ltd productsSource: Four-S Research There have been 3 deals in the cleantech space in 2012 till date totaling $28.3mn. The largest one includes JP Morgan’s $18.1mn investment in Leap Green Energy, a renewable energy producer. Movement of Carbon Credit (Spot Price) 30-Mar’12 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change) CER (Spot Price in €) 3.89 -1.5% -15.6% -5.8% -51.4% -70.4% CER Price Chart (€) - Movement during the last month 6 5.7 5.4 5.1 4.8 4.5 4.2 3.9 3.6 3.3 Source: BlueNext 3 1-Mar 5-Mar 9-Mar 13-Mar 17-Mar 21-Mar 25-Mar 29-Mar Research Desk Four-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • 3. FOUR-S Cleantech Track News UpdateBetter industrial processes will cut solar costs: McKinsey plants, such as reflective mirrors and turbines, according toImprovements in manufacturing processes will drive down his estimates.solar costs, say Mr Krister Aanesen and Mr Rajat Gupta,experts on the solar industry at McKinsey & Company. They India clean-energy investments reach $10.3bn in 2011: BNEFpredict that ‘solar system costs will come down from $2.50 a Investment in clean-energy projects grew faster in India thanwatt today to $1.50 by 2015 and to $1 by 2020, just by the in any other major economy last year, rising 52% to $10.3bn,application of “well understood, identified, industrial levers.” according to Bloomberg New Energy Finance. The largestThese “levers” are factors such as scale, procurement, design- increase came from the solar industry with $4.2bn of fundingto-value, modularisation and de-bottlenecking. In India, the for sun-powered plants connected to the grid, a seven-foldcost levels are likely to be achieved faster due to higher levels increase from 2010 and about par with the $4.6bn that wentof competition. to wind projects. Asset financing accounted for $9.5bn of the total, while private equity and venture capital firms investedWind mill owners to try novel approach to power trading $425mn, New Energy Finance said. In 2011, India added 2,827The Tamil Nadu Spinning Mills Association (TASMA) along with MW of new wind capacity, making it the third-biggest marketits members is likely to float a special purpose vehicle (SPV) in after China and the U.S. Its solar capacity rose to an estimatedwhich the windmill owners and power consumers will be 277 MW from 18 MW in 2010partners. This will mean the consumers who do not own windmills or have adequate captive capacity will in effect own a Bharat Light picks up stake in SunEdison projectshare in the wind mill asset and can avail of benefits of captive Bharat Light and Power has picked up stake in the 2.5-MWpower. The electricity rules dictate that only those with at Gandhinagar rooftop project of SunEdison. Though small, theleast 26% stake in a wind mill and consume at least 51% of the deal is of significance because of the uniqueness of thepower generated can avail of captive power benefits. A direct project. The Gandhinagar grid-connected rooftop solar projectpartnership between wind mill owners and consumers will is the first of its kind in the country – the owners of the roofhelp address this limitation. For the power suppliers, a and of the project are different. Under this rent-a-roof model,partnership with the consumer means they are not the roof owner gets a share of the income from the solarconstrained by the complex power trading mechanism or the plant.several months delay in payment from the power utility whenthey supply to the State grid. TASMA members own about Solar photovoltaic plant installed in Rajasthan3,000 MW of wind energy generation capacity, that is over A Rs 670mn, 5MW solar photovoltaic power plant has beenhalf the total wind mill capacity in Tamil Nadu. installed at village Rawara, Taluka Phalodi, in Rajasthan. The project, owned by Indian Oil Corporation, was commissionedFM proposes to scrap duties on solar parts to boost industry by Rajasthan Electronics & Instruments Ltd under theFinance Minister Pranab Mukherjee, in his annual budget Jawaharlal Nehru National Solar Mission. This power plant isspeech, proposed to scrap duties on imports of solar-thermal designed to feed power to 33/132 kV grid sub-station atequipment sparing companies from the so-called special village Bap, which is situated 18 km from plant site Rawara. Itcountervailing duty. The exemption would lower costs for the is expected to generate energy of 67 lakh KWh a year. Theseven companies building a third of India’s planned solar solar power plant has been developed based on crystallinecapacity using solar- thermal technology, which concentrates technology.sunlight to boil water, used to power steam turbines. Thedevelopers building India’s solar-thermal capacity, targeted at Shree Ganesh Jewellery bags Odisha solar power project470 MW by early 2013, are Reliance Power, Lanco Infratech The Rs 58bn Shree Ganesh Jewellery House Ltd (SGJHL) hasLtd. (LANCI), Godawari Power & Ispat Ltd., Aurum Renewable bagged a 25MW solar power project in Odisha. The projectEnergy Pvt., KVK Energy & Infrastructure Pvt., Megha will be executed by Kolkata-based Alex Green Energy in whichEngineering & Infrastructures Ltd, and Abhijeet Group’s the company holds a majority stake. Alex Green is co-Corporate Ispat Alloys Ltd. Reliance Power is importing promoted by the Sureka Group. Alex Green won the right toturbines from Areva SA, while the others have ordered units develop a 5-MW project in a solar auction in Odisha. Thefrom suppliers including General Electric Co. (GE) and Siemens company in fact emerged as the lowest bidder by quoting aAG. (SIE). The special countervailing duty on imports is equal rate of Rs 7 a unit. Under the rules of the Odisha tender, theto the excise duty imposed on similar local products. It’s a tax least bidder will be offered all the 25 MW at the winningof about 8-9% on most equipment used to build solar-thermal price. Alex would be commissioning the entire 25 MW shortly. The total investment including the debt component forResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • 4. FOUR-S Cleantech Trackcommissioning the solar plant in Odisha would be close to Rs statement, the design and engineering works of the plant1.75bn. have been done by AIC Projects, Germany. The plant uses power conditioning units manufactured by SMA AG, Germany,Sterling and Wilson among top solar EPC players and amorphous silicon thin film solar photovoltaic modules.Having just crossed the 80 MW-mark in commissioning of EPCcontracts for solar power projects, the Goldman Sachs-funded Hydropower major SJVNL forays into wind powerSterling and Wilson, has emerged as one of the larger EPC Satluj Jal Vidyut Nigam Ltd (SJVNL) which owns and operatescontractors in the field — perhaps only second to L&T. The Indias largest hydropower project in Himachal Pradesh hasShapoorji Pallonji group company expects to do between 150 now decided to venture into wind energy. "The company hasMW and 200 MW next year. The company is now doing its plans to invest Rs 3.5bn by 2012-13 for setting up a wind22nd project - its biggest was a 25 MW plant at power project to generate 50 MW electricity," deputy generalSurendernagar, Gujarat. The size of Sterling and Wilsons solar manager Vijay Verma told. He said the company wouldbusiness is about Rs 2bn. Shapoorji Pallonji group owns 56% commission the project in either Maharashtra, Rajasthan,of Sterling and Wilson. In 2008, Goldman Sachs invested Madhya Pradesh or Gujarat. It is also planning to launch a 1$50mn into the company for 11% stake. The rest of the equity MW solar energy project near its maiden 1,500 MW Nathpais held by the top management professionals. Jhakri hydropower project in Shimla district which started generation in 2004-05.BHEL commissions record 13 MW of solar power plants in2011-12 Tata Comm to buy 5.76% in Green Infra WindBharat Heavy Electricals Limited (BHEL) has set a new record Tata Communications Ltd plans to buy 5.76% stake in Tamilin its Solar Photovoltaic (PV) business in a single year, by Nadu-based Green Infra Wind Generation Ltd as part of itscommissioning 13 MW of Solar Power Plants in various parts plans to use power from alternative energy sources. Underof the country during the current financial year. Solar Power the proposal, Tata Communications plans to buy 10 millionProjects commissioned by the company during the year units of power, which is about 30% of its annual powerinclude a 3 MW Grid Connected Solar Power Plant at Raichur requirement in Tamil Nadu, from Green Infra. Tatain Karnataka, a 5 MW Plant in Rajasthan, 2 plants of 2 MW Communications already has an agreement with Green Infraeach in Maharashtra and over 1 MW in the Lakshadweep to procure 13 million units. The additional procurement willIslands. Significantly, all these projects have been take Tata Communications to 23 million units. This is thecommissioned by BHEL on Engineering, Procurement and second such investment by Tata Communications. TheConstruction (EPC) basis. company has already invested Rs 7.8 lakh in Green Infra Wind Farms Ltd for a 9.75% stake.Cleantech Ventures commissions rooftop solar plant atMahindra World City in Chennai; looks at new business ABB mulls EPC solutions for solar projects in Indiasegments Power equipment major ABB plans to enter the EPCCleantech Ventures, a part of Mahindra Partners focusing on (engineering, procurement and construction) space for solarsolar energy , is planning to expand its operations to water projects in India. The company currently does partial EPC liketreatment and management, and energy efficiency in the next executing eBoP (Electrical Balance of Plant) for projects. Theone or two years. Speaking to reporters on the sidelines of company manufactures solar inverters and substationcommissioning a 75-KW rooftop solar plant at Mahindra components, and low voltage components like miniatureWorld City here, Vish Palekar, business head – Cleantech circuit breakers, surge arresters and lightning arresters forVentures, said, “At present 100% of our business is in the solar solar fields, most of which are manufactured at ABBs unit inenergy sector. We will be expanding into some other Nashik, Maharashtra. The company also makes completesegments like energy efficiency and water treatment in the plant monitoring systems for solar fields. Within a year, thenext year or two.” The company is also looking to offer hybrid company has completed orders for over 90 MW of inverters,energy option to telecom tower companies in collaboration about 60 MW of solar substations and 21 MW of Electricalwith diesel generator manufacturer Mahindra Powerol. BoP.Amrit Jal Ventures commissions solar unit in Kadiri Wipro expects to build 100 MW of solar projects next yearAmrit Jal Ventures has announces the commissioning of a 1 Wipro EcoEnergy, the clean-tech business of IT giant Wipro,MW grid-connected solar photovoltaic power plant at Kadiri in has just completed building 40 MW of solar photovoltaicAnantapur district of Andhra Pradesh. This project is part of power plants for its customers. Mr G.K. Prasanna, Senior Vice-the Jawaharlal Nehru National Solar Mission and has been President, Wipro EcoEnergy, expects to do around 100 MW indeveloped by SunVolt Energy Pvt Ltd. According to a 2012-13 – a figure that would put Wipro among the top EPCResearch Desk Four-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • 5. FOUR-S Cleantech Trackplayers in the solar industry. Wipro EcoEnergy is building its with which the company has signed a power purchase‘energy practice on two pillars – solar energy, comprising agreement ensuring a sale for the next 25 years.both large, utility-scale solar plants and roof-tops, as well as‘energy management. Commissioning delays: More trouble for photovoltaic developersAbhijeets solar thermal project on track NTPC Vidyut Vyapar Nigam (NVVN) is in the process of en-With the process of placing orders for equipment being cashing the second tranche of bank guarantees from 14almost over, Abhijeet Projects Ltd is on track for the project developers for missing the second deadline ofcompletion of its 50-MW solar thermal power plant at February 9, to commission the projects under the first batchJaisalmer, Rajasthan. A consortium led by the Chennai-based of phase I of the National Solar Mission. The initial deadline ofShriram EPC Ltd is building the plant for Abhijeet. Right now at January 9 was set by the NVVN for commissioning of projectsthe site, nearly a thousand people are doing the civil works. under the first batch of National Solar Mission phase 1. TheThe EPC contractor, Shriram EPC-led consortium, is confident developers were given a month to finish the project after theof completing the project well ahead of the deadline of May 9, lapse of the first deadline. The penalty for the second tranche2013. for each project averages around Rs 40mn. Last month, in compliance to the guidelines, bank guarantees of 14Mono Steel completes 10MW solar plant in Gujarat developers amounting to about Rs 280mn were encashed. OfMono Steel (India) Ltd., a sponge iron-maker, completed a these 14 projects, Lanco is the EPC contractor in three.10MW solar power plant in India’s Gujarat state, according tothe project contractor. The plant has a 25-year contract to sell Vikram Solar commissions solar plant in Gujarat and Orissapower to Gujarat state, according to a statement from Vikram Solar, a Kolkata based solar module manufacturer, hasMumbai-based Waaree, which built the unit and supplied the announced the commissioning of two new power plants - onephotovoltaic panels. in Gujarat and one in Rourkela, Orissa. The Gujarat power plant is a 5MW power plant and the second plant in Orissa isUPs first solar power plant starts functioning capable of producing 1 MW power. Both these projects haveThe first solar power unit of Uttar Pradesh has started been built under the policy guidance from Indian Renewablefunctioning. Situated at Naini, about 25 kms from Allahabad, Energy Development Agency (IREDA).the 5 MW solar power plant developed by Kolkata-basedcompany, EMC Limited, as part of the Union ministry of newand renewable energys Jawharlal Nehru National SolarMission became operational on March 4. The EMC had beenentrusted with this project by the NTPC Vidyut Vyapar Nigam,Upcoming Events Calendar India Wind Energy Summit 2012 HydroVision India Date: April 19-20, 2012 Date: April 19-21, 2012 Place: Chennai Place: New Delhi Organizer: Noppen Organizer: PennWell and Inter Ads Web: www.indiawindenergysummit.com Web: www.hydropowerindia.com Renewable Energy World India 2012 Date: May 5-7, 2012 Place: New Delhi Organizer: PennWell and Inter Ads Web: www.renewableenergyworldindia.comResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • 6. FOUR-S Cleantech Track Stock Market Update Companies Mcap (20-Mar-12) Rs Mn Price (30-Mar-12) 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change) NHPC 242,325 19.7 -1.5% -7.1% 9.1% -16.2% -22.1% Jaiprakash Power Venture 107,692 40.8 1.9% -7.3% 16.3% 19.7% -3.3% Suzlon 44,878 25.3 -9.8% -5.1% 40.3% -30.7% -43.4% Praj Industries Ltd. 14,819 80.2 -0.2% -1.0% 6.9% 13.5% 11.7% Ramky Infra 12,398 216.8 0.5% -7.3% 7.3% 1.8% -28.6% VA Tech Wabag 11,354 429.4 3.7% 0.4% 28.1% 17.0% -14.7% Orient Green Power 5,968 12.8 -3.8% -4.1% 50.9% -13.3% -49.6% Shriram EPC 3,576 80.7 -1.2% -7.5% 0.5% -35.2% -49.4% Moserbear 2,742 16.3 -1.5% -11.4% 16.4% -24.5% -60.3% Entegra 1,868 10.3 -5.1% -17.3% -11.6% -48.6% -57.0% Indosolar 1,625 4.9 -2.0% -16.4% -4.0% -45.8% -71.6% Ion Exchange 1,464 108.3 3.8% -4.2% 17.8% -13.6% -17.0% IndoWind Energy 538 6.0 -4.8% -11.8% 6.2% -45.2% -68.2% Asian Electronics 250 7.1 -4.7% -14.0% 29.4% -2.8% -34.4% Nifty - 5,295.6 0.3% -1.7% 14.5% 7.1% -9.2% Sensex - 17,478.2 0.7% -1.5% 13.1% 6.2% -10.1%Latest Quarterly Results – 9MFY’12 In Rs Millions Companies Revenue EBITDA PAT Margins H1FY’12 9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12 Suzlon 107,181 145,440 35.7% (2,158) 11,999 NM (15,350) (1,783) NM 8.3% NM NHPC* 30,872 42,110 36.4% 24,157 26,281 8.8% 15,282 19,697 28.9% 62.4% 46.8% Moser-Baer* 14,139 16,337 15.5% 1,372 1,953 42.3% (2,752) (2,502) NM 12.0% NM Ramky Infrastructure 18,528 24,502 32.2% 2,198 3,211 46.1% 1,147 1,422 24.0% 13.1% 5.8% Shriram EPC* 8,374 7,804 -6.8% 1,071 871 -18.7% 548 210 -61.7% 11.2% 2.7% VA Tech Wabag 7,342 7,727 5.2% 376 393 4.5% 66 134 103.0% 5.1% 1.7% Jaiprakash Power Venture* 6,717 13,725 104.3% 5,795 12,627 117.9% 1,482 4,097 176.5% 92.0% 29.9% Praj Industries* 3,507 6,128 74.7% 286 556 94.4% 329 557 69.3% 9.1% 9.1% Orient Green Power 1,665 1,787 7.3% 761 672 -11.7% 91 (232) NM 37.6% -13.0% Ion Exchange* 3,882 4,466 15.0% 171 206 20.5% 90 95 5.6% 4.6% 2.1% Asian Electronics* 1,131 691 -38.9% (237) (276) NM (469) (483) NM NM NM Indosolar* 4,989 854 -82.9% 223 (1,016) NM (628) (1,886) NM NM NM IndoWind Energy* 395 269 -31.9% 108 131 21.3% 43 36 -16.3% 48.7% 13.4% Entegra 6 1 -87.0% (55) (74) NM (328) (349) NM NM NMNote 1: *Standalone resultsNote2: Since Indowind Energy is June ending, the results are for H1FY’12Annual Results – FY’11 In Rs MillionsCompanies Revenue EBITDA PAT Margins FY’11 FY’10 FY’11 YoY FY’10 FY’11 YoY FY’10 FY’11 YoY EBITDA NPMSuzlon 207,792 180,902 -12.9% 9,431 8,081 -14.3% (9,826) (13,238) NA 4.5% NANHPC 51,616 51,437 -0.3% 41,289 42,876 3.8% 21,756 23,162 6.5% 83.4% 45.0%Moser-Baer 27,322 26,829 -1.8% 3,729 107 -97.1% (3,936) (8,486) NA 0.4% NARamky Infrastructure 20,416 31,470 54.1% 2,417 3,718 53.8% 1,274 2,061 61.8% 11.8% 6.5%Shriram EPC 13,704 16,748 22.2% 1,329 1,836 38.1% 468 742 58.7% 11.0% 4.4%VA Tech Wabag 12,295 12,418 1.0% 1,171 1,210 3.3% 448 526 17.5% 9.7% 4.2%Jaiprakash Power Venture* 7,178 8,407 17.1% 6,327 7,236 14.4% 2,516 1,651 -34.4% 86.1% 19.6%Praj Industries 7,344 6,649 -9.5% 1,391 769 -44.7% 1,198 569 -52.5% 11.6% 8.6%Orient Green Power 563 2,093 271.7% (4) 898 NA (166) 108 NA 42.9% 5.1%Ion Exchange 5,250 6,102 16.2% 241 232 -3.8% 41 84 103.2% 3.8% 1.4%Asian Electronics* 2,278 1,473 -35.3% 378 (421) NA 29 (793) NA NA NAIndosolar* 1,313 5,820 343.3% (206) 203 NA (664) (583) NA 3.5% NAIndoWind Energy* 631 453 -28.2% 223 119 -46.6% 146 47 -67.8% 26.3% 10.4%Entegra 16 9 -44.2% (72) (72) NA (155) (423) NA NA NANote 1: *Standalone resultsResearch Desk Four-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • 7. FOUR-S Cleantech TrackValuation Benchmarking In Rs Millions ` Mkt Cap (Rs mn) EV (Rs mn) Revenues TTM EBITDA TTM PAT TTM EV/Revenue EV/EBITDA P/E Dec11 Dec11 Dec11 NHPC 242,325 350,803 62,675 45,000 27,577 5.6 7.8 8.8 Jaiprakash Power Venture 107,692 228,127 15,415 14,068 4,266 14.8 16.2 25.2 Suzlon 44,878 155,881 219,161 22,238 329 0.7 7.0 NM Praj Industries 14,819 13,534 9,270 1,039 797 1.5 13.0 18.6 Ramky Infra 12,398 27,068 37,444 4,731 2,336 0.7 5.7 5.3 VA Tech Wabag 11,354 9,806 12,803 1,227 594 0.8 8.0 19.1 Orient Green Power 5,968 12,557 2,215 809 (215) 5.7 15.5 NM Shriram EPC 3,576 16,053 16,178 1,636 404 1.0 9.8 8.9 Moserbear 2,742 24,256 29,027 688 (8,236) 0.8 35.3 NM Entegra 1,868 32,063 4 (91) (444) NM NM NM Indosolar 1,625 6,184 1,685 (1,036) (1,841) 3.7 NM NM Ion Exchange 1,464 1,994 6,686 267 89 0.3 7.5 16.5 IndoWind Energy 538 2,183 327 142 40 6.7 15.4 13.5 Asian Electronics 250 1,745 1,033 (460) (807) 1.7 NM NMResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • 8. FOUR-S Cleantech Track Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and objective advice to top Indian & global companies & PE Firms. Four-S has already proven success in corporate finance, strategy consulting, fund-raising, investment banking and investor relations mandates with 100+ corporates and large PE fundsFour-S, trusted advisor to top Indian & Global Cos Offering comprehensive bouquet of services to SMEs, Corporates and PE Funds Research Desk Four-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • 9. FOUR-S Cleantech Track About Four-S Services Four-S Services provides customized business and financial research to organizations across the globe. The company also provides Investor Relations consulting to corporate based on in-depth sectoral and company research. The company has an impressive client profile and a team of senior analysts covering key sectors including Finance & Banking, IT & Telecom, Retail, Media & Entertainment, Pharmaceuticals, Infrastructure and Manufacturing amongst others. For further information on the company please visit www.four-s.com Disclaimer The information contained herein has been obtained from sources believed to be reliable but is not necessarily complete and its accuracy cannot be guaranteed. No representation, warranty, guarantee or undertaking, express or implied, is made as to the fairness, accuracy or completeness of any information, projections or opinion contained in this document or upon which any such projections or opinions have been based. Four-S Services Pvt Ltd. will not accept any liability, whatsoever with respect to the use of this document or its content. This document has been distributed for information purposes only and does not constitute or form part of any offer or solicitation of any offer to buy or sell any securities. This document shall not form the basis of and should not be relied upon in connection with any contract or commitment whatsoever. This document is not to be reported or copied or made available to others. The Company may from time to time solicit from, or perform consulting, or other services for, any company mentioned in this document.Research DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com