Dalal Street Journal_golden 400 Companies India 2008

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editor’s desk Of many gems and few surprises index Preface

6

Legend

8

Interviews

62

Advertiser Index

435

Master Ranking

438

Editorial Index

443

Methodology

447

Feedback Form

448

P Swarnkar 170 CCMD, Syndicate Bank

I

am glad that you hold a copy of the third edition of Golden 400. In fact, we have realized that all our products improve in content and quality each year and we do make a conscious effort to give you the best product. When we launched the first edition of Golden 400 in 2005, we did not realize that it would become so special to our readers and they would wait for its release each year eagerly. As it has become the favourite reference book in your library, for us it is a passion to compile this valuable resource. The product that you see is the result of thousands of man-hours and meticulous planning. As usual, our list of Golden 400 is special as this is the only ranking in the country that uses three important parameters to rank companies so that the toppers are indeed the real winners. Our three parameters are sales, net profit and market cap, each having equal weightage. This ensures that the list that we represent command 90 per cent of the country’s market cap. No wonder this list is a real flag bearer of India in the international market. For an investor, this book is ideal to understand the basics about companies as it gives away quarterly trend, bonus and dividend history, products companies manufacture, raw materials they consume and other important data and ratios which otherwise are not available anywhere in the world in a single book. Remember, the compilation follows a scientific method. This time, Reliance Industries, which did not even make it to the top five last year, holds the first rank. However, I did predict in my last edit that Reliance would surely be in the top five by the time we would come out with the next edition. Reliance is the only company from the private sector to figure in the top five. PSUs have bagged the remaining ranks. In fact, in top 10, only four companies (last year there were six) are from the private sector. This shows the dominance of the PSUs in the blue chip companies of the country. This is despite no divestment policies by the government. While I feel Reliance will continue to occupy the top slot even next year, dominance by PSUs will surely come down. May be in the next five years, we will see companies in the Top 10, which are at present not listed or not even incorporated. India is going to produce some of the best entrepreneurs in next decade, as capital availability for the start-up is easy due to Private Equity Players as well as booming primary market. These start-up companies will amass wealth for investors. Just to cite a few examples: Bharti Airtel and India Bulls were nowhere in the picture 10 years back but today they are leading from the front in their respective industries. So, as a smart investor, catch the companies that are young, to grow your portfolio. This excellent book would not have been possible without great inputs from Ravishankar Panda, our Senior Asstt. Editor. He interviewed many CEOs for the book and according to him today CEOs want to deliver growth for all its stakeholders. They have fire in their belly to capture the world and hence their vision is not pan India but pan world. I am sure many of the companies from the list will become MNCs in the true sense as we move along. But before I sign off, my sincere thanks go to M S Akhtar, the Project Facilitator, who has worked relentlessly to make this project a success. I also thank the complete space selling team headed by Girish Vasekar in Mumbai, Sanjay Seth in Delhi, Bhaskar Joshi in Hyderabad, Raja Raman in Bangalore and all others who helped to make this book an excellent treasure chest for the investment community.

Sunil Damania Managing Editor

5

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legend

Quarterly Net Income Other Income Operating Profit

PBDT Tax PAT OPM(%)

NPM(%)

: Operating Income : Other Recurring Income : (Operating Income-Stock Adjustment) + Raw Material Consumed + Power & Fuel + Employee Expenses + Excise + Admin & Selling Expenses + Research And Devlopment Expenses + Expenses Capitalised + Total Expenditure + Bank Provisions Made : Tax Charges + Reported PAT : Tax Charges : Reported PAT : Operating Income-(Stock Adjustment + Raw Material Consumed + Power & Fuel + Employee Expenses + Excise + Admin & Selling Expenses + Research & Devlopment Expenses + Expenses Capitalised + Total Expenditure + Bank Provisions Made) / Operating Income : Reported PAT / (Operating Income + Other Recurring Income)

Balance Sheet Trend Equity Reserves Reserves Loans Others Net block Investments Working Cap Others

: : : : : : : :

Equity Free Reserves and Surplus+Other Secured Loans + UnSecured Loans + Borrowings By Bank + Bank Deposits Pref Capital + Share Appl Money Net Block + Intangibles + Capital WIP Investments Cash & Bank Balance + Money At Call Short Notice+Advances+Current Assets - Curr Liab & Prov Misc Exp Not Written Off

: : : : : : : : : : : : : : : : :

Operating Income Other Recurring Income Operating Profit Adjusted PBDIT-Interest AdjustedPBT Taxation Reported PAT Cash Flow from Net Cash Flow Oprtng Activity Reported EPS Reported Cash EPS Cash Flow from Net Cash Flow Oprtng Activity / Number of Equity shares (Operating Profit / Operating Income)*100 Reported Return On Net Worth Return On Long Term Fund Long Term Debt Equity Exports as percent of Total Sales (Foreign Exchange Earnings / Operating Income)*100 Foreign Exchange Earnings - Foreign Exchange Outgo

Annual Trend Net Sales Other Income Operating Profit Gross Profit PBT Tax Charges Reported Net Profit operating Activity EPS (Rs.) Cash EPS (Rs.) Operations per share OPM (%) RONW (%) ROCE (%) Debt/Equity Net forex Earnings

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interview

Dilip Modi Group President and Head, Global Operations Spice Communications

‘Spicing Growth With

Spice Communications

Spice Advantage’ Spice is among the top six GSM operators in India with GPRS-enabled network and is poised to take the lead in the evolving mobile eco-system. It is the first company to provide unique VAS solutions and retails the entire spectrum of mobile devices.

S

pice Communications using the brand name Spice Telecom is presently operating cellular phone services in Punjab and Karnataka. The company is part of the business conglomerate in India that covers the entire mobile value chain, Dilip Modi, Group President and Global Operations – Head chalks out his plans, strategies and vision for Golden 400. Excerpts:

What helped you notch substantial growth in the last financial year? We are focussed on the two most attractive mobile markets, Punjab and Karnataka. We are a very strong player in Punjab, where there is intense competition between seven players; currently, we are number two in Punjab. In Karnataka, the focus was to roll out more by increasing network coverage, as coverage was much smaller than in Punjab. So, increased coverage has given us subscribers’ growth which in turn has given us revenue growth. So the key drivers are investment in Network coverage, Brand, and in distribution which has shown results as we have grown by 67 per cent in terms of subscribers’ growth. What are growth drivers for Spice Communications? The growth drivers for Spice Communications are – Network coverage, Effective brand positioning, Distribution, Aggressive pricing and a host of Value added services. What are your USPs?

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interview Our USP is that we are a 360º mobile telephone company where innovation is the key. Spice is young, vibrant and the next generation mobile company.

customers. On the operating side, there should be a cost effective model; also, infrastructure sharing will be a driver for the industry going forward.

What initiatives are you taking to enhance your overall presence in India in terms of retailing? As mentioned earlier, we have applied for licenses throughout the country. Presently we are investing a lot in retail, through our one stop Mobile shop – HOTSPOT. We have already opened 200 shops across the country and by year end we would like to take the number to 450-500. These stores will act as one stop mobile shop where people will get a handset of their own choice, a piece of accessory they desire, after sales service, etc.

What are your plans of providing value-added services in order to woo more customers? Value-added Services for us would be the main differentiator. We were among the first to offer subscribers call filter services, back ground music service, Mobile radio service, etc.

What kind of growth in terms of number of subscribers are you vying for? In Punjab, our market share is close to 24 per cent and in Karnataka it is close to 10 per cent. The number of subscribers right now is 350,000 (200,000 last year) and we have shown a growth of 67 per cent. We are adding 100,000-150,000 subscribers every month. We would like to be the No 1 or No 2 player in the market that we operate in right now.

We want to make Spice the most preferred and admired brand for Mobile services in the country. Anything you want to do with a mobile, you can do with Spice Mobiles. Dilip Modi, Group President and Head, Global Operations Spice Communications

Spice Communications

What are you doing to establish the brand name? We are investing in areas which will help us to get market share. One important area that we are investing in, is retail; we plan to be in every market in India, through our mobile store HOTSPOT. Secondly, we are expanding our distribution reach and our brand reach through our mobile phone business, which is Spice Mobile. Thirdly, we are investing in Customer Care and contact centre infrastructure. Fourthly, a host of value added services are being offered to subscribers to gain from the Spice Advantage. It is like you can do more with Spice Mobiles than anybody else. So, we are positioning ourselves as a young, vibrant, next generation mobile service provider.

What does the current and future outlook of the Indian Telecom industry look like? Well, there will be much more competition, which will in turn benefit customers because companies will go out of their way to woo them. From the industry point of view, it is a 6-7 million market a month. It will be an equal opportunity market for everyone to grow; the relative growth will depend on how efficiently people deliver on the various elements, what are the areas of businesses one focuses on. For us, it is innovation and

Any diversification plans? From the group’s perspective, it will all be mobility linked. We are excited about the mobile eco system. It is all about mobility, so diversification will be with respect to mobility. What top line and bottom line growth do you expect this financial year? We have a January-December financial year and our half yearly results show a healthy top line growth of 40-50 per cent and a very good PAT. What is your target turnover for 2010? That will depend on how many sectors we get entry into. On the two circles that we are operating in now, we expect 40 per cent Y-o-Y growth for the next 3 years and 8-10 per cent Q-o-Q growth.

What risk and challenges do you foresee? Well, the challenges would be the type of competition that we face; the price model of the competitors would be another challenge, if they are irrational price models. To what extent the industry shares infrastructure, shares cost and services, is another risk/challenge. What is your vision for Spice? We want to make Spice the most preferred and admired brand for Mobile services in the country. Anything you want to do with mobile, you can do with Spice Mobiles. Any message for investors? We will be very prudent with our investments; and not invest in things that don’t give us returns. Our fundamentals are very strong and we will continue to drive robust growth to attain good profitability. We have a strong partner in Telecom Malaysia and we have strong vendor partners in China, Taiwan and Europe. Spice is the next generation mobile company and z investors will ride that growth

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interview Onkar S Kanwar, CMD, Apollo Tyres

‘Top Quality, Technology And People: Success Mantras’

Apollo Tyres

Apollo Tyres has been a leading tyre maker since inception in 1975. The one billion dollar company is credited with many firsts in the Indian tyre industry.

F

lagship of the Raunaq Group, Apollo Tyres is a leading manufacturer of automobile tyres, tubes and flaps. Its product range includes truck and bus tyres, light truck tyres and radials, passenger car radials, farm tyres and radials. Under the energetic leadership of Onkar S Kanwar, Chairman and Managing Director, Apollo Tyres is aiming to become a US $2 billion company. He chalks out his strategies for increasing corporate value through profitable growth, to Golden 400. Excerpts:

What are the growth drivers for your company? In general, when the Indian economy does well, our growth possibilities increase. However, specifically in tyres, what matters is the pace of growth in our country’s road network. As better national highways coming up, and modern commercial vehicles and a range of passenger vehicles being introduced, I would say we are well poised for the next few years. Tell us about the acquisition of Dunlop Tyres, South Africa. What kind of exposure are you getting from this acquisition? Dunlop Tyres in South Africa has brought us numerous areas of synergy in people, markets, products, technology and areas of expertise. Dunlop now allows us to be present in two key African markets as a local manufacturer and have a substantial presence in other African markets. Dunlop’s truck-bus radial, off-the-road tyres and high speed passenger car tyre technology and products have added to our existing expertise in these categories. Through Dunlop we also have a substantial presence in the European markets, which is a key

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interview area we are looking at in future.

Apollo Tyres

Of late, the automobile industry is suffering from increasing interest rates and appreciation of the rupee. How is this affecting your business? We are fortunate that the higher interest rates have not had an impact on us as a company or industry. Yes the commercial vehicle segment has seen some production downturns but we do not foresee this impacting us in the near future, as long as the infrastructure sector continues to grow at the pace it has been doing in recent years and freight movement by road continues to take place.

Our vision is to be a significant global player in the next few years and to be recognized as a tyre maker with some of the best products and services.

of high speed passenger car tyres with the W and Z speed-rated Acelere Sportz and Aspire. This resulted in Apollo having the widest range of passenger car tyres in India. Early in the year, we have brought in the Regal truck-bus radial tyres and added to our commercial vehicle portfolio. On the traditional cross-ply commercial vehicle side, we came out with the Champion FS which is a fuel saver. We are working with BEML to produce for them off-the-road tyres and are looking to add to our radial truck-bus range, and the smaller sizes of the light commercial and passenger car tyres.

What have been your company’s core The market is witnessing volatility in focus areas? oil prices and raw materials. What stratWell, in terms of products we were egies are you adopting to keep your a very commercial vehicle dominated products cost effective? company. That has all changed in the In the tyre industry, fluctuations in past few years with the addition of farm natural rubber, crude and steel prices radials, specialty and an excellent range of are a constant source of pressure. In passenger car tyres. the past, we have had to resort to some But speaking from an overall perprice hikes to counter this. However spective, we are looking at three on an on-going basis, our efforts are key areas of excellence – Quality, Onkar S Kanwar, focused internally through de-bottleTechnology and People. We have set CMD, Apollo Tyres necking, machine utilisation for maxiourselves very high standards, benchmum capacity, ways and means of marked against the best in India and bringing down our manpower and energy costs. These have globally, and are positive of becoming standard bearers in all paid dividends in terms of effective cost management and these areas. we will continue to focus on them in future too. We feel these are the three key pillars, which will allow us to grow at a pace outstripping others and ensure that we are able What initiatives are you taking for better plant efficiency and to continue to deliver on those growth rates. capacity expansion? As I mentioned this is an area of continued focus for What is your target turnover for 2010? us. We are looking at capacity increases by achieving better By the year 2010, we will be a US $2,010 million company, economies of scale with a focus on areas which have lower or in other words, more than a two billion dollar company. conversion costs. This brings up the entire manufacturing base. We also undertake strategic sourcing of materials to What are the key challenges that your company is facing curensure best and often customised products at competitive rently? prices. On the manpower side, our productivity levels have Managing raw material prices is a constant challenge that been improving year-on-year. I can proudly say that we have we grapple with. Ensuring sustainable growth which brings in the best kg per man hour production in the industry. opportunities for all levels of employees is also something we Last but not least, efficient and best energy usage across are looking to address. And of course there is the challenge of our plants is a passion for us; and our constant endeavour is to recruiting the best people for the best jobs alongside managing bring down our energy conversion costs. We utilise wind and a certain level of attrition. gas alongside traditional sources and have recently entered into an agreement with GAIL for generating energy from steam by What is your vision for the company? trapping GAIL’s waste heat. Our vision is to be a significant global player in the next few years and to be recognized as a tyre manufacturer offering some What are your plans for the diversification of the of the best products and services. We also believe that in this product range? process we need to contribute positively to all our stakeholders This is an on-going process. Last year, we increased our range and make a difference to the communities we operate in. z

126

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interview

Ashok Soota CMD, MindTree Consulting

‘Creating New Domains of Success’

MindTree Consuling

MindTree Consuling, a foreknown IT company, believes in delivering affordable business solutions of international quality through global software development.

H

eadquartered in Bangalore, MindTree Consulting is a leading IT company which provides IT and R&D services across the world. The core focus areas of the company in IT segment include travel and leisure, manufacturing, banking and financial services while under R&D services, the company is catering product realization services to product companies in the technology field. Ashok Soota, Chairman and Managing Director of MindTree has been pivotal to the tremendous success of the company. He

shares his insights and vision for the company with Golden 400. Excerpts: What factors helped you to register an impressive performance in the last financial year? It is a combination of different factors: strong demand environment; our focus on being consulting-led on the IT services business and IP-led on the R&D business; healthy base of supportive customers, including 36 Fortune customers and strong culture and people brand, which enable us to attract and retain top quality talent. What are the growth drivers for MindTree Consulting? Our strategy to drive growth includes a combination of – expanding geographical footprint; focussing on certain industry segments and niches within; strengthening our service offering – be it better understanding of our customer’s business domain or re-usable technology frameworks and building blocks, and deepening relationships with our customers. In addition, we

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also look at inorganic opportunities to supplement our offerings and strengthen our market position. Tell us about your recent alliance with Borland Software and CIT Group. Are you planning for any acquisition? The relationship with Borland was to develop a center of excellence in the testing space, while CIT is a customer for us in the BFSI space. Both are key relationships. We have stated that acquisition will be a part of our growth strategy. We will continue to look for potential targets that can help us enter a new domain/ industry or strengthen our services in areas where we are already offering our services. What was your export revenue in the last financial year? What kind of growth are you vying for in the current financial year? For the FY07, our total income was about US $132 million (i.e. Rs 598 crore). For the year 2007-08, we have guided to revenues in the range of US $178-180 million, which represents a Y-o-Y growth of about 36 per cent.

We want to be a fast growing, differentiated, successful and globally admired software services company. Our ambition is to grow above the Indian IT industry average, be a preferred employer and maintain our high customer satisfaction.

What HR initiatives are you taking to keep the attrition rate low? We have always had a strong focus on building a people friendly organization. Consistent with our people focused philosophy; we refer to them as “people” or “MindTree Minds” and not as “employees” or “resources”. We have a transparent evaluation system for both performance and potential that seeks individual development plans to build capabilities and further competence. We focus on “performance management” rather than “reviewing performance” through performance appraisals, providing input on leadership qualities, mentoring and periodic reviews of career alignment and planning. What is your target turnover for 2010? For the year 2007-08, we have guided to revenues in the range US $178-180 million, which represents a Y-o-Y growth of about 36 per cent. We are aiming for industry leading growth in the next few years. While we achieved our first US $100 million revenue year in a record time of six years, the next target we have set for ourselves is US $1 billion. However, no specific time frame has been decided.

What kind of strategies are you adopting for hedging yourself against stronWhat kind of risks and challenges are Ashok Soota, ger Rupee? you expecting to meet this target? CMD, MindTree Consulting We have a board-approved We are seeing strong demand policy for the use of foreign momentum and are confident of meetexchange hedges to mitigate ourselves against currency ing the revenue guidance this year. The profit guidance is sensifluctuations. As on June 30, we had about US $69 mil- tive to the US $ /Re exchange rate. lion of hedges. We monitor the currency movements closely and take additional steps to protect ourselves as and What is your vision for MindTree Consulting? when required. We want to be a fast growing, differentiated, successful and globally admired software services company. Our ambition is What kind of businesses are you vying for the recently to grow above the Indian IT industry average, be a preferred launched IMTS business? employer and maintain our high customer satisfaction. IMTS is our newest service offering and straddles across both IT services and R&D services business. It is one of the Any message to the investors. fastest growing services in MindTree. We are a differentiated software services company, high value added through our consulting-led approach in IT serWhat have been your focus areas in the recent times? vices and IP-led approach in R&D services, very strong people Areas where we are currently investing in are: practices, which have given us preferred employer rankings • For our growth in Japan consistently in several industry surveys, with highly satisfied • Venturing into the new countries in Europe customers. We follow the highest standards of corporate gover• In banking segments across the world nance and transparency. We have an experienced, reputed and • New industry verticals where we will enter in future credible management team and a strong board. We see strong • Developing new intellectual properties in ultra wide opportunities ahead which MindTree is well positioned to z band technology exploit and capture for sustained growth.

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interview

Pradeep Jain Chairman, Parsvnath Developers

‘Setting New

Standards’

Parsvnath Developers

Parsvnath Developers is emerging as a dominant force in the Real Estate sector. The company is setting standards in the construction industry by creating landmarks one after another across 17 states of the country.

P

arsvnath Developers is a leading real estate company with a pan India presence. It is working in the diversified segments from residential to commercial buildings, townships, hotels, IT parks, SEZs, infrastructure projects, etc. Under the able leadership of visionary Pradeep Jain, Chairman, the company is setting footprints not only in India but is also planning to venture into offshore real estate development. He discusses his strategies and vision for the company with Golden 400. Excerpts:

Which factors helped you achieve remarkable performance

in the last financial year? We are an organized and professionally managed company with national presence but regional focus. Because of our credentials as a reputed real estate developer we enjoy the customer’s confidence. We have a large and dedicated customer base. The good performance also can be attributed to our very strong marketing network and a strong project monitoring system, which enables us to deliver projects in a timely and cost efficient manner. Our diversified business model across all verticals within the real estate sector and our transparent and efficient system of procuring materials also have made substantial contribution to our growth. We have been successful in identifying emerging markets and assess the potential of a location for implementing our projects. Most of the times, we enjoy the first-mover advantage because of our ability to spot opportunities. Control on quality, delivery and cost through in house construction and centralized purchase has been a regular feature of our company which improves our performance at all levels. What are your USPs? Our USPs are: • National player with regional focus.

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• • • •

Ability to spot opportunities resulting in first-mover advantage. Large and dedicated customer base. Control on Quality, Delivery and Cost through in-house construction and centralized purchase. Diversified portfolio across all verticals.

as 9 projects of “5 Star” category of hotels, 2 projects of “4 star” category, 5 projects of “3 Star” category and one serviced apartment. • Multiplexes: We are developing 114 Multiplex Screens across India. These will be a part of Commercial development and select Metro Malls. • SEZs: PDL have approvals for 12 SEZs from the Ministry of Commerce, we have received the notification for three SEZ’s (Indore, Gurgaon and Dehradun).

Which areas have been your focus areas in recent times? We are primarily into residential, Shopping Malls, Hotels, SEZ. You have a presence in more than 17 states. What are your plans for increasing this number? We are pan-India company with projects now in 17 states and 48 cities and we plan to expand our footprint to newer locations across India to 20 states and 250 cities.

We would like to be one of the leading corporate houses with multinational presence. What we have acquired in India in 20 years, we plan to achieve internationally in 5 years.

Of late, increasing interest rates is affecting construction industry adversely. What strategies are you adopting to hedge yourself? They have definitely burnt a deeper hole in the end users pocket. Bit in this scenario end users are left with no option than to purchase the property. If they wait for the interest rates to come down, their interest rates might fall but the property prices might rise. However, the investor community is keeping away from the market.

Tell us about the status of your various projects. Current projects aggregate a saleable area of over 159.84 million sq ft including 27.96 million sq ft of three notified SEZs and two SEZs with What are your future expansion/ formal approval. The construction and diversification plans? development work has already comWe plan to cover 20 states and 250 Pradeep Jain, Chairman, menced on 74 million sq ft. Currently cities – so we want to expand to more Parsvnath Developers PDL has 110 ongoing projects in 48 towns in mainly those states where cities and 17 states, bifurcation of few we have our presence. Now, the focus of which is given below: will remain towards the south and the west of India – states • Residential: We have successfully completed and like Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and handed over 12 projects. We have 35 upcoming proj- Maharashtra. For example, there are many towns in Kerala, ects with saleable area of 33.67 million sq ft. where big developers have not yet entered. Similarly, we are • Commercial: We have successfully handed over 10 already in Mysore and a few other cities of Karnataka. projects. We have 22 upcoming projects with saleable PDL has decided to venture into offshore real estate developarea of 4.73 million sq ft. ment in countries like UK, Singapore, UAE, Muscat, Bahrain • Integrated Township: currently engaged in 18 projects and Mauritius. PDL also plans to diversify into Telecom. with saleable area of 77.55 million sq ft. • IT park: Integrated commercial complexes for IT/ What is your target turnover for 2010? ITES and BPO Industry, we are currently engaged in Our growth rate is about 130-140 per cent on YoY basis. 5 projects with saleable area of 9.13 million sq ft. • Delhi Metro Rail Corporation (DMRC): PDL has What is your vision for the company? scaled up its projects and entered into concession We would like to be one of the leading corporate houses agreements to develop shopping malls on 13 stations with multi national presence. What we have acquired in India owned by DMRC on a BOT basis. These malls have in 20 years, we plan to portray Parsvnath Developers internatotal developable area of 2.31 million sqft. PDL has tionally in 5 years. already completed six of these projects covering 0.33 million sq ft. Any message to the investors… • Hotels: PDL is currently engaged in total of 17 projects Investors satisfaction and to fulfill our commitments is our z with an area of 2.27 million sq ft in different categories message to all.

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Associate Sponsor

financial snapshot

RANK

399 Spice Communications Spice Communications, a leading cellular phone services provider with a major presence in Punjab and Karnataka, is among the top six private GSM operators in India with GPRS enabled network It has tie-ups with over 448 international operators across 208 countries. The company covers the entire mobile value chain, from providing mobile telephony services and manufacturing mobile handsets to developing VAS solutions and retailing the entire spectrum of mobile devices. In the first six months of financial year 2007-08, the company posted net sales of Rs 483.9 crore and the other income contributed Rs 35.93 crore. The OPIDBT stood at Rs 105.3 crore. It is now poised to take a lead in the evolving mobile eco-system.

Product Mix Product Name

High/Low Trends 2007 BSE NSE

UoM

NA

NA

Sales Product Value Mix NA

NA

Sales Oper. Profit PAT Equity EPS B.V

Investor Returns FY06

FY05

FY04

FY02

N.A.

N.A.

N.A.

N.A.

N.A.

Splits

N.A.

N.A.

N.A.

N.A.

N.A.

Dividend (%)

N.A.

N.A.

N.A.

N.A.

N.A.

Bonus ratio

N.A.

N.A.

N.A.

N.A.

N.A.

RANK

Raj Industries 400 Anant Anant Raj Industries business comprises of manufacturing of ceramic tiles and construction and investment in hospitality sector. The company reported phenomenal growth in operating income to Rs 165.24 crore for FY'07 from Rs 20.65 crore in FY'06. Hence, the net profit registered a significant rise by 275.87 per cent to Rs 105.62 crore from Rs 28.1 crore. The company is planning to erect 16 hotels in the four and five-star categories in the NCR. The company's 50:50 JV with Reliance ADA Group has started two hotels and one SEZ project in the NCR. It had bought the land for Rs 500 crore approximately. It collaborated with Aitken Spence, a Sri Lankan hotel chain to manage the hotels and infusing nearly Rs 700 crore.

Product Mix (Year = Mar 2006) Sales Qty

Ceramic Floor & Wall Tiles

UoM

1585399.00 Sq Metres

FY05

FY04

100.00

FY07

FY06

FY05

FY04

FY03

483.9 105.3 -5.1 -

-

-

-

-

Jun07

Mar07

Dec06

Sep06

Jun06

252.18 61.40 5.53 689.93 -

231.75 48.29 0.42 576.81 -

213.71 47.71 -14.67 576.81 -

184.35 40.19 -24.80 551.94 -

176.40 40.01 -10.87 551.94 -

Registered Office : 85.2 Km. Stone, Delhi - Jaipur Highway, Village Bhudla, Rewari District, Haryana - 123401 Tel: 249374 249376, Fax: 249373, Email: CEO: Anil Sarin Business Group: Not Applicable Industry: Construction and Contracting - Real Estate

High/Low Trends BSE NSE

Sales Oper. Profit PAT Equity EPS B.V

FY02

N.A.

N.A.

N.A.

N.A.

N.A.

Splits

N.A.

N.A.

N.A.

N.A.

N.A.

25

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

Bonus ratio

2003

2007

2006

2005

2004

2003

1620/936 1600/940

1475/372 1467/833

364/8

13/2

7/2

FY06

FY05

FY04

FY03

FY02

20.65 3.88 28.08 21.79 12.89 40.14

22.51 2.73 0.29 19.29 0.15 11.41

28.66 3.93 0.62 19.29 0.32 11.26

18.18 2.10 3.90 13.49 2.89 11.34

15.40 1.55 0.79 13.49 0.58 10.71

Last Five Quarters (Rs. Crore) FY03

Rights Issue Dividend (%)

2004

Financial Highlights (Rs. Crore)

Sales Product Value Mix 21.91

Sales Oper. Profit Net Profit Equity EPS

Investor Returns FY06

2005

Last Five Quarters (Rs. Crore) FY03

Rights Issue

Product Name

2006

67/45

Financial Highlights (Rs. Crore)

(Year = 2007)

Sales Qty

NA

Registered Office : 60-D Sainik Farms Khanpur, New Delhi - 110062 Tel: 65469839 - 43, Fax: 29552642, Email: [email protected] CEO: Dilip Modi Business Group: Industry: Telecommunications - Service

Sales Oper. Profit Net Profit Equity EPS

Jun07

Mar07

Dec06

Sep06

Jun06

8.42 -2.37 73.54 41.35 17.79

9.68 2.62 1.12 35.78 0.31

73.15 65.57 42.30 34.28 12.34

8.18 2.25 27.03 25.28 10.69

9.09 1.33 20.02 25.28 7.92

434

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299 Jaiprakash Hydro-Power Jaiprakash Hydro-Power is a part of Jaypee Group and a subsidiary of Jaiprakash Associates Ltd. It was incorporated with the object of implementing 300 MW Baspa-II HEP at district Kinnaur in Himachal Pradesh. During FY'07, the operating income increased to Rs 335.77 crore from Rs 277.55 crore, with an improvement of 21 per cent. The net profit jumped by 37 per cent to Rs 199.54 crore from Rs 145.68 crore. The company is likely to invest in the equity of a JV Company namely Jaypee Powergrid with Power Grid Corporation of India for developing a Transmission System to evacuate power to be generated by 1000 MW Karcham Wangtoo Hydro Electric Project in Himachal Pradesh.

Product Mix Product Name

High/Low Trends BSE NSE

UoM

-

Sales Value

Product Mix

335.77

100.00

Sales Oper. Profit PAT Equity EPS B.V

Investor Returns FY05

FY04

FY03

FY02

N.A.

N.A.

N.A.

N.A.

N.A.

Splits

N.A.

N.A.

N.A.

N.A.

N.A.

Dividend (%)

N.A.

N.A.

7.5

N.A.

N.A.

Bonus ratio

N.A.

N.A.

N.A.

N.A.

N.A.

RANK

300 KSKS Oils Oils posted a growth of 78.81 per cent in the operating income to Rs 1,087.47 crore for FY'07. The net profit stood at Rs 57.32 crore from Rs 15.17 crore, registering a phenomenal growth of 277.85 per cent. The company stepped into a JV in Malaysia, wherein the company will hold 49 per cent stake for enabling the long-term objective of backward integration. It is planning to setup a refining plant at Haldia, at an investment of Rs 100 crore, with a capacity of 500 TPD. Further, it is in the process of setting up five more Greenfield units involving an investment of Rs 400 crore. Besides, KS Oils would diversify into wind power generation at a cost of Rs 200 crore.

Product Mix (Year = Mar 2007) Sales Qty

Oil 203036.00 De-oiled Cakes 147054.00 Ghee Vegetable (Vanaspati) 9428.00 Goods Traded Power 4632383.00

Metric Tonnes 953.23 Metric Tonnes 80.20 Metric Tonnes 44.97 7.35 KWH 1.74

87.65 7.37 4.13 0.67 0.16

Sales Oper. Profit Net Profit Equity EPS

38/27 37/27

2004

2003

FY07

FY06

FY05

FY04

FY03

335.77 304.14 199.54 491.00 4.06 19.35

277.55 251.99 145.68 491.00 2.97 14.16

304.99 281.66 51.10 491.00 1.04 10.65

300.02 273.89 57.91 491.00 1.18 10.79

0.00 0.00 460.00 0.00 9.37

Jun07

Mar07

Dec06

Sep06

Jun06

93.99 88.39 50.39 491.00 1.03

78.42 72.01 48.22 491.00 0.98

49.51 39.32 2.50 491.00 0.05

113.84 103.73 58.83 491.00 1.20

87.31 77.75 35.99 491.00 0.73

Registered Office : Jiwaji Ganj, Morena District, Madhya Pradesh - 476001 Tel: 233951, 233959, 505051, Fax: 505060, Email: [email protected]. CEO: Sanjay Agarwal Business Group: Not Applicable Industry: Edible Oils & Solvent Extraction

High/Low Trends BSE NSE

Sales Oper. Profit PAT Equity EPS B.V

Investor Returns

2007

2006

2005

2004

2003

548/49 548/49

321/92

112/23

36/6

19/2

FY07

FY06

FY05

FY04

FY03

1087.47 94.10 57.32 22.09 25.95 73.85

608.18 29.89 15.17 8.45 18.07 55.71

452.46 15.70 3.36 4.95 6.87 49.15

467.95 13.53 2.26 4.95 4.53 40.66

335.59 13.47 1.81 4.94 3.61 35.70

Last Five Quarters (Rs. Crore)

FY06

FY05

FY04

FY03

FY02

N.A.

N.A.

N.A.

N.A.

N.A.

Splits

10/1

N.A.

N.A.

N.A.

N.A.

15

12

10

N.A.

N.A.

N.A.

1:1

N.A.

N.A.

N.A.

Bonus ratio

2005

40/22 40/22

Financial Highlights (Rs. Crore)

UoM Sales Product Value Mix

Rights Issue Dividend (%)

2006

85/26 85/26

Last Five Quarters (Rs. Crore)

FY06 Rights Issue

Product Name

2007

Financial Highlights (Rs. Crore)

(Year = 2007)

Sales Qty

Electricity

Registered Office : JUIT Complex,, Waknaghat, P.O. Dumehar Bani, Solan, Himachal Pradesh - 173215 Tel: 2670601, 2671554, 2671557, Fax: 2670883, Email: [email protected] CEO: Manoj Gaur Business Group: Jaypee Group Industry: Power - Generation/Distribution

Sales Oper. Profit Net Profit Equity EPS

Jun07

Mar07

Dec06

Sep06

Jun06

366.48 45.70 23.61 22.09 1.07

325.93 33.69 21.04 22.09 9.52

305.25 30.61 20.21 22.09 9.15

225.53 16.10 11.10 9.40 11.81

216.52 12.59 8.51 8.39 10.14

384

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199 Gitanjali Gems

Gitanjali Group is one of the earliest diamond houses in India and now achieved a distinct position of one of the largest diamond exporting companies in India. It captures the entire value chain right from sourcing to branding and marketing it to customers. During FY'07, the operating income surged by 36.9 per cent to Rs 2,219.26 crore. Following this, the operating cost jumped by 37.2 per cent to Rs 2,100.49 crore. The change in the net profit was significantly higher than that of top line reflecting the improvement in efficiency, as the net profit surged by 71.3 per cent to Rs 81.90 crore. The company has made its foray into the software technology and telecom business through the incorporation of a wholly owned subsidiary "Ivida Technologies Pvt Ltd".

Product Mix Product Name Diamonds Jewellery Bullion

Registered Office : 801/802, Prasad Chambers,, Opera House, Mumbai, Maharashtra - 400004 Tel: 40362222, Fax: 23630363, Email: [email protected] CEO: Mehul C Choksi Business Group: Not Applicable Industry: Diamond Cutting/Precious Metals/Jewellery

High/Low Trends BSE NSE

2736011.22 1725328.44 808.00

UoM

Sales Product Value Mix

Carats 1249.68 Grams 307.19 Kgs 54.48

77.55 19.06 3.38

Sales Oper. Profit PAT Equity EPS B.V

Investor Returns FY06

FY05

FY04

FY02

N.A.

N.A.

N.A.

N.A.

N.A.

Splits

N.A.

N.A.

N.A.

N.A.

N.A.

15

10

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

Bonus ratio

RANK

Engineering 200 Patel Patel Engineering, a Mumbai-based engineering and construction firm, has reported an increase of 37.67 per cent in operating income to Rs 1,103.57 crore for FY'07. Operating expenses also reported a growth of 36.89 per cent to Rs 952.42 crore while net profit stood at Rs 108.11 crore, representing a growth of 53.98 per cent. Further, it has bagged many orders like order worth Rs 518 crore from NHAI, order worth Rs 156.68 crore from Brihan-Mumbai Municipal Corporation. As part of its expansion plan it plans to set up a 1200 MW Plant near Bhavnagar with a proposed investment of Rs 5,000 crore. In a bid to unlock value, it has floated a real estate arm, Patel Realities India (PRIL).

Product Mix (Year = Mar 2006) Product Name

Sales Qty

UoM

Sales Oper. Profit Net Profit Equity EPS

FY04

2003

FY07

FY06

FY05

FY04

FY03

2219.26 118.78 81.90 59.00 13.88 128.64

1621.26 90.80 47.80 59.00 8.10 120.08

1353.84 32.83 8.76 30.01 2.92 82.21

1306.11 36.30 11.49 30.01 3.83 79.29

1172.08 47.58 18.46 30.01 6.15 74.74

Jun07

Mar07

Dec06

Sep06

Jun06

653.85 42.48 32.83 60.55 5.42

673.04 23.94 13.72 59.00 2.33

548.52 35.79 24.83 59.00 4.21

499.55 28.54 22.25 59.00 3.77

498.15 30.50 21.10 59.00 3.58

Registered Office : Patel Estate Road,, Jogeshwari (West),Mumbai, Maharashtra - 400102 Tel: 26782916, 26782560, Fax: 26782455/26781505, Email: [email protected] / [email protected] CEO: Rupen Patel Business Group: Patel's Group Industry: Construction & Contracting - Civil

High/Low Trends BSE NSE

97.97 2.02

Sales Oper. Profit PAT Equity EPS B.V

Investor Returns FY05

2004

2007

2006

2005

2004

2003

490/293 520/290

635/222 634/221

369/70 369/126

608/62

364/119

Financial Highlights (Rs. Crore)

Sales Product Value Mix

Income From Construction Work 672.43 Income From Real Estate Develop.103483.85 Sq Yard 13.89

FY06

2005

Last Five Quarters (Rs. Crore) FY03

Rights Issue Dividend (%)

2006 268/108 267/108

Financial Highlights (Rs. Crore)

(Year = 2006)

Sales Qty

2007 354/177 355/177

FY06

FY05

FY04

FY03

FY02

686.32 108.81 72.47 5.00 14.49 38.91

464.42 66.65 38.96 4.86 8.02 26.61

357.62 46.27 22.85 2.43 47.02 197.29

234.47 33.93 17.99 2.43 37.01 155.77

221.16 38.88 23.20 2.43 47.72 134.66

Last Five Quarters (Rs. Crore) FY03

FY02

Rights Issue

N.A.

N.A.

N.A.

N.A.

N.A.

Splits

N.A.

N.A.

5/1

N.A.

N.A.

Dividend (%)

130

100

100

100

100

Bonus ratio

N.A.

N.A.

1:1

N.A.

N.A.

Sales Oper. Profit Net Profit Equity EPS

Jun07

Mar07

Dec06

Sep06

Jun06

330.11 35.84 26.36 5.96 4.42

396.23 45.59 33.95 5.96 5.70

218.36 41.89 29.17 5.97 4.89

197.89 30.73 25.04 5.97 4.20

289.97 31.82 19.96 5.97 3.35

334

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100

IFCI Infrastructure Finance Corporation, has registered a turnaround performance in 2006-07, during the period operating income of the company grew by 27.14 per cent to Rs 1,997.65 crore whereas the net profit zoomed at an astounding rate. After having recorded a net loss of Rs 177.82 crore the previous year, it posted a net profit of Rs 898.02 crore, led by excellent top line growth as well as a 3136.22 per cent growth in other income to Rs 258.25 crore. On the cost front, interest expended fell by 4.10 per cent to Rs 730.94 crore, and as a percent of operating income it fell from as high as 48.50 per cent the previous year to 36.59 per cent thereby improving margins. Despite a phenomenal increase in tax charges to Rs 363.63 crore the bottom line zoomed to register its best performance. Currently, IFCI is in the process of roping in a strategic investor and has reportedly attracted bids from several banking and private equity giants. Besides, it is working on developing a new business model to revive business. It will no longer be a pure long-term lender and is looking to diversify its business; it may take equity stake in projects it finances. Already as many as 10 domestic and foreign financial institutions and consortia have evinced interest in picking up 26 per cent stake in IFCI.

Sales Qty

Income From Finance Inc. From Sale Of Share & Sec. Interest

UoM

Sales Product Value Mix 1221.18 77.72 153.27 9.75 138.28 8.80

-

Quarterly Trends (Rs. Crore) Jun - 07 Mar - 07 Dec - 06 Sep - 06 Jun - 06 Net Income Other Income Operating Profit Interest Gross Profit Depriciation PBT Tax PAT Equity OPM(%) NPM(%)

349.95 135.62 357.98 179.44 314.16 1.68 312.48 65.62 246.86 638.68 102.29 50.83

1052.62 41.47 1149.28 181.37 1009.38 2.11 1031.58 363.15 668.43 638.68 109.18 61.09

361.66 5.88 313.81 187.77 131.92 2.20 129.72 0.35 129.37 638.68 86.76 35.19

Balance Sheet Trends (Rs. Crore) Liabilities Equity Reserves Loans Others Assets Net block Investments Working Cap Others

2007 638.68 -622.45 12924.28 429.27

2006 638.68 -4558.47 13678.18 429.27

2005 638.68 -4483.53 15024.95 429.27

2004 638.68 -4155.39 17230.17 429.27

289.09 2170.53 10910.16 0.00

311.16 2080.25 7796.22 0.03

330.75 2834.83 8438.78 0.91

351.26 3563.55 10204.63 4.64

Raw Material Mix (Top 3) (Year = Mar 2007) Raw Material UoM Name Not Applicable Not Applicable

Qty Cost of Raw Material Good Mix -

Annual Trends (Rs. Crore)

Product Mix (Top 3) (Year = Mar 2007) Product Name

Registered Office : IFCI Tower, 61, Nehru Place, New Delhi, Delhi - 110019 Tel: 26487444, 26487622, 51792800/51, Fax:26488471, Email: [email protected] CEO: Atul Kumar Rai Business Group: Joint Sector Holding Industry: Finance - Term Lending Institutions

323.44 2.03 284.54 168.23 118.34 2.45 115.89 0.06 115.83 638.68 87.97 35.58

252.01 4.30 175.99 193.57 -13.28 2.26 -15.54 0.07 -15.61 638.68 69.83 -6.09

Net Sales Other Income Operating Profit Interest Cost Gross Profit Depreciation PBT Tax Charges Reported Net Profit Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Eaarnings Book Value

FY07

FY06

FY05

1982.85 56.24 1913.47 701.53 1268.18 9.02 1229.75 363.63 873.71 302.60 638.68 13.68 13.82 4.74 0.00 96.50 5383.30 14.66 822.77 0.03 -68.28 0.25

1571.19 7.98 398.46 750.44 -344.00 9.88 -365.61 0.28 -177.82 986.38 638.68 -2.78 -2.63 15.44 0.00 25.36 0.00 3.89 0.00 0.00 -50.60 -61.37

1225.88 22.88 258.82 945.92 -664.22 17.86 -694.14

Investor Returns Rights Issue Splits Dividend (%) Bonus ratio

FY06

FY05

FY04

FY03

FY02

N.A. N.A. N.A. N.A.

N.A. N.A. N.A. N.A.

N.A. N.A. N.A. N.A.

N.A. N.A. N.A. N.A.

N.A. N.A. N.A. N.A.

BSE Code: 500106 z NSE Code: IFCIEQ CMP: Rs. 96 z F.V: Rs. 10 52 Week H/L: Rs. 105/9 PE (x): 6.85 Dividend Yield (%): -

High/Low Trends BSE BSE

2007

2006

2005

105/13 105/13

15/8 15/8

20/9 20/9

2004

2003

24/7 28999/22252 24/7 20/4

284

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-324.40 428.68 638.68 -5.08 -4.80 6.71 0.00 21.11 0.00 2.29 0.00 0.01 -34.75 -60.21

financial snapshot

RANK

50

Unitech Unitech, the largest listed real estate company in India with a market capitalization of over US $7.5 billion as on March'07, registered whopping growth of 283.38 per cent in operating income to Rs 2,503.97 crore on the back of overall growth in the sector during FY'07. Operating profit grew much higher at Rs 1,013.6 to Rs 1,412.45 crore followed by similar growth in net profit from Rs 69.64 crore to Rs 983.55 crore. The story continues and the company is now taking off in another direction by moving into Airport Development and is scouting for some international players as partners. Unitech has a fancy for foreign partners in most projects it undertakes. It has tie-up with Canadian company for expressway and is in pact with a Dutch firm for building a 3.6 km long and 50 m high bridge on Hooghly river. Apart from all these, Unitech has also diversified into hospitality sector and would build 28 hotels and is also exploring opportunities for 'Project Management' tieups with foreign players. From being a player operating predominantly in the national capital region (NCR), Unitech is fast widening its presence across the length and breadth of the country like its recent venture into the city of Kolkata.

Sales Qty

Real Estate Consultancy Income Profit On Sale Of Assets

UoM

-

Sales Product Value Mix 2147.65 85.76 296.32 11.83 60.00 2.39

Quarterly Trends (Rs. Crore) Jun - 07 Mar - 07 Dec - 06 Sep - 06 Jun - 06 Net Income Other Income Operating Profit Interest Gross Profit Depriciation PBT Tax PAT Equity OPM(%) NPM(%)

763.66 25.07 491.18 68.86 447.39 1.34 446.05 98.22 347.83 162.34 64.31 44.10

848.71 35.44 510.05 74.43 471.06 1.20 469.86 112.77 357.09 162.34 60.09 40.38

1002.74 13.85 695.01 49.49 659.37 1.34 658.03 205.65 452.38 162.34 69.31 44.49

Balance Sheet Trends (Rs. Crore) Liabilities Equity Reserves Loans Others Assets Net block Investments Working Cap Others

2007 162.34 998.66 3607.17 0.00

2006 12.49 212.05 686.77 0.00

2005 12.49 161.42 323.83 0.00

2004 12.49 138.20 131.65 0.00

72.50 518.92 4176.75 0.00

1879.39 282.39 -1250.48 0.00

1131.48 166.57 -800.32 0.00

639.88 83.39 -440.93 0.00

Raw Material Mix (Top 3) (Year = Mar 2007) Raw Material UoM Name Not Applicable Not Applicable

Qty Cost of Raw Material Good Mix -

Annual Trends (Rs. Crore)

Product Mix (Top 3) (Year = Mar 2007) Product Name

Registered Office : 6, Community Centre,, Saket, New Delhi, Delhi - 110017 Tel: 26857330, 26857331, 26965169 Fax:26857338 Email: [email protected] CEO: Sanjay Chandra Business Group: Not Applicable Industry: Construction & Contracting - Civil

384.76 7.93 131.40 18.99 120.34 1.05 119.29 19.20 100.09 162.34 34.15 25.48

267.76 38.45 76.00 15.85 98.60 0.95 97.65 23.65 74.00 162.34 28.38 24.16

Net Sales Other Income Operating Profit Interest Cost Gross Profit Depreciation PBT Tax Charges Reported Net Profit Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Eaarnings Book Value

FY06

FY05

FY04

2503.97 95.67 1412.45 158.76 1349.36 4.54 1344.82 361.27 983.55 0.00 162.34 12.12 12.17 0.00 25.00 56.40 84.71 31.53 3.11 0.00 0.00 14.30

653.13 21.45 126.84 32.52 115.77 3.10 108.05 38.48 69.64 -260.46 12.49 55.77 58.25 -208.58 10.00 19.41 31.01 15.93 3.06 0.14 -11.42 179.81

509.33 17.41 49.57 17.76 49.22 2.14 42.92 13.46 29.92 87.66 12.49 23.96 25.67 70.20 40.00 9.73 17.20 13.02 1.86 0.66 -13.28 139.27

Investor Returns Rights Issue Splits Dividend (%) Bonus ratio

FY06

FY05

FY04

FY03

FY02

N.A. N.A. 25 1:1

N.A. 10/2 10 12:1

N.A. N.A. 40 N.A.

N.A. N.A. 30 N.A.

N.A. N.A. 20 N.A.

BSE Code: 507878 z NSE Code: UNITECHEQ CMP: Rs. 328 z F.V: Rs. 2 52 Week H/L: Rs. 357/157 PE (x): 54.13 Dividend Yield (%): -

High/Low Trends 2007 BSE NSE

2005

2004

2003

624/239 14799/157 1010/266 623/237 14849/157 1005/265

2006

343/68 345/78

126/38 127/40

234

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Bharat Petroleum Corp. BPCL is a leading player in the Petroleum sector in the country, operating refineries in Mumbai and Kochi with a capacity of 12 MMTPA and 7.5 MMTPA respectively for refining crude oil. Further its subsidiary at Numaligarh has a capacity of 3 MMTPA. During FY'07, the company's operating income grew by 27.83 per cent to Rs 96,556.85 crore, whereas the cost of sales grew by 25.18 per cent to Rs 93,177.32 crore. As a percent of sales cost of sales reduced from 98.54 per cent to 96.50 per cent, thereby operating margins increased by 204 basis points to 3.5 per cent from 1.46 per cent during FY'06. Further despite a 92.95 per cent rise in financial expenses and a 724.91 per cent rise in tax charges to Rs 961.52 crore, the net profit surged by an astounding 519.05 per cent to Rs 1,805.47 crore. The net profit margins improved to 1.86 per cent to 0.38 per cent during FY'06. Effective tax rate increased from 21.30 per cent to 34.75 per cent during the year. Moving forward the company through its 100 per cent subsidiary Bharat PetroResources Ltd has signed a share purchase agreement for the acquisition of Encana Brasil Pe. The transaction is for the interests in ten deepwater offshore exploration blocks in four concessions in Brazil.

Middle Distillates Light Distillates Others

Sales Qty 16143082.00 8855785.00 3624348.00

Balance Sheet Trends (Rs. Crore) Liabilities Equity Reserves Loans Others Assets Net block Investments Working Cap Others

2007 361.54 9912.00 10829.24 0.00

2006 300.00 8777.88 8373.60 61.54

2005 300.00 6088.43 3881.61 0.00

2004 300.00 5549.72 2689.72 0.00

11833.39 7385.42 1883.97 0.00

11085.47 3877.42 2550.13 0.00

8348.67 1677.14 244.23 0.00

7453.48 1976.97 -891.01 0.00

Raw Material Mix (Top 3) (Year = Mar 2007) Raw Material UoM Qty Cost of Raw Material Name Good Mix Oil Crude Metric Tonnes 17221007.00 31964.64 98.75 Base Oil Kilolitres 97316.00 263.81 0.81 Others Metric Tonnes 23478.00 71.49 0.22

Sales Product Value Mix Metric Tonnes 47393.93 57.11 Metric Tonnes 28389.33 34.20 Metric Tonnes 5708.38 6.87

FY07

UoM

Quarterly Trends (Rs. Crore) Jun - 07 Mar - 07 Dec - 06 Sep - 06 Jun - 06 Net Income Other Income Operating Profit Interest Gross Profit Depriciation PBT Tax PAT Equity OPM(%) NPM(%)

25

Annual Trends (Rs. Crore)

Product Mix (Top 3) (Year = Mar 2007) Product Name

Registered Office : Bharat Bhavan, 4 & 6, Currimbhoy Road, Ballard Estate, Mumbai, Maharashtra - 400001 Tel: 22713001 - 004, Fax:22713874 22616793 Email: [email protected] CEO: Ashok Sinha Business Group: Public Sector Industry: Refineries

26550.10 26632.70 26553.50 28832.30 25433.80 434.10 254.70 148.70 220.70 109.10 206.00 1273.80 689.20 1713.80 -260.90 124.00 164.80 129.80 92.00 90.80 516.10 1363.70 708.10 1842.50 -242.60 227.60 277.80 248.40 196.40 181.50 288.50 1085.90 459.70 1646.10 -424.10 95.80 415.90 156.20 387.60 2.40 192.70 670.00 303.50 1258.50 -426.50 361.50 361.50 361.50 361.50 361.50 0.77 4.78 2.59 5.94 -1.02 0.71 2.49 1.13 4.33 -1.66

Net Sales Other Income Operating Profit Interest Cost Gross Profit Depreciation PBT Tax Charges Reported Net Profit Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Eaarnings Book Value

FY06

FY05

96556.85 75533.30 57877.40 768.63 461.61 438.27 3717.79 1101.16 1692.22 477.35 247.41 139.80 4009.07 1315.35 1990.69 904.11 768.01 596.04 3104.96 547.34 1394.65 955.33 116.56 427.14 1805.48 291.65 965.80 4646.65 1349.92 234.04 361.54 300.00 300.00 49.94 9.72 32.19 74.95 35.32 52.06 128.52 45.00 7.80 160.00 25.00 125.00 3.85 1.45 2.92 17.57 3.21 15.11 28.81 7.40 20.03 0.21 0.18 0.20 5.78 5.67 3.35 -23736.77 -19451.27 -5480.86 284.16 302.60 212.95

Investor Returns Rights Issue Splits Dividend (%) Bonus ratio

FY06

FY05

FY04

FY03

FY02

N.A. N.A. 160 N.A.

N.A. N.A. 25 N.A.

N.A. N.A. 125 N.A.

N.A. N.A. 175 N.A.

N.A. N.A. 150 N.A.

BSE Code: 500547 z NSE Code: BPCLEQ CMP: Rs. 380 z F.V: Rs. 10 52 Week H/L: Rs. 421/282 PE (x): 7.61 Dividend Yield (%): 4.21

High/Low Trends BSE NSE

2007

2006

2005

448/287 400/282

503/291 505/291

475/340 475/339

2004

2003

533/215 470/187 533/230 467/185

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Infosys Technologies Infosys is a global technology service provider that defines designs and delivers IT-enabled business solutions for its clients. During FY'07, the operating income improved by 45.6 per cent to Rs 13,149 crore from Rs 9,028 crore, as the revenue contribution from Europe improved from 24.5 per cent to 26.4 per cent, whereas contribution from North America, India and Rest of the World dropped from 64.8 per cent, 1.7 per cent and 9 per cent to 63.3 per cent, 1.6 per cent and 8.7 per cent respectively. The cost of sales surged by 47.8 per cent to Rs 8,923 crore, as manufacturing expenses grew by 61.4 per cent to Rs 1,378 crore from Rs 854 crore. Finally, the net profit increased to Rs 3,783 crore from Rs 2,421 crore. Going ahead, the company acquired Philips BPO operations through a US $250 million outsourcing contract, which has an expertise in finance and administration space, which will help Infosys leverage the platform to serve its large number of clients in the banking and insurance space. Further, Infosys expanded its operation by creating its first subsidiary in Latin America and opening of the development center and office in Mexico. The subsidiary is expected to provide full range of business consulting and IT services for clients in all industries. Infosys is in talks with the TV18 group for jointly exploring media outsourcing services.

Sales Qty

Software Develop.Charges

UoM

-

Sales Product Value Mix 13149.00 100.00

Quarterly Trends (Rs. Crore) Jun - 07 Mar - 07 Dec - 06 Sep - 06 Jun - 06 Net Income Other Income Operating Profit Interest Gross Profit Depriciation PBT Tax PAT Equity OPM(%) NPM(%)

11

Balance Sheet Trends (Rs. Crore) Liabilities Equity Reserves Loans Others Assets Net block Investments Working Cap Others

2007 286.00 10876.00 0.00 0.00

2006 138.00 6759.00 0.00 0.00

2005 135.29 5106.44 0.00 0.00

2004 33.32 3220.11 0.00 0.00

3107.00 839.00 7216.00 0.00

2133.00 876.00 3888.00 0.00

1494.42 1328.70 2418.61 0.00

970.30 1027.38 1255.75 0.00

Raw Material Mix (Top 3) (Year = Mar 2007) Raw Material UoM Name Not Applicable Not Applicable

Qty Cost of Raw Material Good Mix -

Annual Trends (Rs. Crore)

Product Mix (Top 3) (Year = Mar 2007) Product Name

Registered Office : 44 & 97A, Electronics City, Hosur Road, Bangalore, Karnataka - 560100 Tel: 28520261, 28520262, 28520351, Fax:28520362, Email: [email protected] CEO: S Gopalakrishnan Business Group: Not Applicable Industry: Computers - Software

3551.00 255.00 1010.00

3555.00 120.00 1149.00

3454.00 60.00 1149.00

3273.00 66.00 1054.00

2867.00 129.00 877.00

1265.00 134.00 1131.00 103.00 1028.00 286.00 28.44 27.00

1269.00 133.00 1136.00 12.00 1124.00 286.00 32.32 30.58

1209.00 129.00 1080.00 122.00 958.00 279.00 33.26 27.26

1120.00 110.00 1010.00 114.00 896.00 278.00 32.20 26.83

1006.00 97.00 909.00 104.00 805.00 138.00 30.58 26.86

Net Sales Other Income Operating Profit Interest Cost Gross Profit Depreciation PBT Tax Charges Reported Net Profit Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Eaarnings Book Value

FY07

FY06

FY05

13149.00 333.00 4226.00

9028.00 221.00 2990.00

6859.66 118.68 2326.20

4559.00 469.00 4089.00 352.00 3783.00 3256.00 286.00 66.23 74.44 57.00 230.00 32.13 33.89 36.64 0.00 92.44 6315.00 195.41

3211.00 409.00 2801.00 303.00 2421.00 2237.00 138.00 87.86 102.70 81.18 900.00 33.11 35.10 40.62 0.00 95.86 5059.00 250.29

2444.88 268.22 2175.57 325.30 1904.38 1359.70 135.29 70.38 80.30 50.25 230.00 33.91 36.33 41.52 0.00 88.99 3130.52 193.73

Investor Returns Rights Issue Splits Dividend (%) Bonus ratio

FY06

FY05

FY04

FY03

FY02

N.A. N.A. 230 N.A.

N.A. N.A. 900 1:1

N.A. N.A. 230 N.A.

N.A. N.A. 2590 3:1

N.A. N.A. 540 N.A.

BSE Code: 500209 z NSE Code: INFOSYSTCHEQ CMP: Rs. 2002 z F.V: Rs. 5 52 Week H/L: Rs. 2415/1715 PE (x): 30.22 Dividend Yield (%): 0.60

High/Low Trends 2007 BSE NSE

2006

2005

2004

2003

2439/1745 3400/1572 3040/1850 6129/12815675/2420 2415/1715 3449/1572 3035/1875 6100/12855985/2300

195

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financial snapshot

RANK

10

Bharat Heavy Electricals BHEL, the largest engineering and manufacturing enterprise in India in the energy related infrastructure sector, registered an impressive growth of 28.24 per cent in operating income to Rs 17,237.53 crore during FY'07 on the back of improved order book position during the year. Comparatively lower growth in cost of sales at 25.14 per cent propelled the operating profit, which grew by 43.91 per cent to Rs 3,199.94 crore followed by 43.8 per cent growth in net profit to Rs 2,414.70 crore. The company has a healthy order book position comprising order worth Rs 1,829 crore from Aravali Super Thermal Power Project, Rs 431 crore from IOC, Rs 6.3 crore from PowerGrid, Rs 106 crore from Rashtriya Ispat Nigam and Rs 163 crore order from NTPC is the single largest transformer order that BHEL has received. Further, in order to strengthen its position, the company has planned to increase its expenditure to Rs 238 crore to meet the technological requirement for its ultra mega power project and nuclear power plant. By 2012, the R&D expenditure is expected to surge to Rs 100 crore mark. Also, the company is targeting the offshore market to further boost the performance and has prepared a multi-pronged strategy to enhance its overseas operations and set a target of exports contributing 25 per cent of its total turnover by 2011-12.

UoM Sales Product Value Mix Traction Motors,AC/DC aux. Gen. 2404.00 Numbers 502.54 23.35 Transformers 12672.00 MVA 325.66 15.13 Water Wheel Mini Micro Turbo Gen. 38.00 Numbers 288.70 13.41

2007 244.76 8543.50 89.33 0.00

2006 244.76 7056.62 558.24 0.00

2005 244.76 5782.13 536.98 0.00

2004 244.76 5051.18 540.03 0.00

1294.88 8.29 7574.42 0.00

1173.11 8.29 6678.22 0.00

1141.92 8.95 5413.01 0.00

1203.27 28.98 4585.79 17.92

Raw Material Mix (Top 3) (Year = Mar 2007) Raw Material UoM Qty Name Components Not Reported Ferrous Material Metric Tonnes 347876.00 Others Not Reported 4268.00

Jun - 07 Mar - 07 Dec - 06 Sep - 06 Jun - 06 3569.56 206.32 310.67 2.16 514.83 68.91 445.92 157.01 288.91 489.52 8.70 7.65

7576.00 286.02 1587.20 4.68 1868.54 76.23 1792.31 641.94 1150.37 244.76 20.95 14.63

4709.87 185.47 929.20 11.97 1102.70 66.21 1036.49 368.84 667.65 244.76 19.72 13.63

Cost of Raw Material Good Mix 4830.04 58.81 2259.25 27.51 599.15 7.29

FY07

Sales Qty

Quarterly Trends (Rs. Crore) Net Income Other Income Operating Profit Interest Gross Profit Depriciation PBT Tax PAT Equity OPM(%) NPM(%)

Balance Sheet Trends (Rs. Crore) Liabilities Equity Reserves Loans Others Assets Net block Investments Working Cap Others

Annual Trends (Rs. Crore)

Product Mix (Top 3) (Year = Mar 2007) Product Name

Registered Office : BHEL House, Siri Fort, New Delhi, Delhi - 110049 Tel: 26001046, Fax:26001102, Email: [email protected] CEO: Ashok K Puri Business Group: Public Sector Industry: Engineering - Heavy

3665.40 169.89 456.32 13.55 612.66 66.67 545.99 185.98 360.01 244.76 12.44 9.38

2887.25 120.09 318.18 13.13 425.14 63.86 361.28 124.61 236.67 244.76 11.02 7.86

Net Sales Other Income Operating Profit Interest Cost Gross Profit Depreciation PBT Tax Charges Reported Net Profit Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Eaarnings Book Value

Investor Returns Rights Issue Splits Dividend (%) Bonus ratio

FY06

FY05

FY04

FY03

FY02

N.A. N.A. 245 1:1

N.A. N.A. 145 N.A.

N.A. N.A. 80 N.A.

N.A. N.A. 60 N.A.

N.A. N.A. 40 N.A.

BSE Code: 500103 z NSE Code: BHELEQ CMP: Rs. 2072 z F.V: Rs. 10 52 Week H/L: Rs. 2087/969 PE (x): 42.01 Dividend Yield (%): 1.16

High/Low Trends 2007 BSE NSE

2006

2005

2923/1301 2668/1381 1499/669 2919/1301 2666/1370 1500/630

2004

FY06

FY05

17362.89 13441.45 9639.00 502.85 329.66 308.48 3545.20 2223.59 1303.39 43.33 58.75 81.41 4004.72 2494.50 1530.47 244.61 245.93 218.87 3760.11 2248.57 1311.60 1311.09 881.61 616.30 2414.70 1679.16 953.40 2821.37 1623.83 818.29 244.76 244.76 244.76 98.66 68.60 38.95 108.65 78.65 47.89 115.27 66.34 33.43 245.00 145.00 80.00 20.41 16.54 13.52 27.47 22.99 15.81 42.84 29.35 21.22 0.01 0.08 0.09 6.31 5.27 8.29 -1582.59 -1826.43 -1008.49 359.06 298.31 246.24

2003

786/375 515/165 782/375 515/153

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