Dalal Street Journal_Golden 400 Companies India 2008

Buy this book at www.dalalstreetjournal.com


5

Of many gems and few surprises

Sunil DamaniaManaging Editor

editor’s desk

indexPreface

Legend

Interviews

Advertiser Index

Master Ranking

Editorial Index

Methodology

Feedback Form

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C P SwarnkarCMD, Syndicate Bank

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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 fi rst 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 com-pile 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 profi t 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 fl ag 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 man-ufacture, 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 scientifi c method.

This time, Reliance Industries, which did not even make it to the top fi ve last year, holds the fi rst rank. However, I did predict in my last edit that Reliance would surely be in the top fi ve by the time we would come out with the next edition. Reliance is the only company from the private sector to fi gure in the top fi ve. 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, domi-nance by PSUs will surely come down. May be in the next fi ve 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 stake-holders. They have fi re 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 com-plete 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.

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QuarterlyNet Income : Operating Income Other Income : Other Recurring Income Operating Profit : (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 PBDT : Tax Charges + Reported PAT Tax : Tax Charges PAT : Reported PAT OPM(%) : 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 NPM(%) : Reported PAT / (Operating Income + Other Recurring Income)

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

Annual Trend Net Sales : Operating Income Other Income : Other Recurring Income Operating Profit : Operating Profit Gross Profit : Adjusted PBDIT-Interest PBT : AdjustedPBT Tax Charges : Taxation Reported Net Profit : Reported PAT Cash Flow from operating Activity : Net Cash Flow Oprtng Activity EPS (Rs.) : Reported EPS Cash EPS (Rs.) : Reported Cash EPS Cash Flow from Operations per share : Net Cash Flow Oprtng Activity / Number of Equity shares OPM (%) : (Operating Profit / Operating Income)*100 RONW (%) : Reported Return On Net Worth ROCE (%) : Return On Long Term Fund Debt/Equity : Long Term Debt Equity Exports as percent of Total Sales : (Foreign Exchange Earnings / Operating Income)*100 Net forex Earnings : Foreign Exchange Earnings - Foreign Exchange Outgo


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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 con-glomerate 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 finan-cial 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; cur-rently, we are number two in Punjab. In Karnataka, the focus was to roll out more by increasing network coverage, as cover-age 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?

‘Spicing Growth With Spice Advantage’

Spice is among the top six GSMoperators 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.

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Dilip ModiGroup President and Head, Global OperationsSpice Communications


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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.

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 kind of growth in terms of num-ber 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.

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

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 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 ser-vice, Mobile radio service, etc.

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 finan-cial 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 sec-tors 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 investors will ride that growth

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


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lagship of the Raunaq Group, Apollo Tyres is a leading manufacturer of auto-mobile 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 aim-ing 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 mat-ters 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

‘Top Quality, Technology And

People: Success Mantras’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.

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Onkar S Kanwar,CMD, Apollo Tyres


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area we are looking at in future.

Of late, the automobile industry is suf-fering 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 infrastruc-ture sector continues to grow at the pace it has been doing in recent years and freight movement by road contin-ues to take place.

The market is witnessing volatility in oil prices and raw materials. What strat-egies are you adopting to keep your products cost effective?

In the tyre industry, fluctuations in natural rubber, crude and steel prices are a constant source of pressure. In the past, we have had to resort to some price hikes to counter this. However on an on-going basis, our efforts are focused internally through de-bottle-necking, machine utilisation for maxi-mum capacity, ways and means of bringing down our manpower and energy costs. These have all paid dividends in terms of effective cost management and we will continue to focus on them in future too.

What initiatives are you taking for better plant efficiency and capacity expansion?

As I mentioned this is an area of continued focus for us. We are looking at capacity increases by achieving better economies of scale with a focus on areas which have lower conversion costs. This brings up the entire manufacturing base. We also undertake strategic sourcing of materials to ensure best and often customised products at competitive prices. On the manpower side, our productivity levels have been improving year-on-year. I can proudly say that we have the best kg per man hour production in the industry.

Last but not least, efficient and best energy usage across our plants is a passion for us; and our constant endeavour is to bring down our energy conversion costs. We utilise wind and gas alongside traditional sources and have recently entered into an agreement with GAIL for generating energy from steam by trapping GAIL’s waste heat.

What are your plans for the diversification of the product range?

This is an on-going process. Last year, we increased our range

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 portfo-lio. On the traditional cross-ply commer-cial 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 small-er sizes of the light commercial and passenger car tyres.

What have been your company’s core focus areas?

Well, in terms of products we were a very commercial vehicle dominated company. That has all changed in the past few years with the addition of farm radials, specialty and an excellent range of passenger car tyres.

But speaking from an overall per-spective, we are looking at three key areas of excellence – Quality, Technology and People. We have set ourselves very high standards, bench-marked against the best in India and

globally, and are positive of becoming standard bearers in these areas.

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 to continue to deliver on those growth rates.

What is your target turnover for 2010?By the year 2010, we will be a US $2,010 million company,

or in other words, more than a two billion dollar company.

What are the key challenges that your company is facing cur-rently?

Managing raw material prices is a constant challenge that we grapple with. Ensuring sustainable growth which brings in opportunities for all levels of employees is also something we are looking to address. And of course there is the challenge of recruiting the best people for the best jobs alongside managing a certain level of attrition.

What is your vision for the company?Our vision is to be a significant global player in the next few

years and to be recognized as a tyre manufacturer offering some of the best products and services. We also believe that in this process we need to contribute positively to all our stakeholders and make a difference to the communities we operate in.

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.Onkar S Kanwar,

CMD, Apollo Tyres


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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. AshokSoota, 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 perfor-mance 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

‘Creating New Domains of Success’

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

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Ashok SootaCMD, MindTree Consulting


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also look at inorganic opportunities to supplement our offerings and strength-en 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 con-tinue 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 cur-rent 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.

What kind of strategies are you adopt-ing for hedging yourself against stron-ger Rupee?

We have a board-approved policy for the use of foreign exchange hedges to mitigate ourselves against currency fluctuations. As on June 30, we had about US $69 mil-lion of hedges. We monitor the currency movements closely and take additional steps to protect ourselves as and when required.

What kind of businesses are you vying for the recently launched IMTS business?

IMTS is our newest service offering and straddles across both IT services and R&D services business. It is one of the fastest growing services in MindTree.

What have been your focus areas in the recent times? Areas where we are currently investing in are:

• For our growth in Japan• Venturing into the new countries in Europe• In banking segments across the world• New industry verticals where we will enter in future• Developing new intellectual properties in ultra wide

band technology

What HR initiatives are you taking to keep the attrition rate low?

We have always had a strong focus on building a people friendly orga-nization. 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, pro-viding 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 risks and challenges are you expecting to meet this target?

We are seeing strong demand momentum and are confident of meet-

ing the revenue guidance this year. The profit guidance is sensi-tive to the US $ /Re exchange rate.

What is your vision for MindTree Consulting?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.

Any message to the investors.We are a differentiated software services company, high

value added through our consulting-led approach in IT ser-vices and IP-led approach in R&D services, very strong people practices, which have given us preferred employer rankings consistently in several industry surveys, with highly satisfied customers. We follow the highest standards of corporate gover-nance and transparency. We have an experienced, reputed and credible management team and a strong board. We see strong opportunities ahead which MindTree is well positioned to exploit and capture for sustained growth.

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.

Ashok Soota,CMD, MindTree Consulting


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arsvnath Developers is a leading real estate com-pany with a pan India presence. It is working in the diversified segments from residential to com-mercial 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 cre-dentials as a reputed real estate developer we enjoy the custom-er’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 with-in 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 implement-ing 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.

‘Setting New Standards’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.

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Pradeep JainChairman, Parsvnath Developers


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• Ability to spot opportunities result-ing in first-mover advantage.

• Large and dedicated customer base.• Control on Quality, Delivery and

Cost through in-house construc-tion and centralized purchase.

• Diversified portfolio across all verticals.

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.

Tell us about the status of your vari-ous projects.

Current projects aggregate a sale-able area of over 159.84 million sq ft including 27.96 million sq ft of three notified SEZs and two SEZs with formal approval. The construction and development work has already com-menced on 74 million sq ft. Currently PDL has 110 ongoing projects in 48 cities and 17 states, bifurcation of few of which is given below:• Residential: We have successfully completed and

handed over 12 projects. We have 35 upcoming proj-ects with saleable area of 33.67 million sq ft.

• Commercial: We have successfully handed over 10 projects. We have 22 upcoming projects with saleable area of 4.73 million sq ft.

• Integrated Township: currently engaged in 18 projects with saleable area of 77.55 million sq ft.

• IT park: Integrated commercial complexes for IT/ ITES and BPO Industry, we are currently engaged in 5 projects with saleable area of 9.13 million sq ft.

• Delhi Metro Rail Corporation (DMRC): PDL has scaled up its projects and entered into concession agreements to develop shopping malls on 13 stations owned by DMRC on a BOT basis. These malls have total developable area of 2.31 million sqft. PDL has already completed six of these projects covering 0.33 million sq ft.

• Hotels: PDL is currently engaged in total of 17 projects with an area of 2.27 million sq ft in different categories

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).

Of late, increasing interest rates is affecting construction industry adversely. What strategies are you adopting to hedge yourself?

They have definitely burnt a deep-er 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.

What are your future expansion/ diversification plans?

We plan to cover 20 states and 250 cities – so we want to expand to more towns in mainly those states where we have our presence. Now, the focus

will remain towards the south and the west of India – states like Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra. For example, there are many towns in Kerala, where big developers have not yet entered. Similarly, we are already in Mysore and a few other cities of Karnataka.

PDL has decided to venture into offshore real estate develop-ment in countries like UK, Singapore, UAE, Muscat, Bahrain and Mauritius. PDL also plans to diversify into Telecom.

What is your target turnover for 2010?Our growth rate is about 130-140 per cent on YoY basis.

What is your vision for the company?We would like to be one of the leading corporate houses

with multi national presence. What we have acquired in India in 20 years, we plan to portray Parsvnath Developers interna-tionally in 5 years.

Any message to the investors…Investors satisfaction and to fulfill our commitments is our

message to all.

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.

Pradeep Jain, Chairman, Parsvnath Developers


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financial snapshotRANK

RANK

399

400

Investor Returns

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

Investor Returns

High/Low Trends

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

2007 2006 2005 2004 2003

BSE 67/45NSE

Last Five Quarters (Rs. Crore)

Jun07 Mar07 Dec06 Sep06 Jun06

Sales 252.18 231.75 213.71 184.35 176.40Oper. Profit 61.40 48.29 47.71 40.19 40.01Net Profit 5.53 0.42 -14.67 -24.80 -10.87Equity 689.93 576.81 576.81 551.94 551.94EPS - - - - -

FY06 FY05 FY04 FY03 FY02

Rights Issue 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.

2007 2006 2005 2004 2003

BSE 1620/936 1475/372 364/8 13/2 7/2NSE 1600/940 1467/833


Sales 20.65 22.51 28.66 18.18 15.40Oper. Profit 3.88 2.73 3.93 2.10 1.55PAT 28.08 0.29 0.62 3.90 0.79Equity 21.79 19.29 19.29 13.49 13.49EPS 12.89 0.15 0.32 2.89 0.58B.V 40.14 11.41 11.26 11.34 10.71

Financial Highlights (Rs. Crore)


Rights Issue N.A. N.A. N.A. N.A. N.A.Splits N.A. N.A. N.A. N.A. N.A.Dividend (%) 25 N.A. N.A. N.A. N.A.Bonus ratio N.A. N.A. N.A. N.A. N.A.


Sales 483.9 - - - -Oper. Profit 105.3 - - - -PAT -5.1 - - - -Equity - - - - -EPS - - - - -B.V - - - - -


High/Low Trends



Sales 8.42 9.68 73.15 8.18 9.09Oper. Profit -2.37 2.62 65.57 2.25 1.33Net Profit 73.54 1.12 42.30 27.03 20.02Equity 41.35 35.78 34.28 25.28 25.28EPS 17.79 0.31 12.34 10.69 7.92

Product Name Sales Qty UoM Sales ProductValue Mix

NA NA NA NA NA

Product Mix (Year = 2007)


Ceramic Floor & Wall Tiles 1585399.00 Sq Metres 21.91 100.00

Product Mix (Year = Mar 2006)

Anant Raj Industries 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 toRs 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 Rs105.62 crore from Rs 28.1 crore. The company is planning to erect16 hotels in the four and five-star categories in the NCR. The com-pany's 50:50 JV with Reliance ADA Group has started two hotelsand one SEZ project in the NCR. It had bought the land for Rs 500crore approximately. It collaborated with Aitken Spence, a Sri Lankanhotel chain to manage the hotels and infusing nearly Rs 700 crore.

Spice Communications Spice Communications, a leading cellular phone services provider

with a major presence in Punjab and Karnataka, is among the top sixprivate GSM operators in India with GPRS enabled network It hastie-ups with over 448 international operators across 208 countries.The company covers the entire mobile value chain, from providingmobile telephony services and manufacturing mobile handsets todeveloping VAS solutions and retailing the entire spectrum of mobiledevices. In the first six months of financial year 2007-08, the compa-ny posted net sales of Rs 483.9 crore and the other income con-tributed Rs 35.93 crore. The OPIDBT stood at Rs 105.3 crore. It isnow poised to take a lead in the evolving mobile eco-system.

Associate Sponsor


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299

300

Investor Returns

Registered Office : JUIT Complex,, Waknaghat,P.O. Dumehar Bani, Solan, Himachal Pradesh - 173215

Tel: 2670601, 2671554, 2671557, Fax: 2670883,Email: [email protected]: Manoj GaurBusiness Group: Jaypee GroupIndustry: Power - Generation/Distribution

Investor Returns

High/Low Trends

Registered Office : Jiwaji Ganj, Morena District, Madhya Pradesh - 476001Tel: 233951, 233959, 505051, Fax: 505060,Email: [email protected]: Sanjay AgarwalBusiness Group: Not ApplicableIndustry: Edible Oils & Solvent Extraction

2007 2006 2005 2004 2003

BSE 85/26 40/22 38/27NSE 85/26 40/22 37/27



Sales 93.99 78.42 49.51 113.84 87.31Oper. Profit 88.39 72.01 39.32 103.73 77.75Net Profit 50.39 48.22 2.50 58.83 35.99Equity 491.00 491.00 491.00 491.00 491.00EPS 1.03 0.98 0.05 1.20 0.73


Rights Issue 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.

2007 2006 2005 2004 2003

BSE 548/49 321/92 112/23 36/6 19/2NSE 548/49





Rights Issue N.A. N.A. N.A. N.A. N.A.Splits 10/1 N.A. N.A. N.A. N.A.Dividend (%) 15 12 10 N.A. N.A.Bonus ratio N.A. 1:1 N.A. N.A. N.A.


Sales 335.77 277.55 304.99 300.02 0.00Oper. Profit 304.14 251.99 281.66 273.89 0.00PAT 199.54 145.68 51.10 57.91Equity 491.00 491.00 491.00 491.00 460.00EPS 4.06 2.97 1.04 1.18 0.00B.V 19.35 14.16 10.65 10.79 9.37


High/Low Trends





Electricity - 335.77 100.00



Oil 203036.00 Metric Tonnes 953.23 87.65De-oiled Cakes 147054.00 Metric Tonnes 80.20 7.37Ghee Vegetable (Vanaspati) 9428.00 Metric Tonnes 44.97 4.13Goods Traded - 7.35 0.67Power 4632383.00 KWH 1.74 0.16


KS Oils KS 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 Rs57.32 crore from Rs 15.17 crore, registering a phenomenal growthof 277.85 per cent. The company stepped into a JV in Malaysia,wherein the company will hold 49 per cent stake for enabling thelong-term objective of backward integration. It is planning to set-up a refining plant at Haldia, at an investment of Rs 100 crore, witha capacity of 500 TPD. Further, it is in the process of setting up fivemore Greenfield units involving an investment of Rs 400 crore.Besides, KS Oils would diversify into wind power generation at acost of Rs 200 crore.

Jaiprakash Hydro-Power Jaiprakash Hydro-Power is a part of Jaypee Group and a sub-

sidiary of Jaiprakash Associates Ltd. It was incorporated with theobject of implementing 300 MW Baspa-II HEP at district Kinnaur inHimachal Pradesh. During FY'07, the operating income increased toRs 335.77 crore from Rs 277.55 crore, with an improvement of 21per cent. The net profit jumped by 37 per cent to Rs 199.54 crorefrom Rs 145.68 crore. The company is likely to invest in the equity ofa JV Company namely Jaypee Powergrid with Power GridCorporation of India for developing a Transmission System to evacu-ate power to be generated by 1000 MW Karcham Wangtoo HydroElectric Project in Himachal Pradesh.

Associate Sponsor


334


RANK

199

200

Investor Returns

Registered Office : 801/802, Prasad Chambers,, OperaHouse, Mumbai, Maharashtra - 400004Tel: 40362222, Fax: 23630363,Email: [email protected]: Mehul C ChoksiBusiness Group: Not ApplicableIndustry: Diamond Cutting/Precious Metals/Jewellery

Investor Returns

High/Low Trends

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

2007 2006 2005 2004 2003

BSE 354/177 268/108NSE 355/177 267/108





Rights Issue N.A. N.A. N.A. N.A. N.A.Splits N.A. N.A. N.A. N.A. N.A.Dividend (%) 15 10 N.A. N.A. N.A.Bonus ratio N.A. N.A. N.A. N.A. N.A.

2007 2006 2005 2004 2003

BSE 490/293 635/222 369/70 608/62 364/119NSE 520/290 634/221 369/126





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 100Bonus ratio N.A. N.A. 1:1 N.A. N.A.




High/Low Trends





Diamonds 2736011.22 Carats 1249.68 77.55Jewellery 1725328.44 Grams 307.19 19.06Bullion 808.00 Kgs 54.48 3.38



Income From Construction Work - 672.43 97.97Income From Real Estate Develop.103483.85 Sq Yard 13.89 2.02


Patel Engineering Patel Engineering, a Mumbai-based engineering and construction

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

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 export-ing companies in India. It captures the entire value chain right fromsourcing 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 Rs2,100.49 crore. The change in the net profit was significantly higherthan that of top line reflecting the improvement in efficiency, as thenet profit surged by 71.3 per cent to Rs 81.90 crore. The company hasmade its foray into the software technology and telecom business throughthe incorporation of a wholly owned subsidiary "Ivida Technologies Pvt Ltd".

Associate Sponsor


284

financial snapshot100RANK

IFCIInfrastructure Finance Corporation, has registered a turnaround

performance in 2006-07, during the period operating income of thecompany grew by 27.14 per cent to Rs 1,997.65 crore whereas thenet profit zoomed at an astounding rate. After having recorded a netloss of Rs 177.82 crore the previous year, it posted a net profit of Rs898.02 crore, led by excellent top line growth as well as a 3136.22 percent 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 apercent of operating income it fell from as high as 48.50 per cent theprevious year to 36.59 per cent thereby improving margins. Despitea phenomenal increase in tax charges to Rs 363.63 crore the bottomline zoomed to register its best performance. Currently, IFCI is in theprocess of roping in a strategic investor and has reportedly attractedbids from several banking and private equity giants. Besides, it isworking on developing a new business model to revive business. Itwill no longer be a pure long-term lender and is looking to diversifyits business; it may take equity stake in projects it finances. Already asmany as 10 domestic and foreign financial institutions and consortiahave evinced interest in picking up 26 per cent stake in IFCI.

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

BSE Code: 500106 NSE Code: IFCIEQ CMP: Rs. 96 F.V: Rs. 1052 Week H/L: Rs. 105/9PE (x): 6.85Dividend Yield (%): -

Investor Returns

High/Low Trends

Liabilities 2007 2006 2005 2004Equity 638.68 638.68 638.68 638.68Reserves -622.45 -4558.47 -4483.53 -4155.39Loans 12924.28 13678.18 15024.95 17230.17Others 429.27 429.27 429.27 429.27AssetsNet block 289.09 311.16 330.75 351.26Investments 2170.53 2080.25 2834.83 3563.55Working Cap 10910.16 7796.22 8438.78 10204.63Others 0.00 0.03 0.91 4.64

Balance Sheet Trends (Rs. Crore)

Annual Trends (Rs. Crore)Product Mix (Top 3) (Year = Mar 2007)

Quarterly Trends (Rs. Crore)


Income From Finance - 1221.18 77.72Inc. From Sale Of Share & Sec. - 153.27 9.75Interest - 138.28 8.80

Jun - 07 Mar - 07 Dec - 06 Sep - 06 Jun - 06

Net Income 349.95 1052.62 361.66 323.44 252.01Other Income 135.62 41.47 5.88 2.03 4.30Operating Profit 357.98 1149.28 313.81 284.54 175.99Interest 179.44 181.37 187.77 168.23 193.57Gross Profit 314.16 1009.38 131.92 118.34 -13.28Depriciation 1.68 2.11 2.20 2.45 2.26PBT 312.48 1031.58 129.72 115.89 -15.54Tax 65.62 363.15 0.35 0.06 0.07PAT 246.86 668.43 129.37 115.83 -15.61Equity 638.68 638.68 638.68 638.68 638.68OPM(%) 102.29 109.18 86.76 87.97 69.83NPM(%) 50.83 61.09 35.19 35.58 -6.09


Rights Issue 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.

2007 2006 2005 2004 2003

BSE 105/13 15/8 20/9 24/7 28999/22252BSE 105/13 15/8 20/9 24/7 20/4

FY07 FY06 FY05

Net Sales 1982.85 1571.19 1225.88Other Income 56.24 7.98 22.88Operating Profit 1913.47 398.46 258.82Interest Cost 701.53 750.44 945.92Gross Profit 1268.18 -344.00 -664.22Depreciation 9.02 9.88 17.86PBT 1229.75 -365.61 -694.14Tax Charges 363.63 0.28Reported Net Profit 873.71 -177.82 -324.40Cash Flow from operating Activity 302.60 986.38 428.68Equity 638.68 638.68 638.68EPS (Rs.) 13.68 -2.78 -5.08Cash EPS (Rs.) 13.82 -2.63 -4.80Cash Flow from Operations per share 4.74 15.44 6.71Eq. Dividend (%) 0.00 0.00 0.00OPM (%) 96.50 25.36 21.11RONW (%) 5383.30 0.00 0.00ROCE (%) 14.66 3.89 2.29Debt/Equity 822.77 0.00 0.00Exports as percent of Total Sales 0.03 0.00 0.01Net forex Eaarnings -68.28 -50.60 -34.75Book Value 0.25 -61.37 -60.21

Raw Material Mix (Top 3) (Year = Mar 2007)Raw Material UoM Qty Cost of Raw Material Name Good Mix

Not Applicable Not Applicable - - -


234

financial snapshot

UnitechUnitech, the largest listed real estate company in India with a

market capitalization of over US $7.5 billion as on March'07, reg-istered whopping growth of 283.38 per cent in operating income toRs 2,503.97 crore on the back of overall growth in the sector dur-ing FY'07. Operating profit grew much higher at Rs 1,013.6 to Rs1,412.45 crore followed by similar growth in net profit from Rs69.64 crore to Rs 983.55 crore. The story continues and the com-pany is now taking off in another direction by moving into AirportDevelopment and is scouting for some international players as part-ners. Unitech has a fancy for foreign partners in most projects itundertakes. It has tie-up with Canadian company for expresswayand is in pact with a Dutch firm for building a 3.6 km long and 50m high bridge on Hooghly river. Apart from all these, Unitech hasalso diversified into hospitality sector and would build 28 hotelsand is also exploring opportunities for 'Project Management' tie-ups with foreign players. From being a player operating predomi-nantly in the national capital region (NCR), Unitech is fast widen-ing its presence across the length and breadth of the country like itsrecent venture into the city of Kolkata.

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

BSE Code: 507878 NSE Code: UNITECHEQ CMP: Rs. 328 F.V: Rs. 252 Week H/L: Rs. 357/157PE (x): 54.13Dividend Yield (%): -

Investor Returns

High/Low Trends

Liabilities 2007 2006 2005 2004Equity 162.34 12.49 12.49 12.49Reserves 998.66 212.05 161.42 138.20Loans 3607.17 686.77 323.83 131.65Others 0.00 0.00 0.00 0.00AssetsNet block 72.50 1879.39 1131.48 639.88Investments 518.92 282.39 166.57 83.39Working Cap 4176.75 -1250.48 -800.32 -440.93Others 0.00 0.00 0.00 0.00





Net Income 763.66 848.71 1002.74 384.76 267.76Other Income 25.07 35.44 13.85 7.93 38.45Operating Profit 491.18 510.05 695.01 131.40 76.00Interest 68.86 74.43 49.49 18.99 15.85Gross Profit 447.39 471.06 659.37 120.34 98.60Depriciation 1.34 1.20 1.34 1.05 0.95PBT 446.05 469.86 658.03 119.29 97.65Tax 98.22 112.77 205.65 19.20 23.65PAT 347.83 357.09 452.38 100.09 74.00Equity 162.34 162.34 162.34 162.34 162.34OPM(%) 64.31 60.09 69.31 34.15 28.38NPM(%) 44.10 40.38 44.49 25.48 24.16


Rights Issue N.A. N.A. N.A. N.A. N.A.Splits N.A. 10/2 N.A. N.A. N.A.Dividend (%) 25 10 40 30 20Bonus ratio 1:1 12:1 N.A. N.A. N.A.

2007 2006 2005 2004 2003

BSE 624/239 14799/157 1010/266 343/68 126/38NSE 623/237 14849/157 1005/265 345/78 127/40

FY06 FY05 FY04

Net Sales 2503.97 653.13 509.33Other Income 95.67 21.45 17.41Operating Profit 1412.45 126.84 49.57Interest Cost 158.76 32.52 17.76Gross Profit 1349.36 115.77 49.22Depreciation 4.54 3.10 2.14PBT 1344.82 108.05 42.92Tax Charges 361.27 38.48 13.46Reported Net Profit 983.55 69.64 29.92Cash Flow from operating Activity 0.00 -260.46 87.66Equity 162.34 12.49 12.49EPS (Rs.) 12.12 55.77 23.96Cash EPS (Rs.) 12.17 58.25 25.67Cash Flow from Operations per share 0.00 -208.58 70.20Eq. Dividend (%) 25.00 10.00 40.00OPM (%) 56.40 19.41 9.73RONW (%) 84.71 31.01 17.20ROCE (%) 31.53 15.93 13.02Debt/Equity 3.11 3.06 1.86Exports as percent of Total Sales 0.00 0.14 0.66Net forex Eaarnings 0.00 -11.42 -13.28Book Value 14.30 179.81 139.27



50RANK


Real Estate - 2147.65 85.76Consultancy Income - 296.32 11.83Profit On Sale Of Assets - 60.00 2.39


209

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 12MMTPA 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 percent to Rs 96,556.85 crore, whereas the cost of sales grew by 25.18per cent to Rs 93,177.32 crore. As a percent of sales cost of salesreduced from 98.54 per cent to 96.50 per cent, thereby operatingmargins increased by 204 basis points to 3.5 per cent from 1.46 percent during FY'06. Further despite a 92.95 per cent rise in financialexpenses and a 724.91 per cent rise in tax charges to Rs 961.52crore, the net profit surged by an astounding 519.05 per cent to Rs1,805.47 crore. The net profit margins improved to 1.86 per cent to0.38 per cent during FY'06. Effective tax rate increased from 21.30per cent to 34.75 per cent during the year. Moving forward thecompany through its 100 per cent subsidiary Bharat PetroResourcesLtd has signed a share purchase agreement for the acquisition ofEncana Brasil Pe. The transaction is for the interests in ten deep-water offshore exploration blocks in four concessions in Brazil.

Registered Office : Bharat Bhavan, 4 & 6, CurrimbhoyRoad, Ballard Estate, Mumbai, Maharashtra - 400001Tel: 22713001 - 004, Fax:22713874 22616793Email: [email protected]: Ashok SinhaBusiness Group: Public SectorIndustry: Refineries

BSE Code: 500547 NSE Code: BPCLEQ CMP: Rs. 380 F.V: Rs. 1052 Week H/L: Rs. 421/282PE (x): 7.61Dividend Yield (%): 4.21

Investor Returns

High/Low Trends

Liabilities 2007 2006 2005 2004Equity 361.54 300.00 300.00 300.00Reserves 9912.00 8777.88 6088.43 5549.72Loans 10829.24 8373.60 3881.61 2689.72Others 0.00 61.54 0.00 0.00AssetsNet block 11833.39 11085.47 8348.67 7453.48Investments 7385.42 3877.42 1677.14 1976.97Working Cap 1883.97 2550.13 244.23 -891.01Others 0.00 0.00 0.00 0.00





Middle Distillates 16143082.00 Metric Tonnes 47393.93 57.11Light Distillates 8855785.00 Metric Tonnes 28389.33 34.20Others 3624348.00 Metric Tonnes 5708.38 6.87


Net Income 26550.10 26632.70 26553.50 28832.30 25433.80Other Income 434.10 254.70 148.70 220.70 109.10Operating Profit 206.00 1273.80 689.20 1713.80 -260.90Interest 124.00 164.80 129.80 92.00 90.80Gross Profit 516.10 1363.70 708.10 1842.50 -242.60Depriciation 227.60 277.80 248.40 196.40 181.50PBT 288.50 1085.90 459.70 1646.10 -424.10Tax 95.80 415.90 156.20 387.60 2.40PAT 192.70 670.00 303.50 1258.50 -426.50Equity 361.50 361.50 361.50 361.50 361.50OPM(%) 0.77 4.78 2.59 5.94 -1.02NPM(%) 0.71 2.49 1.13 4.33 -1.66


Rights Issue N.A. N.A. N.A. N.A. N.A.Splits N.A. N.A. N.A. N.A. N.A.Dividend (%) 160 25 125 175 150Bonus ratio N.A. N.A. N.A. N.A. N.A.

2007 2006 2005 2004 2003

BSE 448/287 503/291 475/340 533/215 470/187NSE 400/282 505/291 475/339 533/230 467/185

FY07 FY06 FY05

Net Sales 96556.85 75533.30 57877.40Other Income 768.63 461.61 438.27Operating Profit 3717.79 1101.16 1692.22Interest Cost 477.35 247.41 139.80Gross Profit 4009.07 1315.35 1990.69Depreciation 904.11 768.01 596.04PBT 3104.96 547.34 1394.65Tax Charges 955.33 116.56 427.14Reported Net Profit 1805.48 291.65 965.80Cash Flow from operating Activity 4646.65 1349.92 234.04Equity 361.54 300.00 300.00EPS (Rs.) 49.94 9.72 32.19Cash EPS (Rs.) 74.95 35.32 52.06Cash Flow from Operations per share 128.52 45.00 7.80Eq. Dividend (%) 160.00 25.00 125.00OPM (%) 3.85 1.45 2.92RONW (%) 17.57 3.21 15.11ROCE (%) 28.81 7.40 20.03Debt/Equity 0.21 0.18 0.20Exports as percent of Total Sales 5.78 5.67 3.35Net forex Eaarnings -23736.77 -19451.27 -5480.86Book Value 284.16 302.60 212.95


Oil Crude Metric Tonnes 17221007.00 31964.64 98.75Base Oil Kilolitres 97316.00 263.81 0.81Others Metric Tonnes 23478.00 71.49 0.22

25RANK

Platinum Sponsor


195

Platinum Sponsor

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

BSE Code: 500209 NSE Code: INFOSYSTCHEQCMP: Rs. 2002 F.V: Rs. 552 Week H/L: Rs. 2415/1715PE (x): 30.22Dividend Yield (%): 0.60

Investor Returns

High/Low Trends

Liabilities 2007 2006 2005 2004Equity 286.00 138.00 135.29 33.32Reserves 10876.00 6759.00 5106.44 3220.11Loans 0.00 0.00 0.00 0.00Others 0.00 0.00 0.00 0.00AssetsNet block 3107.00 2133.00 1494.42 970.30Investments 839.00 876.00 1328.70 1027.38Working Cap 7216.00 3888.00 2418.61 1255.75Others 0.00 0.00 0.00 0.00





Software Develop.Charges - 13149.00 100.00


Net Income 3551.00 3555.00 3454.00 3273.00 2867.00Other Income 255.00 120.00 60.00 66.00 129.00Operating Profit 1010.00 1149.00 1149.00 1054.00 877.00InterestGross Profit 1265.00 1269.00 1209.00 1120.00 1006.00Depriciation 134.00 133.00 129.00 110.00 97.00PBT 1131.00 1136.00 1080.00 1010.00 909.00Tax 103.00 12.00 122.00 114.00 104.00PAT 1028.00 1124.00 958.00 896.00 805.00Equity 286.00 286.00 279.00 278.00 138.00OPM(%) 28.44 32.32 33.26 32.20 30.58NPM(%) 27.00 30.58 27.26 26.83 26.86


Rights Issue N.A. N.A. N.A. N.A. N.A.Splits N.A. N.A. N.A. N.A. N.A.Dividend (%) 230 900 230 2590 540Bonus ratio N.A. 1:1 N.A. 3:1 N.A.

2007 2006 2005 2004 2003

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

FY07 FY06 FY05

Net Sales 13149.00 9028.00 6859.66Other Income 333.00 221.00 118.68Operating Profit 4226.00 2990.00 2326.20Interest CostGross Profit 4559.00 3211.00 2444.88Depreciation 469.00 409.00 268.22PBT 4089.00 2801.00 2175.57Tax Charges 352.00 303.00 325.30Reported Net Profit 3783.00 2421.00 1904.38Cash Flow from operating Activity 3256.00 2237.00 1359.70Equity 286.00 138.00 135.29EPS (Rs.) 66.23 87.86 70.38Cash EPS (Rs.) 74.44 102.70 80.30Cash Flow from Operations per share 57.00 81.18 50.25Eq. Dividend (%) 230.00 900.00 230.00OPM (%) 32.13 33.11 33.91RONW (%) 33.89 35.10 36.33ROCE (%) 36.64 40.62 41.52Debt/Equity 0.00 0.00 0.00Exports as percent of Total Sales 92.44 95.86 88.99Net forex Eaarnings 6315.00 5059.00 3130.52Book Value 195.41 250.29 193.73



11RANK

Infosys Technologies Infosys is a global technology service provider that defines designs

and delivers IT-enabled business solutions for its clients. DuringFY'07, the operating income improved by 45.6 per cent to Rs 13,149crore from Rs 9,028 crore, as the revenue contribution from Europeimproved from 24.5 per cent to 26.4 per cent, whereas contributionfrom North America, India and Rest of the World dropped from 64.8per cent, 1.7 per cent and 9 per cent to 63.3 per cent, 1.6 per cent and8.7 per cent respectively. The cost of sales surged by 47.8 per cent toRs 8,923 crore, as manufacturing expenses grew by 61.4 per cent toRs 1,378 crore from Rs 854 crore. Finally, the net profit increased toRs 3,783 crore from Rs 2,421 crore. Going ahead, the companyacquired Philips BPO operations through a US $250 million out-sourcing contract, which has an expertise in finance and administra-tion space, which will help Infosys leverage the platform to serve itslarge number of clients in the banking and insurance space. Further,Infosys expanded its operation by creating its first subsidiary in LatinAmerica and opening of the development center and office in Mexico.The subsidiary is expected to provide full range of business consultingand IT services for clients in all industries. Infosys is in talks with theTV18 group for jointly exploring media outsourcing services.


194

financial snapshotRegistered Office : BHEL House, Siri Fort, New Delhi, Delhi - 110049 Tel: 26001046, Fax:26001102, Email: [email protected]: Ashok K PuriBusiness Group: Public SectorIndustry: Engineering - Heavy

BSE Code: 500103 NSE Code: BHELEQ CMP: Rs. 2072 F.V: Rs. 1052 Week H/L: Rs. 2087/969PE (x): 42.01Dividend Yield (%): 1.16

Investor Returns

High/Low Trends

Liabilities 2007 2006 2005 2004Equity 244.76 244.76 244.76 244.76Reserves 8543.50 7056.62 5782.13 5051.18Loans 89.33 558.24 536.98 540.03Others 0.00 0.00 0.00 0.00AssetsNet block 1294.88 1173.11 1141.92 1203.27Investments 8.29 8.29 8.95 28.98Working Cap 7574.42 6678.22 5413.01 4585.79Others 0.00 0.00 0.00 17.92





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


Net Income 3569.56 7576.00 4709.87 3665.40 2887.25Other Income 206.32 286.02 185.47 169.89 120.09Operating Profit 310.67 1587.20 929.20 456.32 318.18Interest 2.16 4.68 11.97 13.55 13.13Gross Profit 514.83 1868.54 1102.70 612.66 425.14Depriciation 68.91 76.23 66.21 66.67 63.86PBT 445.92 1792.31 1036.49 545.99 361.28Tax 157.01 641.94 368.84 185.98 124.61PAT 288.91 1150.37 667.65 360.01 236.67Equity 489.52 244.76 244.76 244.76 244.76OPM(%) 8.70 20.95 19.72 12.44 11.02NPM(%) 7.65 14.63 13.63 9.38 7.86


Rights Issue N.A. N.A. N.A. N.A. N.A.Splits N.A. N.A. N.A. N.A. N.A.Dividend (%) 245 145 80 60 40Bonus ratio 1:1 N.A. N.A. N.A. N.A.

2007 2006 2005 2004 2003

BSE 2923/1301 2668/1381 1499/669 786/375 515/165NSE 2919/1301 2666/1370 1500/630 782/375 515/153

FY07 FY06 FY05

Net Sales 17362.89 13441.45 9639.00Other Income 502.85 329.66 308.48Operating Profit 3545.20 2223.59 1303.39Interest Cost 43.33 58.75 81.41Gross Profit 4004.72 2494.50 1530.47Depreciation 244.61 245.93 218.87PBT 3760.11 2248.57 1311.60Tax Charges 1311.09 881.61 616.30Reported Net Profit 2414.70 1679.16 953.40Cash Flow from operating Activity 2821.37 1623.83 818.29Equity 244.76 244.76 244.76EPS (Rs.) 98.66 68.60 38.95Cash EPS (Rs.) 108.65 78.65 47.89Cash Flow from Operations per share 115.27 66.34 33.43Eq. Dividend (%) 245.00 145.00 80.00OPM (%) 20.41 16.54 13.52RONW (%) 27.47 22.99 15.81ROCE (%) 42.84 29.35 21.22Debt/Equity 0.01 0.08 0.09Exports as percent of Total Sales 6.31 5.27 8.29Net forex Eaarnings -1582.59 -1826.43 -1008.49Book Value 359.06 298.31 246.24


Components Not Reported - 4830.04 58.81Ferrous Material Metric Tonnes 347876.00 2259.25 27.51Others Not Reported 4268.00 599.15 7.29

10RANK

Bharat Heavy Electricals BHEL, the largest engineering and manufacturing enterprise in

India in the energy related infrastructure sector, registered an impres-sive growth of 28.24 per cent in operating income to Rs 17,237.53crore during FY'07 on the back of improved order book position dur-ing the year. Comparatively lower growth in cost of sales at 25.14 percent propelled the operating profit, which grew by 43.91 per cent toRs 3,199.94 crore followed by 43.8 per cent growth in net profit to Rs2,414.70 crore. The company has a healthy order book position com-prising order worth Rs 1,829 crore from Aravali Super Thermal PowerProject, Rs 431 crore from IOC, Rs 6.3 crore from PowerGrid, Rs 106crore from Rashtriya Ispat Nigam and Rs 163 crore order from NTPCis the single largest transformer order that BHEL has received. Further,in order to strengthen its position, the company has planned toincrease its expenditure to Rs 238 crore to meet the technologicalrequirement for its ultra mega power project and nuclear power plant.By 2012, the R&D expenditure is expected to surge to Rs 100 croremark. Also, the company is targeting the offshore market to furtherboost the performance and has prepared a multi-pronged strategy toenhance its overseas operations and set a target of exports contribut-ing 25 per cent of its total turnover by 2011-12.


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