Business of the Company

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2 SR No. INDEX 1. Business Overview of company 2. Strengths, Challenges and Risk 3. Global Crude Oil Overview 4. Indian Crude Oil Scenario 5. Government Initiatives 6. Threat 7. Opportunities 8. Financial Analysis 9. Investment Rationale

3 Business of the Company Alphageo India, a company engaged in the niche seismic survey business of providing seismic 2D- and 3D-based surveys for the hydrocarbon sector.the Hyderabad-based company is the country s largest onshore integrated seismic service provider in the private sector and is a market leader. This service is for downstream oil exploration companies. Alphageo is one of the lowest cost service providers in the world. It is one of the world's largest seismic service companies.

4 Process

5 Other Services Consultancy on 3D/4D/3C surveys EM and GM services API Reservoir data acquisition Reservoir analysis Tape transcription & digitization of hard copies of maps, seismic sections and well logs into CGM/ SEGY/LAS formats Third party QC for Acquisition and Processing Topographic surveys with GPS / RTK

6 Promoters Of Alphageo Mr. Balaji Sundararajan Sr. Vice President (SVP)- Operations MS Savita Alla Joint managing director Mr. Dinesh Alla Promoter Director,Chairman and Managing Director of the Company Mr. Venkatesa Perumallu Pasumarthy (CFO)

7 Subsidaries Alphageo DMCC incorporated in Dubai Multi commodity Centre (DMCC) Alphageo International Limited, incorporated in Jebel Ali Free zone Area in Dubai

8 Timeline 1987 Incorporated ONGC Rs 43.69Cr 2009 HOEC,ONGC,Essar Total: Rs 85.4 cr st international contract 2011 Final dividend

9 Global : Iran which was world's 4th largest oil producer was facing economic sanctions from western nations and leaving world to explore other alternative resources. Domestic : The Jubliant Energy project in Manipur was facing issues due to locals who were not allowing the company to explore their land's resources. Hence leaving PBT loss of Rs 5.59 cr for Alphageo in

10 Invested crores in cutting edge technology for data analytics Recieved the contract of 3D sies loop service for the first time in Mizoram Competed NTPC project in June 2012 Recived 2 contracts in Myanmar and 1 within India from OIL

11 Received 2 projects in India Received extension in contract of 3D Sies Loop Seismic data

12 Completion of pending project of worth Rs 31.06cr Recieved 4 orders from Indian oil companies.

13 International Contracts : Recieved contract for 2D seismic data acquisition from CAOG Pte Ltd and Bashneft International BV each in Myanmar. Domestic Contracts: Recieved contract for 2D seismic data acquisition and processing in Gujarat from NTPC. Recieved contract for 3D seismic data acquisition in KG Basin area from ONGC worth Rs 242 cr. Recieved contract for 2D seismic data acquisition in Assam and Arunachal Pradesh from Oil India Ltd worth Rs 102 cr. These orders from ONGC and OIL are the Largest orders recieved in past 25 years by Alphageo covering 29,265 line km of 2D seismic data acquisition.

14 Increased crew from 4 to 17 As business was in steep mode the personnel also increased from 10 to 241 personnel. Company had the peak order book ever since inception of more than Rs1500 cr The company recieved 6 contracts of unappraised land areas of sedimentary basins from ONGC Mumbai worth Rs 1200 cr as a part of National Seismic Programme of Government of India. CAPEX of 100 cr for additional equipment

15 Shareholding Pattern

16 Strengths More than 25years of experience in seismic data acquisition. More than 60% of the orignal team is still working with Alphageo. More than 1300 person years of experience in multi basinal and challenging terrains. More than GLK of 2Dseismic survey and 5500 sq km of 3Dseismic surveys across challenging terrains. Experience of working across 8 sedimentary basins in 16 Indian states and International. Experience of more than 51 completed projects. Adequate resources : equipment from reputed global suppliers, trained crew, finance, capex Credible Management Alphageo is possibly the largest seismic services company in world(ex:china and russia )in terms of crews.it enjoys undisputed global cost leadership. Timeliness : have completed few projects before date of completion.

17 Challenges Makes Alphageo More Stronger Seismic Exploration contracts did not happen or no government clarity on fresh exploration. Largest order recieved in 2016 but at the same time inadequate largest resources needed to be arranged in short time period Danger of the largest inflow of orders would destroy something they cherished. In Alphageo was required working on 17 most diversifying locations in India. The other challenge that they encountered during the year under review was completely related to ground realities of sectoral issues.

18 Risk Rapid embrace of renewable energy technologies the world over on the other. De Risk: India could report the fastest energy consumption growth among all major economies,the rapid increase in non-fossilfuel production notwithstanding.the result is that India s energy consumption is expected to grow 128% by 2035.(Source:BP Energy Outlook 2035) The rise of electric cars has led some big players in the industry to warn of oil demand tapering. De risk: The conventional global car fleet is increasing by 40 million a year,net of scrapping.this alone should account for about 600,000 b/d of growth, or half the 10-year average.besides, a higher use in planes, freight and petrochemicals could drive consumption further. (Source:Morgan Stanley) The result is that oil demand is predicted to grow by an average 0.7% per year to reach 110 million barrels per day by 2035.

19 Companies that have been allotted oil blocks may not have the financial strength to invest in seismic survey, curtailing growth. De-risk - Government policy of possing fines to such companies and risk of getting eliminated from the given project. Reduced opportunities and increased competition could impact revenues and margins. De Risk - The Company s unique value proposition of superior data capturing and interpretation, strict adherence to time lines and expertise in successfully conducting surveys in logistically and operationally difficult terrains allows it to earn a premium. Besides, the Company s aggressive depreciation policy provides it with the unique advantage of pricing competitively when bidding for new projects. Global oil prices were buyoant for 3 years from 2010 to 2013 which had a poor impact on Alphageo as there was a decline in order inflow leading to losses for 3 successive years.

20 Global Crude Oil Industry OPEC policy change: The share of OPEC nations is 43% of the world s crude oil OPEC s oil exports represent about 60% of the total petroleum traded internationally. OPEC agreed to cut production by 1.2 million barrels per day to 32.5 million barrels per day from 1 January 2017 (Source:Economic Times, EIA) Prices : In 2018 prices have started to rise as US shale production have increased and is providing at a lower rater than OPEC countries.

21 Supply: OPEC abandoned its two-year market share strategy when it agreed in late 2016 to reduce production by 1.2 million barrels per day in the first half of Saudi Arabia agreed to the largest reduction of 0.49 million barrels per day, while Iraq accepted a cut of 0.21 million barrels per day.the US could remain the #1 source of global oil supply till 2020.(Source:World Bank, International Energy Agency) Source: MOP&NG

22 Purpose of oil consumption in India Consumption Ways Transportation Heating Purpose Electricity Generation

23 Indian Crude Oil Industry Balance recoverable reserves of crude oil as on are at MMT, out of which MMT (46%) are in offshore and 54% in onshore. ONGC (nomination) has the largest share of 72% in reserves of crude oil with OIL (nomination) and PSC regime contributing 13% and 15% respectively. Crude Oil import dependency of India during was 81.68%. Maximum production of crude Oil (9.678 MMT) occurred in Mumbai High asset of ONGC in Crude oil is on the top of the import bill of India, ONGC is responsible for meeting almost 30% of the country s demand for crude oil.

24 Crude oil production Year Crude Oil Production (MMT) (Souce : MOP&NG)

25 Crude oil production Petroleum product production including petrol, diesel and LPG from indigenous crude fell one percent to 34.7 million tonne (MT) in while the country s consumption of petroleum products increased by 5% to 194 MMT. (Source: PPAC) Production:Crude oil output fell by 2.5% to million tonnes during April-March FY2017.

26 Crude oil production The consumption of petroleum is increasing at a very steep rate from 3.5 MMT in to in This is expected to reach 245 MMT in The consumption of petroleum in the world, which started as a few tonnes a year around 160 years ago, has reached over 6965 MMT of oil equivalents per year. Out of the known Indian reserves of 760 MMT of Crude Oil and 1.3 Trillion Cubic Meters of Natural Gas, only a part may be technically and economically feasible to exploit Our present indigenous production is only 37.9 MMT and is less than 25% of our annual requirement. India s oil demand is going up by 4-4.5% each year (source PPAC)

27 State-wise Crude Oil Production Trends Onshore(Thousand Metric Tonnes)

28

29 In India spent $87.72 billion To buy oil from the international market,making it the bulkiest item on the country s import bill of $ billion.

30 Government Initiatives Hydrocarbon Policy 2030 North East - The Vision aims at doubling Oil & Gas production by 2030, making clean fuels accessible, fast tracking projects, generating employment opportunities and promoting cooperation with neighbouring countries. The states covered include Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura. (source: pib.nic.in) Hydrocarbon Exploration and Licensing Policy (HELP) (10 March 2016) uniform license for exploration and production of all forms of hydrocarbon, The Open Acreage Policy will enable E&P companies select blocks from the designated area. Under the new regime, the Government will receive a share of the gross revenue from the sale of oil and gas without any cost linkage. easy to administer revenue sharing model and marketing and pricing freedom for the crude oil and natural gas produced. marketing and pricing freedom for the crude oil and natural gas produced.

31 The government also introduced a new policy for small fields called Discovered Small Field (DSF) Policy bid round 2016 to offer better fiscal terms than the erstwhile NELP environment. (Source: ET, Livemint)

32 Threats On company level : Rejection for conducting seismic data survey by Manipur twice. The country s self-sufficiency in petroleum products declined from 22% in to 18% in due to strong consumption growth and declining domestic production.(source:economic Times) Estimates suggest that India s import dependency on hydrocarbons is projected to increase from 80% to 90% by 2040, leaving the country vulnerable to geopolitical developments. (Source: MOP&NG)

33 (Source : MOP&NG)

34 Opportunity India hopes to increase domestic production in a bid to reduce import dependence on fossil fuels by 10 % to 67% by India s unprecedented investment in prospecting unexplored areas is likely to greatly enhance the exploration activity in hitherto unappraised areas. Around 3,000 wells have been drilled in India s offshore basin at an average density of one well per 146 sq km, compared with other offshore basins like US Gulf of Mexico, drilled with an average density of one well per 14 sq km. This indicates attractive headroom in the event of a potential discovery for onshore discoveries as well. With double-digit demand growth for oil set to outpace China for the third year in a row and a recent licensing round encouraging new players, India is attracting significant foreign investment in its effort to unlock almost US$11 billion worth of reserves and lower its reliance on imported crude.

35 The government plans to unveil a new policy for renewing and extending the lease of 28 oil and gas blocks. The Cabinet Committee on Economic Affairs approval for awarding contracts for 23 onshore and eight offshore contract areas of discovered small oil and gas fields that earlier belonged to ONGC and Oil India Limited. The Ministry of Petroleum and Natural Gas announced a new Marginal Fields Policy, which aims to bring into production 69 marginal oil and gas fields with 89 million tonnes or Rs 75,000 crore (US$ billion) worth of reserves, by offering incentives to oil and gas explorers (exemption from payment of oil cess and customs duty on machinery and equipment).

36 Demand drivers Increasing industrialisation. Rise in population and economic growth. Supportive FDI and domestic policies like CBM and HELP Huge investments planned under the Twelfth Five Year Plan by Government. Demand for oil is likely to increase from the Make in India initiative -- which aims to raise the share of manufacturing in GDP over the next few years. Expanding production and distribution facilities in India. Growing need for electrification will keep driving the need for oil and petroleum products. The government s clean fuel drive, sharp anticipated growth in transport demand and air travel, and the country s insatiable growth for petrochemicals will act as a boon for petrol, jet fuel, LPG and naphtha.

37 More employement opportunity in exploration and production in oil and gas sector. Hence it will act as positive for Alphageo.

38 Source: MOP&NG

39 A new dawn is in the offing World's largest oil exporter Saudi Aramco is planning to invest in refineries and petrochemicals in India as it looks to enter into a strategic partnership with the country. Foreign investors will have opportunities to invest in projects worth US$ 300 billion in India, as the country looks to cut reliance on oil imports by 10 per cent by 2022, according to Mr Dharmendra Pradhan, Minister of Petroleum and Natural Gas, Government of India. State-owned Oil and Natural Gas Corporation (ONGC) has come up with the new blueprint to increase the crude oil production by 4 million tonnes and to double its natural gas production by 2020 to curb the country s import dependency by 10 percent. The company will raise its crude oil production from 22.6 million tonnes in to million tonnes in (Source:IBEF org)

40 FINANCIALS

41 Profit And Loss Statement (In Crores) Particulars CAGR Total Revenue % EBITDA % EBIT % PBT % PAT %

42 Profit and loss Statement Margin (In %) Particulars EBITDA EBIT PBT PAT

43 Other Financial Data Particulars P/E ROE(%) ROCE(%) Current Ratio Quick Ratio D/E

44 Other Financial Data Particulars Debtors Days Inventory Days Creditors Days Free Cash Flows (in Cr)

45 Company's Future Outlook There will always be a reasonable pipeline of seismic services projects to bid for. The time has come to liberate the company from a complete dependence on seismic services; the company intends to utilise the cash flows generated from its ongoing projects to invest in synergistic niche businesses with sustainable prospects.

46 Investment Rationale FY 18 Focus on senior recruitments and create a robust managerial tier. Looking at new businesses on the one hand and entering new geographies on the other. Company's expectation- To do minimum Rs 400 cr worth of contracts every year starting Crude Oil prices and import data. Tracking steps taken by OPEC and US to derisk geopolitical effects.

47 Disclaimer: This report has been prepared by CONCEPT Securities Pvt. Ltd. and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject CSPL or its affiliates to any registration or licensing requirement within such jurisdiction. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. CSPL may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments. CSPL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. CSPL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. CSPL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report. CSPL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither CSPL nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. CSPL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report. This report is intended for non-institutional Clients only. The views and opinions expressed in this report may at times be contrary to or not in consonance with those of Institutional Research or PCG Research teams of CONCEPT Securities Pvt. Ltd. and/or may have different time horizons CONCEPT Securities Pvt. Ltd., SEBI Reg. No.: NSE-INB , BSE-INB , SEBI Research Analyst Reg. No.: INH , CIN - U25199GJ1995PTC024306

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