India Leading Infra

India's Leading Infrastructure Companies 2008

India’s Leading Infrastructure Companies 2008

Contents Preface .................................................................................... I Foreword . ............................................................................... II executive summary ............................................................... III Methodology . ....................................................................... IV Infrastructure Insights ........................................................... V Company Listings ............................................................L1-L9

Preface Dun & Bradstreet India is pleased to present the second edition of India’s Leading Infrastructure Companies 2008. The publication is an attempt to highlight some of the key achievements and issues related to the infrastructure sector in the country and create a valuable ready reference tool on India’s leading infrastructure companies. India’s Leading Infrastructure Companies 2008 provides information pertaining to some of the major sub segments of the country’s infrastructure sector viz. power, telecom, ports and construction. The Indian economy has witnessed an unprecedented growth rate of over 9% from FY06 to FY08, and continues to display reasonably strong fundamentals in the current year. To continue growing, India needs to invest heavily in its infrastructure. The role of infrastructure in the economy cannot be overstated, and while the sector registered an average growth rate of 6.4% p.a. during FY03-FY08, there is still a lot that needs to be done. Providing adequate infrastructure facilities to keep up with the growing pace of economic development is now among the top most priorities of the government. For the past few years, it has been investing heavily in infrastructure. India has the second largest road network in the world, spanning across 3.3 million kilometres, but intercity and interstate connectivity still leaves a lot to be desired. The government has invested in this area with major projects like the golden quadrilateral and four-laning of the major highways in the country. In the power sector too, the Indian government has planned additional installed capacity of 78,700 MW by the end of the Eleventh Five year plan. Over the years, telecom has grown from strength to strength on the back of increasing competition in the sector and proactive policy decisions. The sector has seen total revenues increase by 22.6% in FY08. With 3G auctions around the corner, we can expect higher investments and also higher revenues in the coming months. However, despite the strides that India has taken in the last few years, it is evident that the current levels of investments in infrastructure are not sufficient to bridge the gap between demand and supply. Historically, investments in infrastructure development have been mainly through Central and State Governments and therefore, private sector participation was negligible till a few years back. Efforts are now being made to increase the participation of private sector players to plug financial and technical deficits and to ensure a faster rate of delivery of infrastructure projects. Conducive policies with a greater level of transparency are being implemented to boost private investors’ confidence. A significant increase in project execution through PublicPrivate-Partnerships, commonly known as the PPP model, is an indication of the interest shown by private players in building national infrastructure. India’s Leading Infrastructure Companies 2008 showcases the performance and investment plans of some of India’s leading infrastructure companies. It also covers numerous development initiatives and proposed investments by the government in various segments of infrastructure facilities in the country over the next five years. I hope you enjoy reading India’s Leading Infrastructure Companies 2008 and look forward to receiving your suggestions. Dr Manoj Vaish President & CEO - India Dun & Bradstreet I

Foreword I am happy to launch the second edition of Dun & Bradstreet’s publication on the Indian infrastructure sector, ‘India’s Leading Infrastructure Companies 2008’. The publication highlights the current status and future prospects of India’s infrastructure sector. Dun & Bradstreet’s global footprint and market reach will ensure that the publication will draw the attention of global industry leaders and policy makers towards the Indian Infrastructure sector, which is poised for a quantum leap. The rapid growth of the Indian economy has garnered interest across the globe, and India has emerged as a favourable investment destination over the last few years. In FY08, the country’s GDP is estimated to have grown by 9%, over and above the 9.6% growth in the previous year. While India’s economy is expected to continue to grow at a reasonably healthy rate in FY09, given the current global scenario, we do expect growth to slow down. However, despite the anticipated slowdown, infrastructure in India not only needs to be modernised but also requires substantial addition. A rise in infrastructural spending would ensure long-term sustainability of economic growth and will also create incremental economic opportunities. This publication ‘India’s Leading Infrastructure Companies 2008’ highlights the performance and the future plans of the leading companies in the infrastructure sector in India. As development of the infrastructure sector takes centre stage, this publication will provide a well-researched information source on the industry. At Dun & Bradstreet, we will continue to endeavour to meet your expectations from our publication. David J. Emery President International Partnerships & Asia - Pacific

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Executive Summary Dun & Bradstreet India (D&B India) has conceptualised ‘India’s Leading Infrastructure Companies 2008’ to emphasise the impressive growth across various segments of this vital sector over the past few years. The publication is an attempt to highlight the role of infrastructure in the Indian economy and demonstrate how enhanced spending can help trigger significant economic growth. In recognition of this fact, government investments in infrastructure projects have risen dramatically in the last few years. The government also invited the private sector to participate in the development of basic infrastructure and that has led to a rise in project execution through the PPP model. In order to capture the real essence of the industry and for in-depth analysis, the publication is divided into four key sub-segments construction, ports, power and telecom. It profiles 210 companies of which 117 are in construction (including development of airports & seaports, real estate, construction and commissioning of industrial units, railways, SEZ and social infrastructure), 71 in power, 12 in Ports and 10 in telecom services. The insights sections are divided in two segments i.e. financial and operational insights. Financial insights pertain to companies listed on the BSE and NSE, whereas operational insights are based on direct responses to our questionnaire. Some of the insights based on analysis of these companies include Financial Insights: • Over the last 5 financial years, the total income of the construction and power sectors grew by 35.9% and 10.27% respectively on a CAGR basis. • Construction companies recorded an average annual RoNW of 20.5% in the past 5 financial years, whereas the power sector recorded an average annual RoNW of 12.5% in the same period. • In the power sector, companies posted EBITDA growth of 9.2% on a CAGR basis during FY04-FY08. Operational Insights: • Our analysis indicates that term loans and self financing are the most preferred financing options for the power and construction sectors. • The construction sector has been adversely impacted by an increase in the cost of raw materials, delays in approval from authorities and lack of availability of skilled labour. • Over the next 5 years, all the companies in our study are planning to increase their capacity by installing new power plants or expanding the capacity of their existing plants. Our findings indicate that companies will add over 64,000 MW over the next 5 years. Moving ahead, we expect infrastructure to continue to be the big theme that will drive policy makers and investors to make India globally competitive. The sector will remain on a high growth trajectory on the strengths of numerous development opportunities, huge investment potential, conducive government policies and growing private participation. D&B India is confident that ‘India’s Leading Infrastructure Companies 2008’ will provide the right international platform for profiling companies that are playing a key role in transforming the infrastructure sector. D&B India promises to track this transformation and capture the pulse of this critical industry through future editions of this publication. Kaushal Sampat Chief Operating Officer Dun & Bradstreet India III

Methodology For the purpose of this publication ‘India’s Leading Infrastructure Companies 2008’, infrastructure has been defined to include four key segments, viz., construction, ports, power and telecom services. Construction includes construction of such facilities as ports and airports, IT parks, roads, highways and bridges, railways, industrial plants, township etc. The publication therefore focuses on those companies involved in expansion of physical infrastructure. Due care has been taken to ensure that the publication covers infrastructure companies located across the length and breadth of the country. Based upon D&B India’s in-house database and industry association members’ lists, we identified a large universe of companies. The companies were contacted through direct mailers, reminder letters, telephone calls, faxes and emails apart from invitations to participate through advertisements in India’s leading business dailies. As a basic selection criterion, companies with a standalone total income of Rs 1000 mn and above in FY08 are featured in this publication. The publication includes diversified companies with substantial presence in construction, power and telecom services, whose standalone turnover figures have been considered. Further, subsidiaries and associate companies that have satisfied the eligibility criteria have also been featured. Companies with negative net worth and those declared financially sick by the Board for Industrial & Financial Reconstruction (BIFR) were eliminated. Further, companies classified under Z category in the BSE were excluded. Every effort was made to ensure greater participation. However, companies that have not responded with critical data, and/or their information is not available in public domain, have not been included. Further, companies that explicitly declined to participate have been excluded. The information contained in this book is sourced and compiled from questionnaires circulated and administered by D&B India, telephonic interviews, company websites and information available in the public domain such as annual reports, draft red herring prospectuses, industry bodies and associations, Government of India websites such as Reserve Bank of India, Securities and Exchange Board of India , Economic Survey, Central Statistical Organisation, National Highways Authority of India, Planning Commission, Telecom Regulatory Authority of India, Department of Telecommunications etc. The information has been further verified and authenticated to ensure its accuracy. The sections titled Industry Report and Infrastructure Insights are special analyses on the infrastructure sector, and looks at current trends, competitive dynamics and the future outlook for the four featured segments. The Infrastructure Insights section presents analytical findings drawn from the primary information collated by D&B India. Such companies, for which updated information was not available, have been excluded from the comparative listings. A standardised format has been used for reporting the information on the companies. The editorial team would appreciate if readers would keep Dun & Bradstreet regularly updated regarding any changes in their companies, as and when it occurs. Each company featured in the publication has been allotted its unique identification number (D-UN-S® - Data Universal Numbering System). This will help readers locate and obtain full-fledged information reports on these companies from the Dun & Bradstreet database. We are confident that ‘India’s Leading Infrastructure Companies 2008’ will provide a platform for Indian entrepreneurs to network and to showcase their capabilities. We would be pleased to receive your valuable feedback and suggestions. IV

infrastructure insights • Financial Insights

Construction Power

• Operational Insights

Construction Power

Financial Insights A) Construction This section provides a brief overview of current and past financial performances of 65 listed construction companies operating in the following sub segments: 1. IT parks, SEZs and commercial establishments 2. Roads, highways and bridges, railways 3. Irrigation, sanitation, sewage and water-related projects 4. Industrial plants (fertilisers, chemicals, cement, steel etc) 5. Minerals, refinery, oil and gas plants 6. Power infrastructure 7. Townships and residential projects 8. Others, such as schools, colleges, hospitality, hotels, stadiums, amusement parks and other civil works. The total turnover of these 65 listed companies in the construction sector considered for insights was Rs 439.95 billion as on March 31, 2008. Profitability on an extremely high trajectory in FY08 During FY04 to FY08, total income and net profit of the sample companies grew by 35.9% and 80.4%, respectively, on a CAGR basis. Contribution of other incomes in total income increased marginally from 2.72% in FY04 to 3.5% in FY08. In FY08, total income and net profit grew by a remarkable 54% and 95%, respectively. Raw materials accounted for more than one third of the total expenses in FY08 Total expenses increased on a CAGR basis of 35% from FY04 to FY08. Contribution of personnel cost, raw materials, depreciation, interest paid, repair and maintenance, rent, marketing and advertising cost increased from 43.0% in FY04 to 51.8% in FY08.

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Chart-1: Components of Total Expenses

The cost of raw materials increased on a CAGR basis by 47.3% during FY04-FY08. The cost of raw materials rose the most in FY05 by 82%. Contribution of raw materials to total expenses increased from 23.9% in FY04 to 34.0% in FY08. Contribution of personnel cost increased marginally from 6.0% in FY04 to 6.34% in FY08. Interest cost grew by 47.5% on a CAGR basis during FY04-FY08 on account of rapid expansion in the construction sector, which was funded by both equity and borrowed funds. Thus, the contribution of interest cost increased from 3.0% in FY04 to 4.29% in FY08. During FY04 to FY08, marketing and advertising costs increased by more than 30% on y-o-y basis. However, the contribution of marketing and advertising cost to total expenditure decreased from 1.7% in FY04 to 1.42% in FY08. Loans and advances show sharp increase Current assets grew by 54% on a CAGR basis during FY04-FY08. Receivables and inventories were the major contributors in working capital, however, their contribution decreased from 81.4% in FY04 to 71.14% in FY08.

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Chart-2: Component of Current Assets

Loans and advances increased by 97% on a CAGR basis during FY04-FY08. Share of loans and advances increased from 5.9% in FY04 to 15.9% in FY08. The nature of construction business is such that companies in this sector have a tendency to operate through their subsidiaries, group companies, or joint ventures. Hence, large amounts of money advanced to companies are in the form of loans. Loans provided to subsidiary companies are major contributors to loans and advances. These advances increased from 70.1% in FY04 to 97.4% in FY08. Loans provided to subsidiary companies grew by more than 100% on a CAGR basis during FY04-FY08. Contribution of receivables decreased from 45.6% in FY04 to 36.8% in FY08; however, it increased by more than 40% on a y-o-y basis from FY05 to FY08. Cash and bank balances increased by 51.3% on a CAGR basis, denoting the financial strength of the sector. In FY08, companies’ current assets and current liabilities grew by 64.23% and 36.49%, respectively, thereby increasing the current ratio to 2.19 times from 2.64 times. The acid test ratio also increased from 0.63 times in FY04 to 1.21 times in FY08 on account of high cash and bank balance. Average RoNW of around 20.5% over the five year period During FY04 to FY08, the sample companies’ EBIT posted a growth of 68.22% on a CAGR basis. Their operating margins grew from 9.8% in FY04 to 23.09% in FY08, whereas their net profit margins increased from 4.7% in FY04 to 14.4% in FY08. The companies’ RoCE increased from 17.36% in FY04 to 20.11% in FY08, correspondingly its RoNW also increased from 16.6% in FY04 to 20.87% in FY08, maintaining average returns of 20.5%.

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B) Power This section provides a brief overview of current and past financial performances of the listed power companies dealing in generation, distribution, and transmission. Companies involved exclusively in trading of power have been excluded. The total turnover of the listed companies in the power sector considered for insights was Rs 683.5 billion as on March 31, 2008. Income and profitability grow hand-in-hand Total income in the sector grew by 10.27% and net profit by 11.24% on a CAGR basis during FY04 to FY08. The total income increased approximately by 5.0% y-o-y from FY04 to FY06 and further increased by 16.0% y-o-y from FY06 to FY08. The other income contribution increased from 7.60% in FY04 to 8.57% in FY08. Fuel cost escalation leads to rising expenditure Although the total expenditure decreased by 2.0% in FY05 as compared to FY04, it increased on a y-o-y basis by 14.6% from FY06 to FY08. Contribution of raw material cost, personnel cost, interest paid, depreciation, marketing and advertising expenses in the total expenditure increased from 71.85% in FY04 to 77.70% in FY08. Chart-3: Components of Total Expenses

Contribution of raw materials in total expenses increased from 42.90% in FY04 to 54.04% in FY08. Cost of raw materials increased the most in FY07 (by 22%) on account of increase in cost;

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consequently, profitability was affected during FY07. Raw material cost increased at a CAGR of 16.8% during FY04 to FY08. Labour cost grew at a CAGR of 12.35% during FY04–FY08. Contribution of labour cost in total expenditure increased from 5.70% in FY04 to 6.20% in FY08. Interest cost grew by 33.0% and 14.8% in FY07 and FY08, respectively, on account of rapid expansion in the power sector, which was funded by both equity and borrowed funds. However, contribution of interest cost to total expenses decreased from 8.80% in FY04 to 7.91% in FY08. In FY07, marketing and advertising cost increased by 37.27% but in FY08 it decreased by 4.50%. The contribution of marketing and advertising cost in total expenditure decreased from 2.69% in FY04 to 1.72% in FY08. Loans to subsidiaries on rise The current assets of the selected players grew at a CAGR of 17.0% during FY04–FY08. In FY07, current assets grew by a remarkable 35.78%. In FY08, receivables, and cash and bank balances contributed nearly 61.56% of current assets, of which cash and bank balances contributed more then 35%, which reflected the power sector’s robust financial liquidity. Chart-4: Components of current assets

In FY04, share of loans and advances in the selected power sector players’ current assets was 8.9%, which further increased to 14.87% in FY08. In the power business, companies commonly operate through their subsidiaries or joint ventures. Loans provided to subsidiary companies of power companies are in fact a major contributor to loans and advances; the contribution of these loans in the total loans increased from 75.67% in FY06 to 84.2% in FY08.

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Contribution of receivables in current assets decreased from 65.5% in FY04 to 22.7% in FY08; however, it increased by 32% y-o-y in FY08. Player’s cash and bank balances grew at a CAGR of 58.3% during FY04-FY08, which shows the power sector’s financial strength. In FY05, current liabilities decreased by 5.5%. In FY07, current assets and liabilities increased by 35.8% and 29.5%, respectively, thereby increasing current ratio to 3.47 times from 3.33 times. During FY04 to FY08, however, acid test ratio increased substantially from 1.96 times to 2.71 times on account of high cash and bank balance. Margins During FY04-FY08, companies in the study reported EBITDA posted a growth of 9.2% on a CAGR basis. Operating margins increased from 28.46% in FY04 to 30.13% in FY08, whereas net profit margins posted an average return of 18% during this period. The power sector’s RoCE decreased from 13.3% in FY04 to 12.68% in FY08; however, the sector maintained an average return of approximately 12.35%. Correspondingly, its return on net worth (RoNW) decreased from 13.05% in FY04 to 12.7% in FY08, maintaining average returns of more than 12.50%. It can be inferred from an analysis of the sector’s RoCE and RoNW that companies in this sector are optimally geared by an equitable mix of debt and equity and are able to generate constant return over the period.

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Operational Insights A) Construction Of the total 117 companies profiled in the construction segment, Dun & Bradstreet has considered a sample size of 65 companies. Key Characteristics 1. Around 31% of the companies were established between 1990s and 2000, while 65% were relatively older (their operations started prior to 1990). 2. Around 76.92% of companies have ISO 9001: 2000 quality certification. 3. Maximum representation is from the Western region, followed by the Southern and Northern regions. 4. Approximately 77% of companies in the construction sector were found to be public limited companies. Segment-wise Distribution: Construction companies undertake construction of real estate and infrastructure projects. Real estate involves construction of buildings, townships, commercial spaces, malls, and retail outlets. Infrastructure projects include construction of turnkey projects of national importance such as roads, bridges, highways, railways, airports, dams, among others. Most of the companies deals in the construction of residential buildings. Chart-5: Segmental Distribution

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Government Projects The Central government and various state governments have initiated a number of schemes for mass housing, infrastructure development projects, sanitation projects, water supply and irrigation projects, and overall urban development. Some well known initiatives from the government include JNNURM, SEZs, PMGSY, RGGVY, NHDP, SEZs, among others. JNNURM has been initiated by the Indian government for planned urban development in cities; NHDP is the National Highways Development Project that involves development, maintenance and management of national highways. SEZs are geographical regions that have more liberal economic laws and enjoy certain privileges conferred by the government. According to the study, approximately 37% of the sample companies have undertaken projects under the NHDP scheme initiated by the government and approximately 34% companies have undertaken projects under the SEZ scheme initiated by the government. Joint Ventures Construction companies have entered a number of JVs and collaborations for undertaking various projects. Construction companies enter partnerships with domestic and international construction companies for expanding into new regions, new segments, and also enter technological collaborations for completion of projects. Companies come together to form SPVs to execute projects on BOT, BOOT basis. Approximately 60% of the companies have entered JVs of various forms for execution of projects. Generally, companies carrying out construction of townships prefer the JV route for execution of projects. Term loans, the most-preferred financing option The construction sector is heavily dependent on finance and efficient resource management for project execution, expansion, and diversification. Public limited companies are inclined towards term-loan followed by internal accruals for expansion. Term-loan is one of the most preferred financing options for expansion of capacity for the sample companies also, followed by internal accruals.

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Chart-6: Financing Options

Entering new markets-top priority for construction companies Most companies in the infrastructure sector are presently consciously undertaking projects on a PPP basis, for directing synergies of private companies and government companies. Most companies dealing in building residential buildings are planning to enter new markets. Airport development companies are inclined more towards JVs/ alliances for their future expansion. Chart-7: Future Plan



1 being the most important and 5 being the least important

Growth Drivers The construction sector has potential for growth due to the growing need and demand for better infrastructure and real estate properties. In recent times, the government has also realised the importance of robust infrastructure and has undertaken a number of initiatives in that direction. The government has relaxed FDI norms for investment in the sector. Almost all companies in the sample, considered economic and industrial growth in recent times and favorable government policies as the important growth drivers. XIV

Chart-8: Growth Drivers



1 being the most important and 6 being the least important

Escalating raw material cost troubles construction companies Some hurdles and challenges faced by the sample construction companies include different clearances from the Central and state governments, competition, availability of land and raw materials, unorganised labour market etc. Majority of companies from the sample cited increasing cost of raw materials and delay in approval from authorities as key hindrances to overall growth of the construction sector. Chart-9: Challenges faced by sample companies



1 being the most important and 10 being the least important

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B) Power Of the total 71 companies in the power sector, Dun & Bradstreet has taken a sample of 38 companies for this study. Key Characteristics • Among the power companies in the sample, 10.53% are centrally governed companies, and 47.37% are state-owned companies. • 36.84% companies are solely involved in the business of power generation, 42.11% companies handle distribution-related activities and 7.89% companies handle transmission activities. Integrated players constitute the remaining 13.16%, and these players are present in either two or all three activities of generation, distribution, and transmission. • Out of the 38 companies covered in the sample size, 23.68% companies were incorporated prior to 1990, 39.48% companies were incorporated during 1990-2000 and the remaining 36.84% companies were incorporated after the year 2000. • Around 58% companies in the sample have a total turnover between Rs 1,000 -Rs 20,000 million, 32% companies have a turnover in the range of Rs 20,000-40,000 million and 10% companies have a turnover of more than Rs 40,000 million. • Out of the sample of 38 companies, about 29% companies are from the Northern region, 29% from the Southern region, 24% from the Eastern region, & 18% are from the Western region. Generation • Electricity Generated In FY08, the total electricity generated by the sample companies involved in power generation was 339,163.8 MU. Central government controlled companies generated 66.22% of the total electricity, state government undertakings generated 29.06% of the total electricity, and other players including private firms, JVs and public listed companies generated 4.72% of total electricity. • Installed Capacity As on March 31, 2008, the total installed capacity of 19 companies that are involved in generation of electricity was 59,426.714 MW. Thermal power plants have almost 75% share in the total installed capacity, hydro power plants have about 22% share and other power plants, including bio-mass, diesel, wind and gas plants, have approximately 3% share in the total installed capacity. XVI

• Capacity Additions The companies plan to increase the total installed capacity of power plants by 64,037 MW in the next 5 years. This includes expanding thermal power plants by approximately 51%, hydro power plants by approximately 5.26%, nuclear plants by approximately 10.0%, and other plants by approximately 33.6%. The companies will increase their capacities either by installing new power plants or by expanding installed capacity of existing power plants. • Types of Power Plants From the analysis, we found that India still depends largely on the conventional methods of generating power such as coal, gas and lignite-based thermal power plants, followed by the hydro power stations. Of the total 132 power plants owned and operated by the companies, approximately 48.48% (round off figures) are thermal power plants, 47.73% (round off figures) are hydro-electric power plants and 3.79% (rounded off figures) are other plants, which include combined cycle power plants, gas turbine, diesel-based power plants, and wind-based power plants. Distribution • Electricity distributed In FY08, the total electricity distributed by the sample companies involved in distribution of power was 129.8 BU, of which state government undertakings distributed 46.27% of electricity and the remaining 53.73% of electricity was distributed by non-government organisations. • T&D losses In FY08, the average distribution losses of companies were 20.2%. The T&D losses of stateowned undertakings were also 20.0% and that of other players, including private players, municipal undertakings, was 19.87%. • Consumer mix In FY08, the consumer mix of T&D companies included residential, industrial and domestic users. Their product mix comprised 84.53% of residential consumers, 9.61% of commercial consumers, 3.11% of industrial consumers, and 2.75% of other consumers (mainly agricultural users).

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Transmission In FY08, the sample companies transmitted approximately 97,610.69 MU of electricity. All electricity was transmitted by state-owned undertakings, among which a maximum of 57.18% was transmitted by a single company. The average T&D loss in FY08 was 2.76%. Term loan is the most preferred financing option for the future expansion Most of the companies studied in the sample preferred term-loan financing followed by selffinancing, IPO, bonds/debentures, ADR /GDR etc. About 74% of sample companies preferred term-loan financing for future expansion. About 42.9% of the generation companies and 42.0% of the distribution companies preferred term-loan financing. Self-financing was preferred by 30% of distribution companies and 20% of generation companies. Chart-10: Financing Options

Capacity expansion - top priority for power companies Most Central government undertakings prefer capacity expansion for future expansion and for entering newer markets. Most state governments and other companies, including private companies, JVs and municipal undertakings also prefer capacity expansion for the future. A large number of generation companies prefer JVs/alliances as the second preferred option after capacity expansion. Most transmission companies and distribution companies prefer capacity expansion and diversification into new business segments.

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Chart-11: Future Plan



1 being the most important and 5 being the least important

Economic and Industrial Growth - reason for growth The sample companies expect 16.99% growth on an average in the next 2 years. Most generation companies expect approximately 26.0% growth and consider economic and industrial growth to be their growth drivers. Distribution companies expect 15.42% growth in the next financial year mainly through economic and industrial growth. Similarly, transmission companies consider economic and industrial growth along with favourable government policies to be the most important factor for growth. Chart-12: Growth drivers



1 being the most important and 4 being the least important

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Regulatory norms is one of the major concern for power companies One of the challenges faced by most companies in this sector is regulatory norms relating to legal and environmental aspects. Most generation companies faced unavailability of equipment as the major hurdle in their growth. A large junk of transmission and distribution companies found rise in prices of raw materials due to inflation as the biggest challenge apart from regulatory norms relating to legal and environmental aspects. Chart-13: Challenges faced by sample companies



1 being the most important and 8 being the least important

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Total Income Listing

India’s Leading Infrastructure Companies 2008

L1

India’s Leading Infrastructure Companies 2008 Sr No

Company Name

Total Income (Rs Million)

1

NTPC Limited

400,177.0

2

Bharat Sanchar Nigam Limited

380,534.0

3

Larsen & Toubro Limited

255,298.0

4

Maharashtra State Electricity Distribution Company Limited

220,000.0

5

Reliance Communications Limited

134,266.5

6

Maharashtra State Power Generation Company Limited

80,454.3

7

Reliance Infrastructure Limited

75,012.0

8

Tata Power Company Limited, The

63,817.5

9

Mahanagar Telephone Nigam Limited

54,078.4

10

Power Grid Corporation of India Limited

50,815.3

11

Jaiprakash Associates Limited

42,738.9

12

Nuclear Power Corporation Limited

42,663.6

13

Jaipur Vidyut Vitran Nigam Limited

42,627.0

14

Rajasthan Rajya Vidyut Utpadan Nigam Limited

40,660.0

15

Southern Power Distribution Company of Andhra Pradesh Limited

38,575.3

16

CESC Limited

37,380.0

17

Torrent Power Limited

37,220.0

18

IVRCL Infrastructures & Projects Limited

36,981.0

19

Karnataka Power Corporation Limited

36,400.0

20

Neyveli Lignite Corporation Limited

36,380.7

21

Nagarjuna Construction Company Limited

34,784.9

22

Tata Communications Limited

34,653.3

23

GRIDCO Limited

33,483.0

24

NHPC Limited

31,555.0

25

Hindustan Construction Company Limited

31,207.5

26

Simplex Infrastructures Limited

27

K E C International Limited

28,140.0

28

Eastern Power Distribution Company of Andhra Pradesh Limited

27,658.9

29

Northern Power Distribution Company of Andhra Pradesh Limited

26,837.3

30

West Bengal Power Development Corporation Limited, The

26,000.0

31

Housing Development & Infrastructure Limited

24,323.3

32

Madhya Pradesh Poorva Kshetra Vidyut Vitran Company Limited

24,000.0

33

Brihan Mumbai Electric Supply & Transport Undertaking, The

23,623.3

34

Gammon India Limited

23,381.5

35

North Delhi Power Limited

22,920.0

36

Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited

21,800.0

37

Madhya Gujarat Vij Company Limited

20,254.2

38

National Building Construction Corporation Limited

20,249.8

39

Gujarat Paguthan Energy Corporation Private Limited

18,489.9

40

Omaxe Limited

18,120.0



28,366.6

Total Income Listing

India’s Leading Infrastructure Companies 2008 Sr No

Company Name

Total Income (Rs Million)

41

Parsvnath Developers Limited

17,922.4

42

Maytas Infra Limited

17,643.3

43

Kalpataru Power Transmission Limited

17,590.5

44

Afcons Infrastructure Limited

17,500.0

45

Hubli Electricity Supply Company Limited

17,067.4

46

Maharashtra State Electricity Transmission Company Limited

16,510.0

47

Lanco Infratech Limited

16,036.3

48

Alstom Projects (I) Limited

15,868.4

49

B. L. Kashyap and Sons Limited

15,646.2

50

Era Infra Engineering Limited

14,992.8

51

Spice Communications Limited

14,738.8

52

Consolidated Construction Consortium Limited

14,559.0

53

Sobha Developers Limited

14,345.0

54

Satluj Jal Vidyut Nigam Limited

14,000.0

55

Tata Projects Limited

13,708.7

56

Reliance Telecom Limited

13,619.5

57

Gulbarga Electricity Supply Company Limited

13,460.0

58

Patel Engineering Limited

13,349.0

59

Mumbai Port Trust

13,126.2

60

Tulip Telecom Limited

12,394.9

61

Subhash Projects & Marketing Limited

62

Ramky Infrastructure Limited

10,560.4

63

North Eastern Electric Power Corporation Limited

9,626.8

64

Gujarat Industries Power Company Limited

9,621.5

65

Mangalore Electricity Supply Company Limited

9,412.0

66

JMC Projects (India) Limited

9,210.0

67

North Eastern Electricity Supply Company of Orissa Limited

9,176.5

68

Chennai Port Trust

8,924.0

69

Sadbhav Engineers Limited

8,759.8

70

Lanco Kondapalli Power Private Limited

8,692.5

71

Gujarat Energy Transmission Corporation Limited

8,650.0

72

Unity Infraprojects Limited

8,623.8

73

Central Electricity Supply Utility of Orissa

8,620.0

74

Essar Power Limited

8,230.0

75

ITD Cementation India Limited

7,975.0

76

Dredging Corporation of India Limited

7,714.6

77

Narmada Hydroelectric Development Corporation Limited

7,680.7

78

Indraprastha Power Generation Company Limited

7,612.0

79

Gayatri Projects Limited

7,578.0

80

Great Offshore Limited

7,503.1

81

Durgapur Projects Limited, The

7,500.0

82

B. Seenaiah & Company (Projects) Limited

7,400.0



11,671.0

L2

Total Income Listing

India’s Leading Infrastructure Companies 2008 Sr No

Company Name

Total Income (Rs Million)

83

Madhucon Projects Limited

84

Aban Offshore Limited

7,318.1

85

Oriental Structural Engineers Private Limited

7,164.8

86

Toyo Engineering India Limited

7,150.0

87

Shriram EPC Limited

6,491.9

88

Southern Electricity Supply Company of Orissa Limited

6,440.0

89

Kanpur Electricity Supply Company Limited

6,150.0

90

IVR Prime Urban Developers Limited

6,143.3

91

Vascon Engineers Limited

6,020.5

92

Anant Raj Industries Limited

5,861.5

93

Puravankara Projects Limited

5,756.3

94

Hindustan Steelworks Construction Limited

5,262.0

95

Arihant Foundation & Housing Limited

5,157.0

96

Kandla Port Trust

5,057.6

97

Valecha Engineering Limited

5,014.7

98

Brigade Enterprises Limited

4,953.8

99

Orissa Power Generation Corporation Limited

4,816.7

100

Keystone Realtors Private Limited

101

Pratibha Industries Limited

4,796.0

102

KNR Constructions Limited

4,795.8

103

Akruti City Limited

4,737.0

104

A2Z Maintenance & Engineering Services Private Limited

4,652.0

105

East Coast Construction and Industries Limited

4,316.1

106

Orissa Power Transmission Corporation Limited

4,270.0

107

Orbit Corporation Limited

4,222.2

108

Jindal Drilling & Industries Limited

4,165.9

109

Telecommunications Consultant India Limited

4,148.7

110

Jaiprakash Power Ventures Limited

4,045.0

111

Upper Assam Electricity Distribution Company Limited

4,000.0

112

Orissa Hydro Power Corporation Limited

3,860.0

113

PBA Infratsructure Limited

3,723.7

114

Tantia Constructions Limited

3,647.4

115

Peninsula Land Limited

3,556.0

116

NKG Infrastructure Limited

3,500.0

117

Prajay Engineers Syndicate Limited

3,450.0

118

BSES Kerala Power Limited

3,446.5

119

Jaiprakash Hydro-Power Limited

3,425.0

120

Ashoka Buildcon Limited

3,420.0

121

Eros Constructions Private Limited

3,250.0

122

Hindustan Dorr Oliver Limited

3,110.5

123

Sunil Hitech Engineers Limited

3,093.8

124

New Mangalore Port Trust

3,087.6



7,379.9



4,800.0

L3

India’s Leading Infrastructure Companies 2008

Total Income Listing

Sr No

Company Name

Total Income (Rs Million)

125

New Consolidated Construction Company Limited

3,000.0

126

Vipul Limited

2,916.0

127

Kanakia Spaces Private Limited

2,823.6

128

Petron Engineering Construction limited

2,801.6

129

Marg Limited

2,784.0

130

Mormugao Port Trust

2,680.3

131

UB Engineering Limited

2,663.8

132

NTPC-SAIL Power Company Private Limited

2,518.4

133

Ansal Housing & Construction Limited

2,517.8

134

MSK Projects (India) Limited

2,471.0

135

Delhi Transco Limited

2,452.7

136

Kalindee Rail Nirman Engineers Limited

2,346.6

137

Aban Power Company Limited

2,318.0

138

Simplex Projects Limited

2,298.8

139

Godrej Properties Limited

2,275.0

140

B. E. Billimoria & Co. Limited

2,261.1

141

Tuticorin Port Trust

2,250.4

142

Lok Housing & Constructions Limited

2,245.0

143

Cochin Port Trust

2,200.9

144

J. Kumar Infraprojects Limited

2,170.0

145

International Seaport Dredging Limited

2,084.1

146

Satra Properties (India) Limited

2,062.7

147

IndusInd Media & Communication Limited

1,977.3

148

L&T Infocity Limited

1,946.4

149

Railtel Corporation of India Limited

1,900.0

150

Vijay Nirman Company Private Limited

1,877.6

151

URC Construction (P) Limited

1,795.7

152

Andhra Pradesh Gas Power Corporation Limited

1,769.8

153

Vijai Infrastructure Limited

1,700.0

154

Noida Power Company Limited

1,688.0

155

SVEC Constructions Limited

1,679.5

156

Marathon Realty Private Limited

1,633.9

157

Rajdeep Buildcon Private Limited

1,576.0

158

Supreme Infrastructure India Limited

1,569.8

159

Ansal Buildwell Limited

1,527.3

160

Ennore Port Limited

1,437.2

161

Ganesh Housing Corporation Limited

1,400.7

162

Haware Engineers & Builders Private Limited

1,390.0

163

Rohan Builders (India) Private Limited

1,372.3

164

RPP Constructions (P) Limited

1,350.2

165

Lanco Hills Technology Park Private Limited

1,327.0

166

Tehri Hydro Development Corporation Limited

1,280.0

L4

India’s Leading Infrastructure Companies 2008

Total Income Listing

Sr No

Company Name

Total Income (Rs Million)

167

Ashiana Housing Limited

1,272.5

168

Roman Tarmat Limited

1,271.0

169

Jindal Power Limited

1,250.0

170

Stewarts and Lloyds of India Limited

1,240.7

171

Neelkanth Mansions & Infrastructure Limited

1,211.0

172

Apco Constructions (P) Limited

1,206.8

173

RDS Projects Limited

1,200.0

174

Marathon Nextgen Realty Limited

1,193.8

175

Suryachakra Power Corporation Limited

1,105.4

176

Indian Commerce & Industries Company Private Limited

1,104.0

177

Sunil Mantri Realty Limited

1,103.0

178

Total Environment Building Systems Private Limited

1,090.0

179

Prime Property Development Corporation Limited

1,085.1

180

Shalivahana Green Energy Limited

1,050.0

Note: Listing is subject to availability of information

L5

Employee Size Listing

India’s Leading Infrastructure Companies 2008

L6

India’s Leading Infrastructure Companies 2008 Construction Sr No

Company Name

Employees

1

IVRCL Infrastuctures & Projects Limited

2

Simplex Infrastructures Limited

3

A2Z Maintenance and Engineering Services Private Limited

5,667

4

Nagarjuna Construction Company Limited

3,620

5

Alstom Projects India Limited

3,394

6

Sobha Developers Limited

3,308

7

Madhucon Projects Limited

3,200

8

B. Seenaiah & Company (Projects) Limited

3,000

9

B. L. Kashyap and Sons Limited

2,800

10

Consolidated Construction Consortium Limited

2,750

11

JMC Project (India) Limited

2,500

12

K E C International Limited

2,500

13

Maytas Infra Limited

14

Oriental Structural Engineers Private Limited

2,331

15

Subhash Projects & Marketing Limited

2,000

16

Toyo Engineeing India Limited

1,845

17

Tata Projects Limited

1,825

18

Gammon India Limited

1,661

19

Hindustan Steelworks Construction Limited

1,480

20

Patel Engineering Limited

1,476

21

Vijay Nirman Company Private Limited

1,450

22

ITD Cementation India Limited

1,442

23

Ramky Infrastructure Limited

1,423

24

Sunil Hitech Engineers Limited

1,387

25

MSK Projects (India) Limited

1,300

26

Ashoka Buildcon Limited

1,274

27

East Coast Construction and Industries Limited

1,200

28

Omaxe Limited

1,100

29

Unity Infraprojects Limited

1,098

30

Pratibha Industries Limited

1,000

31

B. E. Billimoria & Co. Limited

863

32

Puravankara Projects Limited

787

33

New Consolidated Construction Company Limited

780

34

SVEC Constructions Limited

750

35

Aban Offshore Limited

700

36

Roman Tarmat Limited

600

37

Shriram EPC Limited

600

38

Vascon Engineers Limited

556

6,254





6,000

2,350

India’s Leading Infrastructure Companies 2008

Employee Size Listing

Sr No

Company Name

Employees

39

Tantia Constructions Limited

550

40

KNR Constructions Limited

528

41

Ansal Buildwell Limited

500

42

Valecha Engineering Limited

500

43

Rajdeep Buildcon Private Limited

450

44

Supreme Infrastructure India Limited

450

45

RPP Constructions (P) Limited

435

46

Ansal Housing and Construction Limited

410

47

Apco Constructions (P) Limited

400

48

Rohan Builders (India) Private Limited

373

49

Keystone Realtors Private Limited

350

50

NKG Infrastructure Limited

350

51

Vijai Infrastructure Limited

350

52

Total Environment Building Systems Private Limited

348

53

Brigade Enterprises Limited

328

54

Marg Limited

306

55

G S Developers and Contractors Private Limited

300

56

J. Kumar Infraprojects Limited

300

57

Kanakia Spaces Private Limited

300

58

Peninsula Land Limited

300

59

Eros Constructions Private Limited

289

60

Neelkanth Mansions & Infrastructure Limited

287

61

Marathon Realty Private Limited

250

62

Sunil Mantri Realty Limited

250

63

Akruti City Limited

213

64

Vipul Limited

200

65

Ashiana Housing Limited

180

66

Indian Commerce & Industries Company Private Limited

175

67

VRM (India) Limited

175

68

Vaswani Estates Developers Private Limited

150

69

Lok Housing and Constructions Limited

146

70

IVR Prime Urban Developers Limited

115

71

Orbit Corporation Limited

101

72

Marathon Nextgen Realty Limited

60

L7

Employee Size Listing

India’s Leading Infrastructure Companies 2008

Ports Sr No

Company Name

Employees

1

Chennai Port Trust

2

Kandla Port Trust

4,500

3

Cochin Port Trust

3,511

4

Mormugao Port Trust

3,018

5

New Mangalore Port Trust

6

Tuticorin Port Trust

7

Ennore Port Limited



8,193



1,770 1,197 58

Power Sr No

Company Name

Employees

1

Maharashtra State Electricity Distribution Company Limited

70,000

2

NTPC Limited

24,547

3

Neyveli Lignite Corporation Limited

18,940

4

Jaipur Vidyut Vitran Nigam Limited

16,964

5

Maharashtra State Power Generation Company Limited

14,928

6

Madhya Pradesh Poorv Kshetra Vidyut Vitran Company Limited

14,600

7

Maharashtra State Electricity Transmission Company Limited

14,500

8

Southern Power Distribution Company of A.P. Limited

13,614

9

Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Ltd

12,934

10

NHPC Limited

12,341

11

Gujarat Energy Transmission Corporation Limited

12

Nuclear Power Corporation of India Limited

11,924

13

CESC Limited

10,579

14

Central Electricity Supply Utility of Orissa

10,000

15

Northern Power Distribution Company of Andhra Pradesh Limited

8,440

16

Eastern Power Distribution Company of Andhra Pradesh Limited

8,224

17

Brihan Mumbai Electric Supply and Transport Undertaking, The

8,000

18

Power Grid Corporation of India Limited

7,645

19

Hubli Electricity Supply Company Limited

6,995

20

Karnataka Power Corporation Limited

6,159

21

Madhya Gujarat Vij Company Limited

6,138

22

Gulbarga Electricity Supply Company Limited

6,000

23

Torrent Power Limited

5,858

24

Southern Electricity Supply Company of Orissa Limited

4,700

25

Mangalore Electricity Supply Company Limited

4,512

26

Orissa Power Transmission Corporation Limited

4,320

27

Durgapur Projects Limited, The

3,900

28

North Delhi Power Limited

3,785

29

Orissa Hydro Power Corporation Limited

3,500



12,000

L8

Employee Size Listing

India’s Leading Infrastructure Companies 2008 Sr No

Company Name

Employees

30

Rajasthan Rajya Vidyut Utpadan Nigam Limited

3,500

31

Upper Assam Electricity Distribution Company Limited

3,500

32

North Eastern Electric Power Corporation Limited

3,197

33

Tata Power Company Limited, The

2,847

34

Tehri Hydro Development Corporation Limited

2,500

35

Indraprastha Power Generation Company Limited

36

Kanpur Electricity Supply Company Limited

2,000

37

Delhi Transco Limited

1,842

38

Satluj Jal Vidyut Nigam Limited

1,700

39

NTPC-SAIL Power Company Private Limited

677

40

Narmada Hydroelectric Development Corporation Limited

569

41

Orissa Power Generation Corporation Limited

554

42

Jindal Power Limited

450

43

Essar Power Limited

400

44

Gujarat Industries Power Company Limited

400

45

Shalivahana Green Energy Limited

400

46

Gujarat Paguthan Energy Corporation Private Limited

120

47

Noida Power Company Limited

98

48

Andhra Pradesh Gas Power Corporation Limited

87

49

GRIDCO Limited

67

50

BSES Kerala Power Limited

50

51

Lanco Kondapalli Power Private Limited

43

52

Suryachakra Power Corporation Limited

32



2,000

Telecom Sr No

Company Name

1

Bharat Sanchar Nigam Limited

2

Mahanagar Telephone Nigam Limited

45,000

3

Reliance Communications Limited

36,650

4

Tata Commmunications Limited

5,000

5

Tulip Telecom Limited

1,896

6

IndusInd Media & Communication Limited

1,048

7

Railtel Corporation of India Limited

Note: Listing is subject to availability of information.

Employees 308,086

500

L9

India’s Leading Infrastructure Companies 2008 Published in India by Dun & Bradstreet Information Services India Pvt Ltd. (D&B) Registered Office ICC Chambers, Saki Vihar Road, Powai, Mumbai - 400 072. Tel: +91 22 6680 1300/2847 6291-93 Fax: +91 22 2847 6281/82 Email: [email protected] URL: www.dnb.co.in New Delhi Office FB - 01, NSIC STP Centre, NSIC Bhawan, Okhla Industrial Estate, New Delhi - 110 020. Tel: +91 11 4149 7900/01/6537 8227 Fax: +91 11 4149 7902 Email: [email protected]

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Editor

Yashika Singh

Sub-Editors

Sanketh Arouje, Sachin Khedekar, Rohit Singh

Editorial Team

Ritumegha Mehta, Nidhi Bajaj, Aruna Braganza, Mitali Bhandare, Yogesh Jambhale, Debabrata Das, Someraj Bhowmik, Samar Mirza, Mahendra Mahale, Imran Baig, Ajit Parab

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Ravi Saneja



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India’s Leading Infrastructure Companies 2008 Second Edition ISBN 978-81-89262-41-9 Printed By Srinivas Fine Arts (P) Ltd.