CMP: INR321 TP: INR345 (+7%)

8 September 2016 1QFY17 Results Update Sector: Capital Goods GE T&D India BSE SENSEX S&P CNX 29,045 8,953 Bloomberg ATD IN Equity Shares (m) 256.1 M.Cap.(INR b)/(usd b) 82.2/ 1.2 52-Week Range (INR) 569 / 314 1, 6, 12 Rel. Per (%) -10/-37/-55 Avg Val, (INR m) 35 Free float (%) 25.0 Financials & Valuations (INR b) Y/E MAR 2016 2017E 2018E Net Sales 34.1 40.5 45.1 EBITDA 2.3 3.5 5.4 Adj PAT 0.8 2.1 2.9 EPS (INR) 3.0 8.1 11.5 EPS Gr. (%) -35.7 167.3 41.7 BV/Sh. (INR) 52.1 56.3 62.2 RoE (%) 5.9 14.9 19.3 RoCE (%) 10.1 16.7 24.2 P/E (x) 105.7 39.5 27.9 P/BV (x) 6.1 5.7 5.1 Estimate change TP change Rating change CMP: INR321 TP: INR345 (+7%) Downgrade to Neutral 1QFY17 operating performance impacted by multiple one off: GE T&D s (formerly Alstom T&D) 1QFY17 sales stood at INR8.5b (up 11.6% YoY), which was ahead of our estimate of INR8.0b, led by pick up in execution of the strong order backlog (INR80b, 2x BTB). During the quarter, GE T&D posted operating loss of INR1.7b led by one off expenditure of INR2.5b for provisions related to bad debt and tax litigations. Adjusting for the same, operating profit stood at INR0.2b as against INR72m in 1QFY16. EBIDTA margin stood at 2.5% as against 1.3% YoY. Provision of INR2.5b made for bad debts and tax litigation: GE T&D has taken a provision of INR2.5b which has impacted the 1QFY17 results. Of the total INR2.5b provision, INR0.7b provision is made for bad and doubtful debt, INR0.4b provision for direct tax litigation and INR1.5b provision for indirect tax litigation. Management believes that sufficient provisioning has been done by the company on both the fronts. Order book down 2% YoY to INR78.7b: Order intake in 1QFY17 stood at INR7.9b (+12% YoY), led by finalization of transmission projects mainly from PGCIL and SEB s. Total order book at INR78.7b provides good visibility for the next two years. However, overall T&D ordering still remains subdued while competitive intensity remains high, especially from the Korean and Chinese players. Downgrade to Neutral, cut estimates by 7% each for FY17/18: We cut our earnings estimates for FY17/18 by 7% each to INR8.1/11.5 respectively to factor in a) High competitive intensity which would entail continued pressure on margins and, b) Subdued T&D ordering with continued weakness in private sector capex and flattening of orders from PGCIL. We downgrade our rating to Neutral. We lower our target price to INR345, valuing the stock at 30x FY18E EPS of INR11.5. Quarterly Performance (INR Million) FY16 FY17 FY16 FY17E MOSL Var. Y/E March 1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1Q Est Vs Est Sales 7,660 9,031 7,436 9,715 8,546 10,500 8,900 12,521 34,135 40,467 8,000 7 Change (%) 1.2 1.2 1.2-28.6 11.6 16.3 19.7 28.9-7.8 18.5 0.6 EBITDA 72 1,025-14 850 214 930 780 1,614 2,324 3,538 550-61 Change (%) -90.4 16.9 NA -18.5 199.6-9.3-5,593.0 89.9-9.0-9.0 19 As of % Sales 0.9 11.4-0.2 8.7 2.5 8.9 8.8 12.9 6.8 8.7 6.9 Depreciation 212 215 215 216 217 220 225 229 873 873 200 Interest 117 143 168 189 226 230 220 230 589 589 130 Other Income 412 23 117 64 326 80 80 75 427 427 100 Extra-ordinary Items 0 0 0 0 2,527 0 0 0 0 0 0 PBT 155 691-280 509-2,429 560 415 1,229 1,289 2,503 320-859 Tax 54 228-98 210-455 200 150 335 508 508 60 Effective Tax Rate (%) 34.7 33.0 NA 41.3 18.7 35.7 36.1 27.3 39.4 20.3 18.8 Reported PAT 102 463-182 299-1,974 360 265 894 781 1,995 260-859 Change (%) -67.5 30.4-803.1-44.8-2,044.9-22.2-245.5 199.4 0.0 0.0 33.1 Adj PAT 102 463-182 299 553 360 265 894 781 1,995 260 113 Change (%) -64.4 30.4 NA -44.8 444.7-22.2-245.5 199.4 2.0 2.0 33.1 E: MOSL Estimates Ankur Sharma (Ankur.VSharma@MotilalOswal.com); +91 22 3982 5449 Amit Shah (Amit.Shah@MotilalOswal.com); +91 22 3029 5126 Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/institutional-equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Results impacted by provisioning on the bad debts and tax liability front 1QFY17 sales stood at INR8.5b (up 11.6% YoY), which was ahead of our estimate of INR8.0b, led by pick up in execution of orders in hand. During the quarter, GE T&D posted operating loss of INR1.7b led by one off expenditure of INR2.5b (INR0.7b provision for bad debt, INR0.4b provision for direct tax litigation and INR1.5b provision for indirect tax litigation). Adjusting for the same, operating profit stood at INR0.2b as against INR72m in 1QFY16. Adjusted EBIDTA margin stood at 2.5% as against 1.3% YoY. Adjusted PAT at INR0.6b was ahead of our estimate of INR260m. Order intake in 1QFY17 stood at INR7.9b (+12% YoY), led by finalization of transmission projects mainly from PGCIL and SEB s. Total order book at INR78.7b provides decent revenue visibility for the next two years. However, overall T&D ordering still remains sluggish as major capex has already been done by PGCIL and the SEBs. Alstom expects Champa Kurukshetra phase II project to be completed by FY18 with major revenue booked from the projects in FY17 and FY18. Exhibit 1: Sales improvement led by pick up in execution of the orders in hand Sales Growth YoY 15,000 40.0 20.0 10,000 0.0-20.0 5,000-40.0-60.0 - -80.0 3QFY12 1QFY13 3QFY13 1QFY14 3QFY14 1QFY15 3QFY15 1QFY16 3QFY16 Q1FY17 Exhibit 2: Adjusted EBIDTA margin improves YoY 7.9 10.1 9.5 8.3 7.3 11.4 EBIDTA 6.1 7.6 8.4 11.0 11.1 9.7 EBIDTA Margin 4.9 7.7 5.8 11.4 537 1,020 638 565 517 1,245 343 612 709 1,438 744 877 374 1,043 72 1,025 (14) 8.7 (0.2) 850 2.5 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 Q1FY17 214 Exhibit 3: Order inflow supported by finalization of orders from PGCIL and SEB Order inflow Growth YoY Exhibit 4: Order backlog provides revenue visibility of next two years Order backlog Growth YoY 25,000 20,000 15,000 10,000 5,000 150.0 100.0 50.0 0.0-50.0 100,000 80,000 60,000 40,000 20,000-11.1-4.0-1.3 34.3 53.0 33.0 24.0 6.1-2.1 3.8 4.6 22.0 - -100.0 3QFY12 1QFY13 3QFY13 1QFY14 3QFY14 1QFY15 3QFY15 1QFY16 29.9 25.8 21.3-0.7-6.3-2.0-1.8 3QFY16 Q1FY17-3QFY12 1QFY13 3QFY13 1QFY14 3QFY14 1QFY15 3QFY15 1QFY16 3QFY16 Q1FY17 8 September 2016 2

Key Highlights from the concall INR2.5b of total provision which has been taken of which Rs0.5b is in Interest and INR1.8b is in other expenses Reverse e auction is leading to lower prices GE T&D was L1 in a few bids but lost out since e auction lead to even lower prices Cash flow issues with IPP's have continued - only the CTU and STU are placing orders and nobody else UDAY not having any impact - market is not growing and suppliers are increasing at the same time, been happening for the past 4 years New opportunities in solar with GE coming on board - can provide the e BOP along with the inverters which are being sourced from GE Strong execution and commissioning during the quarter on the back of a healthy backlog Loss on B/D provision of INR0.7b and provision for tax liabilities of INR1.8b of which INR0.5b is in interest costs RM/Sales is higher during the quarter on account of project mix and more of EPC contracts Orders to remain subdued at INR8-9b quarterly and no big uptick expected Have a factory in T Nadu which can make 400kv GUS and also 765kv GIS but not qualified to supply to PGCIL - korean/chinese have taken over the market in the meantime and Alstom T&D has lost out Champa Kurukshetra Ph1 power flow in Oct-Dec and CK2 in CY17 Static compensators - currently chinese/koreans very aggressive and they have taken share, In second phase of orders in 2H17, they will take orders Valuation and view Downgrade to Neutral, cut estimates by 7% each for FY17/18 We cut our earnings estimates for FY17/18 by 7% each to INR8.1/11.5 respectively to factor in a) High competitive intensity which would entail continued pressurize on margins and, b) Subdued T&D ordering with continued weakness in private sector capex and flattening of orders from PGCIL. We down grade our rating to Neutral. We lower our target price to INR345, valuing the stock at 30x FY18E EPS of INR11.5. Exhibit 5: Change in Estimate table New Estimates Old Estimates % change Description FY17E FY18E FY17E FY18E FY17E FY18E Sales 40,467 45,094 40,425 45,093 0% 0% EBITDA 3,538 5,438 4,407 5,647-20% -4% Margin (%) 8.7% 12.1% 10.9% 12.5% -2.2% -0.5% PAT 2,072 2,936 2,225 3,159-7% -7% EPS (INR) 8.1 11.5 8.7 12.3-7% -7% 8 September 2016 3

Exhibit 6: Operating metrics INR M CY08 CY09 CY10 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Order Intake 40,129 42,139 41,848 37,852 46,902 37,831 51,600 33,677 40,412 48,495 Closing Order-book 40,948 47,717 48,765 46,818 62,257 64,600 81,288 79,697 79,643 83,044 Book-to-Bill (TTM) 1.6 1.3 1.2 1.1 2.0 1.8 2.2 2.3 2.0 1.8 Revenue Composition (INR M) - Domestic 21,777 26,412 35,435 40,543 27,567 30,286 31,750 29,128 34,531 38,479 - Overseas 6,489 10,829 7,236 3,754 3,952 4,885 5,280 5,007 5,936 6,614 Total Revenues 28,266 37,241 42,671 44,297 31,519 35,171 37,030 34,135 40,467 45,094 Margins Contribution Margins, % 34.7% 30.1% 31.5% 28.3% 33.5% 31.9% 31.4% 32.6% 30.6% 33.1% Staff Cost, % 7.9% 8.2% 8.6% 8.8% 10.3% 9.8% 9.3% 10.8% 9.5% 8.9% Other Expenses, % 10.6% 10.6% 12.4% 9.4% 13.8% 13.4% 13.8% 15.0% 12.4% 12.2% EBIDTA, % 16.1% 11.3% 10.5% 10.1% 9.4% 8.8% 8.3% 6.8% 8.7% 12.1% Working Capital, Days Inventories 53 39 44 49 80 71 68 104 94 94 Sundry Debtors 164 164 194 159 199 238 212 256 246 246 Other Current Assets 36 46 47 34 70 59 44 27 27 27 Loans and advances 39 32 29 27 44 38 36 54 54 54 Total Current assets 292 281 314 269 393 406 359 440 420 420 Sundry Creditors 57 76 166 137 210 205 179 168 168 168 Other Current liabilities 156 132 58 52 95 88 90 134 134 134 Provisions 15 11 9 10 19 21 22 26 26 26 Total Current Liabilities 228 219 233 199 325 315 292 328 328 328 Net Working Capital 64 62 81 69 68 92 67 112 92 92 8 September 2016 4

Financials and Valuations Income Statement (INR Million) Y/E March FY12 FY13 FY14 FY15 FY16 FY17E FY18E Total Revenues 41,391 31,519 35,171 37,030 34,135 40,467 45,094 Change (%) 3.0-23.9 11.6 5.3-7.8 18.5 11.4 Raw Materials 29,672 20,953 23,936 25,388 23,010 28,087 30,171 Staff Cost 3,636 3,246 3,434 3,457 3,673 3,837 4,001 Other Expenses 3,900 4,345 4,699 5,122 5,129 5,005 5,484 EBITDA 4,182 2,975 3,102 3,063 2,324 3,538 5,438 % of Total Revenues 10.1 9.4 8.8 8.3 6.8 8.7 12.1 Other Income 153 169 302 190 368 561 608 Depreciation 1,014 813 870 819 857 890 904 Interest 1,090 775 788 734 616 906 949 PBT 2,231 1,556 1,746 1,701 1,219 2,302 4,194 Tax 752 385 604 496 444 230 1,258 Rate (%) 33.7 24.7 34.6 29.2 36.4 10.0 30.0 Adjusted PAT 1,479 1,171 1,142 1,205 775 2,072 2,936 Change (%) -20.8-20.8-2.5 5.6-35.7 167.3 41.7 Exceptional Items 145-330 29 0 0 0 0 Reported PAT 1,624 841 1,170 1,205 775 2,072 2,936 Change (%) -13.0-48.2 39.1 3.0-35.7 167.3 41.7 Balance Sheet (INR Million) Y/E March FY12 FY13 FY14 FY15 FY16 FY17E FY18E Share Capital 478 478 512 512 512 512 512 Reserves 8,286 8,624 11,976 12,605 12,826 13,901 15,423 Net Worth 8,764 9,102 12,488 13,117 13,338 14,413 15,935 Minority Intetest 0 0 0 0 0 0 0 Loans 5,935 4,177 4,152 2,166 5,035 5,035 5,535 Deferred Tax Liability 150 124 40-86 -86-27 -27 Capital Employed 14,849 13,402 16,680 15,197 18,288 19,421 21,444 Gross Fixed Assets 9,640 10,033 10,982 12,126 12,894 13,094 13,294 Less: Depreciation 3,153 3,835 4,588 5,259 6,053 6,944 7,848 Net Fixed Assets 6,487 6,198 6,394 6,867 6,841 6,150 5,446 Capital WIP 182 535 1,101 702 329 329 329 Investments 0 0 0 0 0 0 0 Curr. Assets 30,794 34,692 39,502 37,268 41,786 49,199 56,083 Inventory 5,554 6,942 6,830 6,932 9,720 10,414 11,605 Debtors 18,023 17,146 22,961 21,478 23,912 27,238 30,353 Cash & Bank Balance 331 781 364 815 611 2,603 4,159 Loans & Advances 3,012 3,766 3,628 3,624 5,057 5,995 6,680 Other Current Assets 3,875 6,057 5,719 4,419 2,487 2,948 3,286 Current Liab. & Prov. 22,615 28,024 30,317 29,640 30,669 36,358 40,515 Creditors 15,576 18,128 19,773 18,202 15,721 18,637 20,768 Other Liabilities 7,038 9,896 10,544 11,438 14,948 17,721 19,747 Net Current Assets 8,180 6,669 9,185 7,628 11,117 12,841 15,568 Application of Funds 14,849 13,402 16,680 15,197 18,288 19,321 21,344 E: MOSL Estimates 8 September 2016 5

Financials and Valuations Ratios Y/E March FY12 FY13 FY14 FY15 FY16 FY17E FY18E Basic (INR) Adj EPS 6.2 4.9 4.5 4.7 3.0 8.1 11.5 Cash EPS 10.4 8.3 7.9 7.9 6.4 11.6 15.0 Book Value 36.7 38.1 48.8 51.2 52.1 56.3 62.2 DPS 1.7 1.8 1.8 1.8 1.8 3.2 4.6 Payout (incl. Div. Tax.) 25.0 51.2 39.4 38.2 59.5 40.0 40.0 Valuation (x) P/E 68.0 105.7 39.5 27.9 EV/EBITDA 27.2 37.2 23.8 15.3 EV/Sales 2.2 2.5 2.1 1.8 Price/Book Value 6.2 6.1 5.7 5.1 Dividend Yield (%) 0.6 0.6 1.0 1.4 Profitability Ratios (%) RoE 17.3 9.4 10.8 9.4 5.9 14.9 19.3 RoCE 19.4 16.4 16.2 14.9 10.1 16.7 24.2 RoIC 13.2 12.3 10.7 11.0 6.0 14.0 18.9 Turnover Ratios Debtors (Days) 159 199 238 212 256 246 246 Inventory (Days) 49 80 71 68 104 94 94 Creditors. (Days) 137 210 205 179 168 168 168 Asset Turnover (x) 2.8 2.4 2.1 2.4 1.9 2.1 2.1 Leverage Ratio Debt/Equity (x) 0.7 0.5 0.3 0.2 0.4 0.3 0.3 Cash Flow Statement (INR Million) Y/E March FY12 FY13 FY14 FY15 FY16 FY17E FY18E PBT before EO Items 2,231 1,556 1,774 1,702 1,219 2,302 4,194 Depreciation 1,014 813 870 819 857 890 904 Interest 492 537 685 639 616 906 949 Direct Taxes Paid -643-82 -543-676 -444-230 -1,258 (Inc)/Dec in WC -1,104 1,047-4,090 2,548-3,694 268-1,171 CF from Operations 1,990 3,871-1,303 5,031-1,445 4,137 3,618 Others 531 657-108 -10 0 0 0 CF from Oper. Incl. Others 2,521 4,528-1,412 5,021-1,445 4,137 3,618 (Inc)/Dec in FA -1,078-890 -1,779-787 -500-200 -200 Free Cash Flow 1,443 3,638-3,191 4,234-1,945 3,937 3,418 Investment in liquid assets & Others 221 272 585-582 0 0 0 CF from Investments -857-617 -1,194-1,369-500 -200-200 (Inc)/Dec in Shares -863-1,801 2,752 0 1 0 0 (Inc)/Dec in Debt 0 0 636-1,986 2,870 0 500 Interest Paid -656-662 -700-678 -616-906 -949 Dividend Paid -499-497 -498-538 -555-998 -1,413 CF from Fin. Activity -2,018-2,960 2,189-3,202 1,700-1,904-1,862 Inc/Dec of Cash -353 950-417 450-245 2,033 1,556 Add: Beginning Balance 684-169 781 364 815 570 2,603 Closing Balance 331 781 364 814 570 2,603 4,159 E: MOSL Estimates 8 September 2016 6

Corporate profile: Alstom T&D Company description Alstom T&D India Limited engages in the power generation, power transmission, and rail infrastructure businesses in India and internationally. It manufactures a range of transmission equipment for long-distance transmission, including switchgears for airinsulated substations or gas insulated substations, instrument transformers, circuit breakers, disconnectors, power transformers, and substation automation solutions. The company also offers software solutions and platforms comprising energy management systems, distribution management systems, and market management systems to grid control rooms and market management systems for piloting and controlling the power grid. Exhibit 7: Sensex rebased Exhibit 8: Shareholding pattern (%) Jun-16 Mar-16 Jun-15 Promoter 75.0 75.0 75.0 DII 14.4 14.7 14.6 FII 2.2 2.1 2.0 Others 8.4 8.1 8.4 Note: FII Includes depository receipts Exhibit 9: Top holders Holder Name % Holding Reliance Capital Trustee Co. Ltd. Through its various 6.1 HDFC through its various schemes 1.9 SBI through its various schemes 1.6 The New India Assurance Company Limited 1.5 Exhibit 10: Top management Name Designation Exhibit 11: Directors Name Name Michel Augonnet Chairman Michel Augonnet Kirit Shantilal Parikh* Rathindra Nath Basu Managing Director Rathindra Nath Basu Rakesh Nath* Manoj Prasad Singh Company Secretary Bhanu Bhushan* Ravi Kumar Krishnamurthy Chandan Roy* *Independent Exhibit 12: Auditors Name S N Dhawan & Co V K Chaudhary & Co Jugal K Puri & Associates Shome & Banerjee Type Statutory Secretarial Audit Cost Auditor Cost Auditor Exhibit 13: MOSL forecast v/s consensus EPS (INR) MOSL forecast Consensus forecast Variation (%) FY17 8.1 7.3 10.7 FY18 11.5 10.9 5.2 8 September 2016 7

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This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited: Varun Kumar Kadambari Balachandran Varun.kumar@motilaloswal.com kadambari.balachandran@motilaloswal.com Contact : (+65) 68189232 (+65) 68189233 / 65249115 Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931 Motilal Oswal Securities Ltd Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025 Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com 8 September 2016 8