Research on India_Energy and Utilities Sector in India Monthly Update_March 2012
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Transcript of Research on India_Energy and Utilities Sector in India Monthly Update_March 2012
Energy and Utilities Sector in India
Monthly Update
March 2012
Top Story
Power companies to benefit from proposals during the annual budget The power sector is set to benefit from a few of the proposals made during the annual budget. Firstly, there is a proposal to allow external commercial borrowings (ECB) to partly finance the rupee debt of existing power projects in the country. Secondly, the customs duty on thermal coal and natural gas has been removed. The withholding tax on interest payments on ECBs has also been reduced from 20% to 5%. And finally, the finance minister has agreed to compute additional depreciation for new assets urchased by power companies and has extended the sunset clause for the power psector by an additional year. Of these proposals, the move to allow ECBs is expected to benefit many power companies as the interest costs in the overseas market are significantly lower than in India. The power sector which is facing a severe shortage of coal is also likely to benefit from the removal of customs duty on thermal coal. However, structural problems such as fuel scarcity and distribution sector reforms have not been addressed. News Update
General Windar and Gamesa collaborate to set up wind tower manufacturing facility Windar Renovables, a global wind tower making company has collaborated with Gamesa India to set up its first tower manufacturing facility in India. The factory will come up in Vadodara, Gujarat and will be spread across an area of 13500 sq metres. It is a 68:32 joint venture between Windar and Gamesa Wind Turbines. It will be built with an investment of INR 900 mn and will produce 240 tubular towers by the end of 012. The towers will be built using Windar’s technology and will be supplied to ompanies such as Gamesa, Acciona and Alstom. 2c Indian companies keen on bidding for Cove Energy’s African gas reserve A consortium of Indian public‐sector energy companies, Oil and Natural Gas Corp and GAIL India is showing interest in bidding for a gas reserve in Mozambique owned by UK based Cove Energy. The Indian companies will be competing against Thai Oil and gas group PTT and Royal Dutch Shell for stake in the African gas reserve. Shell had offered INR 83 bn for the gas block, a 70% premium to the share price when it was put up for sale by Cove in Early Jan. However, Thailand's PTT had made an even higher offer of INR 87.5 bn in the end of February, fuelling anticipation of a bidding war.
Energy and Utilities – Monthly Update
CLP Holdings is considering to list its Indian subsidiary CLP Holdings Ltd has said that it is considering listing its wholly‐owned Indian subsidiary CLP India Pvt Ltd in order to raise funds for further expansion. The company however said that it was too early to comment on the timing or size of the possible listing. CLP which entered the Indian market in 2002 by acquiring a majority stake in Gujarat Paguthan Energy Corp Pvt Ltd, and became full owner of the business in 2003, currently has a total capacity of about 2614 MW in the areas of renewable nergy, coal‐fired and gas‐fired power generation. CLP Holdings is also considering ringing in partners on future projects in India to ease capital commitments. eb India’s NTPC to supply 250 MW power to Bangladesh India’s National Thermal Power Corporation (NTPC) will supply 250 MW power to Bangladesh from the unallocated quota available with the Power Ministry. A power purchase agreement has been signed between NTPC’s wholly owned subsidiary, NTPC Vidyut Vyapar Nigam Ltd (NVVN) and Bangladesh Power Development Board (BPDB). oreover, BPDB is expected to purchase an additional 250 MW from the Indian M
power market and discussions are going on. The transmission system between the countries is expected to be completed by July 2013. The electrical grid interconnection would be through a HVDC back‐to‐back asynchronous link between India’s eastern region and Bangladesh’s western grid which will facilitate cross‐border power transfer of 500 MW. The cross‐border nterconnection will be established by a 400 kV DC line between Baharampur, West engal in India and Bheramara in Bangladesh. iB REC planning to raise funds by selling tax free bonds State run Rural Electrification Corp. Ltd (REC) may raise up to INR 75 bn by selling tax free bonds in FY 2013 in order to get cheap finance. This decision comes at a time when the Indian power sector is facing a huge crisis due to shortage of funds. The company plans to raise INR 30 bn by selling tax free bonds in mid March out of which 5% will be sold to retail investors, 25% to high net worth individuals and the rest to 2qualified institutional buyers. Other state run companies that have opted for the tax free bonds route to raise funds include Power Finance Corp. Ltd (PFC) and National Highways Authority of India. The two companies together account for 60% of the total money lent to power companies n India for developing new power projects and financing restructuring of power istribution utilities. id
Energy and Utilities – Monthly Update
Private power players suffering as projects face default risks More than 50 power projects being developed by various private players across the country will run the risk of defaults if issues such as fuel shortages and environmental hurdles are not quickly addressed. According to the Association of Power Producers (APP), at present 52 power projects with cumulative capacity of 68563 MW, being
developed by 20 private players at a cost of INR 3420 bn, are facing the risk of efaults. The Association has sent a list of the projects facing default risks to the dPower Ministry. According to APP, fuel shortages and higher prices of imported coal are hindering the evelopment of these projects and private players are stuck after bidding or signing he MoU with the respective states. dt Power companies to raise tariffs Electricity distribution firms across the country are seeking to raise tariffs in order to shift a part of the burden of the increasing fuel cost and revenue gaps with consumers. Although majority of the distribution reforms have not been implemented, some consumers in Mumbai may have to pay as much as INR 11 more for each unit consumed while those in Andhra Pradesh may have to pay an additional INR 7 per nit if consumption exceeds 500 units in a month. The distribution utility in Tamil
. uNadu has demanded a 64% rise in charges for the next financial year Most of these states had made revisions in their tariffs in the past 10 months. However, lenders to distribution firms look at these tariff revision petitions as a relief to the power sector. The poor financial condition of the sector had been adversely ffecting the sale of electricity and causing problems for traders and equipment uppliers. as PGCIL to get INR 19.8 bn funding from IFC Power Grid Corp of India Ltd (PGCIL), India’s largest power transmission company may receive around INR 19.8 bn from International Finance Corp (IFC), the private sector arm of the World Bank. PGCIL will receive the funding for various transmission projects set to be completed over the next 12 months as well as for improving the ountry’s electricity transmission infrastructure. The funding will constitute 15% of cPGCIL’s total projects costs which is estimated to be around INR 115 bn – INR 175 bn. Power Grid is looking to finance 70% of the projects' cost through debt and the remaining through internal accruals. The remaining debt would be raised from gencies such as the World Bank and Asian Development Bank and through the ssuance of domestic bonds. ai Suzlon subsidiary gets INR 3.67 bn contract Suzlon Energy’s subsidiary, Seforge, has secured an INR 3.67 bn contract for supplying wind tower equipments for a period of 3 years. Seforge signed a purchase agreement with a wind turbine manufacturer but the name of the company with which the agreement was signed has not been divulged. According to the contract, eforge will supply flanges used for wind turbine towers for projects in India and broad. Sa
Energy and Utilities – Monthly Update
Siemens gets contract from MSEDCL for modernizing power distribution system Siemens Ltd. has won a contract from the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for modernizing the latter’s electricity distribution management system. The contract is worth INR 1.3 bn and will focus on improving the reliability of the distribution network, minimizing distribution losses and shifting towards smart grids. The entire project will be managed by Siemens and it will also develop, manufacture, implement and commission SCADA/DMS supervisory control centres for eight cities in Maharashtra under the Restructured Accelerated Power evelopment Reforms Program (R‐APDRP) of the Indian Government. The project is cheduled to be completed by June 2013. Ds Tata Power and Exxaro form JV for power generation in Africa Tata Power and South Africa based Exxaro Resources have announced a joint venture for developing power generation projects in Africa. The two companies have created a 50:50 joint venture entity Cennergi (Pty) Ltd. and have already submitted bids for five wind and solar projects in South Africa. The joint venture company would look into he feasibility, development, ownership, operation, maintenance, acquisition and
n r tmanagement of electricity generatio projects in South Af ica, Botswana and Namibia. For Tata Power, which like many other companies in the Indian power sector is suffering from the high coal prices, the collaboration with Exxaro marks a major chievement. Cennergi (Pty) Ltd would be officially launched from April 2012 and will ook at coal and coal bed methane‐based power projects. al India’s first 800 MW super critical unit becomes operational Coastal Gujarat Power Limited, a subsidiary of Tata Power, which is setting up India’s first ultra mega power project (UMPP) in Mundra, Gujarat has announced the commissioning of the 800 MW super critical Unit 1. It is the country’s first super ritical unit of 800 MW. The unit was earlier synchronized with the national grid in cearly January and had achieved full load by the end of February. The 4000 MW UMPP at Mundra is the first in the country to use 800 MW super critical boiler technology. The project consists of 5 units of 800 MW each and will generate 3800 MW of saleable power. The use of super‐critical technology and the 800 MW nit sizes will help the project to achieve higher efficiency and thus save fuel and educe greenhouse gas emissions. ur Dabhol LNG terminal to be commissioned by early April State run GAIL India has said that it plans to commission its LNG terminal at Dabhol, Maharashtra by the end of March or by early April. The 1967 MW power plant and adjacent 5 mn tonnes a year LNG import terminal is owned by Ratnagiri Gas and ower Co Ltd. (RGPPL) in which GAIL has a 31.52% stake. The company has already ontracted a LNG cargo to commission the Dabhol facility. Pc
Energy and Utilities – Monthly Update
The power plant and LNG terminal were originally built by the US based company, Enron Corp. It was taken over by RGPPL in 2005 when the terminal was 70‐80% complete. The plant was mechanically completed by GAIL in late 2010. However, the construction of breakwater facility is not yet complete and the terminal can only be ommissioned through small ships which will lead to a capacity utilisation of only30‐0%. c4 Gamesa wins order for wind farm in Andhra Pradesh Gamesa Wind Turbines has got an order from the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) for a 5.95 MW project to be executed at Anantapur, Andhra Pradesh. With this project, Gamesa’s total installation in Andhra Pradesh will reach 11.05 MW. NREDCAP which is relatively new to the ind turbine sector with 5.2 MW of various capacities in operation will collectively ave 12.7 MW in operation by the end of March. wh REC to raise INR 6.56 bn from German bank State run Rural Electrification Corp. Ltd. (REC) is planning to raise INR 6.56 bn from KfW Bankengruppe, a Germany based bank, for financing renewable energy projects in India at concessional interest rates. REC had earlier taken a loan of INR 9.18 bn from KfW Bankengruppe through two rounds of funding of INR 4.59 bn each. The loan was used for power transmission and distribution systems. The company is borrowing from a foreign lender due to the shortage of funds among Indian power firms and also because funds raised from the global markets are cheaper due to their ower interest rates compared to India. REC along with Power Finance Corp. Ltd ccounts for around 60% of the total lending to the Indian power sector. la Siemens to supply solar receivers to 50 MW power plant in Rajasthan Siemens Energy has signed an agreement with Shriram EPC, a wind energy company, for the supply of solar receivers. Siemens will be supplying more than 17000 units of the Universal Vacuum Air Collector (UVAC) 2010 solar receivers to a 50 MW power lant to be constructed in Rajasthan. The plant will be developed by the Abhijeet roup and is expected to become operational by early 2013. pG ONGC plans 5% increase in capex for FY 2013 over FY 2012 Oil and Natural Gas Corp (ONGC) is planning to invest over INR 330.65 bn in FY 2013 for exploration and production of oil and gas. This is a 5% increase over the INR 13.16 bn capital expenditure in FY 2012. The entire expenditure will be funded by NGC internally.
3O
Energy and Utilities – Monthly Update
Nereus Capital to raise INR 12.7 bn for renewable energy in India Nereus Capital, a private equity firm is raising INR 12.7 bn through its newly formed subsidiary, Nereus India Alternative Energy Fund, to invest in the renewable and clean energy industry in India. The fund will be managed by Mauritius based Nereus Capital Management, LLC and will be used for investments in firms engaged in the
development, construction, and operation of renewable and clean power generation assets or the deployment of clean energy technologies in India. Out of the total INR 12.7 bn, IFC is proposing to invest about INR 1 bn with a cap of 20% of the fund’s total commitments. The anticipated portfolio of Nereus will omprise seven to ten investments of INR 0.8 bn to INR 1.8 bn each in equity and quity‐linked securities of clean energy companies in India. ce 400 KV power transmission project in Haryana successfully commissioned A 400 kV intra‐state power transmission project being developed by Jhajjar KT Transco Pvt Ltd (JKTPL), a Special Purpose Vehicle with 51:49 joint venture between Kalpataru Power Transmission Ltd and Techno Electric and Engineering Company Ltd has been successfully commissioned. The project was a Haryana government nitiative and is the first transmission project to get viability gap funding support from ithe Government of India. The INR 4.44 bn project has been financed through a debt‐equity mix. It was awarded to JKTPL project in May 2010 by the Haryana Vidyut Prasaran Nigam Limited (HVPNL) on a DBFOT basis for a concession period of 25 years, extendable by another 10 years. The transmission system has been designed to facilitate evacuation of 2400 W of power and will initially transmit 1320 MW of power from the Jhajjar Power lant. MP Azure Power gets USTDA grant to assess solar powered microgrids in rural India The United States Trade and Development Agency (USTDA) has awarded an INR 24.7 mn grant to Azure Power to assess the development and accelerate adoption of solar power in rural India. The grant will be used to conduct a feasibility study on two 500 kW micro‐grid solar photovoltaic power generation pilot projects Gujarat and Chhattisgarh. Azure Power also aims to set up over 100 micro‐grid solar systems after the study is completed. The solar systems will be set up in 2‐3 acres of rural land and ould generate sufficient power to electrify 800‐1000 villages with little or no onnectivity to the existing electrical grids. wc News Update
Regulatory
Energy and Utilities – Monthly Update
Government to allow private firms in intrastate power transmission The Government of India is likely to permit private companies to set up intrastate power transmission projects which may soon end state‐owned Power Grid Corp of India Ltd’s monopoly. Currently, all intrastate transmission projects are given to
PGCIL and private firms are allowed to bid for only interstate transmission projects. owever, the government is deciding on giving all future intrastate transmission rojects on the basis of competitive bidding. Hp Government gives approval for sale of 5% equity stake in ONGC The Government of India has given approval for the sale of a 5% equity stake in state owned Oil and Natural Gas Corporation (ONGC) through a share auction. The share ale could raise up to INR 121 bn. A floor price has been decided but no details have sbeen divulged regarding it as a formal notice is yet to be given to the stock exchange. The move to sell the stake has been taken up to revive the government's faltering divestment programme. The government had earlier, in Oct 2011, planned to sell NGC shares through a public offering. However, due to the poor response from nvestors amid weak equity markets, the plan had to be scrapped. Oi States refuse to consider higher tariffs for power generated from Mundra plant States such as Gujarat, Maharashtra, Punjab, Rajasthan and Haryana which is supposed to buy electricity generated from Tata Power’s 4000 MW ultra mega power project in Mundra, Gujarat have refused to consider any increase in the tariff due to he rise in fuel prices. Instead, they have asked the company to approach the Power tMinistry to examine other possibilities. The refusal to accept a higher tariff may affect the financial viability of the project as fuel prices have increased considerably. Tata Power had even acquired a 30% stake in two coal mining units and a trading company from Indonesia’s PT Bumi Resources Tbk in 2007 for sourcing fuel for the Mundra plant. However, Indonesia has stipulated hat all coal produced in the country will be pegged at the prevailing international rices. tp Power Ministry finalizing eight smart grid pilot projects The Ministry of Power is taking final decisions on 8 smart grid pilot projects worth INR 5 bn. The main focus of the projects is to build a distribution system that is smart grid compatible and connects the proposed smart grid to the end consumer through smart metering and other technological interventions. The purpose of the smart grid is to increase the overall efficiency of the power sector, particularly in transmission nd distribution. About 14 state utilities are expected to submit plans for smart grid echnology related pilot projects. at
Energy and Utilities – Monthly Update
GAIL ordered to divert KGD6 gas to Andhra Pradesh power plants The Oil Ministry has ordered the 2.5 mn cubic meters per day of gas that state run GAIL India gets from Reliance Industries' KG‐D6 gas fields to be diverted to Transmission Corp of Andhra Pradesh Ltd. GAIL which uses the gas from KG‐D6 for the extraction of LPG will compensate for the lost volumes through import of LNG. GAIL will charge Transmission Corp the price of the imported LNG.
This is the second time within the span of a year that the Oil Ministry has ordered for such a gas swap in Andhra Pradesh to increase power generation in the state. In arch last year as well GAIL had diverted 2.5 mmcmd gas it got from KG‐D6 to power lants in Andhra Pradesh. Mp Government to raise cess on crude oil The government has proposed an increase in the cess on crude oil by 80%. The cess, which was last revised in FY 2007, was fixed at INR 2500 per tonne. The finance minister has proposed to raise this to INR 4500 per tonne. The proposal to raise the cess on crude oil is likely to negatively affect the overall exploration activity across he country. It will discourage exploration and companies will not be willing to invest tin exploration activities. The proposal is likely to affect companies such as Oil and Natural Gas Corporation (ONGC), Oil India Ltd. and Cairn India. ONGC will be among the biggest losers as it will take a direct hit of up to INR 50 bn from the increase in cess. News Update
Expansion Plans China’s Shanghai Electric likely to set up manufacturing facility in India Shanghai Electric, China's biggest power equipment company has said that it is ready to invest in the Indian power sector by setting up a manufacturing unit for power equipments. The company is in talks with France’s Alstom for a joint venture facility in India for manufacturing boilers for power projects. India is the largest overseas arket for Shanghai Electric with 12 projects under execution or having already been ompleted. mc Spanish company to set up its third manufacturing unit in India Spain’s Gamesa Corporacion Tecnologica is setting up a new manufacturing plant at Mamandur, near Chennai, it’s third in India. The plant will be used to manufacture nacelles and is expected to be ready for production by June this year. The land for the lant has already been identified and it will have a capacity of 1500 MW of both 2 MW pmachines and 850 kW machines on a single shift basis. The new plant is a part of the INR 7.5 bn investment Gamesa had planned for its Indian business. It is being built with the objective of increasing the share of domestically manufactured components so that costs can be kept low and exchange rate fluctuation risks can be minimized. The other plants of the company in India include an assembly plant in the outskirts of Chennai and a blade manufacturing facility in Vadodara, Gujarat.
Energy and Utilities – Monthly Update
BEL enters nuclear power business after winning NPCIL contract Bharat Electronics Ltd. (BEL) has won a contract from the Nuclear Power Corporation of India (NPCIL) for a nuclear power instrumentation project. BEL’s Kotdwara unit is trying to gain entry into the nuclear business by undertaking a developmental project for NPCIL. BEL is also participating in a tender of NPCIL worth INR 8 bn for Control Centre & Instrumentation Product (C&I) for 4 upcoming nuclear power plants. echnical evaluations are under progress and the company is looking for upcoming pportunities in C&I to widen its presence in the nuclear business. To UJVN and GAIL to set up 2 power plants with investment of INR 25 bn Uttarakhand Jal Vidyut Nigam (UJVN), in a joint venture with GAIL, will invest INR 25 bn for setting up 2 gas‐based power plants. The company has already got 50 acres of and in Kashipur and has identified another 55 acres in Haridwar for the 2 plants. The lprojects will initially be of 350 MW each but will later be increased to 450 MW. The majority of the power generated from these 2 plants would be sold Uttarakhand through a long‐term power purchase agreement (PPA). GAIL has already brought the as pipeline to Kashipur and the gas pipeline for Haridwar is at an advanced stage. oth the projects are expected to be completed by 2015‐16. gB Suzlon to launch wind turbines designed to suit Indian conditions Suzlon Energy Limited has announced that it will launch a new turbine in the 1.5 MW range. The new turbine will focus on harnessing Class III low‐wind sites and will be designed specifically for the Indian market. The new turbine has been designed to deliver high efficiency and cost effective power generation even at low wind speeds, thus making wind power projects more commercially viable. The turbine is designed ith advanced rotors, with diameters of 86.5 and 89 meters, and a tower height of 90 eters.
wm Tata Power and SN Power to buy stake in Sarda Energy’s hydropower project A consortium comprising Tata Power Co. Ltd and SN Power Norway is in talks with Sarda Energy and Minerals Ltd for a significant stake in a 96 MW hydropower project of the latter in Sikkim. The transaction is valued at INR 2 bn. The consortium plans to set up joint ventures for developing hydropower projects in India and Nepal and aims to have 2000MW under construction or in operation by 2015, and 4000MW by 2020. t present Tata Power and SN Power are developing a 236 MW hydroelectric project n the Chenab valley of Himachal Pradesh and an 880 MW project in Nepal. Ai
Energy and Utilities – Monthly Update
MOIL planning to enter the power sector Manganese Ore India Ltd (MOIL), India’s largest manganese miner is planning to enter the power generation business and is seeking partners from the private sector for tie‐ups for developing coal blocks. The company however did not mention the area or size of the power plant it proposes to set up. Depending on the response it gets from the private sector firms, MOIL may go for tie‐up for jointly securing, exploring,
mtining, commercially exploiting and participating in value addition projects relating o the coal blocks. Tata Power’s 525 MW second unit of Maithon project commissioned Tata Power has successfully synchronised the 525 MW Unit 2 at its Maithon Mega Power Project in Dhanbad, Jharkhand. With this commissioning, Tata Power’s total generation capacity has reached 5297 MW, making it the largest private sector power eneration company in the country. The first unit of the Maithon project was gcommissioned in Sep 2011. Maithon Power Limited (MPL) is a 74:26 joint venture between Tata Power and Damodar Valley Corporation (DVC). It is the first successful public‐private artnership in green field generation project in India. MPL will receive the required uel supply for the project from Coal India Limited and its subsidiaries. pf Industry Expert Speak Solar thermal plant equipments to be free of import duty – Pranab Mukherjee, Finance Minister "In order to fully realize our potential in the realm of solar energy, solar thermal projects need encouragement, I propose to fully exempt plant and equipment, etc. for the initial setting up of such projects from special countervailing duties.” Shanghai Electric and Alstom to set up joint venture facility to manufacture boilers for power projects – Zheng Jianhua, President, Shanghai Electric Power Generation Group "It took us more than two years to secure clearances for setting up a representative office in India. Shanghai Electric and Alstom are two leaders in the sector and the coming together of these two giants will result in creating one of the world's single largest facility in India. We see huge business opportunity in India's power sector but the policy environment has to be conducive for this."
Energy and Utilities – Monthly Update
Transaction Detail (January – March 2012)
Date Buyer Target Deal Size (INR mn) % stake Deal Status
Type of Transaction
5 th Mar2012
Life Insurance Corporation
Oil and Natural Gas Corporation
NA 4.41 Completed Private Equity
2 9th Feb2012
Bharat Light and Power
Gandhinagar rooftop project of
SunEdison NA NA Completed Private Equity
2 7th Feb2012
Tecpro Systems Ltd.
EverSun Energy Pvt Ltd.
NA NA Completed M&A
2 4th Feb2012
Hammond Power Solutions Inc.
Pan‐Electro Technic
Enterprises Pvt Ltd.
NA 70 Completed Private Equity
2 0th Feb2012
Shree Ganesh Jewellery House
Ltd. Alex Astral Power NA 55 Completed Private Equity
2 0th Feb2012
Shree Ganesh Jewellery House
Ltd.
Alex Spectrum Radiation
NA 55 Completed Private Equity
2 5th Jan2012
Zephyr Peacock Gadhia Solar 5,000 NA Completed Private Equity
2 3rd Jan2012
Mitsubishi Electric
Corporation Messung Group NA NA Completed M&A
2 3rd Jan2012
Tata Power MEC Coal NA 15 Planned Private Equity
Energy and Utilities – Monthly Update
Annual Financial Results – Revenue (INR mn)
Company FY ‘08 FY ‘09 FY ‘10 FY ‘11
Accurate Transformers Ltd. 1,801.2 1,847.0 1,912.5 NA
Aditya Birla Nuvo Ltd. 119,039.7 138,939.7 157,699.4 183,529.9
Alfa Transformers Ltd. 347.29 317.334 198.347 199.634
ALSTOM T&D India Ltd. 26,412.1 35,658.8 40,200.4 NA
Asian Electronics Ltd. 2,185.177 2,139.941 2,478.879 1,508.399
Best & Crompton Engineering Ltd. 1,942.2 2,510.6 2,411.0 NA
Bharat Bijlee Ltd. 5,623.9 5,447.0 6,551.4 6,970.4
Bharat Heavy Electricals Ltd. 194,013.4 265,477.1 331,991.9 418,975.5
Bharat Petroleum Corp. Ltd. 1,112,431.1 1,365,571.2 1,238,167.2 1,536,449.7
Birla Power Solutions Ltd. 2,167.1 2,247.7 2,381.3 3,583.3
C & C Constructions Ltd. 5,358.7 7,471.1 11,695.9 NA
Cairn India Ltd. 12,509.2 * 11,168.3 16,230.3 102,779.3
Crompton Greaves Ltd. 68,720.1 87,372.6 91,408.7 100,051.1
Cummins India Ltd. 27,261.0 36,162.5 28,509.2 39,537.3
Easun Reyrolle Ltd. 1,949.0 1,604.2 2,574.1 2,987.2
ECE Industries Ltd. 1,994.506 2,105.508 1,480.417 1,856.637
Emco Ltd. 9,442.5 9,962.6 11,059.0 10,618.5
Eon Electric Ltd 2,643.313 2,606.445 2,301.334 1,206.089
GAIL India Ltd. 188,379.1 247,818.0 270,353.0 351,066.5
Energy and Utilities – Monthly Update
Company FY ‘08 FY ‘09 FY ‘10 FY ‘11
Gammon India Ltd. 26,434.6 51,661.8 70,474.8 88,136.5
Genus Power Infrastructures Ltd. 4,675.9 5,581.1 6,541.3 7,141.8
Goldstone Infratech Ltd. 508.214 463.72 672.289 690.019
Greaves Cotton Ltd. 11,941.6 * 10,667.0 * 13,936.1 * 17,069.2
Gujarat Gas Co. Ltd. 13,012.5 14,196.7 18,493.3 NA
Havells India Ltd. 50,029.3 54,774.9 51,625.7 56,126.3
Honda Siel Power Products Ltd. 2,525.5 2,336.5 3,085.7 4,103.8
ICSA (India) Ltd. 6,728.5 11,222.4 12,379.1 14,048.7
IMP Powers Ltd. 1,342.9 1,906.6 1,927.0 2,491.5
Indian Oil Corporation Ltd 2,280,113.6 2,862,330.2 2,502,393.3 3,082,561.7
Indo Tech Transformers Ltd. 1,900.265 2,068.977 981.297 1,109.694
Indraprastha Gas Ltd. 7,059.8 8,527.7 10,781.2 17,440.7
IVRCL Ltd. 38,559.9 50,808.7 58,466.8 68,507.0
Jyoti Ltd. 2,080.2 2,533.3 2,911.0 3,838.3
Jyoti Structures Ltd. 13,737.9 18,393.6 21,297.7 23,996.2
Kalpataru Power Transmission Ltd. 26,757.6 32,517.5 40,371.7 43,586.4
Kaushalya Infrastructure Development Corporation Ltd.
700.528 822.804 830.331 920.489
KEC International Ltd. 28,144.7 34,290.9 39,077.5 44,765.0
Kirloskar Brothers Ltd. 20,590.4 24,633.3 26,697.5 26,517.2
Kirloskar Oil Engines Ltd. NA NA 17,783.0 23,701.0
Energy and Utilities – Monthly Update
Company FY ‘08 FY ‘09 FY ‘10 FY ‘11
KSB Pumps Ltd. 5,981.0 5,653.0 6,102.2 NA
Larsen & Toubro Ltd. 292,118.6 401,949.6 435,285.3 515,624.4
Mahindra & Mahindra Ltd. 244,452.9 269,197.6 316,879.2 370,254.4
Marsons Ltd. 533.268 394.106 724.529 1,057.08
Moser Baer India Ltd. 20,887.6 24,730.0 24,518.5 26,108.3
NCC Ltd. 36,581.3 47,864.6 58,973.1 62,298.7
NHPC Ltd. 29,329.1 34,937.7 51,680.0 51,472.8
NTPC Ltd. 386,930.0 427,197.0 483,115.9 574,831.7
Numeric Power Systems Ltd. 4,259.6 4,433.6 4,602.3 5,094.4
Oil and Natural Gas Corp. Ltd. 975,173.9 1,052,756.6 1,026,655.8 1,201,955.1
Oil India Ltd. 62,773.0 72,308.0 79,335.3 83,668.6
Petronet LNG Ltd. 65,553.1 84,287.0 106,490.9 131,972.9
Power Grid Corporation Of India Ltd. 46,232.1 56,900.3 71,276.6 86,520.0
PTC India Ltd. 39,101.5 65,337.2 78,043.1 91,069.8
Reliance Industries Ltd. 1,371,466.6 1,511,354.9 2,037,397.2 2,658,106.0
Roto Pumps Ltd. 400.153 500.996 498.557 594.367
Shakti Pumps (India) Ltd. 1,043.727 * 1,067.492 * 1,322.36 * 1,799.819
Shilchar Technologies Ltd. 700.03 471.296 710.833 934.709
Siemens Ltd. 96,858.4 93,070.2 96,272.4 NA
Suzlon Energy Ltd. 136,794.3 260,817.0 206,196.6 178,791.3
Energy and Utilities – Monthly Update
Company FY ‘08 FY ‘09 FY ‘10 FY ‘11
Transformers and Rectifiers (India) Ltd.
3,057.1 4,305.0 5,197.1 5,421.4
Triveni Engineering & Industries Ltd. 16,179.0 19,129.1 22,608.6 NA
Voltamp Transformers Ltd. 5,553.5 6,489.1 5,419.7 5,262.9
W.S. Industries (India) Ltd. 2,269.9 2,248.4 2,220.5 2,574.5
Websol Energy Systems Ltd. 1,006.3 1,391.2 1,169.1 * 2,255.5
*Change in financial year Annual Financial Results – Income (INR mn)
Company FY ‘08 FY ‘09 FY ‘10 FY ‘11
Accurate Transformers Ltd. 71.0 69.5 62.1 NA
Aditya Birla Nuvo Ltd. 1,507.8 (4,357.3) 1,545.6 8,221.0
Alfa Transformers Ltd. 26.888 34.99 7.369 (4.306)
ALSTOM T&D India Ltd. 2,263.2 1,920.0 1,867.4 NA
Asian Electronics Ltd. (1,541.099) 50.277 (13.771) (925.583)
Best & Crompton Engineering Ltd. (23.3) 173.7 (191.3) NA
Bharat Bijlee Ltd. 724.9 475.3 412.2 735.3
Bharat Heavy Electricals Ltd. 28,593.4 31,151.7 43,269.2 60,533.6
Bharat Petroleum Corp. Ltd. 17,695.5 6,337.6 16,323.6 16,349.6
Birla Power Solutions Ltd. 55.3 31.7 13.5 98.7
C & C Constructions Ltd. 408.3 329.7 623.6 NA
Energy and Utilities – Monthly Update
Company FY ‘08 FY ‘09 FY ‘10 FY ‘11
Cairn India Ltd. 7,847.5 * 6,870.2 10,511.1 63,344.0
Crompton Greaves Ltd. 4,067.2 5,599.0 8,598.7 8,886.7
Cummins India Ltd. 3,249.1 4,629.1 4,438.7 5,909.9
Easun Reyrolle Ltd. 252.8 27.1 459.5 (36.6)
ECE Industries Ltd. 181.568 60.165 81.219 20.907
Emco Ltd. 643.6 523.8 1,280.5 (583.9)
Eon Electric Ltd 135.221 56.329 28.516 2,634.839
GAIL India Ltd. 27,829.0 28,263.5 33,278.3 40,209.7
Gammon India Ltd. 712.9 563.2 457.0 1,100.3
Genus Power Infrastructures Ltd. 477.8 132.0 263.9 610.8
Goldstone Infratech Ltd. 97.067 62.718 67.323 32.347
Greaves Cotton Ltd. 1,041.7 * 444.8 * 1,174.7 * 1,684.3
Gujarat Gas Co. Ltd. 1,606.5 1,741.7 2,577.5 NA
Havells India Ltd. 1,609.6 (1,601.6) 695.6 3,035.7
Honda Siel Power Products Ltd. 247.3 156.4 126.9 296.6
ICSA (India) Ltd. 1,092.9 1,512.1 1,215.1 1,254.3
IMP Powers Ltd. 93.6 157.2 45.9 27.8
Indian Oil Corporation Ltd 79,127.4 25,994.0 107,131.9 78,307.2
Indo Tech Transformers Ltd. 389.844 389.68 (83.868) (227.441)
Indraprastha Gas Ltd. 1,744.6 1,724.7 2,155.0 2,597.7
Energy and Utilities – Monthly Update
Company FY ‘08 FY ‘09 FY ‘10 FY ‘11
IVRCL Ltd. 2,834.4 2,279.0 2,155.6 506.0
Jyoti Ltd. 104.7 46.4 80.7 118.6
Jyoti Structures Ltd. 699.6 851.0 833.9 997.7
Kalpataru Power Transmission Ltd. 1,647.9 1,106.6 1,781.8 1,988.6
Kaushalya Infrastructure Development Corporation Ltd.
24.943 35.59 28.396 28.111
KEC International Ltd. 1,721.6 1,168.1 1,896.6 2,056.5
Kirloskar Brothers Ltd. 1,361.9 852.7 1,127.7 970.2
Kirloskar Oil Engines Ltd. NA NA 1,312.1 1,737.3
KSB Pumps Ltd. 715.1 707.9 583.9 NA
Larsen & Toubro Ltd. 23,253.6 37,894.6 54,507.4 44,561.7
Mahindra & Mahindra Ltd. 15,711.2 14,054.1 24,785.6 30,797.3
Marsons Ltd. 7.67 (7.354) 21.846 51.695
Moser Baer India Ltd. (2,022.9) (3,637.5) (3,939.3) (8,487.6)
NCC Ltd. 1,674.8 1,813.4 2,827.4 2,221.9
NHPC Ltd. 12,070.4 11,848.9 21,755.6 23,161.6
NTPC Ltd. 74,699.0 80,925.0 88,376.5 93,482.3
Numeric Power Systems Ltd. 426.2 384.7 379.3 409.5
Oil and Natural Gas Corp. Ltd. 198,722.6 197,953.4 194,035.3 224,559.3
Oil India Ltd. 17,796.0 21,616.8 26,104.4 28,837.3
Petronet LNG Ltd. 4,746.5 5,184.4 4,045.0 6,196.2
Energy and Utilities – Monthly Update
Company FY ‘08 FY ‘09 FY ‘10 FY ‘11
Power Grid Corporation Of India Ltd. 14,484.7 16,906.1 20,409.4 26,719.1
PTC India Ltd. 482.8 940.9 1,072.7 1,660.3
Reliance Industries Ltd. 195,678.3 149,713.0 245,033.7 192,940.1
Roto Pumps Ltd. 30.318 33.05 41.544 53.886
Shakti Pumps (India) Ltd. 71.443 * 78.073 * 107.549 * 178.909
Shilchar Technologies Ltd. 32.123 0.217 15.354 11.62
Siemens Ltd. 5,995.5 7,046.0 7,577.7 NA
Suzlon Energy Ltd. 10,301.0 2,364.8 (9,825.6) (13,239.7)
Transformers and Rectifiers (India) Ltd.
346.0 452.4 516.4 415.2
Triveni Engineering & Industries Ltd. 1,219.8 1,743.6 697.5 NA
Voltamp Transformers Ltd. 799.0 1,148.0 825.3 517.8
W.S. Industries (India) Ltd. 169.1 158.4 (115.7) (402.6)
Websol Energy Systems Ltd. 52.5 105.6 (57.2) * 24.2
*Change in financial year Quarterly Financial Results – Revenue (INR mn)
Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11
Accurate Transformers Ltd. 968.0 310.3 599.6 NA
Aditya Birla Nuvo Ltd. 54,019.9 47,099.9 52,859.0 56,530.6
ALSTOM T&D India Ltd NA NA 7,401.4 6,832.7
Energy and Utilities – Monthly Update
Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11
Asian Electronics Ltd. NA 149.1 419.5 NA
Bharat Bijlee Ltd. 2,010.8 1,132.3 1,800.1 1,963.4
Bharat Heavy Electricals Ltd. NA NA NA 107,430.8
Bharat Petroleum Corp. Ltd. NA 461,396.1 NA 588,467.9
Birla Power Solutions Ltd. 1,612.0 933.6 NA 997.6
C & C Constructions Ltd. 2,646.4 5,003.0 2,540.3 3,552.5
Cairn India Ltd. 36,544.7 37,126.7 26,522.0 30,967.6
Crompton Greaves Ltd. 29,080.3 24,377.4 27,055.3 30,279.5
Cummins India Ltd. 10,178.5 10,219.3 10,698.1 9,705.1
Easun Reyrolle Ltd. NA 497.5 NA 684.4
ECE Industries Ltd. 608.92 456.917 450.68 385.414
Emco Ltd. NA 1,880.0 NA 1,948.7
Eon Electric Ltd 116.554 NA 134.28 NA
GAIL India Ltd. NA 88,673.8 NA 112,597.8
Gammon India Ltd. NA NA NA 11,846.9
Genus Power Infrastructures Ltd. 2,412.1 1,530.3 1,771.6 1,450.3
Goldstone Infratech Ltd. 267.327 122.505 NA NA
Greaves Cotton Ltd. NA 4,018.6 NA 4,643.5
Gujarat Gas Co. Ltd. 5,203.0 5,766.3 6,435.1 NA
Havells India Ltd. 13,432.1 14,959.0 15,850.0 16,596.0
Energy and Utilities – Monthly Update
Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11
Honda Siel Power Products Ltd. 967.6 1,090.8 1,144.9 1,440.2
ICSA (India) Ltd. NA 3,485.3 NA 1,936.6
IMP Powers Ltd. 832.1 518.9 494.2 537.0
Indian Oil Corporation Ltd NA 930,836.6 NA NA
Indo Tech Transformers Ltd. 229.294 227.6 333.4 NA
Indraprastha Gas Ltd. 5,092.8 5,363.9 5,969.0 6,615.4
IVRCL Ltd. NA 11,242.6 NA 12,025.4
Jyoti Ltd. 1,542.4 NA 795.9 NA
Jyoti Structures Ltd. 6,431.2 6,376.8 NA 5,872.0
Kalpataru Power Transmission Ltd. NA NA NA 8,008.1
Kaushalya Infrastructure Development Corporation Ltd.
NA 202.53 NA 251.83
KEC International Ltd. 15,597.0 NA 12,630.1 14,588.1
Kirloskar Brothers Ltd. NA 4,311.7 4,139.7 4,205.9
Kirloskar Oil Engines Ltd. 6,036.9 5,549.8 5,613.6 5,859.0
KSB Pumps Ltd. NA NA NA 1,089.7
Larsen & Toubro Ltd. NA NA NA 139,985.8
Mahindra & Mahindra Ltd. NA 67,335.4 NA 83,868.1
Marsons Ltd. 229.817 188.293 169.963 NA
Moser Baer India Ltd. NA 5,230.7 NA 5,563.5
NHPC Ltd. NA 15,605.4 NA 8,819.8
Energy and Utilities – Monthly Update
Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11
NTPC Ltd. NA 141,714.9 NA 153,833.9
Numeric Power Systems Ltd. NA NA NA 1,301.9
Oil and Natural Gas Corp. Ltd. NA 164,019.2 NA 185,171.3
Oil India Ltd. 22,355.3 22,878.0 NA 25,897.9
Petronet LNG Ltd. 39,859.7 46,233.1 53,668.7 63,302.6
Power Grid Corporation Of India Ltd. 24,741.3 22,024.9 NA 24,666.2
PTC India Ltd. NA 24,874.4 NA 13,300.2
Reliance Industries Ltd. NA NA NA 851,350.0
Roto Pumps Ltd. 148.082 144.567 178.126 NA
Shakti Pumps (India) Ltd. 529.926 415.255 474.035 646.199
Shilchar Technologies Ltd. 241.328 168.965 192.157 NA
Suzlon Energy Ltd. 72,760.2 43,260.0 50,711.0 49,857.9
Transformers and Rectifiers (India) Ltd.
NA 1,372.9 NA 966.2
Triveni Engineering & Industries Ltd. NA 4,146.3 NA 4,245.3
Voltamp Transformers Ltd. 1,489.9 941.5 1,355.1 1,455.0
W.S. Industries (India) Ltd. NA 584.2 NA 548.3
Websol Energy Systems Ltd. 641.3 647.5 356.0 664.1
Energy and Utilities – Monthly Update
Quarterly Financial Results – Income (INR mn)
Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11
Accurate Transformers Ltd. 28.7 10.0 14.3 NA
Aditya Birla Nuvo Ltd. 2,931.0 2,532.0 2,142.5 2,523.9
ALSTOM T&D India Ltd NA NA 477.9 301.6
Asian Electronics Ltd. NA (132.3) (237.0) NA
Bharat Bijlee Ltd. 384.1 275.0 59.1 79.3
Bharat Heavy Electricals Ltd. NA NA NA 14,326.1
Bharat Petroleum Corp. Ltd. NA (25,618.9) NA 31,396.0
Birla Power Solutions Ltd. 49.7 20.4 NA 13.0
C & C Constructions Ltd. 88.7 242.7 53.3 (47.9)
Cairn India Ltd. 24,577.9 27,265.6 7,630.3 22,619.3
Crompton Greaves Ltd. 2,514.3 794.7 1,166.6 771.4
Cummins India Ltd. 1,439.7 1,771.7 1,285.8 1,409.5
Easun Reyrolle Ltd. NA (51.2) NA 2.9
ECE Industries Ltd. 19.857 5.591 13.118 1.021
Emco Ltd. NA 17.5 NA 14.0
Eon Electric Ltd (13.759) NA (66.5) NA
GAIL India Ltd. NA 9,846.7 NA 10,914.2
Gammon India Ltd. NA NA NA 10.2
Genus Power Infrastructures Ltd. 184.7 110.5 85.7 30.9
Energy and Utilities – Monthly Update
Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11
Goldstone Infratech Ltd. 8.801 10.256 NA NA
Greaves Cotton Ltd. NA 349.5 NA 341.6
Gujarat Gas Co. Ltd. 720.8 962.8 804.7 NA
Havells India Ltd. 1,133.1 797.0 808.0 886.0
Honda Siel Power Products Ltd. 34.1 71.4 231.9 120.4
ICSA (India) Ltd. NA 242.8 NA (328.9)
IMP Powers Ltd. 26.4 (30.0) 5.0 2.5
Indian Oil Corporation Ltd NA (37,187.0) NA NA
Indo Tech Transformers Ltd. (76.041) (146.2) (138.1) NA
Indraprastha Gas Ltd. 691.6 800.7 772.2 691.5
IVRCL Ltd. NA 42.1 NA 67.9
Jyoti Ltd. 51.1 NA 2.0 NA
Jyoti Structures Ltd. 267.9 261.5 NA 138.0
Kalpataru Power Transmission Ltd. NA NA NA 403.0
Kaushalya Infrastructure Development Corporation Ltd.
NA 6.48 NA 5.099
KEC International Ltd. 785.8 NA 212.1 806.0
Kirloskar Brothers Ltd. NA 362.0 29.6 126.8
Kirloskar Oil Engines Ltd. 476.3 434.6 568.0 349.3
KSB Pumps Ltd. NA NA NA 0.5
Larsen & Toubro Ltd. NA NA NA 9,915.5
Energy and Utilities – Monthly Update
Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11
Mahindra & Mahindra Ltd. NA 6,048.8 NA 6,621.5
Marsons Ltd. (13.969) 12.609 2.449 NA
Moser Baer India Ltd. NA (922.1) NA (959.1)
NHPC Ltd. NA 7,910.5 NA 2,121.8
NTPC Ltd. NA 20,757.8 NA 21,303.9
Numeric Power Systems Ltd. NA NA NA 72.1
Oil and Natural Gas Corp. Ltd. NA 40,949.0 NA 67,414.1
Oil India Ltd. 7,333.0 8,496.1 NA 10,139.8
Petronet LNG Ltd. 2,062.8 2,567.1 2,603.3 2,953.8
Power Grid Corporation Of India Ltd. 7,261.4 7,052.9 NA 8,092.3
PTC India Ltd. NA 452.3 NA 95.2
Reliance Industries Ltd. NA NA NA 44,400.0
Roto Pumps Ltd. 13.16 6.836 15.043 NA
Shakti Pumps (India) Ltd. 35.887 27.148 41.289 59.935
Shilchar Technologies Ltd. (7.843) (3.763) 1.421 NA
Suzlon Energy Ltd. 2,110.4 601.2 480.0 (2,864.6)
Transformers and Rectifiers (India) Ltd.
NA 77.8 NA (23.5)
Triveni Engineering & Industries Ltd. NA (212.3) NA (679.8)
Voltamp Transformers Ltd. 189.7 92.8 94.0 35.4
W.S. Industries (India) Ltd. NA (27.2) NA (154.6)
Energy and Utilities – Monthly Update
Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11
Websol Energy Systems Ltd. 8.2 12.3 (849.8) 9.1
Accurate Transformers Ltd. 28.7 10.0 14.3 NA
Aditya Birla Nuvo Ltd. 2,931.0 2,532.0 2,142.5 2,523.9
ALSTOM T&D India Ltd NA NA 477.9 301.6
Asian Electronics Ltd. NA (132.3) (237.0) NA
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Energy and Utilities – Monthly Update