Four s monthly cleantech track february 2012

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Four s monthly cleantech track february 2012

  1. 1. February 2012 CLEANTECH TRACK Monthly Update on Indian Cleantech Industry News of the Month ContentDelay in solar projects: NTPC trading arm encashes bank guarantees of14 developers ContentNTPC Vidyut Vyapar Nigam (NVVN) has come down heavily upon 14 Private Equity 2project developers, including three in which Lanco Infratech Ltd holdsstakes, for failing to meet the commissioning deadline. The projects tothese 14 companies, totalling 70 MW, were awarded under the first CER Price Chart 2phase of India’s Jawaharlal Nehru National Solar Mission by NVVNAn NVVN official said that in terms of strict compliance of the guidelines,bank guarantees of these developers have been encashed for not News Update 3commissioning the projects by January 9, which was the deadline. Officialsources said the amount encashed would be close to Rs 280mn. Thepenalty for each project averages approximately Rs 20mn. Events Calendar 5This is the first warning. After this, the developers are given two monthstime to finish the project, and if they still dont, this would entail furtherloss of bank guarantee — thereafter, three months time is provided with Stock Market Update 6penalties to complete the project, failing which the project would standremoved from the Mission. The total extension in this manner is up to sixmonths beyond the scheduled date. Results Update 6Under the first batch, 35 new projects were expected to generate 610MW of solar power (140 MW of photovoltaic and 470 MW thermal) andgrid connectivity was expected by January 2012. Generation from new Peer Benchmarking 7photovoltaic projects was to commence from this January, and fromthermal sources by May 2013. These projects are spread across thecountry — Rajasthan, Orissa, Andhra Pradesh, Karnataka and Tamil Nadu. About Four-S Services 8The three companies with equity participation from Lanco are DDERenewable Energy Ltd, Electromech Maritech Pvt. Ltd and FinehopeAllied Energy Pvt. Ltd. Lanco also holds the engineering, procurementand construction (EPC) contract for their projects. Lanco, apart fromhaving 105MW, is doing EPC in seven projects and also holds someequity in them. NVVN has encashed the bank guarantees at a time whenallegations have been made that Lanco Infratech contravened rules andgot solar projects in excess of its entitlement through a network of shellcompanies.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. 2. FOUR-S Cleantech Track Investment Activity Clean-tech Private Equity deals – Last 6 months of 2011 and Jan-Feb 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 The month of February saw 1 investment in cleantech space: - Hyderabad Angels, a network of Angel investors focused on early stage businesses announced a strategic Series A investment of Rs 20mn in Green India Building Systems and Services Private Limited (GIBSS). This investment in green energy leader GIBSS was led by serial entrepreneur Sashi Reddi. GIBSS addresses the demand & supply gap with energy efficient Geothermal, Hot water cogeneration and Lighting systems that help buildings reduce operational costs by 60-80%. Movement of Carbon Credit (Spot Price) 29-Feb’12 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change) CER (Spot Price in €) 4.61 -7.2% 14.4% -19.1% -51.2% -61.3% CER Price Chart (€) - Movement during the last month 5.9 5.6 5.3 5 4.7 4.4 4.1 3.8 3.5 3.2 2.9 2.6 2.3 2 Source: BlueNext 1-Feb 5-Feb 9-Feb 13-Feb 17-Feb 21-Feb 25-Feb 29-Feb 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. 3. FOUR-S Cleantech Track News UpdateRajasthan lowers solar tariffs ahead of bid deadline Indias frst solar desalination plant in Surat, GujaratThe Rajasthan Electricity Regulatory Commission has lowered Perry Mehta, founder of FutureNet, IT service provider andthe tariffs for the purchase of electricity from solar power environment technology firm, is setting up the countrys firstplants in the State by the state utility. A solar power producer solar plant to desalinate sea water in Surat. In a joint venture,in the State who completes his project by March 31, 2014, will his firm, along with Sardar Vallabhbhai National Institute ofget Rs 10.12 a unit if he does not claim ‘accelerated Technology’s (SVNIT) research and technological aid, is settingdepreciation and Rs 8.85 a unit, if he also claims accelerated up countrys first salt water desalination plant in Surat whichdepreciation. Earlier, these figures were Rs 15.32 and Rs 13.19 would be operational by June this year. It will be set up at ana unit. The revised tariffs demonstrate the falling trend in investment of Rs 35mn. This small-size plant would desalinateprices. Rajasthan has a fairly large programme, of 200 MW, one lakh litres of sea water daily and turn it into drinkingequally divided between photo voltaic and thermal. water using solar energy.Gujarat Solar Program cuts power rates by up to 33% Trishe Energy scouting for Private Equity infusionGujarat’s solar program has cut the preferential rate it pays to Chennai-based Trishe Energy, a wind power developer, whichutilities for sun power by as much as 33% as global prices of bagged an order from Indian Energy, an independent powerpanels declined by more than half. Photovoltaic plants producer (IPP), for the setting up of 1,000-MW of wind farms,commissioned after the Jan. 28 deadline will be paid a rate of is looking for private equity infusion. With the Indian EnergyRs 9.98 per kilowatt-hour for the first 12 years, compared with deal, Trishe has orders worth close to 2,000 MW in India. TheRs 15 for those finished on time, the Gujarat Electricity “Framework Agreement” that was signed by Indian EnergyRegulatory Commission said in a tariff order on its website. and Trishe Energy envisages that approximately 300 MW ofThe rate will be reduced to Rs 7 per kilowatt-hour for the next projects will be commissioned during 2013, a further 350 MW13 years. India joins governments in Europe that are cutting by 2014 and the remaining 350 MW by 2016. The projects willclean- energy subsidies as equipment costs plunge. Panel be implemented across a number of States in India, includingprices fell 51% last year after the 10 largest manufacturers Tamil Nadu, Karnataka and Maharashtra.doubled production capacity, according to data compiled byBloomberg. Wipro expects to build 100 MW of solar projects next year Wipro’s clean-tech business has just completed building 40Kerela Govt to set up waste management plants in all MW of solar photovoltaic power plants for its customers. 5districts MW more is sure to come by March and expects to do 100Kerala Cabinet has decided to set up waste treatment plants MW by 2012-13. Wipro EcoEnergy is building its ‘energyin all 14 districts. The treatment plants would be set up with practice on two pillars – solar energy, comprising both large,new technology which minimised the land requirement to a utility-scale solar plants and roof-tops, as well as ‘energygreat extent compared to existing ones. Under the new management. At present, Wipro EcoEnergy provides remotetechnology, there would be separate treatment unit to deal monitoring services to its EPC clients. Soon, it intends to takewith plastics. Arrangements also would be made to segregate this business to its non-clients and then to customers abroad.the solid waste from plastic waste at the originating placewould also be made. Welspun bags Rs 9.5bn solar power project from AP Private power firm Welspun Energy today said it has bagged aIndia clean-energy investments reach $10.3bn in 2011: BNEF contract worth Rs 9.5bn from the Andhra PradeshInvestment in clean-energy projects grew faster in India than government to set up a 100 MW solar power plant inin any other major economy last year, rising 52% to $10.3bn, Anantpur. The company will construct, operate and maintainaccording to Bloomberg New Energy Finance. The largest the power plant and will complete the project by 2013. Theincrease came from the solar industry with $4.2bn of funding company plans to develop 250 MW solar power projects infor sun-powered plants connected to the grid, a seven-fold 2012-13 and to be among the top three producers of solarincrease from 2010 and about par with the $4.6bn that went power in the country in the next two-three years by producingto wind projects. Asset financing accounted for $9.5bn of the at least 500 MW of solar power by 2014. Welspun has alreadytotal, while private equity and venture capital firms invested commissioned a 30 MW solar energy project and is working$425mn, New Energy Finance said. In 2011, India added 2,827 on various projects totaling another 80 MW which are inMW of new wind capacity, making it the third-biggest market various stages of completion.after China and the U.S. Its solar capacity rose to an estimated277 MW from 18 MW in 2010Research 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. 4. FOUR-S Cleantech TrackGreen Infra ready to invest in solar powered towers concentrate on its core business. The company official saidIDFC PE funded-Green Infra Ltd, a solar power developer, is that the utilities are not making timely payment for the powerready to invest to put up mini solar plants that could power produced and there are two to three months of outstandingtelecom towers. Green Infra made news recently when it won dues always. The company has an outstanding payment of Rstwo projects worth 25 MW in the second round of bidding of 780mn from the Hubli Electricity Supply Company (Hescom)the National Solar Mission. Green Infras quote of Rs 9.44 a and an overdue interest payment is to the order of Rs 30mn.unit (averaged for the two projects) was the highest among The company has entered into a power purchase agreementthe 20-odd winners. The company also has a 10 MW solar with Hescom and sells power at Rs 3.50 per unit. In 2007, theplant operating in Gujarat. It also has 165 MW of wind power company had forayed into wind power business and presentlycapacity and expects to add another 135 MW in the next two operates an installed capacity of 51 MW. The company hadmonths. been looking at exiting the business since 2009 and has received two to three proposal.Sun Edison, Azure win rooftop contractsTwo US-headquartered companies, Sun Edison and Azure Tata Power commissions 25-MW solar project in GujaratPower, have won the mandate for setting up rooftop solar Tata Power has commissioned a 25 MW solar photovoltaicpower plant projects in Gandhinagar, Gujarat. Implemented (PV) power project in Gujarat. Spread over 100 acres of land,by Gujarat Energy Research Management Institute (GERMI), the Rs 3.65bn solar plant is based on crystalline silicon PVthis rent-a-roof programme is the first-of-its-kind in India. Sun technology. The company had signed a power purchaseEdison and Azure Power will each put up 2.5 MW of solar agreement for the project with Gujarat Urja Vikas Nigam Ltd.plants on the roofs of houses or office complexes that are The Mithapur plant is one of the largest of its kind in thewilling to rent their roof for the purpose. The roof owner will country and is now feeding power into the grid. Theget a part of the revenue generated by the power plant. The company’s subsidiary, Tata Power Renewable Energy Ltd, hadowner will not get to use the electricity to run his home or recently tied up the entire debt requirement through aoffice, as has been the case in all the rooftop solar consortium of domestic lenders, namely State Bank of Indiadevelopments so far in the country. and Export Import Bank of India. Tata Power plans to set up 300-MW of solar power capacity by 2017.Numeric Power eyes solar EPC, storageNumeric Power Systems, which has just got richer by Rs 830 French betting big on Indias solar potentialcrore after divesting its core business UPS systems, says its Indian subsidiary of French major, Solairedirect plans to investimmediate engagement will be with solar energy. While not Rs 40bn to become 400 MW company in next 5 years. Thewishing to give out details, the companys Managing Director, company provides end-to-end solar energy solutions forMr R Chellappan, said that the company is looking at presence turnkey projects, including project development andin two areas – EPC jobs and storage systems (batteries). Apart engineering, construction and installation, financing,from building two 1 MW plants, Numeric has done close to operation and maintenance. Solairedirect has already won a 51,000 rooftop solar plants across the country. For one of the 1 MW project in Rajasthan, under the Jawaharlal NehruMW plants, Numeric is its own EPC contractor. The plant, near National Solar Mission (JNNSM). The company bagged theCoimbatore, would be put under the “REC scheme”. The other order with an offered tariff of as low as Rs 7.49/ unit. Theplant, near Sivaganga, is just a few days from commissioning. Rajasthan project will be operational by December 2012.The electricity it generates will fetch Rs 18.45 a unit. Adani Power to invest Rs 30bn in solar powerLanco to exit wind energy business Adani Power plans to invest Rs 30bn ($600mn) in two years toIn an indication of the coming consolidation in India’s wind add 160 MW solar power to its existing capacity. Theenergy sector, Lanco Infratech Ltd has decided to exit the company, set to commission its first 40-MW solar power plantsegment and has given the mandate for selling the business to in Bitta village of Kutch district, Gujarat, has plans to expand itaudit and consulting firm Ernst and Young (E&Y). Lanco has to 100 MW. The company is planning to set up another 1005,000 MW of wind power licences and had acquired land for MW plant near Jaisalmer. This project could be commissioned600MW of capacity through Lanco Wind Power Pvt. Ltd. by 2013-14.Lanco’s decision comes at a time when the company is ladenwith a debt burden of Rs. 297bn as of 30 September. RRECL invites bids for 50 solar projects in India Rajasthan Renewable Energy Corp (RREC) has invited requestVRL Logistics set to exit wind power for selection for the construction of 50 solar power projects inHubli-based transport major VRL Logistics Ltd (VRL) has firmed the Indian state of Rajasthan. The 50 solar photovoltaic (PV)up plans to sell its wind power and cement business units and plants will each have a capacity of 1MW (AC). RRECL willResearch 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. 5. FOUR-S Cleantech Trackconnect each small solar PV plant on 11kV level at 33/11kV controlling stakes in two companies – Alex Astral Power LtdDiscoms substation in Rajasthan, under Rajasthan Solar and Alex Spectrum Radiation Ltd. The Kolkata-based SurekaEnergy Policy, 2011. The bidding process will close on 19 Group is the co-promoter in both the companies. Alex AstralMarch 2012. Power has already commissioned a 25-MW solar power plant in Gujarat and Alex Spectrum is slated to commission a 5-MWSunair develops solar-wind hybrid power generator for solar project in Rajasthan in a weeks time. SGJHL has investedrooftops approximately Rs 1bn for acquiring 55% equity stake in eachSunair Power Private Ltd has revisited the technology of of these solar PV (photovoltaic) companies.vertical shaft windmills and has developed a machine forrooftop applications in the country. The Bangalore-based Vikram Solar commissions solar plant in Gujarat and Orissacompany is offering solar-wind hybrid power systems that can Vikram Solar, a Kolkata based solar module manufacturer, hasgenerate about 8 units of green power a day, with 60% announced the commissioning of two new power plants - onecoming from wind sources. While the windmills are in Gujarat and one in Rourkela, Orissa. The Gujarat powercompletely manufactured by the company, the solar panels plant is a 5MW power plant and the second plant in Orissa isare sourced from module manufacturers. The advantage is capable of producing 1 MW power. Both these projects havethat the vertical shaft machines rotate even at low wind been built under the policy guidance from Indian Renewablespeeds of 1.5 m/s and generate power at 3 m/sec compared Energy Development Agency (IREDA).with conventional windmills that start spinning only at speedsof 3 m/s. Financial services firm Blue Circle acquires Enelek Solar PowerGreenko to add 165 MW wind energy in Maharashtra Blue Circle Services Ltd, a Mumbai-based public-listedGreenko Group is set to commission 165 MW wind farm in financial services company, has acquired renewable energyMaharashtra by May, taking its installed capacity of wind firm Enelek Power for an undisclosed sum. Co-founded byturbines generation from about 220 MW now to about 385 Nachiket Gandhi (who is also the CEO), Enelek Power designsMW. Under the phase one of expansion plan of the company and manufactures solar thermal heating and power systems.for wind power generation, Greenko plans to set up projectswith a total capacity of 500 MW by 2014-15. Of this, wind Maharishi Solar offers low cost solar thermal solutionsfarms with a total generation capacity of over 350 MW are at Maharishi Solar Technology has launched a Parabolic Trough –various stages of execution. The company has a strategic a low cost solar solution for the industries to reduce fuel costventure with the US-based major GE (General Electric) for the for electricity and fossil fuel for generating heat. Theimplementation of wind farms in the country. A venture has technology is a result of the strategic tie-up with US-basedbeen set up by Greenko wherein GE financial services arm had Abengoa Solar Inc, (ASI), which is into delivering solarteamed up in October last to invest up to $50mn. technology solutions. Company has set up a manufacturing facility to manufacture Parabolic Troughs in Noida, UttarShree Ganesh Jewellery acquires 2 solar PV firms Pradesh. It has invested around Rs 3.5bn for this business andThe Rs 58bn Shree Ganesh Jewellery House Ltd (SGJHL) has is setting up new facilities in Gujarat and Tamil Nadu.entered into solar power generation business by acquiringUpcoming Events Calendar Renergy 2012 HydroVision India Date: March 12-13, 2012 Date: April 19-21, 2012 Place: Chennai Place: New Delhi Organizer: TamilNadu Energy Development Agency Organizer: PennWell and Inter Ads Web: www.renergy2012.com Web: www.hydropowerindia.com India Wind Energy Summit 2012 Renewable Energy World India 2012 Date: April 19-20, 2012 Date: May 5-7, 2012 Place: Chennai Place: New Delhi Organizer: Noppen Organizer: PennWell and Inter Ads Web: www.indiawindenergysummit.com 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. 6. FOUR-S Cleantech Track Stock Market Update Companies Mcap (29-Feb-12) Rs Mn Price (29-Feb-12) 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change) NHPC 260,776 21.2 -2.5% 2.9% -6.0% -12.9% -10.7% Jaiprakash Power Venture 116,149 44.0 -2.4% -0.2% 30.0% 33.0% 7.5% Suzlon 47,278 26.6 -6.2% -5.0% 14.2% -28.0% -46.8% Praj Industries Ltd. 14,967 81.0 -4.3% -8.0% 5.7% 14.6% 21.3% Ramky Infra 13,370 233.8 -1.6% -0.1% 13.5% 1.6% -21.8% VA Tech Wabag 11,310 427.8 -2.8% 18.2% 25.1% 15.5% -17.6% Orient Green Power 6,225 13.3 0.4% -5.7% 24.3% 0.4% -44.1% Shriram EPC 3,867 87.3 -6.7% -13.4% -15.3% -33.1% -42.3% Moserbear 3,095 18.4 -8.5% 3.7% 1.4% -21.2% -54.8% Entegra 2,260 12.4 -2.7% -7.1% -14.5% -17.3% -34.7% Indosolar 1,944 5.8 -5.7% -34.5% -14.1% -34.5% -69.1% Ion Exchange 1,529 113.0 -5.1% 2.8% 17.1% -14.6% -17.0% IndoWind Energy 610 6.8 -7.5% 7.9% -12.8% -47.7% -65.8% Asian Electronics 291 8.2 1.2% 16.3% 35.5% 0.6% -41.4% Nifty - 5,385.2 -2.2% 3.6% 11.4% 7.7% -2.5% Sensex - 17,752.7 -2.2% 2.6% 10.1% 6.5% -3.8%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. 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 Dec11NHPC 260,776 369,254 62,675 45,000 27,577 5.9 8.2 9.5Jaiprakash Power Venture 116,149 236,584 15,415 14,068 4,266 15.3 16.8 27.2Suzlon 47,278 158,280 219,161 22,238 329 0.7 7.1 NMPraj Industries 14,967 13,682 9,270 1,039 797 1.5 13.2 18.8Ramky Infra 13,370 28,041 37,444 4,731 2,336 0.7 5.9 5.7VA Tech Wabag 11,310 9,763 12,803 1,227 594 0.8 8.0 19.1Orient Green Power 6,225 12,815 2,215 809 (215) 5.8 15.8 NMShriram EPC 3,867 16,343 16,178 1,636 404 1.0 10.0 9.6Moserbear 3,095 24,610 29,027 688 (8,236) 0.8 35.8 NMEntegra 2,260 32,454 4 (91) (444) NM NM NMIndosolar 1,944 6,502 1,685 (1,036) (1,841) 3.9 NM NMIon Exchange 1,529 2,059 6,686 267 89 0.3 7.7 17.2IndoWind Energy 610 2,255 327 142 40 6.9 15.9 15.3Asian Electronics 291 1,786 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. 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. 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

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