Search - January 2011 - Vol 3 - Top 500 Manufacturing Companies

J A N U A R Y 2 0 1 1 | SEARCH - THE INDUSTRIAL SOURCEBOOK 15

Archana [email protected]

The reality called boundaryless market is a bonus with an onus… yes, the flat world market opens up plethora of business opportunities, and creates a level playing field for companies across the globe to compete and excel, and yes, it sets benchmarks, but it is also true that the onus is on everybody who is in the business

of manufacturing to match and above all, scale up to the benchmarks already established by leading companies.

And who are these leading companies? Well, these are the companies who have not only progressed and grown but also created the growth ecosystem for the whole value chain; these are the manufacturing companies who are leading the pack.

In a nutshell, it is all about imbibing the best practices and inculcating it in your products and processes. But if you want to compete, you need to know with whom you need to compare yourself with. While the new-age market dynamics prompt us to be better than the best, the yardstick for evaluating our progress in this ever-changing market needs to be an ever-evolving one too.

Quantifying the yardstick for evaluating the cream of manufacturing, ‘Top 500 Manufacturing Companies - Listing and Analysis’, is all about leaders and their best practices. This volume shares the expertise that these manufacturing heavyweights have discovered during their journey. Interestingly, each of these top companies have adopted a unique business plan, tried a different route, but with one commonality – they have all reached the pinnacle in their pursuit for perfection, that’s for sure.

Keeping winning as a ‘K’, or a constant, the approach that these top manufacturing companies have adopted to be in this club of excellence are varied. The variation includes raw material strength, quality control, R&D, strong foundation on innovation, production excellence, sustainable business practices, competitive advantage, swift distribution network, superior brand building, talent management, environment-friendly products & processes, customer satisfaction, diversified portfolio, cost competitiveness, operational excellence and global reach to name the few. You will read all about these strategies in the analysis of the top 13 manufacturing companies, the idea is to share the winning secrets of these ‘best in class’ companies.

The listing, on the other hand, presents the who’s who of manufacturing, being compared and evaluated on very critical parameters. All in all, it’s a must read for those who made it to the list. It will help them evaluate their performance and reach the next level. For those who missed it this time, it is all the more critical, as it will help them chart the growth route to be a part of this ‘A’ list. As you gear up to be the ‘best in class’, it’s time for India to claim its position as the global manufacturing hotspot. Let’s win!

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LEADING THE PACK

EDITORIAL

16 SEARCH - THE INDUSTRIAL SOURCEBOOK | J A N U A R Y 2 0 1 1

D R DograMD & CEOCARE Ltd.

While FY09 proved to be a year of shocks and surprises, the period following H1FY10 gradually

seemed to calm the nation’s nerves with the uncertainty in the economy paving way for

a phoenix-like rebuild. Since our last association with SEARCH magazine as a knowledge

partner for ranking the ‘Top-500 Indian Manufacturing companies,’ the global economic

and the corresponding business scenario stand changed. The government’s stimulus packages in the

form of duty drawbacks, liquidity through the nation’s banking system etc., acted as insulin to restore

the balance between growth and its longevity. Especially since H2FY10, in anticipation of factors such

as a faster-than-expected economic recovery, increase in consumer confi dence etc., consequently led to

growth in demand of goods & services both indigenously and abroad. The off take of goods and services

in turn demonstrated a spiraling effect with an improvement in the employment situation, greater

demand for raw materials by manufacturing concerns and higher profi ts owing to the commodity prices

still far away from their peak.

Even though the year FY11 continues to be marked by concerns such as those originating from the

European debt crisis, global currency wars etc., the Indian economy has continued to be resilient as

refl ected by the growth through economic indicators ie. GDP, IIP, export trend etc. With the economy

in a transitional phase, CARE Research as the knowledge partner for SEARCH magazine has evolved

a comprehensive methodology to bring out the leaders and rank the ‘Top-500 Indian Manufacturing

companies’. In addition to taking into account the size of the company (an important parameter for any

manufacturing concern), companies were also assessed in terms of their profi tability, capital structure

and return to the investor community. The methodology adopted ensured that companies, which

strategically faced the tidal waves of economic uncertainty and also paced faster than others to gain

from the economic growth bandwagon, achieved higher rank than the rest. Going ahead, not only the

scalability but also sustainability would be the mantra of success for Indian manufacturing in the event of

growing competition both domestically as well as internationally.

FOREWORD

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Foreword1 6

MAPPING THE POTENTIALIndian Economy Assessment FY11Of Possibilities & Prospects

MANUFACTURING METRICSDawn Of The Global Manufacturing ‘Titan’

RANKING METHODOLOGYDeriving @ Top 500 Manufacturing Companies

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Top 500 Manufacturing Companies - Listing3 2

ANALYSING THE TOP 13

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STERLITE INDUSTRIES INDIA LTD (SIL)Steering in the right direction

HINDUSTAN PETROLEUM CORPORATION LTD (HPCL)Fuelling prospects for dynamic development

BHARAT PETROLEUM CORPORATION LTD (BPCL)Refining margins for sustained growth

TATA MOTORS LTDReinventing wheels of fortune

TATA STEEL LTD (TSL)Thrusting on raw material security

BHARAT HEAVY ELECTRICALS LTD (BHEL)Treading the path of excellence

INDIAN OIL CORPORATION (IOC)Leading with a passion to excel

OIL & NATURAL GAS CORPORATION (ONGC)Intensifying production to maintain lead

RELIANCE INDUSTRIES LTD (RIL)In a league of its own

ITC LTDCreating epicentres of growth

STEEL AUTHORITY OF INDIA LTD (SAIL)Maintaining a steel edge

JINDAL STEEL & POWER LTD (JSPL)Powering progress

HINDALCO INDUSTRIES LTD (HIL)Forging its way ahead

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MAPPING THE POTENTIAL

Industrial growth in FY10 was fairly robust, with growth of around 10.5 per cent, which, however, should be interpreted with caution, as it came

over a low growth of 2.7 per cent in FY09. Therefore, this was a year when the performance of agriculture was unsatisfactory and when that of industry showed a revival. The government and RBI were in the mode of easing the strings that came under the umbrella of fiscal stimulus. This was quite an appropriate move, considering that the economy could slip into a slowdown. A similar route was followed by countries all over, in the form of tax cuts and higher government expenditure.

The external situation presented a mixed picture. Exports were down due to the global slowdown, as demand fell from the western nations, and growth, hence, turned negative. However, at 2.9 per cent of GDP, the current account deficit was within the range. This was helped by the invisibles account, with software receipts providing

relief. Further, on the capital inflows side, there was steady improvement of both FDI and FII flows which helped to keep the balance of payments, in a strong position. The rupee, however, did depreciate on an annual basis, in both FY09 and FY10 since Forex reserves, on the whole, declined from close to $300 billion compared to $255 billion, over two years. The weaker rupee was of help to maintain competitive advantage, given that there was turbulence in the global market.

The performance and prospects for the current year needs to be viewed against these backgrounds.

INFLATIONThe major problem facing the country, in the aftermath of the last year’s drought, has been inflation. WPI inflation was in the double digit range in April and came down to 8.6 per cent in October. It is expected to move closer to six per cent by March ‘11. However, these numbers must be

interpreted with caution, as it comes over a high-base year, when prices had gone up. Food inflation, in particular, has been a worry, and though the numbers have been coming down, the absolute level of prices have been high. Also there has been a pick up in the price level (in the non-food category), which can be attributed partly to the global developments and mainly to higher demand in the country emanating from higher growth. The CPI indices, for industrial and agricultural labourers, are still in the range of 9 – 10 per cent in the current year.

Inflation trends are important because RBI’s monetary policy has been targeting inflation right from April, where the repo and reverse repo rates have been increased continuously to 6.25 per cent and 5.25 per cent respectively. RBI has, hence, been targeting inflation for a dual purpose: to bring down prices, as well as control the build-up of inflationary expectations. Given this overwhelming pressure to keep inflation

The Indian economy had performed remarkably well even when the world economy was in turmoil in FY09 and 10. Growth rates of 6.7 and 7.4 per cent, respectively, were registered in G D P, in these two years. The performance in FY10 has to be viewed differently, as this was the time when the country faced a serious drought. The Kharif crops had failed and the Rabi crop was just about satisfactory; leaving agricultural growth virtually unchanged for the year. It was also the beginning of a strong inflationary spiral, which was to have a far-reaching impact on the entire economy even in FY11. Tracking the past and tracing promising routes, here’s assessing the Indian economy in FY11…

INDIAN ECONOMY ASSESSMENT FY11

Of Possibilities & Prospects

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MAPPING THE POTENTIAL

under control, RBI’s outlook towards interest rates will remain, at best, at stable levels, with an increase, in case inflation does not come down substantially. While the target kept for the year is six per cent by March; which is possible on account of the high-base year of last year, the fact that non-farm prices are increasing will be the focus of RBI’s attention.

INDUSTRYIndustrial growth has been over 10 per cent for the first six months, which is a positive sign. However, it has been fluctuating during these months, and such a tendency will continue to persist in the coming months, given the high-base-year effect. It is expected that industrial growth for the entire year would be in the nine per cent range. The positive factor for industry has been the strong performance of the capital and consumer durable goods segments. This means that the two ends of the industrial spectrum have shown strong growth signs which are required to keep the economy on a high growth path. The main sectors that have been leading this growth are automobiles, machinery, and consumer durable goods. The fact that the active demand season is from October onwards would mean that the pace of growth will be maintained through the second half, though admittedly, there will be a downward bias on account of the base-year effect. It is also true that this year there has also been a huge demand for gold as an alternative investment asset. This, at the margin, has led to lower household spending on consumer durable goods. But, considering that growth is still high, the implication is that it has not had a significant impact on the budgets of households. Further, the construction sector would also be showing a revival in the next few months, as this is the seasonal trend witnessed after monsoon.

AGRICULTUREThe farm sector, probably, has been the most-positive factor for the economy. The monsoon this year has been normal and the first advance estimates of the ministry of agriculture point to an increase of 10.4 per cent in production of food grains, 10.3 per cent in oilseeds, 17 per cent in sugarcane, and 40 per cent in cotton. The Kharif crop accounts for roughly 50-60 per cent of the total agricultural production. The latest

reports point towards steady Rabi sowing, notwithstanding the extended monsoon and unseasonal showers in different parts of the country. Therefore, assuming the Rabi crop to also be good, agricultural output is expected to increase between four to five per cent in FY11. This is significant, as agriculture provides two links to industry:

one is through the input route for industries such as food products (including vegetable oils and sugar), textiles, rubber products etc. The other is through higher spending from the rural areas, which is evident during the festival season in particular.

GDP GROWTHWith the service sector showing adequate support to the agricultural and industrial sectors, overall GDP growth is well on target of 8.5 per cent for this year, with an upside of 8.8 - 8.9 per cent, going by present trends. The construction sector, in particular, along with finance and banking, would be the main drivers of this sector. This would more-than-compensate for lower government spending on social and community services, as per the phased

withdrawal of the fiscal stimulus announced by the government, earlier this year.

THE FISCAL DEFICITThe fiscal deficit is likely to be maintained at 5.5 per cent of GDP, as budgeted under ceteris paribas conditions. It may be recollected that the government received higher-than-budgeted receipts on account of the 3G auctions. The amount was over Rs 65,000 crore. It is not clear, as yet, as to

how these funds would be deployed. However, given that the government has indicated that the fiscal deficit will be on target and not lower, it may be surmised that these funds would be kept as a reserve for special purposes, to be decided in course of time.

High growth in both, industry as well as imports, should ensure that tax collections are on target this year, through corporate, excise, and customs collections. The government has already lowered its borrowing programme by around Rs11,000 crore. This indicates that spending will also be as per the budget numbers and that there would be no exceptional outlays this year.

LIQUIDITY AND INTEREST RATES Liquidity has been tight for the greater part of the year, especially after July, as there has been a combination of lower growth in deposits and higher growth in credit. This has been manifested in the recourse sought by banks in the last few months - for funds - to the RBI, through the repo window, which has been of the order of around Rs one lakh crore, on a daily basis. Deposits’ growth has been affected by slow growth in corporate deposits, hoarding of currency by public, continuous movement of funds from deposits into IPOs of public sector undertakings, and steady growth in credit from the housing and corporate sectors. RBI does view this phenomenon to be temporary, but lasting for a longer time-period, and not intrinsic to the system. This can be surmised by the fact that RBI has kept the CRR unchanged, even while it has extended the LAF facility and temporarily waived the penalty on SLR maintenance up to two per cent of the statutory requirement. Advance tax payment in December would exert further pressure on the liquidity situation, which will keep interest rates in the GSec market at a higher level. It may be expected that the 10-year-yield will range between 7.9 - 8.1 per cent for the rest of the year. However, given that inflationary pressures are still there, there could be another round of interest rates hike in early 2011.

CAPITAL MARKETSCapital markets have been extremely robust this year on account of two factors. The first

CARE ratings expectations for the year

Expectations for FY11 Growth (%)GDP 8.8 - 8.9

Agriculture 4 - 5Industry 9Services 9.5 - 10

Industrial growth has been over 10 per cent for the first six months, which is a positive sign. However, it has been fluctuating during these months, and such a tendency will continue to persist in the coming months, given the high-base-year effect. It is expected that industrial growth for the entire year would be in

the nine per cent range.


is that the economy has been doing well, which is also reflected in the corporate results for the first two quarters of the year, where top-line growth is quite distinct. The second is that foreign funds are finding valuations attractive. The easy monetary stance of developed countries likes the USA, Euro zone, UK, and Japan, in particular, has diverted funds to the emerging markets. India has been a beneficiary in this. This has also helped companies to raise fresh funds, which were Rs79,123 crore, up to November, as against Rs59,149 crore last year. FII inflows too have been rising and were $29.6 billion in the first eight months of the year as against $19.5 billion last year, in the same period. Interest will continue in this market, as the disinvestment programme is just about half way through, with over Rs 15,000 crore to be mobilised in the last quarter of the year.

EXTERNAL SECTORThe high capital inflows through FII and FDI have helped to counter the trade deficit, which has been increasing, because imports have supported the high level of industrial

growth. The trade deficit for the first eight months of the year was $81 billion, with exports touching $140 billion, and imports around $221 billion. Exports may be expected to cross $200 billion and reach round $215 billion for the entire year.

The higher capital inflows are hence, a palliative for the rising trade and current account deficit, which will offer comfort to the balance of payments. The higher deficit has, in fact, acted as a natural force towards a rapid appreciation of the currency. With these twin developments taking place, the rupee is unlikely to appreciate substantially to cause issues for monetary policy.

IN CONCLUSIONThe overall state of the economy for FY11 is positive in all respects, especially when

juxtaposed with FY10. Growth will be higher and inflation lower, under stable external conditions. The issue, however, is how the economy will perform in the years to come. FY11 has come over relatively adverse conditions in terms of agriculture and inflation in FY10, and hence is an improvement. But building growth

over 8.8 - 8.9 per cent this year will be the real task after three years of consolidation, following the financial crisis that enveloped the world economy. Fiscal consolidation will be the medium term goal of the government in the next two years, and this will be possible in FY11, partly due to fortuitous conditions such as sale of 3G spectrum and disinvestment. The same may not be replicated in a similar manner, though high sustained industrial growth will sustain the tax revenue collections. Industry, on the other hand, will probably be looking towards the easing of rates in FY11, as inflation settles down to more tolerable levels. RBI will hence be playing a critical role, once again, in monitoring the financial flows in the economy, so as to enable movement on the high growth trajectory in the coming years.

Building growth over 8.8 - 8.9 per cent this year will be the real task after three years of consolidation, following the financial crisis that enveloped the world economy. Fiscal consolidation will be the medium term goal of the government in the next two years, and this will be possible in FY11, partly due to fortuitous conditions

such as sale of 3G spectrum and disinvestment.


Following the global financial crisis during H2FY09, the domestic macroeconomic environment changed drastically during FY10.

This was led by higher domestic demand, accommodative monetary policy by RBI, and continuous stimulus packages announced by the Government of India (GoI). Real GDP growth showed a turnaround from 6.7 per cent in FY09 to 7.4 per cent in FY10. A strong recovery in the industrial sector, combined with the resilient services sector, muted the impact of a deficient south-west monsoon, on overall output. The real GDP growth rate for H1FY11 was placed at 8.9 per cent.

The Index of Industrial Production (IIP), clocked a growth of 10.5 per cent during FY10 (2.8 per cent in FY09), bolstered by a double-digit growth since October 2009. During the

current fiscal (up to August 2010), IIP maintained a double-digit growth of 10.6 per cent.

GROWTH IN IIPThe manufacturing output growth rate was supported by increase in consumer durables, capital goods, and intermediate goods production in FY10. The strong

performance of the manufacturing sector could partly be attributed to the base effect. During FY11 (up to August 2010), capital goods and consumer durables continued to record a high growth rate.

During FY10, the net sales of manufacturing companies remained flat. However, profit after tax showed a remarkable growth of 58 per cent, primarily

led by a decline in the interest expense by 12.84 per cent, due to slower interest rate regime. PBDITA improved by 32 per cent y-o-y due to a fall in staff cost. Raw material cost remained flat during FY10.

During H1FY11, the net sales increased by 22 per cent, over H1FY10. This was led by higher commodity prices and domestic consumption. Operating profit and net profit improved by 16 and 21 per cent respectively, during the same period.

Year 2010 has been one of the landmark years for the Indian manufacturing as well as Indian economy. Many milestones achieved and many more to go, the Indian manufacturing witnessed an era brimming with promising avenues. With the opportunities looking much more vibrant than ever before, the manufacturing sector is set to break its own records and claim its position as the global manufacturing hotspot.

Dawn Of The Global Dawn Of The Global Manufacturing ‘Titan’ Manufacturing ‘Titan’

Rs cra: Relative Contribution to GDP Growth

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MANUFACTURING METRICS


The performance of the manufacturing sector during FY10 and H1FY11, along with the outlook, can further be viewed in light of the performance of major industries such as steel, cement, automobiles etc, constituting the core of manufacturing activities.

STEELDomestic crude-steel production increased to a level of 64.8 million tonne in FY10, registering a growth of about 10.8 per cent on a y-o-y basis. During FY10, India continued to remain the net importer of finished steel, to the tune of about 3.2 million tonne. Imports of finished steel showed a notable increase by about 19 per cent on a y-o-y basis whereas exports declined by 28 per cent. Overall steel consumption registered a decent growth of 8.2 per cent on a y-o-y basis, driven by the flat products category which recorded a double-digit growth of 10.6 per cent. During the last fiscal, steel prices had witnessed some improvement. Driven by the improved demand, steel manufacturers were able to increase steel prices. The contract prices of key raw materials like iron ore and coking coal for FY10 were revised, downwards. Consequently, major steel companies witnessed improvement in profitability margins to some extent in FY10.

In the first half of FY11, consumption of finished steel registered a robust growth of 9.7 per cent on a y-o-y basis. Steel consumption was mainly dominated by the flats category, which registered a healthy growth of 12 per cent on a y-o-y basis.

India continued to remain the net importer of finished steel products to the tune of about 2.7 million tonne during the same period. With the beginning of FY11, the steel industry has witnessed a switchover, from the traditional yearly-contract-system to the quarterly contracts for sourcing raw materials. Contract prices of iron ore and coking coal were revised upwards by almost 100 per cent and 55 per cent, respectively for the first quarter of FY11. This upward revision prompted steel manufacturers to increase prices of steel products in the range of Rs2,000 - 2,500 per tonne in the first quarter of FY11. Contract prices of iron ore and coking coal, for the second quarter, were further revised upwards by 23 per cent and 13 per cent, respectively. However, steel prices witnessed softening to some extent during the second quarter of FY11.

Demand TrendsDemand of domestic steel is expected to grow at a compounded annual growth rate (CAGR) of about 9.2 per cent in the period FY11-15. The construction sector, followed by the pipes & tubes manufacturing sector, and automobiles sector, are likely to drive the domestic demand for steel. Upward revision in contract prices of key raw materials, due to elevated spot prices, is expected to put pressure on the margins of the steel manufacturers in FY11. Especially, the non-integrated steel players are expected to be hit, if they are not able to pass on the input cost-increase through equivalent price hike.

CEMENTThe domestic cement consumption registered an impressive double digit growth of 11per cent on a y-o-y basis in FY10, after witnessing a slight slowdown in the growth momentum in FY09. During the period of the last three fiscals, the industry added about 87 million tonne to its capacity. As a result, the industry’s capacity utilisation rate dropped to a level of 81 per cent in FY10. During the last fiscal, the average cement prices increased by about three per cent on a y-o-y basis. The industry’s average realisation increased to a level of `3,699 per tonne during FY10, as compared to `3,659 per tonne during FY09. A firm realisation, coupled with decline in power and fuel cost, helped cement manufacturers to register a slight improvement in margins in FY10.

During the first seven months of FY11, domestic cement consumption has registered a growth of 8.4 per cent on a y-o-y basis. Cement demand was slightly moderated, especially during the second quarter, due to the prolonged monsoon season. With the retreat in monsoon, the operating rate of the industry has increased

to 79 per cent in the month of October 2010 compared to 70 per cent in the previous month. Since the beginning of this fiscal, the cement industry witnessed a capacity addition of about 20.4 million tonne. The total capacity of industry, as on October 31, 2010, was 272 million tonne. Cement prices have witnessed a declining trend, especially during the second quarter of FY11. Moreover, increased cost on input and freight has adversely affected the margins of cement manufacturers during the second quarter.

Demand Trends Going ahead, cement companies are likely

Dawn Of The Global Manufacturing ‘Titan’

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Demand of domestic steel is expected to grow at a CAGR of about 9.2% in the period FY11-15.

Domestic cement demand is expected to grow at a CAGR of about 10.4% and reach a level of 241 million tonne by the end of FY12.


MANUFACTURING METRICS

to post an improvement in their earnings on a sequential basis, as prices improve with acceleration in construction activities in peak season. However, an increase in the price of coal and freight charges will remain a key concern for the profitability of the cement industry. Domestic cement demand is expected to grow at a CAGR of about 10.4 per cent and reach a level of 241 million tonne by the end of FY12. Cement’s demand would largely be driven by the focus of GoI on development of low-cost housing in rural & semi-urban regions and infrastructure facilities in the country. The industry is expected to register a capacity addition of about 65 million tonne in the period FY11-12. The operating rate of the industry is expected to decline to a 77 per cent level in FY12.

AUTOMOBILESAfter a brief pause in FY09, the automobile sales picked up a momentum, again. In the case of personal vehicles, the domestic passenger vehicle (PV) as well as the two-wheeler (excluding electric two-wheeler) sales increased by a healthy 26 per cent in FY10. The commercial vehicle (CV) sales too witnessed a healthy recovery, with domestic sales scaling up by 34 per cent in the case of medium and heavy commercial vehicles (MHCV), by 43 per cent in the case of light commercial vehicles (LCV), and by 26 per cent in the case of three wheelers. The sales growth, which was given a kick start by the centre’s fiscal stimulus packages in the latter half of FY09, was further fuelled by the resumption of the economic buoyancy. Lower input costs on one hand and healthy sales volume growth on the other helped the sector witness a sharp up-tick in the EBIDTA margin, which increased from 11.3 per cent in FY09 to 15.6 per cent in FY10.

The sales growth momentum persisted in FY11 as well, with domestic PV sales registering a 32 per cent growth, while two-wheelers registering a 28 per cent growth in April-November 2010 over the similar period in 2009. Similarly, the momentum continued in the CV segment as well, with MHCV, LCV, and three-wheelers registering a respective growth of 47 per cent, 26 per cent and 18 per cent in

the domestic sales in the aforesaid period. However, the sharp recovery and subsequent uptrend in the global commodity prices led to an increase in input costs and in the light of strong competition, the same could not be passed on completely. Thus, EBITDA margin for the sector fell to 13.5 per cent in the first half of FY11.

Demand Trends CARE’s research foresees a healthy demand outlook for the sector on the back of two primary reasons: rising income levels and lower penetration of automobiles. According to CARE’s research, the domestic CV sales are likely to grow at CAGR of 9-10 per cent over the five-year-period, till FY15. Similarly, the domestic passenger vehicle (PV) sales are expected to grow at CAGR of 14 – 15 per cent, while two wheeler sales to grow at a CAGR of 11-12 per cent till FY15.

GEMS & JEWELLERYIn India, the year FY10 was a remarkably good year for the export-oriented industries, in general; the gems and jewellery (G&J) industry in particular, with a surge in global jewellery demand, backed by the improving macro-economic situation in western countries. During FY10, the import of rough diamonds (the main raw material), increased by 14.1 per cent y-o-y while total G&J import of raw materials grew significantly by 20 per cent y-o-y during the same period. On the export front too, increased imports of rough diamonds resulted in higher exports of cut & polished (C&P) diamonds which grew at 20.9 per cent on a y-o-y basis. With major world

economies, particularly in case of western countries on a recovery stage, there was a consistent rise in consumer demand. This is reflected in the total G&J exports, which grew substantially at 16 per cent y-o-y in terms of the US dollar during FY10 to the tune of $28.41 billion.

During H1FY11 too, total imports of G&J recorded a significant y-o-y growth of 40.4 per cent, with the imports (especially of rough diamonds) increasing by 45 per cent y-o-y. Correspondingly, the exports of C&P diamonds gained y-o-y by 63.2 per cent. Moreover, total G&J exports increased

by 45.8 per cent on a y-o-y basis during the H1FY11. In the month of October 2010, total G&J exports had grown by 37.8 per cent on a y-o-y basis, amounting to a total of $2.92 billion. The G&J industry has, for the past year, recorded a very high y-o-y growth in all segments, mainly due to the low base effect. With the global economies coming out of recession, the demand for diamonds and other jewellery has rebounded, especially from US, Europe, China, Middle East and even, Russia.

Demand TrendsWith improved demand from western markets, the G&J industry will continue with its positive and sustainable growth going forward. Despite record gold prices in the range of $1,300 - 1,400 per ounce, the domestic jewellery industry is now expected to undergo a shift in consumption pattern; towards diamond-studded jewellery. In the long-term, the domestic G&J sector is poised to grow at CAGR of 10-12 per cent from FY2010-2015 while the export market for the diamond jewellery to grow at 20 per cent y-o-y, for the next five years, compared to the 10 per cent y-o-y growth expected in the gold jewellery segment.

The domestic CV sales are likely to grow at CAGR of 9-10% till FY15.

The domestic G&J sector is poised to grow at CAGR of 10-12% from FY2010-2015.

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RANKING METHODOLOGY

Listing & analysis of Top 500 Manufacturing companies is all about winners. It’s about celebrating their relentless efforts towards their

journey to become the best in class. With such a huge task in hand, ranking leaders among leaders is not only challenging but intimidating too. Zeroing on the most significant parameters that impact companies’ financial performance was the basic intent while selecting the parameters for ranking. To arrive at the most accurate ranking, weighted average has been taken. Here’s the step by step approach towards ranking the most influential companies of the year…

SELECTION CRITERIAThe classification of manufacturing companies from the non-manufacturing companies is based on ‘The Central Excise Tariff Act 1985’. Also, the companies wherein their core business activities do not contribute to excise payments have been excluded. Only the entities listed on BSE or NSE have been considered for ranking.

CLASSIFICATION & ASSUMPTIONSThe ranking is based on the consolidated results of the company. In case, where the company does not have any subsidiary or latest data for consolidated results are not available, the standalone results are assumed as consolidated results. The listed subsidiaries of the company qualifying the ranking criteria as detailed above have been excluded. The companies having negative shareholder’s funds have been excluded.

The ratios as well as other company financials in absolute terms have been sourced through the database – Prowess. For the purpose of ranking, the annual financials of the companies has been sourced as available in the said database up to December 9, 2010.

A STEP-WISE APPROACHStep 1: A two-tier weighting methodology was used to rank the companies. The diagrammatic re-presentation of the same together with weights so assigned has been illustrated in table 1.Step 2: Based on the parameters so selected and the weightage specified for the same, the ranking for each group was arrived at.Step 3: Further each group was assigned a specific weightage to arrive at a weighted value for the purpose of consolidating the said values from all four groupsStep 4: The summation of the weighted values for all the four groups was then sorted in descending order to arrive at the ranking of Top- 500 Manufacturing

companies.The relevance of selection of the

parameters with the weightage so appropriated has been detailed below. However the analytical observation associated with each of the parameters needs to be reviewed in conjunction with the weightage of other parameters in their respective group.

I) SIZEa) Net sales – Net sales is equivalent to

Sales of goods - excise duty paid Any manufacturing concern is primarily

recognized by its size and the same can well be reflected through the company’s sales activity. Herein ‘Net sales’ has been preferred over “Gross sales” as the latter includes the collection of excise duty from the customers as applicable to the company’s products. Thus a higher levy of excise duty for the company’s product would inflate the company’s gross sales. The Net sales figure ignores the levy of excise and reflects the value of goods sold with a mark-up on cost.

While attaining the pole position requires unwavering efforts, ranking the top-notch companies is no less than a tight rope walk and with the number as huge as 500, the complexities aggravate. With the intent of deriving at the most transparent and objective ranking, the minutest of details have been factored in to avoid any error. Here’s a step-by-step approach towards deciphering the top 500 manufacturing companies…

DERIVING @

Ranking Top - 500 Manufacturing Companies

Basis of size - 0.3

Basis of Profi tability

- 0.3

Basis of Equity valuation

- 0.3

Basis of Capital structure

- 0.1

Parameters Weightage

Net sales 0.3

PAT 0.5

Net Fixed Assets

0.2


PBDITA Margin %

0.5

ROCE % 0.5


RONW % 0.5

365 day Average Market Capitalisation

0.5


Debt/Equity 1.0

Table 1: Ranking parameters

MANUFACTURING COMPANIES


Analytical observation: Higher the sales, higher the rankingb) Profit after tax (PAT) – PAT is equivalent

to PBDITA – Depreciation - Interest – Tax paidThe PAT value determines the earnings

of the company post operating expenses, interest, depreciation, other non-operating expenses & tax. This parameter reflects the company’s ability to re-cover its overall expenses (operating as well as non-operating) through a mark-up on the cost of goods manufactured. A company registering high sales but still recording negative PAT figures is probably not prospering as the expenses are still left unrecovered. Analytical observation: Higher the PAT, higher the ranking.c) Net Fixed Assets- Net Fixed Assets is

equivalent to Gross Fixed assets – Depreciation This reflects the book value of assets

owned by the company in the form of plants & equipment, land & buildings (required for factory & office space), furniture & fixtures and intangible assets such as goodwill etc. In case of manufacturing companies, presence of fixed assets is essential to ensure the smooth flow of production process. This is also a parameter of size of the company as it broadly captures the capacity available for production of company’s products. Analytical observation: Higher the Net Fixed Assets, higher the ranking

II) PROFITABILITYa) PBDITA margin % - PBDITA margin is

equivalent to PBDITA / Total incomePBDITA ratio captures the actual

operating efficiency of a business as it ignores the financing cost and the capital charges (depreciation). The same can either be reflected through higher sales realisations (with a greater mark-up on cost), lower cost of operations or a combined mix of both. As PBDITA is calculated after excluding expenses such as raw material costs, other manufacturing expenses and labour/employee costs, the strategy of the company with regards to sourcing of raw materials also gets captured.

Analytical observation: Higher the PBDITA margin, higher the rankingb) Return on capital employed (ROCE)

%- ROCE is equivalent to PBIT / Average capital employed This indicator measures the company’s

ability to generate returns in relation to the capital employed. ROCE can also be considered as a measure of efficiency as it gauges profitability in relation to the amount of capital employed. ROCE is particularly useful to analyse the performance in capital intensive sectors as it reflects on whether the capital is employed in productive assets. In cases where the capital is not employed in righteous areas, the company’s revenue will be impacted leading to a decline in ROCE. Another aspect of decline in ROCE could be viewed from the increasing expenses of the company (including both operating and non-operating expenses barring interest & tax outflow) thereby resulting in lower profits despite better sales performance. Optimally, from the industry’s parlance, the ROCE should be greater than the total cost of borrowings (cost of equity+cost of debt) for the company.Analytical observation: Higher the ROCE, higher the ranking

III) EQUITY VALUATIONa) Return on Net Worth (RONW) %-

RONW is equivalent to PAT /Average Net Worth This indicator measures the company’s

ability to generate returns in relation to the company’s net worth. Since net worth comprises of equity share capital, preferred share capital and the various reserves accumulated by the company over the years it can be referred to the shareholders money. This parameter is therefore of utmost significance for the investor community who can gauge the performance of the company based on RONW. Similar to ROCE, this indicator measures the efficiency of the company in generating returns (operating & non-operating) over and above the total expenses (operating & non-operating). However such returns are measured as against the shareholders’ capital as opposed to the total capital

employed as in case of ROCE.Analytical observation: Higher the RONW, higher the rankingb) 365-day Average Market Capitalisation

– Market capitalisation is equivalent to Share price x Number of shares outstandingThe average relates to the 365- day

period ending December 16, 2010. In the ranking methodology, the 365–day average market capitalisation has been used as against the market capitalisation of a stock on a particular day. This is in view of the fact that stock markets have been and are always volatile in nature and quoting the indicator as on a particular day may well distort the company’s standing in the market in relation to other equities comprising our list. This indicator stands as a ‘status symbol’ for the listed companies with the company leading the market capitalisation being assumed as a company of good repute with good track record of both the promoters as well as the company in terms of financial performance. A higher market capitalisation therefore indicates higher confidence of the investors in the company.Analytical observation: Higher the 365- day Average Market Capitalisation, higher the ranking

IV) CAPITAL STRUCTUREa) Debt /Equity (times)- Debt /Equity

ratio is equivalent to Total debt (long-term & short-term) / equity capital. This indicator holds paramount

importance for the manufacturing concerns from the capital structure point of view. This ratio captures the financial leverage of a company and depicts its financial flexibility. Generally for capital intensive manufacturing companies, this ratio tends to be higher as operations are asset-intensive. However, a higher debt equity ratio, translates into a higher interest burden and any adversities in a company’s operations may render it difficult to service such fixed obligations. Hence, for companies which have a volatile revenue model, it may be prudent to have a low financial leverage. Analytical observation: Lower the Debt/ Equity, higher the ranking

DISCLAIMERThis ranking is prepared by CARE Research, a division of Credit Analysis & REsearch (CARE). CARE Research has taken utmost care to ensure accuracy and objectivity while developing this ranking based on

information available in public domain. The data pertaining to the companies so ranked has been sourced through Prowess database. However, neither the accuracy nor completeness of information contained in this ranking is guaranteed. CARE Research operates independently of ratings division and this ranking does not contain any confidential information obtained by ratings division, which they may have obtained in the regular course of operations. The opinion expressed in this ranking cannot be compared to the rating assigned to the company within this industry by the ratings division. The opinion expressed is also not a

recommendation to buy, sell or hold an instrument.CARE Research and Infomedia18 are not responsible for any errors or omissions in analysis/inferences/views or for results obtained from the use of information contained in this ranking and especially states that

CARE (including all divisions) has no financial liability whatsoever to the user of this product.

COMPANY NAMEBASIS OF SIZE

NET SALES ( ` CR.) PAT ( ` CR.)NET FIXED ASSETS

( ` CR.)


## Year End June 2009 | ** Year End September 2009 | #** Year End November 2009 | * Year End December 2009 | *# Year End June 2010 | **# Year End September 2010

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TOP 500 MANUFACTURING COMPANIES - LISTING

Disclaimer:This ranking is prepared by CARE Research, a division of Credit Analysis & REsearch (CARE). CARE Research has taken utmost care to ensure accuracy and objectivity while developing this ranking based on information available in public domain. The data pertaining to the companies so ranked has been sourced through Prowess database. However, neither the accuracy nor completeness of information contained in this ranking is guaranteed. CARE Research operates independently of ratings division and this ranking does not contain any confi dential information obtained by ratings division, which they may have obtained in the regular course of operations. The opinion expressed in this ranking cannot be compared to the rating assigned to the company within this industry by the ratings division. The opinion expressed is also not a

1 Reliance Industries Ltd. 203,370.6 24,349.6 177,224.9 12 Oil & Natural Gas Corpn. Ltd. 98,740.3 19,727.6 110,697.6 33 Indian Oil Corpn. Ltd. 253,830.2 10,993.7 68,267.6 24 Bharat Heavy Electricals Ltd. 33,524.5 4,326.9 4,163.6 125 Tata Steel Ltd. 102,345.4 -2,120.8 60,337.7 56 I T C Ltd. 19,549.9 4,211.4 9,799.2 177 Steel Authority Of India Ltd. 40,627.3 6,846.5 30,491.2 98 Tata Motors Ltd. 95,678.7 2,516.9 41,929.2 79 Bharat Petroleum Corpn. Ltd. 123,582.7 1,720.0 24,957.1 410 Hindustan Petroleum Corpn. Ltd. 111,189.8 1,475.2 25,160.0 611 Sterlite Industries (India) Ltd. 24,506.0 5,401.7 23,350.0 1012 Hindalco Industries Ltd. 60,717.0 4,350.3 34,826.5 813 Jindal Steel & Power Ltd. 11,071.4 3,634.6 18,736.7 18

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( ` CR.)FIN

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1Vertical

Integration

3 Strong R&D Infrastructure & World-

class Human Capital

6Exploring E&P

Operations Overseas

2Capacity & Capability

Enhancement Strategy

4

Capacity Expansion

5

S T R A T E G I E S

BASIS OF PROFITABILITYBASIS OF CAPITAL

STRUCTUREBASIS OF EQUITY VALUATION

PBDITA MARGIN (%) ROCE (% )DEBT/ EQUITY

(TIMES)AVG. 365-DAY MARKET

CAPITALISATION ( ` CR.)RONW

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recommendation to buy, sell or hold an instrument.CARE Research and Infomedia18 are not responsible for any errors or omissions in analysis/inferences/views or for results obtained from the use of information contained in this ranking and especially states that CARE (including all divisions) has no fi nancial liability whatsoever to the user of this product.

18.7 13.3 206 0.5 169 339,070.6 18.6 138.8 19.6 36 0.1 84 259,367.3 20.1 2

7.1 13.5 361 0.9 275 85,929.0 22.1 618.5 11.7 230 0.0 50 118,038.1 11.8 3

7.7 -0.9 479 2.3 432 51,984.6 -2.2 1024.5 29.4 51 0.0 50 112,804.5 29.5 426.8 15.5 110 0.5 175 86,578.5 21.3 5

9.1 10.2 369 4.3 480 45,761.8 30.1 113.9 6.7 453 1.8 387 22,812.2 12.7 253.8 4.9 460 2.0 410 13,852.8 13.1 41

28.5 16.7 84 0.3 124 61,334.7 17.9 816.1 9.7 287 1.1 298 33,357.5 22.1 1850.8 22.9 13 0.8 248 62,974.0 41.5 7

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B E S T I N C L A S S C O M P A N I E STOP 13

T O S U C C E E D

Self-reliant In Iron Ore

7Enhancing focus on

R&D and International Business

9 Cost Containment, Enhanced

Productivity

12Thrust on Developing

‘Technology For Tomorrow’

8Beneficiary of Fuel

Prices De-regulation

10

Backward Integration, Organic

Growth Plans

11Augmenting Global

Presence

13



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14 Hindustan Unilever Ltd. 18,028.7 2,164.6 2,499.0 1915 Maruti Suzuki India Ltd. 29,861.1 2,545.0 5,563.5 1516 Mahindra & Mahindra Ltd. 29,950.2 2,871.5 10,520.3 1317 Hero Honda Motors Ltd. 16,393.5 2,231.8 1,706.9 2118 J S W Steel Ltd. 18,861.9 1,553.3 29,308.2 1419 Essar Oil Ltd. 37,253.4 34.7 16,628.1 1120 Bajaj Auto Ltd. 11,848.1 1,697.1 1,933.2 2721 Grasim Industries Ltd. 20,011.9 3,758.6 16,559.8 1622 Hindustan Copper Ltd. 1,328.7 154.7 628.5 21323 Oil India Ltd. 9,640.4 2,610.4 4,946.5 2424 Sun Pharmaceutical Inds. Ltd. 4,102.1 1,347.0 2,083.6 4925 Nestle India Ltd. * 5,141.9 655.0 975.8 6426 National Aluminium Co. Ltd. 5,164.4 814.2 7,079.7 3627 Cipla Ltd. 5,626.5 1,082.6 2,695.4 4528 Siemens Ltd. 9,296.2 692.3 1,088.5 3729 Dr. Reddy’S Laboratories Ltd. 7,285.7 351.5 3,114.4 4330 Asian Paints Ltd. 6,939.2 883.9 1,328.8 4431 Ranbaxy Laboratories Ltd. * 7,451.8 310.7 5,113.6 3432 A C C Ltd. * 8,470.6 1,560.7 6,542.1 2933 Ambuja Cements Ltd. * 7,083.2 1,216.8 6,160.0 3034 Crompton Greaves Ltd. 9,307.3 859.3 1,376.0 3235 United Spirits Ltd. 6,362.5 -23.2 6,064.3 3936 A B B Ltd. * 6,256.9 354.6 789.5 5537 Aditya Birla Nuvo Ltd. 15,109.0 43.6 9,880.7 2038 Lupin Ltd. 4,824.1 699.7 2,264.0 5339 Bosch Ltd. * 4,831.9 590.7 612.9 7140 Dabur India Ltd. 3,405.6 502.4 676.7 10041 Bharat Electronics Ltd. 5,383.0 727.7 543.5 6142 Tata Chemicals Ltd. 9,447.8 723.6 9,155.7 2543 Glaxosmithkline Pharmaceuticals Ltd. * 1,966.2 507.9 117.2 15844 Videocon Industries Ltd. ** 10,413.6 515.1 10,776.3 2245 Bhushan Steel Ltd. 5,613.8 842.9 13,277.7 2846 Cadila Healthcare Ltd. 3,628.1 529.8 1,932.6 7947 Ashok Leyland Ltd. 7,436.2 423.7 4,869.3 3348 Exide Industries Ltd. 4,426.6 580.9 836.7 7549 Titan Industries Ltd. 4,677.2 251.3 280.1 8650 Cummins India Ltd. 2,850.9 443.9 333.7 11851 Rajesh Exports Ltd. 17,895.3 193.4 70.7 2352 Piramal Healthcare Ltd. 3,628.1 481.7 2,113.0 7753 Colgate-Palmolive (India) Ltd. 2,014.8 435.6 260.7 15754 Jaybharat Textiles & Real Estate Ltd. 539.8 19.4 643.3 37255 Ruchi Soya Inds. Ltd. 14,355.3 177.7 2,145.7 2656 Godrej Consumer Products Ltd. 2,042.8 339.6 574.4 15457 United Phosphorus Ltd. 5,342.5 513.3 1,812.8 5458 Castrol India Ltd. * 2,406.0 381.1 137.5 14659 Tata Global Beverages Ltd. 5,784.0 393.3 3,694.4 4660 Welspun Corp Ltd. 7,360.8 610.4 3,833.4 3861 Jindal Saw Ltd. 7,080.9 686.2 2,854.3 4162 Jain Irrigation Systems Ltd. 3,418.7 248.8 1,792.3 9263 Thermax Ltd. 3,230.0 143.9 551.1 11564 Motherson Sumi Systems Ltd. 6,803.8 200.4 1,653.8 4765 Shree Cement Ltd. 3,626.6 676.1 1,719.4 7666 Glenmark Pharmaceuticals Ltd. 2,504.2 331.0 2,388.1 10167 Divi’S Laboratories Ltd. 951.2 340.3 613.6 221






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15.8 82.4 7 0.0 1 57,243.4 82.3 913.5 21.8 164 0.1 89 39,904.2 23.0 1317.5 14.5 204 1.3 332 35,702.2 33.7 1617.0 60.4 9 0.0 64 36,845.9 61.6 1521.7 6.3 259 1.8 384 22,462.3 17.0 263.9 0.2 488 3.2 462 17,753.2 0.9 31

20.0 47.0 17 0.5 175 34,713.4 72.6 1729.7 19.6 66 0.5 162 21,449.1 27.8 2816.0 14.5 223 0.0 1 42,183.7 14.5 1241.5 22.1 23 0.0 1 31,431.4 22.2 1935.8 18.1 50 0.0 64 36,974.0 18.2 1419.6 125.4 3 0.0 1 28,691.9 125.4 2027.0 7.8 170 0.0 1 26,221.1 7.8 2225.9 18.9 88 0.0 1 26,507.9 19.0 2113.0 20.5 188 0.0 1 24,278.0 20.5 2314.3 15.0 238 0.4 149 23,369.8 22.0 2418.2 56.7 12 0.1 100 22,157.4 59.5 2719.5 -1.9 389 0.9 270 20,670.0 -3.3 2929.1 25.5 49 0.1 95 17,337.5 28.0 3426.7 17.9 91 0.0 72 18,484.2 18.6 3014.6 29.0 98 0.2 111 17,621.2 36.9 32

7.3 -1.3 484 1.5 359 17,185.3 -3.7 359.2 15.8 297 0.0 1 17,486.9 15.7 338.3 -0.1 468 1.5 354 8,522.7 -0.3 55

20.3 24.0 96 0.4 159 16,384.9 35.2 3920.0 12.6 197 0.1 89 17,105.2 13.5 3619.1 56.7 11 0.2 109 16,372.0 57.0 3820.5 15.9 150 0.0 1 14,734.0 15.9 4017.7 8.4 284 1.1 294 8,593.4 17.5 5336.8 29.5 19 0.0 1 16,549.5 29.6 3718.4 3.3 352 1.7 372 6,395.3 6.6 7037.7 6.9 93 2.9 455 7,661.9 26.2 5921.6 23.3 87 0.7 207 12,385.2 37.3 4210.8 10.1 358 1.0 276 8,515.8 12.0 5420.3 36.4 43 0.1 92 11,327.5 39.4 45

8.6 34.3 104 0.1 95 11,129.3 39.1 4620.8 29.5 60 0.0 50 11,964.2 29.5 44

1.6 13.2 421 1.9 394 2,833.9 18.8 12021.5 24.5 78 0.8 232 9,758.5 31.5 5025.1 152.9 2 0.0 50 10,700.2 155.6 4714.5 4.0 376 2.1 417 12,098.6 9.9 433.6 6.5 455 1.3 326 3,007.4 9.5 115

21.2 37.9 34 0.0 78 10,634.6 44.6 4817.0 10.3 266 0.8 240 7,740.3 17.9 5721.8 80.9 6 0.0 1 10,146.1 81.2 4914.5 8.0 337 0.5 169 6,832.8 11.6 6517.3 12.8 227 0.9 258 5,118.9 27.7 8215.7 14.9 221 0.3 132 5,585.5 20.2 7618.0 11.8 233 2.1 417 8,043.0 24.2 56

9.6 25.0 174 0.0 50 8,723.4 25.0 528.9 10.4 370 0.7 214 5,959.8 18.3 72

38.2 23.9 27 1.2 306 7,173.0 45.9 6226.3 14.4 124 0.8 235 7,703.2 16.8 5844.6 24.0 15 0.0 64 9,180.1 24.7 51



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68 Apollo Tyres Ltd. 8,132.7 653.4 3,096.1 3569 Bharat Forge Ltd. 3,330.3 -81.3 2,635.1 9570 Voltas Ltd. 4,808.1 384.6 302.6 8171 Jubilant Life Sciences Ltd. 3,785.3 422.0 4,324.5 5672 Areva T & D India Ltd. * 3,578.8 192.0 890.3 10373 E I D-Parry (India) Ltd. 7,557.5 567.4 2,177.8 4274 Aurobindo Pharma Ltd. 3,575.0 563.1 2,280.9 7475 J S L Stainless Ltd. 6,122.5 391.9 8,181.2 3176 Marico Ltd. 2,660.8 233.5 484.7 13277 Century Textiles & Inds. Ltd. 4,595.2 339.5 3,771.8 5178 Rashtriya Chemicals & Fertilizers Ltd. 5,677.8 234.9 1,382.8 6079 National Fertilizers Ltd. 5,060.2 171.5 695.0 7880 Glaxosmithkline Consumer Healthcare Ltd. * 1,986.0 232.8 232.3 17381 Biocon Ltd. 2,368.2 302.8 1,413.5 11782 United Breweries Ltd. 2,257.5 89.6 1,115.3 14383 Godrej Industries Ltd. 3,405.0 168.3 996.2 10684 Pidilite Industries Ltd. 2,198.8 274.6 839.0 14185 India Cements Ltd. 3,529.4 351.4 5,115.1 5286 Havells India Ltd. 5,429.2 69.6 1,242.2 6887 Shree Renuka Sugars Ltd. ** 2,816.0 224.1 1,673.4 10888 Alok Industries Ltd. 4,558.9 157.7 8,167.0 4089 Amtek Auto Ltd. ## 3,438.6 190.4 5,302.4 5790 Sintex Industries Ltd. 3,281.6 331.1 2,221.6 8491 Nirma Ltd. 4,618.8 249.3 2,825.4 6292 M R F Ltd. ** 5,671.3 250.8 1,222.2 6393 Procter & Gamble Hygiene & Health Care Ltd. *# 904.2 179.8 196.8 30294 Britannia Industries Ltd. 3,819.1 103.1 512.4 10795 Chambal Fertilisers & Chemicals Ltd. 4,140.7 207.3 3,389.4 6596 Pipavav Shipyard Ltd. 629.4 -48.2 2,583.0 19697 Ballarpur Industries Ltd. *# 3,884.1 240.4 5,430.0 4898 Emami Ltd. 1,023.0 67.6 567.3 26799 B E M L Ltd. 2,846.3 224.6 318.0 129

100 Madras Cements Ltd. 2,795.3 353.7 4,010.2 73101 Zuari Industries Ltd. 6,168.9 268.1 573.7 59102 Kesoram Industries Ltd. 4,756.3 237.3 3,844.7 50103 Gillette India Ltd. *# 853.6 137.1 123.3 331104 Torrent Pharmaceuticals Ltd. 1,903.3 231.2 651.0 162105 Gujarat Mineral Devp. Corpn. Ltd. 1,065.8 279.9 1,351.1 179106 Kalpataru Power Transmission Ltd. 3,900.6 196.1 882.2 97107 Eicher Motors Ltd. * 2,961.4 129.6 375.8 130108 D B Corp Ltd. 1,057.8 174.9 647.5 233109 Gitanjali Gems Ltd. 6,527.8 201.6 371.4 58110 Bajaj Hindusthan Ltd. ** 2,053.3 57.9 4,390.1 90111 Blue Star Ltd. 2,525.0 211.5 199.3 153112 K S Oils Ltd. 4,053.2 212.5 1,266.7 87113 Usha Martin Ltd. 2,508.8 171.5 3,177.7 96114 K E C International Ltd. 3,904.8 189.7 720.0 99115 Kansai Nerolac Paints Ltd. 1,815.1 165.5 305.8 194116 Gujarat State Fertilizers & Chemicals Ltd. 4,017.4 254.5 1,263.4 85117 Prism Cement Ltd. 2,873.2 258.4 1,796.0 102118 Rain Commodities Ltd. * 3,638.9 443.3 3,450.1 67119 Uttam Galva Steels Ltd. 4,540.5 57.3 2,514.2 69120 Gujarat N R E Coke Ltd. 1,439.5 6.8 2,449.8 148121 Sterlite Technologies Ltd. 2,430.8 245.9 714.1 136






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15.2 21.2 148 0.9 256 3,404.7 33.5 1048.3 -0.4 474 1.5 364 7,136.5 -0.8 63

11.7 32.8 94 0.0 72 6,590.5 36.6 6720.6 8.0 250 1.4 350 5,211.2 22.8 8111.0 23.2 178 0.9 263 6,868.8 24.7 6414.2 21.6 158 1.7 372 3,458.7 31.4 10225.2 20.7 80 1.2 311 5,663.9 35.6 7520.8 5.2 285 4.2 478 1,969.2 24.5 15713.6 35.9 64 0.7 209 7,178.7 43.4 6118.2 11.4 235 1.4 336 4,571.8 20.7 85

8.8 6.2 419 0.7 221 4,932.8 6.9 837.1 7.6 424 0.3 124 5,484.9 7.8 77

19.0 27.4 77 0.0 1 7,321.1 27.4 6020.3 15.8 152 0.3 133 6,499.2 18.8 68

9.0 4.9 434 0.7 214 6,708.1 7.6 6610.4 7.0 392 0.9 251 5,718.4 9.9 7317.9 22.2 128 0.5 181 6,332.3 34.6 7121.9 7.0 242 0.6 196 3,506.2 9.1 101

6.0 6.2 443 2.7 442 4,057.7 16.1 9415.9 11.1 270 0.9 268 5,267.0 19.4 8029.5 2.4 208 3.6 471 1,662.5 10.1 18020.4 3.0 326 1.2 321 3,359.2 6.3 10718.8 8.5 265 1.4 336 4,518.4 18.4 8614.9 6.9 350 0.5 165 3,205.5 9.3 11011.4 16.2 264 0.2 119 3,164.0 21.2 11226.2 35.1 29 0.0 1 6,453.0 35.1 69

4.7 9.8 429 2.3 434 4,435.4 18.3 8817.5 5.6 332 1.9 402 2,884.4 14.4 1199.2 -1.9 478 0.8 237 5,439.1 -3.2 78

20.4 4.5 298 1.6 368 2,007.7 11.7 15525.9 8.8 171 0.4 152 5,688.9 14.0 7413.1 8.5 355 0.4 159 4,421.9 9.0 9028.7 9.6 137 1.7 375 2,657.4 25.1 1267.2 16.0 329 1.2 321 1,964.6 17.3 158

15.6 6.5 343 2.0 415 1,500.2 15.2 19225.3 25.8 57 0.0 1 5,363.1 25.8 7921.5 19.9 116 0.7 204 4,421.5 31.3 8946.8 18.0 22 0.2 104 4,335.5 22.5 9111.0 14.0 298 0.9 258 2,917.7 19.5 1168.0 9.9 382 0.1 99 3,723.9 10.8 98

32.9 20.8 52 0.5 167 4,595.7 38.1 846.7 7.9 427 1.2 314 1,428.2 9.5 197

32.6 -2.7 232 2.0 408 2,630.5 -9.6 13112.1 45.8 38 0.0 64 3,737.3 45.8 9711.3 14.0 293 1.1 301 2,430.1 18.6 13920.7 6.0 273 0.6 196 2,564.1 10.8 13410.5 18.6 240 1.0 288 2,636.4 25.4 12714.3 20.1 177 0.1 102 4,022.8 22.6 9513.2 12.3 290 0.3 138 2,149.3 12.4 14717.8 19.5 142 0.8 245 2,578.3 28.5 13224.2 10.8 167 2.5 438 1,245.6 43.2 20910.7 2.4 438 2.5 437 1,518.7 7.3 19121.9 0.0 345 2.0 409 3,436.6 0.1 10515.3 32.0 72 0.4 149 3,216.6 32.0 108



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122 Sterling Biotech Ltd. * 1,438.2 237.0 3,400.5 111123 Birla Corporation Ltd. 2,154.0 557.3 1,035.6 120124 S Kumars Nationwide Ltd. 3,851.3 277.3 2,114.3 80125 Wockhardt Ltd. 4,501.7 -1,002.3 3,237.0 94126 Aventis Pharma Ltd. * 1,029.6 157.4 172.0 283127 Vardhman Textiles Ltd. 3,351.1 304.3 2,601.5 82128 J B F Industries Ltd. 4,933.5 208.8 2,116.5 66129 Jai Corp Ltd. 471.4 91.2 234.8 419130 Ipca Laboratories Ltd. 1,621.9 203.5 676.1 181131 H T Media Ltd. 1,420.2 134.8 840.7 200132 Bombay Rayon Fashions Ltd. 1,801.5 162.5 2,711.7 113133 Max India Ltd. 769.9 -44.0 965.1 299134 Whirlpool Of India Ltd. 2,583.0 145.0 303.1 152135 Deccan Chronicle Holdings Ltd. 1,035.1 231.1 1,343.5 192136 Triveni Engineering & Inds. Ltd. ** 1,925.9 174.4 1,285.1 149137 Jagran Prakashan Ltd. 942.0 175.9 394.1 268138 Rei Agro Ltd. 3,693.2 157.2 442.5 110139 Bayer Cropscience Ltd. 1,728.3 127.3 320.9 203140 A I A Engineering Ltd. 964.1 171.1 242.7 282141 J K Tyre & Inds. Ltd. 4,570.0 219.5 1,952.1 70142 Maharashtra Seamless Ltd. 1,604.5 284.6 1,207.8 159143 Fertilisers & Chemicals, Travancore Ltd. 2,114.8 -103.9 379.9 202144 Nagarjuna Fertilizers & Chemicals Ltd. 1,988.7 66.3 4,489.0 89145 Balrampur Chini Mills Ltd. ** 1,768.7 209.7 1,832.1 135146 Gujarat Narmada Valley Fertilizers Co. Ltd. 2,610.5 123.8 2,199.2 109147 Sundaram-Clayton Ltd. 5,191.7 -44.1 1,518.6 72148 S R F Ltd. 2,507.0 324.4 2,076.1 104149 Mcleod Russel India Ltd. 1,136.0 233.7 1,785.9 165150 Berger Paints India Ltd. 1,898.5 120.4 462.1 182151 Tube Investments Of India Ltd. 2,738.3 112.9 634.8 134152 Dalmia Bharat Sugar & Inds. Ltd. 2,143.6 132.5 3,053.6 105153 Kirloskar Brothers Ltd. 2,660.3 112.9 516.0 142154 Escorts Ltd. ** 2,640.2 28.6 1,572.0 122155 Prakash Industries Ltd. 1,567.0 266.2 1,377.3 156156 Arvind Ltd. 3,267.3 53.1 2,489.1 93157 D C M Shriram Consolidated Ltd. 3,533.1 84.3 2,183.4 88158 Bajaj Electricals Ltd. 2,226.1 117.1 161.8 172159 Pfizer Ltd. #** 831.0 136.9 93.8 340160 Bombay Burmah Trdg. Corpn. Ltd. 4,241.3 80.7 1,579.9 83161 Raymond Ltd. 2,549.9 -52.1 1,533.5 127162 Bombay Dyeing & Mfg. Co. Ltd. 1,913.7 18.4 1,160.6 164163 P S L Ltd. 3,768.9 119.8 1,601.2 91164 Lakshmi Machine Works Ltd. 1,230.4 99.9 452.4 249165 S K F India Ltd. * 1,599.4 94.3 256.8 220166 Atlas Copco (India) Ltd. * 1,269.6 84.8 182.8 266167 J K Cement Ltd. 2,053.2 224.6 2,282.2 112168 A B G Shipyard Ltd. 1,807.7 218.1 1,975.2 126169 Akzo Nobel India Ltd. 1,041.3 159.3 140.4 285170 Hindusthan National Glass & Inds. Ltd. 1,381.3 154.2 1,138.1 185171 Jai Balaji Inds. Ltd. 1,930.8 35.4 1,880.4 140172 Moser Baer India Ltd. 2,452.8 -393.7 3,089.8 114173 Strides Arcolab Ltd. * 1,310.0 121.0 1,941.2 160174 Adhunik Metaliks Ltd. 1,449.6 137.1 2,433.5 137175 Gujarat Fluorochemicals Ltd. 779.1 350.1 1,635.8 177






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38.3 4.3 107 1.5 361 2,741.5 9.1 12133.5 28.9 25 0.4 144 2,890.0 35.1 11720.0 9.3 238 1.3 325 1,680.8 14.9 179

-10.5 -19.1 500 6.0 496 2,233.0 -102.8 15022.5 16.9 131 0.0 1 4,150.2 16.6 9222.7 8.0 220 1.7 372 1,635.9 20.0 1839.0 10.5 367 1.6 366 941.6 23.7 238

25.4 3.2 249 0.0 72 4,482.7 3.3 8720.5 20.9 115 0.5 178 3,450.7 27.4 10319.6 11.3 219 0.3 143 3,591.2 14.4 10021.5 6.4 260 1.3 334 2,569.3 10.7 1331.9 -2.6 494 0.6 202 4,123.8 -3.4 939.0 40.9 62 0.0 1 2,981.3 41.7 114

45.1 13.9 35 0.4 146 3,393.7 18.8 10622.2 9.6 209 0.9 263 2,889.6 17.6 11832.4 26.8 31 0.2 111 3,757.5 29.4 9616.5 8.4 302 5.0 488 2,020.9 21.0 15312.9 21.8 172 0.2 111 3,212.8 23.5 10925.6 20.2 81 0.0 50 3,634.7 20.2 9910.9 17.9 246 2.1 427 712.3 28.5 27725.9 18.9 90 0.1 82 2,710.7 15.8 122

1.6 -22.1 499 5.4 491 3,239.4 -39.0 11119.6 2.1 354 3.3 464 1,384.8 4.1 20227.9 6.7 176 0.9 256 2,409.0 13.0 14013.3 3.5 401 0.3 131 1,816.8 3.8 164

5.3 -9.9 498 3.1 459 639.9 -32.1 30925.2 18.1 100 0.9 263 1,540.4 28.4 18633.1 23.0 45 0.5 175 2,545.6 18.0 13510.9 24.7 162 0.5 162 2,659.1 24.6 12512.9 3.5 403 3.0 458 2,063.1 13.0 15220.7 3.5 309 2.1 424 1,428.5 10.0 19610.1 12.3 340 0.6 191 2,148.6 15.2 1466.7 1.8 462 0.3 133 1,811.3 1.8 166

22.7 18.2 120 0.3 124 2,210.0 19.0 14413.1 1.7 420 1.9 394 939.8 3.6 24110.1 3.0 439 1.0 291 870.2 5.8 25210.6 28.5 133 0.3 136 2,292.7 33.5 14123.1 14.1 143 0.0 1 3,157.2 14.1 113

5.6 4.3 457 1.8 389 585.2 8.7 3149.8 -2.4 477 1.5 352 1,743.1 -5.6 174

14.0 1.1 413 8.4 499 2,141.9 6.0 1499.2 8.5 386 2.7 446 711.3 15.2 280

17.5 11.4 241 0.0 1 2,629.7 11.4 12810.1 13.6 319 0.0 1 2,494.9 13.6 13613.5 15.0 253 0.2 115 2,666.6 19.6 12420.4 11.3 212 1.0 276 1,197.6 17.4 21730.8 9.6 126 2.7 444 1,445.3 21.0 19518.2 16.0 181 0.0 1 2,697.0 16.0 12319.7 11.3 218 0.6 193 2,012.8 14.4 15412.7 1.9 425 1.7 380 1,528.3 5.0 19015.2 -11.2 489 1.8 391 1,176.0 -23.1 22219.4 4.3 320 1.8 387 1,741.0 11.8 17229.9 8.1 138 2.7 444 1,389.7 25.2 19840.7 15.0 47 0.4 146 1,882.3 21.5 161



( ` CR.)



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176 Binani Industries Ltd. 2,725.3 257.2 2,373.2 98177 Uflex Ltd. 2,365.7 188.6 1,656.7 119178 Shree Ganesh Jewellery House Ltd. 3,476.2 167.4 19.5 121179 Orchid Chemicals & Pharmaceuticals Ltd. 1,343.5 339.3 2,072.2 138180 Chettinad Cement Corpn. Ltd. 1,364.8 107.8 1,243.3 189181 Alfa Laval (India) Ltd. * 892.2 123.3 100.1 329182 Honeywell Automation India Ltd. * 1,173.1 132.8 75.3 278183 Jindal Poly Films Ltd. 1,744.0 204.2 1,313.9 155184 B O C India Ltd. * 805.0 53.2 1,116.6 254185 Kwality Dairy (India) Ltd. 1,054.1 18.0 18.2 349186 Electrosteel Castings Ltd. 1,611.0 206.9 934.8 170187 Supreme Industries Ltd. *# 2,012.0 142.1 578.6 169188 Tecpro Systems Ltd. 1,459.0 109.6 131.8 240189 B A S F India Ltd. 1,628.4 96.1 271.4 215190 Godfrey Phillips India Ltd. 1,403.2 119.7 360.4 228191 Carborundum Universal Ltd. 1,207.9 115.4 637.3 230192 Jubilant Foodworks Ltd. 475.5 33.0 142.9 458193 Gokul Refoils & Solvent Ltd. 2,961.7 38.6 335.0 139194 Graphite India Ltd. 1,349.9 234.8 544.7 206195 Astrazeneca Pharma India Ltd. * 397.3 57.6 30.4 474196 Greaves Cotton Ltd. *# 1,396.6 117.5 280.5 234197 Ceat Ltd. 2,859.0 165.2 1,034.9 116198 Responsive Industries Ltd. 546.8 38.1 328.7 401199 Dishman Pharmaceuticals & Chemicals Ltd. 915.2 117.3 1,200.4 222200 Amara Raja Batteries Ltd. 1,473.0 167.0 329.9 214201 Balkrishna Industries Ltd. 1,563.6 219.0 715.2 184202 Indo Rama Synthetics (India) Ltd. 2,525.8 7.1 1,469.6 125203 Orient Paper & Inds. Ltd. 1,674.2 157.6 1,173.1 163204 Deepak Fertilisers & Petrochemicals Corpn. Ltd. 1,330.8 165.3 1,223.4 180205 Jyoti Structures Ltd. 2,130.2 83.4 177.8 186206 Welspun India Ltd. 2,041.9 161.5 1,571.4 133207 Bajaj Corp Ltd. 330.5 83.9 18.4 484208 Mukand Ltd. 2,009.2 55.8 2,176.8 124209 H E G Ltd. 1,133.3 171.1 722.2 224210 Bata India Ltd. * 1,097.2 62.6 137.3 307211 Plethico Pharmaceuticals Ltd. * 1,251.9 216.9 614.4 210212 Fresenius Kabi Oncology Ltd. 488.5 -33.4 528.0 415213 Asahi India Glass Ltd. 1,294.9 1.4 1,282.3 204214 Sundram Fasteners Ltd. 1,694.8 47.2 741.9 197215 Century Plyboards (India) Ltd. 1,312.3 183.2 517.3 216216 Gujarat Alkalies & Chemicals Ltd. 1,299.9 171.8 1,609.0 167217 Himadri Chemicals & Inds. Ltd. 499.3 107.3 634.6 347218 Su-Raj Diamonds & Jewellery Ltd. 3,461.6 71.3 60.6 123219 Saraswati Industrial Syndicate Ltd. ** 2,120.6 101.4 398.8 171220 J K Lakshmi Cement Ltd. 1,492.3 241.1 1,244.9 161221 Texmaco Ltd. 931.6 93.5 232.0 313222 Clariant Chemicals (India) Ltd. * 941.6 107.6 161.1 317223 Radico Khaitan Ltd. 833.4 41.5 466.9 321224 Indian Metals & Ferro Alloys Ltd. 593.4 41.0 635.7 351225 Tamil Nadu Newsprint & Papers Ltd. 1,094.6 126.1 2,096.6 166226 Jayaswal Neco Inds. Ltd. 1,762.4 69.1 1,168.7 168227 Finolex Industries Ltd. 1,454.9 132.3 902.0 195228 Unichem Laboratories Ltd. 747.4 123.1 397.0 320229 F D C Ltd. 664.0 149.1 285.6 346






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21.4 14.4 160 3.4 467 374.7 57.5 36217.9 8.5 275 1.4 346 993.5 17.7 234

7.0 31.6 134 0.7 204 965.9 33.2 23638.2 -30.2 472 1.7 380 1,394.3 -88.0 20633.7 6.8 125 0.9 258 1,783.7 15.9 16821.6 34.9 44 0.0 50 2,441.0 35.4 13715.9 35.7 55 0.0 1 2,258.8 36.2 14321.2 11.2 200 0.5 169 1,375.0 15.8 20116.0 3.4 368 0.1 97 2,184.2 3.6 145

4.7 21.7 276 4.6 487 2,411.6 46.7 13823.5 6.6 231 0.8 237 1,543.3 11.1 18813.7 21.9 161 0.6 186 1,455.7 38.6 19314.2 34.5 67 1.4 346 1,975.8 42.3 15610.4 15.2 289 0.0 1 1,861.3 15.2 162

8.0 16.8 303 0.2 105 1,919.2 18.9 16017.9 10.6 252 0.7 223 1,921.5 18.8 15913.7 29.2 103 0.1 92 2,589.7 47.4 129

3.9 7.2 449 0.8 245 1,054.2 9.7 23130.0 16.6 76 0.3 124 1,680.4 19.3 17623.1 36.0 33 0.0 1 2,585.5 44.6 13014.4 28.1 109 0.0 78 1,773.0 28.8 16710.7 33.8 92 0.7 218 504.1 28.8 32513.9 14.4 255 0.9 272 2,296.8 21.5 14225.0 8.4 189 1.0 284 1,640.3 15.8 18217.7 25.5 101 0.2 105 1,534.4 35.0 18525.7 29.9 46 0.7 214 1,226.5 37.1 212

8.1 0.3 465 2.0 413 637.4 0.6 29917.7 14.7 202 0.6 200 1,071.6 22.3 22925.0 9.3 179 0.8 237 1,222.1 15.4 21510.7 15.4 283 0.8 226 1,247.2 18.4 21122.9 4.7 263 3.2 462 650.8 18.1 29330.6 217.3 1 0.0 1 1,941.9 210.9 14815.0 2.6 387 4.0 477 482.0 2.5 34330.0 32.3 26 0.9 258 1,382.6 26.2 19911.4 22.0 187 0.1 87 1,775.8 19.3 16920.4 15.6 157 0.7 212 1,305.0 26.3 2046.8 -5.5 492 2.3 433 2,120.6 -13.2 151

18.4 -0.4 381 7.5 498 1,258.9 -2.6 2149.1 7.2 406 1.3 328 1,181.9 10.1 220

20.1 27.7 70 0.8 249 1,288.0 42.9 20523.8 5.9 234 0.2 120 924.6 6.8 24533.9 13.8 71 0.6 186 1,817.7 19.6 163

3.8 8.4 444 1.2 306 346.7 8.9 40510.5 18.2 248 0.5 165 939.9 25.5 23727.6 15.4 102 0.9 269 811.8 27.8 25916.0 21.4 140 0.2 115 1,692.0 21.6 17518.0 31.3 65 0.0 50 1,664.7 31.6 177

9.8 4.8 425 0.8 229 1,729.9 8.2 17321.4 4.9 278 0.6 196 1,786.0 7.7 17027.8 7.2 167 1.7 377 787.1 15.6 26715.6 16.7 203 1.9 402 813.9 11.7 26318.3 17.8 152 1.4 346 1,023.2 25.2 23323.5 21.5 85 0.1 84 1,627.6 22.9 18427.8 31.3 32 0.0 50 1,664.1 31.6 178



( ` CR.)



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230 Garden Silk Mills Ltd. 2,508.2 63.2 1,142.6 131231 G H C L Ltd. 1,384.7 79.7 2,366.0 147232 Bilcare Ltd. 1,048.9 117.0 887.9 229233 Jyothy Laboratories Ltd. 642.7 74.1 237.8 381234 Sujana Metal Products Ltd. ** 2,653.0 39.8 505.1 151235 Sakthi Sugars Ltd. * 2,007.7 27.1 2,113.2 128236 O C L India Ltd. 1,359.2 163.7 1,308.8 174237 Electrotherm (India) Ltd. 2,004.7 53.3 1,583.9 144238 Panacea Biotec Ltd. 907.0 72.4 863.4 259239 Balmer Lawrie & Co. Ltd. 1,615.1 118.2 198.4 218240 Essel Propack Ltd. 1,682.2 64.8 1,031.1 176241 Abhishek Industries Ltd. 1,803.1 56.6 1,744.1 150242 Wabco-T V S (India) Ltd. 607.4 78.2 186.8 393243 Praj Industries Ltd. 734.4 119.8 144.8 365244 Mcnally Bharat Engg. Co. Ltd. 1,809.8 56.7 324.9 205245 Asian Star Co. Ltd. 1,467.0 30.3 151.4 257246 Ess Dee Aluminium Ltd. 590.0 193.3 378.4 330247 Ramsarup Industries Ltd. 2,045.7 44.4 1,538.0 145248 Apar Industries Ltd. 2,190.1 17.7 181.1 190249 I S M T Ltd. 1,255.4 48.5 1,301.0 201250 Bannari Amman Sugars Ltd. 886.3 143.7 737.1 258251 Time Technoplast Ltd. 1,010.4 97.6 687.4 255252 Polyplex Corporation Ltd. 1,220.2 137.3 1,388.3 188253 Wyeth Ltd. #** 285.5 59.0 32.6 494254 Abbott India Ltd. #** 795.6 77.5 49.1 377255 Finolex Cables Ltd. 1,615.2 57.6 447.6 212256 Heidelberg Cement India Ltd. * 941.0 134.0 375.1 281257 Everest Kanto Cylinder Ltd. 651.8 15.1 706.8 334258 K R B L Ltd. 1,579.8 124.6 353.4 211259 Monsanto India Ltd. 415.4 53.8 115.9 467260 Ruchi Infrastructure Ltd. 1,472.7 19.6 302.8 247261 K S L & Industries Ltd. 1,454.7 3.6 1,547.6 175262 Piramal Glass Ltd. 1,127.7 3.2 856.2 248263 Mangalore Chemicals & Fertilizers Ltd. 2,088.2 53.6 388.2 178264 Visa Steel Ltd. 1,157.1 49.9 1,586.7 193265 Phillips Carbon Black Ltd. 1,232.6 122.2 686.9 225266 H B L Power Systems Ltd. 1,132.4 99.6 429.9 262267 Sanwaria Agro Oils Ltd. 800.0 39.5 127.9 378268 F A G Bearings India Ltd. * 801.8 65.5 148.4 369269 Koutons Retail India Ltd. 1,203.8 80.3 160.6 277270 Sanghi Industries Ltd. 667.5 89.0 1,611.6 226271 R S W M Ltd. 1,726.5 32.8 897.9 187272 Sarda Energy & Minerals Ltd. 525.5 144.4 906.4 291273 Navneet Publications (India) Ltd. 531.6 63.8 94.6 442274 Grindwell Norton Ltd. 708.9 86.1 233.5 371275 Chemplast Sanmar Ltd. 930.5 -128.2 1,467.4 250276 Eveready Industries (India) Ltd. 1,102.6 127.2 921.3 219277 Gulf Oil Corpn. Ltd. 1,047.0 -18.2 605.4 279278 Elecon Engineering Co. Ltd. 1,065.7 67.0 362.2 280279 Kiri Dyes & Chemicals Ltd. 805.0 -57.0 722.7 325280 J K Paper Ltd. 1,205.4 91.0 900.4 217281 Shri Lakshmi Cotsyn Ltd. *# 1,539.4 91.7 816.1 199282 Century Enka Ltd. 1,228.6 100.2 610.1 231283 Supreme Petrochem Ltd. *# 1,610.6 60.5 285.4 223






(%)



GRO

UP

RAN

KIN

G

GRO

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9.4 5.0 430 2.1 423 332.4 13.2 41118.4 3.4 348 1.8 391 479.6 8.7 34124.4 8.1 198 0.7 218 1,213.0 17.0 21616.2 19.7 158 0.0 72 1,741.9 20.0 171

6.8 4.7 447 2.6 440 465.9 8.6 34510.5 1.2 446 4.6 485 224.6 2.3 46228.0 11.8 129 1.0 291 727.0 22.5 27214.2 3.3 390 2.2 431 354.4 8.2 40122.0 5.0 269 1.0 288 1,269.7 9.0 210

9.6 24.6 180 0.0 1 1,028.1 24.6 23219.7 2.5 341 1.1 300 737.7 4.6 27620.3 3.3 325 3.4 465 377.2 11.3 38620.5 32.4 53 0.0 72 1,629.5 33.7 18118.8 19.6 136 0.0 1 1,519.8 19.6 189

7.9 13.9 348 1.4 339 862.7 22.4 2504.8 7.0 445 1.6 370 1,187.6 8.3 218

26.8 39.5 20 0.4 152 1,348.7 45.7 2009.7 2.7 441 3.0 456 245.1 9.7 4494.9 19.5 307 0.6 192 684.1 26.9 284

14.7 3.2 383 1.9 401 776.6 9.0 26927.2 18.1 83 0.3 138 1,085.5 23.2 22818.0 13.5 213 0.8 240 1,091.5 18.2 22719.0 9.8 243 1.3 326 644.7 20.9 29529.2 21.1 59 0.0 50 1,792.0 21.3 16515.2 31.4 75 0.0 1 1,444.2 31.5 194

8.2 6.9 417 0.4 158 846.9 9.3 25618.7 18.6 141 0.0 50 1,113.1 18.1 22512.3 -1.3 450 0.8 240 1,301.2 -2.2 20713.6 22.8 149 1.1 301 702.7 26.0 27915.7 16.3 205 0.0 72 1,547.6 16.3 187

4.3 2.3 481 1.8 390 882.7 5.3 24915.4 0.2 409 2.4 436 403.9 0.5 37917.7 0.7 377 4.4 481 832.2 3.6 2615.8 16.7 335 0.3 133 371.9 13.9 389

22.5 3.8 278 3.6 473 434.5 16.1 35515.0 27.7 106 1.7 379 613.7 45.2 29717.1 14.3 214 0.8 249 812.5 22.4 2629.4 23.7 193 1.9 405 1,158.9 23.1 221

13.8 16.7 224 0.0 1 1,128.8 16.6 22318.8 13.0 211 1.3 329 858.6 17.6 25124.9 5.2 228 1.1 304 592.0 11.4 31112.1 3.1 411 5.5 492 305.7 14.9 42129.3 14.7 97 1.0 279 870.6 25.0 24821.1 19.6 123 0.2 122 1,271.3 23.0 20819.7 22.5 113 0.1 87 1,065.0 23.6 230

4.8 -6.8 497 5.7 493 735.6 -35.4 28616.8 25.9 105 0.6 186 470.9 23.3 3393.9 -4.7 495 1.2 311 848.0 -5.7 258

15.2 13.6 245 1.6 369 790.5 21.8 2661.0 20.7 353 1.1 304 922.6 18.6 242

19.8 19.6 130 1.2 309 437.2 20.6 35212.9 10.3 328 2.8 453 277.9 25.5 42917.1 14.7 210 0.4 148 538.1 18.1 3217.5 16.7 310 0.7 206 474.3 28.0 336



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284 Surya Roshni Ltd. 1,793.9 45.2 579.2 198285 Nectar Lifesciences Ltd. 849.9 92.3 682.8 274286 Savita Oil Technologies Ltd. 1,177.8 86.4 189.0 275287 V I P Industries Ltd. 670.8 48.4 81.7 408288 Spice Mobility Ltd. 1,039.8 70.5 9.1 332289 Alembic Ltd. 1,134.0 39.6 397.1 272290 India Glycols Ltd. 1,203.3 6.0 1,293.4 208291 Shrenuj & Co. Ltd. 1,908.7 48.2 151.3 207292 Sunflag Iron & Steel Co. Ltd. 1,349.6 94.9 422.3 232293 West Coast Paper Mills Ltd. 624.5 54.7 1,552.5 237294 Solvay Pharma India Ltd. * 242.2 40.0 37.6 500295 T R F Ltd. 861.4 48.8 121.8 367296 Federal-Mogul Goetze (India) Ltd. * 802.3 60.6 412.6 327297 Bharati Shipyard Ltd. 256.7 130.1 1,096.1 323298 Ingersoll-Rand (India) Ltd. 374.8 47.4 23.9 485299 Advanta India Ltd. * 727.2 25.2 664.9 322300 National Steel & Agro Inds. Ltd. 2,234.0 25.0 195.3 183301 Man Industries (India) Ltd. 1,473.7 45.9 471.1 227302 Merck Ltd. * 481.8 65.5 64.0 455303 Sujana Universal Inds. Ltd. ** 2,149.8 25.9 208.7 191304 Godawari Power & Ispat Ltd. 825.8 56.0 827.9 271305 Surana Industries Ltd. 945.0 34.7 582.2 286306 Page Industries Ltd. 341.6 39.6 82.5 486307 Elgi Equipments Ltd. 676.6 57.9 72.9 404308 J B Chemicals & Pharmaceuticals Ltd. 740.5 118.8 246.9 345309 Dhampur Sugar Mills Ltd. ** 946.7 56.4 1,002.4 245310 K P R Mill Ltd. 834.0 50.4 794.5 276311 Aarti Industries Ltd. 1,297.3 78.7 421.8 244312 Force Motors Ltd. 988.5 60.4 330.0 306313 Himatsingka Seide Ltd. 1,065.8 9.7 980.3 239314 Forbes & Co. Ltd. 1,261.8 29.2 403.9 263315 Pradip Overseas Ltd. 1,609.5 66.7 81.4 235316 H S I L Ltd. 804.7 27.6 776.0 292317 Kalyani Steels Ltd. 1,053.3 43.3 241.4 308318 Gujarat Ambuja Exports Ltd. 1,420.5 60.7 311.1 241319 T T K Prestige Ltd. 508.8 52.4 64.0 453320 Elder Pharmaceuticals Ltd. 721.6 47.2 556.2 328321 Goodyear India Ltd. * 1,018.8 73.1 156.6 312322 Dhunseri Petrochem & Tea Ltd. 1,141.1 72.4 580.6 253323 Tinplate Co. Of India Ltd. 788.8 67.2 655.7 300324 Ankur Drugs & Pharma Ltd. 1,067.7 86.2 765.1 242325 Lakshmi Energy & Foods Ltd. ** 693.5 91.6 375.4 348326 Hanung Toys & Textiles Ltd. 847.6 89.8 375.5 311327 Voltamp Transformers Ltd. 542.0 82.5 47.3 441328 Nahar Spinning Mills Ltd. 1,110.8 53.5 688.4 252329 Hikal Ltd. 538.9 78.4 659.9 344330 House Of Pearl Fashions Ltd. 1,843.1 14.1 262.4 209331 K S B Pumps Ltd. * 565.6 64.1 157.9 421332 D C W Ltd. 1,022.8 67.6 731.9 256333 Esab India Ltd. * 423.8 66.2 95.9 465334 Ratnamani Metals & Tubes Ltd. 852.0 81.4 362.9 315335 Sujana Towers Ltd. ** 780.4 11.6 354.0 362336 Mirc Electronics Ltd. 1,526.7 20.0 222.4 246337 Kirloskar Electric Co. Ltd. 1,185.4 51.9 338.3 269






(%)



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6.8 8.4 412 2.7 443 274.9 19.6 43423.6 9.2 196 1.0 281 731.5 17.6 27311.3 24.9 151 0.2 115 713.5 29.8 27512.6 32.4 86 0.6 196 1,080.5 36.3 22610.4 65.9 10 0.0 1 803.6 65.9 25510.1 6.3 405 1.2 318 734.5 10.0 2749.9 -0.3 459 3.4 465 377.3 -0.7 3928.4 10.3 374 4.2 479 335.1 18.4 407

13.4 14.2 262 0.8 240 494.5 25.6 33119.5 2.6 344 2.1 417 527.7 7.0 32425.7 31.8 41 0.0 1 1,316.3 31.8 20310.3 24.8 166 1.5 356 908.0 38.0 24017.5 18.6 155 0.3 129 826.5 20.6 257

106.3 6.4 4 2.8 452 716.1 16.6 27818.5 6.5 301 0.0 1 1,253.5 6.5 21311.0 2.4 435 0.9 272 820.4 4.1 2655.5 11.5 400 1.5 363 86.5 17.5 4949.2 6.0 414 1.2 318 418.1 11.0 366

19.7 14.1 183 0.0 1 1,129.0 14.1 2243.7 4.3 471 0.3 141 143.1 4.8 485

15.1 7.1 342 1.0 291 625.5 12.0 30010.5 -2.3 467 1.4 341 697.8 -5.2 28820.2 34.7 48 0.6 184 1,151.8 42.8 21914.5 26.5 117 0.0 50 939.2 25.0 23923.5 18.8 112 0.2 122 771.4 22.6 26820.8 5.0 288 1.5 356 432.6 11.5 35819.8 10.4 228 0.9 251 586.4 9.6 31215.6 13.1 247 1.0 281 412.7 19.0 3648.7 8.9 388 0.5 178 662.9 13.9 2909.9 0.6 454 1.5 354 423.2 1.3 3708.2 -2.6 485 1.2 314 519.8 -4.9 3339.7 22.7 201 1.8 385 333.5 32.3 396

14.7 4.4 372 1.3 329 607.5 7.8 3088.9 8.9 385 0.8 226 646.1 13.9 2968.5 13.4 347 0.4 156 375.4 13.9 385

15.3 46.0 28 0.0 64 954.9 46.3 23517.2 6.4 322 1.2 309 706.3 10.9 28111.9 39.1 58 0.0 1 598.3 38.4 30112.2 11.6 317 0.7 209 393.1 18.7 37819.2 12.8 207 0.5 169 567.7 22.3 31520.2 13.1 190 2.6 441 321.9 28.7 40931.2 14.5 82 1.0 279 691.3 17.2 28518.2 18.5 145 1.4 345 597.1 26.3 30520.7 27.7 68 0.0 1 905.4 27.7 24417.0 5.6 333 1.5 364 355.5 9.5 39827.9 13.1 118 1.9 394 654.5 20.9 2913.0 0.1 490 0.6 186 150.9 0.1 484

20.0 19.1 132 0.0 64 852.2 19.1 25416.1 9.8 286 0.9 251 355.2 19.0 39323.5 43.1 18 0.0 1 890.1 43.1 24318.9 15.8 173 0.9 258 557.9 24.8 31711.0 5.3 407 1.2 314 705.5 8.3 2833.8 4.6 463 0.5 181 305.3 7.0 4268.8 10.4 371 1.4 350 406.6 17.7 371



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338 Atul Ltd. 1,212.6 55.6 425.6 261339 Walchandnagar Industries Ltd. ** 514.0 23.4 343.1 417340 Suashish Diamonds Ltd. 1,195.0 82.1 67.7 289341 Solar Industries India Ltd. 557.1 58.6 138.8 429342 S E L Manufacturing Co. Ltd. 962.2 67.1 790.7 260343 Surya Pharmaceutical Ltd. 1,142.3 73.9 437.4 264344 Provogue (India) Ltd. 493.3 21.3 757.5 364345 V S T Industries Ltd. 470.5 62.0 140.7 451346 Gokaldas Exports Ltd. 1,151.0 -1.8 261.7 303347 Emco Ltd. 978.6 127.3 220.2 301348 Murli Industries Ltd. 572.1 37.6 1,079.1 296349 Greenply Industries Ltd. 942.6 40.7 567.7 287350 Meghmani Organics Ltd. 839.2 39.6 684.8 295351 Nilkamal Ltd. 1,095.5 52.1 242.7 297352 Kennametal India Ltd. *# 370.1 52.0 110.4 471353 Titagarh Wagons Ltd. 559.8 60.2 145.9 427354 Andhra Pradesh Paper Mills Ltd. 649.3 54.2 904.0 298355 Banco Products (India) Ltd. 466.7 78.6 125.2 446356 Sutlej Textiles & Inds. Ltd. 1,186.4 26.3 647.4 251357 Wheels India Ltd. 1,247.1 13.0 427.7 265358 Andhra Sugars Ltd. 852.8 88.2 547.9 294359 Nahar Industrial Enterprises Ltd. 1,018.9 19.5 658.1 270360 Pennar Industries Ltd. 825.5 49.8 189.1 363361 Kirloskar Ferrous Inds. Ltd. 806.6 49.6 339.1 342362 Hatsun Agro Products Ltd. 1,141.6 2.8 355.2 288363 Rico Auto Inds. Ltd. 994.6 -4.9 623.6 284364 Vikas W S P Ltd. 459.4 120.0 806.1 324365 Timken India Ltd. * 320.1 32.5 67.6 493366 Mangalam Cement Ltd. 667.5 118.9 319.4 353367 Samtel Color Ltd. 1,123.3 76.5 697.6 243368 J V L Agro Inds. Ltd. 1,234.1 29.2 138.5 290369 Value Industries Ltd. ** 1,204.7 4.8 790.7 238370 Agro Tech Foods Ltd. 649.6 25.1 53.4 436371 Hitachi Home & Life Solutions (India) Ltd. 637.8 46.1 119.8 412372 Sona Koyo Steering Systems Ltd. 890.0 16.2 468.7 316373 Tide Water Oil Co. (India) Ltd. 651.4 57.8 77.9 410374 Kajaria Ceramics Ltd. 730.9 35.9 347.3 368375 Diamond Power Infrastructure Ltd. 584.2 50.6 191.7 411376 Tata Sponge Iron Ltd. 519.9 84.5 327.4 389377 K C P Ltd. 643.5 105.6 407.5 350378 Venky’S (India) Ltd. 705.5 53.9 133.5 387379 Bharat Bijlee Ltd. 656.8 41.2 73.2 423380 Cosmo Films Ltd. 961.3 66.6 439.1 293381 Spentex Industries Ltd. 1,252.8 -45.1 861.7 236382 Ind-Swift Laboratories Ltd. 783.9 56.4 653.7 305383 Tilaknagar Industries Ltd. 387.3 34.9 374.5 444384 Kirloskar Pneumatic Co. Ltd. 452.9 47.9 79.5 466385 Natco Pharma Ltd. 458.7 48.0 301.4 433386 Ineos A B S (India) Ltd. * 564.8 49.0 153.2 428387 Parekh Aluminex Ltd. 634.2 45.4 490.8 360388 Shilpa Medicare Ltd. 264.9 42.7 150.8 491389 Temptation Foods Ltd. 1,276.7 63.0 124.4 273390 Lloyds Metals & Engineers Ltd. 567.9 17.9 318.9 407391 Riddhi Siddhi Gluco Biols Ltd. 745.8 39.2 325.3 366






(%)



GRO

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RAN

KIN

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GRO

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RAN

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11.1 5.9 398 0.8 234 348.8 7.7 4039.8 8.9 373 0.6 184 833.0 4.9 260

11.7 6.7 379 1.8 386 455.3 14.2 34617.3 20.4 139 0.4 154 800.6 24.1 26419.3 7.7 268 2.0 414 302.8 17.9 42114.0 27.7 114 2.4 435 303.5 28.3 41712.6 2.1 423 0.5 167 669.1 2.6 2928.9 24.2 192 0.0 1 848.7 23.9 2535.9 -0.5 486 0.8 226 502.3 -0.6 337

20.5 0.4 357 0.5 181 475.9 0.6 34422.6 2.9 291 3.8 476 445.5 13.3 35110.2 7.3 391 1.7 377 421.4 17.3 36015.2 4.9 363 1.4 340 435.1 9.9 35711.0 13.6 304 1.1 301 417.9 23.5 35923.9 16.2 127 0.0 1 898.1 16.2 24617.7 11.9 236 0.4 144 765.5 13.4 27022.8 5.1 258 1.0 283 416.4 10.1 36922.4 50.8 14 0.3 136 718.6 50.7 27114.0 3.1 397 5.9 495 199.4 16.7 4647.1 2.7 458 1.9 398 272.8 6.6 439

22.1 14.0 152 0.5 169 338.7 20.3 40214.9 1.7 402 1.4 346 297.3 3.2 43112.6 45.2 40 1.1 295 506.4 24.2 32711.6 14.5 282 0.0 64 477.8 15.1 340

5.8 0.8 480 5.8 494 344.3 3.7 4109.3 -0.8 461 1.5 356 339.0 -1.6 414

36.3 15.0 56 0.1 97 401.6 15.9 37515.7 9.4 296 0.0 1 896.7 9.4 24728.2 34.4 24 0.0 1 431.3 34.3 34913.2 1.8 416 1.7 380 115.6 6.4 4924.7 10.0 422 1.9 405 303.9 20.8 419

11.9 0.5 440 1.9 398 99.0 1.1 4955.5 17.1 334 0.0 1 680.7 17.1 287

10.0 23.3 191 0.4 154 602.6 33.5 3028.4 3.9 442 1.9 394 384.1 9.1 382

12.7 31.6 95 0.0 1 584.5 31.2 30714.9 10.4 292 1.4 344 478.3 21.5 33817.0 13.4 226 1.1 297 603.5 19.9 30425.2 22.0 73 0.0 1 534.9 22.0 32024.9 22.1 74 0.7 214 395.5 31.8 36813.5 27.4 119 0.4 159 512.1 29.3 32310.5 17.6 256 0.1 100 587.9 19.1 31013.8 4.7 375 1.2 320 250.2 8.2 4467.5 -9.2 496 9.3 500 118.8 -81.7 500

14.9 8.8 320 1.6 371 262.6 14.6 44015.3 11.6 271 3.6 472 601.7 19.3 30616.2 26.3 108 0.2 109 634.6 32.2 29420.5 14.2 175 0.4 149 564.1 17.4 31814.5 19.5 182 0.0 1 546.6 19.5 31917.4 9.5 272 1.3 332 377.2 15.9 38329.6 28.8 37 0.8 229 662.8 53.6 282

7.8 19.4 267 0.6 186 103.1 21.9 4896.9 6.2 437 0.6 193 521.5 9.9 326

15.7 12.8 250 1.2 306 344.5 20.2 399



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392 Dynamatic Technologies Ltd. 444.5 10.5 289.3 452393 Subros Ltd. 906.1 28.4 296.1 333394 Simbhaoli Sugars Ltd. ** 699.3 72.0 602.8 318395 Jagatjit Industries Ltd. 691.8 6.5 371.4 379396 Oricon Enterprises Ltd. 556.9 38.5 419.6 386397 Nagarjuna Agrichem Ltd. 644.8 59.8 184.1 392398 Munjal Showa Ltd. 1,004.0 24.6 262.8 319399 Parenteral Drugs (India) Ltd. 413.1 30.4 388.0 438400 Henkel India Ltd. * 483.5 -12.6 262.9 454401 Cmi F P E Ltd. 387.9 27.3 28.3 487402 P I Industries Ltd. 595.2 41.9 208.8 409403 Anik Industries Ltd. 1,216.4 11.1 119.2 304404 Swaraj Mazda Ltd. 720.3 21.5 125.1 400405 Transformers & Rectifiers (India) Ltd. 521.4 51.3 107.4 448406 L T Foods Ltd. 1,048.5 33.2 252.2 309407 I F B Industries Ltd. 611.7 53.8 90.0 425408 Hawkins Cookers Ltd. 286.2 36.8 16.9 499409 Sangam (India) Ltd. 847.5 17.2 577.0 310410 Rohit Ferro-Tech Ltd. 824.6 32.5 380.5 338411 Gabriel India Ltd. 702.9 24.0 196.5 391412 Tamilnadu Petroproducts Ltd. 910.6 1.5 480.5 314413 Indoco Remedies Ltd. 404.4 42.1 227.9 457414 Relaxo Footwears Ltd. 555.4 37.8 228.4 424415 Lanco Industries Ltd. 690.6 66.1 312.0 370416 Pricol Ltd. 836.4 24.0 260.4 356417 Balasore Alloys Ltd. 415.1 0.3 1,163.4 326418 Jamna Auto Inds. Ltd. 613.2 11.0 167.5 432419 Shasun Pharmaceuticals Ltd. 801.9 3.8 274.6 373420 Lloyd Electric & Engineering Ltd. 817.1 33.8 300.5 354421 Kei Industries Ltd. 909.5 14.2 277.9 341422 Automotive Axles Ltd. ** 268.2 9.7 152.2 496423 D C M Shriram Inds. Ltd. 863.5 39.1 308.7 337424 Empee Distilleries Ltd. 617.4 15.4 596.6 358425 Paper Products Ltd. * 586.4 37.4 203.4 416426 Oil Country Tubular Ltd. 333.0 55.8 88.2 483427 Vesuvius India Ltd. * 362.8 37.4 104.2 479428 Heritage Foods (India) Ltd. 888.1 5.5 224.0 357429 Sudarshan Chemical Inds. Ltd. 590.4 41.2 109.8 435430 Rana Sugars Ltd. 675.2 25.0 548.0 352431 Navin Fluorine Intl. Ltd. 429.7 89.6 208.4 440432 Gujarat Sidhee Cement Ltd. 646.9 57.3 77.9 413433 Parabolic Drugs Ltd. 514.2 29.5 178.1 445434 Seshasayee Paper & Boards Ltd. 509.3 39.9 505.8 383435 Action Construction Equipment Ltd. 430.5 22.3 82.4 473436 Nakoda Ltd. * 986.3 20.9 173.4 335437 Goenka Diamond & Jewels Ltd. 536.8 41.2 7.7 461438 Jay Shree Tea & Inds. Ltd. 416.0 61.8 170.0 456439 Jayant Agro-Organics Ltd. 904.8 12.5 165.3 361440 Omax Autos Ltd. 865.7 14.2 354.2 339441 Hinduja Foundries Ltd. 391.3 0.4 597.2 414442 Thiru Arooran Sugars Ltd. * 649.2 46.8 226.7 390443 Rajshree Sugars & Chemicals Ltd. 580.6 46.0 455.7 376444 Jay Bharat Maruti Ltd. 803.8 21.0 202.3 375445 Andhra Cements Ltd. 331.4 47.7 520.2 426






(%)



GRO

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RAN

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14.2 3.1 393 2.1 425 585.5 9.1 3139.7 10.5 362 0.7 223 279.7 14.8 433

16.0 24.8 121 5.2 489 117.2 102.5 4635.1 1.0 482 0.9 263 417.5 0.9 374

12.3 11.1 327 0.3 141 416.0 14.2 36517.4 23.4 122 0.9 270 395.9 32.7 3676.6 9.3 408 0.7 212 225.7 14.7 455

15.9 7.7 324 0.8 235 517.7 10.6 3282.5 5.9 466 1.0 276 582.0 5.8 316

11.9 15.9 261 0.0 1 663.2 15.9 28913.9 19.0 194 0.9 272 426.7 34.2 3503.5 4.5 473 1.7 383 170.0 5.2 4797.5 10.9 378 0.5 162 434.9 14.4 356

15.3 18.2 185 0.3 124 505.4 18.8 32911.3 5.9 395 3.5 468 165.2 16.1 47510.1 35.9 79 0.0 1 417.0 35.2 35319.8 85.0 5 0.3 138 511.7 112.3 30315.7 2.6 380 3.7 474 151.2 9.6 48111.9 8.2 364 1.5 359 218.8 13.0 4618.9 10.8 365 1.0 288 369.8 17.5 3885.9 0.1 483 0.5 169 182.8 0.2 474

14.0 12.2 280 0.2 115 509.1 14.1 33014.4 20.9 165 1.3 329 382.0 41.0 37318.9 14.1 195 1.8 391 242.6 37.9 43810.8 5.6 403 1.7 375 245.7 14.8 44315.9 -1.9 433 1.0 284 175.1 -1.2 4809.6 10.9 360 2.2 429 407.1 24.9 3637.8 -6.5 493 2.8 449 316.5 -14.9 4309.8 7.4 394 0.7 207 226.0 9.0 4597.1 1.0 470 1.6 367 213.9 1.8 465

12.7 2.3 418 0.3 129 644.6 3.1 29810.9 12.2 330 1.4 341 170.3 16.5 4735.6 2.8 464 2.1 421 250.3 5.9 448

12.8 11.4 308 0.1 92 381.5 12.9 38131.2 36.2 16 0.0 78 481.7 36.0 33217.6 17.8 163 0.0 1 525.2 17.8 322

5.3 2.9 469 2.1 426 229.8 7.4 45613.5 23.6 144 0.8 229 353.4 35.1 38721.1 3.1 313 2.0 411 168.4 7.0 47833.6 31.5 21 0.0 78 307.5 33.9 41314.3 46.3 30 0.2 105 221.5 74.2 43214.3 16.9 216 3.5 470 357.1 24.1 39022.6 8.5 217 1.5 352 223.9 19.2 4548.7 14.9 323 0.2 111 470.3 14.6 3425.1 9.1 432 3.0 457 98.8 24.7 4919.1 78.3 8 0.6 200 289.6 76.0 397

20.5 23.1 99 1.2 314 361.6 30.3 3844.6 9.6 431 2.5 438 162.9 14.0 4777.7 3.1 452 1.9 404 120.3 6.2 488

13.6 -0.2 436 2.7 448 324.2 -0.3 42023.2 19.1 111 2.1 427 197.8 38.4 45823.4 10.1 186 3.5 469 155.1 37.0 4718.9 15.3 312 0.6 203 169.1 25.3 4703.3 7.8 448 3.1 460 313.9 20.2 416



( ` CR.)



FIN

AL

RAN

K

GRO

UP

RAN

KIN

G


446 Bhansali Engineering Polymers Ltd. 312.9 10.5 178.9 489447 Genus Power Infrastructures Ltd. 654.1 26.4 70.6 431448 Denso India Ltd. 744.1 18.9 102.6 399449 M S P Steel & Power Ltd. 392.5 32.0 502.6 418450 Siyaram Silk Mills Ltd. 660.9 33.7 201.1 396451 M I C Electronics Ltd. ## 292.8 62.8 160.8 477452 T V S Srichakra Ltd. 702.5 29.8 115.4 402453 Dharani Sugars & Chemicals Ltd. 575.0 45.6 386.0 385454 Oudh Sugar Mills Ltd. ## 578.4 19.6 688.8 355455 Compuage Infocom Ltd. 1,100.6 5.8 5.1 343456 N R B Bearings Ltd. 358.5 21.7 168.9 476457 Kothari Products Ltd. 572.2 71.3 64.5 434458 Swaraj Engines Ltd. 282.4 37.4 23.7 498459 Orient Abrasives Ltd. 326.2 51.2 132.6 478460 Emami Paper Mills Ltd. 391.8 7.0 411.2 449461 Mawana Sugars Ltd. ** 724.3 -56.8 760.4 336462 Nitin Fire Protection Inds. Ltd. 313.9 37.1 94.8 490463 Banswara Syntex Ltd. 630.9 30.9 362.6 382464 C C L Products (India) Ltd. 437.5 28.3 291.3 447465 Excel Crop Care Ltd. 640.5 38.1 111.3 420466 Rainbow Papers Ltd. 275.5 23.6 426.0 464467 Gillanders Arbuthnot & Co. Ltd. 619.6 25.4 229.4 406468 A G C Networks Ltd. **# 538.3 34.6 21.6 462469 Nocil Ltd. 439.2 35.0 124.2 468470 Lumax Industries Ltd. 637.3 5.9 270.0 403471 Steel Strips Wheels Ltd. 419.9 14.5 422.9 437472 Sagar Cements Ltd. 484.8 20.3 388.5 422473 Kanoria Chemicals & Inds. Ltd. 424.8 26.9 576.7 395474 A P L Apollo Tubes Ltd. 615.8 29.8 120.9 430475 V S T Tillers Tractors Ltd. 346.0 42.3 52.8 488476 Ind-Swift Ltd. 680.6 36.7 302.8 380477 Numeric Power Systems Ltd. 460.4 37.9 72.2 469478 Eskay K’N’It (India) Ltd. 816.8 9.8 309.2 359479 Kalpena Industries Ltd. 718.8 29.9 78.3 405480 Dhanuka Agritech Ltd. 408.1 36.3 38.6 480481 Dwarikesh Sugar Inds. Ltd. ** 469.7 25.1 555.4 388482 Twilight Litaka Pharma Ltd. 492.4 32.6 90.8 463483 Kohinoor Foods Ltd. 852.2 -7.0 107.2 384484 English Indian Clays Ltd. 336.5 29.4 211.3 472485 Honda Siel Power Products Ltd. 307.1 12.7 66.9 497486 Bodal Chemicals Ltd. 491.3 14.0 234.3 450487 Zodiac Clothing Co. Ltd. 322.6 26.2 100.7 492488 Garware Polyester Ltd. 315.2 27.0 380.6 460489 Nitco Ltd. 451.9 -8.8 612.6 398490 L G Balakrishnan & Bros. Ltd. 555.1 24.4 153.5 443491 Gemini Communication Ltd. 350.2 32.6 131.4 481492 Goodricke Group Ltd. * 372.6 41.9 68.6 482493 Rathi Steel & Power Ltd. 755.8 4.4 333.1 374494 Ferro Alloys Corpn. Ltd. 309.9 14.0 89.3 495495 Saurashtra Cement Ltd. 579.6 23.2 355.8 394496 Sabero Organics Gujarat Ltd. 430.3 38.7 95.4 470497 Bannari Amman Spinning Mills Ltd. 355.0 15.1 510.1 439498 Amrit Banaspati Co. Ltd. 806.4 8.0 46.2 397499 Gallantt Metal Ltd. 432.6 23.6 227.3 459500 Prakash Steelage Ltd. 438.2 17.6 62.4 475






(%)



GRO

UP

RAN

KIN

G

GRO

UP

RAN

KIN

G

GRO

UP

RAN

KIN

G

11.9 13.4 294 0.8 232 498.2 5.2 33510.9 15.4 277 0.9 254 299.3 17.9 424

5.4 9.1 428 0.1 82 261.0 9.1 44216.6 12.9 237 2.1 420 273.9 16.3 43612.1 11.7 318 1.0 284 232.8 20.1 45025.6 22.3 69 0.2 120 414.2 20.9 361

9.3 24.3 184 2.0 415 212.6 40.3 45123.6 12.5 155 4.5 483 147.5 52.9 46824.3 2.2 274 4.5 484 99.0 11.4 4931.8 9.2 451 5.4 490 70.1 28.9 496

16.5 8.5 300 0.5 180 439.1 11.6 35413.9 6.7 359 0.0 50 311.5 6.7 42318.8 34.0 54 0.0 1 471.7 34.0 33423.5 34.2 39 0.4 156 375.2 39.7 37718.4 1.2 366 2.8 450 339.8 3.8 4129.0 -7.2 491 3.2 461 106.1 -24.3 498

18.6 17.9 147 0.7 218 444.0 22.8 34715.9 6.7 336 3.8 475 163.5 24.0 47214.8 9.2 315 1.2 311 313.8 14.5 41811.3 21.2 199 0.8 240 238.4 21.4 44523.1 5.8 243 1.5 362 352.0 15.5 39513.0 8.1 356 1.3 323 230.9 14.1 45311.0 13.6 306 0.0 1 340.4 13.6 40613.4 9.0 339 0.1 84 363.5 9.6 394

7.0 3.0 456 0.7 223 230.0 4.9 46013.0 4.8 384 2.2 430 277.6 8.9 43716.6 5.1 351 1.1 295 239.1 9.8 45221.7 4.5 281 1.3 324 185.6 9.8 4699.7 14.9 305 0.8 245 244.6 15.5 444

18.7 38.8 42 0.0 64 365.4 38.5 38014.1 8.4 338 2.0 412 127.8 14.1 48611.4 19.1 222 0.0 50 336.5 19.1 40413.4 1.7 415 1.3 334 85.2 3.1 4977.2 20.8 257 1.4 341 170.1 33.2 466

13.2 31.6 89 0.6 193 334.8 43.9 39126.7 3.8 224 2.8 454 141.9 13.6 48313.1 23.6 146 1.9 407 277.1 36.7 4258.5 -0.8 476 4.4 481 161.7 -3.8 482

20.3 14.5 169 0.9 254 337.7 25.5 4008.2 16.0 311 0.0 1 450.5 16.0 3489.7 7.3 398 4.6 486 267.6 23.6 435

13.9 14.5 254 0.2 105 409.4 14.6 37216.6 7.3 316 1.4 336 298.3 10.2 4286.0 -1.2 487 0.9 263 180.1 -1.7 476

13.1 18.2 215 0.7 209 206.7 30.0 45727.3 11.2 135 1.9 400 323.8 27.9 40816.7 32.9 63 0.1 89 300.1 35.6 415

6.8 1.0 475 2.1 422 65.6 2.6 49911.6 3.9 410 0.1 102 412.3 4.3 37621.7 2.3 314 6.6 497 105.0 19.7 49017.8 32.4 61 0.7 221 235.4 41.3 44119.2 2.7 346 2.7 446 192.6 9.0 4672.4 14.7 396 1.1 298 102.3 26.8 487

14.5 8.6 331 1.0 284 242.7 15.6 4479.3 15.9 295 2.8 450 270.7 40.3 427



Reliance Industries Ltd (RIL) was incorporated by the visionary Late Shri Dhirubhai Ambani in 1966 as a textile company, ‘Reliance

Commercial Corporation’, and led its evolution as a global leader in the materials and energy value chain businesses.

RIL commands a dominant position across the globe as: The largest refining capacity at a single

location The largest producer of polyester fibre

and yarn The 4th largest producer of paraxylene

(PX) The 5th largest producer of polypropylene The 7th largest producer of purified

terephthalic acid (PTA) The 7th largest producer of mono

ethylene glycol (MEG).RIL has marked its presence across

various verticals be it exploration and production (E&P), refining, polymers, fibre intermediates, polyester, textiles, retail, pharma and special economic zone (SEZ). The company’s major products and brands – from oil & gas to textiles – are tightly integrated and benefit from synergies across the company. The company enjoys a leadership position in most of its products in India. RIL has 12 world class manufacturing facilities in India.

ACHIEVEMENTS –FY10 RIL made four discoveries during the

year. They are:- Well R1 in the KG-V-D3-block- Well AA1, BF1 and AH1 in on-land

CB-10 block.

Commissioned two new PP lines in Jamnagar resulting in a polymer production increase by 33 per cent.

In April 2010, RIL entered into a Joint Venture (JV) with US-based Atlas Energy, Inc under which RIL acquired 40 per cent interest in Atlas’ core Marcellus Shale acreage position for $1.70 billion.

RIL has farmed out 20 per cent PI in the blocks Borojo North and Borojo South in Colombia, and 30 per cent PI in block 18 and 25 per cent PI in block 41 in Oman. It has now 13 blocks in its international E&P portfolio.

FINANCIAL PERFORMANCE ANALYSIS – FY10During FY10, RIL achieved a record turnover exceeding ` 200,000 crore, a y-o-y growth of 34.38 per cent. The revenue growth was entirely due to volume and offset by fall in prices. Within a year of start-up, RIL ramped up production at KG-

DG and supplied over 512 billion cubic feet (bcf) of gas within India. The production level currently exceeds 60 mmscmd of natural gas and over 35,000 barrels of crude oil per day. Also, the new SEZ refinery at Jamnagar created a global benchmark by achieving a peak rate of 120 per cent. The gross refining margins (GRMs) for the year was at $6.6/bbl, a premium of $3.1/bbl over the Singapore complex margin. However, the GRMs were quite low as compared to last year due to weak demand, high levels of inventories and high crude prices leading to

Impossible is an inspiring word. Nothing aspires leadership at Reliance Industries than this magical word. Keeping its innovative spirits high and a will to achieve the impossible is what motivates the company to break its own records. India’s largest private sector enterprise, which continues to retain the pole position, plans to broaden its horizons through aggressive exploration, development and appraisal of its existing discoveries and possible inorganic acquisitions.

IN A LEAGUE OF ITS OWNR E L I A N C E I N D U S T R I E S L T D ( R I L )

# 1

Year of Incorporation 1966Industry classification Refining & ExplorationPromoter Reliance Group (Mukesh Ambani)Promoters stake 44.74%365-day Avg. Market Capitalisation –` crore

339,070.6

EV – ` crore 400,482.82 EPS adjusted–` 49.65β (Beta value) 1.03P/ BV 2.56Credit Rating CRISIL – AAA Fitch – AAA (ind)

CRISIL – P1+

Segment analysis on consolidated basisSegment Products Percentage-wise

contribution to net sales in FY10

Petrochemical Polyester yarn & fibre, PX, PTA, MEG, PVC, LAB, butadiene, acrylonitrile, caustic soda, olefins, aromatics, etc.

27.50

Refining Production & marketing of petroleum products 63.96Oil & Gas Exploration & development of crude oil and natural gas 6.21Others Textiles, retail and SEZ. 2.33Total -- 100.00


weakening of product cracks. The revenues from petrochemical business improved by five per cent and operating profits in the petrochemical business expanded by 25 per cent due to margin expansion and strong domestic growth. The net profit for RIL in FY10 on a consolidated basis improved by 62 per cent y-o-y primarily led by exceptional income of Rs8605 crore due to the sale of RIL shares by Petroleum trust. On a standalone basis, the net profit increased by six per cent primarily due to higher operating profit and other income, partly compensated by higher depreciation (O&G and refinery), interest (lower capitalization) and higher MAT provision.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11 RIL reported a 23 per cent rise in net sales backed by increased revenues from oil & gas business and refinery segment due to incremental volumes coming from SEZ refinery. RIL achieved a volume growth of 13.6 per cent and price realisation improved by 9.2 per cent. PBDITA improved by 28

per cent y-o-y due to higher revenues and sharp increase in GRMs by 32 per cent at $7.9/bbl.

VISION FY11 & BEYOND Aggressive exploration, development

and appraisal of its existing discoveries and possible inorganic acquisitions.

In the refinery business, RIL aims to widen feedstock flexibility and product slate.

In the petrochemicals segment, RIL plans to shift to specialty products and improve market shares and margins.

By cancelling all existing non-compete agreements between RIL and ADA group, RIL will be keen to enter into power (excluding gas based power generation) and telecom business.

By having invested in Deccan 360, delivery and distribution network company, RIL plans to enter the logistics spectrum in India.

Focus on the Retail business by new product and service offerings.

EXPANDING PORTFOLIO An improved global economic outlook will continue to drive demand for key products across the company’s value chain. Revenues from supply of natural gas & oil will augment the company’s topline. Of the incremental growth in oil demand, 77 per cent will be contributed by non-OECD nations by

CY2012. Within the non-OECD markets, 50 per cent of the growth will come from China and the rest of Asia. Higher automobile sales, strong economic recovery and increased investments in road infrastructure will support demand for gasoline in India and China. The petrochemical sector will witness a good performance backed by domestic demand growth mainly driven by infrastructure, packaging and automobile sector. The polyester segment will witness robust growth due to improving textile demand coupled with a steep rise in raw cotton and cotton yarn prices. On the new initiatives front, with the non-compete agreement being cancelled, RIL plans to enter telecom and power business (excluding gas-based power generation). It recently acquired 95 per cent stake in Infotel Broadband betting big on high-end data services and the wireless broadband segment.

Financial performance analysis – FY10All figures in ` crore unless specified

Consolidated Standalone

Parameters FY10 Y-O-Y growth % FY10 Y-O-Y growth %

Net Sales 203,370.57 34.38 192,091.87 35.32

PBDITA 41,679.56 63.58 33,032.85 30.12

PAT 24,349.56 62.26 16,235.67 6.05

Net worth 141,002.98 16.28 137,170.61 8.54

Total debt 64,605.52 (15.28) 62,494.69 (15.44)

Net Fixed Assets 177,224.93 (2.03) 165,398.71 (2.35)

PBDITA Margin % 18.67 -- 16.22 --

PAT Margin % 10.91 -- 7.97 --

ROCE % 13.29 -- 8.81 --

RONW % 18.62 -- 12.32 --

Debt/Equity - times 0.49 -- 0.49 --

Interest Coverage -times 14.98 -- 11.41 --

Asset Turnover -times 1.18 -- 1.20 --

Source: Prowess, CARE Research

Financial performance analysis – Q2FY11All figures in ` crore unless specified

StandaloneParameters Q2FY11 y-o-y growth %

Net Sales 57,479.00 22.69PBDITA 10,068.00 28.34PAT 4,923.00 27.80PBDITA margin % 17.31 --PAT margin % 8.47 --Source: Prowess, CARE Research

200000

150000

100000

50000

0FY 06 FY 07 FY 08 FY 09 FY 10

` cr

Net Fixed Assets

175000

125000

75000

25000

CAGR28.41%

0FY 06 FY 07 FY 08 FY 09 FY 10

` cr

Net Sales

25000

CAGR25.23%

5000075000

100000125000150000175000200000225000



ONGC, incorporated in 1959 by the Government of India (GoI), is actively engaged in the exploration and production of crude oil and

natural gas. Other products manufactured by the company include ethane/propane, liquefied petroleum gas (LPG), naptha and superior kerosene oil (SKO). The company was awarded 17 of the total 31 blocks on offer with operatorship rights in 14 of the said blocks during NELP-VIII .The company is also operating five coal bed methane (CBM) blocks ie., Jharia, Bokaro, North Karanpura and South Karanpura Blocks in Jharkhand and Raniganj Block in West Bengal. CBM production from the pilot project at Parbatpur commenced from January 2010. In an effort to tap other alternative sources of energy, the company has set-up a 51 MW wind farm near Bhuj in Gujarat, which entails an investment of Rs308 crore. The energy so generated is utilised for captive-consumption by the company’s plants located at Ankleshwar, Ahmedabad, Mehsana and Vadodara.

ACHIEVEMENTS – FY10 ONGC made 21 new discoveries (14

– Offshore & 7 – Onshore). Of the 21 discoveries, 11 were new project discoveries, while the rest were new pool discoveries.

During FY10, the company recorded its highest accretion of 82.98 million tonne of oil equivalent (MTOE) of ultimate

reserves (3P) in domestic-operated fields in the last two decades.

The reserve replacement ratio (RRR) was 1.74 for 3P reserves – the highest ratio recorded in the last two decades. FY10 was also the 5th consecutive year that it has maintained an RRR of more than 1 as against the global average of less than 1 as registered by many large oil companies.

It accounted for 79 per cent of India’s crude oil and 54 per cent of natural gas production during FY10.

ONGC Videsh Ltd (OVL) registered the highest-ever production of 8.87 MTOE of oil & gas.

ONGC is in the process of developing various offshore marginal fields, namely, the D-1 field, North Tapti gas field and Cluster-7 fields with a total investment of ` 6,160.35 crore.

ONGC is also currently implementing redevelopment projects in Western offshore fields at an estimated cost of ` 182 billion, which includes Mumbai High North & South redevelopment phase II and Heera & South Heera redevelopment.

ONGC holds the highest number of NELP blocks; with the total eight rounds that have been rolled out, ONGC has

won 50 per cent of the blocks, ie. 121 of the total 242 blocks.

FY10 FINANCIAL PERFORMANCEDuring FY10, ONGC reported net sales of ` 98,740.34 crore with a y-o-y decline of three per cent. During the year, the company’s combined oil & gas production (including OVL & ONGC’s share in the PSC - JV) was recorded at 60.93 MTOE thus registering a marginal y-o-y decline of 0.5 per cent. The subsidy expenses borne by the company aggregated to ̀ 11,554 during FY10 with a y-o-y de-growth of 59 per cent. However, the expenditure on the write-off of wells and depletion of wells aggregated to ` 13,520 crore; thereby recording a significant y-o-y growth of 45.1 per cent. Correspondingly, the PAT declined on a y-o-y basis to 2.1 per cent with the PAT figure during FY10 at ` 19,727.57 crore.

Having achieved highest accretion of ultimate reserves in the last two decades from domestic acreages as well as highest-ever production of oil & gas from overseas assets, ONGC has maintained a constant lead among oil E&P companies. The company, having assumed the status of a ‘giant’ in the Indian oil exploration segment, would increasingly emphasise on meeting the country’s oil requirements through new explorations in the oil & gas segment.

INTENSIFYING PRODUCTION TO MAINTAIN LEAD

O I L & N A T U R A L G A S C O R P O R A T I O N ( O N G C )

# 2

Year of Incorporation 1959Industry classification Crude oil & natural gasPromoter Government of India (GoI)Promoters stake % 74.14365-day Avg. Market Capitalisation –` crore

259,367.31

EV – ` crore 216,729.09EPS adjusted – ` 78.30β (Beta value) 0.90P/ BV 3.23Credit Rating ICRA – LAAASource: Prowess, CARE Research


Q2FY11 ANALYSISDuring Q2FY11, ONGC reported net sales aggregating to ` 14,560.67 crore with ay-o-y growth of 17.9 per cent owing to higher crude sales volume, administered price mechanism (APM), gas price hike and higher net crude realisation due to lower share of the upstream subsidy being borne by the company during the quarter. The subsidy burden for the company during Q2FY11 aggregated to ` 3,019 crore, which accounted for 80.3 per cent of the total contribution by upstream companies as against the higher share of 82-83 per cent of the total contribution borne by ONGC during the previous two quarters. The net realisations during Q2FY11 stood higher at $62.8/barrel as against $56.4/barrel during Q2FY10. Correspondingly, the PBDITA as well as the PBDITA margin stood much improved with the former aggregating to ̀ 5,388.77 crore recording a y-o-y growth of 26.5 per cent. However, the write-off of ` 2,440 crore by the company for dry-well expenditure towards deep-water exploration in KG offshore and

Mahanadi offshore impacted the profitability of the company. During Q2FY11, the net profit of the company aggregated to ` 12,621.63 crore with a y-o-y growth of 5.9 per cent.

VISION FY11 & BEYOND Propel crude oil and gas production

by commencing production from the oil fields where discovery has already been made. In this regard, ONGC plans a fast track appraisal and development of blocks such as Cluster-7, WO Series, B-193, D-1 additional, B-22, North Tapti, etc.

Augmenting production and at the same time, negating decline from the matured oil fields through technology and capital intensive improved oil recovery/enhanced oil recovery schemes.

Enhance the refining capacity of MRPL (subsidiary of ONGC) to 15 million metric tonne per annum (mmtpa) by FY12.

ONGC Energy Centre will continue its holistic research in respect of alternative energy sources. In this regard, the centre plans to establish a 100 mw wind farm and a photo-voltaic solar plant.

For FY11, the company has earmarked capex of ` 26,500 crore for domestic operations, ` 8,600 crore for overseas operation and ` 3,200 crore for MRPL.

DRIVING GROWTH Earmarking a budget of ` 26,500 crore for

domestic operations during FY11, the company plans the development of various offshore marginal fields as well as re-development projects in major fields. Through OVL – the company’s wholly-owned subsidiary – the company would further look to expand E&P operations in other countries with the association of global partners, in projects wherever required. Further, OVL’s participation in the Carabobo project is expected to enhance its 2P reserves by 45 mmt. Going forward, the upward movement of crude oil prices remains a concern. In case of the same, the company’s net realisations would stand affected due to the subsidies that are required to be provided by the company to the state-run oil marketing companies. Also, any instances of failures in the company’s exploration projects would result in lower accretion to reserves and further dent the company’s profitability margins in the form of a write-off of related expenses.

Financial performance analysis –FY1All figures in ` crore unless specified

Consolidated StandaloneParameters FY10 Y-O-Y growth % FY10 Y-O-Y growth %Net Sales 98,740.34 -3.0 56,785.68 -6.1PBDITA 44,008.04 1.3 34,791.03 4.7PAT 19,727.57 -2.1 16,767.56 4.0Net worth 101,406.6 10.0 87,282.6 10.9Total debt 6,267.28 -4.5 4.98 -81.4Net Fixed Assets 110,697.6 10.7 71,721.73 13.2PBDITA Margin % 38.84 - 52.57 -PAT Margin % 17.41 - 25.33 -ROCE % 19.58 - 20.08 -RONW % 20.06 - 19.91 -Debt/Equity - times 0.06 - 0 -Interest Coverage -times

67.14 - 1,718.17 -

Asset Turnover -times

1.03 - 0.92 -

Source: Prowess, CARE Research


StandaloneParameters Q2FY11 y-o-y growth %Net Sales 14,560.67 17.9PBDITA 5,388.77 26.5PAT 12,621.63 5.9PBDITA margin % 79.58 -PAT margin % 33.98 -Source: Prowess, CARE Research

60000

40000

20000

0FY 06 FY 07 FY 08 FY 09

` cr

Turnover

70000

50000

30000

10000

5 - year CAGR of

5.82%

FY 10

0FY 06 FY 07 FY 08 FY 09

` cr

Capex

5000

10000

15000

20000

25000

Domestic E&P Integration

FY 10

5 - year CAGR of

19.8%



IOC was established in 1959 as a result of a merger between Indian Oil Co Ltd and Indian Refineries Ltd. Since then, the company has established itself as

India’s premier petroleum company with a presence across various business verticals ie. oil exploration & production, refineries, pipelines and marketing. The company’s product line includes: petrol/gasoline, diesel/gas oil, ATF/jet fuel, kerosene, bulk/industrial fuels, bitumen, petrochemicals and natural gas. The company’s portfolio of energy brands include: LP Gas, SERVO lubricants, XTRAPREMIUM petrol, XTRAMILE Super Diesel, etc. The company owns and operates 10 of India’s 20 refineries and has the largest network of crude oil, petroleum and product pipeline in the country of 10,899 km with a capacity of 75.26 million metric tonne per annum (MMTA) of oil and 10 million metric standard cubic meters per day of gas. The company’s retail network comprises of 18,643 (47 per cent) outlets. The company has a participating interest in 11 blocks within the country, including two coal bed methane (CBM) blocks and an interest in nine overseas blocks based in Libya, Iran, Yemen, Nigeria, Gabon and Timor-Leste.

ACHIEVEMENTS – FY10 The company’s refining capacity (on a

consolidated basis) is 65.7 MMTPA, equivalent to 1.3 million barrels per day. It accounts for 34.8 per cent of the national refining capacity – the highest in India.

Capacity utilisation of the company’s refineries stood at 102 per cent during

FY10, against the average global refinery capacity utilisation of 82 per cent. This is the third consecutive year in which the company has crossed the 100 per cent capacity utilisation mark.

Commissioned India’s largest Naphtha Cracker Complex at Panipat, built at a cost of ` 14,439 crore.

Crude processing capacity of the Haldia refinery enhanced from 6 MMTPA to 7.5 MMTPA.

Capacity of the Mundra-Panipat pipeline augmented from 6 to 9 MMTPA in June 2010.

Capacity of the Chennai-Trichy-Madurai pipeline augmented from 1.8 to 2.3 MMTPA.

IOC’s research & development division developed 181 lubes formulations in FY10, of which 75 per cent were commercialised; the company’s portfolio includes 215 active patents.

FINANCIAL PERFORMANCE ANALYSIS –FY10During FY10, IOC reported net sales of ` 2,53,830.23 crore representing a y-o-y de-growth of 12.1 per cent. The company’s throughput during the year declined to 50.7 MMTPA, thus recording a y-o-y de-growth of 1.3 per cent primarily owing to planned revamps and maintenance shutdowns for the implementation of various projects, including those for quality upgradation of products. The GRMs of the company however, increased from $3.69/barrel

during FY09 to $4.47/barrel during FY10. Correspondingly, the company’s PBDITA surged by 79.1 per cent on a y-o-y basis aggregating to ` 20,327.14 crore. During the year, the absorption of under-recoveries by the company on sales of sensitive petroleum products declined considerably to ` 15,171.84 crore with a y-o-y de-growth of 62.4 per cent. However, higher income, compared on a y-o-y basis on account of lower borrowing cost, inventory gains and foreign exchange gains helped the company post a higher PAT aggregating to ` 10,993.69 crore with a y-o-y growth of 359.3 per cent.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11During Q2FY11, net sales of IOC aggregated to ` 77,335.75 crore representing a y-o-y growth of 26.8 per cent primarily owing to higher crude oil prices. The company reported a refining throughput of 12.1 mmt during Q2FY11 with a y-o-y de-growth of 2.2 per cent,

India’s flagship national oil company, IOC, with business interests straddling the entire hydrocarbon value chain, believes in leading with a passion to excel. To achieve the next level of growth, IOC is currently forging ahead on a well laid-out roadmap through vertical integration – upstream into oil exploration & production and downstream into petrochemicals – and diversification into natural gas marketing and alternative energy, besides globalisation of its downstream operations.

LEADING WITH A PASSION TO EXCELI N D I A N O I L C O R P O R A T I O N ( I O C )

# 3

Year of Incorporation 1959Industry classification RefineryPromoter Government of India (GoI)Promoters stake % 78.92365-day Avg. Market Capitalisation – ` crore

85,928.96

EV – ` crore 115,292.93EPS adjusted – ` 42.10β (Beta value) 0.80P/ BV 1.85Credit Rating CRISIL – AAA CRISIL – PR 1+Source: Prowess, CARE Research


while both the domestic marketing sales and pipeline throughput remained flat y-o-y at 15.7 mmt and 15.54 mmt, respectively. During the quarter, the company reported higher profits as well as profitability owing to higher GRM at $6.63/barrel as against $3.62/barrel during Q2FY10. Furthermore, the subsidy provided by the Government of India (GoI) to the company amounting to ` 7,220 crore during the quarter, on account of under-recoveries during H1FY11 and discounts from upstream oil companies ie. ONGC, GAIL and OIL aggregating to ` 2,140 during Q2FY11, resulted in over-recovery to the company to the tune of ` 3,340 crore during the quarter. During Q2FY11, the company’s PAT aggregated to ` 5,293.95 crore reporting a staggering growth of 17x times as compared to same period the previous year.

VISION FY11 & BEYOND Investments of Rs20,000 crore

envisaged in the company’s

petrochemical segment by FY12. Grassroot refinery at Paradip having

a capacity of 15 MMTPA at an estimated expenditure of ` 29,777 crore to be completed by 2011-12.

Development of the largest captive plantation for bio-fuel production in India currently underway in Chhattisgarh and Madhya Pradesh.

New pipeline projects at an approximate cost of ` 2,000 crore envisaged for the laying of 2,000 km of pipeline network across India.

BROADENING HORIZONS Marketing: IOC, being one of the major

players in the marketing of sensitive products like motor spirit (petrol), high speed diesel, LPG and superior kerosene oil, has vastly benefited from the de-regulation of petrol prices from June 2010. CARE Research expects the company to benefit in case of the de-regulation of diesel prices by the GoI in the near future, which in turn would result in lowering the under-recoveries to the company. Given the strategic importance of the company, the GoI is expected to continue to support oil marketing companies (OMCs) in terms of the under-recovery-sharing mechanisms and oil bonds/cash issuances to the OMCs. The outlook on the marketing margin for the ensuing years would however, largely be a function of crude oil prices and the timeliness and adequacy of sharing of the under-recoveries.

Refining: With the Indian economy shifting towards stringent emission norms (Euro III and Euro IV), the company will be required to upgrade the refineries to produce cleaner fuels using sour and heavy crudes in order to enhance the gross refining margins (GRMs). Going forward, CARE Research expects that the strong demand from emerging economies such as Asia and Middle-East along with closure of unviable refineries in Europe would provide support to product cracks (GRMs). Additionally, the company’s petrochemical earning is expected to grow owing to the commencement of operations at the company’s Naphtha Cracker Complex at Panipat. Furthermore, the launch of Follow on Public Offer (FPO) (with likely 10 per cent fresh equity infusion and divestment of 10 per cent government’s stake) would facilitate the company to utilise the issue proceeds (only from the 10 per cent equity infusion) towards the capex plans, thereby easing the funding requirements of the company.

Financial performance analysis –FY10All figures in ` crore unless specified

Consolidated StandaloneParameters FY10 y-o-y growth % FY10 y-o-y growth %Net Sales 2,53,830.23 -12.1 2,69,563.07 -12.3PBDITA 20,327.14 79.1 18,906.55 68.6PAT 10,993.69 359.3 10,219.35 246.6Net worth 52,462.33 15.3 50,552.93 14.9Total debt 49,464.76 4.6 44,558.55 -0.8Net Fixed Assets 68,267.60 18.5 62,849.7 18.8PBDITA Margin % 7.06 - 6.33 -PAT Margin % 3.82 - 3.42 -ROCE % 13.47 - 12.77 -RONW % 22.10 - 20.78 -Debt/Equity - times 0.94 - 0.88 -Interest Coverage -times 9.54 - 9.63 -Asset Turnover -times 4.45 - 5.03 -Source: Prowess, CARE Research


StandaloneParameters Q2FY11 y-o-y growth %Net Sales 77,335.75 26.8PBDITA 7,751.94 430.3PAT 5,293.95 1,761.7PBDITA margin % 9.91 -PAT margin % 6.77 -Source: Prowess, CARE Research

300000

200000

100000

0FY 06 FY 07 FY 08 FY 10

` cr

Gross Turnover

250000

150000

50000

5 - year CAGR of 10.30%

FY 09

0FY 06 FY 07 FY 08 FY 10

mn.metric tonnes (MMT)

Sales – Domestic & Export

5 - year CAGR of

9.1%

10

Domestic Exports

20

30

40

50

60

70

80

FY 09



Bharat Heavy Electricals Ltd (BHEL) was incorporated in 1964 as a government-owned enterprise to manufacture power plant

equipment. Since then, the company has established its domestic market position as the largest supplier of power equipment in India with approximately 74 per cent of the nuclear power generated in the country through the company’s assets.

Presently, BHEL manufactures over 180 products under 30 major product groups catering to industries such as power generation and transmission, transportation, renewable energy, defence, etc. The company’s operations are divided into two segments namely; power and industry, with the former segment contributing approximately 70-75 per cent of the total revenues. The company’s expanse includes 15 manufacturing divisions, two repair units, four power sector regional centres, eight service centres and 15 regional offices.

ACHIEVEMENTS – FY10 Customers in the private sector reposed

their confidence in BHEL placing the highest-ever orders aggregating to 14,689 MW of main equipment (in the power division) during FY10.

Achieved an all-time high order booking during a year for hydro sets (including pump and motor) aggregating to 1,739 MW.

Signed a memorandum of understanding (MoU) with Mahagenco for setting up a 1,500-1,600 MW capacity plant in Latur.

Promoted a Joint Venture (JV) company with Madhya Pradesh Power Generating Company Ltd (MPPGCL) for setting up a 2x800 MW Supercritical Thermal Power Plant at Khandwa, Madhya Pradesh on a build, own and operate basis.

BHEL’s coal-based assets registered a Plant Load Factor (PLF) of 78.4 per cent higher to the national average of 77.53 per cent.

Signed an MoU with Toshiba Corporation, Japan, to establish a JV company to address the transmission and distribution business in India and other mutually agreed countries.

Successfully tested 125 MVAR, 400 kV shunt reactor – the only supplier to have manufactured, tested and supplied 125 MVAR, 400 kV reactor – in the country.

FINANCIAL PERFORMANCE ANALYSIS – FY10During FY10, BHEL reported net sales of ` 33,524.51 crore representing y-o-y increase of 24.6 per cent. Notably, during the year, the company received total orders aggregating to ` 59,037 crore with the industry segment of the company recording an all-time high growth of 40 per cent compared y-o-y with orders inflow worth ` 14,366 crore (24.3 per cent of the total orders received during the year).

Corresponding to the growth in revenues during FY10, the net profit as well as the net profit margin surged on a y-o-y basis owing to the lower cost of raw material, especially steel, which in turn resulted in lowering the inventory cost during the year. Furthermore, the indigenisation of technology with respect to transformers, generators and pulverisers by the company further helped lower costs. As on March 31, 2010, the company’s orderbook measured ̀ 1,44,300 crore approximating 4.3x the sales volume (on a consolidated basis) during FY10. For the year FY11, the company expects annual order inflows to aggregate Rs 60,000 crore.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11 During Q2FY11, the net sales of BHEL aggregated to ` 8,490.65 crore with a y-o-y growth of 26.2 per cent. Of the same, the revenue from company’s power division totaled to ` 6,965 crore (82 per cent of the total) with a y-o-y growth of

Electrical equipment giant BHEL has been at the helm of ushering in the indigenous heavy electrical equipment industry in India. With a greater emphasis on private-sector projects and supercritical thermal power projects, the company aims to achieve a turnover of $10-11 billion by FY12. BHEL also plans to deliver 20,000 MW by FY12 by adopting a ‘Capacity and Capability’ enhancement strategy.

TREADING THE PATH OF EXCELLENCEB H A R A T H E A V Y E L E C T R I C A L S L T D ( B H E L )

# 4

Year of Incorporation 1964Industry classification Boilers & turbinesPromoter Government of IndiaPromoters stake per cent 67.72365- day Avg. Market Capitalisation –` crore

118,038.11

EV –` crore 107,104.63EPS adjusted–` 87.26β (Beta value) 1.01P/ BV 6.80Credit RatingSource: Prowess, CARE Research


28.3 per cent, while the industry division contributed the rest. The company’s PAT as well as PAT margin also improved significantly with the former accounting for a y-o-y growth of 33.2 per cent aggregating to ` 1,142.28 crore during Q2FY11. The company’s order inflows also improved drastically during the quarter with ` 13,500 crore worth of orders received. Of the same, the power division accounted for ` 11,024 crore of orders (81.7 per cent of the total orders received during the quarter).

VISION FY11 & BEYOND With greater emphasis on private-sector

projects and supercritical thermal power projects, the company aims to achieve a turnover in the range of $10-11 billion by FY12.

By adopting a ‘Capacity and Capability’ enhancement strategy, the company plans to deliver 20,000 MW by FY12.

Capital investment of ` 5,500 crore for capacity expansion of existing products together with the introduction of higher rating nuclear assets, 765 kV transformers and other associated transmission and

distribution equipment. Inorganic growth in nuclear

power, transmission, transportation and renewable energy to ensure diversification.

To continue with the implementation of SAP/ERP across the country in areas spanning the technical, commercial and manpower needs of the organisation.

Increased focus on the development of low carbon path technologies such as ultra supercritical, integrated gasification combined cycle (IGCC), solar power, etc.; the company is also expected to play a key role in the development and deployment of advanced ultra supercritical power plant under the proposed National Mission for Clean Coal (Carbon) Technologies.

Increase in R&D spend to at least ` 900 crore by FY12.

ENCASHING OPPORTUNITIES CARE Research expects BHEL’s monopoly in the power equipment manufacturing business in India to continue with approximately 70-75 per cent of the orders being received from the Central/State governments. Furthermore, the Central Electricity Authority’s (CEA’s) guidelines directing all the Central and State government-controlled power producers to make it mandatory for overseas suppliers to set up manufacturing facilities in the

country or in other words, source equipment indigenously for all future power projects of 4,000 MW and above, has darkened the future prospects of Chinese power equipment manufacturers, which stood as major competitors to BHEL, particularly in the private sector. With the Indian power sector likely to witness massive capacity additions, approximating 150,000 MW, over the next decade, a few private Indian power equipment manufacturing companies have either set-up or are initiating the process of setting up local manufacturing facilities in collaboration with leading international players. However, BHEL would be in an advantageous position as compared to its domestic competitors once the full indigenisation of supercritical boiler, turbine & generator (BTG) is achieved, apart from enjoying the economies of scale due to the sizable operations. Going forward, CARE Research expects the company to face an adverse impact on margins owing to the rising prices of raw material, especially steel, during FY11.


Consolidated StandaloneParameters FY10 Y-O-Y growth % FY10 Y-O-Y growth %Net Sales 33,524.51 24.6 33,226.84 24.8PBDITA 7,157.04 35.2 7,121.36 34.6PAT 4,326.92 38.9 4,310.64 37.4Net worth 15,895.98 23.0 15,917.36 23.0Total debt 128.04 -13.9 122.19 -14.9Net Fixed Assets 4,163.55 44.7 3,965.45 47.8PBDITA Margin per cent 18.47 - 18.53 -PAT Margin per cent 11.17 - 11.22 -ROCE per cent 11.65 - 11.62 -RONW per cent 11.76 - 11.73 -Debt/Equity - times 0.01 - 0.01 -Interest Coverage-times 110.75 - 120.74 -Asset Turnover -times 9.92 - 10.41 -Source: Prowess, CARE Research


StandaloneParameters Q2FY11 y-o-y growth %Net Sales 8,490.65 26.2PBDITA 1,798.15 26.0PAT 1,142.28 33.2PBDITA margin % 20.77 -PAT margin % 13.20 -Source: Prowess, CARE Research

60000

40000

20000

0FY 06 FY 07 FY 08 FY 10

` cr

Orders received

50000

30000

10000

FY 09

0FY 06 FY 07 FY 08 FY 10

Turnover

5000

10000

15000

20000

25000

30000

35000

FY 09

` cr



Tata Steel (TSL) was originally incorporated as ‘The Tata Iron and Steel Company Limited’ on August 26, 1907 as a public limited

company. The company was established by Jamsetji N Tata, the founder of the Tata Group. The name of the company was changed to ‘Tata Steel Limited’ with effect from August 12, 2005. In CY2009, Tata Steel was the seventh largest crude steel producer globally.

TSL manufactures a diversified portfolio of steel products, with a product range that includes flat products and long products, as well as some non-steel products such as ferro alloys and minerals, tubes and bearings. The company, through its Indian operations, is the leading manufacturer of ferro chrome and steel wires in India and a leading producer of chrome ore internationally.

ACHIEVEMENTS – FY10 Best ever hot metal (7.23 mn tonne),

crude steel (6.56 mn tonne) and saleable steel (6.44 mn tonne) production.

Newly-commissioned Blast Furnace (‘H’ furnace), in its very first year of operation, achieved a production level of 3.07 mn tonne running much above its rated capacity of 2.5 mn tonne per annum (MTPA).

One of the steel melting shops (LD2 shop #2 & slab caster) achieved the best-ever slab production of 3.7 mn

tonne (previous best 3.51 mn tonne in FY09).

Sinter plant produced 7.6 mn tonne sinter which is the best ever (previous best 6.5 mn tonne in FY09). Highest ever solid waste utilisation at 90 per cent (previous best 89.61 per cent) was achieved.

In line with the company’s expansion plans, the ‘C’ blast furnace with a capacity enhancement from 0.4 MTPA to 0.7 MTPA was commissioned in September 2009.

Chrome alloys exports (including charge chrome from Tata Steel KZN) touched an all-time high and the division recorded its highest-ever global market share of six per cent in FY10.

Manganese alloys sales recorded an all-time high in FY10 and the company gained the status of being the largest producer of manganese alloys in India.

FINANCIAL PERFORMANCE ANALYSIS – FY10Consolidated: During FY10, TSL reported net sales of ` 102,345 crore representing a y-o-y decline of 31 per cent. During the same period, PBDITA declined by 45 per cent to ` 8,224 crore. The economic downturn severely impacted the European operations of the company during the first

half of the year which resulted in significant losses. However, with improvement in the market conditions, Tata Steel Europe registered a significant turnaround in the second half of the year with a PBDITA of around £297 million as compared to a PBDITA loss of £476 million in the first half of the year.

Apart from Tata Steel India, all other steel units had a lower volume of sales during FY10 as compared to FY09. The company witnessed erosion in the profit margins with the PBDITA margin & PAT margins at 7.73 per cent & -1.99 per cent, respectively, during FY10, as compared to the corresponding margins of 10.03 per cent and 3.3 per cent, respectively, during FY09. Standalone: During FY10, TSL reported net sales of ` 24,941 crore posting a marginal increase of about three per cent on a y-o-y basis primarily led by increased volumes. During the same period, the

Tata Steel, the first integrated steel plant in Asia, is the world’s second-most geographically diversified steel producer. By ramping up its production capacity of flat steel items, the steel major aims to enhance its production capacity from the existing 30 mn tonne in excess of 50 mn tonne by CY2015. Along with capacity expansion, Tata Steel has reinforced its strategy towards greater raw material security in order to remain insulated from swings in raw materials prices.

THRUSTING ON RAW MATERIAL SECURITY

T A T A S T E E L L T D ( T S L )

# 5

Year of Incorporation 1907Industry classification SteelPromoter Tata Group Promoters stake % 32.48365- day Avg. Market Capitalisation – ` crore 51,984.59EV – ` crore 78,134.67EPS adjusted – ` 56.88β (Beta value) 1.45 P/ BV 1.47Credit Rating CARE AA+



company recorded a PAT of ` 5,047 crore (FY09, ` 5,202 crore).

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11 During Q2FY11, TSL reported net sales of ` 7,107 crore representing a y-o-y increase of about 25 per cent. This was mainly on account of an increase in sales volumes. PAT increased at a much higher rate of 129 per cent mainly on account of profit on the sale of investments (in group companies like Tata Motors, etc.). Decline in raw material costs and a marginal improvement in realisations also contributed in improving the company’s margins.

VISION FY11 & BEYOND The company is in the process of

increasing its crude steel capacity to 9.7 MTPA at its Jamshedpur Works by the end of FY12. The company further plans to increase its capacity significantly

through both brownfield and greenfield projects.

Along with capacity expansion, Tata Steel has reinforced its strategy towards greater raw material security in order to remain insulated from swings in prices of raw materials like iron ore and coking coal. In the period of next five years, the company has set a target to achieve 50 per cent raw material security on a consolidated basis.

Focus on initiatives like ‘Weathering the Storm’ for the alignment of production with demand and long-term business restructuring through the ‘Fit for the Future’ programme. These initiatives have yielded benefits of GBP 1 bn in FY10 and will be continued to strengthen the company’s business.

In order to improve its customer services, the company has undertaken programmes like ‘Customer First’ and supply chain improvement, which will also help the company reduce its working capital requirement.

The company targets to reduce its total debt to $9.2 billion (H1FY11 $11.79 billion) in the near term; thereby reducing its net debt/equity ratio at one times as compared to 1.5 times in the first half of FY11.

In order to capture the market share in high growth areas like PVC coating system, etc., the company is focussing on various R&D activities in product development and the marketing of these products.

BANKING ON CAPEX The industrialisation drive has made Asia the world’s highest steel-consuming region. TSL, with its growth strategy, is focussing on capturing market in the Asia-Pacific region along with Europe. From the existing capacity of about 30 mn tonne, the company has embarked on a journey to expand its capacity in excess of 50 mn tonne by CY2015. With its superior Indian operations and raw material integration, TSL is likely to benefit the most from the robust domestic steel demand. To capture the growing market in India, the company has earmarked a massive expansion plan through greenfield steel projects in Jharkhand, Chhattisgarh, Orissa and Karnataka. However, delay in completion of these projects may have an impact on the growth plan. The company has made strategic investments in different parts of the globe for assuring raw materials security mainly for its European operations – coking coal (Australia, Mozambique) and iron ore (Canada, Ivory Coast), which is expected to help the company improve profitability in future.


Consolidated StandaloneParameters FY10 y-o-y growth % FY10 y-o-y growth %Net Sales 102,345.44 (30.58) 24,940.65 2.43PBDITA 8,223.73 (44.93) 10,272.44 4.75PAT -2,120.84 (143.74) 5,046.80 (2.98)Net worth 23,020.84 (16.94) 37,168.75 23.17Total debt 53,117.81 (11.35) 25,239.20 (6.33)Net Fixed Assets 60,337.65 (0.55) 16,006.03 10.52PBDITA Margin % 7.73 - 36.63 -PAT Margin % -1.99 - 17.99 -ROCE % -0.85 - 8.42 -RONW % -2.21 - 14.92 -Debt/Equity - times 2.31 - 0.68 -Interest Coverage -times 1.44 - 4.64 -Asset Turnover -times 1.72 - 1.76 -Source: Prowess, CARE Research


StandaloneParameters Q2FY11 Y-O-Y growth %Net Sales 7,106.75 24.85PBDITA 3,361.96 68.23PAT 2,065.13 128.71PBDITA margin % 42.88 -PAT margin % 26.34 -Source: Prowess, CARE Research120000

80000

40000

0FY 06 FY 07 FY 08 FY 10

` cr

Total income

100000

60000

20000

FY 09

160000

140000

0

FY 06 FY 07 FY 08 FY 10

PAT

2000

4000

6000

8000

10000

12000

14000

FY 09

` cr

-2000

-4000



Having completed 100 years on August 24, 2010, ITC has been offering innovative products & services to its customers since its

inception. ITC’s long journey had a small beginning, way back in 1910, when the British-owned ‘Imperial Tobacco Company’ set foot in Calcutta. With continuous focus on exploration, improvisation and innovation, the company was transformed from a single-product company to one of India’s largest multi-business corporate enterprises over a period of 10 decades. ITC is one of the largest conglomerate business houses in India with diversified presence across various segments namely; fast moving consumer goods (FMCG), paper & packaging, hotels, agri-business and information technology (IT). ITC has established a leadership position in the domestic market in FMCG, IT, paperboards and hospitality industries, with a market capitalisation of over ` 100,000 crore.

ITC is the leader in the domestic cigarettes market, with a market share in excess of 75 per cent by value, which contributed to about 65 per cent of its revenue in FY10. ITC’s non-cigarette business contributed to 35 per cent of its total net sales, with a major contribution from its agri products and paperboards business.

In its 100th year : ITC is present in a range of business

sectors such as FMCG, Paper,

Paperboards & Packaging, Hotels, and Agri-business. In the FMCG space, this includes segments such as cigarettes, branded food; personal care products; lifestyle apparel and accessories; education & stationery products; incense sticks and safety matches. This wide range will further stand expanded over time.

This products and services portfolio is represented by over 50 energetic brands in a range of more than 650 Stock Keeping Units (SKUs).

The company’s world-class manufacturing assets comprise 18 owned factories spread across the country. More than 195 outsourced factories are also involved in manufacturing activities.

ITC’s businesses export products to over 90 countries across the world.

The Company’s wholly owned subsidiary, ITC Infotech, runs operations in the 4 continents of North America, Europe, Africa and Asia.

The company’s e-Choupals benefit over 4 million farmers in nearly 40,000 villages.

This rich repertoire of businesses, brands and social investments has created assets in all sectors of the Indian economy, namely, agriculture, industry and services.

FINANCIAL PERFORMANCE ANALYSIS 2010On a consolidated basis, ITC registered a growth in net sales of 33.94 per cent to ` 19,549.89 crore in FY10 vis-à-vis FY09. The robust growth was mainly driven by the cigarette division, followed by the paperboard, packaging and FMCG divisions. The hotel division continued with its subdued performance. The cigarette division accounted for 65 per cent of the company’s net turnover in FY10. Furthermore, on a consolidated basis,

Having travelled through the most challenging as well as opportune times, ITC’s journey of 100 years has been very inspiring. ITC is acknowledged as a global exemplar in sustainable business practices infusing company with a unique source of competitive advantage as it marches into the future. ITC’s diversified status originates from its corporate strategy aimed at creating multiple drivers of growth anchored on its time-tested core competencies: unmatched distribution reach, superior brand-building capabilities, effective supply chain management and acknowledged service skills in hoteliering. Over time, the strategic forays into new businesses are expected to garner a significant share of these emerging high-growth markets in India.

CREATING EPICENTRES OF GROWTHI T C L T D

# 6

Year of Incorporation 1910Industry classification FMCG, Hotels, Agricultural

products, Information Technology, paperboards

Promoter I.T.C. (F) GroupPromoters stake % NA 365- day Avg. Market Capitalisation –` crore

112,804.51

EV –` crore 99,456.75EPS adjusted–` 10.64β (Beta value) 0.47P/ BV 4.67Credit Rating CRISIL AAA CRISIL P1+

ICRA A1+Source: Prowess, CARE Research



PBDITA increased by 13.72 per cent to ` 6,974.49 crore, while PAT at ` 4,211.38 crore registered a growth of 8.48 per cent. With healthy tangible net worth coupled with low debt, the gearing levels are low.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11 ITC reported positive Q2FY11 performance with a 16.85 per cent y-o-y rise in net sales and a 23.45 per cent y-o-y increase in PAT. The growth drivers were an increase in cigarettes, FMCG, agri and paper & packaging divisions.

VISION FY11 FMCG and personal care products:

ITC will continue making significant investments in scaling up its trade marketing and distribution infrastructure and is expected to help strengthen the product portfolio and its reach.

Hotels: In view of the positive long-term outlook for the Indian hotel industry, ITC continues to sustain its aggressive investment-led growth strategy. The construction activity of the new super luxury properties at Chennai and Kolkata

are progressing satisfactorily. In addition, several new projects including joint ventures and management contracts are on the anvil to rapidly scale-up the business across all the four market segments.

Branded packaged food: ITC is investing in the manufacturing and distribution infrastructure to support large-scale operations in the wake of growing volumes. ITC continues to focus on supply chain improvements to enhance product freshness, market servicing and margins.

Education/stationery: The recent enactment of the Right to Education Bill coupled with massive government and private investments in the education sector will further accelerate growth in the education and stationery supplies sectors. ITC, with its widening, high-quality product range and excellent distribution infrastructure, is poised advantageously to respond to this opportunity.

TAPPING LUCRATIVE AVENUES Given the dominant position of its products in the domestic market and presence in international market supported by a strong financial profile and its well-established marketing and distribution infrastructure, the business prospect of the company appears to be encouraging. With the commencement of the capex undertaken by the company in its hotel division, funded

through a mix of debt and internal accruals, the benefits will accrue to the company in the near future.

SHAPING THE ITC OF TOMORROWITC’s portfolio of businesses based on proven core competencies, world-class human capital, strategic assets such as power brands, trade marketing & distribution infrastructure, deep linkages in rural India, its strong balance sheet, the R&D infrastructure, and the unique amalgam of its super-ordinate vision, enduring values and competitive vitality constitute a robust and formidable foundation that lend abiding strength to deal effectively with the challenges and opportunities of tomorrow.

The fast moving consumer goods sector in India is expected to triple in size to over ` 3,55,000 crore by 2018. Foods, The company’s investments in FMCG are targeted to serve these growing markets. An investment opportunity of upto ` 8,000 crore over the next 7 to 10 years is expected for ITC to drive growth in this sector.

Financial performance analysis –FY10(` crore)

Consolidated StandaloneParameters FY10 y-o-y growth % FY10 y-o-y growth %Net Sales 19,549.89 33.94 18,627.47 33.24PBDITA 6,974.49 13.72 6,708.74 12.98PAT 4,211.38 8.48 4,061.6 7.94Net worth 14,458.31 4.30 14,064.38 3.29Total debt 110.77 (0.76) 107.71 (0.70)Net Fixed Assets 9,799.15 6.72 9,151.39 6.65PBDITA Margin % 24.53 24.79PAT Margin % 14.81 15.01ROCE % 29.35 28.97RONW % 29.46 29.09Debt/Equity - times 0.01 0.01Interest Coverage -times 85.88 83.32Asset Turnover -times 2.93 2.99Source: Prowess, CARE Research

Financial performace analysis –Q2 FY11(` crore)

StandaloneParameters Q2FY11 y-o-y growth %Net Sales 5,147.18 16.85PBDITA 1,999.38 20.55PAT 1,246.74 23.45PBDITA margin % 37.93 -PAT margin % 23.65 -Source: Prowess, CARE Research20000

8000

02006 2007 2008 2010

` crTurnover

12000

4000

2009

16000

3.45%

Agri Business

7.79%9.09%

65.82%

13.86%

Fmcg - CigarettesHotels Paperboards, Paper & Packaging

Fmcg - Others

Turnover by business segments - %



Steel Authority of India Ltd (SAIL), incorporated in 1954, was granted ‘Maharatna’ status by the Government of India (GoI). SAIL

has been the leading steel-making company in India. Among global crude steel producers, SAIL ranked 16th in CY2009. It is a fully integrated steel manufacturer, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and selling in the export markets. SAIL owns and operates five integrated steel plants at Bhilai, Bokaro, Durgapur, Rourkela and Burnpur, along with three special steel plants – Alloy Steel Plant, Salem Steel Plant and Visvesvaraya Iron and Steel Plant. The company has self-sufficiency in iron ore and operates one of the largest mines networks in the country. SAIL’s captive power plants take care of about 70 per cent of its total power requirement.

SAIL manufactures and sells a broad range of steel products, including hot and cold rolled sheets and coils, galvanised sheets, electrical sheets, structurals, railway products, plates, bars and rods, stainless steel and other alloy steels. It exports steel to as many as 20 countries including the European Union (EU), Middle East and the South-East Asian & neighbouring countries.

ACHIEVEMENTS – FY10 Produced 14.5 mn tonne of hot metal,

13.5 mn tonne of crude steel and 12.6 mn tonne of saleable steel.

The share of value-added steel in overall production grew to almost 38 per cent as compared to 30 per cent in the

previous year and record production of special and value-added steel – a growth of 24 per cent.

Under saleable steel production, the share of flat products basket dominated with plates contributing to 20.5 per cent, HR coils/sheets at 24.1 per cent and CR coils/sheets at 8.7 per cent.

Highest-ever labour productivity of 226 tonne/man/year.

Best-ever sales of long products at 4.45 mn tonne, growth of three per cent over the last year.

Improvement in the specific consumption at 6.72 Gcal/tcs (previous year, it was 6.74 Gcal/tcs).

SAIL achieved the best-ever coke rate of 517 kg/thm, improvement of one per cent over the previous year.

Erstwhile Bharat Refractories Ltd (BRL) merged with SAIL in July 2009 and was renamed SAIL Refractory Unit (SRU).

Cost reduction initiatives resulted in savings of about ` 1,082 crore.

FINANCIAL PERFORMANCE ANALYSIS – FY10During FY10, SAIL reported a decline in net sales by six per cent mainly on account of lower average steel prices. Even though the sales volume increased by seven per cent, the slow pace in recovery of steel prices in FY10 affected the net sales.

SAIL reported improved sales of value-

added products, almost 38 per cent of the total saleable steel, reduction in coke rate and decline in input prices of imported coking coal. The company posted a drop of 15 per cent in raw material cost and 36 per cent in employee cost on a y-o-y basis. Consequently, the company witnessed an increase in PBDITA by 11.3 per cent, with the PBDITA margin improving to 26.8 per cent in FY10 as compared to 21.1 per cent during FY09. PAT grew by almost 10 per cent on a y-o-y basis and the PAT margin also improved to 14.6 per cent as compared to 11.7 per cent in FY09. The total debt increased by 115 per cent on a y-o-y basis on account of additional borrowings for ongoing expansions as well as increase in working capital requirements. This increased the debt-equity ratio from 0.28 times in FY09 to 0.5 times in FY10.

FINANCIAL PERFORMANCE ANALYSIS –Q2FY11SAIL reported a decent eight per cent y-o-y growth in net sales during Q2FY11.

India’s leading steel-making company, SAIL, is the country’s second-largest producer of iron ore and has the country’s second-largest mines network. These attributes give the company a distinct competitive edge over its peers in terms of captive availability of iron ore, limestone and dolomite. In order to continue to stay ahead of its rivals, SAIL is currently undertaking a massive modernisation-cum-expansion plan to increase steel production to about 24 mn tonnes by FY13.

MAINTAINING A STEEL EDGE S T E E L A U T H O R I T Y O F I N D I A L T D ( S A I L )

# 7

Year of Incorporation 1954Industry classification SteelPromoter Government of India

(GoI)Promoters stake % 85.82% 365-day Avg. Market Capitalisation –` crore

86,578.46

EV – ` crore 97,253.11EPS adjusted – ` 16.17β (Beta value) 1.32P/ BV 2.26Credit Rating FITCH AAA (ind)



However, the company reported a decline in PBDITA by almost 30 per cent during Q2FY11. Huge increase in input cost impacted profit levels. Rise in input cost was mainly on account of higher cost of imported coking coal. Also, the revised wage structure further pulled down profits. PAT declined by 34 per cent in Q2FY11, on account of a significant drop in PBDITA and an increase in interest cost and depreciation.

VISION FY11 & BEYOND SAIL is undertaking a massive

modernisation-cum-expansion plan to increase the capacity of crude steel production to about 24 mn tonne in FY13 from the current level of 13.5 mn tonne. SAIL has proposed a capital expenditure of about ̀ 12,225 crore for FY11.

SAIL is also planning to enhance its captive power generation capacity to about 1,900 MW to maintain the ratio of captive power to the total power requirement at the current level of 70 per cent.

To become self-reliant in the area of coking coal, SAIL is scouting for coal

assets abroad on its own and also through JV, International Coal Ventures Ltd (ICVL).

Signed memorandums of understanding (MoUs) with POSCO for exploring FINEX technology and feasibility of iron making technology mark3 (ITmk3) technology to produce iron ore nuggets with Kobe Steel Ltd.

Development of Sitanala coal block at IISCO Steel Plant and revival of Jagdishpur unit of SAIL with an estimated outlay of about ` 3,350 crore.

Improvement in utilisation of fines to build beneficiation facilities like 4 mn-tonne capacity pellet plant.

INCREASING FOCUS ON VALUE-ADDED PRODUCTS Finished steel consumption in India grew

by eight per cent in FY10. Going forward, domestic steel consumption is expected to grow at a compounded annual growth rate (CAGR) of 9.2 per cent in the period FY11-15. Fortunes of the steel industry are expected to improve with demand picking up from the end-user industries mainly the construction, pipe & tube manufacturing and automobiles sectors, etc. Enhanced focus of GoI on infrastructure spending is expected to spur the demand growth of steel. This will provide a good opportunity for SAIL, which has ambitious expansion plans. SAIL will be benefited the most with its constant focus on production of auto-grade steel

and other value-added steel products. Among steel producers in the country,

SAIL has the largest marketing network which will help it to tap the potential rural market. With the diversified product mix and multi-location production units, SAIL is able to cater to the entire steel requirement across end-user segments and for consumers throughout the length and breadth of the country. Emphasis on cost reduction and process improvement through various measures such as optimisation of coal blend, reduction in specific energy consumption & coke rate, higher BF productivity, etc. will continue to benefit the company.

With plans in place to expand the mining operations, SAIL will continue to be self-sufficient in iron ore. However, to a large extent, SAIL is dependent on the market purchase for a key input – coking coal. Moreover, the recent international practice to purchase coking coal through quarterly price contracts exposes the company to face volatility in input prices, which still remains a concern.


Consolidated StandaloneParameters FY10 y-o-y growth % FY10 y-o-y growth %Net Sales 40,627.34 (6.26) 40,595.90 (6.25)PBDITA 12,582.04 11.28 12,260.25 10.79PAT 6,846.46 9.62 6,754.37 9.46Net worth 33,738.97 18.61 33,316.70 18.36Total debt 16,815.19 114.82 15,688.62 134.15Net Fixed Assets 30,491.17 48.35 28,641.41 51.90PBDITA Margin % 26.83 - 26.19 -PAT Margin % 14.60 - 14.43 -ROCE % 15.54 - 16.35 -RONW % 21.28 - 21.28 -Debt/Equity - times 0.50 - 0.47 -Interest Coverage -times 13.98 - 14.96 -Asset Turnover -times 1.73 - 1.86 -Source: Prowess, CARE Research

Financial performance analysis –Q2FY11 All figures in ` crore unless specified

StandaloneParameters Q2FY11 y-o-y growth %Net Sales 10,806.17 7.68PBDITA 2,079.26 (29.66)PAT 1,090.01 (34.47)PBDITA margin % 18.58PAT margin % 9.74Source: Prowess, CARE Research

12

7

4

0FY 06 FY 07 FY 08 FY 10

mn tonnes

Steel Production

10

6

2

FY 09

14

Saleable steel Special steel

0FY 06 FY 07 FY 08 FY 10

Net Sales

10000

20000

30000

40000

50000

FY 09

` cr



Incorporated in 1945, Tata Motors (formerly known as TATA Engineering and Locomotive Company [TELCO]) is part of the Tata Group. Over the

years, Tata Motors has moved from being a steam locomotive manufacture to a commercial vehicle manufacturer since 1954 and a passenger vehicle manufacturer since 1991. Tata Motors is the largest automobile manufacturer by revenue in India and a market leader in the commercial vehicle segment. By volumes, Tata Motors is the fourth-largest truck manufacturer in the world in addition to it being the largest commercial vehicle manufacturer in India and among the top three passenger vehicle manufacturers in India.

ACHIEVEMENTS – FY10 AND H1FY11 The company launched a new heavy

truck range Prima in May 2009 and also a range of buses through the Prima platform.

The company entered the combat vehicles sector after launching a mine-protected vehicle, as part of its strategy to enhance the scope of its defence business right up to frontline combat vehicles.

The company commissioned its new manufacturing plant in Sanand, Gujarat, with a capacity to manufacture 2,50,000 Nano’s per annum ahead of schedule.

FINANCIAL PERFORMANCE ANALYSIS – FY10Increase in demand for vehicles on the back of improved economic condition, benign

liquidity environment, coupled with government stimulus resulted in higher sales. The total vehicles sold during FY10 increased by 32 per cent to 668 thousand units from 506 thousand units in FY09. Increase in sales on a consolidated basis is attributable to growth in revenue, both at Tata Motors and Jaguar Land Rover (JLR) business on the back of robust growth in automotive volumes. Higher volumes backed by lower commodity prices along with low interest rates led to an improvement in the profitability of the company.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11 Tata Motors reported a healthy Q2FY11 performance with a 44.20 per cent y-o-y rise in net sales. The growth was primarily driven by a macroeconomic condition and

the availability of financing. Cost pressures on account of higher raw material prices resulted in a y-o-y decline in PBDITA and PBIDTA margin. Going forward, the PBDITA margins are likely to improve on the back of increase in prices and aggressive cost-reduction measures that the company plans to undertake.

Building on the strong foundation of innovation, Tata Motors has been setting inspirational benchmarks since its inception. With a strong emphasis on environmental-friendly products & processes, the company is tapping newer avenues to develop ‘technology for tomorrow’. Reinventing wheels of fortune, the company is well on its way to be the global automotive frontier.

REINVENTING WHEELS OF FORTUNET A T A M O T O R S L T D

# 8

Year of Incorporation 1945Industry classification Automobiles – Commercial

and passenger VehiclesPromoter Tata GroupPromoters stake as on September 30, 2010

37.02%

365- day Avg. Market Capitalisation –` crore

45,761.83

EV –` crore 53,139.88EPS adjusted–` 61.04β (Beta value) 1.16P/ BV 4.48Credit Rating CARE AA-

0FY 06 FY 07 FY 08 FY 10

Turnover / Gross Sales

20000

40000

60000

80000

100000

FY 09

` cr

800000

0FY 06 FY 07 FY 08 FY 10

In Units

Automobile Volumes(Tata Motors)

600000

200000

FY 09

400000


VISION FY11 & BEYOND Tata Motors plans to aggressively

implement cost-reduction efforts to offset increase in input costs.

The company also plans to pursue opportunities in the international markets as they recover from the downturn.

JLR to focus on increasing its presence in

the emerging markets such as China and the Middle East along with launching new products and variants and new technology initiatives for emission-level reductions.

RIDING GROWTH WAVE Tata Motors has been the market leader in

the commercial vehicle segment with a market share of over 60 per cent in both, the domestic and exports markets. The company is also a significant player in the passenger vehicle segment. CARE Research foresees a healthy demand outlook for the automobile sector on the back of rising income levels and lower penetration of automobiles, which augurs well for the company’s growth. Furthermore, JLR is also expected to maintain a healthy profitability on the back of new product launches, favourable change in product & market mix and cost reduction measures.


Consolidated StandaloneParameters FY10 Y-O-Y growth % FY10 Y-O-Y growth %Net Sales 95,678.72 27.74 35,149.34 37.11PBDITA 9,536.11 304.01 4,832.99 81.95PAT 2,516.89 N.M.* 2,240.08 120.36Net worth 8,397.63 41.36 14,965.47 20.75Total debt 35,192.36 0.62 16,625.91 26.28Net Fixed Assets 41,929.20 6.28 16,436.04 12.64PBDITA Margin % 9.13 -- 11.97 --PAT Margin % 2.41 -- 5.55 --ROCE % 10.21 -- 9.52 --RONW % 30.06 -- 16.33 --Debt/Equity - times 4.29 -- 1.11 --Interest Coverage -times 2.49 -- 3.84 --Asset Turnover –times 2.43 -- 2.45 --*N.M. – Not MeaningfulSource: Prowess, CARE Research

Financial performance analysis – Q2FY11

All figures in ` crore unless specified

StandaloneParameters Q2FY11 y-o-y

growth %Net Sales 11,504.07 44.20PBDITA 1,175.97 -19.23PAT 432.07 -40.66PBDITA margin % 10.15 --PAT margin % 3.73 --Source: Prowess, CARE Research



Bharat Petroleum Corporation Ltd (BPCL) was incorporated in November 1952 by Shell Petroleum Company. In 1975, the

Government of India (GoI) acquired a 100 per cent equity stake in the company. Presently, GoI holds 54.93 per cent stake in it.

BPCL is a leading player in the petroleum sector with an aggregate refining capacity of 21.5 million tonne per annum (MTPA) (Mumbai Refinery – 12 MTPA and Kochi Refinery – 9.5 MTPA) and retail outlets numbering to over 8,600 as on March 31, 2010. Furthermore, it is the largest supplier of LPG cylinders in the country catering to approximately 28.30 million consumers in FY10.

RESEARCH & DEVELOPMENT (R&D)Research and development (R&D) is an integral part of BPCL’s strategy for achieving sustainable growth and profitability. To enhance R&D capabilities, BPCL is continuously strengthening the infrastructure and manpower resources at its Corporate R&D Centre, Greater Noida, Uttar Pradesh as well as at its Product & Application Development Centre, Sewree, Mumbai and the R&D Centre at Kochi Refinery. BPCL’s initiatives in the area of R&D are discussed separately in the MD&A.

NON-CONVENTIONAL ENERGY INITIATIVESBPCL has placed strong emphasis on the development of non-conventional/

renewable sources of energy. A number of initiatives have been undertaken in tapping non-conventional energy sources like bio-diesel, wind energy, solar energy and fuel cells in order to develop alternate sources of energy.

BPCL has focussed on promoting green fuels with a view to protect the environment by reducing pollution and dependency on imported fuels. Tracts of unproductive, barren and non-cultivable fallow land are being used for the growth of Jatropha and Karanj plants. The plantations would contribute towards environment protection, prevention of soil erosion and provide feedstock for manufacturing bio-diesel.

BPCL has been one of the first energy companies to successfully generate power

The core strength of Bharat Petroleum Corporation has always been the ardent pursuit of qualitative excellence for maximisation of customer satisfaction. Thus, B PCL has today become one of the most formidable names in the petroleum industry. Going forward, the company plans to become a leading player in the upstream sector by increasing its exploration portfolio and acquiring producing fields.

REFINING MARGINS FOR SUSTAINED GROWTH

B H A R A T P E T R O L E U M C O R P O R A T I O N L T D ( B P C L )

# 9

Year of Incorporation 1952Industry classification RefineryPromoter Government of India Promoters stake % 54.93% 365- day Avg. Market Capitalisation –` crore

22,812.23

EV –` Crore 40,504.00EPS adjusted–` 42.53β (Beta value) 0.73 P/ BV 1.87Credit Rating CARE AAA PR1+

CRISIL AAA P1+(Negative

outlook)Source: Prowess, CARE Research

0FY 06 FY 07 FY 08 FY 10

Gross Refinery Margin (GRM)

1

2

3

4

5

FY 09

US$/bbl (Mumbai refinery)

30

0FY 06 FY 07 FY 08 FY 10

Million Metric Tonnes

Sales volume

15

5

FY 09

10

25

20


through windmills. Windmills with a capacity of 5 MW (four windmills of 1.25 MW each) in the hilly range of Kappatguda in Karnataka are currently in operation and the power produced by them is being sold to Karnataka State Electricity grid. BPCL has plans to make further investments in windmills in the states of Rajasthan, Maharashtra, Gujarat and Madhya Pradesh.

Work is going on for the setting up of a 1 MW capacity grid connected solar farm at BPCL’s LPG bottling plant in Lalru, Punjab. As the power generated from the plant is proposed to be sold to the Punjab State Electricity Board, BPCL has signed a Power Purchase Agreement with the Board. The farm, which will be spread across an area of 4 acre (1.62 hectare), has been conceived to avail of carbon emission credits under the Kyoto protocol.

ACHIEVEMENTS – FY10 Market sales volume touched a level of

27.70 Million Metric Tonne (MMT) in FY10, as compared to 27.16 MMT in FY09 demonstrating a growth of 1.99 per cent over the previous year.

A new refinery of 6 MTPA capacity at Bina in Madhya Pradesh, which was being executed by Bharat Oman Refineries Ltd (BORL), a company promoted by BPCL along with Oman Oil Company (OOCL), has been completed.

The crude oil receipt facilities at Vadinar and crude oil tankages & intermediate product tankages at the Bina refinery site have been commissioned. The Vadinar-Bina crude oil pipeline has been commissioned and crude oil has been received in refinery tanks.- A fuel quality upgrade project was

commissioned in January 2010 at Mumbai Refinery costing ` 390 crore for improving the quality of motor spirit (MS) and high speed diesel (HSD) to meet Euro IV equivalent norms.

FINANCIAL PERFORMANCE ANALYSIS – FY10BPCL reported a decline in net sales by 9.51 per cent to ` 1,23,582.67 crore at consolidated level mainly due to drop in realisations as volumes were up by 1.99 per cent to 27.70 MMT in FY10. The profitability of the company improved by 137 per cent to ` 1719.98 crore due to the decline in interest cost, lower depreciation charge and increase in other income. Interest costs for FY10 declined due to the refinancing of

short-term loans by long-term loans leading to lower interest cost.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11 During Q2FY11, BPCL reported a 30 per cent increase in sales to ` 35,434.77 crore, mainly on account of higher throughput and receipt of cash compensation of ` 2,940 crore from the Government of India (GoI). The company also received an upstream discount of ` 820 crore, in respect of crude oil/ LPG/ superior kerosene oil (SKO) purchased from upstream companies, which has been accounted during the quarter. BPCL, during Q2FY11, reported a PAT of ` 2,142.22 crore as against a loss of ` 158.77 crore in Q2FY10. Average gross refining margins (GRM) during Q2FY11 stood at $2.8 per barrel compared to $3.57 per barrel during Q2FY10.

VISION FY11 & BEYOND BPCL plans to become a leading player

in the upstream sector by increasing its exploration portfolio and acquiring producing fields.

The company also plans to enhance focus on research and development activities and international business.

DE-REGULATION EFFECT Marketing: BPCL, being one of the

major players in the marketing of sensitive products like motor spirit (petrol), high speed diesel (HSD), LPG and SKO in the country, plays a very

important role in the GoI’s socio-economic policies. Due to this strategic importance, GoI is expected to continue to support the oil marketing companies in terms of the under-recovery sharing mechanisms and oil bonds issued by the government to the OMCs.

Refining: India is increasingly shifting towards stringent emission norms (Euro III and Euro IV). Players will be required to upgrade their refineries to produce cleaner fuels using sour and heavy crudes in order to enhance GRMs. It is widely believed that going forward, strong demand from emerging economies such as Asia and Middle-East along with closure of unviable refineries in Europe would provide support to product cracks. With the GoI de-regulating the prices of petrol from June 26, 2010, the decision bodes well for BPCL. Furthermore, the situation on under recoveries may further improve if diesel gets deregulated.


Consolidated StandaloneParameters FY10 Y-O-Y growth % FY10 Y-O-Y growth %Net Sales 1,23,582.67 (9.51) 1,22,058.55 (9.75)PBDITA 5,312.68 10.75 4,577.13 13.18PAT 1,719.98 137.52 1,537.53 108.96Net worth 14,800.42 6.24 13,086.71 7.90Total debt 26,662.36 10.06 22,165.48 4.76Net Fixed Assets 24,957.06 19.62 16,187.10 15.60PBDITA Margin % 3.90 - 3.42 -PAT Margin % 1.26 - 1.15 -ROCE % 6.74 - 7.38 -RONW % 12.68 - 12.63 -Debt/Equity - times 1.80 - 1.69 -Interest Coverage -times

3.53 - 3.48 -

Asset Turnover -times 5.84 - 8.71 -Source: Prowess, CARE Research



StandaloneParameters Q2FY11 y-o-y growth

%Net Sales 35,434.77 30.79PBDITA 3,020.09 623.70PAT 2,142.22 NMPBDITA margin % 8.40 -PAT margin % 5.96 -Source: Prowess, CARE Research



Hindustan Petroleum Corporation Ltd (HPCL) was originally incorporated in July 1952 as Standard Vacuum Refining

Company of India Ltd. In 1974, the name of the company was changed to its present name. Presently, the Government of India (GoI) holds about 51 per cent stake in the company.

HPCL is one of the major players in crude oil refining and marketing of various petroleum products. It has an aggregate refining capacity of 14 million metric tonnes per annum (MMTPA) with two refineries – one on the west coast in Mumbai (Maharashtra) and the other on the east coast in Visakhapatnam (Andhra Pradesh). Furthermore, HPCL is setting up a 9-MMTPA refinery at Bhatinda (Punjab), which is slated to commence its commercial production by December 2010/March 2011.

ACHIEVEMENTS – FY10 Market sales volume touched a level of

26.3 Million Metric Tonne (MMT) in FY10, as compared to 25.4 MMT in FY09 representing a growth of 3.5 per cent over the previous year.

The company’s refineries at Mumbai and Visakhapatnam achieved a combined throughput of 15.76 MMT resulting in capacity utilisation of 113 per cent.

The green fuels projects for the

production of petrol at the Mumbai and Visakhapatnam refineries have been completed and are producing Euro III/IV quality petrol.

The Mumbai refinery became the first Indian Public Sector Refinery to commence production of Euro IV quality petrol and the project was dedicated to the nation in January 2010.

The company is reaching the rural customers through schemes like ‘HP Gas Rasoi Ghar’ and ‘Rajiv Gandhi Gramin LPG Vitarak’.

FINANCIAL PERFORMANCE ANALYSIS – FY10During FY10, HPCL reported net sales of ` 1,11,189.8 crore representing y-o-y decline of 14 per cent. However, on a standalone basis, the petroleum product sales (including exports) by the company aggregated to 26.3 mn tonne recording y-o-y growth of 3.5 per cent during FY10. During the year, the company reported a rise in depreciation at ` 1,250.52 crore recording a y-o-y growth of 17.3 per cent, mainly owing to the commissioning of the Euro IV fuel projects at Mumbai and Visakhapatnam refineries. However, the

reduction in interest expenses during the year aggregating to ` 932.13 crore represented a y-o-y de-growth of 55.9 per cent primarily owing to the treasury’s strategy of retiring high-cost debt and replacing them with a lower-cost debt. Correspondingly, the PAT figures during FY10 aggregated to ` 1,475.15 crore with a y-o-y growth of 94.8 per cent. Also, the absorption of under-recoveries by the company aggregating to ` 1,225 crore on sales of sensitive petroleum products during the year helped to scale up the company’s profit as well as the net profit margin.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11 During Q2FY11, HPCL reported sales

H PCL, one of the Navaratna companies, accounts for about 20 per cent of the market share and about 10 per cent of the nation’s refining capacity. Additionally, the company owns the country’s largest lube refinery with a capacity of 335,000 metric tonne, thereby amounting for 40 per cent of the national capacity of lube oil production. Ranked 10th among the Top 500 Manufacturing Companies, H PCL is fuelling prospects for dynamic development with its diversified portfolio.

FUELLING PROSPECTS FOR DYNAMIC DEVELOPMENT

H I N D U S T A N P E T R O L E U M C O R P O R A T I O N L T D ( H P C L )

# 10

Year of Incorporation 1953Industry classification Oil and Gas- refining and

MarketingPromoter Government of India Promoters stake % 51.11365- day Avg. Market Capitalisation –` crore

13,852.82

EV –` crore 31,842.78EPS adjusted–` 40.02β (Beta value) 0.78P/ BV 1.21Credit Rating CRISIL – AAA CRISIL –

P1+CRISIL – FAAA Source: Prowess, CARE Research


aggregating to ` 30,870.23 crore with a y-o-y growth of 25.3 per cent. However, during the quarter, the gross refining margins (GRM) declined to $2.7/barrel as against $3.72/barrel during Q1FY11. Importantly, during the quarter, the company reported positive PAT figures as against a loss of ` 136.68 crore during Q2FY10, owing to the receipt of subsidies amounting to ` 2,832.17 crore from the GoI for under-recoveries in H1FY11, discounts from upstream companies ie. ONGC and GAIL towards purchase of crude oil and cooking fuel aggregating to ` 810 crore. Correspondingly, the PBDITA and PAT margins stood much improved at 8.76 per cent and 6.72 per cent during Q2FY11. Importantly, the de-regulation of gasoline prices and upward revision in prices of high speed diesel (HSD) and cooking fuels enabled the company to lower under-recoveries during the quarter.

VISION FY11 & BEYOND HPCL’s venture into wind farm

project envisages capacity addition of another 25 MW in Rajasthan following the already existing capacity of 25 MW commissioned in Rajasthan and Maharashtra.

Assessing the feasibility of setting up a new refinery on the west coast of India, especially in view of various constraints being experienced in the expansion/modernisation of the company’s Mumbai Refinery.

New projects are either envisaged/under construction to expand distribution infrastructure of the company. Some of them include: Bahadurgarh-Tikrikalan Pipeline, Tikrikalan Terminal, additional tankage at MDPL locations, re-sitement of marketing terminals at Vizag and Ennore Terminal Project.

OUTLOOK Marketing: HPCL, one of the major

players in the marketing of sensitive products like motor spirit (petrol), HSD, LPG and superior kerosene oil (SKO) in the country, has vastly benefited from the de-regulation of petrol prices from June 2010. With the marketing to the refining sales ratio of the company being the highest among other oil marketing companies (OMCs), CARE Research expects the company to be the biggest beneficiary, in case of de-regulation of diesel prices by the GoI in the near

future. However, given the strategic importance of the company, GoI is expected to continue to support OMCs in terms of the under-recovery sharing mechanisms and oil bonds issuances to the OMCs. The outlook on the marketing margin for the ensuing years would however largely be a function of crude oil prices and the timeliness and adequacy of the sharing of under-recoveries.

Refining: With the Indian economy shifting towards stringent emission norms (Euro III and Euro IV), the company will be required to upgrade the refineries to produce cleaner fuels using sour and heavy crudes in order to enhance GRMs. Going forward, CARE Research expects that strong demand from emerging economies such as Asia and Middle-East along with closure of unviable refineries in Europe would provide support to product cracks (GRMs).


Consolidated StandaloneParameters FY10 Y-O-Y growth % FY10 Y-O-Y growth %Net Sales 111,189.8 -14.0 108,461.69 -13.7PBDITA 4,545.94 5.1 4231.7 5.7PAT 1,475.15 94.8 1,301.18 126.4Net worth 12,275.57 10.2 11,557.97 7.7Total debt 24,353.25 1.2 21,302.37 -6.4Net Fixed Assets 25,160.0 31.6 19,194.26 15.2PBDITA Margin % 3.75 - 3.6 -PAT Margin % 1.22 - 1.11 -ROCE % 4.9 - 6.98 -RONW % 13.05 - 12.14 -Debt/Equity - times 1.98 - 1.84 -Interest Coverage -times 3.59 - 3.12 -Asset Turnover - times 5.4 - 6.47 -Source: Prowess, CARE Research



StandaloneParameters Q2FY11 y-o-y growth

%Net Sales 30,870.23 25.3PBDITA 2,723.83 660.8PAT 2,089.61 NMPBDITA margin % 8.76 -PAT margin % 6.72 -Source: Prowess, CARE Research

30000

0FY 06 FY 07 FY 08 FY 10

‘000 Tonnes

15000

5000

FY 09

10000

25000

20000

Light Distillates Middle Distillates Heavy Ends Lubes & Greases

Sales Volume

0FY 06 FY 07 FY 08 FY 10

Gross Refinery Margin (GRM)

1

3

4

5

7

FY 09

US$ per barrel

6

2

Gross Refining Margin - Mumbai Refinery Gross Refining Margin - Vizag Refinery



Incorporated in 1975, Sterlite Industries (SIL) is an integrated metals and mining company primarily dealing in copper, zinc and aluminium. Additionally, it has

also developed a commercial power generation business as well. While its operations are predominantly located in India, SIL also has mining operations in Australia and a precious metals refinery in the UAE. SIL operates through four of its principal subsidiaries namely; Hindustan Zinc Ltd (HZL), Copper Mines of Tasmania, Bharat Aluminium Company Ltd (BALCO) and Sterlite Energy Ltd (SEL). Additionally, it is also a minority stake holder in Vedanta Aluminium Ltd (29.5 per cent) with the remaining 70.5 per cent being held by SIL’s parent company, Vedanta Resources.

SIL’s copper business consists of the smelting and processing of copper from its refinery at Tamil Nadu, a refinery and two copper rod plants at Gujarat and a precious metal refinery at Fujairah, UAE. SIL also owns the Mount Lyell copper mine in Australia, which contributes about seven per cent to its copper concentrate requirements. HZL is a fully integrated zinc producer dealing in products like refined zinc metal, refined lead metal, silver, cadmium and sulphuric acid. The company has mining and smelting operations located in Rajasthan and Andhra Pradesh and a zinc ingot melting and casting plant at Haridwar. BALCO has partially integrated operations with two bauxite mines, captive power plants and refining, smelting and fabrication facilities in

Chhattisgarh. SIL’s wholly owned subsidiary SEL is building a 2,400 MW thermal coal-based power plant in Orissa, which is expected to come on line in phases by FY11.

ACHIEVEMENTS – FY10 SIL issued American

depository shares (ADS) of $1.6 billion and also raised $500 million through convertible senior notes during FY10.

SIL acquired the Skorpion Zinc Mine in Namibia from Anglo American Plc for a cash consideration of approximately $707 million.

210 kilo tonne per annum (KTPA) zinc smelter at Dariba and 1 million tonne per annum (MTPA) concentrator at

Rampura Agucha commissioned successfully at HZL.

Exploration activities at HZL resulted in a reserve and resource base of 103.03 MT for FY10 as compared to 83.4 MT for FY 2009.

The company revived an engineering,

procurement and construction contract for the 1,980 MW IPP project at Talwandi Sabo, Punjab. Project completion is expected by Q2FY14.

FINANCIAL PERFORMANCE ANALYSIS – FY10During FY10, SIL reported net sales of ` 24,506 crore, representing a y-o-y

increase of 15.3 per cent. This was primarily on account of higher volumes in the zinc and copper business backed by revival in commodity prices in FY10. PBDITA and PAT increased in line with the increase in net sales for FY10. SIL registered a strong

profitability with an operating margin of 28.45 per cent and a net margin of 19.57 per cent. Interest coverage of the company was robust at 16.57x as at the end of FY10 with a y-o-y decrease in interest cost as a result of the repayment of a high interest-bearing debt. The company issued ADS of

With consolidated revenues of ` 24,410 crore, Sterlite is one of India’s largest non-ferrous metals and mining company. The company’s structurally low-cost position across commodities, excellent liquidity and strong cash flow augurs well for the company to steer the growth momentum in these unprecedented markets. With a clear focus on augmenting capacity across its businesses and strengthening low-cost position, the company is well placed to lead the growth trajectory.

STEERING IN THE RIGHT DIRECTIONS T E R L I T E I N D U S T R I E S I N D I A L T D ( S I L )

# 11

Year of Incorporation 1975Industry classification Copper and Copper productsPromoter Vedanta GroupPromoters stake % 52.80% 365- day Avg. Market Capitalisation –` crore

61,334.72

EV –` crore 73,929.60EPS adjusted–` 13.15β (Beta value) 1.41P/ BV 0.63Credit Rating CRISIL AA+/ P1+Source: Prowess, CARE Research

With a significant backward integration leading to a low cost of operations and a healthy liquidity position, SIL is expected to have a competitive advantage over

its peers going forward.



$1.6 billion and also raised $500 million through convertible senior notes during FY10. The net worth of the company increased to ` 22,067 crore as at the end of FY10 from ` 13,897 crore as at the end of FY09, while the debt of the company increased to ` 9,260 crore as at the end of FY10 from ` 7,014 crore as at the end of FY09. Consequently, the gearing of the company stood at 0.25x as of March 31, 2010.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11 Despite a 20 per cent y-o-y decrease in net sales for Q2FY11, PBIDTA of SIL increased by 74.4 per cent over the previous year quarter mainly due to a decrease in its raw material cost (mainly copper concentrate) and high other income. As a result, the PBIDTA margin of the company doubled to 19 per cent as compared to 9.5 per cent for the same quarter last year. This, along with the significant reduction in the company’s interest cost during the quarter, led to a 91 per cent y-o-y increase in net profit of SIL

to ` 400.9 crore for Q2FY11. At the same time, the PAT margin of the company increased to 11.7 per cent as compared to 5.4 per cent for Q2FY10.

VISION FY11 & BEYOND The new 325 KTPA aluminium smelter

at BALCO is expected to commission in phases from Q4FY11 onwards. The 1,200 MW captive power plant to support the facility is scheduled to come on line in phases between Q3FY11 and Q2FY12.

The first unit of the 2,400 MW coal-

based commercial power plant at Jharsuguda, Orissa, was commissioned in June 2010, while the remaining three units are expected to be commissioned in phases by the end of FY11.

ON AN EXPANSION SPREE SIL is one of the major players in the metals space with a well-integrated nature of operations. After facing challenging market conditions during the second half of FY09 and FY10 due to the recessionary economic environment, globally, SIL is well-placed to benefit from a sustained recovery in demand and commodity prices as well as a positive outlook for commodities in the emerging markets such as India. SIL is presently

undergoing expansions to add up capacities in all four of its major segments namely; copper, zinc & lead, aluminum and power, to better leverage on the integrated nature of its operations. The company is also setting up captive power plants to support these new facilities in an effort to sustain its low-cost advantage. With a significant backward integration leading to a low cost of operations and a healthy liquidity position, SIL is expected to have a competitive advantage over its peers going forward. SIL’s future performance will be driven largely by its ability to successfully complete the ongoing organic growth plans across the sectors without any time or cost overrun and to leverage on its low-cost position.


Consolidated StandaloneParameters FY10 y-o-y growth % FY10 y-o-y growth %Net Sales 24,505.95 15.29 13,114.88 13.56PBDITA 7,855.61 11.23 1,356.62 -22.05PAT 5401.68 15.16 824.13 -33.35Net worth 37,012.00 44.50 22,268.08 58.61Total debt 9,259.99 32.03 5,322.20 38.96Net Fixed Assets 23,350.00 35.67 1,826.80 10.98PBDITA Margin % 28.45 - 9.00 -PAT Margin % 19.57 - 5.47 -ROCE % 16.67 - 5.57 -RONW % 17.89 - 5.97 -Debt/Equity - times 0.25 - 0.24 -Interest Coverage -times 16.57 - 5.91 -Asset Turnover -times 1.27 7.88 -Source: Prowess, CARE Research




growth %Net Sales 2,906.72 -19.65PBDITA 648.96 74.42PAT 400.87 91.34PBDITA margin % 18.98 -PAT margin % 11.72 -Source: Prowess, CARE Research

30000

20000

10000

0FY 06 FY 07 FY 08 FY 10

` cr

Turnover increase at CAGR of 17%

25000

15000

5000

FY 09

3%

Copper

2%

51%

11%

33%

AlluminiumPower Others

Zinc & Lead

Segment wise revenue break-up

SIL’s future performance will be driven largely by its ability to successfully complete the ongoing organic growth plans across the sectors without any

time or cost overrun and to leverage on its low-cost position.



Hindalco Industries is the flagship company of the Aditya Birla Group. The company commenced operations in 1962 and has been

listed on the Indian stock exchanges since 1968. The company is engaged in the manufacture of aluminium from its facility located at Renukoot in Uttar Pradesh, which has an alumina refining capacity of 7,00,000 tonne per annum (TPA) and a smelting capacity of 345,000 TPA.

Over the years, the company has grown to become the largest integrated aluminium manufacturer in India. Hindalco is also one of the lowest cost producers of primary aluminium in the world. The company has its own captive mines and captive power plants helping it to have better cost control. The company is also engaged in the copper business by operating a custom smelting facility. The acquisition of Novelis in 2007 enabled Hindalco to become a global corporation and rank among the top five aluminium majors worldwide.

The company also enjoys the position of being the largest vertically integrated aluminium company in India with a dominant market share of the down stream rolled products segment. Hindalco’s major products include standard and speciality grade aluminas and hydrates, aluminium ingots, billets, wire rods, flat rolled products, extrusions and foil, continuous cast copper rods, copper cathodes among others.

As for its aluminium business, the company is an integrated player; bauxite is sourced from captive mines and is subsequently converted to various end products. In the copper business, the company is mainly involved in job work. Hindalco operates captive power generation facilities aggregating 1,358 MW as at end of FY10.

ACHIEVEMENTS – FY10 Expansion of the Hirakud smelting

capacity from 143,000 TPA to 155,000 TPA.

Expansion of Muri Alumina Refinery from 110,000 TPA to 450,000 TPA is complete.

Highest-ever copper cathode production with improvement of 12 per cent over FY09.

Sharp reduction in copper conversion cost despite rising input cost pressure.

Increase in hot metal production by around six per cent.

FINANCIAL PERFORMACE ANALYSIS – FY10During FY10, HIL reported net sales of ` 60,717 crore representing a y-o-y decline

of 8.72 per cent. This was primarily on account of lower aluminium prices and softness in the company’s end-markets during H1FY10, especially in the case of

Novelis. Furthermore, change in the status of Idea Cellular (Idea) from a JV to an associate company resulted in proportionate revenue from Idea not getting included in consolidated revenue. The company witnessed a healthy

growth in the profit margins with the PBDITA margin and PAT margins at 16.13 per cent and 6.81 per cent, respectively, during FY10. The PBDITA of the company grew substantially, reflecting improvement in operations across the company. The company’s focus on cost management measures helped in the growth in PBDITA, led by improvement in operational efficiency

Hindalco Industries is the world’s largest aluminium rolling company and one of the leading producers of aluminium and copper. Its well-crafted growth and integration hinges on the three cornerstones of cost competitiveness, quality and global reach. The company is determined to maintain profitability in the uncertain macroeconomic environment by channelising efforts to maximise free cash flow from its existing operations and reducing leverage to smoothly progress through a calibrated approach. The company’s ongoing focus on cost optimisation, operational excellence and the integrated business approach will ensure its long-term success.

FORGING ITS WAY AHEADH I N D A L C O I N D U S T R I E S L T D ( H I L )

# 12

Year of Incorporation 1958Industry classification Aluminium and

Aluminium productsPromoter Aditya Birla Group Promoters stake % 32.08% 365- day Avg. Market Capitalisation –` crore

33,357.53

EV –` crore 40,984.30EPS adjusted–` 9.42β (Beta value) 1.33P/ BV 1.48Credit Rating CARE AA+(Is)CRISIL

AA/ P1+Source: Prowess, CARE Research

With the ongoing strengthening of backward integration & setting up of 3,380 MW of captive power generation to facilitate its metal production, Hindalco is expected

to maintain cost competitiveness.



in power consumption, carbon consumption, etc. and cost-effective sourcing of raw materials.

FINANCIAL PERFORMACE ANALYSIS – Q2FY11 In Q2FY11, HIL reported a revenue growth of 19.23 per cent y-o-y owing to the strengthening of aluminium prices on the London Metal Exchange (LME) during this period. Net sales were also boosted by an improved product mix on account of higher sales of value-added products that were the key growth drivers for the aluminium business. The appreciating rupee and lower sales volume due to smelter outage at Hirakud facilities impacted the company’s performance. In the copper business, revenues were higher mainly on account of higher copper prices at LME. PBITDA recorded a robust 17 per cent increase with improved efficiencies and planned cost saving initiatives. The company was

benefitted from higher aluminum LME and better by-product realisation in its copper business. PAT increased in line with PBILDT coupled with lower interest cost for the period due to the lower average interest rate.

VISION FY11 & BEYOND The brownfield expansions at Muri and

Hirakud facilities have been commissioned and are expected to deliver the targeted cash flows as scheduled.

HIL expects to leverage on the economies of scale and cutting-edge technology in greenfield upstream projects and high-end downstream products.

The company is focussing on five greenfield sites to increase the capacities in the coming years.

HIL is striving on maintaining profitability in the uncertain macroeconomic environment.

The company has channelised efforts to maximise free cash flow from existing operations.

Plans to strengthen the balance sheet and have reduced leverage to smoothly progress through a calibrated approach.

RESTING ON STRONG FOOTING HIL is one of the lowest cost producers of primary aluminium in the world. A fall in global demand and realisation for the commodity is expected to have lesser impact on the company due to its efficient cost structure. With the expected upward trend for prices of aluminium going forward,

profitability of the company is expected to improve. The firmness in the commodity prices and also the demand in the key markets in which the company operates, are encouraging. However, the higher input cost remains a concern for the company. With aggressive cost containment, enhanced asset productivity and the higher share of value-added products, the outlook of the company remains cautiously positive. Through the acquisitions of Novelis, HIL has created a strong manufacturing and marketing network in American and European markets, which is expected to benefit the company going forward. With the ongoing strengthening of backward integration ie., enhancement in alumina refining capacity from 1.5 MTPA to 4.5 MTPA, enhancement in aluminium smelting capacity from 0.5 MTPA to 1.7 MTPA and the setting up of 3,380 MW of captive power generation to facilitate its metal production, the company is expected to maintain cost competitiveness.

Financial performace analysis – FY10All figures in ` crore unless specified

Consolidated StandaloneParameters FY10 Y-O-Y growth % FY10 Y-O-Y growth %Net Sales 60,716.96 -8.72 19,513.52 7.14PBDITA 10,293.85 154.16 3,643.12 -11.04PAT 4350.26 1001.36 1915.63 -14.11Net worth 21,570.82 36.84 27,910.97 17.48Total debt 23,999.10 -15.25 6,356.90 -23.63Net Fixed Assets 34,826.48 0.15 11,437.61 23.30PBDITA Margin % 16.13 - 17.15 -PAT Margin % 6.81 - 9.02 -ROCE % 9.67 - 5.58 -RONW % 22.09 - 6.77 -Debt/Equity - times 1.11 - 0.23 -Interest Coverage -times 5.93 - 4.72 -Asset Turnover -times 1.78 - 1.99 -Source: Prowess, CARE Research

Financial performace analysis – Q2FY11



growth %Net Sales 5,859.94 19.23PBDITA 780.45 17.11PAT 433.81 26.09PBDITA margin % 13.13 -PAT margin % 7.30 -Source: Prowess, CARE Research

1200000

800000

400000

0FY 06 FY 07 FY 08 FY 10

` cr

Capacity: Hydrate & Alumina add Production

1000000

600000

200000

FY 09

1600000

1400000

Installed Capacity (mtpa) Production (mtpa)

60000

40000

20000

0FY 06 FY 07 FY 08 FY 10

` cr

Consolidated Turnover increased at CAGR of 50%

50000

30000

10000

FY 09

70000



Jindal Steel & Power Ltd (JSPL) was promoted as Orbit Steel (OSPL) in 1979 by OP Jindal. In June 1998, OSPL became a public limited

company with its name changed to Jindal Steel & Power Ltd. In early 1998, under a restructuring exercise, Jindal Strips Ltd (JSL), JSL’s Raigarh and Raipur units (both in Chhattisgarh) were hived off and merged with JSPL.

JSPL is one of India’s leading steel producers and has notably expanded its steel and power operations over the past decade. The company has an annual steel-making capacity of 3.0 mn tonne. JSPL also has a 1.37 mn tonne per annum (MTPA) sponge iron plant, which is coal-based. The Raigarh unit is an integrated steel plant producing value-added products like heavy structurals, rails, plates & coils, rounds and other steel products. The Raipur plant of the company carries out machining and engineering jobs.

Moreover, JSPL has captive iron ore mines in Tensa valley in Sundergarh, Orissa. It also has three captive coal mines (two in Chhattisgarh and one in Orissa) with an approximate geological reserve of around 513 mn tonne. The company mines almost 6 mn tonne of coal (also an additional of about 6 mn tonne for its power subsidiary) for captive use every year. JSPL forayed into the power segment through its wholly owned subsidiary, Jindal Power Ltd (JPL). JPL has an operational 1,000 MW (4X250 MW) thermal power plant at Raigarh, Chhattisgarh. The company also has a

captive power capacity of about 358 MW for steel plant at Raigarh.

ACHIEVEMENTS – FY10 The company recorded the highest

production at DRI plant, coke oven, sinter plant, blast furnace, plate mill and power plant in FY10.

JSPL produced 13,09,408 tonne of sponge iron as against the previous year’s production of 12,48,511 tonne and achieved a capacity utilisation rate of 95.6 per cent.

The company generated 2,976 million units of power during FY10 as against 2,831 million units during previous year.

The production of calibrated iron ore at captive mine at Tensa in Orissa was 1.23 mn tonne as against a production of 1.04 mn tonne in FY 09. The company has exported 0.61 mn tonne of iron ore fines in FY10 as against 0.91 mn tonne last year.

The production of coal at captive mines was 5.99 mn tonne registering a marginal increase over the last year.

JSPL substituted imported limestone and costly limestone with indigenous dolomitic limestone and stabilised its use in electric arc furnace (EAF).

Process development activities in FY10 helped in achieving high productivity and reduction in the coke rate.

As a part of the renewable energy development, JSPL installed solar power

generators with a total capacity of about 25 KW for captive use.

FINANCIAL PERFORMANCE ANALYSIS – FY10JSPL reported a marginal increase in net sales by about two per cent during FY10. The company’s steel operations put a drag on the overall financial performance but the power business did well in FY10.

JPL, the company’s power subsidiary, was able to achieve a 22 per cent growth at the income level and a notable 47 per cent growth at the PAT level in FY10. Consequently, JSPL witnessed an increase in consolidated PBDITA by 12 per cent, with the PBDITA margin improving to a healthy 50.8 per cent in FY10 as compared to about 45.4 per cent during FY09. PAT also grew by almost 21 per cent on a y-o-y basis and the PAT margin improved to 30.8 per cent compared to 25.5 per cent in FY09.

On a standalone basis, the company

Resting on the pillars of perseverance, a passion for excellence and a firm commitment towards all stakeholders and the community at large, Jindal Steel & Power Ltd has been one of the leading players in steel, power, mining, oil & gas and infrastructure. With such a vast portfolio, the company is consistently tapping new opportunities by increasing production capacity, diversifying investments, and leveraging its core capabilities to venture into new businesses. Its enterprising spirit and ability to discern future trends have been the driving force behind the company’s remarkable growth and the recognition it has received only further lends credence to this.

POWERING PROGRESS J I N D A L S T E E L & P O W E R L T D ( J S P L )

# 13

Year of Incorporation 1979Industry classification Steel & PowerPromoter Naveen JindalPromoters stake % 58.42% 365-day Avg. Market Capitalisation –` crore

62,973.98

EV – ` crore 73,719.07EPS adjusted – ` 15.89β (Beta value) 1.45P/ BV 9.38Credit Rating ICRA LAA



recorded a decline in the net sales by five per cent on a y-o-y basis. To support the ongoing expansion, the total borrowing level increased by a whopping 69 per cent on a y-o-y basis. Lower price realisation on account of slower recovery in steel prices and higher interest and depreciation costs impacted the company’s PAT which declined by four per cent in FY10.

FINANCIAL PERFORMANCE ANALYSIS – Q2FY11JSPL posted a strong growth of 43 per cent in net sales in Q2FY11 on the back of a robust demand for steel and power. Notable growth in sales was backed by a rise in volume (sale of steel products was up by 15 per cent) and improvement in realisation. Production of power was also up by 11 per cent as two units of 135 MW each were commercially commissioned during the second quarter. The company reported a healthy growth in the PBDITA and PAT level by more than 50 per cent each. The company’s PBDITA margin increased to 37.4 per cent in Q2FY11 compared to 35.3 per cent in the same period last year. PAT margin also increased to

20.7 per cent compared to 18.8 per cent in the second quarter last year.

VISION FY11 & BEYOND JSPL is setting up a 540 MW captive

thermal plant in two phases of 270 MW each at Raigarh, Chhattisgarh.

The company is also working on a 6 MTPA integrated steel plant at Angul, Orissa, along with a captive thermal power plant of capacity 810 MW.

JSPL is also planning a 6 MTPA integrated steel plant at Jharkhand and a brownfield expansion of 3 mn tonne at Raigarh.

JSPL is planning to set up an integrated steel plant of 1.7 MTPA, a 6 MTPA sponge iron and a 10 MTPA iron ore pellet plant in Bolivia.

The company is envisaging a foray into cement business by setting up a 2 MTPA slag and flyash cement plant at Raigarh.

The company is installing a 1.5 MTPA gas-based hot briquetted iron (HBI) plant at Sohar Industrial Port area in Oman.

JSPL has an ambitious target of increasing its power generation capacity by 11 times from the existing 1,000 MW to 11,500 MW by the end of FY20.

EXPANDING FOOTPRINT JSPL is well-placed in terms of access to captive raw materials, integrated steel operations, diversified product portfolio, economies of scale and operating efficiencies. With these attributes, the company is at an advantageous position to reap benefits from the growing domestic steel market. The increase in the steel-making capacity by the

company will be absorbed by the increasing demand for steel products. The company’s constant efforts to look for backward integration of raw materials and captive power for steel operation will help to reduce cost and enhance profitability.

India is facing a huge power deficit. Peak deficit in the country in FY10 was almost 13 per cent. With the addition of power generation capacity, the company will be able to capitalise on the growing power need in the country. However, decline in prices of merchant power can put some restriction on the topline growth.

JSPL has acquired coal and iron ore mines in Africa and Bolivia. The company’s upcoming HBI plant at Oman provides certain incentives such as availability of natural gas at attractive tariff, good connectivity with ports, etc. With these initiatives, the company will be able to access Middle East and African markets. Venture into the cement business will provide the company a new revenue stream by tapping the growing domestic cement market.


Consolidated StandaloneParameters FY10 y-o-y growth % FY10 y-o-y growth %Net Sales 11,071.39 1.58 7,347.44 (4.60)PBDITA 6,004.82 12.27 2,703.80 1.35PAT 3,634.56 20.86 1,479.68 (3.70)Net worth 10,416.79 47.72 6,746.10 24.57Total debt 8,604.29 6.05 8,383.26 68.93Net Fixed Assets 18,736.65 36.13 13,929.27 55.02PBDITA Margin % 50.82 - 33.18 -PAT Margin % 30.76 - 18.16 -ROCE % 22.90 - 12.66 -RONW % 41.50 - 24.24 -Debt/Equity - times 0.83 - 1.24 -Interest Coverage -times 11.08 - 7.69 -Asset Turnover -times 0.72 - 0.69 -Source: Prowess, CARE Research




growth %Net Sales 2,299.61 42.81PBDITA 862.00 50.75

PAT 478.17 56.77PBDITA margin % 37.39 -PAT margin % 20.74 -Source: Prowess, CARE Research

12000

8000

4000

0FY 06 FY 07 FY 08 FY 09 FY 10

` cr

Total Income (Consolidated)

10000

6000

2000

5 year CAGR at

43.7%

0FY 06 FY 07 FY 08 FY 09 FY 10

` cr

PAT (Consolidated)

500

5 year CAGR at

58.7%

10001500200025003000

40003500


CARE holds the advantage of a strong heritage. Major shareholders of CARE are IDBI Bank, Canara Bank and State Bank of India. CARE has been the preferred rating agency. It is the second largest credit rating agency in India. Till June 30, 2010, CARE had completed around 8015 rating assignments for an aggregate value of over Rs25,243 bn. CARE’s ratings are widely accepted by the lenders & investors. CARE’s leadership position in Banks/FIs ratings authenticates the same. CARE is recognised by all statutory authorities in India for its credit rating activities. It is the founder member of Association of Credit Rating agencies in Asia (ACRAA). Making its footprints count, CARE provides technical assistance to Credit Rating agencies in Mexico, Ecuador, Nepal, Bangladesh and Maldives. Apart from holding leadership position in Banks/FIs ratings, CARE also holds leadership in IPO grading, sub-sovereign ratings as well as structured fi nance ratings.

CARE RESEARCHCARE Research & Information Services is an independent division of CARE. CARE Research services a variety of business research needs with credible, high quality research and analysis on various facets of the Indian Economy and Industries. It provides an insightful input on industry performances by assessing trends and predicting their impact on the future. CARE Research also provides customised research and sector research.

DISCLAIMER This ranking is prepared by CARE Research, a division of Credit Analysis & REsearch (CARE). CARE Research has taken utmost care to ensure accuracy and objectivity while developing this ranking based on information available in public domain. The data pertaining to the companies so ranked has been sourced through Prowess database. However, neither the accuracy nor completeness of infor-mation contained in this ranking is guaranteed. CARE Research operates independently of ratings division and this ranking does not contain any confi dential information obtained by ratings division, which they may have obtained in the regular course of operations. The opinion expressed in this ranking cannot be compared to the rating assigned to the company within this industry by the ratings division. The opinion expressed is also not a recommendation to buy, sell or hold an instrument.CARE Research and Infomedia18 are not responsible for any errors or omissions in analysis/inferences/views or for results obtained from the use of information contained in this ranking and especially states that CARE (including all divisions) has no fi nancial liability whatsoever to the user of this product.

KNOWLEDGE PARTNER

GLOSSARYBCF Billion Cubic Feet

CAGR Compounded Annual Growth Rate

GRM Gross Refining Margins

EBITDA Earnings Before Interest, Tax, Depreciation & Amortisation

EPS Earnings Per Share

OPM Operating Profit Margin

MCAP Market Capitalisation

MTPA Million Tonne Per Annum

PAT Profit After Tax

PBT Profit Before Tax

PBIT Profit Before Interest & Tax

PBDITA Profit Before Depreciation, Interest, Tax and Amortisation

ROCE Return On Capital Employed

RONW Return On Net Worth

TPA Tonne Per Annum


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Adjustable adaptors ............................................................85Air circuit breakers ............................................Front gatefoldAir compressors .................................................................73Air operator/airless shot blasting .........................................83Air purifiers ........................................................................13Animal feed technology ........................................................9Automation .......................................................................11Automation of manual operations ......................................75Baking ovens ......................................................................83Basic & detailed engineering (including utilities) ...................75Bearings .......................................................... 67, 68, 69, 70Blast room paint spray booths ...........................................83Bottle feeders ....................................................................25Brewing ...............................................................................9Cables ...............................................................................65Carbide rods .....................................................................17Castors ..............................................................................21Centreless grinder feeders .................................................25Centrifugal air blowers .......................................................81Chain pulley blocks ............................................................23Chocolate/cocoa ..................................................................9CI castings .........................................................................87Circular connectors............................................Back gatefoldCleaning section equipment .................................................9CNC lathes ................................................ Back inside coverCNC tap chucks & tap adaptors ........................................85CNC tap holders & pull studs............................................85CNC tools holders & pulley studs .....................................85CNC turning centers .................................. Back inside coverCNC vertical lathes ...........................................................87CNC vertical machines ......................................................87CNC vertical turning lathes ................................................87CNC/VMC machines .............................................. 5, 6, 7, 8Colour sorting .....................................................................9Command panel systems ...................................................10Conduit systems ................................................Back gatefoldConsole systems ................................................................10Construction management (including plant

commissioning assistance) .............................................75Contactor .........................................................Front gatefoldControl & automation........................................................65Controls & automation ......................................................75Conveyors ...................................................................21, 93Countersinks ......................................................................63Crabs .................................................................................23Cranes .........................................................................12, 23Custom-designed power systems ......................................29Customised equipment building from concept ...................75Cutting tools ................................................................17, 88Diamond tools ...................................................................63Digital almen gauges & almen strips ...................................61Drill sleeves .......................................................................85Drilling tools ......................................................................63Drink Technology India-2010 .............................................18Dust collecting systems ......................................................81Electric wire rope hoists ....................................................12Electrical & automation ......................................................19Electrical CAD/CAE software .............................................10Electrical systems ...............................................................65Electronic components ......................................................19Enclosure cooling units ......................................................10Enclosure systems ..............................................................10Engines ..............................................................................73

EOT cranes .......................................................................12EOT/HOT cranes ..............................................................23Excavators..........................................................................73Exhibitions .........................................................................18Extruded products ...............................................................9Fan & filter units .................................................................10Feeder accessories .............................................................25Feeders for FMCG ............................................................25Feeders for furnaces ..........................................................25Flameproof hoists ..............................................................23Floating holders .................................................................85Flour milling .........................................................................9Forging press feeders .........................................................25Gearboxes .........................................................................23Glide wheels......................................................................21Goliath cranes ....................................................................23Goods lifts .........................................................................23Grain handling .....................................................................9Grinding & dispersion ..........................................................9Grooving & parting tools ...................................................17Gun drills ...........................................................................63Heart valve frames .............................................................14Helical geared motors ........................................................12HP-speed blast wheels .......................................................83Industrial automation ..........................................................11Industrial batteries ..............................................................65Industrial cable glands.........................................Back gatefoldInternational Packtech India-2010 .......................................18Isolators ............................................................Front gatefoldJib cranes .....................................................................12, 23Land survey & selection .....................................................75Large enclosures ................................................................10Lathe machines ..................................................................87Lawn mowers....................................................................73Machine tool accessories ...................................................85Material handling equipment ..............................................12MCBs ...............................................................Front gatefoldMCC & PCC enclosures ...................................................10MCCBs..............................................................................65Mechanical products ..........................................................19Metal cutting tools ................................................ Back coverMetering solutions & relays ................................................65Meters ...............................................................................65Milling cutters ...............................................................17, 63Modular tooling systems ....................................................63Monorail trolleys ................................................................23Motor control centers........................................................65Motorised chain pulley blocks ............................................23Motors & drives .................................................................11Multi-functional tools ..........................................................17MV switchgears ..................................................................65Oil milling ............................................................................9Oil-sealed high vacuum pumps ..........................................81Pasta ....................................................................................9PC enclosures....................................................................10Peeing machines ................................................................61Plano milling machines .......................................................87Plant electricals...................................................................75Plastic pellets ........................................................................9Plat trucks ..........................................................................21Pneumatic conveying systems ............................................81Power & connectors ..........................................................19Power distribution components .........................................10

Power distribution systems (HT & LT) ...............................75Power quality management systems ...................................65Power systems ...................................................................29Procurement services.........................................................75Quick-change tapping chucks/tap adaptors .........................85RCCBs .............................................................Front gatefoldReamers ......................................................................63, 88Reaming & tapping .............................................................85Recovery unit & consumables ............................................83Reverse engineering ...........................................................75Reverse pulse jet-type bag filters ........................................81Reversible tapping attachments ..........................................85Rice milling equipment .........................................................9Robotic shot peening machines ..........................................83Roll turning lathes ..............................................................87Root blowers .....................................................................81Security systems.................................................................13Self opening die-heads .......................................................85Shock and noise isolation ...................................................25Shot blasting ......................................................................61Small junction/distribution boxes ........................................10Solid carbide drills with IC .................................... Back coverSolid carbide drills ................................................. Back coverSolid carbide mills ................................................. Back coverSolid carbide reamers with IC ............................... Back coverSolid carbide reamers ........................................... Back coverSolid carbide special drills ...................................... Back coverSolid carbide special mills ...................................... Back coverSolid carbide special reamers ................................ Back coverSpecial economic zone ......................................................96Special purpose machines ..................................................87Specialized material handling systems .................................75Spindle nose toolings .........................................................17SSM nuts ...........................................................................85Statutory approvals ............................................................75Storage systems .................................................................93Switch disconnectors ........................................Front gatefoldSwitches ...........................................................Front gatefoldSwitchgear products ...........................................................65Switchgears ........................................................................11Taps ...................................................................................63Thermal processes...............................................................9Transfer trolleys..................................................................23Travelling machines ............................................................12Trolleys ..............................................................................21Turning holders ..................................................................17Twin-screw co-rotating extruders .......................................14Twin-screw elements .........................................................14Twin-screw extruders ........................................................14Universal quick change chucks/adaptors for drilling .............85Utility engineering and environmental projects ...................75Vacuum cleaners ................................................................13Vertical boring lathes ..........................................................87Vertical turning lathes .........................................................87Vibration ............................................................................25Vibratory feeders ...............................................................25Water purifiers ...................................................................13Wear parts .........................................................................17Wheel barrows ..................................................................21Wheels ..............................................................................21Wire rope hoists ................................................................23

Products Pg No Products Pg No Products Pg No

PRODUCT INDEX


FGF = Front Gatefold, COC = Cover on Cover, FIC = Front Inside Cover, BIC = Back Inside Cover, BGF = Back Gatefold, BC = Back Cover

Our consistent advertisers

Pg No Advertiser Tel. No. E-Mail Website

ADVERTISERS’ LIST

To know more about the advertisers in this magazine, refer to our ‘Advertisers’ List’ or write to us at [email protected] call us at +91-22-3003 4640 or fax us at +91-22-3003 4499 and we will send your enquiries

to the advertisers directly to help you source better.

BIC ACE Designers Ltd +91-80-22186700 [email protected] www.acedesigners.co.in

93 Aravali Engineers +91-120-2401105 [email protected] www.aravaliengineers.com

25 Base Vibration Isolators Pvt Ltd +91-80-28381030 [email protected] www.baseisolators.com

9 Buhler (India) Pvt Ltd +91-80-22890000 [email protected] www.buhlergroup.com

FGF C&S Electric Ltd. +91-11-30887520 [email protected] www.cselectric.co.in

95 Care Analysis & Research Ltd +91-22-67543456 [email protected]

17 Ceratizit (India) Pvt.Ltd. +91-33-24947146 [email protected] www.ceratizit.com

29 Delta India Electronics Pvt Ltd +91-124-4169040 [email protected] www.deltaelectronics.co.in

13 Eureka Forbes Limited +91-80-30251500 [email protected] www.eurekaforbes.com

BC G W Precision Tools India Pvt Ltd +91-80-40431252 [email protected] www.gwindia.in

75 Grindwell Norton Limited +91-80-28472900 [email protected] www.sgindiaprojects.com

63 Guhring India Private Limited +91-80-40322500 [email protected] www.guhring.in

73 Honda Siel Power Products Ltd +91-120-2341050 [email protected] www.hondasielpower.com

BGF Hummel Connector Systems Pvt Ltd +91-11-26894005 [email protected] www.hummel.com

65 Larsen & Toubro Ltd +91-22-67525656 [email protected] www.larsentburo.com

96 Mahindra World City Jaipur Ltd +91-141-3003474 [email protected] www.mahindraworldcity.com

83 Mecshot Blasting Equipments P Ltd +91-291-2740609 [email protected] www.mecshot.com

88 Metcut Toolings Private Limited +91-836-2333092 [email protected] www.metcutindia.com

25 Prodaid Engineers ( P ) Ltd. +91-80-65345363 [email protected] www.prodaid.in

19 R S Components +91-120-4519100 [email protected] www.rsindia.com

12 Reva Industries Ltd +91-129-4185400 [email protected] www.revacranes.com

21 Rexello Castors Pvt Ltd +91-22-40917777 [email protected] www.rexellocastors.com

81 Ricon Engineers +91-79-22744796 [email protected] www.ricongroup.com

FIC Rittal India Pvt Ltd +91-80-23519792 [email protected] www.rittal-india.com

10 Rittal India Pvt Ltd - Eplan Division +91-22-39527200 [email protected] www.eplan.in

87 Sahil Alloys & Machine Tools (P) Ltd +91-1871-241925 [email protected] www.sahilalloys.com

11 Siemens Ltd +91-22-27623727 [email protected] www.siemens.com

67-70 SKF India Ltd +91-20-66112435 [email protected] www.skfindia.com

14 Steer Engineering Pvt Ltd +91-80-23723309 [email protected] www.steerworld.com

61 Surface International +91-09413329749 [email protected] www.surfaceint.com

23 Techno Industries +91-79-25830742 [email protected] www.technoindustries.com

85 Tools & Appliances Corporation +91-2764-233983 [email protected] www.imitoolsindia.com

18 VDMA +91-33-23217073 [email protected] www.vdma.org/nuv

5-8 Yamazaki Mazak India Pvt Ltd +91-20-27351417 [email protected] www.mazak.com

Vo

l 14 No

01

Janu

ary 2011

Reg No: G2 / NMD / 81 / 2011 - 2013 RNI No: 67827 / 98Date Of Posting 22nd & 23rd Of Every Previous Month / English & Monthly.

Licence to Post at Mumbai Patrika Channel Sorting Office, Mumbai GPO., Mumbai 400 001. Date Of Publication: 18th of Every Month

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