Key estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,

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1 : price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays) and subdued order book position (Rs. 992bn, 2% y-o-y de-growth). Both power and industry segments are expected to register >10% y-o-y de-growth EBITDA margin (10.0% in FY15E) is expected to remain under pressure due to lack of operating leverage (relatively higher employee costs inspite of retirements) and execution of low margin orders secured among intense competition We expect order inflow to pick up from a low base in FY15E (Rs. 342bn, 23% y-o-y growth) but remain below sufficient levels to deliver robust revenue growth. While the management is optimistic on securing sizeable orders from ~15GW of market level opportunity, we believe risk of ordering delays continues to prevail Working capital position is expected to remain at elevated levels (254 days in FY15E) on the back of payment delays from customers, lower order advances and slow pace of execution Given the stagnant order book position, poor execution pace and stretched working capital position, we continue to maintain our negative view on the stock. Our rating stays with a revised target price of Rs. 191 (Rs. 143) which is due to roll forward effect to FY17E estimates How does our 3 year outlook change? We have a muted 3 year outlook on. Recovery in order inflow from a low base in FY15E is unlikely to deliver significant traction in revenue growth as risks of client side delays (especially private sector) and clearance issues continue to prevail Lack of operating leverage, relatively high employee costs (including 7 th pay commission expenses) and execution of orders secured in highly competitive environment is expected to keep margins under pressure going forward. We believe EBITDA margin is unlikely to revert back to historical levels (>20%) in the foreseeable future. Financial summary Year 2QFY15 Update Promoters 63.1 Institutions 32.6 Public 4.3 Key estimate revision 1m 3m 12m 9% 15% 81% Sensex 6% 7% 37% CG Index 11% 11% 79% Revenues FY15E EBITDA PAT EPS (Rs.) FY16E Old New Change Old New Change Revenue 346, , % 347, , % EBITDA 35,371 35, % 33,342 38, % Margin (%) 10.2% 10.0% -20 bps 9.6% 10.5% 90 bps PAT 24,965 23, % 24,202 26, % PAT Margin 7.2% 6.7% -48 bps 7.0% 7.3% 37 bps EPS % % All figures in Rs. mn, except EPS, which is in Rs. Bloomberg Shares o/s Market Cap 17 vember, 2014 IN 2,448mn Rs bn 52-wk High-Low Rs m Avg. Daily Vol Rs. 1,433mn Index BSE 30 P/E (x) RoE (%) FY14 391,088 45,198 34, FY15E 354,262 35,426 23, FY16E 364,643 38,288 26,

2 Financial Summary Standalone Financial Result Rs. mn\period 30-Sep Sep-13 YoY Growth 30-Jun-14 QoQ Growth Revenues 61,440 89, % 51, % Material cost 34,338 53, % 25, % Employee cost 15,956 16, % 15, % Other expenditure 8,231 16, % 7, % Operating Expenses 58,525 85, % 49, % EBITDA 2,915 4, % 2, % EBITDA margin (%) 4.7% 4.6% 16 bps 4.2% 52 bps Depreciation 2,662 2, % 2, % Other income 1,961 4, % 3, % EBIT 2,214 6, % 2, % Interest % % PBT 2,088 6, % 2, % Tax 840 1, % % Effective tax rate 40.2% 29.5% 21.3% PAT 1,248 4, % 1, % PAT margin (%) 2.0% 5.1% -304 bps 3.8% -172 bps EPS (Rs. ) % % Order book breakup (Rs. bn) FY12 FY13 FY14 FY15E FY16E FY17E Power 1, YoY Growth(%) -12% -13% -10% -3% 5% 14% Industy YoY Growth(%) -17% -18% -21% -2% 8% 16% Total 1,347 1,156 1, ,061 1,221 YoY Growth(%) -18% -14% -12% -2% 7% 15% Order Inflow break-up (Rs. bn) FY12 FY13 FY14 FY15E FY16E FY17E Power YoY Growth(%) -12% -13% -10% -3% 5% 14% Industy YoY Growth(%) -17% -18% -21% -2% 8% 16% Total YoY Growth(%) -63% 43% -12% 23% 30% 30% 2

3 Financial Summary Abridged Financial Statements Key metrics Rs. mn FY14 FY15E FY16E FY17E FY14 FY15E FY16E FY17E Profit & Loss Grow th ratios Revenues 391, , , ,179 Sales -19.2% -9.4% 2.9% 11.1% EBITDA 45,198 35,426 38,288 50,647 EBITDA -51.9% -21.6% 8.1% 32.3% Other Income 16,160 11,719 13,527 15,664 PAT -47.7% -31.2% 12.4% 34.6% Depreciation 9,829 10,557 11,357 12,157 Margin ratios EBIT 51,529 36,588 40,458 54,154 EBITDA 11.6% 10.0% 10.5% 12.5% Interest 1,326 1, PAT 8.8% 6.7% 7.3% 8.9% PBT 50,203 35,526 39,927 53,756 Performance ratios PAT 34,608 23,802 26,751 36,017 RoE 10.9% 7.0% 7.6% 9.8% Adj PAT 34,608 23,802 26,751 36,017 RoCE 10.5% 6.9% 7.5% 9.7% Balance Sheet RoA 5.8% 4.1% 4.6% 6.0% Net Worth 330, , , ,583 Fixed asset turnover (x) Total debt 26,548 13,274 6,637 4,978 Total asset turnover (x) Total Netw orth and liabilities 356, , , ,560 Financial stability ratios Gross Fixed assets 121, , , ,960 Net Debt to Equity (x) (0.3) (0.3) (0.3) (0.3) Net fixed assets 47,131 47,094 45,737 43,580 Current ratio (x) CWIP 6,220 5,500 5,500 5,500 Inventory and debtor days Investments 4,202 4,202 4,202 4,202 Creditor days Inventories 97,976 95,117 94,907 99,907 Working capital days Sundry Debtors 399, , , ,079 Interest cover (x) Cash and bank balances 118, , , ,479 Valuation metrics Loans and advances 34,435 45,029 47,540 52,470 Fully Diluted Shares (mn) 2, , , ,447.6 Current liabilities 371, , , ,347 Market cap (Rs.mn) 592, , , ,319 Net current assets 279, , , ,588 EPS (Rs.) Total assets 356, , , ,560 P/E (x) Cash Flow EV (Rs.mn) 500, , , ,818 Cash flow s from Operations 45,177 42,700 30,579 27,952 EV/ EBITDA (x) Cash flow s from Investing (1,681) (9,800) (10,000) (10,000) BV/ share (Rs.) Cash flow s from Financing (2,092) (22,902) (21,445) (16,334) Price to BV (x)

4 Absolute Interpretation Recommendation History Buy Add Reduce Stock expected to provide positive returns of >15% over a 1-year horizon Stock expected to provide positive returns of >5% <15% over a 1-year horizon Stock expected to provide returns of <5% -10% over a 1-year horizon Stock expected to fall >10% over a 1-year horizon Date price 13-Aug Jun Feb v Aug Reduce Spark Disclaimer Spark Capital Advisors (India) Private Limited (Spark Capital) and its affiliates are engaged in investment banking, investment advisory and institutional equities. Spark Capital is registered with SEBI as a Stock Broker and Category 1 Merchant Banker. This document does not constitute or form part of any offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. thing in this document should be construed as investment or financial advice, and nothing in this document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred to in this document. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Spark Capital and/or its affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to a certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such applicable restrictions. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. Spark Capital makes no representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this document. Spark Capital, its affiliates, and the employees of Spark Capital and its affiliates may, from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. This report has been prepared on the basis of information, which is already available in publicly accessible media or developed through an independent analysis by Spark Capital. While we would endeavour to update the information herein on a reasonable basis, Spark Capital and its affiliates are under no obligation to update the information. Also, there may be regulatory, compliance or other reasons that prevent Spark Capital and its affiliates from doing so. Neither Spark Capital nor its affiliates or their respective directors, employees, agents or representatives shall be responsible or liable in any manner, directly or indirectly, for views or opinions expressed in this report or the contents or any errors or discrepancies herein or for any decisions or actions taken in reliance on the report or the inability to use or access our service in this report or for any loss or damages whether direct or indirect, incidental, special or consequential including without limitation loss of revenue or profits that may arise from or in connection with the use of or reliance on this report. Spark Capital and/or its affiliates and/or employees may have interests/positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, Spark Capital has incorporated a disclosure of interest statement in this document. This should however not be treated as endorsement of views expressed in this report: 4

5 Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst s personal views about any and all of the subject securities or issuers; and no part of the research analyst s compensations was, is or will be, directly or indirectly, related to the specific recommendation or views expressed in the report. Additional Disclaimer for US Institutional Investors This research report prepared by Spark Capital Advisors (India) Private Limited is distributed in the United States to US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Decker and Co, LLC, a broker-dealer registered in the US (registered under Section 15 of Securities Exchange Act of 1934, as amended). Decker and Co accepts responsibility on the research reports and US Institutional Investors wishing to effect transaction in the securities discussed in the research material may do so through Decker and Co. All responsibility for the distribution of this report by Decker and Co, LLC in the US shall be borne by Decker and Co, LLC. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if Spark Capital Advisors (India) Private Limited or Decker and Co, LLC is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Decker and Co, LLC and Spark Capital Advisors (India) Private Limited are permitted to provide research material concerning investment to you under relevant legislation and regulations; Disclosure of interest statement Analyst ownership of the stock Group/directors ownership of the stock Broking relationship with the company covered Investment banking relationship with the company covered Yes/ 5

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