Initiating

Nava Bharat Coverage

Ventures Ltd
September 13, 2007

India Capital Markets Pvt. Ltd. Nava Bharat Ventures Ltd

N ava B h arat V en tu res L td Nava Bharat Ventures Ltd (NBVL) is into diversified business with interests in
power generation, ferro alloys, sugar and its down stream products and
BUY infrastructure. Nava Bharat is a leading producer / exporter of ferro alloys with
200,000 TPA (tonnes per annum) in overall manufacturing capacity. Nava Bharat
CM P R s.1 7 8 Ta rg e t R s.2 6 2
also undertakes production of sugar and has 3500 TCD (tonnes crushed per day)
plant at Samalkot. The company has total installed power generation capacity of
S TO C K D A TA 121 MW, which is being expanded, to 237 MW in next 2 years. We expect the
S en sex 15505 topline and bottomline to grow at CAGR of 33% and 32% respectively in coming
N ifty 4497 two years.
B se C od e 513023
N se C od e N BVEN TU RES
B loom b erg C od e N B V L IN
Investment Highlights
R eu ters C od e N F E R .B O Captive / Merchant Dynamics The operations of the Company for the year 2006-07
were characterized by a progressive shift in favour of power business as compared to
N o of S h a res 6 7 .7 m n
M kt Cap R s 1 2 0 5 9 .5 m n ferro alloy business. The Company, while continuing to comply with the Captive
5 2 w k H i / L ow R s.2 1 1 /8 3 Power regulations, was able to effect merchant sale of power through short-term
A vg D a ily V ol(W k ly) 83248 open access.
F a ce V a lu e R s2 .0 0
NBVL is increasing its power generating capacity from 121 MW to 237 MW. This
S H A R E H O L D IN G P A TTE R N covers setting up a 32 MW thermal unit at existing Andhra Pradesh, addition of 64
MW generation capacity at Kharagprasad facility and 20 MW co-generation facility
N on P rom oter at its new sugar operation at Andhra Pradesh.
10% F II/F Is/M F s
7% De-risking its business model As the company is getting into power business, its
dependence on ferro alloys business will come down and contribution of revenue from
P u b lic power business is expected to go up to 47% from the current 37% in the next 2
37%
P rom oter years. This value shift will enable the company to improve its bottomline.
46% Huge value in land holding NBVL is venturing into infrastructure business in a big
way through the SPV route. It has bid for the metro rail projects (MRTS) in
Hyderabad, a national highway project in Madhya Pradesh and an industry specific
special economic zone (SEZ) project.

S to c k P e rfo rm a n c e (% ) Valuation & Recommendation

3 M th s 6 M th s 1 Y ea r
A b solu te -2 97 62 SOTP valuation indicates a 45% upside
R ela tive -6 78 27 At the current market price of Rs 178 NBVL is trading at 6.9x FY08E earnings of
Rs 25.9 and 4.9x FY09E earnings of Rs 36.3. With robust expansion plans in the
P ric e M o v e m e n ts V s S e n se x power segment and expected revenue CAGR of 33% over the next 2 years, we are
extremely positive on growth visibility. As per SOTP valuation – (based on FY 2009
earnings estimate), we recommend a BUY with target price of Rs 262.

Financial Snapshot (Rs mn)

Particulars FY06(A) FY07(A) FY08(E) FY09(E)
Net Sales 4396.6 5530.3 7339.1 9783.6
PBIDT 602.3 1502.7 2337.5 3217.8
PBIDT(%) 13.7 27.2 31.9 32.9
PAT 580.1 1404.7 1755.6 2458.0
PAT(%) 13.2 25.4 23.9 25.1
EPS (Rs.) 8.6 20.7 25.9 36.3
ROCE(%) 22.6 22.7 22.5 25.3
Rekha Ahuja ROE(%) 13.2 31.0 25.8 23.8
rekha.ahuja@indiacapitalmarkets.in P/Ex 20.8 8.6 6.9 4.9
EV/EBIDTAx 23.1 9.2 5.5 3.3
TEL +91-22-6777 6777 Source : Company, India Capital Markets Research

1
 Nava Bharat Ventures Ltd

Company Profile
Nava Bharat Ventures Ltd originally called Nava Bharat Ferro Alloys (NBFA) began its operations
with manufacture of ferro silicon in 1975 at Paloncha in Andhra Pradesh. Over the years, the
capacity was enhanced by installing additional smelters at the same location and by setting up
green field smelter in Orissa. Thus, NBFA emerged as one of the largest manufacturer exporters of
ferro alloys supported by 100% captive power, in India. NBFA diversified into production of Sugar
and by products in 1980. In 1997, the company commenced Generation of Thermal Power, mainly
for captive use and subsequently enhanced its capacity. In fact, today it is supplying power to the
grid as well. In 2005, the Company forayed into Infrastructure Projects along with Malaxmi Group
Pvt. Ltd to set up an infrastructure development company - Malaxmi NBFA Ventures Private
Limited to implement large projects in power, transportation and urban infrastructure.
The name of the company was then changed to Nava Bharat Ventures Limited (NBVL) in July
2006.
Subsidiaries
The company has three subsidiaries viz, Kinnera Power Company Limited, Brahmani Infratech Pvt
Limited, and a wholly owned subsidiary in Singapore called Nava Bharat (Singapore) PTE Limited
which is into trading of ferro alloys. NBVL’s subsidiaries currently do not contribute much to the
bottomline of the company.

N a m e o f th e s u b s id ia r y P la c e o f In c o rp o ra tio n % h o ld in g
N a v a B h a ra t (S in g a p o r e P te L td ) S in g a p o re 1 0 0 .0 0
B ra h m a n i In fra te c h P v t L td In d ia 5 1 .0 0
K in n e ra P o w e r C o m p a n y L td In d ia 9 8 .6 2
S o u rc e :C o m p a n y

Business Segments
Ferro Alloys
NBVL manufactures manganese, silicon and chromium alloys, which are essential inputs for
manufacture of steel. NBVL's manufacturing plants are located in Andhra Pradesh and Orissa.
This Ferro Alloy Plant located at Paloncha in Khammam district of Andhra Pradesh has three
smelters of 16.5 MVA capacity each and one smelter of 27.6 MVA capacity. This plant produces
ferro manganese and silico manganese with a total output capacity of 1,25,000 tonnes per annum.
The Company’s second Ferro Alloy Plant located at Kharagprasad village in Orissa, operates two
smelters of 22.5 MVA capacity each and produces ferro chrome with a total output capacity of
75,000 tonnes per annum.
The Company produced 77,568 MT of manganese alloys and 26,664 MT of chromium alloys and
sold 81,104 MT of manganese alloys and 22,279 MT of chromium alloys including conversion in
2007.
Exports – Ferro Alloys
The company has been exporting Ferro alloys to Belgium, Italy, Japan, Korea, Netherlands, China,
Turkey, USA & Thailand and has successfully entered new markets in Spain, Peru, Portugal and
UK during 2006-07.

2

The company hopes to contain the
average cost of production, net of
earnings from by-products to be
less than the levy price so as not to
incur losses in this segment.
Nava Bharat Ventures Ltd
Power
NBVL has a power generation capacity of 121 MW which it plans to ramp up to 237 MW. The
company has set up pit head, coal based Thermal Power Plants in Andhra Pradesh and Orissa to
supply the power required by its Ferro Alloy Smelters and sell surplus power to utilities. The
power plants are set up with eco-friendly technology and short gestation periods and are operated
at Plant Load factor (PLF) of 89%. The company plans to ramp up its power generation capacity
to around 1287 MW in the next 4-5 years.
The deficit scenario in the power sector is unlikely to be bridged in the foreseeable future and
does not envisage any problem on dispatch of surplus power for merchant sale.
Expansion Program me
Plants Capacity (M W ) Type Start Date Capex
Post
Current Expansion (Rs mn)
Paloncha, AP 82 114 Coal based Sep-07 800
Kharagprasad, Orissa 30 94 Coal based Jan-08 1800
Samalkot,AP 9 29 Bagasse Jan-08 1000
Source: Company
Sugar & bio fuels
The Company operates a modern, energy efficient, 3500 tonnes crushed per day (tcd) Sugar
Plant located at Samalkot in coastal Andhra Pradesh and close to Visakhapatnam and Kakinada
seaports for exports. It also has 6-mn litre distillery and a 9 MW cogeneration power plant. The
quality of sugar produced is at par with that of refined sugar with 26 to28 ICUMSA
(International Commission for Uniform Methods of Sugar Analysis) colour. This segment
currently contributes around 16% to the topline, which is expected to go down with the shift in
business focus. NBVL is marketing 1 kg packs of sugar under the brand name “Deccan” in the
retail market.
During the year 2006-07, NBVL crushed 4,70,758 MT of sugarcane yielding an average
recovery of 10.21% compared to the crushing of 4,37,457 MT at an average recovery rate of
10.71% in the previous year.
The operations of the 9 MW bagasse based power generation Unit and distillery operations for
part of the year helped the Company to mitigate the reverses suffered in the sugar business. This
Division contributed positively during the year under review despite adverse situations prevailing
in the industry.
Infrastructure
Brahmani Infratech Pvt Ltd.- BIPL, one of the subsidiaries of NBVL, looks after Infrastructure
division. NBVL currently holds 51% stake in BIPL and 26% is held by Malaxmi. The company is
looking for partners for the remaining stake. The offers from interested developers and equity
size are yet to be frozen.
BIPL has secured High Way Concession, a SEZ developmental right (250-acre IT and ITES
SEZ) and coal linkage for setting large power venture. It is also a short listed party for MRTS
project for Hyderabad. The company also possesses 68-acres of land in Secunderabad where it
expects to get ULC (Urban Land Clearances) waiver.
The value of the land comes to approximately Rs 4590 mn, taking the value of Rs 20 mn/ acre
for 250-acre land (where the company holds 51% stake) and Rs 30 mn/ acre for 68-acre land.
3

NBVL power generation capacity to
increase from 121 MW in 2007 to
around 1287 MW by 2011
Nava Bharat Ventures Ltd
Investment Rationale
Captive/ Merchant Dynamics
The company plans to ramp up its power division, to mitigate the risk from ferro alloy division
which is cyclical in nature. Due to price fluctuation in ferro alloy business, there is a lot of flux
in the margins in this segment. The cost of manganese went up by 63% this year as compared to
last year.
Electricity Act 2003 provided the required impetus to the Captive Power Generators by
exempting them from license requirements. This resulted in a spurt in captive capacity additions
by industrial units. Reliability of power supply and better economics are the other factors that
have encouraged industries to opt for captive generation.
Going forward, power is going to be a major growth driver. Company has been exporting power
on a short-term, inter-state basis and is all set to take advantage of emerging opportunities in
power starved scenario. There has been spurt in power tariffs with peak demand showing no
signs of abatement.
Expansion plan of Rs 3.6 bn
The company is expanding total capacity of its coal based and bagasse fuelled plant from 121
MW to 237 MW in the next 2 years. The total expansion will be done at a capex of Rs 3600
million. This will give a further boost to the power segment. Contribution from power sector to
total revenues is expected to be 48% in FY09 from the current 37%.
1050 MW power plant to come up by 2011
This will happen in three phases of 350 MW each and will be operational by 2011. The total
project outlay is estimated at Rs 46 bn and is funded through mix of debt and equity of 75:25.
The company has raised capital through FCCB to the extent of yen 6 bn, part of which will be
utilized for this expansion. The rest of the amount for the given expansion will be funded
through debt and internal accruals. Nava Bharat Ventures currently holds 74% of the total
stake, which it plans to bring down to 51% while Malaxmi group holds the balance 26%.
Ferro alloy segment expected to do well
Ferro alloy realization is expected to be in the range of Rs 40000 to Rs 45000 in the next
quarter for manganese alloys while for Chrome at around Rs 48000. The company supplies to
the leading domestic steel producers, including Essar Steel. The capacity expansion of the steel
companies would drive the demand for ferro alloys.
4
 Nava Bharat Ventures Ltd

Sector Overview
Ferro Alloy
Ferro alloy price movement 2007
Ferro alloy is the key raw material for the production of steel. The sector has an annual capacity of
3mn tones of bulk and noble ferro alloys, which serve as vital inputs for various types of steel. Over
30% of India’s ferro alloy production is exported, earning annual revenues of Rs 15bn.
Though the industry was spared the high volatility witnessed in the previous two years, the ferro alloy
operations for 2006-07 witnessed positive performance on a rebound of Ferro alloy prices and not so
significant volatility in cost of ores in the last quarter of the year 2006-07.
The Global production of Ferro Alloys is concentrated in four key countries: China, Ukraine, South
Africa and India. Internationally, Silico Manganese is largely consumed by China, Japan, Ukraine
and India. India's per capita consumption of steel is perceptibly lower than that in China and other
emerging markets, indicating good demand potential. The ferro alloy industry can therefore, look for
higher demand going forward.
Most of the ferro alloy players are small and medium scale producers with operational capacities that
are closely linked to price movements. World ferro alloy prices are determined by large producers in
South Africa, Brazil and Ukraine on a quarterly basis through negotiation with global steel units.
The global steel industry is in its long-term growth phase aided by a steady world growth and expected
to experience a CAGR of 5-6% in the next 5 years.
Power
Large target has been proposed in the XI five-year plan 2007-12 for power transmission (increase in
inter regional capacity from 9000 MW to 37150 MW) and power generation (capacity addition of
around 86500 MW).
Power generation is critical to infrastructure of a country. India has one of the lowest electricity
consumption levels in the world. Despite generation capacity growing almost 100 fold since 1947,
supply has continuously trailed behind demand, with an average gap of 8%. The total power
generation capacity of India is 149,642 MW as at the end of July 2007. The estimated capacity
addition during the 11th Five Year Plan is 67.68 GW and the total investment is expected to be
US$100 bn.
To put this in perspective, in the next five years India plans to add capacity equivalent to about 53%
of the capacity added in the last 55 years. India currently faces a Peak Power Deficit of about 12.2%
or 10,831 MW.
The Electricity Act 2003 provided the required impetus to the Captive Power Generators by
exempting them from license requirements. This resulted in a spurt in captive capacity additions by
industrial units.
The Government has announced the National Electricity Policy, which aims at accelerated
development of the power sector to provide supply of electricity to all areas. All these initiatives are
A capacity addition of over going to provide momentum to the company.
100000 MW by 2012 is
required to bridge the growing Actual power supply position (mn units)
supply deficit FY Requirement Availability Deficit Deficit (%)
2002 522,537 483,350 (39,187) (7.50)
2003 545,983 497,890 (48,093) (8.81)
2004 559,264 519,398 (39,866) (7.13)
2005 591,373 548,115 (43,258) (7.31)
2006 631,024 578,511 (52,513) (8.32)
Source: Ministry of Power Annual Report

5
 Nava Bharat Ventures Ltd

Sugar
A bearish sentiment prevailed in this business segment during most of the previous year owing to a
glut of sugar in India and abroad.
The move to ban export of sugar by the Central Government resulted in large inventory positions
across industry. The ISO (International Sugar Organisation) had in February, 2007 pegged the global
supply surplus at around 9 million tonnes this season, compared with its previous forecast of 7.2
million made in February. Realisation per tonne has gone down to Rs 12000 as compared to Rs
18000 a year ago.
World Sugar Balance (in mn tonne)
2006-07 2005-06 Total Change % change
Production 162.6 152.1 10.542 6.93
Consumption 153.5 149.9 3.647 2.43
Surplus / Deficit 9.1 2.2
Import demand 44.4 46.7 -2.238 -4.79
Export availability 47.5 46.7 0.803 1.72
End Stock 65.8 59.8 6.061 10.14
Stock/consumption ratio (%) 42.9 39.9
Source: ISO

Risks and Concerns

1. Fluctuation in the price of ferro alloys makes it highly volatile. The commodity cycle of the
ferro alloy industry has its attendant risks and concerns, which the Company is well aware.
2. The company does not have power purchase agreement (PPA) in merchant sales. Any fall in
the traded power rates will adversely affect the company.
3. Over supply of sugar and consequent drop in realization with no attendant, drop in cane price
could throw the industry out of gear in the current year.
4. Management bandwidth, occupancy risks would characterize the infrastructure sector, which is
presently hit by squeeze on credit and higher interest costs.

6
 Nava Bharat Ventures Ltd

Financials
Strong performance in Q1 FY08
Net Sales surged 59% to Rs 1762.9 mn in Q1 FY08 as compared to Rs 1111.4 mn in Q1 FY07. The
subsequent Operating Profit accelerated 123% to Rs 719.1 mn in Q1 FY08 compared to Rs 322.9
mn in Q1 FY07. The resultant Profit after Tax jumped 70% to Rs 579.7 mn in Q1 FY08 as
compared to Rs 341.8 mn in Q1 FY07.
During FY2007, Net Sales grew by 25.79% to Rs. 5530 mn as compared to Rs 4397 mn mainly led
by 75.2% growth in power business to Rs. 2645.8 mn (Rs.1509.9 mn). Operating Margin improved
significantly to 24% (12.4%) due to increase in PBIT of power business to 51.9% (45.8%). PBT
zoomed by 181.9% to Rs.1360 mn. After accounting for a lower extraordinary income of Rs.101.7
mn relating to final insurance claim in FA plant (Rs.170.8 mn), PBT (after extraordinary items) was
up by 123.7% to Rs. 1461 mn. A lower tax rate of 3.7% (10.7%) spurted PAT by 142.1% to
Rs.1404.6 mn.
Earnings Growth
Earnings growth for the company is mainly expected to come from its power division with 116 MW
of planned capacity addition in the next 2 years. The share of power business is expected to rise to
47% in FY09 from the current 37% and revenue from this segment is expected to grow by 23% and
74% in FY08 and FY09 respectively, while revenue from Ferro alloy segment is expected to grow by
30% and 17% in FY08 and FY09 respectively. EBIDTA margin for power is expected at around
55% and for Ferro Alloy it is expected at around 15% for FY08. Overall, EBIDTA margin is
expected to be around 32%.

Segmentwise Revenue

Ferro Alloys Power Sugar

5000
Revenue (in mn)

4000

3000

2000

1000

0
2007 2008E 2009E
Year

Source: Company, India Capital Markets Research

Raised capital through FCCB
The company has raised capital through FCCB to the extent of yen 6-bn convertible at Rs 132.96
per share, part of which is to be utilized for expansion of 1050 MW power plant. Total equity post
dilution comes to ~88 mn which includes ~0.6 mn ESOPs granted to employees and ~2.3 mn
outstanding warrants issued to promoters. The company has already converted 40% of the FCCB and
plans to convert the rest by 2009.

7
 Nava Bharat Ventures Ltd

Valuation & Recommendation

SOTP valuation indicates a 45% upside
At the current market price of Rs 178 NBVL is trading at 6.9x FY08E earnings of Rs 25.9 and
4.9x FY09E earnings of Rs 36.3. With robust expansion plans in the power segment and
expected revenue CAGR of 33% over the next 2 years, we are extremely positive on growth
visibility. As per SOTP valuation – (based on FY 2009 earnings estimate), we recommend a BUY
with target price of Rs 262
(Rs mn)
FY2009E Ferro Power Sugar
EBIDTA 778.3 2358.5 81.0
Less: Interest (in the ratio of capital Employed) 62.5 139.9 22.6
Less: Depreciation (in the ratio of capital Employed) 129.6 289.8 46.9
PBT 586.1 1928.9 11.5
Less : Tax @ 11% 64.5 212.2 1.3
Segmental PAT 521.7 1716.7 10.3
No of shares (post dilution) 87.0 87.0 87.0
Diluted EPS (Rs) 6.0 19.7 0.1
PER 9.0 10.5 5.0
Segmental target price (Rs) 54.0 207.2 0.6
Total Target Price (Rs) 262
Source : India Capital Markets Research

8
 Nava Bharat Ventures Ltd

N av a B h arat V en tu res

In com e S tatem ent R atio A n alysis

(R s. m n ) (Y E M arch) F Y 2006 F Y 2007 FY 2008E F Y 2009E FY 2006 FY 2007 FY 2008E FY 2009E

N et S ales 4396.6 5530.3 7339.1 9783.6 C ost A n alysis

G row th (% ) 7.8 25.8 32.7 33.3 R aw M aterial/ Sales 48.97% 36.28% 35.00% 34.50%
R aw m aterials 2152.9 2006.3 2568.7 3375.3 P ow er and Fu el/ S ales 14.26% 13.79% 12.00% 11.50%
P ow er & Fu el exp 627.1 762.8 880.7 1125.1 M an u fatu ring cost/ S ales 9.19% 7.44% 7.20% 7.20%
M an u factu ring exp 404 411.4 528.4 704.4 E m p loyee C ost/ S ales 3.84% 3.57% 3.70% 3.65%
E m p loyee cost 168.9 197.5 271.5 357.1 S ellin g & A d m in E xp 9.61% 10.42% 9.50% 9.50%
S ellin g & A d m in E xp 422.7 576.3 697.2 929.4 O th er E xp en ses 0.43% 1.33% 0.75% 0.76%
O th er E xp en ses 18.7 73.3 55.0 74.4 R etu rn R atios (% )
T otal O p eratin g E xp en ses 3794.3 4027.6 5001.6 6565.7 E B ID T A 13.70 27.17 31.85 32.89
E B ID T A 602.3 1502.7 2337.5 3217.8 PBT 14.86 26.43 26.97 28.32
M argins (% ) 13.7 27.2 31.9 32.9 PA T 13.19 25.40 23.92 25.12
In terest 149.3 189 211.5 225 A dj PA T 9.23 23.56 23.92 25.12
D ep reciation 183.2 224.5 330.2 466.3 R oC E 22.56 22.68 22.50 25.31
O th er In com e 383.4 372.3 183.5 244.6 R oE 13.22 31.01 25.82 23.85
PBT 653.2 1461.5 1979.3 2771.2 G row th R atios (% )
T ax 73.1 56.84 223.7 313.1 N et Sales 7.76 25.79 32.71 33.31
PAT 580.1 1404.7 1755.6 2458.0 E B ID T A -58.85 149.49 55.55 37.66
M argins (% ) 13.2 25.4 23.9 25.1 PA T -51.01 142.14 24.99 40.01
E xtra ord in ary Item s 174.2 101.6 0.0 0 A d j. P A T -67.27 221.03 34.73 40.01
E O A d j. P A T 405.9 1303.1 1755.6 2458.0 P er Sh are d ata
M argins (% ) 9.2 23.6 23.9 25.1 EPS 8.56 20.73 25.91 36.28
EPS 8.6 20.7 25.9 36.3 EPS A dj 5.99 19.23 25.91 36.28
FV 2 2 2 2 CEPS 8.70 22.55 30.79 43.16
C ash and B ank / sh are (R s.) 5.29 42.54 43.17 58.12
B alance S heet BV 45.33 62.02 100.37 152.12
(R s. In C rore. Y E M arch ) F Y 2006 F Y 2007 FY 2008E F Y 2009E DPS 0.18 4.00 4.59 5.21
V alu ation R atios (x)
E qu ity C ap ital 133.7 135.5 155.3 176.4 PE 20.79 8.59 6.87 4.91
R eserv es an d S u rp lu s 2937.5 4066.1 6644.7 10130.0 CPE 20.47 7.89 5.78 4.12
S h areh old ers fu n d s 3071.2 4201.6 6800.0 10306.4 E V / M arket C ap 1.15 1.15 1.07 0.88
Secu red L oan s 2077.7 2284.9 2200.0 2200.0 E V / Sales 3.16 2.51 1.76 1.09
U nsecu red L oan s 107 2431.7 1551.1 300.0 E V / E B ID T A 23.05 9.25 5.51 3.30
T otal L oan s 2184.7 4716.6 3751.1 2500.0 EV/A dj PA T 34.21 10.66 7.34 4.32
D eferred T ax L iability 198.4 195.3 195.3 195.3 CM P/BV 3.93 2.87 1.77 1.17
C ap ital E m p loy ed 5454.3 9113.5 10746.5 13001.7 D iv id end P ayou t (% ) 2.13 19.29 17.69 14.35
D iv id end Y ield (% ) 0.10 2.25 2.58 2.93
G ross B lock 4691 4743.7 7834.3 8634.3
L ess: D ep reciation 1257.9 1418.2 1748.4 2214.6 T u rnov er R atios
N et B lo ck 34 33 .1 33 25 .5 60 85.9 64 19.7 S ales/ T otal A ssets (x ) 1.24 1.65 1.46 1.33
C W IP 49.7 870.6 300.0 1000.0 S ales/ N et FA (x) 1.28 1.66 1.21 1.52
In vestm en ts 21.8 16.4 17.5 17.5 R oA - D u P ont A n alysis 7.44 14.30 16.34 18.91
In v entory 1293.8 1404.9 1809.6 2412.4 In v entory tu rnov er (d ay s) 107 93 90 90
R eceiv ables 497.1 409.3 603.2 670.1 D ebtors tu rn over (d ays) 41 27 30 25
C ash and B ank 358.5 2882.3 2924.5 3937.5 P ayable tu rn over (d ays) 48 58 75 75
L oan s a nd A d v an ces 5 21 .8 13 72 .3 880.7 10 44.0 W ork . C ap . T u rn (d ays) 162 323 216 208
C u rren t A ssets 2671.2 6068.8 6218.0 8064.0
P ayables 579.6 873.8 1508.0 2010.3 O th er K ey R atios
O th er L iab ilities an d P rov . 141.9 294 367.0 489.2 D ebt-E qu ity R atio 0.71 1.12 0.55 0.24
C u rren t L iab ilities 721.5 1167.8 1875.0 2499.5 D ebt- A ssets R atio 0.40 0.52 0.35 0.19
N et C u rren t A ssets 1949.7 4901.0 4343.0 5564.5 C u rren t R atio (x) 3.70 5.20 3.32 3.23
M isc. E xp en ses n ot w / o 0 0 0.0 0.0 Q u ick R atio (x) 1.91 3.99 2.35 2.26
C ap ital D ep lo yed 5454.3 9113.5 10746.5 13001.7 In terest C ov er (x) 5.38 8.73 10.36 13.32
S ou rce : C om pany, India C apital M arkets R esearch

Note: We have not considered the value of the land and 1050 MW Orissa power plant in our valuation of NBVL.

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