Ramky Infrastructure Limited

Transcription

1 Ramky Infrastructure Limited Company Presentation November 2010

2 Disclaimer This Presentation and the accompanying slides (the Presentation ), which has been prepared by Ramky Infrastructure Ltd ( The company ) had been prepare solely for information purposes and don t constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, expressed or implied, what so ever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all information that you may consider material. Any liability in respect of the content of, or any omission from this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company s market opportunity and business prospects that are individually or collectively forward looking statements. Such forward looking statements are not guaranties of future performance and are subject to known and unknown risks, uncertainness and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the infrastructure industry in India and world wide, competition, the Companies ability to successfully implement its strategy, the Companies future levels of growth and expansion, technological implementation, market risks, as well as other risks. The Companies actual results, levels of activity, performance, or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward looking information contained in this Presentation. Any forward looking statements and projections made by third parties(if any) included in this Presentation are not adapted by the Company and the Company is not responsible for such third party statements or projections 23/11/ :24:35 1

3 Offering summary Issuer Offering Size Ramky Infrastructure Limited INR 5,300m (fresh issue of INR 3,500m and offer for sale of INR 1,800m) Objects of the Fresh Issue Type of offering Investment in capital equipment Working capital requirements Repayment of loans General corporate purposes Reg S INR804.55m INR1,750.00m INR250.54m INR m IPO Grading IPO Grade 3/5 Issue Price Book Building Issue opened on: September 21 st ; Issue closed on: September 23 rd Issue Subscription Listing Venue Book Running Lead Managers Category % Oversubscription QIB 60% 4.25 Retail 30% 0.99 Non-institutional 10% 1.44 Bombay Stock Exchange Ltd. ( BSE ); National Stock Exchange of India Ltd. ( NSE ) Overall 2.89 times over subscribed 23/11/ :24:35 2

4 Agenda Corporate profile Industry overview Strengths and growth strategy 3

5 Corporate profile of Ramky Infrastructure Limited Ramky Infrastructure Limited ( Ramky or the Company ), is an integrated construction and infrastructure development and management company with a pan-india presence Ramky snapshot Ramky operates in two principal business segments: Construction business which is operated by the Company Developer business which is operated through Subsidiaries and Associates Ramky is promoted by a first generation promoter, Alla Ayodhya Rami Reddy and Y.R. Nagaraja, and managed by a team of experienced professionals Addition of Order Book during quarter ended Sept 30, 2010 was INR 49078m Track record of robust growth attained by a diversified portfolio of projects: (INRm) FY2006 FY 2010 FY 11(H1) CAGR* Construction business Water & Waste water Irrigation Transportation Building construction 104 completed projects 15 completed projects 28 completed projects 82 completed projects Developer business Industrial parks Roads Transport terminal Integrated townships 5 projects 5projects 1 project 3 projects Order book 14,139 74, % Revenue 4,125 20, % Industrial 32 completed projects EBITDA 322 2, % Power 12 ongoing projects Net income 185 1, % Note: Above mentioned financials are for Ramky standalone * CAGR between Sum of the parts Note: Projects completed in the tables above are from April 1, 2002 to September 30, 2009 Proven track record across construction and developer business verticals 4

6 Detailed construction business profile Water & Waste Water Irrigation Transportation Include water treatment plants, water transmission and distribution systems, elevated reservoirs and ground level service reservoirs, sewage treatment plants, tertiary treatment plants, underground drainage systems and lake restorations Value of projects in hand: INR 23,083m Include canals, cross-drainage works, lift irrigation projects, dams and barrages Value of projects in hand: INR 14,914m Includes expressways, highways, bridges, flyovers and dedicated service corridors Value of projects in hand: INR 46,819m 140, , ,000 80,000 60,000 40,000 20, ,139 Closing order book (INR m) 22,308 36,887 59,238 74, ,894 FY06 FY07 FY08 FY09 FY10 FY 11(H1) Buildings Includes commercial, residential, public, institutional and corporate buildings, mass housing projects and related infrastructure and facilities such as hospitals and shopping malls Average order size (INR m) Industrial Power Value of projects in hand: INR 19,671m Includes industrial parks, SEZs and related works Value of projects in hand: INR 5,939m Includes electricity transmission networks, substation feeder lines and low tension distribution lines On-going power transmission and distribution project in Madhya Pradesh and Maharashtra Value of projects in hand: INR 5,469m 20,000 16,000 12,000 8,000 4, ,216 4,778 5,587 15,644 15,541 18,250 FY06 FY07 FY08 FY09 FY10 FY 11(H1) Revenue visibility is driven by robust order book growth in the construction business 23/11/ :24:35 5

7 Detailed construction business profile (continued) Core competency and area of continued focus going forward Closing order book (INR m) Water & Waste Water Undertake projects on both composite and several basis with scope including, design, engineering, construction, operation & maintenance solutions to manage projects from generation, T&D, Treatment, eventual storage & disposal Highly specialized internal design team equipped with tacit processes and know how gained through experience Qualified to build Treatment Plants of large sizes up to 300 MLD 30,000 25,000 20,000 15,000 10,000 5,000 2,929 4,021 13,586 16,823 24,476 23,083 Strategy going forward is to retain leadership by continuous investment in technology 0 FY06 FY07 FY08 FY09 FY10 FY 11(H1) Irrigation Perceived by clients as a total irrigation solution provider, including, lift irrigation, dams, barrages and cross drainage work Efficient design and execution team Mitigate risks in the vertical by only retaining core activities of design and supervision while subcontracting all other areas Focus on geographic expansion outside Andhra Pradesh into states such as Gujarat, Madhya Pradesh and Karnataka Qualified to bid for larger projects Strategy is to leverage government incentives for the sector 20,000 16,000 12,000 8,000 4, ,216 Closing order book (INR m) 4,778 5,587 15,644 15,541 14,914 FY06 FY07 FY08 FY09 FY10 FY 11(H1) Construction business is spearheaded by Water and Waste Water with significant contributions from other segments 23/11/ :24:35 6

8 Detailed construction business profile (continued) Qualified to execute expressways, highways, bridges, flyovers and dedicated service corridors Closing order book (INR m) Maximize efficiency through seamless synchronization of supply chain, logistics, operation and execution functions Leverage expertise in developer business 50,000 40,000 46,819 Transportation Aim for completion prior to target dates through: - Control over supply chain (e.g. Quarries) - Technology to improve supply chain and reduce pilferages - In house control over bituminous mix Strategy remains to focus on challenging terrains 30,000 20,000 10, ,403 3,836 5,992 9,249 15,750 FY06 FY07 FY08 FY09 FY10 FY 11(H1) Focus remains on construction of large institutional buildings Closing order book (INR m) Buildings Inbuilt processes to attain synergies across various verticals and rely on a pool of qualified subcontractors for efficient execution Core competency remains focusing on efficient planning Strategy is to mechanize processes where specialized manpower is required, thereby, improving operating margins 25,000 20,000 15,000 10,000 5,000 4,579 3,837 8,527 10,451 10,244 19,671 0 FY06 FY07 FY08 FY09 FY10 FY 11(H1) Additionally, Ramky continues to build on momentum gained in other verticals such as Power 23/11/ :24:35 7

9 Developer business profile Name of subsidiary (Ramky s interest) Project cost / estimated project cost in INR m Completion date/ Scheduled completion date Description Ramky Pharma City (India) Limited (51%) 5,205 September ,143 acres of a integrated industrial park aimed at handling bulk drug manufacturers, pharmaceutical companies and fine chemical manufacturers Industrial Parks Focus on polluting industries Ramky MIDC Agro Processing Park Limited (100%) Ramky Herbal and Medicinal Park (Chhattisgarh) Limited (100%) Ramky Food Park (Chhattisgarh) Limited (100%) 468 August 2013 SEZ will have a leasable area of 172 acres 964 October October 2014 Concession to develop a 250 acre herbal and medicinal industrial park in Dhamtari, Chhattisgarh on a BOT basis Concession to develop a 303 acre food processing industrial park in Rajnandagao, Chhattisgarh on a BOT basis Naya Raipur Gems and Jewellery SEZ Limited (100%) 1,834 October 2014 Concession to develop a 70 acre gems and jewellery SEZ in Raipur, Chhattisgarh on a BOT basis (42.03 acre leasable area) Roads Challenging terrain Ramky Elsamex Hyderabad Ring Road Limited (74%) Gwalior Bypass Project Limited (51%) 3,994 Completed Operate and maintain a 12.63km eight lane expressway part of Phase-II of the program 3,321 October 2009 (1) Developing a 42km road that will connect the NH-3 & NH-75 highways in Madhya Pradesh Transport Terminal MDDA Ramky IS Bus Terminal Limited (100%) 131(Phase 1) 319 (Phase 2) June 2004 (Phase 1) March 2010 (Phase 2) Operate the bus terminal to be built for one of the first time on a BOT basis in India Revenue earned from terminal fees, shop rental, advertising, and accommodation charges Integrated Townships Walk to work Recent Projects Roads driving growth Ramky Towers Limited (51%) Ramky Enclave Limited (89.01%) Ramky Integrated Township Limited (29.19%) 4,000 March 2011 Developing an integrated residential and commercial project on acres in Gachibowli, Hyderabad (1,478,470 sq. ft. saleable area) 2,164 September 2011 Developing an integrated housing project on acres of land (946,210 saleable area) 34, months from satisfaction of conditions precedents. NAM Expressway Limited (50%) July 2013 Jorbat Shilong Road Project (50%) Srinagar Banihal Road (74%) 8240 June June 2014 Developing an integrated township on acres in Ranga Reddy District, Andhra Pradesh (estimated 14.0m sq. ft. saleable area) Developing the km Narketpalli-Addank-Medarametla in Andhra Pradesh on build operate and transfer (BOT ) basis Design, engineering, construction, operation and maintenance of the 61.85km 4 lane road in Jorbat-Shillong Rehabilitation, strengthening and converting to 4 lanes of the 67.76km section of NH-1A from Srinagar to Banihal in Jammu and Kashmir (1) Gwalior Bypass Project Limited has vide letter dated September 19, 2009 applied for extension of completion date to September 2010 Niche area of expertise remains Industrial Parks whilst Roads are expected to drive growth 8

10 Net Worth details of key developer projects Project Net Worth (in INR Mn as of 31 st March 2010)* Description Ramky Pharma City Ltd Remaining land 577 Acres to be sold over next two years. Current on going rate 1.21 lakhs for SEZ and 90 Lakhs for Non- SEZ. 163 Cr of cost yet to be incurred Ramky Integrated Township Ltd Ramky Towers Ltd 52.7 Ramky Enclave Ltd Developing 575 Acres (25 Mn sq ft of land over 6 years of which 15 mn sq ft will be salable Mn sq ft to be sold over next two an on going rate of about Rs. 3500/ Sq ft Developing an integrated housing on acres of land Ramky Elsamax Hyderabad Ring Road Ltd 1115 O&M of Km of eight lane expressway Gwalior Bypass Project Ltd Developing 42 Km bypass road that connect NH3 and NH75 MDDA Ramky ISBT O&M of the bus terminal * Includes Share Application Money 23/11/ :24:35 9

11 Detailed developer business profile (continued) Industrial Parks Focus remains on industrial parks for polluting industries Ramky specialises in providing state-of-the-art civil infrastructure and industry specific waste handling facilities Case study: Ramky Pharma City Ramky Pharma City is an integrated industrial park spread over 2,143 acres in Parwada, Andhra Pradesh Initial area: 2,143 acres SEZ: 611 acres (413 acres saleable) Non-SEZ: 1,532 acres (1,016 acres saleable) Fully developed and operational with 1,068 acres sold Waste handling facilities include, ETP, CETP, MEE, WTP, outfall, incineration and landfill Civil infrastructure like training facilities, convention facilities, labs, administrative facilities, roads, security, banking facilities and catering facilities present on site Recent transactions Client Acres Price/Acre Year Srivani Chemicals Syntrix Ltd Hospera 2.6 (Non-SEZ) 3.0 (Non-SEZ) 19.0 (SEZ) INR9.0m 2009 INR9.0m 2010 INR12.8m 2010 Clients PharmaZell Eisai Biocon SNF Orchid Matrix Aurobindo Roads Focus remains on roads with technically challenging projects in difficult terrain Revenue certain mode: Annuity projects preferred Alternatively, conservative toll assumptions Earn bonus for early completion Case study: Hyderabad Ring Road Design, construction, operation and maintenance of 8 lane expressway under phase IIA of outer ring road project in Hyderabad Stretching over a length of km between Tukkaguda and Shamshabad was completed by November 2009, 6 months ahead of scheduled completion Revenue model: Fixed semi-annuities on a BOT basis Semi- annuities of INR315.0m for a period of 12.5 years Execution efficiency demonstrated by: Control over aggregates through rights on quarries Control over pilferage and logistics through global fencing technology on vehicles Control over core actively by investing in bitumen mixers and layers Subcontracting non-core activities through productivity oriented contracts Synergistic business model between core construction activities and development business 10

12 Agenda Corporate profile Industry overview Strengths and growth strategy 11

13 Overview of Indian infrastructure sector Key highlights Despite the slowdown, investment in India has remained relatively stable with the ratio of fixed investment to GDP increasing to 32.2% of GDP in FY2009 compared to 31.6% in FY2008 Investments in construction circa 11.0% of India s GDP & circa 50.0% of the gross fixed capital formation Over the next five years, infrastructure development to account for 78.3% of all construction expenditure in India Expenditure on industrial construction is expected to grow 2.2x over the next five years ( ) as compared to the previous five year period ( ) Private capital to fund approximately 30.0% of the total investment during the Eleventh Plan, as compared to 20.0% during the Tenth Plan Twelfth plan target infrastructure spending Projected growth in Infra & Industrial segments At 4.5x of Tenth Plan 2.3x 4.5x 514 1,025 Accounts for 10% of GDP 5.08% 7.55% 9.95% CAGR: 31.8% CAGR: 14.0% CAGR: 0.7% CAGR: 11.9% th plan actual ( ) 11th plan revised ( ) 12th plan target ( ) 10th plan actual ( ) 11th plan revised ( ) 12th plan target ( ) Source: Mid term appraisal of Eleventh Plan by Planning Commission Source: CRISIL Research 12

14 Government playing a crucial role in Ramky s core sectors Government incentives to infrastructure sector Permitting FDI up to 100% in companies engaged in construction development projects in housing, commercial premises, resorts, educational institutions, recreational facilities, townships and city and regional level infrastructure, subject to conditions in Press Note No 2 (2005) issued by the Government of India The revised estimate for Infrastructure investments under the 11 th Plan is US$514 bn. This is a 2.4x increase v/s actual Infrastructure investment under the Tenth Plan Average investment in Infrastructure under the Twelfth Plan would be 9.95% of GDP as against 7.6% in Eleventh Plan and 5.1% in Tenth plan Source: CRISIL Research Water INR1,117bn, 5% Sector-wise Govt. spending Irrigation INR2,462bn, 12% Roads INR2,787bn, 14% Ramky s core focus Electricity INR6,586bn, 32% Telecom INR3,532bn, 17% Railways INR2,008bn, 10% Ports INR406bn, 2% Oil & gas INR1,273bn, 6% Storage INR90bn, 0% Airports INR361bn, 2% Source: Mid-term Appraisal of XI plan, by Planning Commission 13

15 Agenda Corporate profile Industry overview Strengths and growth strategy 14

16 Key business strengths Execution efficiency Strong financial profile Diversified sector focus Independent board & experienced management team Pan India presence Benefits of parentage 23/11/ :24:35 15

17 1 Execution efficiency Two reasons mainly contributed to increase in margins Economies of scale Well established processes for execution Execution keeping pace with order book (INR m) Man power Machinery 1,742 full-time employees of which 41% are engineers (as of 31 March 2010) Execute effective planning and tie-ups with institutes Hire only supervisory level and above Subcontract low end activity Maintain a lean asset size Procure only core and scarce equipment Prefer hiring non-core equipment machinery Operational efficiency maintained with increase in scale of operations Materials Index pegged contracts Create pre-bid tie ups for key commodities Built long term vendor relationships for effective procurement Money Continued access to debt Limited dilution of stock and improved access to capital markets Capital to support future growth 20.00% 17.50% 15.00% 12.50% 10.00% 7.50% 5.00% 2.50% 0.00% FY06 FY07 FY08 FY09 FY10 FY 11(H1) EBITDA margin Revenue 25,000 20,000 15,000 10,000 5,000 0 Note: Ramky standalone financials Superior in-house design capabilities remains a key distinguisher in executing complex projects 16

18 2 Diversified sector focus % order book Value of order book: INR 115,894m % FY2010 revenue (FY 11-H1) Construction revenue: Power 4.7% Industrial 5.1% Power 6.1% Industrial 4% Buildings 17% Water & waste water 19.9% Buildings 21.9% Water & waste water 33.2% Irrigation 12.9% Transportation 40.4% Irrigation 8.2% Transportation 19.6% Note: Order book as of 30 September 2010 No sector has more than one third share of order book and/or FY2010 revenue 17

19 3 Pan-India presence % order book (30 st Sept 2010) Value of order book : INR 11,589m % FY2011(H1) revenue Construction revenue Central states 4.7% Northern states 30.5% Andhra Pradesh 32.7% Western states 11.7% Eastern states 12.6% Other Southern states 7.8% Ramky s pan-india presence increases diversification and positions us uniquely amongst competitors 18

20 4 Benefits of parentage Ramky is the flagship company of Ramky Group Ramky Group is a multidisciplinary organization focused in the areas of Civil, Environmental & Waste Management infrastructure with specific emphasis on 'Public Private Partnership' projects Operational since 1994 with over 15 years of experience across the infrastructure sector Ramky Group has a presence in more than 55 locations in India in addition to branch offices at Saudi Arabia, UAE and Singapore Operates through 4 Group Companies namely: Ramky Infrastructure Limited, Ramky Enviro Engineers Ltd, Ramky Estates and Farms Ltd and Ramky Finance & Investment Pvt. Ltd. Each Group Company has an independent and professional management team in place Benefits accruing to Ramky Ramky remains the flagship company of Ramky Group which is evolving into a leading Infrastructure conglomerate in India 19

21 5 Independent board & experienced management team Ramky Board of Directors Alla Ayodhya Rami Reddy Chairman, Ramky Group 23 years of experience in the field of environmental services, civil works, biomedical waste and hazardous waste management Worked for various water, waste water and engineering projects, notably with Gannon Dunkerly & Co., Reliance Industries Limited Bachelor s degree in civil engineering from Karnataka University and a master s degree in civil engineering from Osmania University Accredited with best Engineer of Year Award in 2005 by Govt. of Andhra Pradesh & Institute of Engineers (India) Y. R. Nagaraja Managing Director Rajiv Maliwal Non-Executive Director SAPE Nominee Dr. A. Hingorani Non-Executive Director Tara India Fund Nominee P V Narasimham Independent Director Murahari Reddy Independent Director PG Sastry Independent Director K S Vikamsey Independent Director V H Kumar Independent Director Ramky Management Team Y. R. Nagaraja Managing Director, Ramky 24 Years of experience in allied fields Positions held with the Public Works Department of the State of Karnataka, Mandanlal Steels Limited and Navega Engineers Private Limited Bachelor s degree in civil engineering from Karnataka University Head Contractor Business Head Finance Head Commercial Head HR & Admin Head Secretarial A. F. Battiwala 23 yrs. of experience Sanjiv Iyer 25 yrs. Of experience P. Mahendra Kumar 30 yrs. of experience K. V. S. S. Narayanrao 17 yrs. of experience Phani Bhushan 8 yrs. of experience A well balanced board with a professional management team across all business segments ensures transparency and efficiency in decision making 20

22 6 Strong financial profile Income (INR m) and EBITDA margin Networth (INRm) & ROE 7.8% 10.8% 9.7% 10.0% 10.8% 11.0% 18, % 4,263 4, % 3, % 7,111 10,292 14, % 4.6% 5.2% 9, , % 20.1% 2,541 3, % 24.4% 21.6% FY 06 FY 07 FY 08 FY 09 FY 10 FY 11(H1) Income EBITDA margin (%) PAT margin (%) Working Capital ratios (INR m) FY 06 FY 07 FY 08 FY 09 FY 10 FY 11(H1) Note: ROE calculated as net income/networth Networth ROE (%) Leverage ratios % % % % 35.0% % 0.3x 0.8x 0.2x 0.3x 2.1x 2.2x 0.8x 1.0x 1.7x 0.8x 2.5x 1.1x FY 06 FY 07 FY 08 FY 09 FY 10 FY 11(H1) FY 06 FY 07 FY 08 FY 09 FY 10 FY 11(H1) Net working capital days Net working capital (% of sales) Net debt/ebitda Net debt/equity Note: All financials are for Ramky standalone Aggressive growth has been achieved whilst improving margins and maintaining a conservative balance sheet 21

23 Growth strategy Construction business Developer business Continue to focus on Water and Waste Water projects and through leadership in technology and design Continue to build on the expertise gained in polluting industries parks Leverage our execution capabilities and move into larger and more complex projects Leverage on Water and Waste Water construction business once government opens sector Closely track and benefit from sectors with Government priority such as transportation and power Power and other highly complex verticals (synergistic) Improve productivity through economies of sale Public Private Partnerships will be the focus model Compete through optimum pricing and efficient execution Undertake projects with visibility on returns Ramky has benefitted from a first-movers advantage in several verticals and continuing to innovate remains the Company s core strategic focus going forward 22

24 Key investment highlights Infrastructure sector Large addressable opportunity Construction expenditure is expected to double to INR12,189bn during to period versus INR6,217bn during the to period Between FY2010 and FY2014, government spending on roads alone is targeted at INR5,216bn with increased focus on timely completion Business model Scalable with proven execution capabilities Ramky s strategically positioned to realize opportunities in the sector with presence in both construction and development businesses Completed 104 Water and Waste Water projects, 82 Building Construction projects, 15 Irrigation projects, 28 Transportation projects and 32 Industrial projects Diversification Sectoral & geographical presence Evolved from a consultant to a EPC player and finally a infrastructure developer - Ramky continues to build on core competencies Reduces the risk of dependence on any one sector or project and helps in participating in projects across the country Visibility of earnings Revenue driven by strong order book Order book of INR 115,894m as of Sept provides high revenue visibility Proven execution capabilities with planning and execution expertise, ensuring order completion within the estimated budget and on time. For the period ended March 31, 2010 the company had a order to sales ratio of 3.7x Parental leverage Experienced management and marquee investors 23/11/ :24:35 Synergistic model leveraging on core construction activities and expertise gained in other Ramky Group companies to culminate in a efficient development business Highly experienced professional management team with proven capabilities Delivered returns to marquee investors including IL&FS (Tara Fund III), International Finance Corporation & SAPE 23

25 Key financials P&L Standalone financials INRm FY 07 FY 08 FY 09 FY 10 FY 11(Q2) FY 11 (H1) Revenue ** Growth rate 87.29% 44.75% 38.98% 30.12% 57.76% 39.9%* EBITDA EBITDA margin 10.90% 9.94% 10.31% 10.83% 10.39% 10.95% PBT PBT margin 7.62% 6.67% 5.94% 6.98% 6.42% 7.02% PAT PAT margin 5.43% 4.96% 4.75% 5.60% 5.04% 5.57% Consolidated financials INRm FY 07 FY 08 FY 09 FY10 FY 11(Q2) FY 11 (H1) Revenue ** Growth rate % 39.30% 32.40% 56.64%* 35.03%* EBITDA EBITDA margin 10.82% 11.06% 13.53% 14.35% 17.54% 16.91% PBT PBT margin 7.57% 7.78% 8.36% 8.79% 11.24% 10.26% PAT PAT margin 5.36% 5.61% 6.29% 6.91% 7.15% 6.70% Note: All financials are for Ramky restated - YOY growth for the first six months of the financial year ** : Revenue figures are excluding WIP 23/11/ :24:35 Stellar performance continues 24

26 Key Financials- Balance Sheet Standalone INRm FY 07 FY 08 FY 09 FY 10 FY 11(H1) Consolidated FY 07 FY 08 FY 09 FY 10 FY 11(H1) Net worth Minority Interest EPS * * Long terms Debt D/E Fixed Assets F.A / Revenue 10% 7% 10% 7% 11% Investments ** 976** 976** Net Working Capital *** W.C days Sundry debtors Debtors Days Cash Net Debt Net Debt/Equity * Represents only Half yearly earnings ** Revalued based on PE investment *** Net of Share Application Money Capital management key to high EPF 25

27 Post-issue Share holding pattern Anchor investors Share Holding pattern As of 8 th Oct 2010 Category # of shares % Promoter group(a) 38,238, % Institutions(B) Mutual Funds/UTI 1,750,611 Financial Institutions/Banks 606,066 FIIs 4,082,830 Venture Capital Funds 291,420 Insurance companies 1,102,955 Sub total(b) 7,833, % Non Institution (C ) 11,124, % Total public holding(b+c) 18,958, % Total Shares(A+B+C) 57,197, % 23/11/ :24:35 26

28 Thank you! 27